WNTR ETF Profile

Family:	Elevate Shares
Name:	YieldMax MSTR Short Option Income Strategy ETF

Inception Date:	26-Mar-2025
Termination Date:
Investment Objective:	YieldMax Short MSTR Option Income Strategy ETF is an actively managed ETF that seeks to generate monthly income from a synthetic covered put strategy on MSTR, while providing indirect short exposure to the share price of MSTR. The Fund's primary investment objective is to seek current income. The Fund's secondary investment objective is to seek inverse (opposite) exposure to the share price of the common stock of MicroStrategy Incorporated ("MSTR" or "Underlying Security"), subject to a limit on potential investment gains. WNTR seeks to benefit when the MSTR share price decreases, however WNTR's potential corresponding benefit from decreases in the MSTR share price is limited. WNTR seeks to manage potential losses (i.e., cap losses if the MSTR share price experiences significant gains) by purchasing OTM call options. The loss capping works only if the MSTR share price rises to or above the strike price of the purchased OTM call options. If the MSTR share price increases but stays below the strike price of these options, WNTR will incur losses proportionate to this price increase, which may be up to 100% of investment.

Prospectus