APLY

About APLY

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 Apple Inc. (“AAPL”), subject to a limit on potential investment gains. The Fund willemploy its investment strategy as it relates to AAPL regardless of whether there are periods of adverse market, economic, or otherconditions and will not take temporary defensive positions during such periods. As further described below, the Fund uses a syntheticcovered call strategy to provide income and indirect exposure to the share price returns of AAPL, subject to a limit on potentialinvestment gains as a result of the nature of the options strategy it employs. That is, the Fund not only seeks to generate incomefrom its options investments but also aims to derive gains when the value of AAPL increases. The Fund’s options contractsprovide: ●indirect exposure to the share price returns of AAPL,●current income from the option premiums, and  ●a limit on the Fund’s participation in gains, if any, of the share price returns of AAPL. For more information, see sections “TheFund’s Use of AAPL 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 AAPL.●The Fund seeks to generate monthly income, which is not dependent on the price appreciation of AAPL. That is, although the Fund may not fullyparticipate in gains in AAPL’s stock price, the Fund’s portfolio is designed to generate income. An Investment in the Fund is notan investment in AAPL. ●The Fund’s strategy will cap its potential gains if AAPL shares increase in value.●The Fund’s strategy is subject to all potential losses if AAPL shares decrease in value,which may not be offset by income received by the Fund. ●The Fund does not invest directly in AAPL.●Fund shareholders are not entitled to any AAPL dividends. Additional information regardingAAPL is also set forth below. The Fund’s Use of AAPL 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 AAPL. ●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 AAPL) 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 AAPL, which gives the Fund the right or obligation to receive or deliver shares of AAPL 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 AAPL, which allows the Fund to seek to participate in the changes, upor down, in the price of AAPL’s stock.●Covered call writing (where AAPL 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 AAPL, the Fund will buy AAPL call options and, simultaneously, sell AAPL put options to try to replicate the pricemovements of AAPL. 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 AAPL 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 AAPL 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 AAPL to generate income. Since the Fund does not directly own AAPL, 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 AAPL, 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 AAPL share price. It is important to note thatthe sale of the AAPL call option contracts will limit the Fund’s participation in the appreciation in AAPL’s stockprice. If the stock price of AAPL increases, the above-referenced synthetic long exposure alone would allow the Fund to experiencesimilar percentage gains. However, if AAPL’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 AAPL and the sold (short) AAPL call positions) will limit the Fund’s participation in gains in the AAPLstock 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 AAPL 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 AAPL 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 AAPL 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 will be influenced by interest rates at the time of investment. Fund’s Return Profile vs AAPL For the reasons stated above, the Fund’sperformance will differ from that of AAPL’s stock price. The performance differences will depend on, among other things,the price of AAPL, changes in the value of the AAPL options contracts the Fund holds, and changes in the value of the U.S. Treasuries.  Fund Portfolio The Fund’s principal holdings aredescribed below:  YieldMax™ AAPL Option Income Strategy ETF – Principal Holdings Portfolio Holdings (All options are based on thevalue of AAPL)  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 AAPL at the time of purchase) to provide indirect exposure to positive price returns of AAPL.   If the AAPL share price 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 AAPL 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 AAPL.  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 AAPL 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 AAPL 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 AAPL 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.  Apple Inc. Apple Inc. designs, manufactures, andmarkets smartphones, personal computers, tablets, wearable and accessories, and sells a variety of related services. Apple Inc.is listed on the Nasdaq Global Select Market (“Nasdaq”). The aggregate market value of the voting and non-voting stockheld by non-affiliates of Apple Inc., as of March 31, 2023, the last business day of Apple Inc.’s most recently completedsecond fiscal quarter, was approximately $2.6 trillion. Apple Inc. is registered under the SecuritiesExchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC by Apple Inc.pursuant to the Exchange Act can be located by reference to the SEC file number 001-36743 through the SEC’s website at www.sec.gov.In addition, information regarding Apple Inc. may be obtained from other sources including, but not limited to, press releases,newspaper articles and other publicly disseminated documents. This document relates only to thesecurities offered hereby and does not relate to AAPL or other securities of Apple Inc. The Fund has derived all disclosures containedin this document regarding Apple Inc. from the publicly available documents. None of the Fund, the Trust, the Adviser, the Sub-Adviser,or their respective affiliates has participated in the preparation of such publicly available offering documents or made any duediligence inquiry regarding such documents with respect to Apple Inc. None of the Fund, the Trust, the Adviser, the Sub-Adviser,or their respective affiliates makes any representation that such publicly available documents or any other publicly availableinformation regarding Apple Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurringprior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documentsdescribed above) that would affect the trading price of Apple Inc. (and therefore the price of Apple Inc. at the time we pricethe securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclosematerial future events concerning Apple Inc. could affect the value received with respect to the securities and therefore thevalue 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 AAPL. THE FUND, TRUST, ADVISER, AND SUB-ADVISERARE NOT AFFILIATED WITH APPLE 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 AAPL. As of the date of the Prospectus, AAPL is assigned to the computer manufacturing industry.