YieldMax Magnificent 7 Fund of Option Income ETFs (YMAG US) – Portfolio Construction Methodology

The investment strategy driving the actively managed YieldMax Magnificent 7 Fund of Option Income ETFs seeks current income by allocating primarily to a concentrated set of underlying YieldMax option-income ETFs linked to seven large US technology-oriented issuers. Under normal circumstances the fund invests at least 80% of net assets, and is generally nearly fully invested, in the seven underlying YieldMax ETFs tied to Apple, Amazon, Alphabet, Meta Platforms, Microsoft, NVIDIA and Tesla, or directly in substantially similar options portfolios for tax management. Each underlying ETF implements synthetic covered call and covered call spread strategies that combine exposure to the underlying share-price path with written call options and call spreads to generate option premium, subject to capped upside and downside participation. The portfolio is rebalanced on a scheduled basis, with allocations across the seven exposures managed at the fund-of-funds level within liquidity and non-diversification constraints.

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