MSST Disclosure

Advertising Disclosure

Wolf Financial LLC ("Wolf Financial") may publish content referencing the YieldMax® MSTR Performance & Distribution Target 25™ ETF ("MSST"). Wolf Financial has a business relationship with YieldMax® / Tidal Investments LLC.

This relationship creates a potential conflict of interest.

About This ETF

MSST is an actively managed, options-based ETF designed to seek current income while maintaining exposure to the share price performance of Strategy Inc. (MSTR).

• Investment objectives: Primary: Current income; Secondary: Capital appreciation
• Target distribution rate: 25% annualized (not guaranteed)
• Expense ratio: 0.99%
• Inception date: November 17, 2025
• Primary exchange: Cboe
• Distribution frequency: Weekly

The Fund does not invest directly in MSTR shares.

Investment Strategy

MSST seeks to achieve its objectives through a synthetic exposure strategy:

• Establishes exposure to MSTR using long call and short put option positions
• Sells call spreads to generate recurring option income
• Allocates remaining assets primarily to U.S. Treasury securities and cash equivalents

This strategy balances income generation with MSTR price participation while capping upside potential and exposing investors to full downside risk if MSTR declines.

Distribution and Income Notes

The 25% annualized distribution target is not a guarantee and does not represent yield or total return.

Distributions may consist of option income, ordinary income, capital gains, and/or return of capital (ROC).

A significant portion may be classified as return of capital, which reduces cost basis and impacts taxes.

Distributions are not guaranteed and may vary significantly.

High distributions may contribute to NAV erosion over time.

Important Risk Disclosures

Investing involves risk, including possible loss of principal.

Key risks include, but are not limited to:

• Single issuer risk (MSTR exposure)
• Options and derivatives risk
• Call writing strategy risk
• NAV erosion risk due to distributions
• Counterparty risk
• Liquidity risk
• Non-diversification risk
• Bitcoin-related risk (indirect exposure via MSTR)
• New fund risk / limited operating history

MSST may be more volatile than diversified ETFs and may underperform during unfavorable market or options conditions.

Position Disclosure

As of the date above, Wolf Financial LLC and its affiliated creators do not hold positions in MSST.

No Investment Advice

This page is provided for informational and educational purposes only and does not constitute investment advice or a recommendation to buy or sell any security.

Wolf Financial LLC is not a registered investment adviser or broker-dealer.

Investors should carefully review the Fund's prospectus and consider their own financial situation before investing.

Compensation

YieldMax is paying WOLF Financial - $67.5k, start date was December 15th, 2025 - March 15th, 2026 for social media promotion and live events.