Prospectus by Investment Company (Form 497)

Filed pursuant to Rule 497(e)

Registration Nos. 333-264478; 811-23793

YieldMax™ Short N100 Option Income Strategy ETF (YQQQ)

(the "Fund")

listed on The Nasdaq Stock Market, LLC

December 17, 2024

Supplement to the Prospectus

dated March 7, 2024, as supplemented

Important Notice Regarding Change in Investment Policy

The purpose of this supplement is to provide notice of the adoption of an 80% policy by the Fund. The policy adopted by the Fund, as set forth herein, will not result in any change in how the Fund is currently managed. The policy adopted is consistent with the Fund's current investment objective and principal investment strategies. The adoption of the 80% policy will take effect on or about February 28, 2025.

The Fund's 80% policy is as follows:

New 80% Policy

Under normal circumstances, the Fund will invest at least 80% of its net assets, plus borrowings for investment purposes, in securities and financial instruments that provide inverse exposure to the performance of the underlying index referenced in the Fund's investment objective.

Please retain this Supplement for future reference.

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