# EDGAR Filing Document

**Accession Number:** 0001924868
**File Stem:** 0001999371-25-010519
**Filing Date:** 2025-8
**Character Count:** 1288361
**Document Hash:** adf85a669ff24f3b221216d53b18f070
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-010519.hdr.sgml**: 20250804

**ACCESSION NUMBER**: 0001999371-25-010519

**CONFORMED SUBMISSION TYPE**: 485APOS

**PUBLIC DOCUMENT COUNT**: 18

**FILED AS OF DATE**: 20250804

**DATE AS OF CHANGE**: 20250804

**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:** 251178827

**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:** 251178826

**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

AS FILED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION ON AUGUST 4, 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**

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| | |
|:---|:---|
| 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. 391 | ☑ |
| 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. 394 | ☑ |

---

**<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**<br>| **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 (b) |
| ☐ | 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. 391 to the Registration Statement of Tidal Trust II (the "Trust") is being filed to add five new series, 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 the Trust.

SUBJECT TO COMPLETION<br> Dated August 4, 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.

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 ()

Defiance Daily Target 2X Long QS ETF ()

*listed on [ ]*

**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.**

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

**Each Fund attempts to provide daily investment results that correspond to two times (200%) the share price performance of an underlying stock (an "Underlying Security").** 

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

**(1) Each Fund pursues a daily leveraged investment objective, which means that the Fund is riskier than alternatives that do not use leverage because the Fund magnify the performance of its Underlying Security.**

**(2) Seeking to replicate daily leveraged performances of an Underlying Security's share price means that the return of a 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 an Underlying Security's share price may affect the corresponding Fund's return as much as, or more than, the return of the Underlying Security's shares. The performance of a Fund for periods longer or shorter than a single day will very likely differ in amount, and possibly even direction, from 200% of the daily return of its Underlying Security's shares for the same period, before accounting for fees and expenses. The Funds may not perform as expected.**

**The Funds are not suitable for all investors. The Funds are designed to be utilized only by sophisticated investors, such as traders and active investors employing dynamic strategies. Investors in the Funds 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 Funds, or do not intend to actively manage their funds and monitor their investments, should not buy shares of the Funds.**

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

**The Funds' investment adviser will not attempt to position a Fund's 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 an Underlying Security's share price referenced by a Fund decreases by more than 50% on a given trading day, the corresponding Fund's investors could lose all of their money.**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [**Summary Information**](#defiance2xlong485baosa001) | **1** |
| &nbsp;&nbsp;&nbsp;[Defiance Daily Target 2X Long ET ETF - Fund Summary](#defiance2xlong485baosa002) | **1** |
| &nbsp;&nbsp;&nbsp;[Defiance Daily Target 2X Long FIG ETF - Fund Summary](#defiance2xlong485baosa003) | **12** |
| &nbsp;&nbsp;&nbsp;[Defiance Daily Target 2X Long IREN ETF- Fund Summary](#defiance2xlong485baosa004) | **24** |
| &nbsp;&nbsp;&nbsp;[Defiance Daily Target 2X Long MP ETF - Fund Summary](#defiance2xlong485baosa005) | **36** |
| &nbsp;&nbsp;&nbsp;[Defiance Daily Target 2X Long QS ETF - Fund Summary](#defiance2xlong485baosa006) | **48** |
| [**Additional Information About the Funds**](#defiance2xlong485baosa007) | **60** |
| [**Portfolio Holdings**](#defiance2xlong485baosa008) | **80** |
| [**Management**](#defiance2xlong485baosa009) | **80** |
| [**How to Buy and Sell Shares**](#defiance2xlong485baosa010) | **81** |
| [**Dividends, Distributions, and Taxes**](#defiance2xlong485baosa011) | **83** |
| [**Distribution**](#defiance2xlong485baosa012) | **85** |
| [**Premium/Discount Information**](#defiance2xlong485baosa013) | **86** |
| [**Additional Notices**](#defiance2xlong485baosa014) | **86** |
| [**Financial Highlights**](#defiance2xlong485baosa015) | **87** |

---

**SUMMARY INFORMATION**

**DEFIANCE DAILY TARGET 2X LONG ET ETF – FUND SUMMARY**

**Important Information About the Fund**

The Defiance Daily Target 2X Long ET ETF (the "Fund") seeks daily leveraged investment results of two times (200%) the daily percentage change in the share price of Energy Transfer LP (NYSE: ET) (the "Underlying Security" or "ET"). 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 200% of the performance of the Underlying Security's shares 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 200% of the return of the Underlying Security's shares for that period. Holding shares of the Fund for longer than a single day and higher volatility of the Underlying Security's shares 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 Underlying Security share price volatility, the volatility of the Underlying Security's shares may affect the Fund's return as much as, or more than, the return of the Underlying Security's shares. 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 Underlying Security's shares 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 Underlying Security's shares may affect the Fund's return as much as, or more than, the return of the Underlying Security's shares.

**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 (2X) 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 Underlying Security's performance is flat, and it is possible that the Fund will lose money even if the Underlying Security's performance 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, of two times (200%) the daily percentage change in the share price of Energy Transfer LP (NYSE: ET). The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.

**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)** | **Annual Fund Operating Expenses<sup>(1)</sup> (expenses that you pay each year as a percentage of the value of your investment)** | |
| Management Fee | Management Fee | [ ]% |
| Distribution and Service (12b-1) Fees | Distribution and Service (12b-1) Fees |  |
| Other Expenses<sup>(2)</sup> | Other Expenses<sup>(2)</sup> | [ ]% |
| Total Annual Fund Operating Expenses<sup>(3)</sup> | Total Annual Fund Operating Expenses<sup>(3)</sup> | [ ]% |
| <sup>(1)</sup> | The Fund's investment adviser, Tidal Investments LLC (the "Adviser"), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) 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. | The Fund's investment adviser, Tidal Investments LLC (the "Adviser"), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) 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. | 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. | 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 redeem or hold 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** |
| $[ ] | $[ ] |

---

**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 is an actively managed exchange traded fund ("ETF") that attempts to achieve two times (200%) the daily percentage change in the share price of the Underlying Security by employing derivatives, namely swap agreements and/or listed options contracts. The Fund aims to achieve this daily percentage change for a single day, and not for any other period. A "single day" means the period "from the close of regular trading on one trading day to the close on the next trading day."

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 two times (2x) the daily performance of the Underlying Security, 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.**

The Fund may 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 the Underlying 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.

The Fund may also utilize listed options to seek to achieve leveraged 2X exposure to the Underlying Security. 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 the Underlying Security, offering immediate intrinsic value). Additionally, the Fund may use other option strategies to produce similar exposure to the Underlying Security, 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 2X objective.

At the end of each day, the Fund's swaps and options are valued using market valuations and the Fund's investment adviser rebalances the Fund's holdings in an attempt to maintain leveraged exposure for the Fund equal to approximately 200% of the Underlying Security's share price. This daily rebalancing is expected to result in high portfolio turnover.

For examples of a hypothetical investment in the Fund, see the section in the Fund's Prospectus titled see "*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 Underlying Security volatility; b) the Underlying Security's performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses.

The Fund will hold assets to serve as collateral for its derivatives positions. 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.

The Fund has adopted a policy to have at least 80% exposure to financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security's shares. The Fund is expected to allocate between 40% and 60% of its assets as collateral for swap agreements or as premiums for purchased options contracts.

The Fund is classified as "non-diversified" under the 1940 Act. The Fund's investment strategy is expected to result in a high annual portfolio turnover rate.

**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 200% of the return of the Underlying Security's shares over the same period. The Fund will lose money if the Underlying Security's performance is flat over time, and because of daily rebalancing, the Underlying Security's shares' volatility and the effects of compounding, the Fund may lose money over time while the Underlying Security'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.**

**<u>Energy Transfer LP ("ET")</u>**

Energy Transfer LP is an energy company, specifically in the midstream sector (i.e., the transportation, storage, and processing of crude oil and natural gas after they are extracted), that owns and operates a network of pipelines and related infrastructure across the United States. ET is listed on the New York Stock Exchange ("NYSE"). Per ET's most recent Form 10-K filing, the aggregate market value as of June 30, 2024, of the registrant's Common Units held by non-affiliates of the registrant, based on the reported closing price of such Common Units on the New York Stock Exchange on such date, was $49.10 billion.

ET is registered under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Information provided to or filed with the SEC by ET pursuant to the Exchange Act can be located by reference to SEC file number 1-32740 through the SEC's website at www.sec.gov. In addition, information regarding ET may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.

**This document relates only to the securities offered hereby and does not relate to the shares of ET or other securities of Energy Transfer LP. The Fund has derived all disclosures contained in this document regarding ET from the publicly available documents. None of the Fund, Tidal Trust II (the "Trust"), or the Adviser, or their respective affiliates has participated in the preparation of such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to ET. None of the Fund, the Trust, or the Adviser, or their respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding ET is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of ET (and therefore the share price of the Fund at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning ET could affect the value received with respect to the securities and therefore the value of the securities.**

**None of the Fund, the Trust, the Adviser, or their respective affiliates makes any representation to you as to the performance of ET.**

Moreover, Energy Transfer LP has not participated in the development of the Fund's investment strategy. Energy Transfer LP does not select or approve the Fund's portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. Energy Transfer LP does not provide any assurances, guarantees, or representations regarding the Fund or its performance. Nothing herein shall be construed as an offer of any security by Energy Transfer LP.

None of the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by ET or its affiliates. All rights in the trademarks are reserved by their respective owners.

Due to the Fund's investment strategy, the Fund's investment exposure is concentrated in the same industry as that assigned to the Underlying Security. As of the date of the Prospectus, ET is assigned to the Oil, Gas & Consumable Fuels industry.

**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.

**ET Risks.** The Fund invests in swap contracts and options that are based on the share price of ET. This subjects the Fund to certain of the same risks as if it owned shares of ET, even though it does not. By virtue of the Fund's investments in swap contracts and options that are based on the value of ET, the Fund may also be subject to the following risks:

● *Indirect Investment in ET Risk.* ET is not affiliated with the Trust, the Fund, or the Adviser, or their respective affiliates and is not involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that might affect the value of Shares. Investors in the Fund will not have voting rights or influence over the management of ET but will be exposed to the performance of ET (the Underlying Security). Investors will also not have the right to receive dividends or other distributions from ET, but will remain subject to price fluctuations and other risks associated with ownership of the Underlying Security.

● *ET Trading Risk.* The trading price of ET may be subject to volatility and could experience wide fluctuations due to various factors. Short sellers may also influence ET's trading activity, contributing to market instability. Public perception and external factors beyond the company's control may influence ET's stock price disproportionately. Additionally, following periods of market volatility, companies have faced securities class action litigation. Any adverse judgment or future stockholder litigation could result in substantial costs and divert management's attention and resources. In the event of a trading halt, delisting, or significant disruption in the market for ET's shares, the Fund may experience difficulty entering, modifying, or liquidating its exposures. These conditions could impair the Fund's ability to achieve its investment objective, result in significant tracking error, or, in extreme cases, force the Fund to liquidate entirely.

● *ET Performance Risk.* ET may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of ET to decline. Correctly identifying key factors affecting business conditions and predicting future events is inherently an uncertain process, and the guidance ET provides may not ultimately be accurate. If ET's guidance is not accurate or varies from actual results due to its inability to meet the assumptions or the impact on its financial performance that could occur as a result of various risks and uncertainties, the market value of common stock issued by ET could decline significantly.

● *Oil, Gas & Consumable Fuels Industry Risks.* The oil, gas and consumable fuels industry is cyclical and highly dependent on the market price of fuel. The market value of companies in the oil, gas and consumable fuels industry are strongly affected by the levels and volatility of global commodity prices, supply and demand, capital expenditures on exploration and production, energy conservation efforts, the prices of alternative fuels, exchange rates and technological advances. Companies in this industry are subject to substantial government regulation and contractual fixed pricing, which may increase the cost of business and limit these companies' earnings. A significant portion of their revenues depends on a relatively small number of customers, including governmental entities and utilities. As a result, governmental budget restraints may have a material adverse effect on the stock prices of companies in the industry.

● *Indebtedness Risk*. ET's debt level and debt agreements may limit its future financial and operating flexibility, which could negatively impact the share price of ET. In addition, ET does not have the same flexibility as other types of organizations to accumulate cash, which may limit cash available to service debt or to repay debt at maturity. Unlike a corporation, ET's partnership structure requires it to distribute, on a quarterly basis, 100% of its available cash to unitholders of record and its general partner. Available cash is generally all of ET's cash on hand as of the end of a quarter, adjusted for cash distributions and net changes to reserves.

● *Regulatory Risk.* ET is subject to the risk of government regulation impacting its operations, thereby negatively impacting the share price of ET. In particular, increased regulation of hydraulic fracturing or produced water disposal could result in reductions or delays in crude oil and natural gas production in ET's areas of operation, which could adversely impact ET's business and results of operations. In addition, increased regulation of the Dakota Access Pipeline or ET's interstate natural gas pipelines could adversely affect ET's business and results of operations. In addition, state regulatory measures could adversely affect the business and operations of ET's midstream and intrastate pipeline and storage assets.

**Single Issuer Risk.** Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security, may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether there are significant corporate actions such as restructurings, enforcement activity, or acquisitions or periods adverse market, economic, or other conditions and will not seek to take temporary defensive positions during such periods.

**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 two times (200%) the Underlying Security'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 two times the daily performance of an Underlying Security, if adverse daily performance of the Underlying Security 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 Underlying Security 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 Underlying Security'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 Underlying Security during a shareholder's holding period of an investment in the Fund.

The chart below provides examples of how the Underlying Security's volatility could affect the Fund's performance. The chart illustrates the impact of two factors that affect the Fund's performance – the Underlying Security's volatility and the Underlying Security's performance. The Underlying Security's performance shows the percentage change in the share price of the Underlying Security over the specified time period, while the Underlying Security's volatility is a statistical measure of the magnitude of fluctuations in the returns during that time period. As illustrated below, even if the Underlying Security's performance over two equal time periods is identical, different Underlying Security volatility (*i.e.*, in magnitude of fluctuations in the share price of the Underlying Security) 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 Underlying Security volatility; b) the Underlying Security 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 Underlying Security volatility and Underlying Security 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 Underlying Security volatility, compounding will cause results for periods longer than a trading day to vary from two times (200%) the performance of the Underlying Security.

As shown in the chart below, the Fund would be expected to lose 6.1% if there was no change in the share price of the Underlying Security over a one-year period during which the Underlying Security experienced annualized volatility of 25%. If the Underlying Security'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 share price of the Underlying Security. For instance, if the Underlying Security's annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative Underlying Security change in the share price of the Underlying Security for the year was 0%.

Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than two times (200%) the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than two times (200%) the performance of the Underlying Security. 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 200% or Two Times** <br> **Performance of the Underlying Security** | **Estimated Returns of 200% or Two Times** <br> **Performance of the Underlying Security** | **Estimated Returns of 200% or Two Times** <br> **Performance of the Underlying Security** |  |  |  |  |
| **Underlying Security Performance** | **Underlying Security Performance** | **One Year Volatility Rate** | **One Year Volatility Rate** | **One Year Volatility Rate** | **One Year Volatility Rate** | **One Year Volatility Rate** |
| **One Year** <br> **Underlying** <br> **Security** | **2X Times** <br> **(200%) the** <br> **One Year** <br> **Performance** | **10%** | **25%** | **50%** | **75%** | **100%** |
| **-60%** | **-120%** | -84.2% | -85.0% | -87.5% | -90.9% | -94.1% |
| **-50%** | **-100%** | -75.2% | -76.5% | -80.5% | -85.8% | -90.8% |
| **-40%** | **-80%** | -64.4% | -66.2% | -72.0% | -79.5% | -86.8% |
| **-30%** | **-60%** | -51.5% | -54.0% | -61.8% | -72.1% | -82.0% |
| **-20%** | **-40%** | -36.6% | -39.9% | -50.2% | -63.5% | -76.5% |
| **-10%** | **-20%** | -19.8% | -23.9% | -36.9% | -53.8% | -70.2% |
| **0%** | **0%** | -1.0% | -6.1% | -22.1% | -43.0% | -63.2% |
| **10%** | **20%** | 19.8% | 13.7% | -5.8% | -31.1% | -55.5% |
| **20%** | **40%** | 42.6% | 35.3% | 12.1% | -18.0% | -47.0% |
| **30%** | **60%** | 67.3% | 58.8% | 31.6% | -3.7% | -37.8% |
| **40%** | **80%** | 94.0% | 84.1% | 52.6% | 11.7% | -27.9% |
| **50%** | **100%** | 122.8% | 111.4% | 75.2% | 28.2% | -17.2% |
| **60%** | **120%** | 153.5% | 140.5% | 99.4% | 45.9% | -5.8% |

---

The Underlying Security's annualized historical volatility rate for the period from [ ] to [ ], 2025 (the longest period available) was [ ]%. The Underlying Security's highest volatility rate for any one calendar year during this period was [ ]%. The Underlying Security's annualized performance during this period was [ ]%. Historical Underlying Security volatility and performance are not indications of what Underlying Security volatility and performance will be in the future.

**Daily Correlation/Tracking Risk.** There is no guarantee that the Fund will achieve a high degree of leveraged correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. To achieve a high degree of leveraged correlation with the Underlying Security, 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 Underlying Security increases on days when the Underlying Security 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 Underlying Security 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 Underlying Security. 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 Underlying Security.

**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 Underlying Security 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 share price of the Underlying Security, 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 Underlying Security declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance's correlation with the Underlying Security'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 Underlying Security 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 Underlying Security, 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 Underlying Security 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 Underlying Security 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 Underlying Security. 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 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 Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, 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 Underlying Security 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 share price of the Underlying Security at the market close on the first trading day and the share price of the Underlying Security at the time of purchase. If the share price of the Underlying Security rises, the Fund's net assets will rise by approximately twice the amount as the Fund's exposure. Conversely, if the share price of the Underlying Security declines, the Fund's net assets will decline by approximately two 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 Underlying Security.

If there is a significant intra-day market event and/or the securities of the Underlying Security 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 Underlying Security 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.* Buying or selling Shares involves certain costs, including brokerage commissions, other charges imposed by brokers, and bid-ask spreads. The bid-ask spread represents the difference between the price at which an investor is willing to buy Shares and the price at which an investor is willing to sell Shares. The spread varies over time based on the Shares' trading volume and market liquidity. The spread is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Due to the costs of buying or selling Shares, frequent trading of Shares may 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 "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 two times the daily percentage change in the price of the Underlying Security. 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 Underlying Security 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 Underlying Security. 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.

**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. This may increase the Fund's volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund's performance.

**Trading Halt Risk.** Although the Underlying Security's shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the Exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Security's shares is expected, in turn, to result in a halt in the trading in the Fund's Shares. Trading in the Underlying Security's and/or Fund's Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in the Underlying Security's and/or Fund's Shares inadvisable. In addition, trading in Underlying Security's and/or Fund's Shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange "circuit breaker" rules." In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund's investment strategy.

**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**. The Fund intends to elect and to qualify each year to be treated as a regulated investment company (a "RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended ("Code"). As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to shareholders, provided that it satisfies certain requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund's taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. To comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of swap contracts and options on shares of a single issuer does not exceed 25% of the Fund's value at the close of any quarter. If the value of swap contracts and options on shares of a single issuer were to exceed 25% of the Fund's total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC.

**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 https://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.

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

Christopher P. Mullen, 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 https://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.

**SUMMARY INFORMATION**

**DEFIANCE DAILY TARGET 2X LONG FIG ETF – FUND SUMMARY**

**Important Information About the Fund**

The Defiance Daily Target 2X Long FIG ETF (the "Fund") seeks daily leveraged investment results of two times (200%) the daily percentage change in the share price of Figma, Inc. (NYSE: FIG) (the "Underlying Security" or "FIG"). 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 200% of the performance of the Underlying Security's shares 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 200% of the return of the Underlying Security's shares for that period. Holding shares of the Fund for longer than a single day and higher volatility of the Underlying Security's shares 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 Underlying Security share price volatility, the volatility of the Underlying Security's shares may affect the Fund's return as much as, or more than, the return of the Underlying Security's shares. 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 Underlying Security's shares 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 Underlying Security's shares may affect the Fund's return as much as, or more than, the return of the Underlying Security's shares.

**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 (2X) 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 Underlying Security's performance is flat, and it is possible that the Fund will lose money even if the Underlying Security's performance 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, of two times (200%) the daily percentage change in the share price of Figma, Inc. (NYSE: FIG). The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.

**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.

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| | | |
|:---|:---|:---|
| **Annual Fund Operating Expenses<sup>(1)</sup> (expenses that you pay each year as a percentage of the value of your investment)** | **Annual Fund Operating Expenses<sup>(1)</sup> (expenses that you pay each year as a percentage of the value of your investment)** | |
| Management Fee | Management Fee | [ ]% |
| Distribution and Service (12b-1) Fees | Distribution and Service (12b-1) Fees |  |
| Other Expenses<sup>(2)</sup> | Other Expenses<sup>(2)</sup> | [ ]% |
| Total Annual Fund Operating Expenses<sup>(3)</sup> | Total Annual Fund Operating Expenses<sup>(3)</sup> | [ ]% |
| <sup>(1)</sup> | The Fund's investment adviser, Tidal Investments LLC (the "Adviser"), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) 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. | The Fund's investment adviser, Tidal Investments LLC (the "Adviser"), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) 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. | 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. | 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. |

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**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 redeem or hold 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:

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| | |
|:---|:---|
| **1 Year** | **3 Years** |
| $[ ] | $[ ] |

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**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 is an actively managed exchange traded fund ("ETF") that attempts to achieve two times (200%) the daily percentage change in the share price of the Underlying Security by employing derivatives, namely swap agreements and/or listed options contracts. The Fund aims to achieve this daily percentage change for a single day, and not for any other period. A "single day" means the period "from the close of regular trading on one trading day to the close on the next trading day."

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 two times (2x) the daily performance of the Underlying Security, 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.**

The Fund may 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 the Underlying 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.

The Fund may also utilize listed options to seek to achieve leveraged 2X exposure to the Underlying Security. 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 the Underlying Security, offering immediate intrinsic value). Additionally, the Fund may use other option strategies to produce similar exposure to the Underlying Security, 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 2X objective.

At the end of each day, the Fund's swaps and options are valued using market valuations and the Fund's investment adviser rebalances the Fund's holdings in an attempt to maintain leveraged exposure for the Fund equal to approximately 200% of the Underlying Security's share price. This daily rebalancing is expected to result in high portfolio turnover.

For examples of a hypothetical investment in the Fund, see the section in the Fund's Prospectus titled see "*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 Underlying Security volatility; b) the Underlying Security's performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses.

The Fund will hold assets to serve as collateral for its derivatives positions. 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.

The Fund has adopted a policy to have at least 80% exposure to financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security's shares. The Fund is expected to allocate between 40% and 60% of its assets as collateral for swap agreements or as premiums for purchased options contracts.

The Fund is classified as "non-diversified" under the 1940 Act. The Fund's investment strategy is expected to result in a high annual portfolio turnover rate.

**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 200% of the return of the Underlying Security's shares over the same period. The Fund will lose money if the Underlying Security's performance is flat over time, and because of daily rebalancing, the Underlying Security's shares' volatility and the effects of compounding, the Fund may lose money over time while the Underlying Security'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.**

**<u>Figma, Inc. ("FIG")</u>**

Figma, Inc. provides software solutions that help users turn ideas into digital products and experiences. The Company's AI-powered platform helps designers, developers, marketers, and other collaborators go from idea to shipped product. FIG is listed on the New York Stock Exchange ("NYSE").

FIG is registered under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Information provided to or filed with the SEC by FIG pursuant to the Exchange Act can be located by reference to SEC file number 001-42761 through the SEC's website at www.sec.gov. In addition, information regarding FIG may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.

**This document relates only to the securities offered hereby and does not relate to the shares of FIG or other securities of Figma, Inc. The Fund has derived all disclosures contained in this document regarding FIG from the publicly available documents. None of the Fund, Tidal Trust II (the "Trust"), or the Adviser, or their respective affiliates has participated in the preparation of such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to FIG. None of the Fund, the Trust, or the Adviser, or their respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding FIG is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of FIG (and therefore the share price of the Fund at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning FIG could affect the value received with respect to the securities and therefore the value of the securities.**

**None of the Fund, the Trust, the Adviser, or their respective affiliates makes any representation to you as to the performance of FIG.**

Moreover, Figma, Inc. has not participated in the development of the Fund's investment strategy. Figma, Inc. does not select or approve the Fund's portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. Figma, Inc. does not provide any assurances, guarantees, or representations regarding the Fund or its performance. Nothing herein shall be construed as an offer of any security by Figma, Inc.

None of the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by FIG or its affiliates. All rights in the trademarks are reserved by their respective owners.

Due to the Fund's investment strategy, the Fund's investment exposure is concentrated in the same industry as that assigned to the Underlying Security. As of the date of the Prospectus, FIG is assigned to the [software] industry.

**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.

**FIG Risks.** The Fund invests in swap contracts and options that are based on the share price of FIG. This subjects the Fund to certain of the same risks as if it owned shares of FIG, even though it does not. By virtue of the Fund's investments in swap contracts and options that are based on the value of FIG, the Fund may also be subject to the following risks:

● *Limited Operating History Risk.* FIG has a limited operating history at its current scale, which makes it difficult to evaluate FIG's current business and future prospects and increases the risks associated with an investment in FIG. FIG continues to make significant expenditures related to the development and expansion of its business. FIG has encountered, and will continue to encounter, risks and uncertainties frequently experienced by growing companies in rapidly changing industries and sectors. Any predictions about FIG's future revenue and expenses may not be as accurate as they would be if FIG had a longer operating history or operated in more predictable or established markets. If FIG's assumptions regarding these risks and uncertainties are incorrect or change due to changing circumstances, or if FIG does not address these risks successfully, its operating and financial results could differ materially from FIG's expectations, and its business and the trading price of FIG stock may be adversely affected.

● *Indirect Investment in FIG Risk.* FIG is not affiliated with the Trust, the Fund, or the Adviser, or their respective affiliates and is not involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that might affect the value of Shares. Investors in the Fund will not have voting rights or influence over the management of FIG but will be exposed to the performance of FIG (the Underlying Security). Investors will also not have the right to receive dividends or other distributions from FIG, but will remain subject to price fluctuations and other risks associated with ownership of the Underlying Security.

● *FIG Trading Risk.* The trading price of FIG may be subject to volatility and could experience wide fluctuations due to various factors. Short sellers may also influence FIG's trading activity, contributing to market instability. Public perception and external factors beyond the company's control may influence FIG's stock price disproportionately. Additionally, following periods of market volatility, companies have faced securities class action litigation. Any adverse judgment or future stockholder litigation could result in substantial costs and divert management's attention and resources. In the event of a trading halt, delisting, or significant disruption in the market for FIG's shares, the Fund may experience difficulty entering, modifying, or liquidating its exposures. These conditions could impair the Fund's ability to achieve its investment objective, result in significant tracking error, or, in extreme cases, force the Fund to liquidate entirely.

● *FIG Performance Risk.* FIG may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of FIG to decline. Correctly identifying key factors affecting business conditions and predicting future events is inherently an uncertain process, and the guidance FIG provides may not ultimately be accurate. If FIG's guidance is not accurate or varies from actual results due to its inability to meet the assumptions or the impact on its financial performance that could occur as a result of various risks and uncertainties, the market value of common stock issued by FIG could decline significantly.

● *Software Industry Risks.* The software industry can be significantly affected by intense competition, aggressive pricing, technological innovations, and product obsolescence. Companies in the software industry are subject to significant competitive pressures, such as aggressive pricing, new market entrants, competition for market share, short product cycles due to an accelerated rate of technological developments and the potential for limited earnings and/or falling profit margins. These companies also face the risks that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. These factors can affect the profitability of these companies and, as a result, the value of their securities. Also, patent protection is integral to the success of many companies in this industry, and profitability can be affected materially by, among other things, the cost of obtaining (or failing to obtain) patent approvals, the cost of litigating patent infringement and the loss of patent protection for products (which significantly increases pricing pressures and can materially reduce profitability with respect to such products). In addition, many software companies have limited operating histories. Prices of these companies' securities historically have been more volatile than other securities, especially over the short term.

● *Competition and AI Risks.* The markets in which FIG participates are rapidly evolving and highly competitive, and if FIG does not compete effectively, its business, operating results, and financial condition could be adversely impacted. In addition, developments in artificial intelligence (AI) are already impacting the software industry significantly, and FIG expects this impact to be even greater in the future. AI has become more prevalent in the markets in which FIG operates and may result in significant changes in the demand for its platform, including, but not limited to, reducing the difficulty and cost for competitors to build and launch competitive products, altering how consumers and businesses interact with websites and apps and consume content in ways that may result in a reduction in the overall value of interface design, or by otherwise making aspects of FIG's platform obsolete or decreasing the number of designers, developers, and other collaborators that utilize FIG's platform. Any of these changes could, in turn, lead to a loss of revenue and adversely impact FIG's business, operating results, and financial condition.

● *Key Person Risk.* FIGs future success is dependent, in part, on its ability to hire, integrate, train, manage, retain, and motivate the members of its management team and other key employees throughout the organization. The loss of key personnel, including key members of FIG's management team or members of FIG's Board of Directors, as well as certain of its key marketing, sales, finance, support, product development, legal, people team, or technology personnel, could disrupt FIG's operations and have an adverse effect on our ability to grow our business.

● *Intellectual Property Risk.* FIG relies on a combination of patent, trademark, copyright, and trade secrets laws, and contractual provisions, including confidentiality agreements, to establish and protect its intellectual property and proprietary technology, including from unauthorized use or disclosure by customers and users, third-party partners, employees, and consultants. Failure to obtain, maintain, protect, or enforce its intellectual property and proprietary rights could enable others to copy or use aspects of FIG's platform without compensating FIG, which could harm FIG's brand, business, and operating results.

● *Regulatory Risk.* FIG is subject to many U.S. and foreign federal, state, and local laws, regulations, and industry standards that involve matters central to its business, including laws and regulations that involve data privacy, data security, intellectual property, including copyright and patent laws, AI technologies, antitrust and competition, online safety and moderation, employment, labor, immigration, consumer protection, public health, workplace safety, and taxation. These laws and regulations are constantly evolving and may be interpreted, applied, created, or amended, in a manner that could harm FIG's business.

**Single Issuer Risk.** Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security, may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether there are significant corporate actions such as restructurings, enforcement activity, or acquisitions or periods adverse market, economic, or other conditions and will not seek to take temporary defensive positions during such periods.

**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 two times (200%) the Underlying Security'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 two times the daily performance of an Underlying Security, if adverse daily performance of the Underlying Security 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 Underlying Security 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 Underlying Security'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 Underlying Security during a shareholder's holding period of an investment in the Fund.

The chart below provides examples of how the Underlying Security's volatility could affect the Fund's performance. The chart illustrates the impact of two factors that affect the Fund's performance – the Underlying Security's volatility and the Underlying Security's performance. The Underlying Security's performance shows the percentage change in the share price of the Underlying Security over the specified time period, while the Underlying Security's volatility is a statistical measure of the magnitude of fluctuations in the returns during that time period. As illustrated below, even if the Underlying Security's performance over two equal time periods is identical, different Underlying Security volatility (*i.e.*, in magnitude of fluctuations in the share price of the Underlying Security) 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 Underlying Security volatility; b) the Underlying Security 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 Underlying Security volatility and Underlying Security 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 Underlying Security volatility, compounding will cause results for periods longer than a trading day to vary from two times (200%) the performance of the Underlying Security.

As shown in the chart below, the Fund would be expected to lose 6.1% if there was no change in the share price of the Underlying Security over a one-year period during which the Underlying Security experienced annualized volatility of 25%. If the Underlying Security'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 share price of the Underlying Security. For instance, if the Underlying Security's annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative Underlying Security change in the share price of the Underlying Security for the year was 0%.

Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than two times (200%) the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than two times (200%) the performance of the Underlying Security. 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.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Estimated Returns of 200% or Two Times** <br> **Performance of the Underlying Security** | **Estimated Returns of 200% or Two Times** <br> **Performance of the Underlying Security** | **Estimated Returns of 200% or Two Times** <br> **Performance of the Underlying Security** |  |  |  |  |
| **Underlying Security Performance** | **Underlying Security Performance** | **One Year Volatility Rate** | **One Year Volatility Rate** | **One Year Volatility Rate** | **One Year Volatility Rate** | **One Year Volatility Rate** |
| **One Year** <br> **Underlying** <br> **Security** | **2X Times** <br> **(200%) the** <br> **One Year** <br> **Performance** | **10%** | **25%** | **50%** | **75%** | **100%** |
| **-60%** | **-120%** | -84.2% | -85.0% | -87.5% | -90.9% | -94.1% |
| **-50%** | **-100%** | -75.2% | -76.5% | -80.5% | -85.8% | -90.8% |
| **-40%** | **-80%** | -64.4% | -66.2% | -72.0% | -79.5% | -86.8% |
| **-30%** | **-60%** | -51.5% | -54.0% | -61.8% | -72.1% | -82.0% |
| **-20%** | **-40%** | -36.6% | -39.9% | -50.2% | -63.5% | -76.5% |
| **-10%** | **-20%** | -19.8% | -23.9% | -36.9% | -53.8% | -70.2% |
| **0%** | **0%** | -1.0% | -6.1% | -22.1% | -43.0% | -63.2% |
| **10%** | **20%** | 19.8% | 13.7% | -5.8% | -31.1% | -55.5% |
| **20%** | **40%** | 42.6% | 35.3% | 12.1% | -18.0% | -47.0% |
| **30%** | **60%** | 67.3% | 58.8% | 31.6% | -3.7% | -37.8% |
| **40%** | **80%** | 94.0% | 84.1% | 52.6% | 11.7% | -27.9% |
| **50%** | **100%** | 122.8% | 111.4% | 75.2% | 28.2% | -17.2% |
| **60%** | **120%** | 153.5% | 140.5% | 99.4% | 45.9% | -5.8% |

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The Underlying Security's annualized historical volatility rate for the period from [ ] to [ ], 2025 (the longest period available) was [ ]%. The Underlying Security's highest volatility rate for any one calendar year during this period was [ ]%. The Underlying Security's annualized performance during this period was [ ]%. Historical Underlying Security volatility and performance are not indications of what Underlying Security volatility and performance will be in the future.

**Daily Correlation/Tracking Risk.** There is no guarantee that the Fund will achieve a high degree of leveraged correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. To achieve a high degree of leveraged correlation with the Underlying Security, 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 Underlying Security increases on days when the Underlying Security 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 Underlying Security 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 Underlying Security. 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 Underlying Security.

**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 Underlying Security 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 share price of the Underlying Security, 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 Underlying Security declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance's correlation with the Underlying Security'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 Underlying Security 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 Underlying Security, 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 Underlying Security 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 Underlying Security 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 Underlying Security. 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 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 Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, 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 Underlying Security 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 share price of the Underlying Security at the market close on the first trading day and the share price of the Underlying Security at the time of purchase. If the share price of the Underlying Security rises, the Fund's net assets will rise by approximately twice the amount as the Fund's exposure. Conversely, if the share price of the Underlying Security declines, the Fund's net assets will decline by approximately two 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 Underlying Security.

If there is a significant intra-day market event and/or the securities of the Underlying Security 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 Underlying Security 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.* Buying or selling Shares involves certain costs, including brokerage commissions, other charges imposed by brokers, and bid-ask spreads. The bid-ask spread represents the difference between the price at which an investor is willing to buy Shares and the price at which an investor is willing to sell Shares. The spread varies over time based on the Shares' trading volume and market liquidity. The spread is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Due to the costs of buying or selling Shares, frequent trading of Shares may 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 "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 two times the daily percentage change in the price of the Underlying Security. 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 Underlying Security 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 Underlying Security. 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.

**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. This may increase the Fund's volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund's performance.

**Trading Halt Risk.** Although the Underlying Security's shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the Exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Security's shares is expected, in turn, to result in a halt in the trading in the Fund's Shares. Trading in the Underlying Security's and/or Fund's Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in the Underlying Security's and/or Fund's Shares inadvisable. In addition, trading in Underlying Security's and/or Fund's Shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange "circuit breaker" rules." In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund's investment strategy.

**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**. The Fund intends to elect and to qualify each year to be treated as a regulated investment company (a "RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended ("Code"). As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to shareholders, provided that it satisfies certain requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund's taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. To comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of swap contracts and options on shares of a single issuer does not exceed 25% of the Fund's value at the close of any quarter. If the value of swap contracts and options on shares of a single issuer were to exceed 25% of the Fund's total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC.

**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 https://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.

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

Christopher P. Mullen, 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 https://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.

**SUMMARY INFORMATION**

**DEFIANCE DAILY TARGET 2X LONG IREN ETF – FUND SUMMARY**

**Important Information About the Fund**

The Defiance Daily Target 2X Long IREN ETF (the "Fund") seeks daily leveraged investment results of two times (200%) the daily percentage change in the share price of IREN Limited (NASDAQ: IREN) (the "Underlying Security" or "IREN"). 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 200% of the performance of the Underlying Security's shares 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 200% of the return of the Underlying Security's shares for that period. Holding shares of the Fund for longer than a single day and higher volatility of the Underlying Security's shares 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 Underlying Security share price volatility, the volatility of the Underlying Security's shares may affect the Fund's return as much as, or more than, the return of the Underlying Security's shares. 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 Underlying Security's shares 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 Underlying Security's shares may affect the Fund's return as much as, or more than, the return of the Underlying Security's shares.

**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 (2X) 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 Underlying Security's performance is flat, and it is possible that the Fund will lose money even if the Underlying Security's performance 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, of two times (200%) the daily percentage change in the share price of IREN Limited (NASDAQ: IREN). The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.

**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.

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| | | |
|:---|:---|:---|
| **Annual Fund Operating Expenses<sup>(1)</sup> (expenses that you pay each year as a percentage of the value of your investment)** | **Annual Fund Operating Expenses<sup>(1)</sup> (expenses that you pay each year as a percentage of the value of your investment)** | |
| Management Fee | Management Fee | [ ]% |
| Distribution and Service (12b-1) Fees | Distribution and Service (12b-1) Fees |  |
| Other Expenses<sup>(2)</sup> | Other Expenses<sup>(2)</sup> | [ ]% |
| Total Annual Fund Operating Expenses<sup>(3)</sup> | Total Annual Fund Operating Expenses<sup>(3)</sup> | [ ]% |
| <sup>(1)</sup> | The Fund's investment adviser, Tidal Investments LLC (the "Adviser"), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) 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. | The Fund's investment adviser, Tidal Investments LLC (the "Adviser"), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) 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. | 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. | 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. |

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**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 redeem or hold 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:

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| | |
|:---|:---|
| **1 Year** | **3 Years** |
| $[ ] | $[ ] |

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**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 is an actively managed exchange traded fund ("ETF") that attempts to achieve two times (200%) the daily percentage change in the share price of the Underlying Security by employing derivatives, namely swap agreements and/or listed options contracts. The Fund aims to achieve this daily percentage change for a single day, and not for any other period. A "single day" means the period "from the close of regular trading on one trading day to the close on the next trading day."

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 two times (2x) the daily performance of the Underlying Security, 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.**

The Fund may 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 the Underlying 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.

The Fund may also utilize listed options to seek to achieve leveraged 2X exposure to the Underlying Security. 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 the Underlying Security, offering immediate intrinsic value). Additionally, the Fund may use other option strategies to produce similar exposure to the Underlying Security, 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 2X objective.

At the end of each day, the Fund's swaps and options are valued using market valuations and the Fund's investment adviser rebalances the Fund's holdings in an attempt to maintain leveraged exposure for the Fund equal to approximately 200% of the Underlying Security's share price. This daily rebalancing is expected to result in high portfolio turnover.

For examples of a hypothetical investment in the Fund, see the section in the Fund's Prospectus titled see "*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 Underlying Security volatility; b) the Underlying Security's performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses.

The Fund will hold assets to serve as collateral for its derivatives positions. 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.

The Fund has adopted a policy to have at least 80% exposure to financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security's shares. The Fund is expected to allocate between 40% and 60% of its assets as collateral for swap agreements or as premiums for purchased options contracts.

The Fund is classified as "non-diversified" under the 1940 Act. The Fund's investment strategy is expected to result in a high annual portfolio turnover rate.

**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 200% of the return of the Underlying Security's shares over the same period. The Fund will lose money if the Underlying Security's performance is flat over time, and because of daily rebalancing, the Underlying Security's shares' volatility and the effects of compounding, the Fund may lose money over time while the Underlying Security'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.**

**<u>IREN Limited ("IREN")</u>**

IREN is registered under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Information provided to or filed with the SEC by IREN pursuant to the Exchange Act can be located by reference to SEC file number 001-41072 through the SEC's website at www.sec.gov. In addition, information regarding IREN may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.

**This document relates only to the securities offered hereby and does not relate to the shares of IREN or other securities of IREN Limited. The Fund has derived all disclosures contained in this document regarding IREN from the publicly available documents. None of the Fund, Tidal Trust II (the "Trust"), or the Adviser, or their respective affiliates has participated in the preparation of such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to IREN. None of the Fund, the Trust, or the Adviser, or their respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding IREN is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of IREN (and therefore the share price of the Fund at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning IREN could affect the value received with respect to the securities and therefore the value of the securities.**

**None of the Fund, the Trust, the Adviser, or their respective affiliates makes any representation to you as to the performance of IREN.**

Moreover, IREN Limited has not participated in the development of the Fund's investment strategy. IREN Limited does not select or approve the Fund's portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. IREN Limited does not provide any assurances, guarantees, or representations regarding the Fund or its performance. Nothing herein shall be construed as an offer of any security by IREN Limited.

None of the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by IREN or its affiliates. All rights in the trademarks are reserved by their respective owners.

Due to the Fund's investment strategy, the Fund's investment exposure is concentrated in the same industry as that assigned to the Underlying Security. As of the date of the Prospectus, IREN is assigned to the Software industry.

**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.

**IREN Risks.** The Fund invests in swap contracts and options that are based on the share price of IREN. This subjects the Fund to certain of the same risks as if it owned shares of IREN, even though it does not. By virtue of the Fund's investments in swap contracts and options that are based on the value of IREN, the Fund may also be subject to the following risks:

● *Indirect Investment in IREN Risk.* IREN is not affiliated with the Trust, the Fund, or the Adviser, or their respective affiliates and is not involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that might affect the value of Shares. Investors in the Fund will not have voting rights or influence over the management of IREN but will be exposed to the performance of IREN (the Underlying Security). Investors will also not have the right to receive dividends or other distributions from IREN, but will remain subject to price fluctuations and other risks associated with ownership of the Underlying Security.

● *IREN Trading Risk.* The trading price of IREN may be subject to volatility and could experience wide fluctuations due to various factors. Short sellers may also influence IREN's trading activity, contributing to market instability. Public perception and external factors beyond the company's control may influence IREN's stock price disproportionately. Additionally, following periods of market volatility, companies have faced securities class action litigation. Any adverse judgment or future stockholder litigation could result in substantial costs and divert management's attention and resources. In the event of a trading halt, delisting, or significant disruption in the market for IREN's shares, the Fund may experience difficulty entering, modifying, or liquidating its exposures. These conditions could impair the Fund's ability to achieve its investment objective, result in significant tracking error, or, in extreme cases, force the Fund to liquidate entirely.

● *IREN Performance Risk.* IREN may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of IREN to decline. Correctly identifying key factors affecting business conditions and predicting future events is inherently an uncertain process, and the guidance IREN provides may not ultimately be accurate. If IREN's guidance is not accurate or varies from actual results due to its inability to meet the assumptions or the impact on its financial performance that could occur as a result of various risks and uncertainties, the market value of common stock issued by IREN could decline significantly.

● *Software Industry Risks.* The software industry can be significantly affected by intense competition, aggressive pricing, technological innovations, and product obsolescence. Companies in the software industry are subject to significant competitive pressures, such as aggressive pricing, new market entrants, competition for market share, short product cycles due to an accelerated rate of technological developments and the potential for limited earnings and/or falling profit margins. These companies also face the risks that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. These factors can affect the profitability of these companies and, as a result, the value of their securities. Also, patent protection is integral to the success of many companies in this industry, and profitability can be affected materially by, among other things, the cost of obtaining (or failing to obtain) patent approvals, the cost of litigating patent infringement and the loss of patent protection for products (which significantly increases pricing pressures and can materially reduce profitability with respect to such products). In addition, many software companies have limited operating histories. Prices of these companies' securities historically have been more volatile than other securities, especially over the short term.

● *Financial Reporting Controls Risk.* In connection with its review of the internal control structure related to the preparation of the restated financial statements for the fiscal years as of and for the fiscal years ended June 30, 2024, 2023 and 2022, IREN has identified a material weakness in its internal control over financial reporting relating to its improper classification of proceeds from the sale of bitcoin mined as cash flows from operating activities rather than cash flows from investing activities. If IREN is not able to successfully remediate this material weakness, it may not be able to accurately report its financial results in a timely manner, which may adversely affect investor confidence in IREN and materially and adversely affect IREN's business and operating results. In addition, should IREN fail to comply with required timelines governing its financial reporting, it's possible IREN stock could be delisted, which would prevent the Fund from continuing to operate.

● *Limited Operating History Risk.* IREN has a limited operating history, with operating losses as the business has grown. If IREN cannot sustain greater revenues than its operating costs, IREN will incur operating losses, which could adversely impact IREN's operations, strategy and financial performance.

● *Data Center Operations Risks.* Certain key pieces of electrical or data center equipment may represent single points of failure for some or all of the power capacity at IREN's operating sites. Any failure or imminent risk of failure of such equipment may result in IREN's inability to utilize some or all of its equipment in an affected location for the duration of time it takes to repair or remediate equipment, or procure and install replacement parts. Due to the long-lead times required to acquire some of the equipment used in its operations, the failure of such parts could result in lengthy outages at an affected location, and could materially impact IREN's operations (including impacts on hosting high performance computing (HPC) solutions (including AI Cloud Services) customers), financial results and financial condition.

● *Energy Risks.* IREN targets markets with high levels of renewable energy penetration and IREN's energy is primarily sourced from renewable sources, whether from clean or renewable sources, as reported by BC Hydro, or through the purchase of renewable energy certificates (RECs). While renewable energy generally is less exposed to carbon pricing and underlying commodity price risks of fossil fuels, there is a risk that regulatory constraints placed on energy-intensive industries may restrict or ban the operation of, or increase the cost of operating, data centers and bitcoin mining or high performance computing (HPC) activities.

● *Bitcoin Risk.* While the Fund will not directly invest in digital assets, it will be subject to the risks associated with bitcoin by virtue of its exposure to IREN. IREN primarily generates its revenue from the sale of bitcoin as a result of rewards and transaction fees received in exchange for contributing computational power to mining pools to validate transactions on the bitcoin network. Similarly, IREN's operating cash flow substantially depends on its ability to sell bitcoin for fiat currency as needed. In developing its business plan and operating budget, as well as expansion plans, IREN makes certain assumptions regarding future bitcoin prices. The prices that IREN receives for its bitcoin depend on numerous market factors beyond its control. Accordingly, some underlying bitcoin price assumptions IREN relies on may materially change and actual bitcoin prices may differ materially from those expected, which could adversely impact IREN's operations financial performance.

Additional risks related to bitcoin include uncertainty surrounding new technology, limited evaluation due to bitcoin's short trading history, and the potential decline in adoption and value over the long term. The extreme volatility of bitcoin's price is also a risk factor. Regulatory uncertainties, such as potential government interventions and conflicting regulations across jurisdictions, can impact the demand for bitcoin and restrict its usage. Additionally, risks associated with the sale of newly mined bitcoin, bitcoin trading platforms, competition from alternative digital assets, mining operations, network modifications, and intellectual property claims pose further challenges to bitcoin-linked investments.

● *Foreign Issuer Risk:* IREN is an Australian company. Because the Fund has indirect exposure to a foreign company, the Fund may be subject to risks associated with foreign investments.

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

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

**Single Issuer Risk.** Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security, may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether there are significant corporate actions such as restructurings, enforcement activity, or acquisitions or periods adverse market, economic, or other conditions and will not seek to take temporary defensive positions during such periods.

**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 two times (200%) the Underlying Security'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 two times the daily performance of an Underlying Security, if adverse daily performance of the Underlying Security 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 Underlying Security 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 Underlying Security'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 Underlying Security during a shareholder's holding period of an investment in the Fund.

The chart below provides examples of how the Underlying Security's volatility could affect the Fund's performance. The chart illustrates the impact of two factors that affect the Fund's performance – the Underlying Security's volatility and the Underlying Security's performance. The Underlying Security's performance shows the percentage change in the share price of the Underlying Security over the specified time period, while the Underlying Security's volatility is a statistical measure of the magnitude of fluctuations in the returns during that time period. As illustrated below, even if the Underlying Security's performance over two equal time periods is identical, different Underlying Security volatility (*i.e.*, in magnitude of fluctuations in the share price of the Underlying Security) 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 Underlying Security volatility; b) the Underlying Security 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 Underlying Security volatility and Underlying Security 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 Underlying Security volatility, compounding will cause results for periods longer than a trading day to vary from two times (200%) the performance of the Underlying Security.

As shown in the chart below, the Fund would be expected to lose 6.1% if there was no change in the share price of the Underlying Security over a one-year period during which the Underlying Security experienced annualized volatility of 25%. If the Underlying Security'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 share price of the Underlying Security. For instance, if the Underlying Security's annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative Underlying Security change in the share price of the Underlying Security for the year was 0%.

Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than two times (200%) the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than two times (200%) the performance of the Underlying Security. 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 200% or Two Times** <br> **Performance of the Underlying Security** | **Estimated Returns of 200% or Two Times** <br> **Performance of the Underlying Security** | **Estimated Returns of 200% or Two Times** <br> **Performance of the Underlying Security** |  |  |  |  |
| **Underlying Security Performance** | **Underlying Security Performance** | **One Year Volatility Rate** | **One Year Volatility Rate** | **One Year Volatility Rate** | **One Year Volatility Rate** | **One Year Volatility Rate** |
| **One Year** <br> **Underlying** <br> **Security** | **2X Times** <br> **(200%) the** <br> **One Year** <br> **Performance** | **10%** | **25%** | **50%** | **75%** | **100%** |
| **-60%** | **-120%** | -84.2% | -85.0% | -87.5% | -90.9% | -94.1% |
| **-50%** | **-100%** | -75.2% | -76.5% | -80.5% | -85.8% | -90.8% |
| **-40%** | **-80%** | -64.4% | -66.2% | -72.0% | -79.5% | -86.8% |
| **-30%** | **-60%** | -51.5% | -54.0% | -61.8% | -72.1% | -82.0% |
| **-20%** | **-40%** | -36.6% | -39.9% | -50.2% | -63.5% | -76.5% |
| **-10%** | **-20%** | -19.8% | -23.9% | -36.9% | -53.8% | -70.2% |
| **0%** | **0%** | -1.0% | -6.1% | -22.1% | -43.0% | -63.2% |
| **10%** | **20%** | 19.8% | 13.7% | -5.8% | -31.1% | -55.5% |
| **20%** | **40%** | 42.6% | 35.3% | 12.1% | -18.0% | -47.0% |
| **30%** | **60%** | 67.3% | 58.8% | 31.6% | -3.7% | -37.8% |
| **40%** | **80%** | 94.0% | 84.1% | 52.6% | 11.7% | -27.9% |
| **50%** | **100%** | 122.8% | 111.4% | 75.2% | 28.2% | -17.2% |
| **60%** | **120%** | 153.5% | 140.5% | 99.4% | 45.9% | -5.8% |

---

The Underlying Security's annualized historical volatility rate for the period from [ ] to [ ], 2025 (the longest period available) was [ ]%. The Underlying Security's highest volatility rate for any one calendar year during this period was [ ]%. The Underlying Security's annualized performance during this period was [ ]%. Historical Underlying Security volatility and performance are not indications of what Underlying Security volatility and performance will be in the future.

**Daily Correlation/Tracking Risk.** There is no guarantee that the Fund will achieve a high degree of leveraged correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. To achieve a high degree of leveraged correlation with the Underlying Security, 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 Underlying Security increases on days when the Underlying Security 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 Underlying Security 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 Underlying Security. 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 Underlying Security.

**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 Underlying Security 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 share price of the Underlying Security, 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 Underlying Security declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance's correlation with the Underlying Security'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 Underlying Security 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 Underlying Security, 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 Underlying Security 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 Underlying Security 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 Underlying Security. 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 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 Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, 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 Underlying Security 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 share price of the Underlying Security at the market close on the first trading day and the share price of the Underlying Security at the time of purchase. If the share price of the Underlying Security rises, the Fund's net assets will rise by approximately twice the amount as the Fund's exposure. Conversely, if the share price of the Underlying Security declines, the Fund's net assets will decline by approximately two 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 Underlying Security.

If there is a significant intra-day market event and/or the securities of the Underlying Security 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 Underlying Security 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.* Buying or selling Shares involves certain costs, including brokerage commissions, other charges imposed by brokers, and bid-ask spreads. The bid-ask spread represents the difference between the price at which an investor is willing to buy Shares and the price at which an investor is willing to sell Shares. The spread varies over time based on the Shares' trading volume and market liquidity. The spread is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Due to the costs of buying or selling Shares, frequent trading of Shares may 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 "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 two times the daily percentage change in the price of the Underlying Security. 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 Underlying Security 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 Underlying Security. 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.

**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. This may increase the Fund's volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund's performance.

**Trading Halt Risk.** Although the Underlying Security's shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the Exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Security's shares is expected, in turn, to result in a halt in the trading in the Fund's Shares. Trading in the Underlying Security's and/or Fund's Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in the Underlying Security's and/or Fund's Shares inadvisable. In addition, trading in Underlying Security's and/or Fund's Shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange "circuit breaker" rules." In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund's investment strategy.

**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**. The Fund intends to elect and to qualify each year to be treated as a regulated investment company (a "RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended ("Code"). As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to shareholders, provided that it satisfies certain requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund's taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. To comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of swap contracts and options on shares of a single issuer does not exceed 25% of the Fund's value at the close of any quarter. If the value of swap contracts and options on shares of a single issuer were to exceed 25% of the Fund's total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC.

**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 https://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.

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

Christopher P. Mullen, 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 https://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.

**SUMMARY INFORMATION**

**DEFIANCE DAILY TARGET 2X LONG MP ETF – FUND SUMMARY**

**Important Information About the Fund**

The Defiance Daily Target 2X Long MP ETF (the "Fund") seeks daily leveraged investment results of two times (200%) the daily percentage change in the share price of MP Materials Corp. (NYSE: MP) (the "Underlying Security" or "MP"). 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 200% of the performance of the Underlying Security's shares 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 200% of the return of the Underlying Security's shares for that period. Holding shares of the Fund for longer than a single day and higher volatility of the Underlying Security's shares 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 Underlying Security share price volatility, the volatility of the Underlying Security's shares may affect the Fund's return as much as, or more than, the return of the Underlying Security's shares. 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 Underlying Security's shares 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 Underlying Security's shares may affect the Fund's return as much as, or more than, the return of the Underlying Security's shares.

**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 (2X) 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 Underlying Security's performance is flat, and it is possible that the Fund will lose money even if the Underlying Security's performance 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, of two times (200%) the daily percentage change in the share price of MP Materials Corp. (NYSE: MP). The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.

**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.

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| | | |
|:---|:---|:---|
| **Annual Fund Operating Expenses<sup>(1)</sup> (expenses that you pay each year as a percentage of the value of your investment)** | **Annual Fund Operating Expenses<sup>(1)</sup> (expenses that you pay each year as a percentage of the value of your investment)** | |
| Management Fee | Management Fee | [ ]% |
| Distribution and Service (12b-1) Fees | Distribution and Service (12b-1) Fees |  |
| Other Expenses<sup>(2)</sup> | Other Expenses<sup>(2)</sup> | [ ]% |
| Total Annual Fund Operating Expenses<sup>(3)</sup> | Total Annual Fund Operating Expenses<sup>(3)</sup> | [ ]% |
| <sup>(1)</sup> | The Fund's investment adviser, Tidal Investments LLC (the "Adviser"), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) 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. | The Fund's investment adviser, Tidal Investments LLC (the "Adviser"), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) 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. | 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. | 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. |

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**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 redeem or hold 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** |
| $[ ] | $[ ] |

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**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 is an actively managed exchange traded fund ("ETF") that attempts to achieve two times (200%) the daily percentage change in the share price of the Underlying Security by employing derivatives, namely swap agreements and/or listed options contracts. The Fund aims to achieve this daily percentage change for a single day, and not for any other period. A "single day" means the period "from the close of regular trading on one trading day to the close on the next trading day."

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 two times (2x) the daily performance of the Underlying Security, 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.**

The Fund may 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 the Underlying 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.

The Fund may also utilize listed options to seek to achieve leveraged 2X exposure to the Underlying Security. 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 the Underlying Security, offering immediate intrinsic value). Additionally, the Fund may use other option strategies to produce similar exposure to the Underlying Security, 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 2X objective.

At the end of each day, the Fund's swaps and options are valued using market valuations and the Fund's investment adviser rebalances the Fund's holdings in an attempt to maintain leveraged exposure for the Fund equal to approximately 200% of the Underlying Security's share price. This daily rebalancing is expected to result in high portfolio turnover.

For examples of a hypothetical investment in the Fund, see the section in the Fund's Prospectus titled see "*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 Underlying Security volatility; b) the Underlying Security's performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses.

The Fund will hold assets to serve as collateral for its derivatives positions. 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.

The Fund has adopted a policy to have at least 80% exposure to financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security's shares. The Fund is expected to allocate between 40% and 60% of its assets as collateral for swap agreements or as premiums for purchased options contracts.

The Fund is classified as "non-diversified" under the 1940 Act. The Fund's investment strategy is expected to result in a high annual portfolio turnover rate.

**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 200% of the return of the Underlying Security's shares over the same period. The Fund will lose money if the Underlying Security's performance is flat over time, and because of daily rebalancing, the Underlying Security's shares' volatility and the effects of compounding, the Fund may lose money over time while the Underlying Security'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.**

**<u>MP Materials Corp. ("MP")</u>**

MP Materials Corp. is a rare earth materials and magnetics producer, operating the only scaled rare earth mining and processing site in the United States, located at Mountain Pass, California. MP is listed on the New York Stock Exchange ("NYSE"). As of June 30, 2024, the aggregate market value of the voting common stock held by non-affiliates of MP was approximately $1.8 billion.

MP is registered under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Information provided to or filed with the SEC by MP pursuant to the Exchange Act can be located by reference to SEC file number 001-39277 through the SEC's website at www.sec.gov. In addition, information regarding MP may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.

**This document relates only to the securities offered hereby and does not relate to the shares of MP or other securities of MP Materials Corp. The Fund has derived all disclosures contained in this document regarding MP from the publicly available documents. None of the Fund, Tidal Trust II (the "Trust"), or the Adviser, or their respective affiliates has participated in the preparation of such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to MP. None of the Fund, the Trust, or the Adviser, or their respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding MP is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of MP (and therefore the share price of the Fund at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning MP could affect the value received with respect to the securities and therefore the value of the securities.**

**None of the Fund, the Trust, the Adviser, or their respective affiliates makes any representation to you as to the performance of MP.**

Moreover, MP Materials Corp. has not participated in the development of the Fund's investment strategy. MP Materials Corp. does not select or approve the Fund's portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. MP Materials Corp. does not provide any assurances, guarantees, or representations regarding the Fund or its performance. Nothing herein shall be construed as an offer of any security by MP Materials Corp.

None of the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by MP or its affiliates. All rights in the trademarks are reserved by their respective owners.

Due to the Fund's investment strategy, the Fund's investment exposure is concentrated in the same industry as that assigned to the Underlying Security. As of the date of the Prospectus, MP is assigned to the Metals and Mining industry.

**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.

**MP Risks.** The Fund invests in swap contracts and options that are based on the share price of MP. This subjects the Fund to certain of the same risks as if it owned shares of MP, even though it does not. By virtue of the Fund's investments in swap contracts and options that are based on the value of MP, the Fund may also be subject to the following risks:

● *Indirect Investment in MP Risk.* MP is not affiliated with the Trust, the Fund, or the Adviser, or their respective affiliates and is not involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that might affect the value of Shares. Investors in the Fund will not have voting rights or influence over the management of MP but will be exposed to the performance of MP (the Underlying Security). Investors will also not have the right to receive dividends or other distributions from MP, but will remain subject to price fluctuations and other risks associated with ownership of the Underlying Security.

● *MP Trading Risk.* The trading price of MP may be subject to volatility and could experience wide fluctuations due to various factors. Short sellers may also influence MP's trading activity, contributing to market instability. Public perception and external factors beyond the company's control may influence MP's stock price disproportionately. Additionally, following periods of market volatility, companies have faced securities class action litigation. Any adverse judgment or future stockholder litigation could result in substantial costs and divert management's attention and resources. In the event of a trading halt, delisting, or significant disruption in the market for MP's shares, the Fund may experience difficulty entering, modifying, or liquidating its exposures. These conditions could impair the Fund's ability to achieve its investment objective, result in significant tracking error, or, in extreme cases, force the Fund to liquidate entirely.

● *MP Performance Risk.* MP may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of MP to decline. Correctly identifying key factors affecting business conditions and predicting future events is inherently an uncertain process, and the guidance MP provides may not ultimately be accurate. If MP's guidance is not accurate or varies from actual results due to its inability to meet the assumptions or the impact on its financial performance that could occur as a result of various risks and uncertainties, the market value of common stock issued by MP could decline significantly.

● *Metals and Mining Industry Risks.* Metals and mining companies can be significantly affected by events relating to international political and economic developments, energy conservation, the success of exploration projects, commodity prices, and tax and other government regulations. Investments in metals and mining companies may be speculative and may be subject to greater price volatility than investments in other types of companies. Risks of metals and mining investments include: changes in international monetary policies or economic and political conditions that can affect the supply of precious metals and consequently the value of metals and mining company investments; the United States or foreign governments may pass laws or regulations limiting metals investments for strategic or other policy reasons; and increased environmental or labor costs may depress the value of metals and mining investments.

● *Rare Earth Elements Risks.* Because MP's revenue is, and will be for the foreseeable future, from the sale of rare earth products, changes in demand for, and the market price of (including taxes and other tariffs and fees imposed upon) rare earth elements (REE) and magnet materials could significantly affect MP's profitability. MP's financial results may be significantly adversely affected by declines in our realized prices for REE and magnet materials. REE and magnet material prices may fluctuate and are affected by numerous factors beyond MP's control such as interest rates, exchange rates, taxes, inflation or deflation, fluctuation in the relative value of the U.S. dollar against foreign currencies on the world market, shipping and other transportation and logistics costs, global and regional supply and demand for rare earth minerals and products, potential industry trends, such as competitor consolidation or other integration methodologies, and the political and economic conditions of countries that produce and procure REE and magnet materials.

The rare earth mining and processing and magnet manufacturing industry is capital intensive with competitive market dynamics. Production of REE and magnet products is dominated by Chinese competitors. These competitors may have greater financial resources, as well as other strategic advantages to operate, maintain, improve, and possibly expand their facilities. Additionally, MP's Chinese competitors have historically been able to produce at relatively low costs due to domestic economic and regulatory factors, including less stringent environmental and governmental regulations and lower labor and benefit costs. If MP is not able to achieve consistent product quality at its anticipated costs of production, then any strategic advantages that MP's competitors may have, including, without limitation, lower labor, compliance, and production costs, could have a material adverse effect on MP's business.

● *Innovation Risks.* Technology changes rapidly in the industries and end-markets that utilize MP's materials. If these industries introduce new technologies or products that no longer require the rare earth materials or NdFeB magnets that MP produces or may produce in the future, or suitable substitutes become available, this could result in a decline in demand for MP's rare earth materials or NdFeB magnets, which would have a material adverse effect on MP's business and the results of its operations.

● *Key Customer Risks.* MP currently sells the vast majority of its rare earth concentrate to Shenghe, which then typically sells that product to refiners in China. Demand for rare earth concentrate is currently constrained to a relatively limited number of refiners, a significant majority of which are based in China. While Shenghe is obligated under an agreement to purchase all of the rare earth concentrate product meeting certain minimum specifications on a "take-or-pay" basis (such that they are obliged to pay for product even if they are unable or unwilling to take delivery), MP cannot guarantee that Shenghe will continue to purchase all of the products that it is contractually bound to purchase or that they will purchase products that do not meet these specifications. Further, Shenghe sells the rare earth concentrate it acquires to customers in China who separate and extract the individual rare earth elements. MP does not control the amount and timing of resources that Shenghe will dedicate to their sales efforts. Therefore, any decline or delay in Shenghe's sales efforts could reduce sales prices or sales volumes, which could have an adverse impact on MP's results of operations.

● *Environmental and Regulatory Risks.* MP is subject to numerous and detailed federal, state and local environmental laws, certifications, regulations, permits, and other legal requirements applicable to the mining and mineral processing industry, including, without limitation, those pertaining to employee health and safety, air emissions, water usage, wastewater and stormwater discharges, air quality standards, emissions, waste management, plant and wildlife protection, handling and disposal of hazardous and radioactive substances and waste, remediation of soil and groundwater contamination, land use, reclamation and restoration of properties, the discharge of materials into the environment, procurement of certain materials used in MP's operations, and groundwater quality and availability. These requirements may result in significant costs, liabilities and obligations, impose conditions that are difficult to achieve or otherwise delay, limit or prohibit current or planned operations and future growth.

**Single Issuer Risk.** Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security, may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether there are significant corporate actions such as restructurings, enforcement activity, or acquisitions or periods adverse market, economic, or other conditions and will not seek to take temporary defensive positions during such periods.

**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 two times (200%) the Underlying Security'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 two times the daily performance of an Underlying Security, if adverse daily performance of the Underlying Security 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 Underlying Security 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 Underlying Security'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 Underlying Security during a shareholder's holding period of an investment in the Fund.

The chart below provides examples of how the Underlying Security's volatility could affect the Fund's performance. The chart illustrates the impact of two factors that affect the Fund's performance – the Underlying Security's volatility and the Underlying Security's performance. The Underlying Security's performance shows the percentage change in the share price of the Underlying Security over the specified time period, while the Underlying Security's volatility is a statistical measure of the magnitude of fluctuations in the returns during that time period. As illustrated below, even if the Underlying Security's performance over two equal time periods is identical, different Underlying Security volatility (*i.e.*, in magnitude of fluctuations in the share price of the Underlying Security) 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 Underlying Security volatility; b) the Underlying Security 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 Underlying Security volatility and Underlying Security 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 Underlying Security volatility, compounding will cause results for periods longer than a trading day to vary from two times (200%) the performance of the Underlying Security.

As shown in the chart below, the Fund would be expected to lose 6.1% if there was no change in the share price of the Underlying Security over a one-year period during which the Underlying Security experienced annualized volatility of 25%. If the Underlying Security'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 share price of the Underlying Security. For instance, if the Underlying Security's annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative Underlying Security change in the share price of the Underlying Security for the year was 0%.

Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than two times (200%) the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than two times (200%) the performance of the Underlying Security. 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 200% or Two Times** <br> **Performance of the Underlying Security** | **Estimated Returns of 200% or Two Times** <br> **Performance of the Underlying Security** | **Estimated Returns of 200% or Two Times** <br> **Performance of the Underlying Security** |  |  |  |  |
| **Underlying Security Performance** | **Underlying Security Performance** | **One Year Volatility Rate** | **One Year Volatility Rate** | **One Year Volatility Rate** | **One Year Volatility Rate** | **One Year Volatility Rate** |
| **One Year** <br> **Underlying** <br> **Security** | **2X Times** <br> **(200%) the** <br> **One Year** <br> **Performance** | **10%** | **25%** | **50%** | **75%** | **100%** |
| **-60%** | **-120%** | -84.2% | -85.0% | -87.5% | -90.9% | -94.1% |
| **-50%** | **-100%** | -75.2% | -76.5% | -80.5% | -85.8% | -90.8% |
| **-40%** | **-80%** | -64.4% | -66.2% | -72.0% | -79.5% | -86.8% |
| **-30%** | **-60%** | -51.5% | -54.0% | -61.8% | -72.1% | -82.0% |
| **-20%** | **-40%** | -36.6% | -39.9% | -50.2% | -63.5% | -76.5% |
| **-10%** | **-20%** | -19.8% | -23.9% | -36.9% | -53.8% | -70.2% |
| **0%** | **0%** | -1.0% | -6.1% | -22.1% | -43.0% | -63.2% |
| **10%** | **20%** | 19.8% | 13.7% | -5.8% | -31.1% | -55.5% |
| **20%** | **40%** | 42.6% | 35.3% | 12.1% | -18.0% | -47.0% |
| **30%** | **60%** | 67.3% | 58.8% | 31.6% | -3.7% | -37.8% |
| **40%** | **80%** | 94.0% | 84.1% | 52.6% | 11.7% | -27.9% |
| **50%** | **100%** | 122.8% | 111.4% | 75.2% | 28.2% | -17.2% |
| **60%** | **120%** | 153.5% | 140.5% | 99.4% | 45.9% | -5.8% |

---

The Underlying Security's annualized historical volatility rate for the period from [ ] to [ ], 2025 (the longest period available) was [ ]%. The Underlying Security's highest volatility rate for any one calendar year during this period was [ ]%. The Underlying Security's annualized performance during this period was [ ]%. Historical Underlying Security volatility and performance are not indications of what Underlying Security volatility and performance will be in the future.

**Daily Correlation/Tracking Risk.** There is no guarantee that the Fund will achieve a high degree of leveraged correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. To achieve a high degree of leveraged correlation with the Underlying Security, 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 Underlying Security increases on days when the Underlying Security 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 Underlying Security 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 Underlying Security. 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 Underlying Security.

**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 Underlying Security 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 share price of the Underlying Security, 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 Underlying Security declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance's correlation with the Underlying Security'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 Underlying Security 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 Underlying Security, 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 Underlying Security 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 Underlying Security 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 Underlying Security. 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 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 Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, 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 Underlying Security 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 share price of the Underlying Security at the market close on the first trading day and the share price of the Underlying Security at the time of purchase. If the share price of the Underlying Security rises, the Fund's net assets will rise by approximately twice the amount as the Fund's exposure. Conversely, if the share price of the Underlying Security declines, the Fund's net assets will decline by approximately two 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 Underlying Security.

If there is a significant intra-day market event and/or the securities of the Underlying Security 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 Underlying Security 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.* Buying or selling Shares involves certain costs, including brokerage commissions, other charges imposed by brokers, and bid-ask spreads. The bid-ask spread represents the difference between the price at which an investor is willing to buy Shares and the price at which an investor is willing to sell Shares. The spread varies over time based on the Shares' trading volume and market liquidity. The spread is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Due to the costs of buying or selling Shares, frequent trading of Shares may 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 "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 two times the daily percentage change in the price of the Underlying Security. 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 Underlying Security 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 Underlying Security. 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.

**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. This may increase the Fund's volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund's performance.

**Trading Halt Risk.** Although the Underlying Security's shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the Exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Security's shares is expected, in turn, to result in a halt in the trading in the Fund's Shares. Trading in the Underlying Security's and/or Fund's Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in the Underlying Security's and/or Fund's Shares inadvisable. In addition, trading in Underlying Security's and/or Fund's Shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange "circuit breaker" rules." In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund's investment strategy.

**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**. The Fund intends to elect and to qualify each year to be treated as a regulated investment company (a "RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended ("Code"). As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to shareholders, provided that it satisfies certain requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund's taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. To comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of swap contracts and options on shares of a single issuer does not exceed 25% of the Fund's value at the close of any quarter. If the value of swap contracts and options on shares of a single issuer were to exceed 25% of the Fund's total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC.

**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 https://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.

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

Christopher P. Mullen, 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 https://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.

**SUMMARY INFORMATION**

**DEFIANCE DAILY TARGET 2X LONG QS ETF – FUND SUMMARY**

**Important Information About the Fund**

The Defiance Daily Target 2X Long QS ETF (the "Fund") seeks daily leveraged investment results of two times (200%) the daily percentage change in the share price of QuantumScape Corporation (NYSE: QS) (the "Underlying Security" or "QS"). 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 200% of the performance of the Underlying Security's shares 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 200% of the return of the Underlying Security's shares for that period. Holding shares of the Fund for longer than a single day and higher volatility of the Underlying Security's shares 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 Underlying Security share price volatility, the volatility of the Underlying Security's shares may affect the Fund's return as much as, or more than, the return of the Underlying Security's shares. 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 Underlying Security's shares 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 Underlying Security's shares may affect the Fund's return as much as, or more than, the return of the Underlying Security's shares.

**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 (2X) 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 Underlying Security's performance is flat, and it is possible that the Fund will lose money even if the Underlying Security's performance 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, of two times (200%) the daily percentage change in the share price of QuantumScape Corporation (NYSE: QS). The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.

**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.

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| | | |
|:---|:---|:---|
| **Annual Fund Operating Expenses<sup>(1)</sup> (expenses that you pay each year as a percentage of the value of your investment)** | **Annual Fund Operating Expenses<sup>(1)</sup> (expenses that you pay each year as a percentage of the value of your investment)** | |
| Management Fee | Management Fee | [ ]% |
| Distribution and Service (12b-1) Fees | Distribution and Service (12b-1) Fees |  |
| Other Expenses<sup>(2)</sup> | Other Expenses<sup>(2)</sup> | [ ]% |
| Total Annual Fund Operating Expenses<sup>(3)</sup> | Total Annual Fund Operating Expenses<sup>(3)</sup> | [ ]% |
| <sup>(1)</sup> | The Fund's investment adviser, Tidal Investments LLC (the "Adviser"), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) 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. | The Fund's investment adviser, Tidal Investments LLC (the "Adviser"), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) 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. | 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. | 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. |

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**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 redeem or hold 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:

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| | |
|:---|:---|
| **1 Year** | **3 Years** |
| $[ ] | $[ ] |

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**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 is an actively managed exchange traded fund ("ETF") that attempts to achieve two times (200%) the daily percentage change in the share price of the Underlying Security by employing derivatives, namely swap agreements and/or listed options contracts. The Fund aims to achieve this daily percentage change for a single day, and not for any other period. A "single day" means the period "from the close of regular trading on one trading day to the close on the next trading day."

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 two times (2x) the daily performance of the Underlying Security, 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.**

The Fund may 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 the Underlying 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.

The Fund may also utilize listed options to seek to achieve leveraged 2X exposure to the Underlying Security. 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 the Underlying Security, offering immediate intrinsic value). Additionally, the Fund may use other option strategies to produce similar exposure to the Underlying Security, 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 2X objective.

At the end of each day, the Fund's swaps and options are valued using market valuations and the Fund's investment adviser rebalances the Fund's holdings in an attempt to maintain leveraged exposure for the Fund equal to approximately 200% of the Underlying Security's share price. This daily rebalancing is expected to result in high portfolio turnover.

For examples of a hypothetical investment in the Fund, see the section in the Fund's Prospectus titled see "*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 Underlying Security volatility; b) the Underlying Security's performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses.

The Fund will hold assets to serve as collateral for its derivatives positions. 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.

The Fund has adopted a policy to have at least 80% exposure to financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security's shares. The Fund is expected to allocate between 40% and 60% of its assets as collateral for swap agreements or as premiums for purchased options contracts.

The Fund is classified as "non-diversified" under the 1940 Act. The Fund's investment strategy is expected to result in a high annual portfolio turnover rate.

**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 200% of the return of the Underlying Security's shares over the same period. The Fund will lose money if the Underlying Security's performance is flat over time, and because of daily rebalancing, the Underlying Security's shares' volatility and the effects of compounding, the Fund may lose money over time while the Underlying Security'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.**

**<u>QuantumScape Corporation ("QS")</u>**

QuantumScape Corporation is a company focused on developing and commercializing next-generation, solid-state lithium-metal batteries for electric vehicles (EVs) and other applications. QS is listed on the New York Stock Exchange ("NYSE"). As of June 30, 2024, the aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant, based on the closing price of the shares of common stock on the NYSE, was approximately $1.8 billion.

QS is registered under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Information provided to or filed with the SEC by QS pursuant to the Exchange Act can be located by reference to SEC file number 001-39345 through the SEC's website at www.sec.gov. In addition, information regarding QS may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.

**This document relates only to the securities offered hereby and does not relate to the shares of QS or other securities of QuantumScape Corporation. The Fund has derived all disclosures contained in this document regarding QS from the publicly available documents. None of the Fund, Tidal Trust II (the "Trust"), or the Adviser, or their respective affiliates has participated in the preparation of such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to QS. None of the Fund, the Trust, or the Adviser, or their respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding QS is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of QS (and therefore the share price of the Fund at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning QS could affect the value received with respect to the securities and therefore the value of the securities.**

**None of the Fund, the Trust, the Adviser, or their respective affiliates makes any representation to you as to the performance of QS.**

Moreover, QuantumScape Corporation has not participated in the development of the Fund's investment strategy. QuantumScape Corporation does not select or approve the Fund's portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. QuantumScape Corporation does not provide any assurances, guarantees, or representations regarding the Fund or its performance. Nothing herein shall be construed as an offer of any security by QuantumScape Corporation.

None of the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by QS or its affiliates. All rights in the trademarks are reserved by their respective owners.

Due to the Fund's investment strategy, the Fund's investment exposure is concentrated in the same industry as that assigned to the Underlying Security. As of the date of the Prospectus, QS is assigned to the Automobile Components industry.

**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.

**QS Risks.** The Fund invests in swap contracts and options that are based on the share price of QS. This subjects the Fund to certain of the same risks as if it owned shares of QS, even though it does not. By virtue of the Fund's investments in swap contracts and options that are based on the value of QS, the Fund may also be subject to the following risks:

● *QS Operating Loss Risk.* QS has incurred an accumulated deficit of approximately $3.4 billion from its inception in 2010 through December 31, 2024. QS believes that it will continue to incur operating losses each quarter until at least the time significant production of its lithium-metal solid-state batteries begins, and such production is not expected to begin in the near future. QS expects the rate at which it will incur losses to be significantly higher in future periods as QS, among other things, continues to incur significant expenses in connection with the design, development and manufacturing of its batteries; expand its research and development activities; invest in manufacturing capabilities; build up inventories of components for its batteries; increase sales and marketing activities; develop distribution infrastructure; and increase general and administrative functions to support its growing operations.

● *Indirect Investment in QS Risk.* QS is not affiliated with the Trust, the Fund, or the Adviser, or their respective affiliates and is not involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that might affect the value of Shares. Investors in the Fund will not have voting rights or influence over the management of QS but will be exposed to the performance of QS (the Underlying Security). Investors will also not have the right to receive dividends or other distributions from QS, but will remain subject to price fluctuations and other risks associated with ownership of the Underlying Security.

● *QS Trading Risk.* The trading price of QS may be subject to volatility and could experience wide fluctuations due to various factors. Short sellers may also influence QS's trading activity, contributing to market instability. Public perception and external factors beyond the company's control may influence QS's stock price disproportionately. Additionally, following periods of market volatility, companies have faced securities class action litigation. Any adverse judgment or future stockholder litigation could result in substantial costs and divert management's attention and resources. In the event of a trading halt, delisting, or significant disruption in the market for QS's shares, the Fund may experience difficulty entering, modifying, or liquidating its exposures. These conditions could impair the Fund's ability to achieve its investment objective, result in significant tracking error, or, in extreme cases, force the Fund to liquidate entirely.

● *QS Performance Risk.* QS may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of QS to decline. Correctly identifying key factors affecting business conditions and predicting future events is inherently an uncertain process, and the guidance QS provides may not ultimately be accurate. If QS's guidance is not accurate or varies from actual results due to its inability to meet the assumptions or the impact on its financial performance that could occur as a result of various risks and uncertainties, the market value of common stock issued by QS could decline significantly.

● *Automobile Components Industry Risks.* Companies operating in the automobile components industry, particularly those related to EVs, are subject to various risks, including but not limited to, part supplier constraints or delays, consumer demand for EVs and competition from existing competitors. Governmental policies affecting the automotive industry, such as taxes, tariffs, duties, subsidies, and import and export restrictions on automotive products can influence industry profitability. In addition, such companies must comply with environmental laws and regulations, for which there may be severe consequences for non-compliance.

● *Business Risks.* Developing lithium-metal solid-state batteries that meet the requirements for wide adoption by automotive original equipment manufacturers (OEMs) is a difficult undertaking and, as far as QS is aware, has never been done before. QS is still in the development stage and faces significant challenges in completing the development of its battery cells and in producing battery cells in commercial volumes with acceptable performance, quality, consistency, reliability, throughput, safety, and costs. Delays or failures in accomplishing QS' development objectives may delay or prevent successful commercialization of QS' technology and negatively impact QS' business. QS's future growth and success is also dependent upon consumers' willingness to adopt elective vehicles.

● *Competition Risk*. The battery market in which QS competes continues to evolve and is highly competitive. To date, QS has focused its efforts on its lithium-metal solid-state battery technology, which is being designed to outperform conventional lithium-ion battery technology. However, lithium-ion battery technology has been widely adopted and QS' current competitors have, and future competitors may have, greater resources than QS does and may also be able to devote greater resources to the development of their current and future technologies. QS must continue to commit significant resources to develop its battery technology to establish a competitive position, and these commitments will be made without knowing whether such investments will result in products potential customers will find acceptable. There is no assurance QS will successfully identify new customer requirements, develop and bring its batteries to market on a timely basis, or that products and technologies developed by others will not render QS' batteries obsolete or noncompetitive, any of which would adversely affect QS' business and operating results.

● *Collaboration Risk*. In July 2024, QS entered into a collaboration agreement with PowerCo SE ("PowerCo"), a battery cell company wholly owned by Volkswagen, with the goal of industrializing the solid-state lithium-metal battery technology it intends to use in its first planned product—the QSE-5. There is no assurance that QS will be able to complete the development of the solid-state battery cells or achieve the technical milestones in the time frame required by the collaboration agreement or to satisfy PowerCo's business needs. If QS does not complete this development in a timely manner, PowerCo may terminate the collaboration agreement, which could result in a material adverse effect on QE's business and financial results.

● *Regulatory Risk*. QS' batteries, and the sale of EVs and motor vehicles in general, are subject to substantial regulation under international, federal, state and local laws, including export control laws. QS expects to incur significant costs in complying with these regulations. Regulations related to the battery and EV industry and alternative energy are currently evolving and QS faces risks associated with changes to these regulations as well as potential for heightened regulatory scrutiny. For example, laws and regulations may be passed that make manufacturers financially responsible for the collection, treatment, recycling and disposal of certain products, including batteries for EVs. The costs of complying with such requirements, as they now exist or as may be introduced in the future, and the associated administrative burden, could adversely affect QS' financial condition and results of operations, particularly if QS is unable to pass on such costs to its customers.

**Single Issuer Risk.** Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security, may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether there are significant corporate actions such as restructurings, enforcement activity, or acquisitions or periods adverse market, economic, or other conditions and will not seek to take temporary defensive positions during such periods.

**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 two times (200%) the Underlying Security'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 two times the daily performance of an Underlying Security, if adverse daily performance of the Underlying Security 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 Underlying Security 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 Underlying Security'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 Underlying Security during a shareholder's holding period of an investment in the Fund.

The chart below provides examples of how the Underlying Security's volatility could affect the Fund's performance. The chart illustrates the impact of two factors that affect the Fund's performance – the Underlying Security's volatility and the Underlying Security's performance. The Underlying Security's performance shows the percentage change in the share price of the Underlying Security over the specified time period, while the Underlying Security's volatility is a statistical measure of the magnitude of fluctuations in the returns during that time period. As illustrated below, even if the Underlying Security's performance over two equal time periods is identical, different Underlying Security volatility (*i.e.*, in magnitude of fluctuations in the share price of the Underlying Security) 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 Underlying Security volatility; b) the Underlying Security 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 Underlying Security volatility and Underlying Security 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 Underlying Security volatility, compounding will cause results for periods longer than a trading day to vary from two times (200%) the performance of the Underlying Security.

As shown in the chart below, the Fund would be expected to lose 6.1% if there was no change in the share price of the Underlying Security over a one-year period during which the Underlying Security experienced annualized volatility of 25%. If the Underlying Security'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 share price of the Underlying Security. For instance, if the Underlying Security's annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative Underlying Security change in the share price of the Underlying Security for the year was 0%.

Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than two times (200%) the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than two times (200%) the performance of the Underlying Security. 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.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Estimated Returns of 200% or Two Times** <br> **Performance of the Underlying Security** | **Estimated Returns of 200% or Two Times** <br> **Performance of the Underlying Security** | **Estimated Returns of 200% or Two Times** <br> **Performance of the Underlying Security** |  |  |  |  |
| **Underlying Security Performance** | **Underlying Security Performance** | **One Year Volatility Rate** | **One Year Volatility Rate** | **One Year Volatility Rate** | **One Year Volatility Rate** | **One Year Volatility Rate** |
| **One Year** <br> **Underlying** <br> **Security** | **2X Times** <br> **(200%) the** <br> **One Year** <br> **Performance** | **10%** | **25%** | **50%** | **75%** | **100%** |
| **-60%** | **-120%** | -84.2% | -85.0% | -87.5% | -90.9% | -94.1% |
| **-50%** | **-100%** | -75.2% | -76.5% | -80.5% | -85.8% | -90.8% |
| **-40%** | **-80%** | -64.4% | -66.2% | -72.0% | -79.5% | -86.8% |
| **-30%** | **-60%** | -51.5% | -54.0% | -61.8% | -72.1% | -82.0% |
| **-20%** | **-40%** | -36.6% | -39.9% | -50.2% | -63.5% | -76.5% |
| **-10%** | **-20%** | -19.8% | -23.9% | -36.9% | -53.8% | -70.2% |
| **0%** | **0%** | -1.0% | -6.1% | -22.1% | -43.0% | -63.2% |
| **10%** | **20%** | 19.8% | 13.7% | -5.8% | -31.1% | -55.5% |
| **20%** | **40%** | 42.6% | 35.3% | 12.1% | -18.0% | -47.0% |
| **30%** | **60%** | 67.3% | 58.8% | 31.6% | -3.7% | -37.8% |
| **40%** | **80%** | 94.0% | 84.1% | 52.6% | 11.7% | -27.9% |
| **50%** | **100%** | 122.8% | 111.4% | 75.2% | 28.2% | -17.2% |
| **60%** | **120%** | 153.5% | 140.5% | 99.4% | 45.9% | -5.8% |

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The Underlying Security's annualized historical volatility rate for the period from [ ] to [ ], 2025 (the longest period available) was [ ]%. The Underlying Security's highest volatility rate for any one calendar year during this period was [ ]%. The Underlying Security's annualized performance during this period was [ ]%. Historical Underlying Security volatility and performance are not indications of what Underlying Security volatility and performance will be in the future.

**Daily Correlation/Tracking Risk.** There is no guarantee that the Fund will achieve a high degree of leveraged correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. To achieve a high degree of leveraged correlation with the Underlying Security, 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 Underlying Security increases on days when the Underlying Security 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 Underlying Security 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 Underlying Security. 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 Underlying Security.

**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 Underlying Security 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 share price of the Underlying Security, 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 Underlying Security declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance's correlation with the Underlying Security'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 Underlying Security 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 Underlying Security, 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 Underlying Security 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 Underlying Security 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 Underlying Security. 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 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 Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, 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 Underlying Security 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 share price of the Underlying Security at the market close on the first trading day and the share price of the Underlying Security at the time of purchase. If the share price of the Underlying Security rises, the Fund's net assets will rise by approximately twice the amount as the Fund's exposure. Conversely, if the share price of the Underlying Security declines, the Fund's net assets will decline by approximately two 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 Underlying Security.

If there is a significant intra-day market event and/or the securities of the Underlying Security 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 Underlying Security 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.* Buying or selling Shares involves certain costs, including brokerage commissions, other charges imposed by brokers, and bid-ask spreads. The bid-ask spread represents the difference between the price at which an investor is willing to buy Shares and the price at which an investor is willing to sell Shares. The spread varies over time based on the Shares' trading volume and market liquidity. The spread is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Due to the costs of buying or selling Shares, frequent trading of Shares may 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 "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 two times the daily percentage change in the price of the Underlying Security. 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 Underlying Security 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 Underlying Security. 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.

**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. This may increase the Fund's volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund's performance.

**Trading Halt Risk.** Although the Underlying Security's shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the Exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Security's shares is expected, in turn, to result in a halt in the trading in the Fund's Shares. Trading in the Underlying Security's and/or Fund's Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in the Underlying Security's and/or Fund's Shares inadvisable. In addition, trading in Underlying Security's and/or Fund's Shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange "circuit breaker" rules." In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund's investment strategy.

**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**. The Fund intends to elect and to qualify each year to be treated as a regulated investment company (a "RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended ("Code"). As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to shareholders, provided that it satisfies certain requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund's taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. To comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of swap contracts and options on shares of a single issuer does not exceed 25% of the Fund's value at the close of any quarter. If the value of swap contracts and options on shares of a single issuer were to exceed 25% of the Fund's total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC.

**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 https://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.

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

Christopher P. Mullen, 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 https://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 FUNDS**

**Investment Objectives**

The investment objective of each Fund is to seek daily investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of its Underlying Security.

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.

Each Fund has adopted a policy to have at least 80% exposure to financial instruments with economic characteristics that should perform 2X the daily performance of its Underlying Security's shares. Each 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 are used to meet the Fund's 80% policy, the notional value of the swaps will be used when determining the Fund's compliance.

Each Fund engages in transactions with counterparties, which may include subsidiaries of public companies. Investors should be aware that a Fund may not have recourse to the parent company for obligations of such counterparties. Consequently, a 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.

**Each Fund seeks to provide a return of up to two times the daily performance of the share price its Underlying Security.**

**No Fund attempts to, and no Fund should be expected to, achieve this daily percentage change for periods other than a single day. Each Fund rebalances its implied exposure on a daily basis, increasing exposure to the Underlying Security in response to that day's gains or reducing exposure in the Underlying Security in response to that day's losses.**

**The exposure to the Underlying Security received by an investor who purchases a Fund intra-day will differ from such Fund's stated daily investment objective by an amount determined by the movement of such Underlying Security from its share price at the end of the prior day. If the Underlying Security's share price 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 Underlying Security than the Fund's stated daily investment objective. Conversely, if the Underlying Security's share price moves in a direction adverse to the Fund, the investor will receive more exposure to the Underlying Security 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.

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

Shares of each 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, each Fund issues and redeems Shares on a continuous basis at NAV only in large blocks of Shares called "Creation Units." Creation Units of the Funds are issued and redeemed for cash. As a result, retail investors generally will not be able to purchase or redeem Shares directly from, or with, a Fund. Most retail investors will purchase or sell Shares in the secondary market through a broker.

**The Funds are not suitable for all investors. In particular, the Funds are not suitable for investors with longer-term investment objectives. Each 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 Funds 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 Funds or do not intend to actively manage their funds and monitor their investments should not buy any Fund.**

**There is no assurance that any Fund will achieve its investment objective and an investment in any 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 each Fund's investment objective, the Adviser invests in a manner that is designed to correspond to two times (200%) the daily performance of the share price of such Fund's Underlying Security.

Each Fund attempts to achieve its investment objective by investing a substantial amount of its assets in financial instruments that provide exposure to its Underlying Security, such as swap agreements. At the end of each trading day, it is expected that for the 2X leveraged exposure each Fund seeks, the swap notional exposure against the Underlying Security will be approximately equal to two times the Fund's NAV.

To achieve a swap notional exposure equal two times a 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.

Each 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 underlying security. 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 the underlying security. Each trading day, the Adviser adjusts each Fund's exposure to its underlying security consistent with the Fund's daily leveraged investment objective. The impact of market movements during the day determines whether the portfolio needs to be repositioned. If the share price of the underlying security 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 the share price of the underlying security 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 a Fund rebalances its 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, each Fund will position its portfolio to seek to ensure that the Fund's exposure to its underlying security is consistent with its stated investment objective. Each 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. The gross returns to be exchanged are calculated with respect to the notional amount and the underlying security share price returns to which the swap is linked. Swaps are typically closed out on a net basis. Thus, while the notional amount reflects a 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 a 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, a 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 a 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.

Additionally, to complement each Fund's primary strategy of using swap agreements to achieve leveraged exposure, a Fund may employ listed options contracts as an additional tool to generate leverage on an as-needed basis. By incorporating listed options, such as call options, a Fund can gain leveraged exposure to the Underlying Security without relying solely on swaps. This flexibility allows the Fund to adjust its leverage strategy in response to market conditions, liquidity constraints, or other factors that may impact the availability or pricing of swap agreements. The use of options may help the Fund meet its daily investment objective more effectively under varying market conditions.

Each Fund will hold assets to serve as collateral for such Fund's swap agreements. For those collateral holdings, each 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.

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

To create the necessary exposure, the Funds will enter into one or more swap agreements with financial institutions. The Funds will incur borrowing costs associated with the use of swaps. For instance, if an Underlying Security returns 1% on a given day, the gross expected return of applicable 2X Fund would be 2%, but the net expected return, which factors in the cost of financing the portfolio and the impact of operating expenses, would be lower.

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

A Fund will be subject to regulatory constraints relating to level of value at risk that a 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 a Fund being unable to buy or sell certain securities or financial instruments. In such circumstances, such Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.

If a Fund is unable to obtain sufficient exposure to its Underlying Security due to the limited availability of necessary investments or financial instruments, such 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 Underlying Security Movement**. The Adviser will not attempt to position each Fund's portfolio to ensure that a Fund does not gain or lose more than maximum percentage of its NAV on a given day. A Fund could lose an amount greater than its net assets in the event of a movement of an Underlying Security's share price in excess of 50% in a direction adverse to the Fund (meaning a loss in the value of the Underlying Security). **As a result, the risk of total loss exists.**

If an Underlying Security's share price has a dramatic loss that causes a material decline in a 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, a Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve exposure consistent with a Fund's investment objective. This may prevent a 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 each Fund's exposure to the applicable Underlying Security's share price 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 each Fund. This means that the return of the applicable Underlying Security's share price over a period of time greater than one day multiplied by the Fund's daily investment objective (e.g., 200% of such return) generally will not equal such Fund's performance over that same period. As a consequence, investors should not plan to hold shares of a Fund unmonitored for periods longer than a single trading day. This deviation increases with higher volatility in the applicable Underlying Security's share price 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 such Fund's stated daily leveraged investment objective and the performance of the applicable Underlying Security's share price for the full trading day. The actual exposure will largely be a function of the performance of the applicable Underlying Security's share price from the end of the prior trading day. The examples assume a full daily leveraged amount of exactly 2X to the applicable Underlying Security's share price.

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 ETF which seeks (before fees and expenses) to match the performance of the hypothetical underlying security's share price. Fund B is a leveraged ETF and seeks daily leveraged investment results (before fees and expenses) that correspond to 200% of the daily performance of the hypothetical underlying security's share price.

On Day 1, the hypothetical underlying security's share price increases in value from $100 to $105, a gain of 5%. On Day 2, the hypothetical underlying security's share price declines from $105 back to $100, a loss of 4.76%. In the aggregate, the share price of the hypothetical underlying security has not moved.

An investment in Fund A 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 Fund A when the hypothetical underlying security's share price is $100:

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| | | | |
|:---|:---|:---|:---|
| **Day** | **Underlying Security Share Price** | **Underlying Security** <br> **Performance** | **Value of Fund A 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 10% on Day 1 (200% of 5%) but decline 9.52% on Day 2.

---

| | | | |
|:---|:---|:---|:---|
| **Day** | **Underlying Security Performance** | **200% of Underlying Security** <br> **Performance** | **Value of Fund B Investment** |
|  |  |  | $100.00 |
| 1 | 5.00% | 10.0% | $110.00 |
| 2 | -4.76% | -9.52% | $99.52 |

---

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 share price 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 a Fund intra-day will generally receive more, or less, than the applicable exposure to the underlying security's share price from that point until the end of the trading day. The actual exposure will be largely a function of the performance of the underlying security from the end of the prior trading day. If a 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 return of the underlying security's performance for the longer period. This deviation will increase with higher underlying security volatility and longer holding periods.

**Examples of the Impact of Volatility of an Underlying Security.** Each Fund rebalances its 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 typically cause a Fund to lose money if the Underlying Security's shares experience volatility. A volatility rate is a statistical measure of the magnitude of fluctuations in the underlying security's share price returns over a defined period. For periods longer than a trading day, volatility in the performance of the Underlying Security shares from day to day is the primary cause of any disparity between a Fund's actual returns and the returns of the share of the Underlying Security for such period. Volatility causes such disparity because it exacerbates the effects of compounding on a Fund's returns. In addition, the effects of volatility are magnified in the Funds 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 – Underlying Security Experiences Low Volatility**

Amy invests $10.00 in a Hypothetical 2X Fund at the close of trading on Day 1. During Day 2, the hypothetical underlying security's share price rises from 100 to 102, a 2% gain. Amy's investment rises 4% to $10.40. Amy holds her investment through the close of trading on Day 3, during which the hypothetical underlying security's share price rises from 102 to 104, a gain of 1.96%. Amy's investment rises to $10.81, a gain during Day 3 of 3.92%. For the two-day period since Amy invested in the Hypothetical 2X Fund, the hypothetical underlying security gained 4% although Amy's investment increased by 8.1%. Because the hypothetical underlying security's shares continued to trend upwards with low volatility, Amy's return closely correlates to the 200% return of the return of the hypothetical underlying security's shares for the period.

**Example 2 – Underlying Security Experiences High Volatility**

Now Amy invests $10.00 in a Hypothetical 2X Fund after the close of trading on Day 1. During Day 2, the hypothetical underlying security's share price rises from 100 to 102, a 2% gain, and Amy's investment rises 4% to $10.40. Amy continues to hold her investment through the end of Day 3, during which the hypothetical underlying security's shares decline from 102 to 98, a loss of 3.92%. Amy's investment declines by 7.84%, from $10.40 to $9.58. For the two-day period since Amy invested in the Hypothetical 2X Fund, the hypothetical underlying security lost 2% while Amy's investment decreased from $10 to $9.58, a 4.2% loss. The volatility of the hypothetical underlying security's shares affected the correlation between the hypothetical underlying security's return for the two-day period and Amy's return. In this situation, Amy lost more than two times the return of the hypothetical underlying security.

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

Examples 1 and 2 assumed that Amy purchased the Hypothetical 2X 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 2X 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 underlying security's share price moved from 100 to 102, a 2% gain. In light of that gain, the Hypothetical 2X Fund beta at the point at which Amy invests is 196%. During the remainder of Day 2, the hypothetical underlying security's share price rises from 102 to 110, a gain of 7.84%, and Amy's investment rises 15.4% (which is the hypothetical underlying security gain of 7.84% multiplied by the 196% beta that she received) to $11.54. Amy continues to hold her investment through the close of trading on Day 3, during which the hypothetical underlying security's share price declines from 110 to 90, a loss of 18.18%. Amy's investment declines by 36.4%, from $11.54 to $7.34. For the period of Amy's investment, the hypothetical underlying security's share price declined from 102 to 90, a loss of 11.76%, while Amy's investment decreased from $10.00 to $7.34, a 27% loss. The volatility of the hypothetical underlying security's shares affected the correlation between the hypothetical underlying security's return for period and Amy's return. In this situation, Amy lost more than two times the return of the hypothetical underlying security. Amy was also hurt because she missed the first 2% move of the hypothetical underlying security and had a beta of 196% for the remainder of Day 2.

**Market Volatility.** The Funds seek to provide a return which is two times the daily performance of the applicable Underlying Security's share price. The Funds do not attempt to, and should not be expected to, provide returns which are two times the return of the applicable Underlying Security's share price for periods other than a single day. The Funds rebalance their respective portfolios 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 each Fund's performance if its Underlying Security's shares experience volatility. For instance, a Fund would be expected to lose 4% (as shown in Table 1 below) if its Underlying Security's shares provided no return over a one-year period and experienced annualized volatility of 20%. If an Underlying Security's shares' annualized volatility were to rise to 40%, the hypothetical loss for a one-year period for the applicable Fund widens to approximately -15%.

---

| | |
|:---|:---|
| **Table 1** | **Table 1** |
| **Volatility** | **Fund** |
| **Range** | **Loss** |
| 10% | -1% |
| 20% | -4% |
| 30% | -9% |
| 40% | -15% |
| 50% | -23% |
| 60% | -33% |
| 70% | -47% |
| 80% | -55% |
| 90% | -76% |
| 100% | -84% |

---

**Note that at higher volatility levels, there is a chance of a complete loss of Fund assets even if the share price of the applicable Underlying Security is flat.** For instance, if annualized volatility of an Underlying Security's shares were 90%, the applicable Fund would be expected to lose 76%, even if the underlying security returned 0% for the year.

Table 2 shows the annualized historical volatility rate for each Underlying Security's shares over the periods noted.

Since market volatility has negative implications for the Funds which rebalance daily, investors should be sure to monitor and manage their investments in the Funds particularly in volatile markets. The negative implications of volatility in Table 1 can be combined with the recent volatility ranges of the shares of the Underlying Securities in Table 2 to give investors some sense of the risks of holding the Funds for longer periods. Historical volatility and performance for the Underlying Securities are not likely indicative of future volatility and performance.

**Table 2 – Historic Volatility of the Underlying Securities**

---

| | | |
|:---|:---|:---|
| **Underlying Security Name/Ticker** | **Historical Volatility Rate** | **Period** |
| Energy Transfer LP (NYSE: ET) | [ ]% | [ ] |
| Figma, Inc. (NYSE: FIG) | [ ]% | [ ] |
| IREN Limited (NASDAQ: IREN) | [ ]% | [ ] |
| MP Materials Corp. (NYSE: MP) | [ ]% | [ ] |
| QuantumScape Corporation (NYSE: QS) | [ ]% | [ ] |

---

**The Projected Returns of the Funds for Intra-Day Purchases.** Because each Fund rebalances its portfolio once daily, an investor who purchases Shares intra-day will likely have more, or less, than 200% investment exposure to the share price applicable Underlying Security. The exposure to the applicable Underlying Security's shares received by an investor who purchases the Fund intra-day will differ from the Fund's stated daily investment objective (e.g., 200%) by an amount determined by the movement of the applicable Underlying Security's from its share price at the end of the prior day. If the Underlying Security's share price moves in a direction favorable to the applicable 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 such Underlying Security than the stated Fund's daily investment objective (e.g., 200%). Conversely, if an Underlying Security's shares move in a direction adverse to the funds, the investor will receive more exposure to such Underlying Security than the stated fund daily leveraged investment objective (e.g., 200%).

Table 3 below indicates the hypothetical exposure to the share price of the underlying security that an intra-day purchase of the Hypothetical 2X Fund would be expected to provide based upon the movement in the share price of the underlying security 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 underlying security's share price has moved 5% in a direction favorable to a Hypothetical 2X Fund, the investor would receive exposure to the performance of the underlying security from that point until the investor sells later that day or the end of the day equal to approximately 191% of the investor's investment.

Conversely, if the underlying security's share price moves 5% in a direction unfavorable to the Hypothetical 2X Fund, an investor at that point would receive exposure to the performance of the underlying security from that point until the investor sells later that day or the end of the day equal to approximately 211% of the investor's investment.

The table below includes a range of hypothetical underlying security share price moves from 20% to -20% and the corresponding exposure for the Hypothetical 2X Fund. Movement of the share price of an underlying security beyond the range noted below will result in exposure further from the Hypothetical 2X Fund's daily investment objective.

**Table 3**

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| | |
|:---|:---|
| **Underlying**<br> **Security**<br>**Share Price Move**  | **Resulting Exposure for**<br> **Hypothetical 2X Fund** |
| -20% | 267% |
| -15% | 243% |
| -10% | 225% |
| -5% | 211% |
| 0% | 200% |
| 5% | 191% |
| 10% | 183% |
| 15% | 177% |
| 20% | 171% |

---

**The Projected Returns of the Funds for Periods Other Than a Single Trading Day.** Each 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 an Underlying Security's shares gain 10% for a week, the applicable Fund should not be expected to provide a return of 20% 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 applicable Underlying Security over a period of time greater than one day multiplied by such Fund's daily investment objective (e.g., 200%) will not generally equal the Fund's performance over that same period. In addition, the effects of compounding become greater the longer shares of a 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 2X Fund compared to the underlying security and demonstrate how changes in the underlying security's hypothetical performance would compare to the performance of a Hypothetical 2X 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 4a – The Underlying Security Lacks a Clear Trend**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Underlying Security** | **Underlying Security** | **Underlying Security** | **Underlying Security** | **Hypothetical 2X Fund** | **Hypothetical 2X Fund** | **Hypothetical 2X 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% | $110.00 | 10.00% | 10.00% |
| Day 2 | $110.00 | 4.76% | 10.00% | $120.48 | 9.52% | 20.47% |
| Day 3 | $100.00 | -9.09% | 0.00% | $98.57 | -18.18% | -1.43% |
| Day 4 | $90.00 | -10.00% | -10.00% | $78.86 | -20.00% | -21.14% |
| Day 5 | $85.00 | -5.56% | -15.00% | $70.10 | -11.12% | -29.91% |
| Day 6 | $100.00 | 17.65% | 0.00% | $94.83 | 35.30% | -5.17% |
| Day 7 | $95.00 | -5.00% | -5.00% | $85.35 | -10.00% | -14.65% |
| Day 8 | $100.00 | 5.26% | 0.00% | $94.34 | 10.52% | -5.68% |
| Day 9 | $105.00 | 5.00% | 5.00% | $103.77 | 10.00% | 3.76% |
| Day 10 | $100.00 | -4.76% | 0.00% | $93.89 | -9.52% | -6.12% |

---

The cumulative performance of the hypothetical underlying security's shares in Table 5 is 0% for 10 trading days. The return of the Hypothetical 2X Fund for the 10-trading day period is -6.12%. The volatility of the underlying security's performance and lack of a clear trend results in performance for the Hypothetical 2X Fund for the period which bears little relationship to the performance of the underlying security for the 10-trading day period.

**Table 5 – The Underlying Security Rises in a Clear Trend**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Underlying Security** | **Underlying Security** | **Underlying Security** | **Underlying Security** | **Hypothetical 2X Fund** | **Hypothetical 2X Fund** | **Hypothetical 2X 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% | $104.00 | 4.00% | 4.00% |
| Day 2 | $104.00 | 1.96% | 4.00% | $108.08 | 3.92% | 8.08% |
| Day 3 | $106.00 | 1.92% | 6.00% | $112.24 | 3.84% | 12.23% |
| Day 4 | $108.00 | 1.89% | 8.00% | $116.47 | 3.78% | 16.47% |
| Day 5 | $110.00 | 1.85% | 10.00% | $120.78 | 3.70% | 20.78% |
| Day 6 | $112.00 | 1.82% | 12.00% | $125.18 | 3.64% | 25.17% |
| Day 7 | $114.00 | 1.79% | 14.00% | $129.65 | 3.58% | 29.66% |
| Day 8 | $116.00 | 1.75% | 16.00% | $134.20 | 3.50% | 34.19% |
| Day 9 | $118.00 | 1.72% | 18.00% | $138.82 | 3.44% | 38.81% |
| Day 10 | $120.00 | 1.69% | 20.00% | $143.53 | 3.38% | 43.50% |

---

The cumulative performance of the underlying security's share price in Table 5 is 20% for 10 trading days. The return of the Hypothetical 2X Fund for the 10-trading day period is 43.50%. In this case, because of the positive underlying security trend, the Hypothetical 2X Fund's gain is greater than 200% of the underlying security's share price gain for the 10-trading day period.

**Table 6 – The Underlying Security Declines in a Clear Trend**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Underlying Security** | **Underlying Security** | **Underlying Security** | **Underlying Security** | **Hypothetical 2X Fund** | **Hypothetical 2X Fund** | **Hypothetical 2X 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% | $96.00 | -4.00% | -4.00% |
| Day 2 | $96.00 | -2.04% | -4.00% | $92.08 | -4.08% | -7.92% |
| Day 3 | $94.00 | -2.08% | -6.00% | $88.24 | -4.16% | -11.75% |
| Day 4 | $92.00 | -2.13% | -8.00% | $84.49 | -4.26% | -15.51% |
| Day 5 | $90.00 | -2.17% | -10.00% | $80.82 | -4.34% | -19.17% |
| Day 6 | $88.00 | -2.22% | -12.00% | $77.22 | -4.44% | -22.76% |
| Day 7 | $86.00 | -2.27% | -14.00% | $73.71 | -4.54% | -26.27% |
| Day 8 | $84.00 | -2.33% | -16.00% | $70.29 | -4.66% | -29.71% |
| Day 9 | $82.00 | -2.38% | -18.00% | $66.94 | -4.76% | -33.05% |
| Day 10 | $80.00 | -2.44% | -20.00% | $63.67 | -4.88% | -36.32% |

---

The cumulative performance of the underlying security's share price in Table 6 is -20% for 10 trading days. The return of the Hypothetical 2X Fund for the 10-trading day period is -36.62%. In this case, because of the negative hypothetical underlying security's share price trend, the Hypothetical 2X Fund's loss is less than 200% of the hypothetical underlying security's decline for the 10-trading day period.

**Manager of Managers Structure**

Although the Funds are not currently sub-advised, the Funds 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.

**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).

**Principal Risks of Investing in the Funds**

There can be no assurance that the Funds will achieve their respective investment objectives. The following information is in addition to, and should be read along with, the description of each Fund's principal investment risks in the section titled "Fund Summary— Principal Investment Risks" above. Following the underlying security risks, the Funds' remaining 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 Funds, regardless of the order in which it appears.

**UNDERLYING SECURITY RISKS** 

**ET Risks.** The Fund invests in swap contracts and options that are based on the share price of ET. This subjects the Fund to certain of the same risks as if it owned shares of ET, even though it does not. By virtue of the Fund's investments in swap contracts and options that are based on the value of ET, the Fund may also be subject to the following risks:

● *Indirect Investment in ET Risk.* ET is not affiliated with the Trust, the Fund, or the Adviser, or their respective affiliates and is not involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that might affect the value of Shares. Investors in the Fund will not have voting rights or influence over the management of ET but will be exposed to the performance of ET (the Underlying Security). Investors will also not have the right to receive dividends or other distributions from ET, but will remain subject to price fluctuations and other risks associated with ownership of the Underlying Security.

● *ET Trading Risk.* The trading price of ET may be subject to volatility and could experience wide fluctuations due to various factors. Short sellers may also influence ET's trading activity, contributing to market instability. Public perception and external factors beyond the company's control may influence ET's stock price disproportionately. Additionally, following periods of market volatility, companies have faced securities class action litigation. Any adverse judgment or future stockholder litigation could result in substantial costs and divert management's attention and resources. In the event of a trading halt, delisting, or significant disruption in the market for ET's shares, the Fund may experience difficulty entering, modifying, or liquidating its exposures. These conditions could impair the Fund's ability to achieve its investment objective, result in significant tracking error, or, in extreme cases, force the Fund to liquidate entirely.

● *ET Performance Risk.* ET may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of ET to decline. Correctly identifying key factors affecting business conditions and predicting future events is inherently an uncertain process, and the guidance ET provides may not ultimately be accurate. If ET's guidance is not accurate or varies from actual results due to its inability to meet the assumptions or the impact on its financial performance that could occur as a result of various risks and uncertainties, the market value of common stock issued by ET could decline significantly.

● *Oil, Gas & Consumable Fuels Industry Risks.* The oil, gas and consumable fuels industry is cyclical and highly dependent on the market price of fuel. The market value of companies in the oil, gas and consumable fuels industry are strongly affected by the levels and volatility of global commodity prices, supply and demand, capital expenditures on exploration and production, energy conservation efforts, the prices of alternative fuels, exchange rates and technological advances. Companies in this industry are subject to substantial government regulation and contractual fixed pricing, which may increase the cost of business and limit these companies' earnings. A significant portion of their revenues depends on a relatively small number of customers, including governmental entities and utilities. As a result, governmental budget restraints may have a material adverse effect on the stock prices of companies in the industry.

● *Indebtedness Risk*. ET's debt level and debt agreements may limit its future financial and operating flexibility, which could negatively impact the share price of ET. In addition, ET does not have the same flexibility as other types of organizations to accumulate cash, which may limit cash available to service debt or to repay debt at maturity. Unlike a corporation, ET's partnership structure requires it to distribute, on a quarterly basis, 100% of its available cash to unitholders of record and its general partner. Available cash is generally all of ET's cash on hand as of the end of a quarter, adjusted for cash distributions and net changes to reserves.

● *Regulatory Risk.* ET is subject to the risk of government regulation impacting its operations, thereby negatively impacting the share price of ET. In particular, increased regulation of hydraulic fracturing or produced water disposal could result in reductions or delays in crude oil and natural gas production in ET's areas of operation, which could adversely impact ET's business and results of operations. In addition, increased regulation of the Dakota Access Pipeline or ET's interstate natural gas pipelines could adversely affect ET's business and results of operations. In addition, state regulatory measures could adversely affect the business and operations of ET's midstream and intrastate pipeline and storage assets.

**FIG Risks.** The Fund invests in swap contracts and options that are based on the share price of FIG. This subjects the Fund to certain of the same risks as if it owned shares of FIG, even though it does not. By virtue of the Fund's investments in swap contracts and options that are based on the value of FIG, the Fund may also be subject to the following risks:

● *Limited Operating History Risk.* FIG has a limited operating history at its current scale, which makes it difficult to evaluate FIG's current business and future prospects and increases the risks associated with an investment in FIG. FIG continues to make significant expenditures related to the development and expansion of its business. FIG has encountered, and will continue to encounter, risks and uncertainties frequently experienced by growing companies in rapidly changing industries and sectors. Any predictions about FIG's future revenue and expenses may not be as accurate as they would be if FIG had a longer operating history or operated in more predictable or established markets. If FIG's assumptions regarding these risks and uncertainties are incorrect or change due to changing circumstances, or if FIG does not address these risks successfully, its operating and financial results could differ materially from FIG's expectations, and its business and the trading price of FIG stock may be adversely affected.

● *Indirect Investment in FIG Risk.* FIG is not affiliated with the Trust, the Fund, or the Adviser, or their respective affiliates and is not involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that might affect the value of Shares. Investors in the Fund will not have voting rights or influence over the management of FIG but will be exposed to the performance of FIG (the Underlying Security). Investors will also not have the right to receive dividends or other distributions from FIG, but will remain subject to price fluctuations and other risks associated with ownership of the Underlying Security.

● *FIG Trading Risk.* The trading price of FIG may be subject to volatility and could experience wide fluctuations due to various factors. Short sellers may also influence FIG's trading activity, contributing to market instability. Public perception and external factors beyond the company's control may influence FIG's stock price disproportionately. Additionally, following periods of market volatility, companies have faced securities class action litigation. Any adverse judgment or future stockholder litigation could result in substantial costs and divert management's attention and resources. In the event of a trading halt, delisting, or significant disruption in the market for FIG's shares, the Fund may experience difficulty entering, modifying, or liquidating its exposures. These conditions could impair the Fund's ability to achieve its investment objective, result in significant tracking error, or, in extreme cases, force the Fund to liquidate entirely.

● *FIG Performance Risk.* FIG may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of FIG to decline. Correctly identifying key factors affecting business conditions and predicting future events is inherently an uncertain process, and the guidance FIG provides may not ultimately be accurate. If FIG's guidance is not accurate or varies from actual results due to its inability to meet the assumptions or the impact on its financial performance that could occur as a result of various risks and uncertainties, the market value of common stock issued by FIG could decline significantly.

● *Software Industry Risks.* The software industry can be significantly affected by intense competition, aggressive pricing, technological innovations, and product obsolescence. Companies in the software industry are subject to significant competitive pressures, such as aggressive pricing, new market entrants, competition for market share, short product cycles due to an accelerated rate of technological developments and the potential for limited earnings and/or falling profit margins. These companies also face the risks that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. These factors can affect the profitability of these companies and, as a result, the value of their securities. Also, patent protection is integral to the success of many companies in this industry, and profitability can be affected materially by, among other things, the cost of obtaining (or failing to obtain) patent approvals, the cost of litigating patent infringement and the loss of patent protection for products (which significantly increases pricing pressures and can materially reduce profitability with respect to such products). In addition, many software companies have limited operating histories. Prices of these companies' securities historically have been more volatile than other securities, especially over the short term.

● *Competition and AI Risks.* The markets in which FIG participates are rapidly evolving and highly competitive, and if FIG does not compete effectively, its business, operating results, and financial condition could be adversely impacted. In addition, developments in artificial intelligence (AI) are already impacting the software industry significantly, and FIG expects this impact to be even greater in the future. AI has become more prevalent in the markets in which FIG operates and may result in significant changes in the demand for its platform, including, but not limited to, reducing the difficulty and cost for competitors to build and launch competitive products, altering how consumers and businesses interact with websites and apps and consume content in ways that may result in a reduction in the overall value of interface design, or by otherwise making aspects of FIG's platform obsolete or decreasing the number of designers, developers, and other collaborators that utilize FIG's platform. Any of these changes could, in turn, lead to a loss of revenue and adversely impact FIG's business, operating results, and financial condition.

● *Key Person Risk.* FIGs future success is dependent, in part, on its ability to hire, integrate, train, manage, retain, and motivate the members of its management team and other key employees throughout the organization. The loss of key personnel, including key members of FIG's management team or members of FIG's Board of Directors, as well as certain of its key marketing, sales, finance, support, product development, legal, people team, or technology personnel, could disrupt FIG's operations and have an adverse effect on our ability to grow our business.

● *Intellectual Property Risk.* FIG relies on a combination of patent, trademark, copyright, and trade secrets laws, and contractual provisions, including confidentiality agreements, to establish and protect its intellectual property and proprietary technology, including from unauthorized use or disclosure by customers and users, third-party partners, employees, and consultants. Failure to obtain, maintain, protect, or enforce its intellectual property and proprietary rights could enable others to copy or use aspects of FIG's platform without compensating FIG, which could harm FIG's brand, business, and operating results.

● *Regulatory Risk.* FIG is subject to many U.S. and foreign federal, state, and local laws, regulations, and industry standards that involve matters central to its business, including laws and regulations that involve data privacy, data security, intellectual property, including copyright and patent laws, AI technologies, antitrust and competition, online safety and moderation, employment, labor, immigration, consumer protection, public health, workplace safety, and taxation. These laws and regulations are constantly evolving and may be interpreted, applied, created, or amended, in a manner that could harm FIG's business.

**IREN Risks.** The Fund invests in swap contracts and options that are based on the share price of IREN. This subjects the Fund to certain of the same risks as if it owned shares of IREN, even though it does not. By virtue of the Fund's investments in swap contracts and options that are based on the value of IREN, the Fund may also be subject to the following risks:

● *Indirect Investment in IREN Risk.* IREN is not affiliated with the Trust, the Fund, or the Adviser, or their respective affiliates and is not involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that might affect the value of Shares. Investors in the Fund will not have voting rights or influence over the management of IREN but will be exposed to the performance of IREN (the Underlying Security). Investors will also not have the right to receive dividends or other distributions from IREN, but will remain subject to price fluctuations and other risks associated with ownership of the Underlying Security.

● *IREN Trading Risk.* The trading price of IREN may be subject to volatility and could experience wide fluctuations due to various factors. Short sellers may also influence IREN's trading activity, contributing to market instability. Public perception and external factors beyond the company's control may influence IREN's stock price disproportionately. Additionally, following periods of market volatility, companies have faced securities class action litigation. Any adverse judgment or future stockholder litigation could result in substantial costs and divert management's attention and resources. In the event of a trading halt, delisting, or significant disruption in the market for IREN's shares, the Fund may experience difficulty entering, modifying, or liquidating its exposures. These conditions could impair the Fund's ability to achieve its investment objective, result in significant tracking error, or, in extreme cases, force the Fund to liquidate entirely.

● *IREN Performance Risk.* IREN may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of IREN to decline. Correctly identifying key factors affecting business conditions and predicting future events is inherently an uncertain process, and the guidance IREN provides may not ultimately be accurate. If IREN's guidance is not accurate or varies from actual results due to its inability to meet the assumptions or the impact on its financial performance that could occur as a result of various risks and uncertainties, the market value of common stock issued by IREN could decline significantly.

● *Software Industry Risks.* The software industry can be significantly affected by intense competition, aggressive pricing, technological innovations, and product obsolescence. Companies in the software industry are subject to significant competitive pressures, such as aggressive pricing, new market entrants, competition for market share, short product cycles due to an accelerated rate of technological developments and the potential for limited earnings and/or falling profit margins. These companies also face the risks that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. These factors can affect the profitability of these companies and, as a result, the value of their securities. Also, patent protection is integral to the success of many companies in this industry, and profitability can be affected materially by, among other things, the cost of obtaining (or failing to obtain) patent approvals, the cost of litigating patent infringement and the loss of patent protection for products (which significantly increases pricing pressures and can materially reduce profitability with respect to such products). In addition, many software companies have limited operating histories. Prices of these companies' securities historically have been more volatile than other securities, especially over the short term.

● *Financial Reporting Controls Risk.* In connection with its review of the internal control structure related to the preparation of the restated financial statements for the fiscal years as of and for the fiscal years ended June 30, 2024, 2023 and 2022, IREN has identified a material weakness in its internal control over financial reporting relating to its improper classification of proceeds from the sale of bitcoin mined as cash flows from operating activities rather than cash flows from investing activities. If IREN is not able to successfully remediate this material weakness, it may not be able to accurately report its financial results in a timely manner, which may adversely affect investor confidence in IREN and materially and adversely affect IREN's business and operating results. In addition, should IREN fail to comply with required timelines governing its financial reporting, it's possible IREN stock could be delisted, which would prevent the Fund from continuing to operate.

● *Limited Operating History Risk.* IREN has a limited operating history, with operating losses as the business has grown. If IREN cannot sustain greater revenues than its operating costs, IREN will incur operating losses, which could adversely impact IREN's operations, strategy and financial performance.

● *Data Center Operations Risks.* Certain key pieces of electrical or data center equipment may represent single points of failure for some or all of the power capacity at IREN's operating sites. Any failure or imminent risk of failure of such equipment may result in IREN's inability to utilize some or all of its equipment in an affected location for the duration of time it takes to repair or remediate equipment, or procure and install replacement parts. Due to the long-lead times required to acquire some of the equipment used in its operations, the failure of such parts could result in lengthy outages at an affected location, and could materially impact IREN's operations (including impacts on hosting high performance computing (HPC) solutions (including AI Cloud Services) customers), financial results and financial condition.

● *Energy Risks.* IREN targets markets with high levels of renewable energy penetration and IREN's energy is primarily sourced from renewable sources, whether from clean or renewable sources, as reported by BC Hydro, or through the purchase of renewable energy certificates (RECs). While renewable energy generally is less exposed to carbon pricing and underlying commodity price risks of fossil fuels, there is a risk that regulatory constraints placed on energy-intensive industries may restrict or ban the operation of, or increase the cost of operating, data centers and bitcoin mining or high performance computing (HPC) activities.

● *Bitcoin Risk.* While the Fund will not directly invest in digital assets, it will be subject to the risks associated with bitcoin by virtue of its exposure to IREN. IREN primarily generates its revenue from the sale of bitcoin as a result of rewards and transaction fees received in exchange for contributing computational power to mining pools to validate transactions on the bitcoin network. Similarly, IREN's operating cash flow substantially depends on its ability to sell bitcoin for fiat currency as needed. In developing its business plan and operating budget, as well as expansion plans, IREN makes certain assumptions regarding future bitcoin prices. The prices that IREN receives for its bitcoin depend on numerous market factors beyond its control. Accordingly, some underlying bitcoin price assumptions IREN relies on may materially change and actual bitcoin prices may differ materially from those expected, which could adversely impact IREN's operations financial performance.

Additional risks related to bitcoin include uncertainty surrounding new technology, limited evaluation due to bitcoin's short trading history, and the potential decline in adoption and value over the long term. The extreme volatility of bitcoin's price is also a risk factor. Regulatory uncertainties, such as potential government interventions and conflicting regulations across jurisdictions, can impact the demand for bitcoin and restrict its usage. Additionally, risks associated with the sale of newly mined bitcoin, bitcoin trading platforms, competition from alternative digital assets, mining operations, network modifications, and intellectual property claims pose further challenges to bitcoin-linked investments.

● *Foreign Issuer Risk:* IREN is an Australian company. Because the Fund has indirect exposure to a foreign company, the Fund may be subject to risks associated with foreign investments.

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

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

**MP Risks.** The Fund invests in swap contracts and options that are based on the share price of MP. This subjects the Fund to certain of the same risks as if it owned shares of MP, even though it does not. By virtue of the Fund's investments in swap contracts and options that are based on the value of MP, the Fund may also be subject to the following risks:

● *Indirect Investment in MP Risk.* MP is not affiliated with the Trust, the Fund, or the Adviser, or their respective affiliates and is not involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that might affect the value of Shares. Investors in the Fund will not have voting rights or influence over the management of MP but will be exposed to the performance of MP (the Underlying Security). Investors will also not have the right to receive dividends or other distributions from MP, but will remain subject to price fluctuations and other risks associated with ownership of the Underlying Security.

● *MP Trading Risk.* The trading price of MP may be subject to volatility and could experience wide fluctuations due to various factors. Short sellers may also influence MP's trading activity, contributing to market instability. Public perception and external factors beyond the company's control may influence MP's stock price disproportionately. Additionally, following periods of market volatility, companies have faced securities class action litigation. Any adverse judgment or future stockholder litigation could result in substantial costs and divert management's attention and resources. In the event of a trading halt, delisting, or significant disruption in the market for MP's shares, the Fund may experience difficulty entering, modifying, or liquidating its exposures. These conditions could impair the Fund's ability to achieve its investment objective, result in significant tracking error, or, in extreme cases, force the Fund to liquidate entirely.

● *MP Performance Risk.* MP may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of MP to decline. Correctly identifying key factors affecting business conditions and predicting future events is inherently an uncertain process, and the guidance MP provides may not ultimately be accurate. If MP's guidance is not accurate or varies from actual results due to its inability to meet the assumptions or the impact on its financial performance that could occur as a result of various risks and uncertainties, the market value of common stock issued by MP could decline significantly.

● *Metals and Mining Industry Risks.* Metals and mining companies can be significantly affected by events relating to international political and economic developments, energy conservation, the success of exploration projects, commodity prices, and tax and other government regulations. Investments in metals and mining companies may be speculative and may be subject to greater price volatility than investments in other types of companies. Risks of metals and mining investments include: changes in international monetary policies or economic and political conditions that can affect the supply of precious metals and consequently the value of metals and mining company investments; the United States or foreign governments may pass laws or regulations limiting metals investments for strategic or other policy reasons; and increased environmental or labor costs may depress the value of metals and mining investments.

● *Rare Earth Elements Risks.* Because MP's revenue is, and will be for the foreseeable future, from the sale of rare earth products, changes in demand for, and the market price of (including taxes and other tariffs and fees imposed upon) rare earth elements (REE) and magnet materials could significantly affect MP's profitability. MP's financial results may be significantly adversely affected by declines in our realized prices for REE and magnet materials. REE and magnet material prices may fluctuate and are affected by numerous factors beyond MP's control such as interest rates, exchange rates, taxes, inflation or deflation, fluctuation in the relative value of the U.S. dollar against foreign currencies on the world market, shipping and other transportation and logistics costs, global and regional supply and demand for rare earth minerals and products, potential industry trends, such as competitor consolidation or other integration methodologies, and the political and economic conditions of countries that produce and procure REE and magnet materials.

The rare earth mining and processing and magnet manufacturing industry is capital intensive with competitive market dynamics. Production of REE and magnet products is dominated by Chinese competitors. These competitors may have greater financial resources, as well as other strategic advantages to operate, maintain, improve, and possibly expand their facilities. Additionally, MP's Chinese competitors have historically been able to produce at relatively low costs due to domestic economic and regulatory factors, including less stringent environmental and governmental regulations and lower labor and benefit costs. If MP is not able to achieve consistent product quality at its anticipated costs of production, then any strategic advantages that MP's competitors may have, including, without limitation, lower labor, compliance, and production costs, could have a material adverse effect on MP's business.

● *Innovation Risks.* Technology changes rapidly in the industries and end-markets that utilize MP's materials. If these industries introduce new technologies or products that no longer require the rare earth materials or NdFeB magnets that MP produces or may produce in the future, or suitable substitutes become available, this could result in a decline in demand for MP's rare earth materials or NdFeB magnets, which would have a material adverse effect on MP's business and the results of its operations.

● *Key Customer Risks.* MP currently sells the vast majority of its rare earth concentrate to Shenghe, which then typically sells that product to refiners in China. Demand for rare earth concentrate is currently constrained to a relatively limited number of refiners, a significant majority of which are based in China. While Shenghe is obligated under an agreement to purchase all of the rare earth concentrate product meeting certain minimum specifications on a "take-or-pay" basis (such that they are obliged to pay for product even if they are unable or unwilling to take delivery), MP cannot guarantee that Shenghe will continue to purchase all of the products that it is contractually bound to purchase or that they will purchase products that do not meet these specifications. Further, Shenghe sells the rare earth concentrate it acquires to customers in China who separate and extract the individual rare earth elements. MP does not control the amount and timing of resources that Shenghe will dedicate to their sales efforts. Therefore, any decline or delay in Shenghe's sales efforts could reduce sales prices or sales volumes, which could have an adverse impact on MP's results of operations.

● *Environmental and Regulatory Risks.* MP is subject to numerous and detailed federal, state and local environmental laws, certifications, regulations, permits, and other legal requirements applicable to the mining and mineral processing industry, including, without limitation, those pertaining to employee health and safety, air emissions, water usage, wastewater and stormwater discharges, air quality standards, emissions, waste management, plant and wildlife protection, handling and disposal of hazardous and radioactive substances and waste, remediation of soil and groundwater contamination, land use, reclamation and restoration of properties, the discharge of materials into the environment, procurement of certain materials used in MP's operations, and groundwater quality and availability. These requirements may result in significant costs, liabilities and obligations, impose conditions that are difficult to achieve or otherwise delay, limit or prohibit current or planned operations and future growth.

**QS Risks.** The Fund invests in swap contracts and options that are based on the share price of QS. This subjects the Fund to certain of the same risks as if it owned shares of QS, even though it does not. By virtue of the Fund's investments in swap contracts and options that are based on the value of QS, the Fund may also be subject to the following risks:

● *QS Operating Loss Risk.* QS has incurred an accumulated deficit of approximately $3.4 billion from its inception in 2010 through December 31, 2024. QS believes that it will continue to incur operating losses each quarter until at least the time significant production of its lithium-metal solid-state batteries begins, and such production is not expected to begin in the near future. QS expects the rate at which it will incur losses to be significantly higher in future periods as QS, among other things, continues to incur significant expenses in connection with the design, development and manufacturing of its batteries; expand its research and development activities; invest in manufacturing capabilities; build up inventories of components for its batteries; increase sales and marketing activities; develop distribution infrastructure; and increase general and administrative functions to support its growing operations.

● *Indirect Investment in QS Risk.* QS is not affiliated with the Trust, the Fund, or the Adviser, or their respective affiliates and is not involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that might affect the value of Shares. Investors in the Fund will not have voting rights or influence over the management of QS but will be exposed to the performance of QS (the Underlying Security). Investors will also not have the right to receive dividends or other distributions from QS, but will remain subject to price fluctuations and other risks associated with ownership of the Underlying Security.

● *QS Trading Risk.* The trading price of QS may be subject to volatility and could experience wide fluctuations due to various factors. Short sellers may also influence QS's trading activity, contributing to market instability. Public perception and external factors beyond the company's control may influence QS's stock price disproportionately. Additionally, following periods of market volatility, companies have faced securities class action litigation. Any adverse judgment or future stockholder litigation could result in substantial costs and divert management's attention and resources. In the event of a trading halt, delisting, or significant disruption in the market for QS's shares, the Fund may experience difficulty entering, modifying, or liquidating its exposures. These conditions could impair the Fund's ability to achieve its investment objective, result in significant tracking error, or, in extreme cases, force the Fund to liquidate entirely.

● *QS Performance Risk.* QS may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of QS to decline. Correctly identifying key factors affecting business conditions and predicting future events is inherently an uncertain process, and the guidance QS provides may not ultimately be accurate. If QS's guidance is not accurate or varies from actual results due to its inability to meet the assumptions or the impact on its financial performance that could occur as a result of various risks and uncertainties, the market value of common stock issued by QS could decline significantly.

● *Automobile Components Industry Risks.* Companies operating in the automobile components industry, particularly those related to EVs, are subject to various risks, including but not limited to, part supplier constraints or delays, consumer demand for EVs and competition from existing competitors. Governmental policies affecting the automotive industry, such as taxes, tariffs, duties, subsidies, and import and export restrictions on automotive products can influence industry profitability. In addition, such companies must comply with environmental laws and regulations, for which there may be severe consequences for non-compliance.

● *Business Risks.* Developing lithium-metal solid-state batteries that meet the requirements for wide adoption by automotive original equipment manufacturers (OEMs) is a difficult undertaking and, as far as QS is aware, has never been done before. QS is still in the development stage and faces significant challenges in completing the development of its battery cells and in producing battery cells in commercial volumes with acceptable performance, quality, consistency, reliability, throughput, safety, and costs. Delays or failures in accomplishing QS' development objectives may delay or prevent successful commercialization of QS' technology and negatively impact QS' business. QS's future growth and success is also dependent upon consumers' willingness to adopt elective vehicles.

● *Competition Risk*. The battery market in which QS competes continues to evolve and is highly competitive. To date, QS has focused its efforts on its lithium-metal solid-state battery technology, which is being designed to outperform conventional lithium-ion battery technology. However, lithium-ion battery technology has been widely adopted and QS' current competitors have, and future competitors may have, greater resources than QS does and may also be able to devote greater resources to the development of their current and future technologies. QS must continue to commit significant resources to develop its battery technology to establish a competitive position, and these commitments will be made without knowing whether such investments will result in products potential customers will find acceptable. There is no assurance QS will successfully identify new customer requirements, develop and bring its batteries to market on a timely basis, or that products and technologies developed by others will not render QS' batteries obsolete or noncompetitive, any of which would adversely affect QS' business and operating results.

● *Collaboration Risk*. In July 2024, QS entered into a collaboration agreement with PowerCo SE ("PowerCo"), a battery cell company wholly owned by Volkswagen, with the goal of industrializing the solid-state lithium-metal battery technology it intends to use in its first planned product—the QSE-5. There is no assurance that QS will be able to complete the development of the solid-state battery cells or achieve the technical milestones in the time frame required by the collaboration agreement or to satisfy PowerCo's business needs. If QS does not complete this development in a timely manner, PowerCo may terminate the collaboration agreement, which could result in a material adverse effect on QE's business and financial results.

● *Regulatory Risk*. QS' batteries, and the sale of EVs and motor vehicles in general, are subject to substantial regulation under international, federal, state and local laws, including export control laws. QS expects to incur significant costs in complying with these regulations. Regulations related to the battery and EV industry and alternative energy are currently evolving and QS faces risks associated with changes to these regulations as well as potential for heightened regulatory scrutiny. For example, laws and regulations may be passed that make manufacturers financially responsible for the collection, treatment, recycling and disposal of certain products, including batteries for EVs. The costs of complying with such requirements, as they now exist or as may be introduced in the future, and the associated administrative burden, could adversely affect QS' financial condition and results of operations, particularly if QS is unable to pass on such costs to its customers.

**ADDITIONAL RISKS**

**Compounding and Market Volatility Risk.** Each Fund has a daily leveraged investment objective and a 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 two times (200%) the Underlying Security's performance, before a 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 each Fund aiming to replicate two times the daily performance of its Underlying Security, if adverse daily performance of the Underlying Security 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 Underlying Security 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 an Underlying Security'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 a Fund is held and the volatility of the Underlying Security during a shareholder's holding period of an investment in the Fund.

The chart below provides examples of how an Underlying Security's volatility could affect the corresponding Fund's performance. The chart illustrates the impact of two factors that affect a Fund's performance – its Underlying Security's volatility and performance. The Underlying Security's performance shows the percentage change in the share price of the Underlying Security over the specified time period, while the Underlying Security's volatility is a statistical measure of the magnitude of fluctuations in the returns during that time period. As illustrated below, even if the Underlying Security's performance over two equal time periods is identical, different Underlying Security volatility (*i.e.*, in magnitude of fluctuations in the value of the Underlying Security) 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 Underlying Security volatility; b) the Underlying Security 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 Underlying Security volatility and Underlying Security 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 Underlying Security volatility, compounding will cause results for periods longer than a trading day to vary from two times (200%) the performance of its Underlying Security.

As shown in the chart below, a Fund would be expected to lose 6.1% if there was no change in the share price of the Underlying Security over a one-year period during which the Underlying Security experienced annualized volatility of 25%. If the Underlying Security'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 share price of the Underlying Security. For instance, if the Underlying Security's annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative Underlying Security change in the share price of the Underlying Security for the year was 0%.

Areas shaded red (or dark gray) represent those scenarios where a Fund can be expected to return less than two times (200%) the performance of its Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than two times (200%) the performance of its Underlying Security. A 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.

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| **Estimated Returns of 200% or Two Times** <br> **Performance of the Underlying Security** | **Estimated Returns of 200% or Two Times** <br> **Performance of the Underlying Security** | **Estimated Returns of 200% or Two Times** <br> **Performance of the Underlying Security** |  |  |  |  |
| **Underlying Security Performance** | **Underlying Security Performance** | **One Year Volatility Rate** | **One Year Volatility Rate** | **One Year Volatility Rate** | **One Year Volatility Rate** | **One Year Volatility Rate** |
| **One Year** <br> **Underlying** <br> **Stock** | **2X Times** <br> **(200%) the** <br> **One Year** <br> **Performance** | **10%** | **25%** | **50%** | **75%** | **100%** |
| **-60%** | **-120%** | -84.2% | -85.0% | -87.5% | -90.9% | -94.1% |
| **-50%** | **-100%** | -75.2% | -76.5% | -80.5% | -85.8% | -90.8% |
| **-40%** | **-80%** | -64.4% | -66.2% | -72.0% | -79.5% | -86.8% |
| **-30%** | **-60%** | -51.5% | -54.0% | -61.8% | -72.1% | -82.0% |
| **-20%** | **-40%** | -36.6% | -39.9% | -50.2% | -63.5% | -76.5% |
| **-10%** | **-20%** | -19.8% | -23.9% | -36.9% | -53.8% | -70.2% |
| **0%** | **0%** | -1.0% | -6.1% | -22.1% | -43.0% | -63.2% |
| **10%** | **20%** | 19.8% | 13.7% | -5.8% | -31.1% | -55.5% |
| **20%** | **40%** | 42.6% | 35.3% | 12.1% | -18.0% | -47.0% |
| **30%** | **60%** | 67.3% | 58.8% | 31.6% | -3.7% | -37.8% |
| **40%** | **80%** | 94.0% | 84.1% | 52.6% | 11.7% | -27.9% |
| **50%** | **100%** | 122.8% | 111.4% | 75.2% | 28.2% | -17.2% |
| **60%** | **120%** | 153.5% | 140.5% | 99.4% | 45.9% | -5.8% |

---

Each Underlying Security's annualized historical volatility rate for the periods noted was as shown in the table below. Also, each Underlying Security's highest volatility rate for any one calendar year during this period was as shown in the applicable Fund's summary section above and volatility for a shorter period of time may have been substantially higher. The Underlying Security's annualized performance during this period was as shown in the applicable Fund's summary section above. Historical Underlying Security volatility and performance are not indications of what Underlying Security volatility and performance will be in the future.

---

| | | |
|:---|:---|:---|
| **Underlying Security Name/Ticker** | **Historical Volatility Rate** | **Period** |
| Energy Transfer LP (NYSE: ET) | [ ]% | [ ] |
| Figma, Inc. (NYSE: FIG) | [ ]% | [ ] |
| IREN Limited (NASDAQ: IREN) | [ ]% | [ ] |
| MP Materials Corp. (NYSE: MP) | [ ]% | [ ] |
| QuantumScape Corporation (NYSE: QS) | [ ]% | [ ] |

---

**Counterparty Risk.** Each 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 a 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 a 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 a Fund, the Fund will seek to utilize other counterparties to seek to maintain its exposures. In addition, a 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 a 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, each 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 a 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 a Fund will achieve a high degree of leveraged correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. To achieve a high degree of leveraged correlation with the Underlying Security, each Fund seeks to rebalance its portfolio daily to keep exposure consistent with its daily leveraged investment objective. The possibility of a Fund being materially over- or under-exposed to its Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and extreme volatility will also adversely affect a Fund's ability to adjust exposure to the required levels. If there is a significant intra-day market event and/or the Underlying Security experiences a significant increase or decline, a 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.

Each 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. Each 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 its Underlying Security. Each 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 Underlying Security.

**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. Each 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 a Fund uses derivatives, there may be imperfect correlation between the share price of its Underlying Security 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.

Each 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 a 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, each 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 a 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 relevant Underlying Security, the corresponding 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 a Fund's return.

The swap agreements in which each 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 an Underlying Security has a dramatic move that causes a material decline in the corresponding 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 its Underlying Security 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 Underlying Security. 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 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 Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, 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 Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.

**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.

**ETF Risks**

*Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.* Each 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.* Each 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, a Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, a 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, a 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 a 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.* Buying or selling Shares involves certain costs, including brokerage commissions, other charges imposed by brokers, and bid-ask spreads. The bid-ask spread represents the difference between the price at which an investor is willing to buy Shares and the price at which an investor is willing to sell Shares. The spread varies over time based on the Shares' trading volume and market liquidity. The spread is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Due to the costs of buying or selling Shares, frequent trading of Shares may 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 "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 a Fund's underlying portfolio holdings, which can be significantly less liquid than Shares. This adverse effect on liquidity for a 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 a 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 a 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."

**Fixed Income Securities Risk**. When a 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 a 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 each 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 each 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). Each 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 a Fund's extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.

**Intra-Day Investment Risk.** Each 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 a Fund intraday in the secondary market is a function of the difference between the share price of its Underlying Security at the market close on the first trading day and the share price of the Underlying Security at the time of purchase. If the share price of the Underlying Security rises, the Fund's net assets will rise by approximately twice the amount as the Fund's exposure. Conversely, if the share price of the Underlying Security declines, the Fund's net assets will decline by approximately two 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 Underlying Security.

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

**Leverage Risk**. Each 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 a Fund is exposed to the risk that a decline in the daily performance of its Underlying Security will be magnified. This means that an investment in a Fund will be reduced by an amount equal to 2% for every 1% daily decline in the share prices of the Underlying Security, 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 Underlying Security declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance's correlation with the Underlying Security's share price.

**Liquidity Risk.** Some securities held by a 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 a 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 a Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. 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 Funds.

**Money Market Instrument Risk.** Each 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.** Each 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 each 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 a Fund's overall value to decline to a greater degree than if the Fund held a more diversified portfolio. This may increase a Fund's volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund's performance.

**Operational Risk**. Each 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. Each 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 a Fund's ability to meet its investment objective. Although the Funds and the Funds' 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 a 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 its Underlying Security that is significantly greater or less than its stated investment objective. As a result, a Fund may be exposed to leverage risk because it had not been properly rebalanced and may not achieve its investment objective.

**Single Issuer Risk.** Issuer-specific attributes may cause an investment in a Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of each Fund, which focuses on an individual security, may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole. Additionally, each Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether there are significant corporate actions such as restructurings, enforcement activity, or acquisitions or periods adverse market, economic, or other conditions and will not seek to take temporary defensive positions during such periods.

**Tax Risk**. Each Fund intends to elect and to qualify each year to be treated as a a regulated investment company (a "RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended ("Code"). As a RIC, a Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to Shareholders, provided that it satisfies certain requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund's taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. To comply with the asset diversification test applicable to a RIC, each Fund will attempt to ensure that the value of swap contracts and options on shares of a single issuer does not exceed 25% of the Fund's value at the close of any quarter. If the value of swap contracts and options on shares of a single issuer were to exceed 25% of the Fund's total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If a Fund fails to timely cure, it may no longer be eligible to be treated as a RIC. In order to qualify for the favorable tax treatment generally available to regulated investment companies, a Fund must satisfy certain diversification and other requirements. In particular, each 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 Funds is unclear. The IRS has never definitively stated how assets such as swaps or futures or forward contracts should be valued for purposes of these diversification tests. The better view is that such contracts should be valued for these purposes at the amount for which a Fund could settle them, and not the full value of any reference security. In addition, the application of these requirements to a Fund's investment objective is not clear, particularly because the Fund's investment objective focuses on the performance of the stock of a single issuer. If a 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 a Fund's performance from that of its investment objective which aims to replicate two times the daily percentage change in the price of its Underlying Security. Tracking error may occur for a number of reasons. Tracking error may occur because of transaction costs, a Fund's holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Security 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. Each 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.

**Trading Halt Risk.** Although each Underlying Security's shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the Exchange may halt trading of such shares in certain circumstances. A halt in trading in an Underlying Security's shares is expected, in turn, to result in a halt in the trading in the corresponding Fund's Shares. Trading in an Underlying Security's and/or the corresponding Fund's Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in the Underlying Security's and/or Fund's Shares inadvisable. In addition, trading in each Underlying Security's and/or Fund's Shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange "circuit breaker" rules." In the event of a trading halt for an extended period of time, the relevant Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund's investment strategy.

**U.S. Government and U.S. Agency Obligations Risk**. Each 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 each Fund's daily portfolio holdings is, or will be, available on the Funds' website at https://www.defianceetfs.com.

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

**MANAGEMENT**

**Investment Adviser**

Tidal Investments LLC ("Tidal" or 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 [ ], 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 Funds and has overall responsibility for the general management and administration of the Funds pursuant to an investment advisory agreement with the Trust, on behalf of each Fund (the "Advisory Agreement"). The Adviser is responsible for the day-to-day management of the Funds' portfolios, including determining the securities purchased and sold by each Fund and trading portfolio securities for each Fund, subject to the supervision of the Board. The Adviser also arranges for sub-advisory, transfer agency, custody, fund administration, and all other related services necessary for the Fund to operate. For the services provided to the Funds, each Fund pays the Adviser a unitary management fee of [ ]%, which is calculated daily and paid monthly, at an annual rate based on such 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 such 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 a 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 each Fund's Investment Advisory Agreement will be available in the Funds' [Annual/Semi-Annual] Certified Shareholder report to shareholders on Form N-CSR for the period ended [ ].

**Portfolio Managers**

The following individuals (each, a "Portfolio Manager") has served as portfolio manager of each Fund since inception. Each of Mr. Foy and Mr. Mullen is jointly and primarily responsible for the day-to-day management of each Fund.

*Stephen Foy, Portfolio Manager for the Adviser*

Mr. Foy joined Tidal in 2024 and is Senior Vice President of Trading and Co-Head of Tidal's ETF Trading and Portfolio Management team. He previously oversaw Invesco ETF Services from 2021 to 2024, including middle and back-office operations as well as portfolio implementation for all equity and alternative ETFs. Mr. Foy holds an MBA from Johns Hopkins University and spent five years in ETF Portfolio Management at ProShares from 2016 to 2021. He brings a robust portfolio management background across a wide array of strategies and asset classes. Throughout his career, he has led global teams through hundreds of product launches, organizational changes, and technological and operational transformations.

*Christopher P. Mullen, Portfolio Manager for the Adviser*

Christopher P. Mullen serves as Portfolio Manager at the Adviser, having joined the firm in January 2024. From September 2019 to December 2023, he was a Portfolio Manager at Vest Financial LLC, where he managed exchange-traded funds, mutual funds and retirement fund portfolios. Mr. Mullen previously served as a Senior Portfolio Analyst at ProShares Advisors LLC from September 2016 until September 2019. Prior to that, Mr. Mullen served as associate portfolio manager at USCF Investments LLC from February 2013 to September 2016. Mr. Mullen received a Master of Business Administration from the University of Maryland. He also holds a dual bachelor's degree in global politics and history from Marquette University.

The Funds' SAI provides additional information about the portfolio manager's compensation structure, other accounts that the portfolio manager manages, and the 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 Funds. Under these arrangements, Defiance has agreed to provide financial support (as described below) to the Funds. Every month, unitary management fees for the Funds are calculated and paid to the Adviser, and the Adviser retains a portion of the unitary management fees from the Funds.

In return for their financial support for the Funds, the Adviser has agreed to pay Defiance a portion of any remaining profits generated by unitary management fee the Funds. If the amount of the unitary management fees for a 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 a Fund is less than the Fund's 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**

Each 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 a Fund, and only APs may tender their Shares for redemption directly to the Funds, 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 a 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 a 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 Funds 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 a 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**

None of the Funds imposes 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 a Fund's shareholders. Purchases and redemptions by APs, who are the only parties that may purchase or redeem Shares directly with a Fund, are an essential part of the ETF process and help keep Share trading prices in line with the NAV. As such, the Funds accommodate 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, each 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 such Fund in effecting trades. In addition, the Funds and the Adviser reserve the right to reject any purchase order at any time.

**Determination of Net Asset Value**

Each 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 Funds is calculated by dividing such Fund's net assets by its Shares outstanding.

In calculating its NAV, each Fund generally value 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 a 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, each Fund values swap agreements based on the nature of the underlying reference asset or index. The Funds 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 Funds value 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.

**Delivery of Shareholder Documents – Householding**

Householding is an option available to certain investors of the Funds. 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 Funds 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 Funds intend to pay out dividends and interest income, if any, annually, and distribute any net realized capital gains to its shareholders at least annually.

The Funds 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 Funds. Your investment in a 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.

Each Fund intends to qualify each year for treatment as a RIC under the Code. 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, a 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 a 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.** Each 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. 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 a Fund for more than one year generally result in long-term capital gains and losses, and sales of assets held by such Fund for one year or less generally result in short-term capital gains and losses. Distributions of a Fund's net capital gain (the excess of net long-term capital gains over net short-term capital losses) that are reported by such 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 a 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 a 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 a Fund that are attributable to dividends received by such Fund from U.S. corporations, subject to certain limitations. Given the investment strategies of the Funds, it is unlikely that any dividends paid by a 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 a 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). Each 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 a 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 a Fund before your investment (and thus were included in the Shares' NAV when you purchased your Shares).

You may wish to avoid investing in a 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 a Fund will generally be subject to a U.S. withholding tax at the rate of 30%, unless a lower treaty rate applies. The Funds 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 Funds 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 a 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 a 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.

Each 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 a 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 Funds 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 Funds may sell portfolio securities to obtain the cash needed to distribute redemption proceeds. This may cause the Funds 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 Funds may be less tax efficient if they include 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 a 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 a 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 Funds 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 a 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 relevant Fund's distribution schedule prior to investing. When available, information about the Fund's distribution schedule can be found on a Funds' website at www.defianceetfs.com.

*The foregoing discussion summarizes some of the possible consequences under current federal tax law of an investment in the Funds. 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 Funds' 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 Funds or the securities that are purchased or sold by the Funds. 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 Funds are 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 Funds, 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 Funds traded on the Exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of such Fund can be found on the Funds' website at https://www.defianceetfs.com**.** 

When available, information regarding the number of days in the prior six months that a 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 Funds' 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 and the Funds 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 a 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 a 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 a 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 a 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 a 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 a 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 traveling 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 Funds for their periods of operations. Because the Funds have not yet completed their initial fiscal period as of the date of this Prospectus, no Financial Highlights are shown.

**Defiance ETFs**

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| | | | |
|:---|:---|:---|:---|
| &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,** <br> **Fund Accountant, and** <br> **Transfer Agent** | &nbsp;&nbsp;**U.S. Bancorp Fund Services, LLC,** <br> **doing business as U.S. Bank Global**<br> **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 <br> 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;**[ ]** |  |  |

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

**Statement of Additional Information:** The Funds' SAI provides additional details about the investments of each 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 Funds' investments is available in the Funds' 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 each Fund's performance. In Form N-CSR, you will find the Fund's annual and semi-annual financial statements after the first fiscal year each Fund is in operation.

You can obtain free copies of these documents request other information or make general inquiries about the Funds by contacting the Funds at the Defiance ETFs, c/o U.S. Bank Global Fund Services PO Box 219252 Kansas City, MO 64121-9252.

Shareholder reports and other information about the Funds are 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 Funds' Internet website at https://www.defianceetfs.com; or

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

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

**SUBJECT TO COMPLETION**

**Dated August 4, 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.**

[insert logo]

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 ()

Defiance Daily Target 2X Long QS ETF ()

*listed on [ ]*

**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 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 (each a "Fund" and collectively the "Funds"), each 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 Funds at (833) 333-9383, visiting www.defianceetfs.com or writing to the Funds at Defiance ETFs, c/o U.S. Bank Global Fund Services PO Box 219252 Kansas City, MO 64121-9252.

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

**TABLE OF CONTENTS**

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| | |
|:---|:---|
| [General Information about the Trust](#defiance2xlong485baosb001) | 1 |
| [Additional Information about Investment Objectives, Policies, and Related Risks](#defiance2xlong485baosb002) | 1 |
| [Description of Permitted Investments](#defiance2xlong485baosb003) | 4 |
| [Investment Restrictions](#defiance2xlong485baosb004) | 19 |
| [Exchange Listing and Trading](#defiance2xlong485baosb005) | 20 |
| [Management of the Trust](#defiance2xlong485baosb006) | 20 |
| [Principal Shareholders, Control Persons and Management Ownership](#defiance2xlong485baosb007) | 25 |
| [Codes of Ethics](#defiance2xlong485baosb008) | 26 |
| [Proxy Voting Policies](#defiance2xlong485baosb009) | 26 |
| [Investment Adviser](#defiance2xlong485baosb010) | 26 |
| [Portfolio Manager](#defiance2xlong485baosb011) | 27 |
| [The Distributor](#defiance2xlong485baosb012) | 27 |
| [Administrator](#defiance2xlong485baosb013) | 29 |
| [Sub-Administrator and Transfer Agent](#defiance2xlong485baosb014) | 29 |
| [Custodian](#defiance2xlong485baosb015) | 30 |
| [Legal Counsel](#defiance2xlong485baosb016) | 30 |
| [Independent Registered Public Accounting Firm](#defiance2xlong485baosb017) | 30 |
| [Portfolio Holdings Disclosure Policies and Procedures](#defiance2xlong485baosb018) | 30 |
| [Description of Shares](#defiance2xlong485baosb019) | 30 |
| [Limitation of Trustees' Liability](#defiance2xlong485baosb020) | 30 |
| [Brokerage Transactions](#defiance2xlong485baosb021) | 31 |
| [Portfolio Turnover Rate](#defiance2xlong485baosb022) | 32 |
| [Book Entry Only System](#defiance2xlong485baosb023) | 32 |
| [Purchase and Redemption of Shares in Creation Units](#defiance2xlong485baosb024) | 33 |
| [Determination of Net Asset Value](#defiance2xlong485baosb025) | 38 |
| [Dividends and Distributions](#defiance2xlong485baosb026) | 39 |
| [Federal Income Taxes](#defiance2xlong485baosb027) | 39 |
| [Financial Statements](#defiance2xlong485baosb028) | 44 |

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**GENERAL INFORMATION ABOUT THE TRUST**

The Trust is an open-end management investment company consisting of multiple series, including the Funds. This SAI relates to the 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. 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 each 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") serves as investment adviser to each Fund.

Each Fund offers and issues Shares at its net asset value ("NAV") only in aggregations of a specified number of Shares (each, a "Creation Unit"). The Funds 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 of each Fund are listed on [ ] (the "Exchange"). Shares of each Fund trade on the Exchange at market prices that may differ from the Shares' respective NAV. Shares are also redeemable only in Creation Unit aggregations, primarily for a basket of Deposit Securities together with a Cash Component. 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**

Each Fund's investment objective and principal investment strategies are described in the Prospectus. 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 a 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**

Each Fund is classified as a non-diversified investment company under the 1940 Act. A "non-diversified" classification means that the Funds are 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 a Fund may invest a greater portion of its assets in the securities of a single issuer or a small number of issuers than if it was a diversified fund, and therefore, those issuers may constitute a greater portion of such 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, a 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 Funds are non-diversified for purposes of the 1940 Act, each 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 such 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 a Fund and may make it less likely that such Fund will meet its investment objectives. See "Federal Income Taxes" in this SAI for further discussion.

**General Risks**

The value of a 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 a 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 a 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 Funds, 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 Funds or the Adviser, a sub-adviser, Custodian (defined below), Transfer Agent (defined below), intermediaries and other third-party service providers may adversely impact the Funds. For instance, cyber attacks may interfere with the processing of shareholder transactions, impact each Fund's ability to calculate its NAV, cause the release of private shareholder information or confidential company information, impede trading, subject the Funds to regulatory fines or financial losses, and cause reputational damage. The Funds 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 a Fund invests, which could result in material adverse consequences for such issuers, and may cause a Fund's investment in such portfolio companies to lose value.

**Special Considerations and Risks**

The Funds each seek to provide ***daily*** investment results that, before fees and expenses, provide two times the daily percentage change of an underlying security, meaning such results that correspond to approximately 2X times (200%) the *daily* performance of its corresponding underlying security, each as shown in the following table (each, an "Underlying Security"):

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| | |
|:---|:---|
| **Fund Name** | **Underlying Security** |
| &nbsp;&nbsp;Defiance Daily Target 2X Long ET ETF | &nbsp;&nbsp;Energy Transfer LP (NYSE: ET) |
| &nbsp;&nbsp;Defiance Daily Target 2X Long FIG ETF | &nbsp;&nbsp;Figma, Inc. (NYSE: FIG) |
| &nbsp;&nbsp;Defiance Daily Target 2X Long IREN ETF | &nbsp;&nbsp;IREN Limited (NASDAQ: IREN) |
| &nbsp;&nbsp;Defiance Daily Target 2X Long MP ETF | &nbsp;&nbsp;Materials Corp. (NYSE: MP) |
| &nbsp;&nbsp;Defiance Daily Target 2X Long QS ETF | &nbsp;&nbsp;QuantumScape Corporation (NYSE: QS) |

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**Daily Correlation/Tracking Risk.** There is no guarantee that the Fund will achieve a high degree of leveraged correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. To achieve a high degree of leveraged correlation with the Underlying Security, 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 Underlying Security increases on days when the Underlying Security 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 Underlying Security 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 Underlying Security. 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 Underlying Security.

**Special Note Regarding the Daily Correlation Risks of the Funds**. As discussed in the Prospectus, each Fund is "leveraged" in the sense that it has an investment objective to match 200% of the performance of its Underlying Security on a given day. Each 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 each Fund's use of leverage, which is that for periods greater than one day, the use of leverage tends to cause the performance of a Fund to be either greater than, or less than, 200% of the performance of its Underlying Security.

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

&nbsp;&nbsp;&nbsp;&nbsp;a. Performance
 of its Underlying Security;

&nbsp;&nbsp;&nbsp;&nbsp;b. Volatility
 of its Underlying Security;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;e. Dividends
 paid by companies in the applicable Underlying Security; and

&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 Underlying Security volatility; b) the Underlying Security 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 Underlying Security volatility and Underlying Security 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 Underlying Security volatility, compounding will cause results for periods longer than a trading day to vary from two times (200%) the performance of the Underlying Security.

As shown in the chart below, the Fund would be expected to lose 6.1% if there was no change in the share price of the Underlying Security over a one-year period during which the Underlying Security experienced annualized volatility of 25%. If the Underlying Security'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 share price of the Underlying Security. For instance, if the Underlying Security's annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative Underlying Security change in the share price of the Underlying Security for the year was 0%.

Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than two times (200%) the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than two times (200%) the performance of the Underlying Security. 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 Funds are each designed as a short-term trading vehicle for investors who intend to actively monitor and manage their portfolios. It 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 additional information regarding correlation and volatility risk for the Fund, see "Compounding and Market Volatility Risk" in the Prospectus.

**Estimated Returns of 200% or Two Times**<br> **Performance of the Underlying Security**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Underlying Security Performance** | **Underlying Security Performance** | **One Year Volatility Rate** | **One Year Volatility Rate** | **One Year Volatility Rate** | **One Year Volatility Rate** | **One Year Volatility Rate** |
| **One Year**<br> **Underlying**<br> **Security** | **2X Times**<br> **(200%) the**<br> **One Year**<br> **Performance** | **10%** | **25%** | **50%** | **75%** | **100%** |
| **-60%** | **-120%** | -84.2% | -85.0% | -87.5% | -90.9% | -94.1% |
| **-50%** | **-100%** | -75.2% | -76.5% | -80.5% | -85.8% | -90.8% |
| **-40%** | **-80%** | -64.4% | -66.2% | -72.0% | -79.5% | -86.8% |
| **-30%** | **-60%** | -51.5% | -54.0% | -61.8% | -72.1% | -82.0% |
| **-20%** | **-40%** | -36.6% | -39.9% | -50.2% | -63.5% | -76.5% |
| **-10%** | **-20%** | -19.8% | -23.9% | -36.9% | -53.8% | -70.2% |
| **0%** | **0%** | -1.0% | -6.1% | -22.1% | -43.0% | -63.2% |
| **10%** | **20%** | 19.8% | 13.7% | -5.8% | -31.1% | -55.5% |
| **20%** | **40%** | 42.6% | 35.3% | 12.1% | -18.0% | -47.0% |
| **30%** | **60%** | 67.3% | 58.8% | 31.6% | -3.7% | -37.8% |
| **40%** | **80%** | 94.0% | 84.1% | 52.6% | 11.7% | -27.9% |
| **50%** | **100%** | 122.8% | 111.4% | 75.2% | 28.2% | -17.2% |
| **60%** | **120%** | 153.5% | 140.5% | 99.4% | 45.9% | -5.8% |

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**DESCRIPTION OF PERMITTED INVESTMENTS**

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

**Borrowing**

Although the Funds do not intend to borrow money, a Fund may do so to the extent permitted by the 1940 Act. Under the 1940 Act, a Fund may borrow up to one-third (1/3) of its total assets. The Funds will borrow money only for short-term or emergency purposes. Such borrowing is not for investment purposes and will be repaid by the applicable Fund promptly. Borrowing will tend to exaggerate the effect on NAV of any increase or decrease in the market value of a 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 Funds 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 a Fund's portfolio may also cause the value of such Fund's Shares to decline.

An investment in a 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 a Fund's portfolio securities and therefore a decrease in the value of Shares of such 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 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 Funds 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 a Fund engages in when-issued transactions, it relies on the other party to consummate the sale. If the other party fails to complete the sale, a Fund may miss the opportunity to obtain the security at a favorable price or yield.

When purchasing a security on a when-issued basis, a 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 a Fund does not pay for the security until the delivery date, these risks are in addition to the risks associated with its other investments. Rule 18f-4 under the 1940 Act permits a 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.

**Foreign Securities**

The Funds may invest directly in foreign securities or have indirect exposure to foreign securities. Investing in securities of foreign companies and countries involves certain considerations and risks that are not typically associated with investing in U.S. government securities and securities of domestic companies. There may be less publicly available information about a foreign issuer than a domestic one, and foreign companies are not generally subject to uniform accounting, auditing and financial standards, and requirements comparable to those applicable to U.S. companies. There may also be less government supervision and regulation of foreign securities exchanges, brokers, and listed companies than exists in the United States. Interest and dividends paid by foreign issuers as well as gains or proceeds realized from the sale or other disposition of foreign securities may be subject to withholding and other foreign taxes, which may decrease the net return on such investments as compared to dividends and interest paid to the Funds by domestic companies or the U.S. government. There may be the possibility of expropriations, seizure or nationalization of foreign deposits, the imposition of economic sanctions, confiscatory taxation, political, economic or social instability, or diplomatic developments that could affect assets of the Funds held in foreign countries. The establishment of exchange controls or other foreign governmental laws or restrictions could adversely affect the payment of obligations. In addition, investing in foreign securities will generally result in higher commissions than investing in similar domestic securities.

Decreases in the value of currencies of the foreign countries in which a Fund may invest relative to the U.S. dollar will result in a corresponding decrease in the U.S. dollar value of such Fund's assets denominated in those currencies (and possibly a corresponding increase in the amount of securities required to be liquidated to meet distribution requirements). Conversely, increases in the value of currencies of the foreign countries in which a Fund invests relative to the U.S. dollar will result in a corresponding increase in the U.S. dollar value of such Fund's assets (and possibly a corresponding decrease in the amount of securities to be liquidated).

Investing in emerging markets can have more risk than investing in developed foreign markets. The risks of investing in these markets may be exacerbated relative to investments in foreign markets. Governments of developing and emerging market countries may be more unstable as compared to more developed countries. Developing and emerging market countries may have less developed securities markets or exchanges, and legal and accounting systems. It may be more difficult to sell securities at acceptable prices and security prices may be more volatile than in countries with more mature markets. Currency values may fluctuate more in developing or emerging markets. Developing or emerging market countries may be more likely to impose government restrictions, including confiscatory taxation, expropriation or nationalization of a company's assets, and restrictions on foreign ownership of local companies. In addition, emerging markets may impose restrictions on a Fund's ability to repatriate investment income or capital and, thus, may adversely affect the operations of the Funds. Certain emerging markets may impose constraints on currency exchange and some currencies in emerging markets may have been devalued significantly against the U.S. dollar. For these and other reasons, the prices of securities in emerging markets can fluctuate more significantly than the prices of securities of companies in developed countries. The less developed the country, the greater effect these risks may have on the Funds.

**Foreign Currencies**

Although the Funds intend to only hold investments denominated in U.S. dollars, each 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 and Restricted Investments**

Pursuant to Rule 22e-4 under the 1940 Act, a Fund may not acquire any "illiquid investment" if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are assets. An "illiquid investment" is any investment 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 investment. Each Fund has implemented a liquidity risk management program and related procedures to identify illiquid investments pursuant to Rule 22e-4. The 15% limit shall be observed continuously.

A Fund may purchase certain restricted securities that can be resold to institutional investors and which may be determined not to be illiquid investments pursuant to the Fund's liquidity risk management program. In many cases, those securities are traded in the institutional market under Rule 144A under the 1933 Act and are called Rule 144A securities.

Investments in illiquid investments involve more risks than investments in similar securities that are readily marketable. Illiquid investments may trade at a discount from comparable, more liquid investments. Investment of a Fund's assets in illiquid investments may restrict the ability of the Fund to dispose of its investments in a timely fashion and for a fair price as well as its ability to take advantage of market opportunities. The risks associated with illiquidity will be particularly acute where a Fund's operations require cash, such as when the Fund has net redemptions, and could result in the Fund borrowing to meet short-term cash requirements or incurring losses on the sale of illiquid investments.

Illiquid investments are often restricted securities sold in private placement transactions between issuers and their purchasers and may be neither listed on an exchange nor traded in other established markets. In many cases, the privately placed securities may not be freely transferable under the laws of the applicable jurisdiction or due to contractual restrictions on resale. To the extent privately placed securities may be resold in privately negotiated transactions, the prices realized from the sales could be less than those originally paid by a Fund or less than the fair value of the securities. In addition, issuers whose securities are not publicly traded may not be subject to the disclosure and other investor protection requirements that may be applicable if their securities were publicly traded. If any privately placed securities held by a Fund are required to be registered under the securities laws of one or more jurisdictions before being resold, the Fund may be required to bear the expenses of registration. Private placement investments may involve investments in smaller, less seasoned issuers, which may involve greater risks than investments in more established companies. These issuers may have limited product lines, markets or financial resources, or they may be dependent on a limited management group. In making investments in private placement securities, a Fund may obtain access to material non-public information, which may restrict the Fund's ability to conduct transactions in those securities.

**Investment Company Securities**

The Funds 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 Funds to all the risks of that pooled vehicle. If a Fund invests in and, thus, is a shareholder of, another investment company, such 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), each Fund may invest in the securities of another investment company (the "acquired company") provided that such Fund, immediately after such purchase or acquisition, does not own in the aggregate: (i) more than 3% of the total outstanding voting stock of the acquired company; (ii) 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 (iii) 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, each Fund may invest its assets in securities of investment companies that are money market funds in excess of the limits discussed above.

The Funds may also rely on Rule 12d1-4 under the 1940 Act, which provides an exemption from Section 12(d)(1) that allows a Fund to invest all of its assets in other registered funds, including ETFs, if such 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 Funds 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 a 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 Funds 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 Funds 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 a Fund sells the shares it owns they may be worth more or less than what such 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 Funds 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: (i) shares of money market funds; (ii) obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities (including government-sponsored enterprises); (iii) 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; (iv) commercial paper rated at the date of purchase "Prime-1" by Moody's Investors Service or "A-1" by Standard & Poor's Financial Services or, if unrated, of comparable quality as determined by the Adviser; (v) 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 (vi) 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 a 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.

**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. Each 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 200% 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." As a result of the "Relative VaR Test," a Fund may not seek returns in excess of -2x the designated reference portfolio. 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 a 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 a Fund's derivatives activities. These new requirements will apply unless a 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 a Fund's performance, efficiency in implementing its strategy, liquidity and/or ability to pursue its investment objectives and may increase the cost of such Fund's investments and cost of doing business, which could adversely affect investors.

*Futures contracts*. Generally, a futures contract is a standard binding agreement to buy or sell a specified quantity of an underlying reference instrument, such as a specific security, currency or commodity, at a specified price at a specified later date. A "sale" of a futures contract means the acquisition of a contractual obligation to deliver the underlying reference instrument called for by the contract at a specified price on a specified date. A "purchase" of a futures contract means the acquisition of a contractual obligation to acquire the underlying reference instrument called for by the contract at a specified price on a specified date. The purchase or sale of a futures contract will allow a Fund to increase or decrease its exposure to the underlying reference instrument without having to buy the actual instrument.

The underlying reference instruments to which futures contracts may relate include non-U.S. currencies, interest rates, stock and bond indices, and debt securities, including U.S. government debt obligations. In certain types of futures contracts, the underlying reference instrument may be a swap agreement. In most cases the contractual obligation under a futures contract may be offset, or "closed out," before the settlement date so that the parties do not have to make or take delivery. The closing out of a contractual obligation is usually accomplished by buying or selling, as the case may be, an identical, offsetting futures contract. This transaction, which is effected through a member of an exchange, cancels the obligation to make or take delivery of the underlying instrument or asset. Although some futures contracts by their terms require the actual delivery or acquisition of the underlying instrument or asset, some require cash settlement.

Futures contracts may be bought and sold on U.S. and non-U.S. exchanges. Futures contracts in the U.S. have been designed by exchanges that have been designated "contract markets" by the CFTC and must be executed through a futures commission merchant ("FCM"), which is a brokerage firm that is a member of the relevant contract market. Each exchange guarantees performance of the contracts as between the clearing members of the exchange, thereby reducing the risk of counterparty default. Futures contracts may also be entered into on certain exempt markets, including exempt boards of trade and electronic trading facilities, available to certain market participants. Because all transactions in the futures market are made, offset or fulfilled by an FCM through a clearinghouse associated with the exchange on which the contracts are traded, a Fund will incur brokerage fees when they buy or sell futures contracts.

To the extent a Fund invests in futures contracts, such Fund will generally buy and sell futures contracts only on contract markets (including exchanges or boards of trade) where there appears to be an active market for the futures contracts, but there is no assurance that an active market will exist for any particular contract or at any particular time. An active market makes it more likely that futures contracts will be liquid and bought and sold at competitive market prices. In addition, many of the futures contracts available may be relatively new instruments without a significant trading history. As a result, there can be no assurance that an active market will develop or continue to exist.

When a Fund enters into a futures contract, it must deliver to an account controlled by the FCM (that has been selected by the Fund), an amount referred to as "initial margin" that is typically calculated as an amount equal to the volatility in market value of a contract over a fixed period. Initial margin requirements are determined by the respective exchanges on which the futures contracts are traded and the FCM. Thereafter, a "variation margin" amount may be required to be paid by the Fund or received by the Fund in accordance with margin controls set for such accounts, depending upon changes in the marked-to market value of the futures contract. The account is marked-to market daily and the variation margin is monitored the Adviser and Custodian (defined below) on a daily basis. When the futures contract is closed out, if a 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 a Fund has a loss of less than the margin amount, the excess margin is returned to such Fund. If a Fund has a gain, the full margin amount and the amount of the gain is paid to such Fund.

Some futures contracts provide for the delivery of securities that are different than those that are specified in the contract. For a futures contract for delivery of debt securities, on the settlement date of the contract, adjustments to the contract can be made to recognize differences in value arising from the delivery of debt securities with a different interest rate from that of the particular debt securities that were specified in the contract. In some cases, securities called for by a futures contract may not have been issued when the contract was written.

*Risks of futures contracts*. The Funds' use of futures contracts is subject to the risks associated with derivative instruments generally. In addition, a purchase or sale of a futures contract may result in losses to the Funds in excess of the amount that a Fund delivered as initial margin. Because of the relatively low margin deposits required, futures trading involves a high degree of leverage; as a result, a relatively small price movement in a futures contract may result in immediate and substantial loss, or gain, to a Fund. In addition, if a Fund has insufficient cash to meet daily variation margin requirements or close out a futures position, it may have to sell securities from its portfolio at a time when it may be disadvantageous to do so. Adverse market movements could cause a Fund to experience substantial losses on an investment in a futures contract.

There is a risk of loss by the Funds of the initial and variation margin deposits in the event of bankruptcy of the FCM with which a Fund has an open position in a futures contract. The assets of a 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 Funds are also subject to the risk that the FCM could use a 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.

The Funds may not be able to properly hedge or effect its strategy when a liquid market is unavailable for the futures contract a Fund wishes to close, which may at times occur. In addition, when futures contracts are used for hedging, there may be an imperfect correlation between movements in the prices of the underlying reference instrument on which the futures contract is based and movements in the prices of the assets sought to be hedged.

If the Adviser's investment judgment about the general direction of market prices or interest or currency exchange rates is incorrect, a Fund's overall performance will be poorer than if it had not entered into a futures contract. For example, if a Fund has purchased futures to hedge against the possibility of an increase in interest rates that would adversely affect the price of bonds held in its portfolio and interest rates instead decrease, such Fund will lose part or all of the benefit of the increased value of the bonds which it has hedged. This is because its losses in its futures positions will offset some or all of its gains from the increased value of the bonds.

The difference (called the "spread") between prices in the cash market for the purchase and sale of the underlying reference instrument and the prices in the futures market is subject to fluctuations and distortions due to differences in the nature of those two markets. First, all participants in the futures market are subject to initial deposit and variation margin requirements. Rather than meeting additional variation margin requirements, investors may close futures contracts through offsetting transactions that could distort the normal pricing spread between the cash and futures markets. Second, the liquidity of the futures markets depends on participants entering into offsetting transactions rather than making or taking delivery of the underlying instrument. To the extent participants decide to make or take delivery, liquidity in the futures market could be reduced, resulting in pricing distortion. Third, from the point of view of speculators, the margin deposit requirements that apply in the futures market are less onerous than similar margin requirements in the securities market. Therefore, increased participation by speculators in the futures market may cause temporary price distortions.

Futures contracts that are traded on non-U.S. exchanges may not be as liquid as those purchased on CFTC-designated contract markets. In addition, non-U.S. futures contracts may be subject to varied regulatory oversight. The price of any non-U.S. futures contract and, therefore, the potential profit and loss thereon, may be affected by any change in the non-U.S. exchange rate between the time a particular order is placed and the time it is liquidated, offset or exercised.

The CFTC and the various exchanges have established limits referred to as "speculative position limits" on the maximum net long or net short position that any person, such as the Funds, may hold or control in a particular futures contract. Trading limits are also imposed on the maximum number of contracts that any person may trade on a particular trading day. An exchange may order the liquidation of positions found to be in violation of these limits and it may impose other sanctions or restrictions. The regulation of futures, as well as other derivatives, is a rapidly changing area of law. For more information, see "Developing government regulation of derivatives" below.

Futures exchanges may also limit the amount of fluctuation permitted in certain futures contract prices during a single trading day. This daily limit establishes the maximum amount that the price of a futures contract may vary either up or down from the previous day's settlement price. Once the daily limit has been reached in a futures contract subject to the limit, no more trades may be made on that day at a price beyond that limit. The daily limit governs only price movements during a particular trading day and does not limit potential losses because the limit may prevent the liquidation of unfavorable positions. For example, futures prices have occasionally moved to the daily limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of positions and subjecting some holders of futures contracts to substantial losses.

*Options on futures contracts*. Options on futures contracts trade on the same contract markets as the underlying futures contract. When a Fund buys an option, it pays a premium for the right, but does not have the obligation, to purchase (call) or sell (put) a futures contract at a set price (the exercise price). The purchase of a call or put option on a futures contract, whereby a Fund has the right to purchase or sell, respectively, a particular futures contract, is similar in some respects to the purchase of a call or put option on an individual security or currency. Depending on the premium paid for the option compared to either the price of the futures contract upon which it is based or the price of the underlying reference instrument, the option may be less risky than direct ownership of the futures contract or the underlying reference instrument. For example, a Fund could purchase a call option on a long futures contract when seeking to hedge against an increase in the market value of the underlying reference instrument, such as appreciation in the value of a non-U.S. currency against the U.S. dollar.

The seller (writer) of an option becomes contractually obligated to take the opposite futures position if the buyer of the option exercises its rights to the futures position specified in the option. In return for the premium paid by the buyer, the seller assumes the risk of taking a possibly adverse futures position. In addition, the seller will be required to post and maintain initial and variation margin with the FCM. One goal of selling (writing) options on futures may be to receive the premium paid by the option buyer. For more general information about the mechanics of purchasing and writing options, see "Options" below.

*Risks of options on futures contracts*. A Fund's use of options on futures contracts are subject to the risks related to derivative instruments generally. In addition, the amount of risk a Fund assumes when it purchases an option on a futures contract is the premium paid for the option plus related transaction costs. The purchase of an option also entails the risk that changes in the value of the underlying futures contract will not be fully reflected in the value of the option purchased. The seller (writer) of an option on a futures contract is subject to the risk of having to take a possibly adverse futures position if the purchaser of the option exercises its rights. If the seller were required to take such a position, it could bear substantial losses. An option writer has potentially unlimited economic risk because its potential loss, except to the extent offset by the premium received, is equal to the amount the option is "in-the-money" at the expiration date. A call option is in-the-money if the value of the underlying futures contract exceeds the exercise price of the option. A put option is in-the-money if the exercise price of the option exceeds the value of the underlying futures contract.

*Options*. An option is a contract that gives the purchaser of the option, in return for the premium paid, the right to buy an underlying reference instrument, such as a specified security, currency, index, or other instrument, from the writer of the option (in the case of a call option), or to sell a specified reference instrument to the writer of the option (in the case of a put option) at a designated price during the term of the option. The premium paid by the buyer of an option will reflect, among other things, the relationship of the exercise price to the market price and the volatility of the underlying reference instrument, the remaining term of the option, supply, demand, interest rates and/or currency exchange rates. An American style put or call option may be exercised at any time during the option period while a European style put or call option may be exercised only upon expiration or during a fixed period prior thereto. Put and call options are traded on national securities exchanges and in the OTC market.

Options traded on national securities exchanges are within the jurisdiction of the SEC or other appropriate national securities regulator, as are securities traded on such exchanges. As a result, many of the protections provided to traders on organized exchanges will be available with respect to such transactions. In particular, all option positions entered into on a national securities exchange in the United States are cleared and guaranteed by the Options Clearing Corporation, thereby reducing the risk of counterparty default. Furthermore, a liquid secondary market in options traded on a national securities exchange may be more readily available than in the OTC market, potentially permitting a Fund to liquidate open positions at a profit prior to exercise or expiration, or to limit losses in the event of adverse market movements. There is no assurance, however, that higher than anticipated trading activity or other unforeseen events might not temporarily render the capabilities of the Options Clearing Corporation inadequate, and thereby result in the exchange instituting special procedures which may interfere with the timely execution of a Fund's orders to close out open options positions.

*Purchasing call and put options*. As the buyer of a call option, a Fund has a right to buy the underlying reference instrument (e.g., a currency or security) at the exercise price at any time during the option period (for American style options). The Funds may enter into closing sale transactions with respect to call options, exercise them, or permit them to expire. For example, a Fund may buy call options on underlying reference instruments that it intends to buy with the goal of limiting the risk of a substantial increase in their market price before the purchase is effected. Unless the price of the underlying reference instrument changes sufficiently, a call option purchased by a Fund may expire without any value to the Fund, in which case such Fund would experience a loss to the extent of the premium paid for the option plus related transaction costs.

As the buyer of a put option, a Fund has the right to sell the underlying reference instrument at the exercise price at any time during the option period (for American style options). Like a call option, the Funds may enter into closing sale transactions with respect to put options, exercise them or permit them to expire. A Fund may buy a put option on an underlying reference instrument owned by the Fund (a protective put) as a hedging technique in an attempt to protect against an anticipated decline in the market value of the underlying reference instrument. Such hedge protection is provided only during the life of the put option when the Fund, as the buyer of the put option, is able to sell the underlying reference instrument at the put exercise price, regardless of any decline in the underlying instrument's market price. The Funds may also seek to offset a decline in the value of the underlying reference instrument through appreciation in the value of the put option. A put option may also be purchased with the intent of protecting unrealized appreciation of an instrument when the Adviser deems it desirable to continue to hold the instrument because of tax or other considerations. The premium paid for the put option and any transaction costs would reduce any short-term capital gain that may be available for distribution when the instrument is eventually sold. Buying put options at a time when the buyer does not own the underlying reference instrument allows the buyer to benefit from a decline in the market price of the underlying reference instrument, which generally increases the value of the put option.

If a put option was not terminated in a closing sale transaction when it has remaining value, and if the market price of the underlying reference instrument remains equal to or greater than the exercise price during the life of the put option, the buyer would not make any gain upon exercise of the option and would experience a loss to the extent of the premium paid for the option plus related transaction costs. In order for the purchase of a put option to be profitable, the market price of the underlying reference instrument must decline sufficiently below the exercise price to cover the premium and transaction costs.

*Writing call and put options*. Writing options may permit the writer to generate additional income in the form of the premium received for writing the option. The writer of an option may have no control over when the underlying reference instruments must be sold (in the case of a call option) or purchased (in the case of a put option) because the writer may be notified of exercise at any time prior to the expiration of the option (for American style options). In general, though, options are infrequently exercised prior to expiration. Whether or not an option expires unexercised, the writer retains the amount of the premium. Writing "covered" call options means that the writer owns the underlying reference instrument that is subject to the call option. Call options may also be written on reference instruments that the writer does not own.

If a Fund writes a covered call option, any underlying reference instruments that are held by the Fund and are subject to the call option will be earmarked on the books of such Fund as segregated to satisfy its obligations under the option. A Fund will be unable to sell the underlying reference instruments that are subject to the written call option until it either effects a closing transaction with respect to the written call, or otherwise satisfies the conditions for release of the underlying reference instruments from segregation. As the writer of a covered call option, a Fund gives up the potential for capital appreciation above the exercise price of the option should the underlying reference instrument rise in value. If the value of the underlying reference instrument rises above the exercise price of the call option, the reference instrument will likely be "called away," requiring a Fund to sell the underlying instrument at the exercise price. In that case, the Fund will sell the underlying reference instrument to the option buyer for less than its market value, and such Fund will experience a loss (which will be offset by the premium received by the Fund as the writer of such option). If a call option expires unexercised, the Fund will realize a gain in the amount of the premium received. If the market price of the underlying reference instrument decreases, the call option will not be exercised and the Fund will be able to use the amount of the premium received to hedge against the loss in value of the underlying reference instrument. The exercise price of a call option will be chosen based upon the expected price movement of the underlying reference instrument. The exercise price of a call option may be below, equal to (at-the-money), or above the current value of the underlying reference instrument at the time the option is written.

As the writer of a put option, a Fund has a risk of loss should the underlying reference instrument decline in value. If the value of the underlying reference instrument declines below the exercise price of the put option and the put option is exercised, the Fund, as the writer of the put option, will be required to buy the instrument at the exercise price, which will exceed the market value of the underlying reference instrument at that time. A Fund will incur a loss to the extent that the current market value of the underlying reference instrument is less than the exercise price of the put option. However, the loss will be offset in part by the premium received from the buyer of the put. If a put option written by a Fund expires unexercised, such Fund will realize a gain in the amount of the premium received.

*Closing out options (exchange-traded options)*. If the writer of an option wants to terminate its obligation, the writer may effect a "closing purchase transaction" by buying an option of the same series as the option previously written. The effect of the purchase is that the clearing corporation will cancel the option writer's position. However, a writer may not effect a closing purchase transaction after being notified of the exercise of an option. Likewise, the buyer of an option may recover all or a portion of the premium that it paid by effecting a "closing sale transaction" by selling an option of the same series as the option previously purchased and receiving a premium on the sale. There is no guarantee that either a closing purchase or a closing sale transaction may be made at a time desired by a Fund. Closing transactions allow a Fund to terminate its positions in written and purchased options. A Fund will realize a profit from a closing transaction if the price of the transaction is less than the premium received from writing the original option (in the case of written options) or is more than the premium paid by the Fund to buy the option (in the case of purchased options). For example, increases in the market price of a call option sold by a Fund will generally reflect increases in the market price of the underlying reference instrument. As a result, any loss resulting from a closing transaction on a written call option is likely to be offset in whole or in part by appreciation of the underlying instrument owned by the Fund.

*Over-the-counter options*. Like exchange-traded options, OTC options give the holder the right to buy from the writer, in the case of OTC call options, or sell to the writer, in the case of OTC put options, an underlying reference instrument at a stated exercise price. OTC options, however, differ from exchange-traded options in certain material respects.

OTC options are arranged directly with dealers and not with a clearing corporation or exchange. Consequently, there is a risk of non-performance by the dealer, including because of the dealer's bankruptcy or insolvency. While the Funds use only counterparties, such as dealers, that meet its credit quality standards, 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. Because there is no exchange, pricing is typically done based on information from market makers or other dealers. OTC options are available for a greater variety of underlying reference instruments and in a wider range of expiration dates and exercise prices than exchange-traded options.

There can be no assurance that a continuous liquid secondary market will exist for any particular OTC option at any specific time. The Funds may be able to realize the value of an OTC option it has purchased only by exercising it or entering into a closing sale transaction with the dealer that issued it. When a Fund writes an OTC option, it generally can close out that option prior to its expiration only by entering into a closing purchase transaction with the dealer with which such Fund originally wrote the option. A Fund may suffer a loss if it is not able to exercise (in the case of a purchased option) or enter into a closing sale transaction on a timely basis.

The staff of the SEC has taken the position that purchased OTC options on securities are considered illiquid securities. Pending a change in the staff's position, the Funds will treat such OTC options on securities as illiquid and subject to such Fund's limitation on illiquid securities.

*Risks of options*. The Funds' options investments involve certain risks, including general risks related to derivative instruments. There can be no assurance that a liquid secondary market on an exchange will exist for any particular option, or at any particular time, and the Funds may have difficulty effecting closing transactions in particular options. Therefore, a Fund would have to exercise the options it purchased in order to realize any profit, thus taking or making delivery of the underlying reference instrument when not desired. A Fund could then incur transaction costs upon the sale of the underlying reference instruments. Similarly, when a Fund cannot affect a closing transaction with respect to a put option it wrote, and the buyer exercises, such Fund would be required to take delivery and would incur transaction costs upon the sale of the underlying reference instruments purchased. If a Fund, as a covered call option writer, is unable to affect a closing purchase transaction in a secondary market, it will not be able to sell the underlying reference instrument until the option expires, it delivers the underlying instrument upon exercise, or it segregates enough liquid assets to purchase the underlying reference instrument at the marked-to-market price during the term of the option. When trading options on non-U.S. exchanges or in the OTC market, many of the protections afforded to exchange participants will not be available. For example, there may be no daily price fluctuation limits, and adverse market movements could therefore continue to an unlimited extent over an indefinite period of time.

The effectiveness of an options strategy for hedging depends on the degree to which price movements in the underlying reference instruments correlate with price movements in the relevant portion of the Fund's portfolio that is being hedged. In addition, a Fund bears the risk that the prices of its portfolio investments will not move in the same amount as the option it has purchased or sold for hedging purposes, or that there may be a negative correlation that would result in a loss on both the investments and the option. If the Adviser is not successful in using options in managing a Fund's investments, such Fund's performance will be worse than if the -Adviser did not employ such strategies.

*Swaps*. Generally, swap agreements are contracts between a 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, a 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 a 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, a 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. A 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, a 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 Funds customarily enter 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, a 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 such 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 a Fund, the amount pledged by the counterparty and available to such Fund may not be sufficient to cover all the amounts due to the Fund and the Fund may sustain a loss.

Currently, the Funds do 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 a 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, a 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 a Fund to incur increased expenses to access the same types of swaps that it has used in the past. When a 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 a Fund or may be received by a Fund in accordance with margin controls set for such accounts. If the value of a 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 a 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 a 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.

*Credit default swaps*. The "buyer" of protection in a credit default swap agreement is obligated to pay the "seller" a periodic stream of payments over the term of the agreement in return for a payment by the "seller" that is contingent upon the occurrence of a credit event with respect to a specific underlying reference debt obligation (whether as a single debt instrument or as part of an index of debt instruments). The contingent payment by the seller generally is the face amount of the debt obligation, in return for the buyer's obligation to make periodic cash payments and deliver in physical form the reference debt obligation or a cash payment equal to the then-current market value of that debt obligation at the time of the credit event. If no credit event occurs, the seller would receive a fixed rate of income throughout the term of the contract, while the buyer would lose the amount of its payments and recover nothing. The buyer is also subject to the risk that the seller will not satisfy its contingent payment obligation, if and when due.

Purchasing protection through a credit default swap may be used to attempt to hedge against a decline in the value of debt security or securities due to a credit event. The seller of protection under a credit default swap receives periodic payments from the buyer but is exposed to the risk that the value of the reference debt obligation declines due to a credit event and that it will have to pay the face amount of the reference obligation to the buyer. Selling protection under a credit default swap may also permit the seller to gain exposure that is similar to owning the reference debt obligation directly. As the seller of protection, a Fund would effectively add leverage to its portfolio because, in addition to its total assets, such Fund would be subject to the risk that there would be a credit event and the Fund would have to make a substantial payment in the future.

Generally, a credit event means bankruptcy, failure to timely pay interest or principal, obligation acceleration or default, or repudiation or restructuring of the reference debt obligation. There may be disputes between the buyer or seller of a credit default swap agreement or within the swaps market as a whole as to whether or not a credit event has occurred or what the payout should be which could result in litigation. In some instances where there is a dispute in the credit default swap market, a regional Determinations Committee set up by ISDA may make an official binding determination regarding the existence of credit events with respect to the reference debt obligation of a credit default swap agreement or, in the case of a credit default swap on an index, with respect to a component of the index underlying the credit default swap agreement. In the case of a credit default swap on an index, the existence of a credit event is determined according to the index methodology, which may in turn refer to determinations made by ISDA's Determinations Committees with respect to particular components of the index.

ISDA's Determinations Committees are comprised principally of dealers in the OTC derivatives markets which may have a conflicting interest in the determination regarding the existence of a particular credit event. In addition, in the sovereign debt market, a credit default swap agreement may not provide the protection generally anticipated because the government issuer of the sovereign debt instruments may be able to restructure or renegotiate the debt in such a manner as to avoid triggering a credit event. Moreover, (1) sovereign debt obligations may not incorporate common, commercially acceptable provisions, such as collective action clauses, or (2) the negotiated restructuring of the sovereign debt may be deemed non-mandatory on all holders. As a result, the determination committee might then not be able to determine, or may be able to avoid having to determine, that a credit event under the credit default agreement has occurred.

For these and other reasons, the buyer of protection in a credit default swap agreement is subject to the risk that certain occurrences, such as particular restructuring events affecting the value of the underlying reference debt obligation, or the restructuring of sovereign debt, may not be deemed credit events under the credit default swap agreement. Therefore, if the credit default swap was purchased as a hedge or to take advantage of an anticipated increase in the value of credit protection for the underlying reference obligation, it may not provide any hedging benefit or otherwise increase in value as anticipated. Similarly, the seller of protection in a credit default swap agreement is subject to the risk that certain occurrences may be deemed to be credit events under the credit default swap agreement, even if these occurrences do not adversely impact the value or creditworthiness of the underlying reference debt obligation.

*Interest rate swaps*. An interest rate swap is an agreement between two parties to exchange interest rate payment obligations. Typically, one party's obligation is based on an interest rate fixed to maturity while the other party's obligation is based on an interest rate that changes in accordance with changes in a designated benchmark (for example, Secured Overnight Financing Rate (SOFR), prime rate, commercial paper rate, or other benchmarks). Alternatively, both payment obligations may be based on an interest rate that changes in accordance with changes in a designated benchmark (also known as a "basis swap"). In a basis swap, the rates may be based on different benchmarks (for example, SOFR versus commercial paper) or on different terms of the same benchmark (for example, one-month SOFR versus three-month SOFR). Each party's payment obligation under an interest rate swap is determined by reference to a specified "notional" amount of money. Therefore, interest rate swaps generally do not involve the delivery of securities, other underlying instruments, or principal amounts; rather they entail the exchange of cash payments based on the application of the designated interest rates to the notional amount. Accordingly, barring swap counterparty or FCM default, the risk of loss in an interest rate swap is limited to the net amount of interest payments that a Fund is obligated to make or receive (as applicable), as well as any early termination payment payable by or to such Fund upon early termination of the swap.

By swapping fixed interest rate payments for floating payments, an interest rate swap can be used to increase or decrease a Fund's exposure to various interest rates, including to hedge interest rate risk. Interest rate swaps are generally used to permit the party seeking a floating rate obligation the opportunity to acquire such obligation at a rate lower than is directly available in the credit markets, while permitting the party desiring a fixed-rate obligation the opportunity to acquire such a fixed-rate obligation, also frequently at a rate lower than is directly available in the credit markets. The success of such a transaction depends in large part on the availability of fixed-rate obligations at interest (or coupon) rates low enough to cover the costs involved. Similarly, a basis swap can be used to increase or decrease a Fund's exposure to various interest rates, including to hedge against or speculate on the spread between the two indexes, or to manage duration. An interest rate swap transaction is affected by change in interest rates, which, in turn, may affect the prepayment rate of any underlying debt obligations upon which the interest rate swap is based.

*Inflation index swaps*. An inflation index swap is a contract between two parties, whereby one party makes payments based on the cumulative percentage increase in an index that serves as a measure of inflation (typically, the Consumer Price Index) and the other party makes a regular payment based on a compounded fixed rate. Each party's payment obligation under the swap is determined by reference to a specified "notional" amount of money. Typically, an inflation index swap has payment obligations netted and exchanged upon maturity. The value of an inflation index swap is expected to change in response to changes in the rate of inflation. If inflation increases at a faster rate than anticipated at the time the swap is entered into, the swap will increase in value. Similarly, if inflation increases at a rate slower than anticipated at the time the swap is entered into, the swap will decrease in value.

*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 a 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 a Fund may have difficulty affecting closing transactions in particular options on swap agreements. Therefore, such 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 a Fund writes (sells) an option on a swap agreement, such 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.

*Commodity-linked total return swaps*. A commodity-linked total return swap is an agreement between two parties under which the parties agree to exchange a fixed return or interest rate on the notional amount of the swap for the return of a particular commodities index, commodity contract or basket of commodity contracts as if such notional amount had been invested in such index, commodity contract or basket of commodity contracts. For example, one party agrees to pay the other party the return on a particular index multiplied by the notional amount of the swap. In return, the other party makes periodic payments, such as at a floating interest rate, calculated based on such notional amount. If the commodity swap is for one period, a Fund may pay a fixed fee, established at the outset of the swap. However, if the term of the commodity swap is more than one period, with interim swap payments, a Fund may pay an adjustable or floating fee. With a "floating" rate, the fee may be pegged to a base rate, such as the SOFR, and is adjusted each period. Therefore, if interest rates increase over the term of the swap contract, a Fund may be required to pay a higher fee at each swap reset date.

*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 Funds 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 a Fund will be less than its performance would have been if it had not used the swap agreements.

The risk of loss to a 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 a Fund, the risk of loss to the Fund is loss of the entire amount that the Fund is entitled to receive. If a 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, a 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 a 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 Funds' 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 each 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 a 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, a 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. A 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 such 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 Funds.

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 a 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 a 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 Funds are also subject to the risk that the FCM could use such 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, a 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 a 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 Funds are 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, a Fund may be required to break the trade and make an early termination payment to the executing broker.

*Combined transactions*. Each 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.

**Securities Lending**

Each 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. A Fund may terminate a loan at any time and obtain the return of the securities loaned. A Fund receives the value of any interest or cash or non-cash distributions paid on the securities that it lends. 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. A 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 a Fund or through one or more joint accounts or money market funds, which may include those managed by the Adviser.

Each 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 each Fund in accordance with guidelines approved by the Board. In such capacity, the lending agent causes the delivery of loaned securities from a Fund to borrowers, arranges for the return of loaned securities to such 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 a Fund has agreed to pay a borrower), and credit, legal, counterparty and market risk. In the event a borrower does not return a Fund's securities as agreed, such 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.

**Repurchase Agreements**

Each 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.

**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 a Fund makes distributions or you sell Shares.

**INVESTMENT RESTRICTIONS**

The Trust has adopted the following investment restrictions as fundamental policies with respect to the Funds. These restrictions cannot be changed with respect to a Fund without the approval of the holders of a majority of such 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, each Fund may not:

&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.

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

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.

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.

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

6. Concentrate
 its investments (*i.e.*, hold more than 25% of its total assets) in any industry or group of related industries except
 that the Fund will concentrate in the industry assigned to its Underlying Security. 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, a 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, a 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, a 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, a 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. A 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 a 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 a 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 a Fund from listing and trading upon termination of such 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.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name and**<br> **Year of**<br> **Birth** | &nbsp;&nbsp;**Position**<br> **Held**<br> **with the**<br> **Trust** | &nbsp;&nbsp;**Term of**<br> **Office 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 Fund**<br> **Complex<sup>(2)</sup>**<br> **Overseen**<br> **by**<br> **Trustee** | &nbsp;&nbsp;**Other Directorships Held**<br> **by Trustee 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; 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. (Columbia, 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; 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; since 2022 | &nbsp;&nbsp;Consulting work with Rubin Brown, CPA services (since 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 Operating Officer, Tidal Investments LLC (since 2023); 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). | &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); Trustee and Chairman of Tidal Trust IV (since 2025). |

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<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 78<sup>th</sup> birthday occurs.

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

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

<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 ETF Trust, 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 each 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 each Fund's shareholders; discussing with management and the independent auditor significant financial reporting issues and judgments made in connection with the preparation of each 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 each Fund's Form N-CSR. As of the date of this SAI, the Audit Committee met [one] time with respect to the Funds.

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).

<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.

**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:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name and**<br> **Year of Birth** | &nbsp;&nbsp;**Position(s) Held** <br> **with the Trust** | &nbsp;&nbsp;**Term of Office and Length** <br> **of Time 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 Operating Officer, Tidal Investments LLC (since 2023); 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). |
| &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), Tidal Investments LLC; Chief Compliance Officer, Tidal ETF Services LLC (since 2022); Operating Partner, Altamont Capital Partners (private equity firm) (since 2021); Director, Hadron Specialty Insurance Company (since 2023); Compliance Advisor (2022 to 2023), Tidal Investments LLC; Senior Compliance Advisor, ACA Global (2020 to 2022). |
| &nbsp;&nbsp;Ally L. Mueller<br> Born: 1979 | &nbsp;&nbsp;President | &nbsp;&nbsp;Indefinite term; since 2025 | &nbsp;&nbsp;SVP of Launches & Client Success Management (since 2025), VP of Launches & Client Success Management (2024 to 2025), Head of ETF Launches and Client Success (2023 to 2024), Head of ETF Launches and Finance Director (2019 to 2023), Tidal ETF Services LLC. |
| &nbsp;&nbsp;Aaron J. Perkovich <br> Born: 1973 | &nbsp;&nbsp;Treasurer, Principal Financial Officer, and Principal Accounting Officer | &nbsp;&nbsp;Indefinite term; 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; 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; 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; 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; 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; 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). |

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<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**. Each 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 Trustees did not beneficially own shares of the Funds as they had not commenced operations.

As of December 31, 2024, the following Trustee beneficially owned shares of certain series of the Trust as follows, and no other Trustee owned shares of any series of the Trust:

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

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As of December 31, 2024, 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.** 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.

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.

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

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

**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 Funds have 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 a 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 Funds. 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 or 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 Funds have each 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 each 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 Funds.

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 each 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 Funds 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 each Fund and has overall responsibility for the general management and administration of each Fund.

Pursuant to the Investment Advisory Agreement (the "Advisory Agreement"), the Adviser provides investment advice to each Fund and oversees the day-to-day operations of each Fund, subject to the direction and control of the Board. Under the Advisory Agreement, the Adviser is also responsible for arranging sub-advisory, transfer agency, custody, fund administration and accounting, and other related services necessary for the Funds to operate. The Adviser administers each 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 each Fund, the Adviser has agreed to pay all expenses incurred by such Fund except for the Excluded Expenses, as defined in the Prospectus. For services provided to the Funds, each Fund pays the Adviser a unitary management fee, which is calculated daily and paid monthly, at an annual rate of [ ]% based on the Fund's average daily net assets.

The Advisory Agreement with respect to the Funds 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 each 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 60-days' 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 Funds will report fees paid to the Adviser once their initial fiscal period is completed.

**PORTFOLIO MANAGER**

The Fund is managed by Stephen Foy and Christopher P. Mullen, each a Portfolio Manager for the Adviser.

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

*Stephen Foy, Portfolio Manager for the Adviser*

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

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*Christopher P. Mullen, Portfolio Manager for the Adviser*

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

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**Portfolio Manager Fund Ownership.** The Funds are required to show the dollar range of the 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 Funds have not yet commenced operations and no Shares were owned by the portfolio manager.

**Portfolio Manager Compensation.** Each Portfolio Manager 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 Funds. Mr. Mullen is an equity owner of the Adviser, and therefore may benefit indirectly from the revenue generated by the Funds' Advisory Agreement with the Adviser. As of the date of this SAI, Mr. Foy has been issued membership units in the Adviser that have not yet vested. Once the membership units vest, Mr. Foy may benefit indirectly from the revenue generated by the Funds' 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 Funds' 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 Funds. 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 trades by a Fund, whereby a portfolio manager could use this information to the advantage of other accounts and to the disadvantage of any Fund. For instance, the portfolio managers may receive fees from certain accounts that are higher than the fees received from the Funds, 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 Funds. 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 Funds 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 is 190 Middle Street, Suite 301, Portland, Maine 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 each 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 Funds are new and have 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 their own resources and not out of Fund assets (i.e., without additional cost to each Fund or its shareholders), may pay certain broker dealers, banks and other financial intermediaries ("Intermediaries") for certain activities related to the Funds, including participation in activities that are designed to make Intermediaries more knowledgeable about exchange traded products, including the Funds, or for other activities, such as marketing and educational training or support. These arrangements are not financed by the Funds 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 Funds' 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 Funds, 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 a 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 his or her 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 a 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 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 Funds by providing an incentive for brokers, dealers, and other financial intermediaries to engage in sales and marketing efforts on behalf of the Funds and to provide enhanced services to shareholders. The Board also determined that the Plan may enhance the Funds' 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 each Fund pays the Distributor an annual fee of up to a maximum of 0.25% 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, each 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"), a Tidal Financial Group company and an affiliate of the Adviser, serves as the Funds' 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 each 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 Funds are new, and the Administrator has not received any fees for administrative services to the Funds as of the date of this SAI.

**SUB-ADMINISTRATOR AND TRANSFER AGENT**

Global Fund Services, LLC, located at 615 East Michigan Street, Milwaukee, Wisconsin 53202, serves as the Funds' 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 Funds, 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 each 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 Funds are new, and Global Fund Services has not received any fees for sub-administration services to the Funds 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 each Fund's assets. U.S. Bank is the parent company of Global Fund Services. The Custodian holds and administers the assets in the Funds' portfolios. 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**

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**PORTFOLIO HOLDINGS DISCLOSURE POLICIES AND PROCEDURES**

The Board has adopted a policy regarding the disclosure of information about each Fund's security holdings. Each Fund's entire portfolio holdings are publicly disseminated each day the Funds are 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 such Fund with each other share. Shares are entitled upon liquidation to a pro rata share in the net assets of such 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 each Fund without shareholder approval. While the Trustees have no present intention of exercising this power, they may do so if a 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 a 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 a 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 its 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 a Fund's portfolio transactions may include such 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 a 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", a 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 a 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 such Fund's portfolio transactions in connection with such orders.

The Adviser may use a 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 a 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, a 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 a 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 each Fund for the purchase or sale of portfolio securities. If purchases or sales of portfolio securities of a 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 them 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 Funds are 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 Funds. The primary consideration is prompt execution of orders at the most favorable net price.

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

The Funds are new and have not paid any brokerage commissions as of the date of this SAI.

**Brokerage with Fund Affiliates**. The Funds may execute brokerage or other agency transactions through registered broker-dealer affiliates of the Funds 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 Funds 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 Funds, have adopted procedures for evaluating the reasonableness of commissions paid to affiliates and review these procedures periodically.

The Funds are new and have not paid brokerage commissions to any registered broker-dealer affiliates of the Funds or the Adviser as of the date of this SAI.

**Directed Brokerage**

The Funds are new and as of the date of this SAI have 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 Funds are 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 Funds are the ten brokers or dealers that, during the most recent fiscal year: (i) received the greatest dollar amounts of brokerage commissions from the Fund's portfolio transactions; (ii) engaged as principal in the largest dollar amounts of portfolio transactions of the Fund; or (iii) sold the largest dollar amounts of Shares.

The Funds are new and did not own equity securities of their 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 a Fund's purchases or sales of securities (excluding short-term securities and securities transferred in-kind) by the average market value of such 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 a Fund, any distributions resulting from such gains are considered ordinary income for federal income tax purposes.

The Funds are new and do not have portfolio turnover rates 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 Funds 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 interests 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 a 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 Funds 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 a Fund generally consists of either (i) 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, or (ii) the cash value of the Deposit Securities. 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, a 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 a 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).

Each Fund, through NSCC, make 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 applicable 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 a 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 a 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 a 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 [ ] p.m. Eastern time for the Funds, which time may be modified by a 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 a 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, each Fund may require orders to create Creation Units to be placed earlier in the day. In addition, if a market or markets on which a 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 a 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 a 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 applicable Fund or its agents by no later than [ ] p.m. Eastern Time for the Fund (or such other time as specified by the Trust) on the contractual settlement date. If the applicable 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 such 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 [ ] p.m. Eastern Time for the applicable 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 [ ] p.m. Eastern Time for the applicable Fund on the contractual settlement date, then the order may be deemed to be rejected and the Authorized Participant shall be liable to the applicable 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 Funds 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 [ ] p.m. Eastern Time for the applicable Fund (or such other time as specified by the Trust) on the contractual settlement date. If the applicable 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 applicable 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 a Fund including, without limitation, 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 of the Fund; (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 each Fund, regardless of the number of Creation Units created in the transaction, can be found in the table below. Each 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 Funds, 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. Each 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.

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| | |
|:---|:---|
| **Fixed Creation Transaction Fee** | **Maximum Variable Transaction Fee** |
| $[ ] | [ ]% |

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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 a 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 a 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 Funds through the Transfer Agent and only on a Business Day. EXCEPT UPON LIQUIDATION OF A 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 each 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 each 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 Funds, 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 a Fund, regardless of the number of Creation Units redeemed in the transaction, can be found in the table below. Each 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 each 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. Each 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.

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| | |
|:---|:---|
| **Fixed Redemption Transaction Fee** | **Maximum Variable Transaction Fee** |
| $[ ] | [ ]% |

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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 [ ] 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 by the next Business Day following the trade date, as discussed above.

The Trust may, in its discretion, exercise its option to cause a 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 applicable Fund may, in its sole discretion, permit. In either case, the investor will receive a cash payment equal to the NAV of its Shares based on the NAV of Shares of such Fund 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). A 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 each 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 a 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 each Fund is computed by dividing the value of the net assets of such 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 each 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 each Fund's NAV per Share, such Fund's investments are generally valued using a pricing service. A 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. For assets traded on an exchange, a Fund may value investments using market valuations. A market valuation generally means a valuation (1) obtained from an exchange, a pricing service, or a major market maker (or dealer), (2) 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 (3) 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.

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**. Each 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 Internal Revenue Code of 1986, as amended, (the "Code"), in all events in a manner consistent with the provisions of the 1940 Act.

The Funds will declare and pay income and capital gains 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.

Each 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 each 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 applicable 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 such 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 Funds and their respective 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 Funds or their respective 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 Funds. The Tax Act, however, also made numerous other changes to the tax rules that may affect shareholders and the Funds. 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 Funds. You are urged to consult with your own tax advisor regarding how this legislation affects your investment in a 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 Funds.** Each Fund will elect and intends to qualify each year to be treated as a RIC under the Code. As such, each 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, a Fund must distribute in each taxable year at least 90% of its net investment income 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 each 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 a 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").

There is no assurance that the Fund will be able to satisfy the Diversification Requirement. In some cases, identification of the issuer (or issuers) is uncertain under current law, and an adverse determination or future guidance by the IRS with respect to issuer identification for a particular type of investment may adversely affect the Fund's ability to meet the Diversification Test.

To the extent a Fund makes investments that may generate income that is not qualifying income, including certain derivatives, such 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 each Fund intends to distribute substantially all of its net investment income and may distribute its capital gains for any taxable year, a Fund will be subject to federal income taxation to the extent any such income or gains are not distributed. Each Fund is treated as a separate corporation for federal income tax purposes. Each 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 a 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 a 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, a Fund may be required to dispose of certain assets. If these relief provisions were not available to a 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 applicable 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. 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 a Fund for treatment as a RIC if it determines such course of action to be beneficial to shareholders. If a Fund determines that it will not qualify as a RIC, the Fund will establish procedures to reflect the anticipated tax liability in such Fund's NAV.

Each 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.

Each 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. Each 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.

Each Fund intends to distribute substantially all of its net investment income and net capital gain to shareholders for each taxable year. If a 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**. Each 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 shareholders receive these distributions in cash or reinvests them in additional Shares.

Each 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. Given the investment strategies of the Funds, it is unlikely that any dividends paid by a Fund will be qualified dividends or be eligible for the corporate dividends paid deduction.

Although dividends generally will be treated as distributed when paid, any dividend declared by a 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). Each 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 Funds may report and distribute, as ordinary dividends or capital gain dividends, a percentage of income that is not equal to the percentage of such 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 a 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 a 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 a 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 a person 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 each 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 each 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 Funds to mark to market certain types of positions in its portfolio (i.e., treat them as if they were closed out) which may cause a 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. Each 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 its qualification for treatment as a RIC. To the extent a 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**. Each 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 a 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. A 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 Funds 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 a 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 a 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 a Fund should consult their tax advisors in this regard.

However, notwithstanding the foregoing, tax-exempt shareholders could realize UBTI by virtue of their investment in the Funds if, for example, Shares in such Fund constitute debt-financed property in the hands of the tax-exempt shareholders within the meaning of section 514(b) of the Code. Charitable remainder trusts are subject to special rules and should consult their tax advisers. The IRS has issued guidance with respect to these issues and prospective shareholders, especially charitable remainder trusts, are strongly encouraged to consult with their tax advisers regarding these issues.

**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.

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

**FINANCIAL STATEMENTS**

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

**TIDAL TRUST II**

**PART C: OTHER INFORMATION**

**Item 28. Exhibits**

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| | | |
|:---|:---|:---|
| **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](ex99-axi1.htm) **– filed herewith**.

(2) [Memorandum and Articles of Association](ex99-axi2.htm) **– filed herewith**.

(3) [Certificate of Incorporation](ex99-axi3.htm) **– filed herewith**.

(4) [Tax Underwriting](ex99-axi4.htm) **– filed herewith**.

(5) [Private Investment Company Custodian Agreement](ex99-axi5.htm) **– filed herewith**.

(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. | [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. | [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. | (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. | [(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. | [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. | [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. | [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. | [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.** |

---

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| | |
|:---|:---|
| (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. |

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| | |
|:---|:---|
|  | [(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. |

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|:---|:---|
| (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. <br> (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. |

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| |
|:---|
| (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. |

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|:---|
| (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 ETFDefiance 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. |

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|  | (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) | [Custodian Agreement between the Trust and U.S. Bank National Association](http://www.sec.gov/Archives/edgar/data/1924868/000138713122007650/ex99-g.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 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. |

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| (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. |

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| (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. |

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| (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)](ex99-gi27.htm) – **filed herewith.** |
| (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.** |

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|  | (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. |

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| (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. |

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| (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**.** |

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|  | (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. |

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| (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. |

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| (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. |

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| (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)](ex99-hii27.htm) – **filed herewith.** |
| (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.**  |
| (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.** |

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| | (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. |

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| (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. |

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| (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)](ex99-hiv27.htm) – **filed herewith.** |

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|  | (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. |

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| (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. |

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| (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. |

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|:---|
| (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)](ex99-hvi27.htm) – **filed herewith.** |
| (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) – **to be filed by amendment.** 

(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](ex99-m.htm) – **filed herewith**.

(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. |

---

---

| | | | |
|:---|:---|:---|:---|
| <u>Name</u> | <u>Address</u> | <u>Position with Underwriter</u> | <u>Position with Registrant</u> |
| 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.<br> 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

**(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 |
| **(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. 391 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 4, 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 4, 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 |  |

---

**<u>Exhibit Index</u>**

---

| | |
|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** |
| [(a)(xi)(1)](ex99-axi1.htm) | [Investment Advisory Agreement](ex99-axi1.htm) |
| [(a)(xi)(2)](ex99-axi2.htm) | [Memorandum and Articles of Association](ex99-axi2.htm) |
| [(a)(xi)(3)](ex99-axi3.htm) | [Certificate of Incorporation](ex99-axi3.htm) |
| [(a)(xi)(4)](ex99-axi4.htm) | [Tax Underwriting](ex99-axi4.htm) |
| [(a)(xi)(5)](ex99-axi5.htm) | [Private Investment Company Custodian Agreement](ex99-axi5.htm) |
| [(g)(i)(27)](ex99-gi27.htm) | [Amendment to the Custodian Agreement](ex99-gi27.htm) |
| [(h)(ii)(27)](ex99-hii27.htm) | [Amendment to the Fund Sub-Administration Servicing Agreement](ex99-hii27.htm) |
| [(h)(iv)(27)](ex99-hiv27.htm) | [Amendment to the Fund Accounting Servicing Agreement](ex99-hiv27.htm) |
| [(h)(vi)(27)](ex99-hvi27.htm) | [Amendment to the Transfer Agent Agreement](ex99-hvi27.htm) |
| [(m)](ex99-m.htm) | [Amended and Restated Rule 12b-1 Plan](ex99-m.htm) |

---

## Ex-99.(A)(Xi)(1)

**[Tidal Trust II 485APOS](defiance2x-485apos_80425.htm)**

**Exhibit 99.(a)(xi)(1)**

INVESTMENT ADVISORY AGREEMENT

Between

DEFIANCE ENHANCED LONG VOL CAYMAN SUBSIDIARY

AND

TIDAL INVESTMENTS LLC

This Investment Advisory Agreement (the "<u>Agreement</u>") is made as of [ ], 2025, by and between **Defiance Enhanced Long Vol Cayman Subsidiary**, an Exempted Company incorporated in the Cayman Islands with limited liability (the "<u>Fund</u>"), and **Tidal Investments LLC**, a Delaware limited liability company (the "<u>Adviser</u>") located at 234 West Florida Street, Suite 203 Milwaukee, Wisconsin 53204, USA.

BACKGROUND:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Fund is
 an Exempted Company incorporated in the Cayman Islands with limited liability, and will
 be wholly-owned by its sole investor, **Defiance Enhanced Long Vol ETF** (the " <u>U.S. Fund</u> ") which is a series of Tidal Trust II (the " <u>Trust</u> "),
 a Delaware statutory trust, registered with the U.S. Securities and Exchange Commission
 (the " <u>SEC</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Fund is
 authorized to issue shares of beneficial interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Adviser
 is registered as an investment adviser under the U.S. Investment Advisers Act of 1940,
 as amended (the " <u>Advisers Act</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The Fund desires
 to retain the Adviser to render investment advisory services to the Fund in the manner
 and on the terms and conditions hereinafter set forth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. This Background
 section is incorporated by reference into and made a part of this Agreement.

**TERMS:**

**NOW, THEREFORE**, in consideration of the mutual promises and consideration contained herein, the receipt and sufficiency of which is acknowledged by each party, intending to be legally bound, agree as follows:

**1.** **Services of the Adviser.** 

1.1 <u>Investment Advisory Services</u>. The Adviser will: (a) provide a program of continuous investment management for the Fund; (b) make investment decisions for the Fund; and (c) place orders to purchase and sell securities and investments for the Fund in accordance with the Fund's investment objectives, policies and limitations as stated in the U.S. Fund's current Prospectus and Statement of Additional Information (the "<u>Registration Statement</u>") as provided to the Adviser, as they may be amended from time to time.

The Adviser further agrees that, in performing its duties hereunder, it will:

(a) with regard to its activities under this Agreement, use reasonable efforts to comply in all material respects with the applicable provisions of the U.S. Investment Company Act of 1940, as amended (the "1940 Act"), the Advisers Act, and all applicable rules and regulations thereunder, the U.S. Internal Revenue Code of 1986, as amended (the "<u>Code</u>"), and all other applicable U.S. federal and state laws and regulations, and with the U.S. Fund's Registration Statement, the provisions of Cayman Island law and any applicable procedures adopted by the Fund's Directors or the Board of Trustees of the Trust, on behalf of the U.S. Fund, as they may be amended from time to time, provided that written copies of such procedures and amendments thereto are provided to the Adviser;

(b) use reasonable
 efforts to manage the Fund's assets in a manner that will not impair the U.S. Fund's
 qualification as a regulated investment company under Subchapter M of the Code and regulations
 issued thereunder; place orders pursuant to its investment determinations for the Fund,
 in accordance with applicable policies expressed in the U.S. Fund's Registration
 Statement or otherwise established through written guidelines established by the Fund
 and provided to the Adviser, including without limitation, Section 1.1.2 hereof;

(c) furnish
 to the Fund whatever statistical information the Fund may reasonably request with respect
 to the Fund's assets or investments. In addition, the Adviser will keep the Fund
 and the Directors informed of developments that the Adviser reasonably believes will
 materially affect the Fund's portfolio, and shall, on the Adviser's own initiative,
 furnish to the Fund from time to time whatever information the Adviser believes appropriate
 for this purpose;

(d) make available
 to the Fund, promptly upon request, such copies of its investment records and ledgers
 with respect to the Fund as may reasonably be required to assist the Fund in its compliance
 with applicable laws and regulations. The Adviser will furnish the Directors and the
 Fund with such periodic and special reports regarding the Fund as they may reasonably
 request;

(e) provide
 assistance to the Fund or custodian or recordkeeping agent for the Fund in determining
 or confirming, consistent with the procedures and policies stated in the U.S. Fund's
 valuation procedures and/or Registration Statement, the value of any portfolio securities
 or other assets of the Fund for which the Fund, custodian or recordkeeping agent seeks
 assistance from the Adviser or identifies for review by the Adviser;

(f) assist the Fund, and any of its Directors, officers, and/or employees in complying with the provisions of the Sarbanes-Oxley Act of 2002 to the extent such provisions relate to the services to be provided by, and obligations of, the Adviser hereunder;

(g) assist the
 Fund, and accordingly, the U.S. Fund's Chief Compliance Officer (" <u>CCO</u> ")
 in complying with Rule 38a-1 under the 1940 Act. Specifically, the Adviser represents
 and warrants that it shall maintain a compliance program in accordance with the requirements
 of Rule 206(4)-7 under the Advisers Act, and shall provide the CCO with reasonable access
 to information regarding the Adviser's compliance program, which access shall include
 on-site visits with the Adviser as may be reasonably requested from time to time. In
 connection with the periodic review and annual report required to be prepared by the
 CCO pursuant to Rule 38a-1, the Adviser agrees to provide certifications as may be reasonably
 requested by the CCO related to the design and implementation of the Adviser's
 compliance program;

(h) provide
 assistance as may be reasonably requested by the Fund in connection with compliance by
 the Fund with any current or future legal and regulatory requirements related to the
 services provided by the Adviser hereunder;

(i) promptly
 notify the Fund to the extent required by applicable law in the event that the Adviser
 or any of its affiliates: (1) becomes aware that it is subject to a statutory disqualification
 that prevents the Adviser from serving as an investment adviser pursuant to this Agreement;
 or (2) becomes aware that it is the subject of an administrative proceeding or enforcement
 action by the SEC or other regulatory authority. The Adviser further agrees to notify
 the Fund immediately of any material fact known to the Adviser respecting or relating
 to the Adviser that would make any written representation in this Agreement materially
 inaccurate or incomplete or if any such written representation becomes untrue in any
 material respect;

(j) promptly notify the Fund if the Adviser suffers a material adverse change in its business that would materially impair its ability to perform its relevant duties for the Fund. For the purposes of this paragraph, a "material adverse change" shall include, but is not limited to, a material loss of assets or accounts under management or the departure of senior investment professionals to the extent such professionals are not replaced promptly with professionals of comparable experience and quality;

(k) use no material non-public information that may be in its possession in making investment decisions for the Fund, nor seek to obtain any such information; and

(l) use its
 best judgment and efforts in rendering the advice and services contemplated by this Agreement.

1.1.1 <u>Investment Authority</u>. The Adviser's investment authority shall include the authority to purchase and sell securities, options, swaps (including but not limited to interest rate swaps, inflation swaps, swaptions and credit default swaps), financial futures contracts and options thereon, currency transactions, and other derivatives and investment instruments and techniques as may be permitted for use by the Fund and consistent with the Registration Statement.

The Adviser may: (i) open and maintain brokerage accounts for financial futures and options and securities (such accounts hereinafter referred to as "<u>Brokerage Accounts</u>") on behalf of and in the name of the Fund; and (ii) execute for and on behalf of the Brokerage Accounts, standard customer agreements with a broker or brokers. The Adviser may, using such of the securities and other property in the Brokerage Accounts as the Adviser deems necessary or desirable, direct the custodian to deposit on behalf of the Fund, original and maintenance brokerage deposits and otherwise direct payments of cash, cash equivalents and securities and other property into such brokerage accounts and to such brokers as the Adviser deems desirable or appropriate. The Fund hereby authorizes any entity or person associated with the Adviser or any sub-adviser or futures trading advisor retained by the Adviser pursuant to Section 8 of this Agreement to effect any transaction on the exchange for the account of the Fund which is permitted by Section 11(a) of the U.S. Securities Exchange Act of 1934, as amended, and Rule 11a2-2(T) thereunder, and the Fund hereby consents to the retention of compensation for such transactions in accordance with Rule 11a2-2(T)(a)(2)(iv).

1.1.2 <u>Investment Guidelines</u>. The Fund shall supply the Adviser with such other information as the Adviser shall reasonably request concerning the Fund's investment policies, restrictions, limitations, tax position, liquidity requirements and other information useful in managing the Fund's investments.

1.2 <u>Administrative Services</u>. The Fund has engaged the services of an administrator. The Adviser shall provide such additional administrative services as reasonably requested by the Fund's Directors or officers of the Fund; provided, that the Adviser shall not have any obligation to provide under this Agreement any direct or indirect services to Fund shareholders, any services related to the distribution of Fund shares, or any other services which are the subject of a separate agreement or arrangement between the Fund and the Adviser. Subject to the foregoing, in providing administrative services hereunder, the Adviser shall:

(a) <u>Office Space, Equipment and Facilities</u>. Provide such office space, office equipment and
 office facilities as are adequate to fulfill the Adviser's obligations hereunder;

(b) <u>Personnel</u>.
 Provide, without remuneration from or other cost to the Fund, the services of individuals
 competent to perform the administrative functions which are not performed by employees
 or other agents engaged by the Fund or by the Adviser acting in some other capacity pursuant
 to a separate agreement or arrangement with the Fund;

(c) <u>Agents</u>.
 Assist the Fund in selecting and coordinating the activities of the other agents engaged
 by the Fund, including the Fund's shareholder servicing agent, custodian, administrator,
 independent auditors and legal counsel;

(d) <u>Directors and Officers</u>. Authorize and permit the Adviser's directors, officers and employees
 who may be elected or appointed as Directors or officers of the Fund to serve in such
 capacities, without remuneration from or other cost to the Fund;

(e) <u>Books and Records</u>. Assure that all financial, accounting and other records required to
 be maintained and preserved by the Adviser on behalf of the Fund are maintained and preserved
 by it in accordance with applicable laws and regulations;

(f) <u>Reports and Filings</u>. Assist in the preparation of (but not pay for) all periodic reports
 by the Fund to its shareholders and all reports and filings required to maintain the
 registration and qualification of the Funds and Fund shares, or to meet other regulatory
 or tax requirements applicable to the Fund, under federal and state securities and tax
 laws;

(g) <u>Change in Management or Control</u>. The Adviser shall provide at least sixty (60) days'
 prior written notice to the Fund of any change in the ownership or management of the
 Adviser, or any event or action that may constitute a change in "control,"
 as that term is defined in Section 2 of the 1940 Act. The Adviser shall provide prompt
 notice of any change in the portfolio manager(s) responsible for the day-to-day management
 of the Funds.

**2.** **Expenses of the Fund.** 

During the term of this Agreement, the Adviser shall bear its own costs of providing services under this Agreement. The Adviser agrees to pay, or require a sub-adviser or futures trading advisor to pay, all expenses incurred by the Fund pursuant to this Agreement, excluding interest charges on any borrowings, 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 and litigation expenses and other non-routine or extraordinary expenses.

**3.** **Advisory Fee.** 

The Adviser will not receive any compensation for services rendered by the Adviser as investment adviser to the Fund, and is not entitled to any compensation under this Agreement.

**4.** **Proxy Voting.** 

The Adviser will vote, or make arrangements to have voted, all proxies solicited by or with respect to the issuers of securities in which assets of the Fund may be invested from time to time. Such proxies will be voted in a manner that the Adviser deems, in good faith, to be in the best interest of the Fund and in accordance with the Adviser's proxy voting policy. The Adviser agrees to provide a copy of its proxy voting policy to the Fund prior to the execution of this Agreement, and any amendments thereto promptly.

**5.** **Records and Agent for Service of Process.** 

5.1 <u>Tax Treatment</u>. Both the Adviser and the Fund shall maintain, or arrange for others to maintain, the books and records of the Fund in such a manner that treats the Fund as a separate entity for federal income tax purposes.

5.2 <u>Ownership</u>. All records required to be maintained and preserved by the Fund pursuant to the provisions or rules or regulations of the SEC under Section 31(a) of the 1940 Act and maintained and preserved by the Adviser on behalf of the Fund are the property of the Fund and shall be surrendered by the Adviser promptly on request by the Fund; provided, that the Adviser may at its own expense make and retain copies of any such records. The Fund, for so long as the U.S. Fund is the sole investor in the Fund, agrees to inspection by the staff of the SEC of the Fund's books and records.

5.3 <u>Agent for Service of Process</u>. The Fund will designate an agent for service of process in the United States.

**6.** **Reports to Adviser.** 

The Fund shall furnish or otherwise make available to the Adviser such copies of the Fund's financial statements, proxy statements, reports and other information relating to its business and affairs as the Adviser may, at any time or from time to time, reasonably require in order to discharge its obligations under this Agreement.

**7.** **Code of Ethics.** 

The Adviser has adopted a written code of ethics complying with the requirements of Rule 17j-1 under the 1940 Act. Upon request, the Adviser will provide to the Fund's Directors a written report that describes any issues arising under the code of ethics since the last report to the Fund's Directors, including, but not limited to, information about material violations of the code and sanctions imposed in response to the material violations and which certifies that the Adviser has adopted procedures reasonably necessary to prevent "access persons" (as that term is defined in Rule 17j-1) from violating the code.

**8.** **Retention of Sub-Adviser and/or Futures Trading Advisor.** 

Subject to the approval by the Board of Trustees of the Trust, on behalf of the U.S. Fund, the Adviser may retain one or more sub-advisers or futures trading advisors, at the Adviser's own cost and expense, for the purpose of managing the investments of the assets of the Fund. Retention of one or more sub-advisers or futures trading advisors shall in no way reduce the responsibilities or obligations of the Adviser under this Agreement and the Adviser shall, subject to Section 10 of this Agreement, be responsible to the Fund for all acts or omissions of any sub-adviser or futures trading advisor in connection with the performance of the Adviser's duties hereunder.

**9.** **Services to Other Clients.** 

Nothing herein contained shall limit the freedom of the Adviser or any affiliated person of the Adviser to render investment management and administrative services to other investment companies, to act as investment adviser or investment counselor to other persons, firms or corporations, or to engage in other business activities.

**10.** **Limitation of Liability of Adviser and its Personnel.** 

Neither the Adviser nor any director, manager, officer or employee of the Adviser performing services for the Fund at the direction or request of the Adviser in connection with the Adviser's discharge of its obligations hereunder shall be liable for any error of judgment or mistake of law or for any loss suffered by the Fund in connection with any matter to which this Agreement relates, and the Adviser shall not be responsible for any action of the Directors of the Fund in following or declining to follow any advice or recommendation of the Adviser or any sub-adviser or futures trading advisor retained by the Adviser pursuant to Section 8 of this Agreement; <u>provided that</u>, nothing herein contained shall be construed (i) to protect the Adviser against any liability to the Fund or its shareholders to which the Adviser would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of the Adviser's duties, or by reason of the Adviser's reckless disregard of its obligations and duties under this Agreement, or (ii) to protect any director, manager, officer or employee of the Adviser who is or was a Director or officer of the Fund against any liability of the Fund or its shareholders to which such person would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such person's office with the Fund.

**11.** **Effect of Agreement.** 

Nothing herein contained shall be deemed to require to the Fund to take any action contrary to its Charter Documents or any applicable law, regulation or order to which it is subject or by which it is bound, or to relieve or deprive the Directors of the Fund of their responsibility for and control of the conduct of the business and affairs of the Fund.

**12.** **Term of Agreement.** 

The term of this Agreement shall begin as of the date and year upon which the Fund commences investment operations, and unless sooner terminated as hereinafter provided, this Agreement shall remain in effect for a period of two years. Thereafter, this Agreement shall continue in effect with respect to the Fund from year to year, subject to the termination provisions and all other terms and conditions hereof; <u>provided that</u>, such continuance with respect to the Fund is approved at least annually by the Board of Trustees of the Trust, including a majority of the Trustees of the Trust who are not parties to this Agreement or interested persons of either party hereto.

The Adviser shall furnish to the Fund, promptly upon its request, such information as may reasonably be necessary to evaluate the terms of this Agreement or any extension, renewal or amendment thereof.

**13.** **Amendment or Assignment of Agreement.** 

Any amendment to this Agreement shall be in writing signed by the parties hereto; <u>provided that</u>, no such amendment shall be effective unless authorized (i) by resolution of the Fund's Directors) and the Board of Trustees of the Trust, including the vote or written consent of a majority of the Trustees of the Trust who are not parties to this Agreement or interested persons of either party hereto, and (ii) by vote of a majority of the outstanding voting securities of the Fund affected by such amendment as required by applicable law. This Agreement shall terminate automatically and immediately in the event of its assignment.

**14.** **Termination of Agreement.** 

This Agreement may be terminated as to the Fund at any time by either party hereto, without the payment of any penalty, upon sixty (60) days' prior written notice to the other party. This Agreement shall terminate automatically upon termination of the investment advisory agreement between the Trust and the Adviser, on behalf of the U.S. Fund.

**15.** **Memorandum and Articles of Association (the "Charter Documents").** 

The Adviser is hereby expressly put on notice of the limitation of shareholder liability as set forth in the Fund's Charter Documents and agrees that the obligations assumed by the Fund pursuant to this Agreement shall be limited in all cases to the Fund and its assets, and the Adviser shall not seek satisfaction of any such obligation from the shareholders or any shareholder of the Fund. In addition, the Adviser shall not seek satisfaction of any such obligations from the Directors or any individual Director. The Adviser agrees that the Adviser must look solely to the assets of the Fund for the enforcement or satisfaction of any claims against the Fund.

**16.** **Confidentiality.** 

The Adviser agrees to treat all non-public records and other information relating to the Fund and the securities holdings of the Fund as confidential (collectively, "<u>Fund Confidential Information</u>") and shall not disclose any such Fund Confidential Information to any other person unless either (a) permitted by this Agreement or (b) the Board of Directors of the Fund has approved the disclosure. In addition, the Adviser and the Adviser's officers, directors and employees are prohibited from receiving compensation or other consideration, for themselves or on behalf of the Fund, as a result of disclosing the Fund's portfolio holdings. The Adviser agrees that, consistent with the Adviser's Code of Ethics, neither the Adviser nor the Adviser's officers, directors, members or employees may engage in personal securities transactions based on nonpublic information about the Fund's portfolio holdings.

The Fund agrees to treat all non-public records and other information relating to the Adviser as confidential (collectively, "<u>Adviser Confidential Information</u>," and together with "Fund Confidential Information," "<u>Confidential Information</u>") and shall not disclose any such Adviser Confidential Information to any other person unless (i) the Adviser has approved the disclosure or (ii) such disclosure is otherwise permitted by this Agreement.

Confidential Information shall not be subject to the above confidentiality obligations to the extent: (i) it is already known to the receiving party at the time it is obtained; (ii) it is or becomes publicly known or available through no wrongful act of the receiving party; (iii) it is rightfully received from a third party who, to the receiving party's knowledge, is not under a duty of confidentiality; (iv) it is released by the protected party to a third party without restriction; or (v) it has been or is independently developed or obtained by the receiving party without reference to the Confidential Information provided by the protected party.

Confidential Information may be disclosed by a party without violating its confidentiality obligations under this Agreement to third parties to the limited extent that: (i) release of the information is necessary or appropriate in connection with the provision of services (or receipt of services) contemplated by this Agreement (including services to the Fund); (ii) it is required to be disclosed by the receiving party pursuant to a requirement of a court order, subpoena, governmental or regulatory authority or agency, law, or binding discovery request in pending litigation (provided the receiving party will provide the disclosing party written notice of such requirement, to the extent such notice is permitted); (iii) it is requested to be disclosed by a governmental or regulatory authority or agency with jurisdiction over the disclosing party; or (iv) it is relevant to any claim or cause of action between the parties or the defense of any claim or cause of action asserted against the receiving party. Confidential Information shared with third parties in accordance with the foregoing sentence shall otherwise remain subject to the confidentiality obligations of this section.

**17.** **Jurisdiction.** 

This Agreement shall be governed by and construed in accordance with the substantive laws of the State of New York without reference to choice of law principles thereof and in accordance with the 1940 Act. In the case of any conflict, the 1940 Act shall control.

**18.** **Interpretation and Definition of Terms.** 

Any question of interpretation of any term or provision of this Agreement having a counterpart in or otherwise derived from a term or provision of the 1940 Act shall be resolved by reference to such term or provision of the 1940 Act and to interpretation thereof, if any, by the United States courts, or, in the absence of any controlling decision of any such court, by rules, regulations or orders of the SEC validly issued pursuant to the 1940 Act. Specifically, the terms "vote of a majority of the outstanding voting securities," "interested persons," "assignment" and "affiliated person," as used in this Agreement shall have the meanings assigned to them by Section 2(a) of the 1940 Act. To the extent there is any inconsistency between the provisions of this Agreement and the provisions of the 1940 Act, the parties agree that the provisions of the 1940 Act shall prevail. In addition, when the effect of a requirement of the 1940 Act reflected in any provision of this Agreement is modified, interpreted or relaxed by a rule, regulation or order of the SEC, whether of special or of general application, such provision shall be deemed to incorporate the effect of such rule, regulation or order.

**19.** **Captions.** 

The captions in this Agreement are included for convenience of reference only and in no way define or delineate any of the provisions hereof or otherwise affect their construction or effect.

**20.** **Execution in Counterparts.** 

This Agreement may be executed simultaneously in counterparts, each of which shall be deemed an original, but both of which together shall constitute one and the same instrument.

**[Signature Page Follows]**

**IN WITNESS WHEREOF**, the parties hereto have caused this Agreement to be executed as of the day first set forth above.

**Defiance Enhanced Long Vol Cayman Subsidiary**

---

| | |
|:---|:---|
| By: | /s/ Ronnie Riven |

---

Name: Ronnie Riven <br>Title: Director

**Tidal Investments LLC**

---

| | |
|:---|:---|
| By: | /s/ Daniel Carlson<u> </u> |

---

Name: Daniel Carlson <br>Title: Co-Founder & Chief of Staff

## Ex-99.(A)(Xi)(2)

**[Tidal Trust II 485APOS](defiance2x-485apos_80425.htm)**

**Exhibit 99.(a)(xi)(2)**

![](ex99xi2001.jpg)

**COMPANIES ACT (AS AMENDED)**

**COMPANY LIMITED BY SHARES**

**MEMORANDUM AND ARTICLES OF ASSOCIATION**

**OF**

**DEFIANCE ENHANCED LONG VOL CAYMAN SUBSIDIARY**

*Auth Code: G74738471616*

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**COMPANIES ACT (AS AMENDED)**

**COMPANY LIMITED BY SHARES**

**MEMORANDUM OF ASSOCIATION**

**OF**

**DEFIANCE ENHANCED LONG VOL CAYMAN SUBSIDIARY**

1. The
name of the Company is Defiance Enhanced Long Vol Cayman Subsidiary.

2. The
registered office of the Company will be at the offices of Mourant Governance Services (Cayman) Limited, 94 Solaris Avenue, Camana
Bay, PO Box 1348, Grand Cayman KY1-1108, Cayman Islands or at such other place as the Directors may from time to time decide.

3. The
objects for which the Company is established are unrestricted and the Company shall have full power and authority to carry out
any object not prohibited by law as provided by Section 7(4) of the Companies Act.

4. The
Company shall have and be capable of exercising all the functions of a natural person of full capacity irrespective of any question
of corporate benefit as provided by Section 27(2) of the Companies Act.

5. Nothing
in the preceding paragraphs shall be deemed to permit the Company to carry on the business of a bank or trust company without
being licensed in that behalf under the provisions of the Banks and Trust Companies Act (as amended) or to carry on insurance
business from within the Cayman Islands or the business of an insurance manager, agent, sub-agent or broker without being licensed
in that behalf under the provisions of the Insurance Act (as amended), or to carry on the business of company management without
being licensed in that behalf under the provisions of the Companies Management Act (as amended).

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6. The
Company will not trade in the Cayman Islands with any person, firm or corporation except in furtherance of the business of the
Company carried on outside the Cayman Islands, provided that nothing in this Memorandum of Association shall be construed as to
prevent the Company from effecting and concluding contracts in the Cayman Islands, and exercising in the Cayman Islands all of
its powers necessary for the carrying on of business outside the Cayman Islands.

7. The
 liability of each member is limited to the amount from time to time unpaid on such member's
 shares.

8. The
 authorised share capital of the Company is US$50,000 divided into 5,000,000 shares of
 US$0.01 par value each, with the power for the Company, insofar as is permitted by law
 and the Articles, to redeem, purchase or redesignate any of its shares and to increase
 or reduce the said share capital subject to the Companies Act (as amended) and the Articles
 and to issue any part of its capital, whether original, redeemed or increased with or
 without any preference, priority or special privilege or subject to any postponement
 of rights or to any conditions or restrictions and so that unless the conditions of issue
 shall otherwise expressly declare every issue of shares whether declared to be preference
 or otherwise shall be subject to the powers hereinbefore contained.

9. The
 Company may exercise the power contained in Section 206 of the Companies Act to deregister
 in the Cayman Islands and be registered by way of continuation in another jurisdiction.

10. Capitalised
 terms that are not defined in this Memorandum bear the meanings given to those terms
 in the Articles.

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We, the subscriber to this Memorandum, wish to form a company limited by shares pursuant to this Memorandum, and we agree to take the number of shares in the capital of the Company shown opposite our name.

<br> Name and address of Subscriber Number of shares taken <br>    

Mourant Nominees (Cayman) Limited One

94 Solaris Avenue

Camana Bay

PO Box 1348

Grand Cayman KY1-1108

CAYMAN ISLANDS

---

| |
|:---|
| Mourant Nominees (Cayman) Limited |
| acting by: |
| ![](ex99xi2002.jpg) |
| Name: Angelisa Whittaker |
| Title: Authorised Signatory |
| Witness to the above signature: |
| ![](ex99xi2003.jpg) |
| Name: Marrio McKenzie |
| Address: |
| 94 Solaris Avenue |
| Camana Bay |
| PO Box 1348 |
| Grand Cayman KY1-1108 |
| CAYMAN ISLANDS |
| Occupation: Administrator/Secretary |

---

Date: 17<sup>th</sup> June 2025

 

*Auth Code: G74738471616*

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**COMPANIES ACT (AS AMENDED)**

**COMPANY LIMITED BY SHARES**

**ARTICLES OF ASSOCIATION**

**OF**

**DEFIANCE ENHANCED LONG VOL CAYMAN SUBSIDIARY**

*Auth Code: K70473104572*

*www.verify.gov.ky*

 

i

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**<u>**TABLE OF CONTENTS**</u>**

---

| | |
|:---|:---|
| **ARTICLE** | **PAGE** |
| TABLE A | 1 |
| DEFINITIONS AND INTERPRETATION | 1 |
| COMMENCEMENT OF BUSINESS | 3 |
| SITUATION OF REGISTERED OFFICE | 3 |
| SHARES | 3 |
| REDEMPTION, PURCHASE AND SURRENDER OF SHARES | 4 |
| TREASURY SHARES | 5 |
| MODIFICATION OF RIGHTS | 5 |
| SHARE CERTIFICATES | 6 |
| TRANSFER AND TRANSMISSION OF SHARES | 6 |
| LIEN | 7 |
| CALL ON SHARES | 8 |
| FORFEITURE OF SHARES | 8 |
| ALTERATION OF SHARE CAPITAL | 9 |
| GENERAL MEETINGS | 10 |
| NOTICE OF GENERAL MEETINGS | 10 |
| PROCEEDINGS AT GENERAL MEETINGS | 10 |
| VOTES OF SHAREHOLDERS | 12 |
| WRITTEN RESOLUTIONS OF SHAREHOLDERS | 13 |
| DIRECTORS | 13 |
| TRANSACTIONS WITH DIRECTORS | 15 |
| POWERS OF DIRECTORS | 15 |
| PROCEEDINGS OF DIRECTORS | 16 |
| WRITTEN RESOLUTIONS OF DIRECTORS | 17 |
| PRESUMPTION OF ASSENT | 17 |
| BORROWING POWERS | 18 |
| SECRETARY | 18 |
| THE SEAL | 18 |
| DIVIDENDS, DISTRIBUTIONS AND RESERVES | 18 |
| SHARE PREMIUM ACCOUNT | 19 |
| ACCOUNTS | 19 |
| AUDIT | 20 |
| NOTICES | 20 |
| WINDING UP AND FINAL DISTRIBUTION OF ASSETS | 21 |
| INDEMNITY | 21 |
| DISCLOSURE | 21 |
| CLOSING REGISTER OF MEMBERS OR FIXING RECORD DATE | 22 |
| REGISTRATION BY WAY OF CONTINUATION | 22 |
| FINANCIAL YEAR | 22 |
| AMENDMENTS TO MEMORANDUM AND ARTICLES OF ASSOCIATION | 22 |
| CAYMAN ISLANDS DATA PROTECTION | 22 |

---

*Auth Code: K70473104572*

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ii

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**COMPANIES ACT (AS AMENDED)**

**COMPANY LIMITED BY SHARES**

**ARTICLES OF ASSOCIATION**

**OF**

**DEFIANCE ENHANCED LONG VOL CAYMAN SUBSIDIARY**

**TABLE A**

1. In
these Articles, the regulations contained in Table A in the First Schedule to the Companies Act (as defined below) do not apply
except insofar as they are repeated or contained in these Articles.

**DEFINITIONS AND INTERPRETATION**

2. In
these Articles, the following words and expressions shall have the meanings set out below save where the context otherwise requires:

---

| | |
|:---|:---|
| **Articles** | these Articles of Association of the Company, as amended from time to time by Special Resolution; |
| **Auditors** | the auditor or auditors for the time being of the Company; |
| **Board of Directors** | the Directors assembled as a board or assembled as a committee appointed by that board; |
| **Companies Act** | the Companies Act (as amended); |
| **Company** | the above-named company; |
| **Directors** | the directors of the Company for the time being; |
| **Electronic Record** | has the same meaning as in the Electronic Transactions Act; |
| **Electronic <br> Transactions Act** | the Electronic Transactions Act (as amended); |
| **Memorandum** | the Memorandum of Association of the Company, as amended and restated from time to time by Special Resolution; |

---

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---

| | |
|:---|:---|
| **Ordinary Resolution** | a resolution passed by a simple majority of the votes of such Shareholders as, being entitled to do so, vote in person or, where proxies are allowed, by proxy, at a general meeting, and includes a unanimous written resolution; |
| **paid up** | paid up as to the par value and any premium payable in respect of the issue of any Shares and includes credited as paid up; |
| **person** | any natural person, firm, company, joint venture, partnership, corporation, association or other entity (whether or not having separate legal personality) or any of them as the context so requires; |
| **Register of Members** | the register of Shareholders to be kept pursuant to these Articles; |
| **Registered Office** | the registered office of the Company for the time being; |
| **Seal** | the common seal of the Company including any duplicate seal; |
| **Secretary** | any person appointed by the Directors to perform any of the duties of the secretary of the Company, including a joint, assistant or deputy secretary; |
| **Share** | a share in the capital of the Company of any class including a fraction of such share; |
| **Shareholder** | any person registered in the Register of Members as the holder of Shares of the Company and, where two or more persons are so registered as the joint holders of such Shares, the person whose name stands first in the Register of Members as one of such joint holders; |
| **Share Premium Account** | the share premium account established in accordance with these Articles and the Companies Act; |
| **signed** | includes an electronic signature and a signature or representation of a signature affixed by mechanical means; |
| **Special Resolution** | has the same meaning as in the Companies Act, and includes a unanimous written resolution; and |
| **Treasury Shares** | Shares that were previously issued but were purchased, redeemed, surrendered or otherwise acquired by the Company and not cancelled. |

---

3. In
these Articles, unless there be something in the subject or context inconsistent with such construction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) words
 importing the singular number shall include the plural number and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) words
 importing a gender shall include other genders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) words
 importing persons only shall include companies, partnerships, trusts or associations
 or bodies of persons, whether corporate or not;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 word "may" shall be construed as permissive and the word "shall"
 shall be construed as imperative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 word "year" shall mean calendar year, the word "quarter" shall
 mean calendar quarter and the word "month" shall mean calendar month;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a
 reference to a "dollar" or "$" is a reference to the legal currency
 of the United States of America;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a
 reference to any enactment includes a reference to any modification or re-enactment thereof
 for the time being in force;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) a
 reference to any meeting (whether of the Directors, a committee appointed by the Board
 of Directors or the Shareholders or any class of Shareholders) includes any adjournment
 of that meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Sections
 8 and 19 of the Electronic Transactions Act shall not apply; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) a
 reference to "written" or "in writing" includes a reference to
 all modes of representing or reproducing words in visible form, including in the form
 of an Electronic Record.

4. Subject
to the two preceding Articles, any words defined in the Companies Act shall, if not inconsistent with the subject or context,
bear the same meaning in these Articles.

5. The
table of contents to, and the headings in, these Articles are for convenience of reference only and are to be ignored in construing
these Articles.

**COMMENCEMENT OF BUSINESS**

6. The
business of the Company may be commenced as soon after incorporation as the Board of Directors shall see fit.

**SITUATION OF REGISTERED OFFICE**

7. The
Registered Office shall be at such address in the Cayman Islands as the Directors shall from time to time determine. The Company,
in addition to the Registered Office, may establish and maintain such other offices and places of business and agencies in such
places as the Directors may from time to time determine.

**SHARES**

8. The
Directors may impose such restrictions as they think necessary on the offer and sale of any Shares.

9. Subject
to these Articles, all Shares for the time being unissued shall be under the control of the Directors who may issue, allot and
dispose of or grant options over the same and issue warrants or similar instruments with respect thereto to such persons, on such
terms, and with or without preferred, deferred or other rights and restrictions, whether in regard to dividend, voting, return
of capital or otherwise, and otherwise in such manner as they may think fit. For such purposes, the Directors may reserve an appropriate
number of Shares for the time being unissued.

10. Subject
to the Companies Act, and without prejudice to any rights previously conferred on the holders of existing Shares, any share or
fraction of a share in the Company's share capital may be issued either at a premium or at par, and with such preferred,
deferred, other special rights, or restrictions, whether in regard to dividend, voting, return of share capital or otherwise,
as the Board of Directors may from time to time by resolution determine, and any share may be issued by the Directors on the terms
that it is, or at the option of the Directors is liable, to be redeemed
or purchased by the Company whether out of capital in whole or in part or otherwise. No Share may be issued at a discount
except in accordance with the Companies Act.

*Auth Code: K70473104572*

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11. The
Directors may in their absolute discretion refuse to accept any application for Shares and may accept any application in whole
or in part.

12. The
Company may on any issue of Shares deduct any sales charge or subscription fee from the amount subscribed for the Shares.

13. No
person shall be recognised by the Company as holding any Share upon any trust, and the Company shall not be bound by or recognise
(even when having notice thereof) any equitable, contingent, future or partial interest in any Share, or (except as otherwise
provided by these Articles or as required by law) any other right in respect of any Share except an absolute right thereto in
the registered holder, provided that, notwithstanding the foregoing, the Company shall be entitled to recognise any such interests
as shall be determined by the Directors.

14. The
Directors shall keep or cause to be kept a Register of Members as required by the Companies Act at such place or places as the
Directors may from time to time determine. In the absence of any such determination, the Register of Members shall be kept at
the Registered Office.

15. The
Directors in each year shall prepare or cause to be prepared an annual return and declaration setting forth the particulars required
by the Companies Act in respect of exempted companies and deliver a copy thereof to the Registrar of Companies in the Cayman Islands.

16. The
Company shall not issue Shares to bearer.

17. The
Directors may issue fractions of a Share and, if so issued, a fraction of a Share shall be subject to and carry the corresponding
fraction of liabilities (whether with respect to nominal or par value, premium, calls or otherwise howsoever), limitations, preferences,
privileges, qualifications, restrictions, rights (including, without prejudice to the foregoing generality, voting and participation
rights) and other attributes of a Share. If more than one fraction of a Share is issued to or acquired by the same Shareholder,
such fractions shall be accumulated.

18. The
premium arising on all issues of Shares shall be held in the Share Premium Account established in accordance with these Articles.

19. Payment
for Shares shall be made at such time and place and to such person on behalf of the Company as the Directors may from time to
time determine. Payment for any Shares shall be made in such currency as the Directors may determine from time to time, provided
that the Directors shall have the discretion to accept payment in any other currency or in kind or a combination of cash and in
kind.

**REDEMPTION, PURCHASE AND SURRENDER OF SHARES**

20. Subject
to the Companies Act, the Company may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue
 Shares on terms that they are to be redeemed or are liable to be redeemed at the option
 of the Company and/or the Shareholder on such terms and in such manner as the Directors
 may, before the issue of such Shares, determine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) purchase
 its own Shares (including any redeemable Shares) on such terms and in such manner as
 the Directors may determine and agree with the Shareholder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) make
 a payment in respect of the redemption or purchase of Shares in any manner authorised
 by the Companies Act, including out of its capital, profits or the proceeds of a fresh
 issue of Shares.

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21. Unless
the Directors determine otherwise, any Share in respect of which notice of redemption has been given shall not be entitled to
participate in the profits of the Company in respect of the period after the date specified as the date of redemption in the notice
of redemption.

22. The
redemption or purchase of any Share shall not be deemed to give rise to the redemption or purchase of any other Share.

23. The
Directors may when making payments in respect of a redemption or purchase of Shares, if authorised by the terms of issue of the
Shares being redeemed or purchased or with the agreement of the holder of such Shares, make such payment either in cash or in
specie.

24. Subject
to the Companies Act, the Company may accept the surrender for no consideration of any fully paid Share (including any redeemable
Share) on such terms and in such manner as the Directors may determine.

**TREASURY SHARES**

25. Shares
that the Company purchases, redeems or acquires (by way of surrender or otherwise) may, at the option of the Company, be cancelled
immediately or held as Treasury Shares in accordance with the Companies Act. In the event that the Directors do not specify that
the relevant Shares are to be held as Treasury Shares, such Shares shall be cancelled.

26. No
dividend may be declared or paid, and no other distribution (whether in cash or otherwise) of the Company's assets (including
any distribution of assets to Shareholders on a winding up) may be declared or paid in respect of a Treasury Share.

27. The
 Company shall be entered in the Register of Members as the holder of the Treasury Shares,
 provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Company shall not be treated as a Shareholder for any purpose and shall not exercise
 any right in respect of the Treasury Shares, and any purported exercise of such a right
 shall be void; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 Treasury Share shall not be voted, directly or indirectly, at any meeting of the Company
 and shall not be counted in determining the total number of issued shares at any given
 time, whether for the purposes of these Articles or the Companies Act, save that an allotment
 of Shares as fully paid bonus shares in respect of Treasury Shares is permitted and Shares
 allotted as fully paid bonus shares in respect of Treasury Shares shall be treated as
 Treasury Shares.

28. Treasury
Shares may be disposed of by the Company on any terms and conditions determined by the Directors.

**MODIFICATION OF RIGHTS**

29. If
 at any time the share capital of the Company is divided into different classes of Shares,
 the rights attached to any class (unless otherwise provided by the terms of issue of
 the Shares of that class) may, whether or not the Company is being wound up, be varied
 or abrogated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by,
 or with the approval of, the Directors without the consent of the holders of the Shares
 of that class if the Directors determine that the variation or abrogation is not materially
 adverse to the interests of those Shareholders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) otherwise
 only with the consent in writing of the holders of at least two-thirds of the issued
 Shares of that class or with the sanction of a resolution passed by a majority of at
least two-thirds of the votes cast at a separate meeting of the holders of the Shares of that class (subject to any rights or
restrictions attached to those Shares).

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30. The
provisions of these Articles relating to general meetings shall apply, *mutatis mutandis*, to every class meeting of the
holders of one class of Shares, except that the necessary quorum shall be one or more Shareholders holding or representing by
proxy at least twenty (20) per cent in par value of the issued Shares of that class and that any holder of Shares of that class
present in person or by proxy may demand a poll.

31. For
the purposes of Articles 29 and 30, the Directors may treat all classes of Shares, or any two classes of Shares, as forming a
single class if they consider that each class would be affected in the same way by the proposal or proposals under consideration.
In any other case, the Directors shall treat all classes of Shares, or any two classes of Shares, as separate classes.

32. The
rights of the holders of the Shares of any class shall not, where those Shares were issued with preferred or other rights, be
deemed to be materially adversely varied or abrogated by the creation or issue of further Shares ranking equally with those Shares
or the redemption or purchase of Shares of any other class by the Company (subject to any rights or restrictions attached to those
Shares).

**SHARE CERTIFICATES**

33. The
Shares will be issued in fully registered, book-entry form. Certificates will not be issued unless the Directors determine otherwise.

34. If
a share certificate is defaced, lost or destroyed it may be renewed on payment of such fee, if any, and on such terms if any,
as to evidence and obligations to indemnify the Company as the Board of Directors may determine.

**TRANSFER AND TRANSMISSION OF SHARES**

35. No
transfer of Shares shall be permitted without the consent of the Directors, which may be withheld for any or no reason but may
include any transfer which in the opinion of the Directors is not or may not be consistent with any representation or warranty
that the transferor of the Shares may have given to the Company, may result in Shares being held by any person in breach of the
laws of any country or government authority, or may subject the Company or Shareholders to adverse tax or regulatory consequences
under the laws of any country.

36. All
transfers of Shares shall be effected by an instrument of transfer in writing in any usual or common form in use in the Cayman
Islands or in any other form approved by the Directors and need not be under seal.

37. The
instrument of transfer must be executed by or on behalf of the transferor. The instrument of transfer must be accompanied by such
evidence as the Directors may reasonably require to show the right of the transferor to make the transfer and the transferor is
deemed to remain the holder until the transferee's name is entered in the Register of Members. The instrument of transfer
must be completed and signed in the exact name or names in which such Shares are registered, indicating any special capacity in
which it is being signed with relevant details supplied to the Company.

38. The
Directors shall not recognise any transfer of Shares unless the instrument of transfer is deposited at the Registered Office or
such other place as the Directors may reasonably require for the Shares to which it relates, together with such other evidence
as the Directors may reasonably require to show the right of the transferor to make the transfer.

39. The
registration and transfer of Shares may be suspended at such times and for such periods as the Directors may from time to time
determine.

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40. All
instruments of transfer which are registered shall be retained by the Company, but any instrument of transfer which the Directors
may decline to register shall (except in any case of fraud) be returned to the person depositing the same.

41. In
 case of the death of a Shareholder, the survivors or survivor (where the deceased was
 a joint holder) and the executors or administrators of the deceased where the deceased
 was the sole or only surviving holder, shall be the only persons recognised by the Company
 as having title to the deceased's interest in the Shares, but nothing in this Article
 shall release the estate of the deceased holder whether sole or joint from any liability
 in respect of any Share solely or jointly held by the deceased.

42. Any
 guardian of an infant Shareholder and any curator or other legal representative of a
 Shareholder under legal disability and any person entitled to a share in consequence
 of the death or bankruptcy of a Shareholder shall, upon producing such evidence of title
 as the Directors may require, have the right either to be registered as the holder of
 the Share or to make such transfer thereof as the deceased or bankrupt Shareholder could
 have made, but the Directors shall in either case have the same right to refuse or suspend
 registration as they would have had in the case of a transfer of the Shares by the infant
 or by the deceased or bankrupt Shareholder before the death or bankruptcy or by the Shareholder
 under legal disability before such disability.

43. A
 person so becoming entitled to a Share in consequence of the death or bankruptcy of a
 Shareholder shall have the right to receive and may give a discharge for all dividends
 and other money payable or other advantages due on or in respect of the Share, but such
 person shall not be entitled to receive notice of or to attend or vote at meetings of
 the Company, or save as aforesaid, to any of the rights or privileges of a Shareholder
 unless and until such person shall be registered as a Shareholder in respect of the Share,
 provided always that the Directors may at any time give notice requiring any such person
 to elect either to be registered or to transfer the Share and if the notice is not complied
 with within ninety (90) days the Directors may thereafter withhold all dividends or other
 monies payable or other advantages due in respect of the Share until the requirements
 of the notice have been complied with.

**LIEN**

44. The
 Company shall have a first and paramount lien on all Shares (whether fully paid-up or
 not) registered in the name of a Shareholder (whether solely or jointly with others)
 for all debts, liabilities or engagements to or with the Company (whether presently payable
 or not) by such Shareholder or the Shareholder's estate, either alone or jointly
 with any other person, whether a Shareholder or not, but the Directors may at any time
 declare any Share to be wholly or in part exempt from the provisions of this Article.
 The registration of a transfer of any such Share shall operate as a waiver of the Company's
 lien thereon. The Company's lien on a Share shall also extend to any amount payable
 in respect of that Share.

45. The
 Company may sell, in such manner as the Directors think fit, any Shares on which the
 Company has a lien, if a sum in respect of which the lien exists is presently payable,
 and is not paid within fourteen (14) clear days after notice has been given to the holder
 of the Shares, or to the person entitled to it in consequence of the death or bankruptcy
 of the holder, demanding payment and stating that if the notice is not complied with
 the Shares may be sold.

46. To
 give effect to any such sale the Directors may authorise any person to execute an instrument
 of transfer of the Shares sold to, or in accordance with the directions of, the purchaser.
 The purchaser or the purchaser's nominee shall be registered as the holder of the
 Shares comprised in any such transfer, and the purchaser shall not be bound to see to
 the application of the purchase money, nor shall the purchaser's title to the Shares
 be affected by any irregularity or invalidity in the sale or the exercise of the Company's
 power of sale under these Articles.

47. The
 net proceeds of such sale, after payment of costs, shall be applied in payment of such
 part of the amount in respect of which the lien exists as is presently payable and any
 residue shall (subject
to a like lien for sums not presently payable as existed upon the Shares before the sale) be paid to the person entitled to the
Shares at the date of the sale.

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**CALL ON SHARES**

48. Subject
to the terms of the allotment the Directors may from time to time make calls upon the Shareholders in respect of any monies unpaid
on their Shares (whether in respect of par value or premium), and each Shareholder shall (subject to receiving at least fourteen
(14) days' notice specifying the time or times of payment) pay to the Company at the time or times so specified the amount
called on the Shares. A call may be revoked or postponed as the Directors may determine. A call may be required to be paid by
instalments. A person upon whom a call is made shall remain liable for calls made upon them notwithstanding the subsequent transfer
of the Shares in respect of which the call was made.

49. A
call shall be deemed to have been made at the time when the resolution of the Directors authorising such call was passed.

50. The
joint holders of a Share shall be jointly and severally liable to pay all calls in respect thereof.

51. If
a call remains unpaid after it has become due and payable, the person from whom it is due shall pay interest on the amount unpaid
from the day it became due and payable until it is paid at such rate as the Directors may determine, but the Directors may waive
payment of the interest wholly or in part.

52. An
amount payable in respect of a Share on allotment or at any fixed date, whether on account of the par value of the Share or premium
or otherwise, shall be deemed to be a call and if it is not paid all the provisions of these Articles shall apply as if that amount
had become due and payable by virtue of a call.

53. The
Directors may issue Shares with different terms as to the amount and times of payment of calls, or the interest to be paid.

54. The
Directors may, if they think fit, receive an amount from any Shareholder willing to advance all or any part of the monies uncalled
and unpaid upon any Shares held by such Shareholder, and may (until the amount would otherwise become payable) pay interest at
such rate as may be agreed upon between the Directors and the Shareholder paying such amount in advance.

55. No
such amount paid in advance of calls shall entitle the Shareholder paying such amount to any portion of a dividend declared in
respect of any period prior to the date upon which such amount would, but for such payment, become payable.

**FORFEITURE OF SHARES**

56. If
a call remains unpaid after it has become due and payable the Directors may give to the person from whom it is due not less than
fourteen (14) clear days' notice requiring payment of the amount unpaid together with any interest which may have accrued.
The notice shall specify where payment is to be made and shall state that if the notice is not complied with the Shares in respect
of which the call was made will be liable to be forfeited.

57. If
the notice is not complied with any Share in respect of which it was given may, before the payment required by the notice has
been made, be forfeited by a resolution of the Directors. Such forfeiture shall include all dividends or other monies declared
payable in respect of the forfeited Share and not paid before the forfeiture.

58. A
forfeited Share may be sold, re-allotted or otherwise disposed of on such terms and in such manner as the Directors think fit
and at any time before a sale, re-allotment or disposition the forfeiture may be cancelled on such terms as the Directors think
fit. Where for the purposes of its
disposal a forfeited Share is to be transferred to any person the Directors may authorise some person to execute an instrument
of transfer of the Share in favour of that person.

*Auth Code: K70473104572*

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59. A
person any of whose Shares have been forfeited shall cease to be a Shareholder in respect of them and shall surrender to the Company
for cancellation the certificate for the Shares forfeited and shall remain liable to pay to the Company all monies which at the
date of forfeiture were payable by such person to the Company in respect of those Shares together with interest, but such person's
liability shall cease if and when the Company shall have received payment in full of all monies due and payable by such person
in respect of those Shares.

60. A
certificate in writing under the hand of one Director or officer of the Company that a Share has been forfeited on a specified
date shall be conclusive evidence of the fact as against all persons claiming to be entitled to the Share. The certificate shall
(subject to the execution of any instrument of transfer) constitute a good title to the Share and the person to whom the Share
is disposed of shall not be bound to see to the application of the purchase money, if any, nor shall such person's title
to the Share be affected by any irregularity or invalidity in the proceedings in reference to the forfeiture, sale or disposal
of the Share.

61. The
provisions of these Articles as to forfeiture shall apply in the case of non-payment of any sum which, by the terms of issue of
a Share, becomes payable at a fixed time, whether on account of the par value of the Share or by way of premium as if it had been
payable by virtue of a call duly made and notified.

**ALTERATION OF SHARE CAPITAL**

62. The
Company may from time to time by Ordinary Resolution increase its share capital by such sum to be divided into Shares of such
amounts as the resolution shall prescribe.

63. All
new Shares shall be subject to the provisions of these Articles with reference to transfer, transmission and otherwise.

64. Subject
to the Companies Act, the Company may by Special Resolution from time to time reduce its share capital in any way, and in particular,
without prejudice to the generality of the foregoing power, may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) cancel
 any paid-up share capital which is lost, or which is not represented by available assets;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) pay
 off any paid-up share capital which is in excess of the requirements of the Company,

and may, if and so far as is necessary, alter the Memorandum by reducing the amounts of its share capital and of its Shares accordingly.

65. The
 Company may from time to time by Ordinary Resolution alter (without reducing) its share
 capital by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) consolidating
 and dividing all or any of its share capital into Shares of larger amount than its existing
 Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) sub-dividing
 its Shares, or any of them, into Shares of smaller amount than that fixed by the Memorandum
 so, however, that in the sub-division the proportion between the amount paid and the
 amount, if any, unpaid on each reduced Share shall be the same as it was in the case
 of the Share from which the reduced Share is derived; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) cancelling
 any Shares which, at the date of the passing of the Ordinary Resolution, have not been
 taken, or agreed to be taken by any person, and diminishing the amount of its authorised
 share capital by the amount of the Shares so cancelled.

*Auth Code: K70473104572*

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![](ex99xi2001.jpg)

**GENERAL MEETINGS**

66. The
Directors may proceed to convene a general meeting whenever they think fit, including, without limitation, for the purposes of
considering a liquidation of the Company, and they shall convene a general meeting on the requisition of the Shareholders holding
at the date of the deposit of the requisition not less than one-half of such of the paid-up capital of the Company as at the date
of the deposit carries the right of voting at general meetings.

67. The
requisition:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) must
 be in writing and state the objects of the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) must
 be signed by each requisitionist and deposited at the Registered Office; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) may
 consist of several documents in like form each signed by one or more requisitionists.

68. If
the Directors do not within ten (10) days from the date of the deposit of the requisition duly proceed to convene a general meeting,
the requisitionists, or any of them representing more than one-half of the total voting rights of all of them, may themselves
convene a general meeting, but any meeting so convened shall not be held after the expiration of three months after the expiration
of the said ten (10) days.

69. A
general meeting convened as aforesaid by requisitionists shall be convened in the same manner as nearly as possible as that in
which general meetings are convened by the Directors. A general meeting may be convened in the Cayman Islands or at such other
location, as the Directors think fit.

**NOTICE OF GENERAL MEETINGS**

70. Five
 (5) calendar days' notice at least specifying the place, the day and the hour of
 any general meeting and the general nature of the business to be conducted at the general
 meeting, shall be given in the manner hereinafter mentioned to such persons as are under
 these Articles or the conditions of issue of the Shares held by them entitled to receive
 notices from the Company. If the Directors determine that prompt Shareholder action is
 advisable, they may shorten the notice period for any general meeting to such period
 as the Directors consider reasonable.

71. A
 general meeting shall, notwithstanding that it is called by shorter notice than that
 specified in the preceding Article, be deemed to have been duly called with regard to
 the length of notice if it is so agreed by all the Shareholders entitled to attend and
 vote thereat.

72. In
 every notice calling a general meeting, there shall appear with reasonable prominence
 a statement that a Shareholder entitled to attend and vote either (i) is entitled to
 appoint one or more proxies to attend such meeting and vote instead of such Shareholder
 and that a proxy need not also be a Shareholder or (ii) has appointed a proxy who, unless
 such appointment is revoked, will attend such meeting and vote on behalf of such Shareholder.

73. The
 accidental omission to give notice to, or the non-receipt of notice by, any person entitled
 to receive notice shall not invalidate the proceedings at any general meeting.

**PROCEEDINGS AT GENERAL MEETINGS**

74. No
 business shall be transacted at any general meeting unless a quorum is present. Save
 as otherwise provided in these Articles a quorum shall be the presence, in person or
 by proxy, of one or more persons holding at least twenty (20) per cent in par value of
 the issued Shares which confer the right to attend and vote thereat.

*Auth Code: K70473104572*

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75. Save
as otherwise provided for in these Articles, if within half an hour from the time appointed for the meeting a quorum is not present,
the meeting, if convened on the requisition of or by Shareholders, shall be dissolved. In any other case it shall stand adjourned
to the same day in the next week, at the same time and place or to such other day and at such other time and place as the Directors
may determine and if at such adjourned meeting a quorum is not present within fifteen (15) minutes from the time appointed for
holding the meeting, the Shareholders present shall be a quorum.

76. A
person may, with the consent of the Directors, participate at a general meeting by means of telephone, video or similar communication
equipment by way of which all persons participating in such meeting can hear each other and such participation shall be deemed
to constitute presence in person at such meeting.

77. The
Chairperson (if any) or, if absent, the Deputy Chairperson (if any) of the Board of Directors, or, failing them, some other Director
nominated by the Directors shall preside as Chairperson at every general meeting, but if at any meeting neither the Chairperson
nor the Deputy Chairperson nor such other Director be present within fifteen (15) minutes after the time appointed for holding
the meeting, or if neither of them be willing to act as Chairperson, the Directors present shall choose some Director present
to be Chairperson or if no Directors be present, or if all the Directors present decline to take the chair, the Shareholders present
shall choose some Shareholder present to be Chairperson.

78. The
Chairperson may with the consent of any meeting at which a quorum is present (and shall if so directed by the meeting) adjourn
the meeting from time to time and from place to place but no business shall be transacted at any adjourned meeting except business
which might lawfully have been transacted at the meeting from which the adjournment took place. When a meeting is adjourned for
fourteen (14) days or more, five (5) calendar days' notice at the least specifying the place, the day and the hour of the
adjourned meeting shall be given as in the case of the original meeting but it shall not be necessary to specify in such notice
the nature of the business to be transacted at the adjourned meeting. Save as aforesaid, it shall not be necessary to give any
notice of an adjournment or of the business to be transacted at an adjourned meeting.

79. The
Directors may cancel or postpone any duly convened general meeting at any time prior to such meeting, except for general meetings
requisitioned by the Shareholders in accordance with these Articles, for any reason or for no reason, upon notice in writing to
Shareholders. A postponement may be for a stated period of any length or indefinitely as the Directors may determine.

80. At
any general meeting, a resolution put to the vote of the meeting shall be decided on a show of hands unless a poll is, before
or on the declaration of the result of the show of hands, demanded by the Chairperson or any Shareholder or Shareholders present
in person or by proxy.

81. Unless
a poll be so demanded, a declaration by the Chairperson that a resolution has on a show of hands been carried, or carried unanimously,
or by a particular majority, or lost, and an entry to that effect made in the Company's minute book containing the minutes
of the proceedings of the meeting, shall be conclusive evidence of the fact without proof of the number or the proportion of the
votes recorded in favour of or against such resolution.

82. If
a poll is duly demanded it shall be taken in such manner and at such place as the Chairperson may direct (including the use of
a ballot or voting papers, or tickets) and the result of a poll shall be deemed to be the resolution of the meeting at which the
poll was demanded. The Chairperson may, in the event of a poll, appoint scrutineers and may adjourn the meeting to some place
and time fixed by the Chairperson for the purpose of declaring the result of the poll.

83. In
the case of an equality of votes, whether on a show of hands or on a poll, the Chairperson of the meeting at which the show of
hands or at which the poll is taken, shall not be entitled to a second or casting vote.

*Auth Code: K70473104572*

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84. A
poll demanded on the election of a Chairperson and a poll demanded on a question of adjournment shall be taken forthwith. A poll
demanded on any other question shall be taken at such time and place as the Chairperson directs not being more than ten (10) days
from the date of the meeting or adjourned meeting at which the poll was demanded.

85. The
demand for a poll shall not prevent the continuance of a meeting for the transaction of any business other than the question on
which the poll has been demanded.

86. A
demand for a poll may be withdrawn and no notice need be given of a poll not taken immediately.

**VOTES OF SHAREHOLDERS**

87. On
a show of hands every holder of Shares present and entitled to vote thereon shall have one vote. On a poll every holder of Shares,
present in person or by proxy and entitled to vote thereon, shall be entitled to one vote in respect of each Share held by them.

88. In
the case of joint holders of a Share, the vote of the senior holder who tenders a vote, whether in person or by proxy, shall be
accepted to the exclusion of the votes of the other joint holders, and for this purpose seniority shall be determined by the order
in which the names stand in the Register of Members in respect of the Shares.

89. A
Shareholder who has appointed special or general attorneys or a Shareholder who is subject to a disability may vote on a poll,
by such Shareholder's attorney, committee, receiver, curator bonis or other person in the nature of a committee, receiver,
or curator bonis appointed by a court and such attorney, committee, receiver, curator bonis or other person may on a poll vote
by proxy; provided that such evidence as the Directors may require of the authority of the person claiming to vote shall, unless
otherwise waived by the Directors, have been deposited at the Registered Office not less than forty-eight (48) hours before the
time for holding the meeting or adjourned meeting at which such person claims to vote.

90. No
objection shall be raised to the qualification of any voter except at the meeting or adjourned meeting at which the vote objected
to is given or tendered, and every vote not disallowed at such meeting shall be valid for all purposes. Any such objection made
in due time shall be referred to the Chairperson of the meeting, whose decision shall be final and conclusive.

91. On
a poll votes may be given either personally or by proxy and a Shareholder entitled to more than one vote need not, if the Shareholder
votes, use all their votes or cast all the votes the Shareholder uses in the same way.

92. The
instrument appointing a proxy shall be in writing under the hand of the appointor or of the appointor's attorney duly authorised
in writing, or if the appointor is a corporation, either under its common seal or under the hand of an officer or attorney so
authorised.

93. Any
person (whether a Shareholder or not) may be appointed to act as a proxy. A Shareholder may appoint more than one proxy to attend
on the same occasion.

94. The
instrument appointing a proxy and the power of attorney or other authority (if any) under which it is signed, or a certified copy
of such power or authority, must be deposited at the Registered Office, or at such other place as is specified for that purpose
in the notice of meeting or in the instrument of proxy issued by the Company, no later than the time appointed for holding the
meeting or adjourned meeting; provided that the Chairperson of the meeting may in the Chairperson's discretion accept an
instrument of proxy sent by fax, email or other electronic means.

*Auth Code: K70473104572*

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95. An
instrument of proxy shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) be
 in any common form or in such other form as the Directors may approve;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be
 deemed to confer authority to demand or join in demanding a poll and to vote on any amendment
 of a resolution put to the general meeting for which it is given as the proxy thinks
 fit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) subject
 to its terms, be valid for any adjournment of the general meeting for which it is given.

96. The
Directors may at the expense of the Company send to the Shareholders instruments of proxy (with or without prepaid postage for
their return) for use at any general meeting, either in blank or nominating in the alternative any one or more of the Directors
or any other persons. If for the purpose of any meeting invitations to appoint as proxy a person or one of a number of persons
specified in the invitations are issued at the expense of the Company, such invitations shall be issued to all (and not to some
only) of the Shareholders entitled to be sent a notice of the meeting and to vote thereat by proxy.

97. A
 vote given in accordance with the terms of an instrument of proxy shall be valid notwithstanding
 the death or insanity of the principal or the revocation of the instrument of proxy,
 or of the authority under which the instrument of proxy was executed, provided that no
 intimation in writing of such death, insanity, revocation or transfer shall have been
 received by the Company at the Registered Office before commencement of the meeting or
 adjourned meeting at which the instrument of proxy is used.

98. Anything
 which under these Articles a Shareholder may do by proxy that Shareholder may also do
 by a duly appointed attorney. The provisions of these Articles relating to proxies and
 instruments appointing proxies apply, *mutatis mutandis*, to any such attorney and
 the instrument appointing that attorney.

99. Any
 Shareholder which is a corporation or partnership may, by a resolution of its directors
 or other governing body, authorise such person as it thinks fit to act as its representative
 at any meeting or meetings of the Company. The person so authorised shall be entitled
 to exercise the same powers on behalf of such corporation or partnership as the corporation
 or partnership could exercise if it were a Shareholder who was an individual and such
 corporation or partnership shall for the purposes of these Articles be deemed to be present
 in person at any such meeting if a person so authorised is present.

**WRITTEN RESOLUTIONS OF SHAREHOLDERS**

100. A
 resolution in writing signed by all the Shareholders for the time being entitled to receive
 notice of, attend and vote at a general meeting shall be as valid and effective as a
 resolution passed at a general meeting duly convened and held and may consist of several
 documents in the like form each signed by one or more of the Shareholders.

**DIRECTORS**

101. Unless
 otherwise determined by the Company by Ordinary Resolution, the minimum number of Directors
 shall be one and the maximum number of Directors shall be unlimited. The first Director(s)
 shall be determined in writing by, or appointed by a resolution of, the subscriber(s)
 to the Memorandum.

102. A
 Director need not be a Shareholder but shall be entitled to receive notice of and attend
 all general meetings.

103. The
 Company may, by Ordinary Resolution, appoint any person to be a Director and may in like
 manner remove any Director and may appoint another person in the Director's stead.
 Without prejudice to the power of the Company by Ordinary Resolution to appoint a person
 to be a Director, the Board of Directors, so long as a quorum of Directors remains in
 office, shall have the
power at any time and from time to time to appoint any person to be a Director so as to fill a casual vacancy or otherwise.

*Auth Code: K70473104572*

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104. Each
Director shall be entitled to such remuneration as approved by the Board of Directors and this may be in addition to such remuneration
as may be payable under any other Article. Such remuneration shall be deemed to accrue from day to day. The Directors and the
Secretary may also be paid all travelling, hotel and other expenses properly incurred by them in attending and returning from
meetings of the Directors or any committee of the Directors or general meetings or in connection with the business of the Company.
The Directors may, in addition to such remuneration as aforesaid, grant special remuneration to any Director who, being called
upon, shall perform any special or extra services to or at the request of the Company.

105. Each
Director shall have the power to nominate another Director or any other person to act as alternate Director in the Director's
place at any meeting of the Directors at which the Director is unable to be present and at the Director's discretion to
remove such alternate Director. On such appointment being made the alternate Director shall (except as regards the power to appoint
an alternate Director) be subject in all respects to the terms and conditions existing with reference to the other Directors and
each alternate Director, whilst acting in the place of an absent Director, shall exercise and discharge all the functions, powers
and duties of the Director being represented. Any Director who is appointed as alternate Director shall be entitled at a meeting
of the Directors to cast a vote on behalf of their appointor in addition to the vote to which such Director is entitled in their
own capacity as a Director, and shall also be considered as two Directors for the purpose of making a quorum of Directors. Any
person appointed as an alternate Director shall automatically vacate such office as an alternate Director if and when the Director
by whom the alternate Director has been appointed vacates their office of Director. The remuneration of an alternate Director
shall be payable out of the remuneration of the Director appointing such alternate Director and shall be agreed between them.

106. Every
instrument appointing an alternate Director shall be in such common form as the Directors may approve.

107. The
appointment and removal of an alternate Director shall take effect when lodged at the Registered Office or delivered at a meeting
of the Directors.

108. The
office of a Director shall be vacated in any of the following events namely:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 the Director resigns their office by notice in writing signed by such Director and left
 at the Registered Office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 the Director becomes bankrupt or makes any arrangement or composition with such Director's
 creditors generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if
 the Director dies or is found to be or becomes of unsound mind;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if
 the Director ceases to be a Director by virtue of, or becomes prohibited from being a
 Director by reason of, an order made under any provisions of any law or enactment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if
 the Director is removed from office by notice addressed to such Director at their last
 known address and signed by all of the co-Directors (not being less than two in number);
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) if
 the Director is removed from office by Ordinary Resolution.

*Auth Code: K70473104572*

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**TRANSACTIONS WITH DIRECTORS**

109. A
 Director may hold any other office or place of profit under the Company (other than the
 office of Auditor) in conjunction with their office of Director on such terms as to tenure
 of office and otherwise as the Directors may determine.

110. No
 Director or intending Director shall be disqualified by their office from contracting
 with the Company either as vendor, purchaser or otherwise, nor shall any such contract
 or any contract or arrangement entered into by or on behalf of the Company in which any
 Director is in any way interested be liable to be avoided, nor shall any Director so
 contracting or being so interested be liable to account to the Company for any profit
 realised by any such contract or arrangement by reason of such Director holding that
 office or of the fiduciary relationship thereby established, but the nature of the Director's
 interest must be declared by such Director at the meeting of the Directors at which the
 question of entering into the contract or arrangement is first taken into consideration,
 or if the Director was not at the date of that meeting interested in the proposed contract
 or arrangement, then at the next meeting of the Directors held after such Director becomes
 so interested, and in a case where the Director becomes interested in a contract or arrangement
 after it is made, then at the first meeting of the Directors held after such Director
 becomes so interested.

111. In
 the absence of some other material interest than is indicated below, provided a Director
 who is in any way, whether directly or indirectly, interested in a contract or proposed
 contract with the Company declares (whether by specific or general notice) the nature
 of their interest at a meeting of the Directors that Director may vote in respect of
 any contract or proposed contract or arrangement notwithstanding that such Director may
 be interested therein and if such Director does so their vote shall be counted and such
 Director may be counted in the quorum at any meeting of the Directors at which any such
 contract or proposed contract or arrangement shall come before the meeting for consideration.

112. Where
 proposals are under consideration concerning the appointment (including fixing or varying
 the terms of appointment) of two or more Directors to offices or employments with the
 Company or any company in which the Company is interested, such proposals may be divided
 and considered in relation to each Director separately and in such cases each of the
 Directors concerned shall be entitled to vote (and be counted in the quorum) in respect
 of each resolution except that concerning the Director's own appointment.

113. Any
 Director may act independently or through the Director's firm in a professional
 capacity for the Company, and the Director or the firm shall be entitled to remuneration
 for professional services as if the Director were not a Director, provided that nothing
 herein contained shall authorise a Director or the Director's firm to act as Auditor
 to the Company.

114. Any
 Director may continue to be or become a director, managing director, manager or other
 officer or shareholder of any company promoted by the Company or in which the Company
 may be interested, and no such Director shall be accountable for any remuneration or
 other benefits received by the Director as a director, managing director, manager or
 other officer or shareholder of any such other company. The Directors may exercise the
 voting power conferred by the shares in any other company held or owned by the Company
 or exercisable by them as directors of such other company, in such manner in all respects
 as they think fit (including the exercise thereof in favour of any resolution appointing
 themselves or any of them directors, managing directors or other officers of such company,
 or voting or providing for the payment of remuneration to the directors, managing directors
 or other officers of such company).

**POWERS OF DIRECTORS**

115. The
 business of the Company shall be managed by the Directors, who may exercise all such
 powers of the Company as are not by the Companies Act or by these Articles required to
 be exercised by the Company in general meeting, subject nevertheless to any regulations
 of these Articles, to the Companies Act, and to such regulations being not inconsistent
 with the aforesaid regulations
or provisions as may be prescribed by the Company in general meeting, but no regulations made by the Company in general meeting
shall invalidate any prior act of the Directors which would have been valid if such regulations had not been made. The general
powers given by this Article shall not be limited or restricted by any special authority or power given to the Directors by any
other Article.

*Auth Code: K70473104572*

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116. The
Directors may from time to time and at any time by power of attorney appoint any company, firm or person or any fluctuating body
of persons, whether nominated directly or indirectly by the Directors, to be the attorney or attorneys of the Company for such
purposes and with such powers authorities and discretions (not exceeding those vested in or exercisable by the Directors under
these Articles) and for such period and subject to such conditions as they may think fit, and any such appointment may contain
such provisions for the protection and convenience of persons dealing with any such attorneys as the Directors may think fit,
and may also authorise any such attorney to sub-delegate all or any of the powers, authorities and discretions vested in such
attorney. The Directors may also appoint any person to be the agent of the Company for such purposes and with such powers, authorities
and discretions (not exceeding those vested in or exercisable by the Directors under these Articles) and for such period and on
such conditions as they determine, including authority for the agent to delegate all or any of their powers.

117. All
 cheques, promissory notes, drafts, bills of exchange and other negotiable or transferable
 instruments drawn by the Company, and all receipts for monies paid to the Company shall
 be signed, drawn, accepted, endorsed or otherwise executed, as the case may be, in such
 manner as the Directors shall from time to time by resolution determine.

**PROCEEDINGS OF DIRECTORS**

118. The
Directors may meet together for the dispatch of business, adjourn and otherwise regulate their meetings, as they think fit. Questions
and matters arising at any meeting shall be determined by a majority of votes. In the case of an equality of votes, the Chairperson
shall not have a second or casting vote. A Director may, and the Secretary on the requisition of a Director shall, at any time
summon a meeting of the Directors.

119. A
Director or Directors may participate in any meeting of the Board of Directors, or of any committee appointed by the Board of
Directors of which such Director or Directors are members, by means of telephone, video or similar communication equipment by
way of which all persons participating in such meeting can hear each other and such participation shall be deemed to constitute
presence in person at the meeting.

120. The
quorum necessary for the transaction of the business of the Directors may be fixed by the Directors and, unless so fixed, shall
be two, if there are two or more Directors, and shall be one if there is only one Director.

121. The
continuing Directors or a sole continuing Director may act notwithstanding any vacancies in their number, but if and so long as
the number of Directors is reduced below the minimum number fixed by or in accordance with these Articles the continuing Directors
or Director may act for the purpose of filling up vacancies in their number, or of summoning general meetings, but not for any
other purpose. If there be no Directors or Director able or willing to act, then any two Shareholders, if there are two or more
shareholders, or the sole shareholder, if there is only one shareholder, may summon a general meeting for the purpose of appointing
Directors.

122. The
Directors may from time to time elect and remove a Chairperson and, if they think fit, a Deputy Chairperson and determine the
period for which they respectively are to hold office. The Chairperson or, failing them, the Deputy Chairperson shall preside
at all meetings of the Directors, but if there be no Chairperson or Deputy Chairperson, or if at any meeting the Chairperson or
Deputy Chairperson be not present within five (5) minutes after the time appointed for holding the same, the Directors present
may choose one of their number to be Chairperson of the meeting.

*Auth Code: K70473104572*

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123. A
 meeting of the Directors for the time being at which a quorum is present shall be competent
 to exercise all powers and discretions for the time being exercisable by the Directors.

124. Without
 prejudice to the powers conferred by these Articles, the Directors may delegate any of
 their powers to committees consisting of such member or members of their body as they
 think fit. Any committee so formed shall, in the exercise of the powers so delegated,
 conform to any regulations that may be imposed on them by the Directors. The Directors
 may, by power of attorney or otherwise, appoint any person to be an agent of the Company
 on such condition as the Directors may determine, provided that the delegation is not
 to the exclusion of their own powers.

125. The
 meetings and proceedings of any such committee consisting of two or more Directors shall
 be governed by the provisions of these Articles regulating the meetings and proceedings
 of the Directors so far as the same are applicable and are not superseded by any regulations
 made by the Directors under the preceding Article.

126. The
 Directors may appoint such officers as they consider necessary on such terms, at such
 remuneration and to perform such duties, and subject to such provisions as to disqualification
 and removal as the Directors may think fit. Unless otherwise specified in the terms of
 the officer's appointment an officer may be removed by resolution of the Directors
 or Shareholders.

127. All
 acts done by any meeting of Directors, or of a committee of Directors or by any person
 acting as a Director, shall, notwithstanding it be afterwards discovered that there was
 some defect in the appointment of any such Director or person acting as aforesaid, or
 that they or any of them were disqualified, or had vacated office, or were not entitled
 to vote, be as valid as if every such person had been duly appointed, and was qualified
 and had continued to be a Director and had been entitled to vote.

128. The
 Directors shall cause minutes to be made of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 appointments of officers made by the Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 names of the Directors present at each meeting of the Directors and of any committee
 of Directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all
 resolutions and proceedings of all meetings of the Company and of the Directors and of
 any committee of Directors.

Any such minutes, if purporting to be signed by the Chairperson of the meeting at which the proceedings took place, or by the Chairperson of the next succeeding meeting, shall, until the contrary be proved, be conclusive evidence of the proceedings.

**WRITTEN RESOLUTIONS OF DIRECTORS**

129. A
 resolution in writing signed by all the Directors for the time being entitled to attend
 and vote at a meeting of the Directors (an alternate Director being entitled to sign
 such a resolution on behalf of their appointor) shall be as valid and effective as a
 resolution passed at a meeting of the Directors duly convened and held and may consist
 of several documents in the like form each signed by one or more of the Directors (or
 their alternates).

**PRESUMPTION OF ASSENT**

130. A
 Director who is present at a meeting of the Board of Directors at which action on any
 Company matter is taken shall be presumed to have assented to the action taken unless
 the Director's dissent shall be entered in the minutes of the meeting or unless
 the Director shall file their written dissent from such action with the person acting
 as the secretary of the meeting before the adjournment thereof or shall forward such
 dissent by registered mail to such person immediately
after the adjournment of the meeting. Such right to dissent shall not apply to a Director who voted in favour of such action.

*Auth Code: K70473104572*

*www.verify.gov.ky*

 

![](ex99xi2001.jpg)

**BORROWING POWERS**

131. The
 Directors may exercise all the powers of the Company to borrow money and hypothecate,
 mortgage, charge or pledge its undertaking, property, and assets or any part thereof,
 and to issue debentures, debenture stock or other securities, whether outright or as
 collateral security for any debt liability or obligation of the Company or of any third
 party.

**SECRETARY**

132. The
 Directors may appoint any person to be a Secretary who shall hold office for such term,
 at such remuneration and upon such conditions and with such powers as they think fit.
 Any Secretary so appointed by the Directors may be removed by the Directors or by the
 Company by Ordinary Resolution. Anything required or authorised to be done by or to the
 Secretary may, if the office is vacant or there is for any other reason no Secretary
 capable of acting, be done by or to any assistant or deputy Secretary or if there is
 no assistant or deputy Secretary capable of acting, by or to any officer of the Company
 authorised generally or specially in that behalf by the Directors, provided that any
 provisions of these Articles requiring or authorising a thing to be done by or to a Director
 and the Secretary shall not be satisfied by its being done by or to the same person acting
 both as Director and as, or in the place of, the Secretary.

133. No
 person shall be appointed or hold office as Secretary who is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 sole Director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 corporation the sole director of which is the sole Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 sole director of a corporation which is the sole Director.

**THE SEAL**

134. The
 Directors shall provide for the safe custody of the Seal and the Seal shall never be
 used except by the authority of a resolution of the Directors or of a committee of the
 Directors authorised by the Directors in that behalf. The Directors may keep for use
 outside the Cayman Islands a duplicate Seal. The Directors may from time to time as they
 see fit (subject to the provisions of these Articles relating to share certificates)
 determine the persons and the number of such persons in whose presence the Seal or the
 facsimile thereof shall be used, and until otherwise so determined the Seal or the duplicate
 thereof shall be affixed in the presence of any one Director or the Secretary, or of
 some other person duly authorised by the Directors.

**DIVIDENDS, DISTRIBUTIONS AND RESERVES**

135. Subject
 to the Companies Act, these Articles, and the special rights attaching to Shares of any
 class, the Directors may, in their absolute discretion, declare dividends and distributions
 on Shares in issue and authorise payment of the dividends or distributions out of the
 funds of the Company lawfully available therefor. No dividend or distribution shall be
 paid except out of the realised or unrealised profits of the Company, or out of the Share
 Premium Account, or as otherwise permitted by the Companies Act.

136. Except
 as otherwise provided by the rights attached to Shares, or as otherwise determined by
 the Directors, all dividends and distributions in respect of Shares shall be declared
 and paid according to the par value of the Shares that a Shareholder holds. If any Share
 is issued on terms providing that it shall rank for dividend or distribution as from
 a particular date, that Share shall rank for dividend or distribution accordingly.

*Auth Code: K70473104572*

*www.verify.gov.ky*

 

![](ex99xi2001.jpg)

137. The
Directors may deduct and withhold from any dividend or distribution otherwise payable to any Shareholder all sums of money (if
any) then payable by the Shareholder to the Company on account of calls or otherwise or any monies which the Company is obliged
by law to pay to any taxing or other authority.

138. The
 Directors may declare that any dividend or distribution be paid wholly or partly by the
 distribution of specific assets and in particular of shares, debentures or securities
 of any other company or in any one or more of such ways and, where any difficulty arises
 in regard to such distribution, the Directors may settle the same as they think expedient
 and in particular may issue fractional Shares and fix the value for distribution of such
 specific assets or any part thereof and may determine that cash payments shall be made
 to any Shareholder upon the basis of the value so fixed in order to adjust the rights
 of all Shareholders and may vest any such specific assets in trustees as may seem expedient
 to the Directors.

139. Any
 dividend, distribution, interest or other monies payable in cash in respect of Shares
 may be paid by wire transfer to the holder or by cheque or warrant sent through the post
 directed to the registered address of the holder or, in the case of joint holders, to
 the registered address of the holder who is first named on the Register of Members or
 to such person and to such address as such holder or joint holders may in writing direct.
 Every such cheque or warrant shall (unless the Directors in their sole discretion otherwise
 determine) be made payable to the order of the person to whom it is sent. Any one of
 two or more joint holders may give effectual receipts for any dividends, bonuses, or
 other monies payable in respect of the Share held by them as joint holders.

140. Any
 dividend or distribution which cannot be paid to a Shareholder and/or which remains unclaimed
 after six (6) months from the date of declaration of such dividend or distribution may,
 in the discretion of the Directors, be paid into a separate account in the Company's
 name, provided that the Company shall not be constituted as a trustee in respect of that
 account and the dividend or distribution shall remain as a debt due to the Shareholder.
 Any dividend or distribution which remains unclaimed after a period of six years from
 the date of declaration of such dividend or distribution shall be forfeited and shall
 revert to the Company.

141. No
 dividend or distribution shall bear interest against the Company.

**SHARE PREMIUM ACCOUNT**

142. The
 Directors shall establish an account on the books and records of the Company to be called
 the Share Premium Account and shall carry to the credit of such account from time to
 time a sum equal to the amount or value of the premium paid on the issue of any Share.

**ACCOUNTS**

143. The
 Directors shall cause proper books of account to be kept with respect to all sums of
 money received and expended by the Company and the matters in respect of which the receipt
 or expenditure takes place, all sales and purchases of goods by the Company and the assets
 and liabilities of the Company. Proper books shall not be deemed to be kept if there
 are not kept such books of account as are necessary to give a true and fair view of the
 state of the Company's affairs and to explain its transactions.

144. The
 books of account shall be kept at the Registered Office or at such other place as the
 Directors think fit, and shall always be open to inspection by the Directors.

145. The
 Board of Directors shall from time to time determine whether and to what extent and at
 what time and places and under what conditions or articles the accounts and books of
 the Company or any of them shall be open to the inspection of Shareholders not being
 Directors, and no Shareholder (not being a Director) shall have any right of inspection
 of any account or book or document of the Company except as conferred by law or authorised
 by the Board of Directors or by resolution of the Shareholders.

*Auth Code: K70473104572*

*www.verify.gov.ky*

 

![](ex99xi2001.jpg)

**AUDIT**

146. The
 accounts relating to the Company's affairs shall be audited in such manner as may
 be determined from time to time by resolution of the Shareholders or failing any such
 determination, by the Board of Directors, or failing any determination as aforesaid,
 shall not be audited.

**NOTICES**

147. Any
 notice or document may be served by the Company on any Shareholder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) personally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by
 registered post or courier to that Shareholder's address as appearing in the Register
 of Members; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by
 cable, telex, facsimile, e-mail or any other electronic means should the Directors deem
 it appropriate.

148. In
 the case of joint holders of a Share, all notices shall be given to that one of the joint
 holders whose name stands first in the Register of Members in respect of the joint holding,
 and notice so given shall be sufficient notice to all the joint holders.

149. Any
 Shareholder present, either personally or by proxy, at any meeting of the Company shall
 for all purposes be deemed to have received due notice of such meeting and, where requisite,
 of the purposes for which such meeting was convened.

150. Any
 summons, notice, order or other document required to be sent to or served upon the Company,
 or upon any officer of the Company may be sent or served by leaving the same or sending
 it through the post in a prepaid letter envelope or wrapper, addressed to the Company
 or to such officer at the Registered Office.

151. Where
 a notice or other document is sent by registered post, service of that notice or other
 document shall be deemed to be effected by properly addressing, pre-paying and posting
 an envelope containing it, and that notice or other document shall be deemed to have
 been received on the third day (not including Saturdays or Sundays or public holidays)
 following the day on which it was posted. Where a notice or other document is sent by
 courier, service of that notice or other document shall be deemed to be effected by delivery
 of the notice or other document to a courier company, and that notice or other document
 shall be deemed to have been received on the fifth day (not including Saturdays or Sundays
 or public holidays in the Cayman Islands) following the day on which it was delivered
 to the courier company. Where a notice or other document is sent by cable, telex or facsimile,
 service of that notice or other document shall be deemed to be effected by properly addressing
 and sending it, and that notice or other document shall be deemed to have been received
 on the same day that it was transmitted. Where a notice or other document is sent by
 email, service of that notice or other document shall be deemed to be effected by transmitting
 the email to the email address provided by the intended recipient and that notice or
 other document shall be deemed to have been received on the same day that it was sent,
 and it shall not be necessary for the receipt of the email to be acknowledged by the
 recipient.

152. Any
 notice or document delivered or sent by post to or left at the registered address of
 any Shareholder in pursuance of these Articles shall notwithstanding that such Shareholder
 be then dead, insane, bankrupt or dissolved, and whether or not the Company has notice
 of such death, insanity, bankruptcy or dissolution, be deemed to have been duly served
 in respect of any Share registered in the name of such Shareholder as sole or joint holder,
 unless the Shareholder's name shall at the time of the service of the notice or
 document, have been removed from the Register of Members as the holder of the Share,
 and such service shall for all purposes be deemed
a sufficient service of such notice or document on all persons interested (whether jointly with or as claiming through or under
such Shareholder) in the Share.

*Auth Code: K70473104572*

*www.verify.gov.ky*

 

![](ex99xi2001.jpg)

**WINDING UP AND FINAL DISTRIBUTION OF ASSETS**

153. The
 Directors may present a winding up petition on behalf of the Company without the sanction
 of a resolution of the Shareholders passed at a general meeting.

154. If
 the Company shall be wound up the liquidator shall apply the assets of the Company in
 satisfaction of creditors' claims in such manner and order as such liquidator thinks
 fit.

155. If
 the Company shall be wound up, and the assets available for distribution amongst the
 Shareholders shall be insufficient to repay the whole of the share capital, such assets
 shall be distributed so that, as nearly as may be, the losses shall be borne by the Shareholders
 in proportion to the par value of the Shares held by them. If in a winding up the assets
 available for distribution amongst the Shareholders shall be more than sufficient to
 repay the whole of the share capital at the commencement of the winding up, the surplus
 shall be distributed amongst the Shareholders in proportion to the par value of the Shares
 held by them at the commencement of the winding up subject to a deduction from those
 Shares in respect of which there are monies due of all monies payable to the Company
 for unpaid calls or otherwise. This Article is without prejudice to the rights of the
 holders of Shares issued upon special terms and conditions.

156. If
 the Company shall be wound up (whether the liquidation is voluntary, under supervision
 or by the Court) the liquidator may, with the authority of a Special Resolution, divide
 among the Shareholders in specie the whole or any part of the assets of the Company,
 and whether or not the assets shall consist of property of a single kind, and may for
 such purposes set such value as the liquidator deems fair upon any one or more class
 or classes of property, and may determine how such division shall be carried out as between
 the Shareholders. The liquidator may, with the like authority, vest any part of the assets
 in trustees upon such trusts for the benefit of Shareholders as the liquidator, with
 the like authority, shall think fit, and the liquidation of the Company may be closed
 and the Company dissolved, but so that no Shareholder shall be compelled to accept any
 Shares in respect of which there is liability.

**INDEMNITY**

157. Every
 Director or officer of the Company shall be indemnified out of the assets of the Company
 against any liability incurred by that Director or officer as a result of any act or
 failure to act in carrying out their functions other than such liability (if any) that
 the Director or officer may incur by their own actual fraud or wilful default. No such
 Director or officer shall be liable to the Company for any loss or damage in carrying
 out their functions unless that liability arises through the actual fraud or wilful default
 of such Director or officer. References in this Article to actual fraud or wilful default
 mean a finding to such effect by a competent court in relation to the conduct of the
 relevant party.

158. The
 Directors shall have the power to purchase and maintain insurance for the benefit of
 any person who is or was a Director or officer of the Company indemnifying them against
 any liability which may lawfully be insured against by the Company.

**DISCLOSURE**

159. Any
 Director, officer or authorised agent of the Company shall, if lawfully required to do
 so under the laws of any jurisdiction to which the Company is subject or in compliance
 with the rules of any stock exchange upon which the Company's shares are listed
 or in accordance with any contract entered into by the Company, be entitled to release
 or disclose any information in their possession regarding the affairs of the Company
 including, without limitation, any information contained in the Register of Members.

*Auth Code: K70473104572*

*www.verify.gov.ky*

 

![](ex99xi2001.jpg)

**CLOSING REGISTER OF MEMBERS OR FIXING RECORD DATE**

160. The
 Directors may fix in advance a date as the record date for any determination of Shareholders
 entitled to notice of or to vote at a meeting of the Shareholders and for the purpose
 of determining the Shareholders entitled to receive payment of any dividend the Directors
 may either before or on the date of declaration of such dividend fix a date as the record
 date for such determination.

161. If
 no record date is fixed for the determination of Shareholders entitled to notice of or
 to vote at a meeting of Shareholders or Shareholders entitled to receive payment of a
 dividend, the date on which notice of the meeting is mailed or the date on which the
 resolution of the Directors declaring such dividend is adopted, as the case may be, shall
 be the record date for such determination of Shareholders. When a determination of Shareholders
 entitled to vote at any meeting has been made in the manner provided in the preceding
 Article, such determination shall apply to any adjournment thereof.

**REGISTRATION BY WAY OF CONTINUATION**

162. The
 Company may by Special Resolution resolve to be registered by way of continuation in
 a jurisdiction outside the Cayman Islands or such other jurisdiction in which it is for
 the time being incorporated, registered or existing. The Directors may cause an application
 to be made to the Registrar of Companies to deregister the Company in the Cayman Islands
 or such other jurisdiction in which it is for the time being incorporated, registered
 or existing and may cause all such further steps as they consider appropriate to be taken
 to effect the transfer by way of continuation of the Company.

**FINANCIAL YEAR**

163. The
 Directors shall determine the financial year of the Company and may change the same from
 time to time. Unless they determine otherwise, the financial year shall end on 31 December
 in each year.

**AMENDMENTS TO MEMORANDUM AND ARTICLES OF ASSOCIATION**

164. The
 Company may from time to time alter or add to these Articles or alter or add to the Memorandum
 with respect to any objects, powers or other matters specified therein by passing a Special
 Resolution in the manner prescribed by the Companies Act.

**CAYMAN ISLANDS DATA PROTECTION**

165. The
 Company is a "data controller" for the purposes of the Data Protection Act
 (as amended) (the **DPA**). By virtue of subscribing for and holding Shares in the
 Company, Shareholders provide the Company with certain information (**Personal Data**)
 that constitutes "personal data" under the DPA. Personal Data includes, without
 limitation, the following information relating to a Shareholder and/or any natural person(s)
 connected with a Shareholder (such as a Shareholder's individual directors, members
 and/or beneficial owner(s)): name, residential address, email address, corporate contact
 information, other contact information, date of birth, place of birth, passport or other
 national identifier details, national insurance or social security number, tax identification,
 bank account details and information regarding assets, income, employment and source
 of funds.

166. The
 Company processes such Personal Data for the purposes of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) performing
 contractual rights and obligations (including under the Memorandum and these Articles);

*Auth Code: K70473104572*

*www.verify.gov.ky*

 

![](ex99xi2001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) complying
 with legal or regulatory obligations (including those relating to anti-money laundering
 and counter-terrorist financing, preventing and detecting fraud, sanctions, automatic
 exchange of tax information, requests from governmental, regulatory, tax and law enforcement
 authorities, beneficial ownership and the maintenance of statutory registers); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 legitimate interests pursued by the Company or third parties to whom Personal Data may
 be transferred, including to manage and administer the Company, to send updates, information
 and notices to Shareholders or otherwise correspond with Shareholders regarding the Company,
 to seek professional advice (including legal advice), to meet accounting, tax reporting
 and audit obligations, to manage risk and operations and to maintain internal records.

167. The
 Company transfers Personal Data to certain third parties who process the Personal Data
 on the Company's behalf, including third party service providers that it appoints
 or engages to assist with its management, operation, administration and legal, governance
 and regulatory compliance. In certain circumstances, the Company may be required by law
 or regulation to transfer Personal Data and other information with respect to one or
 more Shareholders to a governmental, regulatory, tax or law enforcement authority. That
 authority may, in turn, exchange this information with another governmental, regulatory,
 tax or law enforcement authority established in or outside the Cayman Islands

*Auth Code: K70473104572*

*www.verify.gov.ky*

 

![](ex99xi2001.jpg)

<br> Name and address of Subscriber <br>    

Mourant Nominees (Cayman) Limited

94 Solaris Avenue

Camana Bay

PO Box 1348

Grand Cayman KY1-1108

CAYMAN ISLANDS

---

| |
|:---|
| Mourant Nominees (Cayman) Limited |
| acting by: |
| ![](ex99xi2002.jpg) |
| Name: Angelisa Whittaker |
| Title: Authorised Signatory |
| Witness to the above signature: |
| ![](ex99xi2003.jpg) |
| Name: Marrio McKenzie |
| Address: |
| 94 Solaris Avenue |
| Camana Bay |
| PO Box 1348 |
| Grand Cayman KY1-1108 |
| CAYMAN ISLANDS |
| Occupation: Administrator/Secretary |

---

Date: 17<sup>th</sup> June 2025

*Auth Code: K70473104572*

*www.verify.gov.ky*

## Ex-99.(A)(Xi)(3)

**[Tidal Trust II 485APOS](defiance2x-485apos_80425.htm)**

**Exhibit 99.(a)(xi)(3)**

![](ex99xi3001.jpg)

QH-422530 Certificate Of Incorporation I, **LISA MOORE-JERVIS** Assistant Registrar of Companies of the Cayman Islands DO HEREBY CERTIFY, pursuant to the Companies Act, that all requirements of the said Act in respect of registration were complied with by **Defiance Enhanced Long Vol Cayman Subsidiary** an Exempted Company incorporated in the Cayman Islands with Limited Liability with effect from the 17th day of June Two Thousand Twenty-Five Given under my hand and Seal at George Town in the Island of Grand Cayman this 17th day of June Two Thousand Twenty-Five **Assistant Registrar of Companies, Cayman Islands.** Authorisation Code : 901519560485 www.verify.gov.ky 17 June 2025

## Ex-99.(A)(Xi)(4)

**[Tidal Trust II 485APOS](defiance2x-485apos_80425.htm)**

**Exhibit 99.(a)(xi)(4)**

---

| | |
|:---|:---|
| QH-422530 | ![](ex99xi4001.jpg) |

---

**THE TAX CONCESSIONS LAW**

**UNDERTAKING AS TO TAX CONCESSIONS**

**In accordance with the Tax Concessions Law the following undertaking is hereby given to**

**Defiance Enhanced Long Vol Cayman Subsidiary "the Company"**

&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **That no Law which is hereafter enacted in the Islands imposing any tax to be levied on profits, income, gains or appreciations shall apply to the Company or its operations; and** 

&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **In addition, that no tax to be levied on profits, income, gains or appreciations or which is in the nature of estate duty or inheritance tax shall be payable** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** **on or in respect of the shares debentures or other obligations of the Company; or** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** **by way of the withholding in whole or in part of any relevant payment as defined in the Tax Concessions Law.** 

**These concessions shall be for a period of TWENTY years from the 17th day of June 2025.**

---

| | |
|:---|:---|
| ![](ex99xi4002.jpg) | ![](ex99xi4003.jpg) |
| ![](ex99xi4002.jpg) |  |
| ![](ex99xi4002.jpg) | **CLERK OF THE CABINET** |

---

Authentication Number: 174328794386

## Ex-99.(A)(Xi)(5)

**[Tidal Trust II 485APOS](defiance2x-485apos_80425.htm)**

**Exhibit 99.(a)(xi)(5)**

**PRIVATE INVESTMENT COMPANY**

**CUSTODIAN AGREEMENT**

THIS AGREEMENT is made and entered into as of the date last written in the signature page, by and between **Defiance Enhanced Long Vol Cayman Subsidiary**, an exempted company incorporated in the Cayman Islands with limited liability (the "Fund") and **U.S. BANK NATIONAL ASSOCIATION**, a national banking association organized and existing under the laws of the United States of America with its principal place of business at Minneapolis, Minnesota (the "Custodian").

WHEREAS, the Fund is a wholly owned subsidiary of the Defiance Enhanced Long Vol ETF;

WHEREAS, the Custodian is in the business of, among other things, providing custodial services to private investment companies;

WHEREAS, the Fund desires to retain the Custodian to act as custodian of its cash and securities; and

NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

**Article 1**

**CERTAIN DEFINITIONS**

Whenever used in this Agreement, the following words and phrases shall have the meanings set forth below unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) " <u>Authorized Person</u> " means any person authorized by the Fund, on the list attached hereto as <u>Exhibit A</u> (as amended from time
to time), to give Written Instructions on behalf of the Fund. Such officer or person shall continue to be an Authorized Person
until such time as the Custodian receives Written Instructions from the Fund or the Fund's investment advisor or other agent
that any such person is no longer an Authorized Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>"Securities"</u> shall include, without limitation, common and preferred stocks, bonds, call options, put options, debentures, notes, bank
certificates of deposit, bankers' acceptances, mortgage-backed securities or other obligations, and any certificates, receipts,
warrants or other instruments or documents representing rights to receive, purchase or subscribe for the same, or evidencing or
representing any other rights or interests therein, or any similar property or assets that the Custodian or its agents have the
facilities to clear and service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) " <u>Written Instructions</u> " mean (i) written instructions signed by an Authorized Person and received by the Custodian, or (ii) trade
instructions transmitted by an Authorized Person by means of an electronic transaction reporting system which requires the use
of a password or other authorized identifier in order to gain access. Written Instructions may be delivered electronically or
by hand, electronic mail or facsimile sending device.

**Article 2**

**APPOINTMENT OF CUSTODIAN**

The Fund hereby appoints the Custodian as custodian of certain Securities and cash owned by or in the possession of the Fund, on the terms and conditions set forth in this Agreement, and the Custodian hereby accepts such appointment and agrees to perform the services and duties set forth in this Agreement. The services and duties of the Custodian shall be confined to those matters expressly set forth herein, and no implied duties are assumed by or may be asserted against the Custodian hereunder.

**Article 3**

**INSTRUCTIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless
otherwise provided in this Agreement, the Custodian shall act only upon Written Instructions (which may be standing Written Instructions).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
Custodian shall be entitled to rely upon any Written Instruction it receives from an Authorized Person pursuant to this Agreement.
The Custodian may assume that any Written Instructions received hereunder are not in any way inconsistent with the provisions
of organizational documents of the Fund or of any vote, resolution or proceeding of the Fund or the Fund's members, unless
and until the Custodian receives Written Instructions to the contrary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Where
Written Instructions reasonably appear to have been received from an Authorized Person, the Custodian shall incur no liability
to the Fund in acting upon such Written Instruction provided that the Custodian's actions comply with the other provisions
of this Agreement.

**Article 4**

**NAMES, TITLES, AND SIGNATURES OF AUTHORIZED PERSONS**

The Fund shall certify to the Custodian the names, titles, and signatures of Authorized Persons who are authorized to give Written Instructions to the Custodian on behalf of the Fund. The Fund agrees that, whenever any change in such authorization occurs, it will file with the Custodian a new certified list of names, titles, and signatures which shall be signed by at least one officer previously certified to the Custodian if such officer still holds an office with the Fund. The Custodian is authorized to rely and act upon the names, titles, and signatures of the individuals as they appear in the most recent certified list which has been delivered to the Custodian.

**Article 5**

**RECEIPT AND DISBURSEMENT OF MONEY**

**Section 5.1** The Fund shall, from time to time, cause certain cash owned by the Fund to be delivered or paid to the Custodian, but the Custodian shall not be under any obligation or duty to determine whether all cash of the Fund is being so deposited or to take any action or to give any notice with respect to cash not so deposited. The Custodian agrees to hold such cash, together with any other sum collected or received by it, for or on behalf of the Fund (the "Fund Account"). The Custodian shall make payments of cash from the Fund Account only:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for
bills, statements and other obligations of the Fund (including but not limited to obligations in connection with the conversion,
exchange or surrender of securities owned by the Fund, interest charges, dividend disbursements, taxes, management fees, custodian
fees, legal fees, auditors' fees, transfer agents' fees, brokerage commissions, compensation to personnel, and other
operating expenses of the Fund) pursuant to Written Instructions from the Fund setting forth the name of the person to whom payment
is to be made, the amount of the payment, and the purpose of the payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as
provided in Article 6 hereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) upon
the termination of this Agreement.

**Section 5.2** The Custodian is hereby appointed the attorney-in-fact of the Fund to enforce and collect all checks, drafts, or other orders for the payment of money received by the Custodian for the Fund Account and drawn to or to the order of the Fund and to deposit them in said account.

**Article 6**

**RECEIPT OF SECURITIES**

The Fund may, from time to time, place certain of its Securities in the custody of the Custodian. The Custodian shall have no obligations with respect to any Securities owned by the Fund but not so deposited in the Fund Account. The Custodian agrees to hold such Securities for the account of the Fund, in the name of the Fund or a bearer or nominee of the Custodian, and in conformity with the terms of this Agreement. The Custodian also agrees, upon Written Instructions from the Fund, to receive from persons other than the Fund and to hold for the account of the Fund Securities specified in said Written Instructions, and, if the same are in proper form, to cause payment to be made therefor to the persons from whom such Securities were received, from the funds of the Fund held by it in the Fund Account in the amounts provided and in the manner directed by the Written Instructions from the Fund.

The Custodian agrees that all Securities of the Fund placed in its custody shall be kept physically segregated at all times from those of any other person, firm, or corporation, and shall be held by the Custodian with all reasonable precautions for the safekeeping thereof, with safeguards substantially equivalent to those maintained by the Custodian for its own Securities.

Subject to such rules, regulations, and orders as the Securities and Exchange Commission (the "SEC") may adopt, the Fund may direct the Custodian to deposit all or any part of the Securities owned by the Fund in a system for the central handling of Securities established by a national securities exchange or a national securities association registered with the SEC under the Securities Exchange Act of 1934, as amended, or such other person as may be permitted by the SEC, pursuant to which system all Securities of any particular class of any issuer deposited within the system are treated as fungible and may be transferred or pledged by bookkeeping entry without physical delivery of such Securities, provided that all such deposits shall be subject to withdrawal only at the direction of the Fund.

**Article 7**

**TRANSFER, EXCHANGE, AND DELIVERY OF SECURITIES**

The Custodian agrees to transfer, exchange, and deliver Securities as provided in Article 8, or on receipt by it of, and in accordance with, Written Instructions from the Fund in which the Fund shall state specifically which of the following cases is covered thereby, provided that it shall not be the responsibility of the Custodian to determine the propriety or legality of any such order:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In
the case of deliveries of Securities sold by the Fund, against receipt by the Custodian of the proceeds of sale and after receipt
of a confirmation from a broker or dealer with respect to the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In
the case of deliveries of Securities which may mature or be called, redeemed, retired, or otherwise become payable, against receipt
by the Custodian of the sums payable thereon or against interim receipts or other proper delivery receipts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In
the case of deliveries of Securities which are to be transferred to and registered in the name of the Fund or of a nominee of
the Custodian and delivered to the Custodian for the account of the Fund, against receipt by the Custodian of interim receipts
or other proper delivery receipts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In
the case of deliveries of Securities to the issuer thereof, its transfer agent or other proper agent, or to any committee or other
organization for exchange for other Securities to be delivered to the Custodian in connection with a reorganization or recapitalization
of the issuer or any split-up or similar transaction involving such Securities, against receipt by the Custodian of such other
Securities or against interim receipts or other proper delivery receipts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In
the case of deliveries of temporary certificates in exchange for permanent certificates, against receipt by the Custodian of such
permanent certificates or against interim receipts or other proper delivery receipts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In
the case of deliveries of Securities upon conversion thereof into other Securities, against receipt by the Custodian of such other
Securities or against interim receipts or other proper delivery receipts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In
the case of deliveries of Securities in exchange for other Securities (whether or not such transactions also involve the receipt
or payment of cash), against receipt by the Custodian of such other Securities or against interim receipts or other proper delivery
receipts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) In
a case not covered by the preceding paragraphs of this Article, upon receipt of a Written Instruction from the Fund specifying
the Securities and assets to be transferred, exchanged, or delivered, the purposes for which such delivery is being made, declaring
such purposes to be proper corporate purposes, and naming a person or persons to whom such transfer, exchange, or delivery is
to be made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In
the case of deliveries pursuant to paragraphs (a), (b), (c), (d), (e), (f), and (g) above, the Written Instructions from the Fund
shall direct that the proceeds of any Securities delivered, or Securities or other assets exchanged for or in lieu of Securities
so delivered, are to be delivered to the Custodian.

**Article 8**

**CUSTODIAN'S ACTS WITHOUT INSTRUCTIONS**

Unless and until the Custodian receives contrary Written Instructions from the Fund, the Custodian shall, without order from the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Present
for payment all bills, notes, checks, drafts, and similar items, and all coupons or other income items (except stock dividends),
held or received for the account of the Fund, and which require presentation in the ordinary course of business, and credit such
items to the Fund Account pursuant to the Custodian's then current funds availability schedule, but the Custodian shall
have no duty to take action to effect collection of any amount if the assets upon which such payment is due are in default or
if payment is refused after due demand and presentation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Present
for payment all Securities which may mature or be called, redeemed, retired, or otherwise become payable and credit such items
to the Fund Account pursuant to the Custodian's then current funds availability schedule, but the Custodian shall have no
duty to take action to effect collection of any amount if the assets upon which such payment is due are in default or if payment
is refused after due demand and presentation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Hold
for and credit to the Fund Account all shares of stock and other Securities received as stock dividends or as the result of a
stock split or otherwise from or on account of Securities of the Fund, and notify the Fund promptly of the receipt of such items;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Deposit
any cash received by it from, for or on behalf of the Fund to the credit of the Fund in the Fund Account (in its own deposit department
without liability for interest);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Charge
against the Fund Account for Fund disbursements authorized to be made by the Custodian hereunder and actually made by it, and
notify the Fund of such charges at least once a month;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Deliver
Securities which are to be transferred to and reissued in the name of the Fund, or of a nominee of the Custodian for the account
of the Fund, and temporary certificates which are to be exchanged for permanent certificates, to a proper transfer agent for such
purpose against interim receipts or other proper delivery receipts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Hold
for disposition in accordance with Written Instructions from the Fund hereunder all options, rights, and similar Securities which
may be received by the Custodian and which are issued with respect to any Securities held by it hereunder, and notify the Fund
promptly of the receipt of such items.

**Article 9**

**DELIVERY OF PROXIES**

The Custodian shall deliver promptly to the Fund all proxies, written notices, and communications with respect to Securities held by it for the account of the Fund which it may receive from securities issuers or obligors and/or via the industry standard information services to which Custodian subscribes.

**Article 10**

**TRANSFER OF SECURITIES**

The Fund shall furnish to the Custodian appropriate instruments to enable the Custodian to hold or deliver in proper form for transfer any Securities which it may hold for the Fund. For the purpose of facilitating the handling of Securities, unless the Fund shall otherwise direct by Written Instructions, the Custodian is authorized to hold Securities deposited with it under this Agreement in the name of its registered nominee or nominees (as defined in the Internal Revenue Code and any Regulations of the United States Treasury Department issued thereunder or in any provision of any subsequent federal tax law exempting such transaction from liability for stock transfer taxes) and shall execute and deliver such certificates in connection therewith as may be required by such laws or regulations or under the laws of any state. The Custodian shall advise the Fund of the certificate number of each certificate so presented for transfer and that of the certificate received in exchange therefor, and shall use its best efforts to the end that the specific Securities held by it hereunder shall be at all times identifiable.

**Article 11**

**TRANSFER TAXES AND OTHER DISBURSEMENTS**

The Fund shall pay or reimburse the Custodian for any transfer taxes payable upon transfers of Securities made hereunder, including transfers incident to the termination of this Agreement, and for all other necessary and proper disbursements and expenses made or incurred by the Custodian in the performance or incident to the termination of this Agreement, and the Custodian shall have a lien upon any cash or Securities held by it for the account of the Fund for all such items, enforceable, after 60 days' written notice by registered mail to the Fund, by the sale of sufficient Securities to satisfy such lien. The Custodian may reimburse itself by deducting from the proceeds of any sale of Securities an amount sufficient to pay any transfer taxes payable upon the transfer of Securities sold. The Custodian shall execute such certificates in connection with Securities delivered to it under this Agreement as may be required, under the provisions of any federal revenue act and any Regulations of the Treasury Department issued thereunder or any state laws, to exempt from taxation any transfers and/or deliveries of any such Securities as may qualify for such exemption.

**Article 12**

**CUSTODIAN'S REPORT**

The Custodian shall furnish the Fund, as of the close of business on the last business day of each month, a statement showing all cash transactions and entries for the Fund Account and a list of the Securities held by it in custody for the account of the Fund.

**Article 13**

**SEGREGATED ACCOUNTS**

Upon receipt of Proper Instructions, the Custodian shall establish and maintain a segregated account or accounts for and on behalf of the Fund, into which account or accounts may be transferred cash and/or Securities, including Securities maintained in a Depository Account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 accordance with the provisions of any agreement among the Fund, the Custodian and a registered
 broker-dealer or member of FINRA (or any futures commission merchant registered under
 the Commodity Exchange Act), relating to compliance with the rules of the Options Clearing
 Corporation and of any registered national securities exchange (or the Commodity Futures
 Trading Commission or any registered contract market), or of any similar organization
 or organizations, regarding escrow or other arrangements in connection with transactions
 by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for
 purposes of segregating cash or Securities in connection with securities options purchased
 or written by the Fund or in connection with financial futures contracts (or options
 thereon) purchased or sold by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) which
 constitute collateral for loans of Securities made by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) for
 other proper corporate purposes, but only upon receipt of Proper Instructions, setting
 forth the purpose or purposes of such segregated account and declaring such purposes
 to be proper corporate purposes.

Each segregated account established under this Article shall be established and maintained for one Fund only. All Proper Instructions relating to a segregated account shall specify the Fund.

**Article 14**

**COMPENSATION OF CUSTODIAN**

The Custodian shall be compensated for providing the services set forth in this Agreement in accordance with the fee schedule set forth on <u>Exhibit B</u> hereto (as amended from time to time). The Custodian shall also be compensated for such miscellaneous expenses (e.g., telecommunication charges, postage and delivery charges, and reproduction charges) as are reasonably incurred by the Custodian in performing its duties hereunder. The Fund shall pay all such fees and reimbursable expenses within 30 calendar days following the receipt of the billing notice, except for any fee or expense subject to a good faith dispute. The Fund shall notify the Custodian in writing within 30 calendar days following receipt of each invoice if the Fund is disputing any amounts in good faith. The Fund shall pay such disputed amounts within 10 calendar days of the day on which the parties agree to the amount to be paid. With the exception of any fee or expense the Fund is disputing in good faith as set forth above, unpaid invoices shall accrue a finance charge of 1½% per month after the due date.

**Article 15**

**REPRESENTATIONS AND WARRANTIES**

**Section 15.1** <u>Representations and Warranties of the Fund</u>. The Fund hereby represents and warrants to the Custodian, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It
is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business
as now conducted, to enter into this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This
Agreement has been duly authorized, executed and delivered by the Fund in accordance with all requisite action and constitutes
a valid and legally binding obligation of the Fund, enforceable in accordance with its terms, subject to bankruptcy, insolvency,
reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It
is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and federal,
and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation,
order or judgment binding on it and no provision of its charter, bylaws or any contract binding it or affecting its property which
would prohibit its execution or performance of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
assets of the Fund, including the Securities and cash held by the Custodian pursuant to the terms of this Agreement, do not constitute
"plan assets" (as defined in Section 3(42) of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"))
which are subject to ERISA or Section 4975 of the Internal Revenue Code.

**Section 15.2** <u>Representations and Warranties of the Custodian</u>. The Custodian hereby represents and warrants to the Fund, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It
is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business
as now conducted, to enter into this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This
Agreement has been duly authorized, executed and delivered by the Custodian in accordance with all requisite action and constitutes
a valid and legally binding obligation of the Custodian, enforceable in accordance with its terms, subject to bankruptcy, insolvency,
reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It
is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and federal,
and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation,
order or judgment binding on it and no provision of its charter, bylaws or any contract binding it or affecting its property which
would prohibit its execution or performance of this Agreement.

**Article 16**

**STANDARD OF CARE; INDEMNIFICATION; LIMITATION OF LIABILITY**

**Section 16.1** <u>Standard of Care</u>. The Custodian shall exercise reasonable care in the performance of its duties under this Agreement. The Custodian shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Fund in connection with its duties under this Agreement, including losses resulting from mechanical breakdowns or the failure of communication or power supplies beyond the Custodian's control, except a loss arising out of or relating to the Custodian's refusal or failure to comply with the terms of this Agreement or from its bad faith, gross negligence or willful misconduct in the performance of its duties under this Agreement. The Custodian shall be entitled to rely on and may act upon advice of counsel on all matters, and shall be without liability for any action reasonably taken or omitted pursuant to such advice. The Custodian shall promptly notify the Fund of any action taken or omitted by the Custodian pursuant to advice of counsel.

**Section 16.2** <u>Actual Collection Required</u>. The Custodian shall not be liable for, or considered to be the custodian of, any cash belonging to the Fund or any money represented by a check, draft or other instrument for the payment of money, until the Custodian or its agents actually receive such cash or collect on such instrument.

**Section 16.3** <u>No Responsibility for Title, etc.</u> So long as and to the extent that it is in the exercise of reasonable care, the Custodian shall not be responsible for the title, validity or genuineness of any property or evidence of title thereto received or delivered by it pursuant to this Agreement.

**Section 16.4** <u>Limitation on Duty to Collect</u>. Custodian shall not be required to enforce collection, by legal means or otherwise, of any money or property due and payable with respect to Securities held for the Fund if such Securities are in default or payment is not made after due demand or presentation.

**Section 16.5** <u>Reliance Upon Documents and Instructions</u>. The Custodian shall be entitled to rely upon any certificate, notice or other instrument in writing received by it and reasonably believed by it to be genuine. The Custodian shall be entitled to rely upon any Written Instructions actually received by it pursuant to this Agreement.

**Section 16.6** <u>Indemnification by Fund</u>. The Fund shall indemnify and hold harmless the Custodian from and against any and all claims, demands, losses, expenses and liabilities of any and every nature (including reasonable attorneys' fees) that the Custodian may sustain or incur or that may be asserted against the Custodian by any person arising directly or indirectly (a) from any action taken or omitted to be taken by the Custodian (i) at the request or direction of or in reliance on the advice of the Fund, or (ii) upon Written Instructions, or (b) from the performance of its obligations under this Agreement, provided that the Custodian shall not be indemnified and held harmless from and against any such claim, demand, loss, expense or liability arising out of or relating to its refusal or failure to comply with the terms of this Agreement, or from its bad faith, gross negligence or willful misconduct in the performance of its duties under this Agreement. This indemnity shall be a continuing obligation of the Fund, its successors and assigns, notwithstanding the termination of this Agreement. As used in this paragraph, the term "Custodian" shall include the Custodian's directors, officers and employees.

**Section 16.7** <u>Indemnification by Custodian</u>. The Custodian shall indemnify and hold harmless the Fund from and against any and all claims, demands, losses, expenses, and liabilities of any and every nature (including reasonable attorneys' fees) that the Fund may sustain or incur or that may be asserted against the Fund by any person arising out of any action taken or omitted to be taken by the Custodian as a result of the Custodian's refusal or failure to comply with the terms of this Agreement, or from its bad faith, gross negligence or willful misconduct in the performance of its duties under this Agreement. This indemnity shall be a continuing obligation of the Custodian, its successors and assigns, notwithstanding the termination of this Agreement. As used in this paragraph, the term "Fund" shall include the Fund's directors, officers and employees.

**Section 16.8** <u>Security</u>. If the Custodian advances cash or Securities to the Fund for any purpose, or in the event that the Custodian incurs, in connection with its performance under this Agreement, any claim, demand, loss, expense or liability (including reasonable attorneys' fees) (except such as may arise from its bad faith, gross negligence or willful misconduct), then, in any such event, any property at any time held for the account of the Fund shall be security therefor, and should the Fund fail promptly to repay or indemnify the Custodian, the Custodian shall be entitled to utilize available cash of such Fund and to dispose of other assets of such Fund to the extent necessary to obtain reimbursement or indemnification.

**Section 16.9** <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Neither
 party to this Agreement shall be liable to the other party for consequential, special
 or punitive damages under any provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In
 the event of a mechanical breakdown or failure of communication or power supplies beyond
 its control, the Custodian shall take all reasonable steps to minimize service interruptions
 for any period that such interruption continues. The Custodian will make every reasonable
 effort to restore any lost or damaged data and correct any errors resulting from such
 a breakdown at the expense of the Custodian. The Custodian agrees that it shall, at all
 times, have reasonable contingency plans with appropriate parties, making reasonable
 provision for emergency use of electrical data processing equipment to the extent appropriate
 equipment is available. Representatives of the Fund shall be entitled to inspect the
 Custodian's premises and operating capabilities at any time during regular business
 hours of the Custodian, upon reasonable notice to the Custodian. Moreover, the Custodian
 shall provide the Fund, at such times as the Fund may reasonably require, copies of reports
 rendered by independent accountants on the internal controls and procedures of the Custodian
 relating to the services provided by the Custodian under this Agreement. Notwithstanding
 the above, the Custodian reserves the right to reprocess and correct administrative errors
 at its own expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In
order that the indemnification provisions contained in this Article shall apply, it is understood that if in any case the indemnitor
may be asked to indemnify or hold the indemnitee harmless, the indemnitor shall be fully and promptly advised of all pertinent
facts concerning the situation in question, and it is further understood that the indemnitee will use all reasonable care to notify
the indemnitor promptly concerning any situation that presents or appears likely to present the probability of a claim for indemnification.
The indemnitor shall have the option to defend the indemnitee against any claim that may be the subject of this indemnification.
In the event that the indemnitor so elects, it will so notify the indemnitee and thereupon the indemnitor shall take over complete
defense of the claim, and the indemnitee shall in such situation initiate no further legal or other expenses for which it shall
seek indemnification under this section. The indemnitee shall in no case confess any claim or make any compromise in any case
in which the indemnitor will be asked to indemnify the indemnitee except with the indemnitor's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
indemnity and defense provisions of this Article shall indefinitely survive the termination and/or assignment of this Agreement.

**Article 17**

**CUSTODIAN'S LIABILITY FOR PROCEEDS OF SECURITIES SOLD**

If the mode of payment for Securities to be delivered by the Custodian is not specified in the Written Instructions from the Fund directing such delivery, the Custodian shall make delivery of such Securities against receipt by it of cash, a postal money order or a check drawn by a bank, trust company, or other banking institution, or by a broker named in such Written Instructions from the Fund, for the amount the Custodian is directed to receive. The Custodian shall be liable for the proceeds of any delivery of Securities made pursuant to this Article, but provided that it has complied with the provisions of this Article, only to the extent that such proceeds are actually received.

**Article 18**

**PROPRIETARY AND CONFIDENTIAL INFORMATION**

The Custodian agrees on behalf of itself and its directors, officers and employees to treat confidentially and as proprietary information of the Fund, all records and other information relative to the Fund and prior, present, or potential investors thereof (and clients of said investors) and not to use such records and information for any purpose other than the performance of its responsibilities and duties hereunder, except (i) after prior notification to and approval in writing by the Fund, which approval shall not be unreasonably withheld and may not be withheld where the Custodian may be exposed to civil or criminal contempt proceedings for failure to comply, (ii) when requested to divulge such information by duly constituted authorities, or (iii) when so requested by the Fund. Records and other information which have become known to the public through no wrongful act of the Custodian or any of its employees, agents or representatives, and information that was already in the possession of the Custodian prior to the receipt thereof from the Fund or its agent, shall not be subject to this paragraph. Further, the Custodian will adhere to any privacy policies adopted by the Fund.

The Fund agrees on behalf of itself and its directors, officers, and employees to treat confidentially and as proprietary information of the Custodian, all non-public information relative to the Custodian (including, without limitation, information regarding the Custodian's pricing, products, services, customers, suppliers, financial statements, processes, know-how, trade secrets, market opportunities, past, present or future research, development or business plans, affairs, operations, systems, computer software in source code and object code form, documentation, techniques, procedures, designs, drawings, specifications, schematics, processes and/or intellectual property), and not to use such information for any purpose other than in connection with the services provided under this Agreement, except (i) after prior notification to and approval in writing by the Custodian, which approval shall not be unreasonably withheld and may not be withheld where the Fund may be exposed to civil or criminal contempt proceedings for failure to comply, (ii) when requested to divulge such information by duly constituted authorities, or (iii) when so requested by the Custodian. Information which has become known to the public through no wrongful act of the Fund or any of its employees, agents or representatives, and information that was already in the possession of the Fund prior to receipt thereof from the Custodian, shall not be subject to this paragraph.

Notwithstanding anything herein to the contrary, (i) the Fund shall be permitted to disclose the identity of the Custodian as a service provider, redacted copies of this Agreement, and such other information as may be required in the Fund's offering documents, or as may otherwise be required by applicable law, rule, or regulation, and (ii) the Custodian shall be permitted to include the name of the Fund in lists of representative clients in due diligence questionnaires, RFP responses, presentations, and other marketing and promotional purposes.

**Article 19**

**RECORDS**

The books and records pertaining to the Fund, which are in the possession or under the control of the Custodian, shall be the property of the Fund. The Custodian shall keep such books and records in the form and manner, and for such period, as it may deem advisable, as is consistent with industry practice and as is agreeable to the Fund. The Fund and Authorized Persons shall have reasonable access to such books and records at all times during the Custodian's normal business hours. Upon the reasonable request of the Fund, copies of any such books and records shall be provided by the Custodian to the Fund or to an Authorized Person, at the Fund's expense.

**Article 20**

**TERM OF AGREEMENT; AMENDMENT**

This Agreement shall become effective as of the date last written in the signature page and will continue in effect for a period of one year. Subsequent to the initial one-year term, this Agreement may be terminated by either party upon giving 90 days prior written notice to the other party or such shorter period as is mutually agreed upon by the parties. Notwithstanding the foregoing, this Agreement may be terminated by any party upon the breach of the other party of any material term of this Agreement if such breach is not cured within 15 days of notice of such breach to the breaching party. This Agreement may not be amended or modified in any manner except by written agreement executed by the Custodian and the Fund.

**Article 21**

**DUTIES IN THE EVENT OF TERMINATION**

Upon termination of this Agreement, the assets of the Fund held by the Custodian shall be delivered by the Custodian to a successor custodian upon receipt of Written Instructions designating the successor custodian and if no successor custodian is designated, the Custodian shall, upon such termination, deliver all such assets to the Fund. In addition, the Custodian shall transfer to such successor custodian or to the Fund, as the case may be, at the expense of the Fund, all relevant books, records, correspondence, and other data established or maintained by the Custodian under this Agreement in a form reasonably acceptable to the Fund (if such form differs from the form in which the Custodian has maintained the same, the Fund shall pay any expenses associated with transferring the data to such form), and will cooperate in the transfer of such duties and responsibilities, including provision for assistance from the Custodian's personnel in the establishment of books, records, and other data by such successor or the Fund, as the case may be.

**Article 22**

**CLASS ACTIONS**

The Custodian shall use its best efforts to identify and file claims for the Fund involving any class action litigation that impacts any security the Fund may have held during the class period. The Fund agrees that the Custodian may file such claims on its behalf and understands that it may be waiving and/or releasing certain rights to make claims or otherwise pursue class action defendants who settle their claims. Further, the Fund acknowledges that there is no guarantee these claims will result in any payment or partial payment of potential class action proceeds and that the timing of such payment, if any, is uncertain.

However, the Fund may instruct the Custodian to distribute class action notices and other relevant documentation to the Fund or its designee and, if it so elects, will relieve the Custodian from any and all liability and responsibility for filing class action claims on behalf of the Fund.

**Article 23**

**MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Compliance with Laws</u>. In the performance of its duties hereunder, the Custodian undertakes to comply with the laws, rules and regulations
of governmental authorities having jurisdiction with respect to the duties to be performed by the Custodian hereunder. Except
as specifically set forth herein, the Custodian assumes no responsibility for such compliance by the Fund.

The Fund shall immediately notify the Custodian if there is a material change to the investment strategy of any Fund or if it becomes subject to any new law, rule, regulation, or order of a governmental or judicial authority of competent jurisdiction, that materially impacts the operations of the Fund or any Fund or the services provided under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Assignment</u>.
 This Agreement shall extend to and be binding upon the parties hereto and their respective
 successors and assigns; provided, however, that this Agreement shall not be assignable
 by either party hereto without the written consent of the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Governing Law</u>. This Agreement shall be construed in accordance with the laws of the State of
 Minnesota, without regard to conflicts of law principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>No Agency Relationship</u>. Nothing herein contained shall be deemed to authorize or empower either party to act as agent for the
other party to this Agreement, or to conduct business in the name, or for the account, of the other party to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Services Not Exclusive</u>. Nothing in this Agreement shall limit or restrict the Custodian from providing services to other parties that
are similar or identical to some or all of the services provided hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Invalidity</u>.
Any provision of this Agreement which may be determined by competent authority to be prohibited or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction. In such case, the parties shall in good faith modify or substitute such provision consistent
with the original intent of the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Notices</u>.
Any notice required or permitted to be given by either party to the other shall be in writing and shall be deemed to have been
given on the date delivered personally or by courier service, or three days after sent by registered or certified mail, postage
prepaid, return receipt requested, or on the date sent and confirmed received by facsimile transmission to the other party's
address set forth below:

Notice to the Custodian shall be sent to:

U.S. Bank National Association

Lunken Operations Center

CN-OH-L2GL

5065 Wooster Rd

Cincinnati, Ohio 45226

Attn: Global Fund Custody Support Services

Fax: 844.206.1025

Email: Trust.-.Fund.Custody.Conversion.Team@usbank.com

and

Notice to the Fund shall be sent to:

Defiance Enhanced Long Vol Cayman Subsidiary

c/o Tidal Trust II

234 W. Florida Street

Suite 203

Milwaukee, WI 53204

Attn: Chairman

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Multiple Originals</u>. This Agreement may be executed on two or more counterparts, each of which when so executed shall be deemed to be
an original, but such counterparts shall together constitute but one and the same instrument.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by a duly authorized officer on one or more counterparts as of the date last written below.

---

| | |
|:---|:---|
| **Defiance Enhanced Long Vol Cayman Subsidiary** | **Defiance Enhanced Long Vol Cayman Subsidiary** |
| By: | /s/ Ronnie Riven |
| Name: | Ronnie Riven |
| Title: | Director |
| Date: | 07/30/2025 |
| **U.S. BANK NATIONAL ASSOCIATION** | **U.S. BANK NATIONAL ASSOCIATION** |
| By: | /s/ Gregory Farley |
| Name: | Gregory Farley |
| Title: | Sr. Vice President |
| Date: | 07/30/2025 |

---

## Ex-99.(G)(I)(27)

**[Tidal Trust II 485APOS](defiance2x-485apos_80425.htm)**

**Exhibit 99.(g)(i)(27)**

**TWENTY-EIGHTH AMENDMENT TO THE**

**TIDAL TRUST II**

**CUSTODY AGREEMENT**

**THIS TWENTY-EIGHTH AMENDMENT** effective as of the last date on the signature block (the "Effective Date"), to the Custody Agreement dated as of July 7, 2022, as amended (the "Agreement"), is entered into by and between **TIDAL TRUST II**, a Delaware statutory trust (the "Trust"), and **U.S. BANK NATIONAL ASSOCIATION**, a national banking association organized and existing under the laws of the United States of America with its principal place of business at Minneapolis, Minnesota (the "Custodian").

**RECITALS**

**WHEREAS,** the parties have entered into the Agreement; and

**WHEREAS,** the parties desire to amend the Agreement to update Exhibit A to:

Reflect the following name changes:

● Defiance Nasdaq 100 Enhanced Options & 0DTE Income ETF (*f/k/a Defiance Nasdaq 100 Enhanced Options Income ETF*)

● Defiance R2000 Enhanced Options & 0DTE Income ETF (*f/k/a Defiance R2000 Enhanced Options Income ETF*)

● Defiance S&P 500 Enhanced Options & 0DTE Income ETF (*f/k/a Defiance S&P 500 Enhanced Options Income ETF*)

Add the following funds:

● Defiance Enhanced Long Vol ETF

● Defiance Enhanced Short 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

● Defiance Vol Carry Hedged 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

● YieldMax® UBER Option Income Strategy ETF

**WHEREAS,** Section 15.02 of the Agreement allows for its amendment by a written instrument executed by both parties and authorized or approved by the Board of Trustees of the Trust.

**NOW, THEREFORE,** the parties agree as follows:

**Exhibit A of the Agreement is hereby superseded and replaced in its entirety with Exhibit A attached hereto.**

Except to the extent amended hereby, the Agreement shall remain in full force and effect.

**IN WITNESS WHEREOF,** the parties hereto have caused this Twenty-Eighth Amendment to be executed by a duly authorized officer on one or more counterparts as of the date last written below.

---

| | | | |
|:---|:---|:---|:---|
| **TIDAL TRUST II** | **TIDAL TRUST II** | **U.S. BANK NATIONAL ASSOCIATION** | **U.S. BANK NATIONAL ASSOCIATION** |
| By: | /s/ Eric Falkeis | By: | /s/ Gregory Farley |
| Name: | Eric Falkeis | Name: | Gregory Farley |
| Title: | Principal Executive Officer | Title: | Sr. Vice President |
| Date: | 07/20/2025 | Date: | 07/21/2025 |

---

**Exhibit A to the Custody Agreement**

Separate Series of Tidal Trust II

<u>Name of Series:</u>

Blueprint Chesapeake Multi-Asset Trend ETF<br> Cambria Chesapeake Pure Trend ETF<br> Carbon Collective Climate Solutions U.S. Equity ETF<br> Carbon Collective Short Duration Green Bond ETF<br> Cboe® Validus S&P 500® Dynamic PutWrite Index ETF<br> Clockwise Core Equity & Innovation ETF<br> CoreValues Alpha Greater China Growth ETF<br> Defiance 2X Daily Long Pure Quantum ETF<br> Defiance AI & Power Infrastructure ETF<br> Defiance Daily Target 2X Long AMAT ETF<br> Defiance Daily Target 2X Long ANET ETF<br> Defiance Daily Target 2X Long ARM ETF<br> Defiance Daily Target 2X Long AVGO ETF<br> Defiance Daily Target 2X Long China Dragons ETF<br> Defiance Daily Target 2X Long Copper ETF<br> Defiance Daily Target 2X Long CVNA ETF<br> Defiance Daily Target 2X Long DJT ETF<br> Defiance Daily Target 2X Long DKNG ETF<br> Defiance Daily Target 2X Long FSLR ETF<br> Defiance Daily Target 2X Long GOLD ETF<br> Defiance Daily Target 2X Long HIMS ETF<br> Defiance Daily Target 2X Long HOOD ETF<br> Defiance Daily Target 2X Long IONQ ETF<br> Defiance Daily Target 2X Long JPM ETF<br> Defiance Daily Target 2X Long LLY ETF<br> Defiance Daily Target 2X Long MRVL ETF<br> Defiance Daily Target 2X Long MSTR ETF<br> Defiance Daily Target 2X Long NVO ETF<br> Defiance Daily Target 2X Long OKLO ETF<br> Defiance Daily Target 2X Long ORCL ETF<br> Defiance Daily Target 2X Long PENN ETF<br> Defiance Daily Target 2X Long PM ETF<br> Defiance Daily Target 2X Long QBTS ETF<br> Defiance Daily Target 2X Long RDDT ETF<br> Defiance Daily Target 2X Long RGTI ETF<br> Defiance Daily Target 2X Long RIOT ETF<br> Defiance Daily Target 2X Long RKLB ETF<br> Defiance Daily Target 2X Long SMCI ETF<br> Defiance Daily Target 2X Long SOFI ETF<br> Defiance Daily Target 2X Long Solar ETF<br> Defiance Daily Target 2X Long SOUN ETF<br> Defiance Daily Target 2X Long UBER ETF<br> Defiance Daily Target 2X Long VST ETF<br> Defiance Daily Target 2X Short CVNA ETF<br> Defiance Daily Target 2X Short IONQ ETF<br> Defiance Daily Target 2X Short LLY ETF

<br> Defiance Daily Target 2X Short MSTR ETF<br> Defiance Daily Target 2X Short PLTR ETF<br> Defiance Daily Target 2X Short QBTS ETF<br> Defiance Daily Target 2X Short RGTI ETF<br> Defiance Daily Target 2X Short RIOT ETF<br> Defiance Daily Target 2X Short RKLB ETF<br> Defiance Daily Target 2X Short SMCI ETF<br> Defiance Developed Markets Enhanced Options Income ETF<br> Defiance Emerging Markets Enhanced Options Income ETF<br> Defiance Enhanced Long Vol ETF<br> Defiance Enhanced Short Vol ETF<br> Defiance Gold Enhanced Options Income ETF<br> Defiance Hot Sauce 2X Strategy ETF<br> Defiance Large Cap ex-Mag 7 ETF<br> Defiance Leveraged Long + Income AAPL ETF<br> Defiance Leveraged Long + Income AMD ETF<br> Defiance Leveraged Long + Income AMZN ETF<br> Defiance Leveraged Long + Income BRK.B ETF<br> Defiance Leveraged Long + Income COIN ETF<br> Defiance Leveraged Long + Income GOOG ETF<br> Defiance Leveraged Long + Income HIMS ETF<br> Defiance Leveraged Long + Income HOOD ETF<br> Defiance Leveraged Long + Income META ETF<br> Defiance Leveraged Long + Income MSTR ETF<br> Defiance Leveraged Long + Income NFLX ETF<br> Defiance Leveraged Long + Income NVDA ETF<br> Defiance Leveraged Long + Income PLTR ETF<br> Defiance Leveraged Long + Income SMCI ETF<br> Defiance Leveraged Long + Income TSLA ETF<br> Defiance Leveraged Long MSTR ETF<br> Defiance MAGA Seven ETF<br> Defiance Nasdaq 100 Double Short Hedged ETF<br> Defiance Nasdaq 100 Enhanced Options & 0DTE Income ETF<br> Defiance Nasdaq 100 Income Target ETF<br> Defiance Nasdaq 100 LightningSpread™ Income ETF<br> Defiance Oil Enhanced Options Income ETF<br> Defiance R2000 Enhanced Options & 0DTE Income ETF<br> Defiance R2000 Income Target ETF<br> Defiance Russell 2000 LightningSpread™ Income ETF<br> Defiance S&P 500 Enhanced Options & 0DTE Income ETF<br> Defiance S&P 500 Income Target ETF<br> Defiance S&P 500 LightningSpread™ Income ETF<br> Defiance Silver Enhanced Options Income ETF<br> Defiance Treasury Alternative Yield ETF<br> Defiance Treasury Enhanced Options Income ETF<br> Defiance Trillion Dollar Club Index ETF<br> Defiance Vol Carry Hedged ETF<br> DGA Absolute Return ETF<br> Even Herd Long Short ETF<br> Grizzle Growth ETF<br> Hilton Small-MidCap Opportunity ETF

Hilton Capital BDC Bond Index ETF<br> iREIT® - MarketVector Quality REIT Index ETF<br> Nicholas Fixed Income Alternative ETF<br> Nicholas Global Equity and Income ETF<br> Nicholas Crypto Income ETF<br> Peerless Option Income Wheel ETF<br> Pinnacle Focused Opportunities ETF<br> Quantify Absolute Income ETF<br> STKD Bitcoin & Gold ETF<br> STKd 100% COIN & 100% NVDA ETF<br> STKd 100% NVDA & 100% MSTR ETF<br> STKd 100% MSTR & 100% COIN ETF<br> STKd 100% COIN & 100% HOOD ETF<br> STKd 100% NVDA & 100% AMD ETF<br> STKd 100% TSLA & 100% MSTR ETF<br> STKd 100% TSLA & 100% NVDA ETF<br> STKd 100% SMCI & 100% NVDA ETF<br> STKd 100% UBER & 100% TSLA ETF<br> STKd 100% META & 100% AMZN ETF<br> Return Stacked® Bonds & Futures Yield ETF<br> Return Stacked® U.S. Stocks & Futures Yield ETF<br> Return Stacked® Bonds & Managed Futures ETF<br> Return Stacked® Global Stocks & Bonds ETF<br> Return Stacked® U.S. Stocks & Managed Futures ETF<br> Return Stacked® Bonds & Merger Arbitrage ETF<br> Return Stacked® U.S. Stocks & Gold/Bitcoin ETF<br> Roundhill Generative AI & Technology ETF<br> Tactical Advantage ETF<br> YieldMax™ AAPL Option Income Strategy ETF<br> YieldMax™ Short AAPL Option Income Strategy ETF<br> YieldMax™ ABNB Option Income Strategy ETF<br> YieldMax™ ADBE Option Income Strategy ETF<br> YieldMax™ AI Option Income Strategy ETF<br> YieldMax™ AMD Option Income Strategy ETF<br> YieldMax™ AMZN Option Income Strategy ETF<br> YieldMax™ BA Option Income Strategy ETF<br> YieldMax™ BIIB Option Income Strategy ETF<br> YieldMax™ Bitcoin Option Income Strategy ETF<br> YieldMax™ BRK.B Option Income Strategy ETF<br> YieldMax™ COIN Option Income Strategy ETF<br> YieldMax™ Short COIN Option Income Strategy ETF<br> YieldMax™ DIS Option Income Strategy ETF<br> YieldMax™ Gold Miners Option Income Strategy ETF<br> YieldMax™ GOOGL Option Income Strategy ETF<br> YieldMax™ Innovation Option Income Strategy ETF<br> YieldMax™ Short Innovation Option Income Strategy ETF<br> YieldMax™ INTC Option Income Strategy ETF<br> YieldMax™ JPM Option Income Strategy ETF<br> YieldMax™ KWEB Option Income Strategy ETF<br> YieldMax™ META Option Income Strategy ETF<br> YieldMax™ MRNA Option Income Strategy ETF

YieldMax™ MSFT Option Income Strategy ETF<br> YieldMax™ Short N100 Option Income Strategy ETF<br> YieldMax™ NFLX Option Income Strategy ETF<br> YieldMax™ NKE Option Income Strategy ETF<br> YieldMax™ NVDA Option Income Strategy ETF<br> YieldMax™ Short NVDA Option Income Strategy ETF<br> YieldMax™ ORCL Option Income Strategy ETF<br> YieldMax™ PYPL Option Income Strategy ETF<br> YieldMax™ ROKU Option Income Strategy ETF<br> YieldMax™ SNOW Option Income Strategy ETF<br> YieldMax™ XYZ Option Income Strategy ETF<br> YieldMax™ TGT Option Income Strategy ETF<br> YieldMax™ TLT Option Income Strategy ETF<br> YieldMax™ TSLA Option Income Strategy ETF<br> YieldMax™ Short TSLA Option Income Strategy ETF<br> YieldMax™ XBI Option Income Strategy ETF<br> YieldMax™ XOM Option Income Strategy ETF<br> YieldMax™ ZM Option Income Strategy ETF<br> YieldMax™ MSTR Option Income Strategy ETF<br> YieldMax™ Ultra Option Income Strategy ETF<br> YieldMax™ Magnificent 7 Fund of Option Income ETFs<br> YieldMax™ Universe Fund of Option Income ETFs<br> YieldMax™ BABA Option Income Strategy ETF<br> YieldMax™ CVNA Option Income Strategy ETF<br> YieldMax™ DKNG Option Income Strategy ETF<br> YieldMax™ HOOD Option Income Strategy ETF<br> YieldMax™ JD Option Income Strategy ETF<br> YieldMax™ MARA Option Income Strategy ETF<br> YieldMax™ PDD Option Income Strategy ETF<br> YieldMax™ PLTR Option Income Strategy ETF<br> YieldMax™ RBLX Option Income Strategy ETF<br> YieldMax™ SHOP Option Income Strategy ETF<br> YieldMax™ SMCI Option Income Strategy ETF<br> YieldMax™ TSM Option Income Strategy ETF<br> YieldMax™ Ether Option Income Strategy ETF<br> YieldMax™ Target 12™ Semiconductor Option Income ETF<br> YieldMax™ Target 12™ Biotech & Pharma Option Income ETF<br> YieldMax™ Target 12™ Energy Option Income ETF<br> YieldMax™ Target 12™ Real Estate Option Income ETF<br> YieldMax™ Target 12™ Tech & Innovation Option Income ETF<br> YieldMax™ Target 12™ Big 50 Option Income ETF<br> YieldMax™ Target 25™ Bitcoin Option Income ETF<br> YieldMax™ Dorsey Wright Hybrid 5 Income ETF<br> YieldMax™ Dorsey Wright Featured Income ETF<br> YieldMax™ AI & Tech Portfolio Option Income ETF<br> YieldMax™ Crypto Industry & Tech Portfolio Option Income ETF<br> YieldMax™ China Portfolio Option Income ETF<br> YieldMax™ Semiconductor Portfolio Option Income ETF<br> YieldMax™ Biotech & Pharma Portfolio Option Income ETF<br> YieldMax™ Ultra Short Option Income Strategy ETF<br> YieldMax™ Nasdaq 100 0DTE Covered Call Strategy ETF

YieldMax™ R2000 0DTE Covered Call Strategy ETF<br> YieldMax™ S&P 500 0DTE Covered Call Strategy ETF<br> YieldMax™ MSTR Short Option Income Strategy ETF<br> YieldMax™ AMD Short Option Income Strategy ETF<br> YieldMax™ AMZN Short Option Income Strategy ETF<br> YieldMax™ MARA Short Option Income Strategy ETF<br> YieldMax™ Bitcoin Short Option Income Strategy ETF<br> YieldMax™ META Short Option Income Strategy ETF<br> YieldMax™ SMCI Short Option Income Strategy ETF<br> YieldMax™ Target 25™ AI Option Income ETF<br> YieldMax™ Target 25™ AMD Option Income ETF<br> YieldMax™ Target 25™ AMZN Option Income ETF<br> YieldMax™ Target 25™ COIN Option Income ETF<br> YieldMax™ Target 25™ MARA Option Income ETF<br> YieldMax™ Target 25™ MSTR Option Income ETF<br> YieldMax™ Target 25™ NVDA Option Income ETF<br> YieldMax™ Target 25™ PLTR Option Income ETF<br> YieldMax™ Target 25™ SMCI Option Income ETF<br> YieldMax™ Target 25™ TSLA Option Income ETF<br> YieldMax® AFRM Option Income Strategy ETF<br> YieldMax® APP Option Income Strategy ETF<br> YieldMax® ARM Option Income Strategy ETF<br> YieldMax® AVGO Option Income Strategy ETF<br> YieldMax® CRWD Option Income Strategy ETF<br> YieldMax® GME Option Income Strategy ETF<br> YieldMax® HIMS Option Income Strategy ETF<br> YieldMax® IONQ Option Income Strategy ETF<br> YieldMax® LLY Option Income Strategy ETF<br> YieldMax® RDDT Option Income Strategy ETF<br> YieldMax® SPOT Option Income Strategy ETF<br> YieldMax® UBER Option Income Strategy ETF

## Ex-99.(H)(Ii)(27)

**[Tidal Trust II 485APOS](defiance2x-485apos_80425.htm)**

**Exhibit 99.(h)(ii)(27)**

**TWENTY-EIGHTH AMENDMENT TO THE** 

**FUND SUB-ADMINISTRATION SERVICING AGREEMENT** 

**THIS TWENTY-EIGHTH AMENDMENT** effective as of the last date on the signature block (the "Effective Date"), to the Fund Sub-Administration Servicing Agreement (the "Agreement") dated as of July 7, 2022, as amended, is entered into by and between **TIDAL ETF SERVICES LLC** (the "<u>Company</u>" or "<u>Tidal</u>"), with respect to **Tidal Trust II**, a Delaware statutory trust (the "<u>Trust</u>"), and **U.S. BANCORP FUND SERVICES, LLC d/b/a U.S. BANK GLOBAL FUND SERVICES**, a Wisconsin limited liability company ("<u>Fund Services</u>").

**RECITALS** 

**WHEREAS,** the parties have entered into the Agreement; and

**WHEREAS,** the parties desire to amend the Agreement to update Exhibit A to:

Reflect the following name changes:

● Defiance Nasdaq 100 Enhanced Options & 0DTE Income ETF (*f/k/a Defiance Nasdaq 100 Enhanced Options Income ETF*)

● Defiance R2000 Enhanced Options & 0DTE Income ETF (*f/k/a Defiance R2000 Enhanced Options Income ETF*)

● Defiance S&P 500 Enhanced Options & 0DTE Income ETF (*f/k/a Defiance S&P 500 Enhanced Options Income ETF*)

Add the following funds:

● Defiance Enhanced Long Vol ETF

● Defiance Enhanced Short 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

● Defiance Vol Carry Hedged 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

● YieldMax® UBER Option Income Strategy ETF

**WHEREAS,** Section 11 of the Agreement allows for its amendment by a written instrument executed by both parties.

**NOW, THEREFORE,** the parties agree as follows:

**Amended Exhibit A of the Agreement is hereby superseded and replaced in its entirety with Exhibit A attached hereto.**

Except to the extent amended hereby, the Agreement shall remain in full force and effect.

**IN WITNESS WHEREOF,** the parties hereto have caused this Twenty-Eighth Amendment to be executed by a duly authorized officer on one or more counterparts as of the date last written below.

---

| | | | |
|:---|:---|:---|:---|
| **TIDAL TRUST II** | **TIDAL TRUST II** | **U.S. BANCORP FUND SERVICES, LLC** | **U.S. BANCORP FUND SERVICES, LLC** |
| By: | /s/ Eric Falkeis | By: | /s/ Gregory Farley |
| Name: | Eric Falkeis | Name: | Gregory Farley |
| Title: | Principal Executive Officer | Title: | Sr. Vice President |
| Date: | 07/20/2025 | Date: | 07/21/2025 |

---

**Exhibit A to the**

**Fund Sub-Administration Servicing Agreement**

**Fund Names** 

Separate Series of Tidal Trust II

<u>Name of Series:</u><br> Blueprint Chesapeake Multi-Asset Trend ETF<br> Cambria Chesapeake Pure Trend ETF<br> Carbon Collective Climate Solutions U.S. Equity ETF<br> Carbon Collective Short Duration Green Bond ETF<br> Cboe® Validus S&P 500® Dynamic PutWrite Index ETF<br> Clockwise Core Equity & Innovation ETF<br> CoreValues Alpha Greater China Growth ETF<br> Defiance 2X Daily Long Pure Quantum ETF<br> Defiance AI & Power Infrastructure ETF<br> Defiance Daily Target 2X Long AMAT ETF<br> Defiance Daily Target 2X Long ANET ETF<br> Defiance Daily Target 2X Long ARM ETF<br> Defiance Daily Target 2X Long AVGO ETF<br> Defiance Daily Target 2X Long China Dragons ETF<br> Defiance Daily Target 2X Long Copper ETF<br> Defiance Daily Target 2X Long CVNA ETF<br> Defiance Daily Target 2X Long DJT ETF<br> Defiance Daily Target 2X Long DKNG ETF<br> Defiance Daily Target 2X Long FSLR ETF<br> Defiance Daily Target 2X Long GOLD ETF<br> Defiance Daily Target 2X Long HIMS ETF<br> Defiance Daily Target 2X Long HOOD ETF<br> Defiance Daily Target 2X Long IONQ ETF<br> Defiance Daily Target 2X Long JPM ETF<br> Defiance Daily Target 2X Long LLY ETF<br> Defiance Daily Target 2X Long MRVL ETF<br> Defiance Daily Target 2X Long MSTR ETF<br> Defiance Daily Target 2X Long NVO ETF<br> Defiance Daily Target 2X Long OKLO ETF<br> Defiance Daily Target 2X Long ORCL ETF<br> Defiance Daily Target 2X Long PENN ETF<br> Defiance Daily Target 2X Long PM ETF<br> Defiance Daily Target 2X Long QBTS ETF<br> Defiance Daily Target 2X Long RDDT ETF<br> Defiance Daily Target 2X Long RGTI ETF<br> Defiance Daily Target 2X Long RIOT ETF<br> Defiance Daily Target 2X Long RKLB ETF<br> Defiance Daily Target 2X Long SMCI ETF<br> Defiance Daily Target 2X Long SOFI ETF<br> Defiance Daily Target 2X Long Solar ETF<br> Defiance Daily Target 2X Long SOUN ETF<br> Defiance Daily Target 2X Long UBER ETF<br> Defiance Daily Target 2X Long VST ETF<br> Defiance Daily Target 2X Short CVNA ETF

Defiance Daily Target 2X Short IONQ ETF<br> Defiance Daily Target 2X Short LLY ETF<br> Defiance Daily Target 2X Short MSTR ETF<br> Defiance Daily Target 2X Short PLTR ETF<br> Defiance Daily Target 2X Short QBTS ETF<br> Defiance Daily Target 2X Short RGTI ETF<br> Defiance Daily Target 2X Short RIOT ETF<br> Defiance Daily Target 2X Short RKLB ETF<br> Defiance Daily Target 2X Short SMCI ETF<br> Defiance Developed Markets Enhanced Options Income ETF<br> Defiance Emerging Markets Enhanced Options Income ETF <br> Defiance Enhanced Long Vol ETF<br> Defiance Enhanced Short Vol ETF<br> Defiance Gold Enhanced Options Income ETF<br> Defiance Hot Sauce 2X Strategy ETF<br> Defiance Large Cap ex-Mag 7 ETF<br> Defiance Leveraged Long + Income AAPL ETF<br> Defiance Leveraged Long + Income AMD ETF<br> Defiance Leveraged Long + Income AMZN ETF<br> Defiance Leveraged Long + Income BRK.B ETF<br> Defiance Leveraged Long + Income COIN ETF<br> Defiance Leveraged Long + Income GOOG ETF<br> Defiance Leveraged Long + Income HIMS ETF<br> Defiance Leveraged Long + Income HOOD ETF<br> Defiance Leveraged Long + Income META ETF<br> Defiance Leveraged Long + Income MSTR ETF<br> Defiance Leveraged Long + Income NFLX ETF<br> Defiance Leveraged Long + Income NVDA ETF<br> Defiance Leveraged Long + Income PLTR ETF<br> Defiance Leveraged Long + Income SMCI ETF<br> Defiance Leveraged Long + Income TSLA ETF<br> Defiance Leveraged Long MSTR ETF<br> Defiance MAGA Seven ETF<br> Defiance Nasdaq 100 Double Short Hedged ETF<br> Defiance Nasdaq 100 Enhanced Options & 0DTE Income ETF<br> Defiance Nasdaq 100 Income Target ETF<br> Defiance Nasdaq 100 LightningSpread™ Income ETF<br> Defiance Oil Enhanced Options Income ETF<br> Defiance R2000 Enhanced Options & 0DTE Income ETF<br> Defiance R2000 Income Target ETF<br> Defiance Russell 2000 LightningSpread™ Income ETF<br> Defiance S&P 500 Enhanced Options & 0DTE Income ETF <br> Defiance S&P 500 Income Target ETF<br> Defiance S&P 500 LightningSpread™ Income ETF<br> Defiance Silver Enhanced Options Income ETF<br> Defiance Treasury Alternative Yield ETF<br> Defiance Treasury Enhanced Options Income ETF<br> Defiance Trillion Dollar Club Index ETF<br> Defiance Vol Carry Hedged ETF<br> DGA Absolute Return ETF<br> Even Herd Long Short ETF

Grizzle Growth ETF<br> Hilton Small-MidCap Opportunity ETF<br> Hilton Capital BDC Bond Index ETF<br> iREIT® - MarketVector Quality REIT Index ETF<br> Nicholas Fixed Income Alternative ETF<br> Nicholas Global Equity and Income ETF<br> Nicholas Crypto Income ETF<br> Peerless Option Income Wheel ETF<br> Pinnacle Focused Opportunities ETF<br> Quantify Absolute Income ETF<br> STKD Bitcoin & Gold ETF<br> STKd 100% COIN & 100% NVDA ETF<br> STKd 100% NVDA & 100% MSTR ETF<br> STKd 100% MSTR & 100% COIN ETF<br> STKd 100% COIN & 100% HOOD ETF<br> STKd 100% NVDA & 100% AMD ETF<br> STKd 100% TSLA & 100% MSTR ETF<br> STKd 100% TSLA & 100% NVDA ETF<br> STKd 100% SMCI & 100% NVDA ETF<br> STKd 100% UBER & 100% TSLA ETF<br> STKd 100% META & 100% AMZN ETF<br> Return Stacked® Bonds & Futures Yield ETF<br> Return Stacked® U.S. Stocks & Futures Yield ETF<br> Return Stacked® Bonds & Managed Futures ETF<br> Return Stacked® Global Stocks & Bonds ETF <br> Return Stacked® U.S. Stocks & Managed Futures ETF<br> Return Stacked® Bonds & Merger Arbitrage ETF<br> Return Stacked® U.S. Stocks & Gold/Bitcoin ETF<br> Roundhill Generative AI & Technology ETF<br> Tactical Advantage ETF <br> YieldMax™ AAPL Option Income Strategy ETF<br> YieldMax™ Short AAPL Option Income Strategy ETF<br> YieldMax™ ABNB Option Income Strategy ETF<br> YieldMax™ ADBE Option Income Strategy ETF<br> YieldMax™ AI Option Income Strategy ETF<br> YieldMax™ AMD Option Income Strategy ETF<br> YieldMax™ AMZN Option Income Strategy ETF<br> YieldMax™ BA Option Income Strategy ETF<br> YieldMax™ BIIB Option Income Strategy ETF<br> YieldMax™ Bitcoin Option Income Strategy ETF<br> YieldMax™ BRK.B Option Income Strategy ETF<br> YieldMax™ COIN Option Income Strategy ETF<br> YieldMax™ Short COIN Option Income Strategy ETF<br> YieldMax™ DIS Option Income Strategy ETF <br> YieldMax™ Gold Miners Option Income Strategy ETF<br> YieldMax™ GOOGL Option Income Strategy ETF<br> YieldMax™ Innovation Option Income Strategy ETF<br> YieldMax™ Short Innovation Option Income Strategy ETF<br> YieldMax™ INTC Option Income Strategy ETF<br> YieldMax™ JPM Option Income Strategy ETF <br> YieldMax™ KWEB Option Income Strategy ETF

YieldMax™ META Option Income Strategy ETF<br> YieldMax™ MRNA Option Income Strategy ETF<br> YieldMax™ MSFT Option Income Strategy ETF<br> YieldMax™ Short N100 Option Income Strategy ETF<br> YieldMax™ NFLX Option Income Strategy ETF<br> YieldMax™ NKE Option Income Strategy ETF<br> YieldMax™ NVDA Option Income Strategy ETF<br> YieldMax™ Short NVDA Option Income Strategy ETF<br> YieldMax™ ORCL Option Income Strategy ETF<br> YieldMax™ PYPL Option Income Strategy ETF<br> YieldMax™ ROKU Option Income Strategy ETF<br> YieldMax™ SNOW Option Income Strategy ETF <br> YieldMax™ XYZ Option Income Strategy ETF<br> YieldMax™ TGT Option Income Strategy ETF<br> YieldMax™ TLT Option Income Strategy ETF<br> YieldMax™ TSLA Option Income Strategy ETF<br> YieldMax™ Short TSLA Option Income Strategy ETF <br> YieldMax™ XBI Option Income Strategy ETF<br> YieldMax™ XOM Option Income Strategy ETF<br> YieldMax™ ZM Option Income Strategy ETF<br> YieldMax™ MSTR Option Income Strategy ETF<br> YieldMax™ Ultra Option Income Strategy ETF<br> YieldMax™ Magnificent 7 Fund of Option Income ETFs<br> YieldMax™ Universe Fund of Option Income ETFs<br> YieldMax™ BABA Option Income Strategy ETF<br> YieldMax™ CVNA Option Income Strategy ETF<br> YieldMax™ DKNG Option Income Strategy ETF<br> YieldMax™ HOOD Option Income Strategy ETF<br> YieldMax™ JD Option Income Strategy ETF<br> YieldMax™ MARA Option Income Strategy ETF<br> YieldMax™ PDD Option Income Strategy ETF<br> YieldMax™ PLTR Option Income Strategy ETF<br> YieldMax™ RBLX Option Income Strategy ETF<br> YieldMax™ SHOP Option Income Strategy ETF<br> YieldMax™ SMCI Option Income Strategy ETF<br> YieldMax™ TSM Option Income Strategy ETF<br> YieldMax™ Ether Option Income Strategy ETF<br> YieldMax™ Target 12™ Semiconductor Option Income ETF<br> YieldMax™ Target 12™ Biotech & Pharma Option Income ETF<br> YieldMax™ Target 12™ Energy Option Income ETF<br> YieldMax™ Target 12™ Real Estate Option Income ETF<br> YieldMax™ Target 12™ Tech & Innovation Option Income ETF<br> YieldMax™ Target 12™ Big 50 Option Income ETF<br> YieldMax™ Target 25™ Bitcoin Option Income ETF<br> YieldMax™ Dorsey Wright Hybrid 5 Income ETF<br> YieldMax™ Dorsey Wright Featured Income ETF<br> YieldMax™ AI & Tech Portfolio Option Income ETF<br> YieldMax™ Crypto Industry & Tech Portfolio Option Income ETF<br> YieldMax™ China Portfolio Option Income ETF<br> YieldMax™ Semiconductor Portfolio Option Income ETF<br> YieldMax™ Biotech & Pharma Portfolio Option Income ETF

YieldMax™ Ultra Short Option Income Strategy ETF<br> YieldMax™ Nasdaq 100 0DTE Covered Call Strategy ETF<br> YieldMax™ R2000 0DTE Covered Call Strategy ETF<br> YieldMax™ S&P 500 0DTE Covered Call Strategy ETF<br> YieldMax™ MSTR Short Option Income Strategy ETF<br> YieldMax™ AMD Short Option Income Strategy ETF<br> YieldMax™ AMZN Short Option Income Strategy ETF<br> YieldMax™ MARA Short Option Income Strategy ETF<br> YieldMax™ Bitcoin Short Option Income Strategy ETF<br> YieldMax™ META Short Option Income Strategy ETF<br> YieldMax™ SMCI Short Option Income Strategy ETF<br> YieldMax™ Target 25™ AI Option Income ETF<br> YieldMax™ Target 25™ AMD Option Income ETF<br> YieldMax™ Target 25™ AMZN Option Income ETF<br> YieldMax™ Target 25™ COIN Option Income ETF<br> YieldMax™ Target 25™ MARA Option Income ETF<br> YieldMax™ Target 25™ MSTR Option Income ETF<br> YieldMax™ Target 25™ NVDA Option Income ETF<br> YieldMax™ Target 25™ PLTR Option Income ETF<br> YieldMax™ Target 25™ SMCI Option Income ETF<br> YieldMax™ Target 25™ TSLA Option Income ETF<br> YieldMax® AFRM Option Income Strategy ETF<br> YieldMax® APP Option Income Strategy ETF<br> YieldMax® ARM Option Income Strategy ETF<br> YieldMax® AVGO Option Income Strategy ETF<br> YieldMax® CRWD Option Income Strategy ETF<br> YieldMax® GME Option Income Strategy ETF<br> YieldMax® HIMS Option Income Strategy ETF<br> YieldMax® IONQ Option Income Strategy ETF<br> YieldMax® LLY Option Income Strategy ETF<br> YieldMax® RDDT Option Income Strategy ETF<br> YieldMax® SPOT Option Income Strategy ETF<br> YieldMax® UBER Option Income Strategy ETF

## Ex-99.(H)(Iv)(27)

**[Tidal Trust II 485APOS](defiance2x-485apos_80425.htm)**

**Exhibit 99.(h)(iv)(27)**

**TWENTY-EIGHth AMENDMENT TO THE** 

**TIDAL TRUST II** 

**FUND ACCOUNTING SERVICING AGREEMENT**

**THIS TWENTY-EIGHTH AMENDMENT** effective as of the last date on the signature block (the "Effective Date"), to the Fund Accounting Servicing Agreement dated as of July 7, 2022, as amended, (the "Agreement"), is entered into by and between **TIDAL TRUST II**, a Delaware statutory trust (the "Trust"), and **U.S. BANCORP FUND SERVICES, LLC d/b/a U.S. BANK GLOBAL FUND SERVICES**, a Wisconsin limited liability company ("<u>Fund Services</u>").

**RECITALS**

**WHEREAS,** the parties have entered into the Agreement; and

**WHEREAS,** the parties desire to amend the Agreement to update Exhibit A to

Reflect the following name changes:

● Defiance Nasdaq 100 Enhanced Options & 0DTE Income ETF (*f/k/a Defiance Nasdaq 100 Enhanced Options Income ETF*)

● Defiance R2000 Enhanced Options & 0DTE Income ETF (*f/k/a Defiance R2000 Enhanced Options Income ETF*)

● Defiance S&P 500 Enhanced Options & 0DTE Income ETF (*f/k/a Defiance S&P 500 Enhanced Options Income ETF*)

Add the following funds:

● Defiance Enhanced Long Vol ETF

● Defiance Enhanced Short 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

● Defiance Vol Carry Hedged 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 Incoe 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

● YieldMax® UBER Option Income Strategy ETF

**WHEREAS,** Section 15 of the Agreement allows for its amendment by a written instrument executed by both parties and authorized or approved by the Board of Trustees of the Trust.

**NOW, THEREFORE,** the parties agree as follows:

**Exhibit A of the Agreement is hereby superseded and replaced in its entirety with Exhibit A attached hereto.**

Except to the extent amended hereby, the Agreement shall remain in full force and effect.

**IN WITNESS WHEREOF,** the parties hereto have caused this Twenty-Eighth Amendment to be executed by a duly authorized officer on one or more counterparts as of the date last written below.

---

| | | | |
|:---|:---|:---|:---|
| **TIDAL TRUST II** | **TIDAL TRUST II** | **U.S. BANCORP FUND SERVICES, LLC** | **U.S. BANCORP FUND SERVICES, LLC** |
| By: | /s/ Eric Falkeis | By: | /s/ Gregory Farley |
| Name: | Eric Falkeis | Name: | Gregory Farley |
| Title: | Principal Executive Officer | Title: | Sr. Vice President |
| Date: | 07/20/2025 | Date: | 07/21/2025 |

---

**Exhibit A to the** 

**Fund Accounting Servicing Agreement** 

Separate Series of Tidal Trust II

<u>Name of Series:</u>

Blueprint Chesapeake Multi-Asset Trend ETF

Cambria Chesapeake Pure Trend ETF

Carbon Collective Climate Solutions U.S. Equity ETF

Carbon Collective Short Duration Green Bond ETF

Cboe® Validus S&P 500® Dynamic PutWrite Index ETF

Clockwise Core Equity & Innovation ETF

CoreValues Alpha Greater China Growth ETF

Defiance 2X Daily Long Pure Quantum ETF

Defiance AI & Power Infrastructure ETF

Defiance Daily Target 2X Long AMAT ETF

Defiance Daily Target 2X Long ANET ETF

Defiance Daily Target 2X Long ARM ETF

Defiance Daily Target 2X Long AVGO ETF

Defiance Daily Target 2X Long China Dragons ETF

Defiance Daily Target 2X Long Copper ETF

Defiance Daily Target 2X Long CVNA ETF

Defiance Daily Target 2X Long DJT ETF

Defiance Daily Target 2X Long DKNG ETF

Defiance Daily Target 2X Long FSLR ETF

Defiance Daily Target 2X Long GOLD ETF

Defiance Daily Target 2X Long HIMS ETF

Defiance Daily Target 2X Long HOOD ETF

Defiance Daily Target 2X Long IONQ ETF

Defiance Daily Target 2X Long JPM ETF

Defiance Daily Target 2X Long LLY ETF

Defiance Daily Target 2X Long MRVL ETF

Defiance Daily Target 2X Long MSTR ETF

Defiance Daily Target 2X Long NVO ETF

Defiance Daily Target 2X Long OKLO ETF

Defiance Daily Target 2X Long ORCL ETF

Defiance Daily Target 2X Long PENN ETF

Defiance Daily Target 2X Long PM ETF

Defiance Daily Target 2X Long QBTS ETF

Defiance Daily Target 2X Long RDDT ETF

Defiance Daily Target 2X Long RGTI ETF

Defiance Daily Target 2X Long RIOT ETF

Defiance Daily Target 2X Long RKLB ETF

Defiance Daily Target 2X Long SMCI ETF

Defiance Daily Target 2X Long SOFI ETF

Defiance Daily Target 2X Long Solar ETF

Defiance Daily Target 2X Long SOUN ETF

Defiance Daily Target 2X Long UBER ETF

Defiance Daily Target 2X Long VST ETF

Defiance Daily Target 2X Short CVNA ETF

Defiance Daily Target 2X Short IONQ ETF

Defiance Daily Target 2X Short LLY ETF

Defiance Daily Target 2X Short MSTR ETF

Defiance Daily Target 2X Short PLTR ETF

Defiance Daily Target 2X Short QBTS ETF

Defiance Daily Target 2X Short RGTI ETF

Defiance Daily Target 2X Short RIOT ETF

Defiance Daily Target 2X Short RKLB ETF

Defiance Daily Target 2X Short SMCI ETF

Defiance Developed Markets Enhanced Options Income ETF

Defiance Emerging Markets Enhanced Options Income ETF

Defiance Enhanced Long Vol ETF

Defiance Enhanced Short Vol ETF

Defiance Gold Enhanced Options Income ETF

Defiance Hot Sauce 2X Strategy ETF

Defiance Large Cap ex-Mag 7 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 MSTR 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

Defiance Leveraged Long MSTR ETF

Defiance MAGA Seven ETF

Defiance Nasdaq 100 Double Short Hedged ETF

Defiance Nasdaq 100 Enhanced Options & 0DTE Income ETF

Defiance Nasdaq 100 Income Target ETF

Defiance Nasdaq 100 LightningSpread™ Income ETF

Defiance Oil Enhanced Options Income ETF

Defiance R2000 Enhanced Options & 0DTE Income ETF

Defiance R2000 Income Target ETF

Defiance Russell 2000 LightningSpread™ Income ETF

Defiance S&P 500 Enhanced Options & 0DTE Income ETF

Defiance S&P 500 Income Target ETF

Defiance S&P 500 LightningSpread™ Income ETF

Defiance Silver Enhanced Options Income ETF

Defiance Treasury Alternative Yield ETF

Defiance Treasury Enhanced Options Income ETF

Defiance Trillion Dollar Club Index ETF

Defiance Vol Carry Hedged ETF

DGA Absolute Return ETF

Even Herd Long Short ETF

Grizzle Growth ETF

Hilton Small-MidCap Opportunity ETF

Hilton Capital BDC Bond Index ETF

iREIT® - MarketVector Quality REIT Index ETF

Nicholas Fixed Income Alternative ETF

Nicholas Global Equity and Income ETF

Nicholas Crypto Income ETF

Peerless Option Income Wheel ETF

Pinnacle Focused Opportunities ETF

Quantify Absolute Income ETF

STKD Bitcoin & Gold ETF

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

Return Stacked® Bonds & Futures Yield ETF

Return Stacked® U.S. Stocks & Futures Yield ETF

Return Stacked® Bonds & Managed Futures ETF

Return Stacked® Global Stocks & Bonds ETF

Return Stacked® U.S. Stocks & Managed Futures ETF

Return Stacked® Bonds & Merger Arbitrage ETF

Return Stacked® U.S. Stocks & Gold/Bitcoin ETF

Roundhill Generative AI & Technology ETF

Tactical Advantage ETF

YieldMax™ AAPL Option Income Strategy ETF

YieldMax™ Short AAPL Option Income Strategy ETF

YieldMax™ ABNB Option Income Strategy ETF

YieldMax™ ADBE Option Income Strategy ETF

YieldMax™ AI Option Income Strategy ETF

YieldMax™ AMD Option Income Strategy ETF

YieldMax™ AMZN Option Income Strategy ETF

YieldMax™ BA Option Income Strategy ETF

YieldMax™ BIIB Option Income Strategy ETF

YieldMax™ Bitcoin Option Income Strategy ETF

YieldMax™ BRK.B Option Income Strategy ETF

YieldMax™ COIN Option Income Strategy ETF

YieldMax™ Short COIN Option Income Strategy ETF

YieldMax™ DIS Option Income Strategy ETF

YieldMax™ Gold Miners Option Income Strategy ETF

YieldMax™ GOOGL Option Income Strategy ETF

YieldMax™ Innovation Option Income Strategy ETF

YieldMax™ Short Innovation Option Income Strategy ETF

YieldMax™ INTC Option Income Strategy ETF

YieldMax™ JPM Option Income Strategy ETF

YieldMax™ KWEB Option Income Strategy ETF

YieldMax™ META Option Income Strategy ETF

YieldMax™ MRNA Option Income Strategy ETF

YieldMax™ MSFT Option Income Strategy ETF

YieldMax™ Short N100 Option Income Strategy ETF

YieldMax™ NFLX Option Income Strategy ETF

YieldMax™ NKE Option Income Strategy ETF

YieldMax™ NVDA Option Income Strategy ETF

YieldMax™ Short NVDA Option Income Strategy ETF

YieldMax™ ORCL Option Income Strategy ETF

YieldMax™ PYPL Option Income Strategy ETF

YieldMax™ ROKU Option Income Strategy ETF

YieldMax™ SNOW Option Income Strategy ETF

YieldMax™ XYZ Option Income Strategy ETF

YieldMax™ TGT Option Income Strategy ETF

YieldMax™ TLT Option Income Strategy ETF

YieldMax™ TSLA Option Income Strategy ETF

YieldMax™ Short TSLA Option Income Strategy ETF

YieldMax™ XBI Option Income Strategy ETF

YieldMax™ XOM Option Income Strategy ETF

YieldMax™ ZM Option Income Strategy ETF

YieldMax™ MSTR Option Income Strategy ETF

YieldMax™ Ultra Option Income Strategy ETF

YieldMax™ Magnificent 7 Fund of Option Income ETFs

YieldMax™ Universe Fund of Option Income ETFs

YieldMax™ BABA Option Income Strategy ETF

YieldMax™ CVNA Option Income Strategy ETF

YieldMax™ DKNG Option Income Strategy ETF

YieldMax™ HOOD Option Income Strategy ETF

YieldMax™ JD Option Income Strategy ETF

YieldMax™ MARA Option Income Strategy ETF

YieldMax™ PDD Option Income Strategy ETF

YieldMax™ PLTR Option Income Strategy ETF

YieldMax™ RBLX Option Income Strategy ETF

YieldMax™ SHOP Option Income Strategy ETF

YieldMax™ SMCI Option Income Strategy ETF

YieldMax™ TSM Option Income Strategy ETF

YieldMax™ Ether Option Income Strategy ETF

YieldMax™ Target 12™ Semiconductor Option Income ETF

YieldMax™ Target 12™ Biotech & Pharma Option Income ETF

YieldMax™ Target 12™ Energy Option Income ETF

YieldMax™ Target 12™ Real Estate Option Income ETF

YieldMax™ Target 12™ Tech & Innovation Option Income ETF

YieldMax™ Target 12™ Big 50 Option Income ETF

YieldMax™ Target 25™ Bitcoin Option Income ETF

YieldMax™ Dorsey Wright Hybrid 5 Income ETF

YieldMax™ Dorsey Wright Featured Income ETF

YieldMax™ AI & Tech Portfolio Option Income ETF

YieldMax™ Crypto Industry & Tech Portfolio Option Income ETF

YieldMax™ China Portfolio Option Income ETF

YieldMax™ Semiconductor Portfolio Option Income ETF

YieldMax™ Biotech & Pharma Portfolio Option Income ETF

YieldMax™ Ultra Short Option Income Strategy ETF

YieldMax™ Nasdaq 100 0DTE Covered Call Strategy ETF

YieldMax™ R2000 0DTE Covered Call Strategy ETF

YieldMax™ S&P 500 0DTE Covered Call Strategy ETF

YieldMax™ MSTR Short Option Income Strategy ETF

YieldMax™ AMD Short Option Income Strategy ETF

YieldMax™ AMZN Short Option Income Strategy ETF

YieldMax™ MARA Short Option Income Strategy ETF

YieldMax™ Bitcoin Short Option Income Strategy ETF

YieldMax™ META Short Option Income Strategy ETF

YieldMax™ SMCI Short Option Income Strategy ETF

YieldMax™ Target 25™ AI Option Income ETF

YieldMax™ Target 25™ AMD Option Income ETF

YieldMax™ Target 25™ AMZN Option Income ETF

YieldMax™ Target 25™ COIN Option Income ETF

YieldMax™ Target 25™ MARA Option Income ETF

YieldMax™ Target 25™ MSTR Option Income ETF

YieldMax™ Target 25™ NVDA Option Income ETF

YieldMax™ Target 25™ PLTR Option Income ETF

YieldMax™ Target 25™ SMCI Option Income ETF

YieldMax™ Target 25™ TSLA Option Income 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

YieldMax® UBER Option Income Strategy ETF

## Ex-99.(H)(Vi)(27)

**[Tidal Trust II 485APOS](defiance2x-485apos_80425.htm)**

**Exhibit 99.(h)(vi)(27)**

**TWENTY-EIGHth AMENDMENT TO THE** 

**TIDAL TRUST II** 

**TRANSFER AGENT SERVICING AGREEMENT**

**THIS TWENTY-EIGHTH AMENDMENT** effective as of the last date on the signature block (the "Effective Date"), to the Transfer Agent Servicing Agreement (the "Agreement") dated as of July 7, 2022, as amended, is entered into by and between **TIDAL TRUST II**, a Delaware statutory trust (the "Trust"), and **U.S. BANCORP FUND SERVICES, LLC d/b/a U.S. BANK GLOBAL FUND SERVICES**, a Wisconsin limited liability company ("<u>Fund Services</u>").

**RECITALS**

**WHEREAS,** the parties have entered into the Agreement; and

**WHEREAS,** the parties desire to amend the Agreement to update Exhibit A to:

Reflect the following name changes:

● Defiance Nasdaq 100 Enhanced Options & 0DTE Income ETF (*f/k/a Defiance Nasdaq 100 Enhanced Options Income ETF*)

● Defiance R2000 Enhanced Options & 0DTE Income ETF (*f/k/a Defiance R2000 Enhanced Options Income ETF*)

● Defiance S&P 500 Enhanced Options & 0DTE Income ETF (*f/k/a Defiance S&P 500 Enhanced Options Income ETF*)

Add the following funds:

● Defiance Enhanced Long Vol ETF

● Defiance Enhanced Short 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

● Defiance Vol Carry Hedged 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

● YieldMax® UBER Option Income Strategy ETF

**WHEREAS,** Section 13 of the Agreement allows for its amendment by a written instrument executed by both parties and authorized or approved by the Board of Trustees of the Trust.

**NOW, THEREFORE,** the parties agree as follows:

**Exhibit A of the Agreement is hereby superseded and replaced in its entirety with Exhibit A attached hereto.**

Except to the extent amended hereby, the Agreement shall remain in full force and effect.

**IN WITNESS WHEREOF,** the parties hereto have caused this Twenty-Eighth Amendment to be executed by a duly authorized officer on one or more counterparts as of the date last written below.

---

| | | | |
|:---|:---|:---|:---|
| **TIDAL TRUST II** | **TIDAL TRUST II** | **U.S. BANCORP FUND SERVICES, LLC** | **U.S. BANCORP FUND SERVICES, LLC** |
| By: | /s/ Eric Falkeis | By: | /s/ Gregory Farley |
| Name: | Eric Falkeis | Name: | Gregory Farley |
| Title: | Principal Executive Officer | Title: | Sr. Vice President |
| Date: | 07/20/2025 | Date: | 07/21/2025 |

---

**Exhibit A to the** 

**Transfer Agent Servicing Agreement** 

Separate Series of Tidal Trust II

<u>Name of Series:</u>

Blueprint Chesapeake Multi-Asset Trend ETF

Cambria Chesapeake Pure Trend ETF

Carbon Collective Climate Solutions U.S. Equity ETF

Carbon Collective Short Duration Green Bond ETF

Cboe® Validus S&P 500® Dynamic PutWrite Index ETF

Clockwise Core Equity & Innovation ETF

CoreValues Alpha Greater China Growth ETF

Defiance 2X Daily Long Pure Quantum ETF

Defiance AI & Power Infrastructure ETF

Defiance Daily Target 2X Long AMAT ETF

Defiance Daily Target 2X Long ANET ETF

Defiance Daily Target 2X Long ARM ETF

Defiance Daily Target 2X Long AVGO ETF

Defiance Daily Target 2X Long China Dragons ETF

Defiance Daily Target 2X Long Copper ETF

Defiance Daily Target 2X Long CVNA ETF

Defiance Daily Target 2X Long DJT ETF

Defiance Daily Target 2X Long DKNG ETF

Defiance Daily Target 2X Long FSLR ETF

Defiance Daily Target 2X Long GOLD ETF

Defiance Daily Target 2X Long HIMS ETF

Defiance Daily Target 2X Long HOOD ETF

Defiance Daily Target 2X Long IONQ ETF

Defiance Daily Target 2X Long JPM ETF

Defiance Daily Target 2X Long LLY ETF

Defiance Daily Target 2X Long MRVL ETF

Defiance Daily Target 2X Long MSTR ETF

Defiance Daily Target 2X Long NVO ETF

Defiance Daily Target 2X Long OKLO ETF

Defiance Daily Target 2X Long ORCL ETF

Defiance Daily Target 2X Long PENN ETF

Defiance Daily Target 2X Long PM ETF

Defiance Daily Target 2X Long QBTS ETF

Defiance Daily Target 2X Long RDDT ETF

Defiance Daily Target 2X Long RGTI ETF

Defiance Daily Target 2X Long RIOT ETF

Defiance Daily Target 2X Long RKLB ETF

Defiance Daily Target 2X Long SMCI ETF

Defiance Daily Target 2X Long SOFI ETF

Defiance Daily Target 2X Long Solar ETF

Defiance Daily Target 2X Long SOUN ETF

Defiance Daily Target 2X Long UBER ETF

Defiance Daily Target 2X Long VST ETF

Defiance Daily Target 2X Short CVNA ETF

Defiance Daily Target 2X Short IONQ ETF

Defiance Daily Target 2X Short LLY ETF

Defiance Daily Target 2X Short MSTR ETF

Defiance Daily Target 2X Short PLTR ETF

Defiance Daily Target 2X Short QBTS ETF

Defiance Daily Target 2X Short RGTI ETF

Defiance Daily Target 2X Short RIOT ETF

Defiance Daily Target 2X Short RKLB ETF

Defiance Daily Target 2X Short SMCI ETF

Defiance Developed Markets Enhanced Options Income ETF

Defiance Emerging Markets Enhanced Options Income ETF

Defiance Enhanced Long Vol ETF

Defiance Enhanced Short Vol ETF

Defiance Gold Enhanced Options Income ETF

Defiance Hot Sauce 2X Strategy ETF

Defiance Large Cap ex-Mag 7 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 MSTR 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

Defiance Leveraged Long MSTR ETF

Defiance MAGA Seven ETF

Defiance Nasdaq 100 Double Short Hedged ETF

Defiance Nasdaq 100 Enhanced Options & 0DTE Income ETF

Defiance Nasdaq 100 Income Target ETF

Defiance Nasdaq 100 LightningSpread™ Income ETF

Defiance Oil Enhanced Options Income ETF

Defiance R2000 Enhanced Options & 0DTE Income ETF

Defiance R2000 Income Target ETF

Defiance Russell 2000 LightningSpread™ Income ETF

Defiance S&P 500 Enhanced Options & 0DTE Income ETF

Defiance S&P 500 Income Target ETF

Defiance S&P 500 LightningSpread™ Income ETF

Defiance Silver Enhanced Options Income ETF

Defiance Treasury Alternative Yield ETF

Defiance Treasury Enhanced Options Income ETF

Defiance Trillion Dollar Club Index ETF

Defiance Vol Carry Hedged ETF

DGA Absolute Return ETF

Even Herd Long Short ETF

Grizzle Growth ETF

Hilton Small-MidCap Opportunity ETF

Hilton Capital BDC Bond Index ETF

iREIT® - MarketVector Quality REIT Index ETF

Nicholas Fixed Income Alternative ETF

Nicholas Global Equity and Income ETF

Nicholas Crypto Income ETF

Peerless Option Income Wheel ETF

Pinnacle Focused Opportunities ETF

Quantify Absolute Income ETF

STKD Bitcoin & Gold ETF

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

Return Stacked® Bonds & Futures Yield ETF

Return Stacked® U.S. Stocks & Futures Yield ETF

Return Stacked® Bonds & Managed Futures ETF

Return Stacked® Global Stocks & Bonds ETF

Return Stacked® U.S. Stocks & Managed Futures ETF

Return Stacked® Bonds & Merger Arbitrage ETF

Return Stacked® U.S. Stocks & Gold/Bitcoin ETF

Roundhill Generative AI & Technology ETF

Tactical Advantage ETF

YieldMax™ AAPL Option Income Strategy ETF

YieldMax™ Short AAPL Option Income Strategy ETF

YieldMax™ ABNB Option Income Strategy ETF

YieldMax™ ADBE Option Income Strategy ETF

YieldMax™ AI Option Income Strategy ETF

YieldMax™ AMD Option Income Strategy ETF

YieldMax™ AMZN Option Income Strategy ETF

YieldMax™ BA Option Income Strategy ETF

YieldMax™ BIIB Option Income Strategy ETF

YieldMax™ Bitcoin Option Income Strategy ETF

YieldMax™ BRK.B Option Income Strategy ETF

YieldMax™ COIN Option Income Strategy ETF

YieldMax™ Short COIN Option Income Strategy ETF

YieldMax™ DIS Option Income Strategy ETF

YieldMax™ Gold Miners Option Income Strategy ETF

YieldMax™ GOOGL Option Income Strategy ETF

YieldMax™ Innovation Option Income Strategy ETF

YieldMax™ Short Innovation Option Income Strategy ETF

YieldMax™ INTC Option Income Strategy ETF

YieldMax™ JPM Option Income Strategy ETF

YieldMax™ KWEB Option Income Strategy ETF

YieldMax™ META Option Income Strategy ETF

YieldMax™ MRNA Option Income Strategy ETF

YieldMax™ MSFT Option Income Strategy ETF

YieldMax™ Short N100 Option Income Strategy ETF

YieldMax™ NFLX Option Income Strategy ETF

YieldMax™ NKE Option Income Strategy ETF

YieldMax™ NVDA Option Income Strategy ETF

YieldMax™ Short NVDA Option Income Strategy ETF

YieldMax™ ORCL Option Income Strategy ETF

YieldMax™ PYPL Option Income Strategy ETF

YieldMax™ ROKU Option Income Strategy ETF

YieldMax™ SNOW Option Income Strategy ETF

YieldMax™ XYZ Option Income Strategy ETF

YieldMax™ TGT Option Income Strategy ETF

YieldMax™ TLT Option Income Strategy ETF

YieldMax™ TSLA Option Income Strategy ETF

YieldMax™ Short TSLA Option Income Strategy ETF

YieldMax™ XBI Option Income Strategy ETF

YieldMax™ XOM Option Income Strategy ETF

YieldMax™ ZM Option Income Strategy ETF

YieldMax™ MSTR Option Income Strategy ETF

YieldMax™ Ultra Option Income Strategy ETF

YieldMax™ Magnificent 7 Fund of Option Income ETFs

YieldMax™ Universe Fund of Option Income ETFs

YieldMax™ BABA Option Income Strategy ETF

YieldMax™ CVNA Option Income Strategy ETF

YieldMax™ DKNG Option Income Strategy ETF

YieldMax™ HOOD Option Income Strategy ETF

YieldMax™ JD Option Income Strategy ETF

YieldMax™ MARA Option Income Strategy ETF

YieldMax™ PDD Option Income Strategy ETF

YieldMax™ PLTR Option Income Strategy ETF

YieldMax™ RBLX Option Income Strategy ETF

YieldMax™ SHOP Option Income Strategy ETF

YieldMax™ SMCI Option Income Strategy ETF

YieldMax™ TSM Option Income Strategy ETF

YieldMax™ Ether Option Income Strategy ETF

YieldMax™ Target 12™ Semiconductor Option Income ETF

YieldMax™ Target 12™ Biotech & Pharma Option Income ETF

YieldMax™ Target 12™ Energy Option Income ETF

YieldMax™ Target 12™ Real Estate Option Income ETF

YieldMax™ Target 12™ Tech & Innovation Option Income ETF

YieldMax™ Target 12™ Big 50 Option Income ETF

YieldMax™ Target 25™ Bitcoin Option Income ETF

YieldMax™ Dorsey Wright Hybrid 5 Income ETF

YieldMax™ Dorsey Wright Featured Income ETF

YieldMax™ AI & Tech Portfolio Option Income ETF

YieldMax™ Crypto Industry & Tech Portfolio Option Income ETF

YieldMax™ China Portfolio Option Income ETF

YieldMax™ Semiconductor Portfolio Option Income ETF

YieldMax™ Biotech & Pharma Portfolio Option Income ETF

YieldMax™ Ultra Short Option Income Strategy ETF

YieldMax™ Nasdaq 100 0DTE Covered Call Strategy ETF

YieldMax™ R2000 0DTE Covered Call Strategy ETF

YieldMax™ S&P 500 0DTE Covered Call Strategy ETF

YieldMax™ MSTR Short Option Income Strategy ETF

YieldMax™ AMD Short Option Income Strategy ETF

YieldMax™ AMZN Short Option Income Strategy ETF

YieldMax™ MARA Short Option Income Strategy ETF

YieldMax™ Bitcoin Short Option Income Strategy ETF

YieldMax™ META Short Option Income Strategy ETF

YieldMax™ SMCI Short Option Income Strategy ETF

YieldMax™ Target 25™ AI Option Income ETF

YieldMax™ Target 25™ AMD Option Income ETF

YieldMax™ Target 25™ AMZN Option Income ETF

YieldMax™ Target 25™ COIN Option Income ETF

YieldMax™ Target 25™ MARA Option Income ETF

YieldMax™ Target 25™ MSTR Option Income ETF

YieldMax™ Target 25™ NVDA Option Income ETF

YieldMax™ Target 25™ PLTR Option Income ETF

YieldMax™ Target 25™ SMCI Option Income ETF

YieldMax™ Target 25™ TSLA Option Income 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

YieldMax® UBER Option Income Strategy ETF

## Ex-99.(M)

**[Tidal Trust II 485APOS](defiance2x-485apos_80425.htm)**

**Exhibit 99.(m)**

**TIDAL TRUST II**

**<u>DISTRIBUTION (RULE 12b-1) PLAN</u>**

The following Distribution (Rule 12b-1) Plan (the "Plan") has been adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the "Act"), by Tidal Trust II (the "Trust"), a Delaware statutory trust, on behalf of the series of the Trust listed on Schedule A as may be amended from time to time (each, a "Fund"). The Plan has been approved by a majority of the Trust's Board of Trustees (the "Board"), including a majority of the Trustees who are not interested persons of the Trust and who have no direct or indirect financial interest in the operation of the Plan or in any Rule 12b-1 Agreement (as defined below) (the "Disinterested Trustees"), cast in person at a meeting called for the purpose of voting on such Plan.

In approving the Plan, the Board determined that adoption of the Plan would be prudent and in the best interests of each Fund and its shareholders. Such approval by the Board of Trustees included a determination, in the exercise of its reasonable business judgment and in light of its fiduciary duties, that there is a reasonable likelihood that the Plan will benefit each Fund and its shareholders.

The provisions of the Plan are as follows:

1. PAYMENTS
BY THE FUND TO PROMOTE THE SALE OF FUND SHARES

The Trust, on behalf of each identified Fund, will pay the principal distributor of the Fund's shares (the "Distributor"), a distribution fee and/or shareholder servicing fee equal to a percentage of the average daily net assets of each Fund as shown on Schedule A in connection with the promotion and distribution of Fund shares and the provision of personal services to shareholders and the maintenance of shareholder accounts, including, but not necessarily limited to: (i) delivering copies of the Fund's then current reports, prospectuses, notices, and similar materials, to prospective purchasers of Fund shares; (ii) marketing and promotional services, including advertising; (iii) 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; (iv) compensating certain authorized participants for providing assistance in distributing the shares of the Fund, including the travel and communication expenses and salaries and/or commissions of sales personnel in connection with the distribution of Fund shares; (v) 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; and (vi) 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. The Distributor may pay all or a portion of these fees to any registered securities dealer, financial institution or any other person (the "Recipient") who renders assistance in distributing or promoting the sale of shares, or who provides certain shareholder services, pursuant to a written agreement (the "Rule 12b-1 Agreement"), a form of which is attached hereto as Appendix A with respect to each Fund. To the extent not so paid by the Distributor, such amounts may be retained by the Distributor. Payment of these fees shall be made monthly promptly following the close of the month.

2. RULE
 12b-1 AGREEMENTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Rule 12b-1 Agreement shall be entered into with respect to a Fund and no payments shall be made pursuant to any Rule 12b-1 Agreement, unless such Rule 12b-1 Agreement is in writing and the form of which has first been delivered to and approved by a vote of a majority of the Board, and of the Disinterested Trustees, cast in person at a meeting called for the purpose of voting on such Rule 12b-1 Agreement. The form of Rule 12b-1 Agreement relating to the Funds attached hereto as Appendix A has been approved by the Board as specified above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any Rule 12b-1 Agreement shall describe the services to be performed by the Recipient and shall specify the amount of, or the method for determining, the compensation to the Recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No Rule 12b-1 Agreement may be entered into unless it provides (i) that it may be terminated with respect to a Fund at any time, without the payment of any penalty, by vote of a majority of the shareholders of the Fund, or by vote of a majority of the Disinterested Trustees, on not more than 60 days' written notice to the other party to the Rule 12b-1 Agreement, and (ii) that it shall automatically terminate in the event of its assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any Rule 12b-1 Agreement shall continue in effect for a period of more than one year from the date of its execution only if such continuance is specifically approved at least annually by a vote of a majority of the Board, and of the Disinterested Trustees, cast in person at a meeting called for the purpose of voting on such Rule 12b-1 Agreement.

3. QUARTERLY
REPORTS

The Distributor shall provide to the Board, and the Board shall review at least quarterly, a written report of all amounts expended pursuant to the Plan. This report shall include the identity of the recipient of each payment and the purpose for which the amounts were expended and such other information as the Board may reasonably request.

4. EFFECTIVE
DATE AND DURATION OF THE PLAN

The Plan shall become effective immediately upon approval by the vote of a majority of the Board, and of the Disinterested Trustees, cast in person at a meeting called for the purpose of voting on the approval of the Plan. The Plan shall continue in effect with respect to each Fund for a period of one year from its effective date unless terminated pursuant to its terms. Thereafter, the Plan shall continue with respect to each Fund from year to year, provided that such continuance is approved at least annually by a vote of a majority of the Board of Trustees, and of the Disinterested Trustees, cast in person at a meeting called for the purpose of voting on such continuance. The Plan, or any Rule 12b-1 Agreement, may be terminated with respect to a Fund at any time, without penalty, on not more than 60 days' written notice by a majority vote of shareholders of the Fund, or by vote of a majority of the Disinterested Trustees.

5. SELECTION
OF DISINTERESTED TRUSTEES

During the period in which the Plan is effective, the selection and nomination of those Trustees who are Disinterested Trustees of the Trust shall be committed to the discretion of the Disinterested Trustees.

6. AMENDMENTS

All material amendments of the Plan shall be in writing and shall be approved by a vote of a majority of the Board, and of the Disinterested Trustees, cast in person (or virtually if permitted by the SEC) at a meeting called for the purpose of voting on such amendment. In addition, the Plan may not be amended to increase materially the amount to be expended by a Fund hereunder without the approval by a majority vote of shareholders of such Fund.

7. RECORDKEEPING

The Trust shall preserve copies of the Plan, any Rule 12b-1 Agreement and all reports made pursuant to Section 3 for a period of not less than six years from the date of this Plan, any such Rule 12b-1 Agreement or such reports, as the case may be, the first two years in an easily accessible place.

Adopted: June 29, 2022

Last Amended: June 23, 2025

**Schedule A**<br> **to the**<br> **Distribution (Rule 12b-1) Plan**

---

| | |
|:---|:---|
| **<u>Series of Tidal Trust II</u>** | **<u>Rule 12b-1 Fee</u>** |
| Carbon Collective Climate Solutions U.S. Equity ETF | Up to 0.25% of average daily net assets |
| Carbon Collective Short Duration Green Bond ETF | Up to 0.25% of average daily net assets |
| YieldMax® Innovation Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® KWEB Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® Gold Miners Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® XBI Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® TLT Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® AAPL Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® AMZN Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® BRK.B Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® COIN Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® META Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® GOOGL Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® NFLX Option Income Strategy ETF | Up to 0.25% of average daily net assets |

---

---

| | |
|:---|:---|
| YieldMax® NVDA Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® XYZ Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® TSLA Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| Nicholas Fixed Income Alternative ETF | Up to 0.25% of average daily net assets |
| Pinnacle Focused Opportunities ETF | Up to 0.25% of average daily net assets |
| Return Stacked<sup>®</sup> Bonds & Managed Futures ETF | Up to 0.25% of average daily net assets |
| Return Stacked<sup>®</sup> Global Stocks & Bonds ETF | Up to 0.25% of average daily net assets |
| Return Stacked<sup>®</sup> U.S. Stocks & Managed Futures ETF | Up to 0.25% of average daily net assets |
| DGA Core Plus Absolute Return ETF | Up to 0.25% of average daily net assets |
| Tactical Advantage ETF | Up to 0.25% of average daily net assets |
| Roundhill Generative AI & Technology ETF | Up to 0.25% of average daily net assets |
| Blueprint Chesapeake Multi-Asset Trend ETF | Up to 0.25% of average daily net assets |
| Grizzle Growth ETF | Up to 0.25% of average daily net assets |
| Cboe<sup>®</sup> Validus S&P 500® Dynamic PutWrite Index ETF | Up to 0.25% of average daily net assets |
| YieldMax® ABNB Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® AMD Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® MRNA Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® PYPL Option Income Strategy ETF | Up to 0.25% of average daily net assets |

---

---

| | |
|:---|:---|
| YieldMax® DIS Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® JPM Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® MSFT Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® XOM Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| Defiance Nasdaq 100 Target 30 Income ETF | Up to 0.25% of average daily net assets |
| Defiance S&P 500 Target 30 Income ETF | Up to 0.25% of average daily net assets |
| Defiance R2000 Target 30 Income ETF | Up to 0.25% of average daily net assets |
| Defiance Treasury Alternative Yield ETF | Up to 0.25% of average daily net assets |
| Defiance Developed Markets Enhanced Options Income ETF | Up to 0.25% of average daily net assets |
| Defiance Emerging Markets Enhanced Options Income ETF | Up to 0.25% of average daily net assets |
| Defiance Nasdaq 100 Income Target ETF | Up to 0.25% of average daily net assets |
| Defiance S&P 500 Income Target ETF | Up to 0.25% of average daily net assets |
| Defiance R2000 Income Target ETF | Up to 0.25% of average daily net assets |
| Defiance Gold Enhanced Options Income ETF | Up to 0.25% of average daily net assets |
| Defiance Silver Enhanced Options Income ETF | Up to 0.25% of average daily net assets |
| Defiance Oil Enhanced Options Income ETF | Up to 0.25% of average daily net assets |
| Defiance Treasury Enhanced Options Income ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long LLY ETF | Up to 0.25% of average daily net assets |

---

---

| | |
|:---|:---|
| Defiance Daily Target 2X Long MSTR ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long NVO ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long AVGO ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long SMCI ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long RIOT ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long Copper ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long China Dragons ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long Solar ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Short MSTR ETF | Up to 0.25% of average daily net assets |
| YieldMax® AI Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® ROKU Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® SNOW Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® ZM Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® ADBE Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® NKE Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® ORCL Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® INTC Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® BIIB Option Income Strategy ETF | Up to 0.25% of average daily net assets |

---

---

| | |
|:---|:---|
| YieldMax® BA Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® TGT Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® Universe Fund of Option Income ETFs | Up to 0.25% of average daily net assets |
| YieldMax® Magnificent 7 Fund of Option Income ETFs | Up to 0.25% of average daily net assets |
| YieldMax® Ultra Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® MSTR Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| CoreValues Alpha Greater China Growth ETF | Up to 0.25% of average daily net assets |
| CoreValues Alpha America's Digital Growth ETF | Up to 0.25% of average daily net assets |
| CoreValues Alpha India Growth ETF | Up to 0.25% of average daily net assets |
| Hilton Small-MidCap Opportunity ETF | Up to 0.25% of average daily net assets |
| Quantify Absolute Income ETF | Up to 0.25% of average daily net assets |
| iREIT<sup>®</sup> - MarketVector Quality REIT Index ETF | Up to 0.25% of average daily net assets |
| YieldMax® Short TSLA Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® Short Innovation Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® Short NVDA Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® Short COIN Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® Short AAPL Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® Short N100 Option Income Strategy ETF | Up to 0.25% of average daily net assets |

---

---

| | |
|:---|:---|
| Even Herd Long Short ETF | Up to 0.25% of average daily net assets |
| Peerless Option Income Wheel ETF | Up to 0.25% of average daily net assets |
| Return Stacked® Bonds & Futures Yield ETF | Up to 0.25% of average daily net assets |
| Return Stacked® U.S. Stocks & Futures Yield ETF | Up to 0.25% of average daily net assets |
| YieldMax® Bitcoin Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| Clockwise Core Equity & Innovation ETF | Up to 0.25% of average daily net assets |
| Cambria Chesapeake Pure Trend ETF | Up to 0.25% of average daily net assets |
| Nicholas Global Equity and Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® BABA Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® CVNA Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® DKNG Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® HOOD Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® JD Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® MARA Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® PDD Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® PLTR Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® RBLX Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® SHOP Option Income Strategy ETF | Up to 0.25% of average daily net assets |

---

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| | |
|:---|:---|
| YieldMax® SMCI Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® TSM Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® Ether Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| Defiance Large Cap ex-Mag 7 ETF | Up to 0.25% of average daily net assets |
| STKD Bitcoin & Gold ETF | Up to 0.25% of average daily net assets |
| YieldMax® Target 12<sup>TM</sup> Semiconductor Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Target 12<sup>TM</sup> BioTech & Pharma Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Target 12<sup>TM</sup> Energy Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Target 12<sup>TM</sup> Real Estate Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Target 12<sup>TM</sup> Tech & Innovation Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Target 12<sup>TM</sup> Big 50 Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Dorsey Wright Hybrid 5 Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Dorsey Wright Featured 5 Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® AI & Tech Portfolio Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Crypto Industry & Tech Portfolio Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® China Portfolio Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Semiconductor Portfolio Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Biotech & Pharma Portfolio Option Income ETF | Up to 0.25% of average daily net assets |

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| | |
|:---|:---|
| YieldMax® Ultra Short Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| Return Stacked<sup>®</sup> Bonds & Merger Arbitrage ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long SOFI ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long AMAT ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long GOLD ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long ORCL ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long FSLR ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long DKNG ETF | Up to 0.25% of average daily net assets |
| Defiance Hot Sauce 2X Strategy ETF | Up to 0.25% of average daily net assets |
| Defiance AI & Power Infrastructure ETF | Up to 0.25% of average daily net assets |
| YieldMax® Nasdaq 100 0DTE Covered Call Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® S&P 500 0DTE Covered Call Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® R2000 0DTE Covered Call Strategy ETF | Up to 0.25% of average daily net assets |
| STKd 100% COIN & 100% NVDA ETF | Up to 0.25% of average daily net assets |
| STKd 100% NVDA & 100% MSTR ETF | Up to 0.25% of average daily net assets |
| STKd 100% MSTR & 100% COIN ETF | Up to 0.25% of average daily net assets |
| STKd 100% COIN & 100% HOOD ETF | Up to 0.25% of average daily net assets |
| STKd 100% NVDA & 100% AMD ETF | Up to 0.25% of average daily net assets |

---

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| | |
|:---|:---|
| STKd 100% TSLA & 100% MSTR ETF | Up to 0.25% of average daily net assets |
| STKd 100% TSLA & 100% NVDA ETF | Up to 0.25% of average daily net assets |
| STKd 100% SMCI & 100% NVDA ETF | Up to 0.25% of average daily net assets |
| STKd 100% UBER & 100% TSLA ETF | Up to 0.25% of average daily net assets |
| STKd 100% META & 100% AMZN ETF | Up to 0.25% of average daily net assets |
| YieldMax® MSTR Short Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® AMD Short Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® AMZN Short Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® MARA Short Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® Bitcoin Short Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® META Short Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® SMCI Short Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long MSTR ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long + Income MSTR ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long HIMS ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long IONQ ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long RKLB ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long CVNA ETF | Up to 0.25% of average daily net assets |

---

---

| | |
|:---|:---|
| Defiance Daily Target 2X Long HOOD ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long VST ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long JPM ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long PENN ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long SOUN ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long MRVL ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long RGTI ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Short RIOT ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Short SMCI ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Short LLY ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long DJT ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long RDDT ETF | Up to 0.25% of average daily net assets |
| Defiance Trillion Dollar Club Index ETF | Up to 0.25% of average daily net assets |
| Defiance Nasdaq 100 LightningSpread™ Income ETF | Up to 0.25% of average daily net assets |
| Defiance S&P 500 LightningSpread™ Income ETF | Up to 0.25% of average daily net assets |
| Defiance Russell 2000 LightningSpread™ Income ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Short CVNA ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Short IONQ ETF | Up to 0.25% of average daily net assets |

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| | |
|:---|:---|
| Defiance Daily Target 2X Short PLTR ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Short RKLB ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long ARM ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long UBER ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long ANET ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long PM ETF | Up to 0.25% of average daily net assets |
| YieldMax® Target 25™ AI Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Target 25™ AMD Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Target 25™ AMZN Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Target 25™ COIN Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Target 25™ MARA Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Target 25™ MSTR Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Target 25™ NVDA Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Target 25™ PLTR Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Target 25™ SMCI Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Target 25™ TSLA Option Income ETF | Up to 0.25% of average daily net assets |
| Return Stacked® U.S. Stocks & Gold/Bitcoin ETF | Up to 0.25% of average daily net assets |
| Nicholas Crypto Income ETF | Up to 0.25% of average daily net assets |

---

---

| | |
|:---|:---|
| Hilton BDC Corporate Bond ETF | Up to 0.25% of average daily net assets |
| YieldMax® Target 25™ Bitcoin Option Income ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2x Long OKLO ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2x Long QBTS ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2x Short RGTI ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2x Short QBTS ETF | Up to 0.25% of average daily net assets |
| Defiance MSTR Double Short Hedged ETF | Up to 0.25% of average daily net assets |
| Defiance Nasdaq 100 Double Short Hedged ETF | Up to 0.25% of average daily net assets |
| Defiance 2X Daily Long Pure Quantum ETF | Up to 0.25% of average daily net assets |
| Defiance MAGA Seven ETF | Up to 0.25% of average daily net assets |
| Defiance Vol Carry Hedged ETF | Up to 0.25% of average daily net assets |
| Defiance Enhanced Short Vol ETF | Up to 0.25% of average daily net assets |
| Defiance Enhanced Long Vol ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long + Income AAPL ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long + Income AMD ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long + Income AMZN ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long + Income BRK.B ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long + Income COIN ETF | Up to 0.25% of average daily net assets |

---

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| | |
|:---|:---|
| Defiance Leveraged Long + Income GOOG ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long + Income HIMS ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long + Income HOOD ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long + Income META ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long + Income NFLX ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long + Income NVDA ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long + Income PLTR ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long + Income SMCI ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long + Income TSLA ETF | Up to 0.25% of average daily net assets |
| YieldMax® RDDT Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® GME Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® AFRM Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® CRWD Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® UBER Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® ARM Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® AVGO Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® HIMS Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® APP Option Income Strategy ETF | Up to 0.25% of average daily net assets |

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---

| | |
|:---|:---|
| YieldMax® LLY Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® SPOT Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® IONQ Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| LevMax™ Bitcoin [Monthly 3x1] ETF | Up to 0.25% of average daily net assets |
| LevMax™ COIN [Monthly 3x1] ETF | Up to 0.25% of average daily net assets |
| LevMax™ MSTR [Monthly 3x1] ETF | Up to 0.25% of average daily net assets |
| LevMax™ NVDA [Monthly 3x1] ETF | Up to 0.25% of average daily net assets |
| LevMax™ PLTR [Monthly 3x1] ETF | Up to 0.25% of average daily net assets |
| LevMax™ TSLA [Monthly 3x1] ETF | Up to 0.25% of average daily net assets |
| LevMax™ AMZN [Monthly 3x1] ETF | Up to 0.25% of average daily net assets |
| LevMax™ BRK-B [Monthly 3x1] ETF | Up to 0.25% of average daily net assets |
| LevMax™ MSFT [Monthly 3x1] ETF | Up to 0.25% of average daily net assets |
| LevMax™ HOOD [Monthly 3x1] ETF | Up to 0.25% of average daily net assets |
| LevMax™ RDDT [Monthly 3x1] ETF | Up to 0.25% of average daily net assets |
| LevMax™ SMCI [Monthly 3x1] ETF | Up to 0.25% of average daily net assets |

---

For all services rendered pursuant to the Rule 12b-1 Agreement, we shall pay you the fee shown above calculated as follows:

The above fee as a percentage of the average daily net assets of the Fund (computed on an annual basis) which are owned of record by your firm as nominee for your customers or which are owned by those customers of your firm whose records, as maintained by the Trust or its agent, designate your firm as the customer's dealer or service provider of record.

We shall make the determination of the net asset value, which determination shall be made in the manner specified in the Fund's current prospectus, and pay to you, on the basis of such determination, the fee specified above, to the extent permitted under the Plan.

**Appendix A**

**<u>Rule 12b-1 Related Agreement</u>**

[Distributor Letterhead]

[Adviser name and address]

Ladies and Gentlemen:

This letter will confirm our understanding and agreement with respect to payments to be made to you pursuant to a Distribution (Rule 12b-1) Plan (the "Plan") adopted by Tidal Trust II (the "Trust"), on behalf of the [__________________], a series of the Trust (the "Fund"), pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the "Act"). The Plan and this related agreement (the "Rule 12b-1 Agreement") have been approved by a majority of the Board of Trustees of the Trust (the "Board"), including a majority of the Board who are not "interested persons" of the Trust, as defined in the Act, and who have no direct or indirect financial interest in the operation of the Plan or in this or any other Rule 12b-1 Agreement (the "Disinterested Trustees"), cast in person (or virtually if permitted by the SEC) at a meeting called for the purpose of voting thereon. Such approval included a determination by the Board that, in the exercise of its reasonable business judgment and in light of its fiduciary duties, there is a reasonable likelihood that the Plan will benefit the Fund or its shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To the extent you provide distribution and marketing services in the promotion of the Fund's shares and/or services to the Fund's shareholders, including furnishing services and assistance to your customers who invest in and own shares, including, but not limited to, answering routine inquiries regarding the Fund and assisting in changing account designations and addresses, we shall pay you a fee as described on Schedule A. We reserve the right to increase, decrease or discontinue the fee at any time in our sole discretion upon written notice to you.

You agree that all activities conducted under this Rule 12b-1 Related Agreement will be conducted in accordance with the Plan, as well as all applicable state and federal laws, including the Act, the Securities Exchange Act of 1934, the Securities Act of 1933, the U.S. PATRIOT Act of 2001 and any applicable rules of the Financial Industry Regulatory Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. You shall furnish us with such information as shall reasonably be requested either by the Board or by us with respect to the services provided and the fees paid to you pursuant to this Rule 12b-1 Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. We shall furnish to the Board, for its review, on a quarterly basis, a written report of the amounts expended under the Plan by us and the purposes for which such expenditures were made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. This Rule 12b-1 Agreement may be terminated: (a) on 60 days' written notice after the vote of a majority of shareholders, or (b) at any time by the vote of a majority of the Disinterested Trustees, in each case, without payment of any penalty. In addition, this Rule 12b-1 Agreement will be terminated by any act which terminates the Plan or the Distribution Agreement between the Trust and us and shall terminate immediately in the event of its assignment. This Rule 12b-1 Agreement may be amended by us upon written notice to you, and you shall be deemed to have consented to such amendment upon effecting any purchases of shares for your own account or on behalf of any of your customer's accounts following your receipt of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. This Rule 12b-1 Agreement shall become effective on the date accepted by you and shall continue in full force and effect so long as the continuance of the Plan and this Rule 12b-1 Agreement are approved at least annually by a vote of the Board and of the Disinterested Trustees, cast in person at a meeting called for the purpose of voting thereon. All communications to us should be sent to the above address. Any notice to you shall be duly given if mailed or faxed to you at the address specified by you below.

**[Distributor]**

By:

Name:

Title:

**Accepted**:

(Dealer or Service Provider Name)

(Street Address)

(City)(State)(ZIP)

(Telephone No.)

(Facsimile No.)

By:

(Name and Title)

**Schedule A**<br> **to the**<br> **Rule 12b-1 Related Agreement**

For all services rendered pursuant to the Rule 12b-1 Agreement, we shall pay you the fee shown above calculated as follows:

The above fee as a percentage of the average daily net assets of the Fund (computed on an annual basis) which are owned of record by your firm as nominee for your customers or which are owned by those customers of your firm whose records, as maintained by the Trust or its agent, designate your firm as the customer's dealer or service provider of record.

We shall make the determination of the net asset value, which determination shall be made in the manner specified in the Fund's current prospectus, and pay to you, on the basis of such determination, the fee specified above, to the extent permitted under the Plan.

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| | |
|:---|:---|
| **<u>Series of Tidal Trust II</u>** | **<u>Rule 12b-1 Fee</u>** |
| Carbon Collective Climate Solutions U.S. Equity ETF | Up to 0.25% of average daily net assets |
| Carbon Collective Short Duration Green Bond ETF | Up to 0.25% of average daily net assets |
| YieldMax® Innovation Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® KWEB Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® Gold Miners Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® XBI Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® TLT Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® AAPL Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® AMZN Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® BRK.B Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® COIN Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® META Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® GOOGL Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® NFLX Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® NVDA Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® XYZ Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® TSLA Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| Nicholas Fixed Income Alternative ETF | Up to 0.25% of average daily net assets |

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| | |
|:---|:---|
| Pinnacle Focused Opportunities ETF | Up to 0.25% of average daily net assets |
| Return Stacked<sup>®</sup> Bonds & Managed Futures ETF | Up to 0.25% of average daily net assets |
| Return Stacked<sup>®</sup> Global Stocks & Bonds ETF | Up to 0.25% of average daily net assets |
| Return Stacked<sup>®</sup> U.S. Stocks & Managed Futures ETF | Up to 0.25% of average daily net assets |
| DGA Core Plus Absolute Return ETF | Up to 0.25% of average daily net assets |
| Tactical Advantage ETF | Up to 0.25% of average daily net assets |
| Roundhill Generative AI & Technology ETF | Up to 0.25% of average daily net assets |
| Blueprint Chesapeake Multi-Asset Trend ETF | Up to 0.25% of average daily net assets |
| Grizzle Growth ETF | Up to 0.25% of average daily net assets |
| Cboe<sup>®</sup> Validus S&P 500® Dynamic PutWrite Index ETF | Up to 0.25% of average daily net assets |
| YieldMax® ABNB Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® AMD Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® MRNA Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® PYPL Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® DIS Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® JPM Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® MSFT Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® XOM Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| Defiance Nasdaq 100 Target 30 Income ETF | Up to 0.25% of average daily net assets |
| Defiance S&P 500 Target 30 Income ETF | Up to 0.25% of average daily net assets |
| Defiance R2000 Target 30 Income ETF | Up to 0.25% of average daily net assets |
| Defiance Treasury Alternative Yield ETF | Up to 0.25% of average daily net assets |
| Defiance Developed Markets Enhanced Options Income ETF | Up to 0.25% of average daily net assets |
| Defiance Emerging Markets Enhanced Options Income ETF | Up to 0.25% of average daily net assets |
| Defiance Nasdaq 100 Income Target ETF | Up to 0.25% of average daily net assets |
| Defiance S&P 500 Income Target ETF | Up to 0.25% of average daily net assets |
| Defiance R2000 Income Target ETF | Up to 0.25% of average daily net assets |
| Defiance Gold Enhanced Options Income ETF | Up to 0.25% of average daily net assets |
| Defiance Silver Enhanced Options Income ETF | Up to 0.25% of average daily net assets |
| Defiance Oil Enhanced Options Income ETF | Up to 0.25% of average daily net assets |
| Defiance Treasury Enhanced Options Income ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long LLY ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long MSTR ETF | Up to 0.25% of average daily net assets |

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| | |
|:---|:---|
| Defiance Daily Target 2X Long NVO ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long AVGO ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long SMCI ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long RIOT ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long Copper ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long China Dragons ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long Solar ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Short MSTR ETF | Up to 0.25% of average daily net assets |
| YieldMax® AI Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® ROKU Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® SNOW Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® ZM Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® ADBE Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® NKE Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® ORCL Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® INTC Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® BIIB Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® BA Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® TGT Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® Universe Fund of Option Income ETFs | Up to 0.25% of average daily net assets |
| YieldMax® Magnificent 7 Fund of Option Income ETFs | Up to 0.25% of average daily net assets |
| YieldMax® Ultra Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® MSTR Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| CoreValues Alpha Greater China Growth ETF | Up to 0.25% of average daily net assets |
| CoreValues Alpha America's Digital Growth ETF | Up to 0.25% of average daily net assets |
| CoreValues Alpha India Growth ETF | Up to 0.25% of average daily net assets |
| Hilton Small-MidCap Opportunity ETF | Up to 0.25% of average daily net assets |
| Quantify Absolute Income ETF | Up to 0.25% of average daily net assets |
| iREIT<sup>®</sup> - MarketVector Quality REIT Index ETF | Up to 0.25% of average daily net assets |
| YieldMax® Short TSLA Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® Short Innovation Option Income Strategy ETF | Up to 0.25% of average daily net assets |

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| | |
|:---|:---|
| YieldMax® Short NVDA Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® Short COIN Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® Short AAPL Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® Short N100 Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| Even Herd Long Short ETF | Up to 0.25% of average daily net assets |
| Peerless Option Income Wheel ETF | Up to 0.25% of average daily net assets |
| Return Stacked® Bonds & Futures Yield ETF | Up to 0.25% of average daily net assets |
| Return Stacked® U.S. Stocks & Futures Yield ETF | Up to 0.25% of average daily net assets |
| YieldMax® Bitcoin Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| Clockwise Core Equity & Innovation ETF | Up to 0.25% of average daily net assets |
| Cambria Chesapeake Pure Trend ETF | Up to 0.25% of average daily net assets |
| Nicholas Global Equity and Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® BABA Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® CVNA Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® DKNG Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® HOOD Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® JD Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® MARA Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® PDD Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® PLTR Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® RBLX Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® SHOP Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® SMCI Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® TSM Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® Ether Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| Defiance Large Cap ex-Mag 7 ETF | Up to 0.25% of average daily net assets |
| STKD Bitcoin & Gold ETF | Up to 0.25% of average daily net assets |
| YieldMax® Target 12<sup>TM</sup> Semiconductor Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Target 12<sup>TM</sup> BioTech & Pharma Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Target 12<sup>TM</sup> Energy Option Income ETF | Up to 0.25% of average daily net assets |

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| | |
|:---|:---|
| YieldMax® Target 12<sup>TM</sup> Real Estate Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Target 12<sup>TM</sup> Tech & Innovation Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Target 12<sup>TM</sup> Big 50 Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Dorsey Wright Hybrid 5 Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Dorsey Wright Featured 5 Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® AI & Tech Portfolio Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Crypto Industry & Tech Portfolio Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® China Portfolio Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Semiconductor Portfolio Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Biotech & Pharma Portfolio Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Ultra Short Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| Return Stacked<sup>®</sup> Bonds & Merger Arbitrage ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long SOFI ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long AMAT ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long GOLD ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long ORCL ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long FSLR ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long DKNG ETF | Up to 0.25% of average daily net assets |
| Defiance Hot Sauce 2X Strategy ETF | Up to 0.25% of average daily net assets |
| Defiance AI & Power Infrastructure ETF | Up to 0.25% of average daily net assets |
| YieldMax® Nasdaq 100 0DTE Covered Call Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® S&P 500 0DTE Covered Call Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® R2000 0DTE Covered Call Strategy ETF | Up to 0.25% of average daily net assets |
| STKd 100% COIN & 100% NVDA ETF | Up to 0.25% of average daily net assets |
| STKd 100% NVDA & 100% MSTR ETF | Up to 0.25% of average daily net assets |
| STKd 100% MSTR & 100% COIN ETF | Up to 0.25% of average daily net assets |
| STKd 100% COIN & 100% HOOD ETF | Up to 0.25% of average daily net assets |

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| | |
|:---|:---|
| STKd 100% NVDA & 100% AMD ETF | Up to 0.25% of average daily net assets |
| STKd 100% TSLA & 100% MSTR ETF | Up to 0.25% of average daily net assets |
| STKd 100% TSLA & 100% NVDA ETF | Up to 0.25% of average daily net assets |
| STKd 100% SMCI & 100% NVDA ETF | Up to 0.25% of average daily net assets |
| STKd 100% UBER & 100% TSLA ETF | Up to 0.25% of average daily net assets |
| STKd 100% META & 100% AMZN ETF | Up to 0.25% of average daily net assets |
| YieldMax® MSTR Short Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® AMD Short Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® AMZN Short Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® MARA Short Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® Bitcoin Short Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® META Short Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® SMCI Short Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long MSTR ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long + Income MSTR ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long HIMS ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long IONQ ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long RKLB ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long CVNA ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long HOOD ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long VST ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long JPM ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long PENN ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long SOUN ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long MRVL ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long RGTI ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Short RIOT ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Short SMCI ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Short LLY ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long DJT ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long RDDT ETF | Up to 0.25% of average daily net assets |
| Defiance Trillion Dollar Club Index ETF | Up to 0.25% of average daily net assets |
| Defiance Nasdaq 100 LightningSpread™ Income ETF | Up to 0.25% of average daily net assets |
| Defiance S&P 500 LightningSpread™ Income ETF | Up to 0.25% of average daily net assets |

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| | |
|:---|:---|
| Defiance Russell 2000 LightningSpread™ Income ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Short CVNA ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Short IONQ ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Short PLTR ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Short RKLB ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long ARM ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long UBER ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long ANET ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2X Long PM ETF | Up to 0.25% of average daily net assets |
| YieldMax® Target 25™ AI Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Target 25™ AMD Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Target 25™ AMZN Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Target 25™ COIN Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Target 25™ MARA Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Target 25™ MSTR Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Target 25™ NVDA Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Target 25™ PLTR Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Target 25™ SMCI Option Income ETF | Up to 0.25% of average daily net assets |
| YieldMax® Target 25™ TSLA Option Income ETF | Up to 0.25% of average daily net assets |
| Return Stacked® U.S. Stocks & Gold/Bitcoin ETF | Up to 0.25% of average daily net assets |
| Nicholas Crypto Income ETF | Up to 0.25% of average daily net assets |
| Hilton BDC Corporate Bond ETF | Up to 0.25% of average daily net assets |
| YieldMax® Target 25™ Bitcoin Option Income ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2x Long OKLO ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2x Long QBTS ETF | Up to 0.25% of average daily net assets |
| Defiance Daily Target 2x Short RGTI ETF | Up to 0.25% of average daily net assets |

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| | |
|:---|:---|
| Defiance Daily Target 2x Short QBTS ETF | Up to 0.25% of average daily net assets |
| Defiance MSTR Double Short Hedged ETF | Up to 0.25% of average daily net assets |
| Defiance Nasdaq 100 Double Short Hedged ETF | Up to 0.25% of average daily net assets |
| Defiance 2X Daily Long Pure Quantum ETF | Up to 0.25% of average daily net assets |
| Defiance MAGA Seven ETF | Up to 0.25% of average daily net assets |
| Defiance Vol Carry Hedged ETF | Up to 0.25% of average daily net assets |
| Defiance Enhanced Short Vol ETF | Up to 0.25% of average daily net assets |
| Defiance Enhanced Long Vol ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long + Income AAPL ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long + Income AMD ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long + Income AMZN ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long + Income BRK.B ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long + Income COIN ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long + Income GOOG ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long + Income HIMS ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long + Income HOOD ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long + Income META ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long + Income NFLX ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long + Income NVDA ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long + Income PLTR ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long + Income SMCI ETF | Up to 0.25% of average daily net assets |
| Defiance Leveraged Long + Income TSLA ETF | Up to 0.25% of average daily net assets |
| YieldMax® RDDT Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® GME Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® AFRM Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® CRWD Option Income Strategy ETF | Up to 0.25% of average daily net assets |

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| | |
|:---|:---|
| YieldMax® UBER Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® ARM Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® AVGO Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® HIMS Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® APP Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® LLY Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® SPOT Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| YieldMax® IONQ Option Income Strategy ETF | Up to 0.25% of average daily net assets |
| LevMax™ Bitcoin [Monthly 3x1] ETF | Up to 0.25% of average daily net assets |
| LevMax™ COIN [Monthly 3x1] ETF | Up to 0.25% of average daily net assets |
| LevMax™ MSTR [Monthly 3x1] ETF | Up to 0.25% of average daily net assets |
| LevMax™ NVDA [Monthly 3x1] ETF | Up to 0.25% of average daily net assets |
| LevMax™ PLTR [Monthly 3x1] ETF | Up to 0.25% of average daily net assets |
| LevMax™ TSLA [Monthly 3x1] ETF | Up to 0.25% of average daily net assets |
| LevMax™ AMZN [Monthly 3x1] ETF | Up to 0.25% of average daily net assets |
| LevMax™ BRK-B [Monthly 3x1] ETF | Up to 0.25% of average daily net assets |
| LevMax™ MSFT [Monthly 3x1] ETF | Up to 0.25% of average daily net assets |
| LevMax™ HOOD [Monthly 3x1] ETF | Up to 0.25% of average daily net assets |
| LevMax™ RDDT [Monthly 3x1] ETF | Up to 0.25% of average daily net assets |
| LevMax™ SMCI [Monthly 3x1] ETF | Up to 0.25% of average daily net assets |

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