APLYiD

May 11, 2023

% * APLY’s inception date was April 17, 2023. APLY’s distribution is $0.00 due to the limited amount of time elapsed since its inception. 1. YieldMax™ ETFs have a gross expense ratio of 0.99%. 2. The Current Yield is the annual yield an investor would receive if the most recently declared distribution, which includes option income, remained the same going forward. The Current Yield is calculated by multiplying such distribution by twelve (12), and dividing the resulting amount by the ETF’s most recent NAV. The Current Yield represents a single distribution from the ETF and does not represent its total return. 3. The 30-Day SEC Yield for TSLY is 4.14%, the 30-Day SEC Yield for OARK is 3.30% and the 30-Day SEC Yield for APLY is 0.00%. The 30-Day SEC Yield represents net investment income, which excludes option income, earned by such ETF over the 30-Day period ended April 30th, 2023, expressed as an annual percentage rate based on such ETF’s share price at the end of the 30-Day period. For TSLY prospectus, click here . For TSLY standardized performance, click here . For OARK prospectus, click here . For OARK standardized performance, click here . For APLY prospectus, click here . For APLY standardized performance, click here . For NVDY prospectus, click here . The performance data quoted above represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted above. Performance current to the most recent month-end can be obtained by calling (833) 378-0717. Tidal Financial Group is the adviser for all YieldMax™ ETFs and ZEGA Financial is their sub-adviser. About Tidal Financial Group Formed by ETF industry pioneers and thought leaders, Tidal Financial Group sets out to revolutionize the way ETFs have historically been developed, launched, marketed and sold. With a focus on growing AUM, Tidal offers a comprehensive suite of services, proprietary tools, and methodologies designed to bring lasting ideas to market. Tidal is an advocate for ETF innovation. The firm is on a mission to provide issuers with the intelligence and tools needed to efficiently and to effectively launch ETFs and to optimize growth potential in a highly competitive space. For more information, visit https://www.tidalfinancialgroup.com/ . About ZEGA Financial Founded in 2011, ZEGA Financial is an SEC-registered investment adviser and investment manager that specializes in derivatives. The firm leverages technology, data, experience, and proprietary strategies to craft products and services for advisors and individual investors. ZEGA Financial helps investors successfully navigate volatile and uncertain markets through innovative hedging strategies. The firm's founding principles grew out of the bestselling book co-authored by Jay Pestrichelli, ZEGA's CEO and Co-Founder, entitled "Buy and Hedge, the Five Iron Rules for Investing Over the Long Term." His book highlights how to bridge the complicated nature of options investing with the needs of the everyday investor. Risk Disclosures Holdings As of May 10, 2023, neither OARK, TSLY, APLY or NVDY held any shares of NVIDIA Corporation (NVDA). Each of their holdings of NVDA was 0.00% as of such date. The Fund is distributed by Foreside Fund Services, LLC. Foreside is not affiliated with Tidal, YieldMax, or ZEGA.