GOOY

About GOOY

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 Class A common stock of Alphabet Inc. (“GOOGL”), subject to a limit on potential investment gains.The Fund will employ its investment strategy as it relates to GOOGL 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 Fund uses a synthetic covered call strategy to provide income and indirect exposure to the share price returns of GOOGL, subjectto a 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 GOOGL increases. The Fund’soptions contracts provide:    ● indirect exposure to the share price returns of GOOGL,     ● current income from the option premiums, and   ● a limit on the Fund’s participation in gains, if any, of the share price returns of GOOGL. For more information, see sections“The Fund’s Use of GOOGL 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 GOOGL.   ● The Fund seeks to generate monthly income, which is not dependent on the price appreciation of GOOGL. That is, although the Fund may notfully participate in gains in GOOGL’s stock price, the Fund’s portfolio is designed to generate income. An Investment in the Fund is notan investment in GOOGL    ● The Fund’s strategy will cap its potential gains if GOOGL shares increase in value.   ● The Fund’s strategy is subject to all potential losses if GOOGL shares decrease in value, which may not be offset by income received by the Fund.   ● The Fund does not invest directly in GOOGL.   ● Fund shareholders are not entitled to any GOOGL dividends. Additional informationregarding GOOGL is also set forth below. The Fund’s Use of GOOGLOption Contracts As part of the Fund’s syntheticcovered call 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 GOOGL.    ● 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 GOOGL) at a specified price (the “strike price”).   ● 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 contractsare based on the value of GOOGL, which gives the Fund the right or obligation to receive or deliver shares of GOOGL on the expirationdate of the applicable option contract in exchange for the stated strike price, depending on whether the option contract is acall option or a put option, and whether the Fund purchases or sells the option contract. Synthetic Covered Call Strategy In seeking to achieve its investmentobjective, the Fund will implement a “synthetic covered call” strategy using the standardized exchange-tradedand FLEX options 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 call strategy consistsof the following three elements, each of which is described in greater detail farther below:    ● Synthetic long exposure to GOOGL, which allows the Fund to seek to participate in the changes, up or down, in the price of GOOGL’s stock.   ● Covered call writing (where GOOGL call options are sold against the synthetic long portion of the strategy), 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 syntheticlong exposure to GOOGL, the Fund will buy GOOGL call options and, simultaneously, sell GOOGL put options to try to replicate theprice movements of GOOGL. The call options purchased by the Fund and the put options sold by the Fund will generally have one-monthto six-month terms and strike prices that are approximately equal to the then-current share price of GOOGL 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 GOOGL 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 GOOGL to generate income. Since the Fund does not directly own GOOGL, 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 GOOGL, 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 GOOGL share price. It is important to notethat the sale of the GOOGL call option contracts will limit the Fund’s participation in the appreciation in GOOGL’sstock price. If the stock price of GOOGL increases, the above-referenced synthetic long exposure alone would allow the Fund toexperience similar percentage gains. However, if GOOGL’s stock price appreciates beyond the strike price of one or more ofthe sold (short) call option contracts, the Fund will lose money on those short call positions, and the losses will, in turn,limit the upside return of the Fund’s synthetic long exposure. As a result, the Fund’s overall strategy (i.e., thecombination of the synthetic long exposure to GOOGL and the sold (short) GOOGL call positions) will limit the Fund’s participationin gains in the GOOGL stock price beyond a certain point.    3. U.S. Treasuries The Fund will hold short-term U.S. Treasurysecurities as collateral in connection with the Fund’s synthetic covered call strategy. The Fund intends to continuously maintainindirect exposure to GOOGL through the use of options contracts. As the options contracts it holds are exercised or expire itmay enter 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 distributions. The Fund will seek to generate such income in the following ways:    ● Writing (selling) call option contracts on GOOGL 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 GOOGL 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 GOOGL For the reasons stated above, the Fund’sperformance will differ from that of GOOGL’s stock price. The performance differences will depend on, among other things,the price of GOOGL, changes in the value of the GOOGL options contracts the Fund holds, and changes in the value of the U.S. Treasuries.  Fund Portfolio The Fund’s principal holdings are described below:  YieldMax™ GOOGL Option Income Strategy ETF – Principal Holdings Portfolio Holdings  (All options are based on thevalue of GOOGL)  Investment Terms Expected TargetMaturity Purchased call option contracts   “at-the-money” (i.e., the strike price is equal to the then-current share price of GOOGL at the time of purchase) to provide indirect exposure to positive price returns of GOOGL.   If the GOOGL 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 GOOGL 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 GOOGL.  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 GOOGL 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 GOOGL 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 GOOGL 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. Alphabet Inc. Alphabet Inc. is a holding companyof a collection of businesses, the largest of which is Google. Alphabet Inc., through its subsidiaries, provides web-based search,advertisements, maps, software applications, mobile operating systems, consumer content, enterprise solutions, commerce, and hardwareproducts. Alphabet Inc. reports in three segments: (i) Google Services, (ii) Google Cloud, and (iii) Other Bets (all other non-Googlebusinesses). Alphabet Inc. is listed on Nasdaq. As of June 30, 2023, the aggregate market value of shares held by non-affiliatesof Alphabet Inc. (based upon the closing sale prices of such shares on Nasdaq on June 30, 2023) was approximately $1,331 billion. Alphabet Inc. is registered under theSecurities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC byAlphabet Inc. pursuant to the Exchange Act can be located by reference to the SEC file number 001-37580 through the SEC’swebsite at www.sec.gov. In addition, information regarding Alphabet 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 GOOGL or other securities of Alphabet Inc. The Fund has derived all disclosurescontained in this document regarding Alphabet 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 documentsor made any due diligence inquiry regarding such documents with respect to Alphabet 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 publiclyavailable information regarding Alphabet Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that allevents occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly availabledocuments described above) that would affect the trading price of Alphabet Inc. (and therefore the price of Alphabet Inc. at thetime we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failureto disclose material future events concerning Alphabet Inc. could affect the value received with respect to the securities andtherefore the value of the securities.  None of the Fund, the Trust, theAdviser, the Sub-Adviser, or their respective affiliates makes any representation to you as to the performance of GOOGL. THE FUND, TRUST, ADVISER, AND SUB-ADVISERARE NOT AFFILIATED WITH ALPHABET 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 GOOGL. As of the date of the Prospectus, GOOGL is assigned to the internet and information services industry.