AMZY

About AMZY

The Fund is an actively managed exchange-tradedfund (“ETF”) that seeks current income while providing indirect exposure to the share price (i.e., the pricereturns) of the common stock of Amazon.com, Inc. (“AMZN”), subject to a limit on potential investment gains. The Fundwill employ its investment strategy as it relates to AMZN regardless of whether there are periods of adverse market, economic,or other conditions and will not take temporary defensive positions during such periods. As further described below, the Funduses a synthetic covered call strategy to provide income and indirect exposure to the share price returns of AMZN, subject toa limit on potential investment gains as a result of the nature of the options strategy it employs. That is, the Fund not onlyseeks to generate income from its options investments but also aims to derive gains when the value of AMZN increases. The Fund’soptions contracts provide: ●indirect exposure to the share price returns of AMZN,●current income from the option premiums, and●a limit on the Fund’s participation in gains, if any, of the share price returns of AMZN.  For more information, see sections “TheFund’s Use of AMZN Option Contracts” and “Synthetic Covered Call Strategy” below. The Fund’s investment adviseris Tidal Investments LLC (the “Adviser”) and the investment sub-adviser is ZEGA Financial, LLC (“ZEGA”or the “Sub-Adviser”). Why invest in the Fund? ●The Fund seeks to participate in a portion of the gains experienced by AMZN.●The Fund seeks to generate monthly income, which is not dependent on the price appreciation ofAMZN. That is, although the Fund may not fullyparticipate in gains in AMZN’s stock price, the Fund’s portfolio is designed to generate income. An Investment in the Fund is not aninvestment in AMZN ●The Fund’s strategy will cap its potential gains if AMZN shares increase in value.●The Fund’s strategy is subject to all potential losses if AMZN shares decrease in value,which may not be offset by income received by the Fund. ●The Fund does not invest directly in AMZN.●Fund shareholders are not entitled to any AMZN dividends. Additional informationregarding AMZN is also set forth below. The Fund’s Use of AMZN OptionContracts As part of the Fund’s synthetic coveredcall strategy, the Fund will purchase and sell a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”)call and put option contracts that are based on the value of the price returns of AMZN. ●In general, an option contract gives the purchaser of the option contract the right to purchase(for a call option) or sell (for a put option) the underlying asset (like shares of AMZN) at a specified price (the “strikeprice”).●If exercised, an option contract obligates the seller to deliver shares (for a sold or “short” call) or buy shares (for a sold or “short” put) of the underlying asset at a specified price (the “strike price”).●Options contracts must be exercised or traded to close within a specified time frame, or they expire.See the chart in section “Fund Portfolio” below for a description of the option contracts utilized by the Fund. Standardized exchange-tradedoptions include standardized terms. FLEX options are also exchange-traded, but they allow for customizable terms (e.g., the strikeprice can be negotiated). For more information on FLEX options, see “Additional Information about the Funds – ExchangeTraded Options Portfolio.” The Fund’s options contracts arebased on the value of AMZN, which gives the Fund the right or obligation to receive or deliver shares of AMZN on the expirationdate of the applicable option contract in exchange for the stated strike price, depending on whether the option contract is a calloption or a put option, and whether the Fund purchases or sells the option contract. Synthetic Covered Call Strategy In seeking to achieve its investment objective,the Fund will implement a “synthetic covered call” strategy using the standardized exchange-traded and FLEXoptions described above. ●A traditional covered call strategy is an investment strategy where an investor (the Fund)sells a call option on an underlying security it owns.●A synthetic covered call strategy is similar to a traditional covered call strategy in that the investor sells a call option that is based on the value of the underlying security. However, in a synthetic covered call strategy, the investor (the Fund) does not own the underlying security, but rather seeks to synthetically replicate 100% of the price movements of the underlying security through the use of various investment instruments. The Fund’s synthetic covered callstrategy consists of the following three elements, each of which is described in greater detail farther below: ●Synthetic long exposure to AMZN, which allows the Fund to seek to participate in the changes, upor down, in the price of AMZN’s stock.●Covered call writing (where AMZN call options are sold against the synthetic long portion of thestrategy), which allows the Fund to generate income.●U.S. Treasuries, which are used for collateral for the options, and which also generate income.  1.Synthetic Long Exposure To achieve a synthetic longexposure to AMZN, the Fund will buy AMZN call options and, simultaneously, sell AMZN put options to try to replicate the pricemovements of AMZN. The call options purchased by the Fund and the put options sold by the Fund will generally have one-month tosix-month terms and strike prices that are approximately equal to the then-current share price of AMZN at the time the contractsare purchased and sold, respectively. The combination of the long call options and sold put options provides the Fund with indirectinvestment exposure equal to approximately 100% of AMZN for the duration of the applicable options exposure. 2.Covered Call Writing As part of its strategy,the Fund will write (sell) call option contracts on AMZN to generate income. Since the Fund does not directly own AMZN, thesewritten call options will be sold short (i.e., selling a position it does not currently own). The Fund will seek to participatein the share price appreciation of AMZN, if any. However, due to the nature of covered call strategies, the Fund’s participationmay be subject to a cap (as described below). In this strategy, the call options written (sold) by the Fund will generally havean expiration of one month or less (the “Call Period”) and generally have a strike price that is approximately 0%-15%above the then-current AMZN share price. It is important to note thatthe sale of the AMZN call option contracts will limit the Fund’s participation in the appreciation in AMZN’s stockprice. If the stock price of AMZN increases, the above-referenced synthetic long exposure alone would allow the Fund to experiencesimilar percentage gains. However, if AMZN’s stock price appreciates beyond the strike price of one or more of the sold (short)call option contracts, the Fund will lose money on those short call positions, and the losses will, in turn, limit the upside returnof the Fund’s synthetic long exposure. As a result, the Fund’s overall strategy (i.e., the combination of the syntheticlong exposure to AMZN and the sold (short) AMZN call positions) will limit the Fund’s participation in gains in the AMZNstock price beyond a certain point. 3.U.S. Treasuries The Fund will hold short-termU.S. Treasury securities as collateral in connection with the Fund’s synthetic covered call strategy. The Fund intends to continuously maintainindirect exposure to AMZN through the use of options contracts. As the options contracts it holds are exercised or expire it mayenter into new options contracts, a practice referred to as “rolling.” The Fund’s practice of rolling optionsmay result in high portfolio turnover. Fund’s Monthly Distributions The Fund will seek to provide monthlyincome in the form of cash distributions. The Fund will seek to generate such income in the following ways: ●Writing (selling) call option contracts on AMZN as described above. The income comes mainly from the option premiums received from these option sales. A premium, in this context, refers to the price the option buyer pays to the option seller (the Fund) for the rights granted by the option. The amount of these premiums is largely affected by the fluctuations in AMZN stock prices. However, other elements like interest rates can also influence the income level. ●Investing in short-term U.S. Treasury securities. The income generated by these securities willbe influenced by interest rates at the time of investment. Fund’s Return Profile vs AMZN For the reasons stated above, the Fund’sperformance will differ from that of AMZN’s stock price. The performance differences will depend on, among other things,the price of AMZN, changes in the value of the AMZN options contracts the Fund holds, and changes in the value of the U.S. Treasuries.  Fund Portfolio The Fund’s principal holdingsare described below:  YieldMax™ AMZN Option Income Strategy ETF – Principal Holdings Portfolio Holdings (All options are based on thevalue of AMZN)  Investment Terms Expected Target Maturity Purchased call option contracts “at-the-money” (i.e., the strike price is equal to the then-current share price of AMZN at the time of purchase) to provide indirect exposure to positive price returns of AMZN.   If the stock of AMZN increases, these options willgenerate corresponding increases to the Fund.  1-month to 6-month expiration dates Sold put option contracts “at-the-money” (i.e., the strike price is equal to the then-current share price of AMZN at the time of sale).   They are sold to help pay for the purchased call options described above.   However, the sold put option contracts provide exposureto the full extent of any share price losses experienced by AMZN.  1-month to 6-month expiration dates Sold (short) call option contracts The strike price is approximately 0%-15% more than the then-current share price of AMZN at the time of sale.   They generate current income. However, they also limitsome potential positive returns that the Fund may have otherwise experienced from gains in the AMZN share price.  1-month or less expiration dates U.S Treasury Securities and Cash Multiple series of U.S. Treasury Bills supported by the full faith and credit of the U.S. government.   These instruments are used as collateral for the Fund’s derivative investments.   They will also generate income.  6-month to 2-year maturities The market value of the cash and treasuriesheld by the Fund is expected to be between 50% and 100% of the Fund’s net assets and the market value of the options packageis expected to be between 0% and 50% of the Fund’s net assets. In terms of notional value, the combination of these investmentinstruments provides indirect investment exposure to AMZN equal to at least 100% of the Fund’s total assets. The Fund is classified as “non-diversified”under the 1940 Act. There is no guarantee that the Fund’sinvestment strategy will be properly implemented, and an investor may lose some or all of its investment.  Amazon.com, Inc. Amazon.com, Inc. is an e-commerce companythat operates retail websites and offers programs that enable third parties to sell products on their websites. Amazon.com, Inc.is listed on Nasdaq. The aggregate market value of the voting stock held by non-affiliates of Amazon.com, Inc. as of June 30,2023 was approximately $1.2 trillion. Amazon.com, Inc. is registered under theSecurities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC byAmazon.com, Inc. pursuant to the Exchange Act can be located by reference to the SEC file number 000-22513 through the SEC’swebsite at www.sec.gov. In addition, information regarding Amazon.com, Inc. may be obtained from other sources including, but notlimited to, press releases, newspaper articles and other publicly disseminated documents. This document relates only to thesecurities offered hereby and does not relate to AMZN or other securities of Amazon.com, Inc. The Fund has derived all disclosurescontained in this document regarding Amazon.com, Inc. from the publicly available documents. None of the Fund, the Trust, theAdviser, the Sub-Adviser, or their respective affiliates has participated in the preparation of such publicly available offeringdocuments or made any due diligence inquiry regarding such documents with respect to Amazon.com, Inc. None of the Fund, the Trust,the Adviser, the Sub-Adviser, or their respective affiliates makes any representation that such publicly available documents orany other publicly available information regarding Amazon.com, Inc. is accurate or complete. Furthermore, the Fund cannot giveany assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completenessof the publicly available documents described above) that would affect the trading price of Amazon.com, Inc. (and therefore theprice of Amazon.com, Inc. at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any suchevents or the disclosure of or failure to disclose material future events concerning Amazon.com, Inc. could affect the value receivedwith respect to the securities and therefore the value of the securities.  None of the Fund, the Trust, the Adviser,the Sub-Adviser, or their respective affiliates makes any representation to you as to the performance of AMZN. THE FUND, TRUST, ADVISER, AND SUB-ADVISERARE NOT AFFILIATED WITH AMAZON.COM, INC. Due to the Fund’s investmentstrategy, the Fund’s investment exposure is concentrated in (or substantially exposed to) the same industry as that assignedto AMZN. As of the date of the Prospectus, AMZN is assigned to the catalog/specialty distribution industry.