0001742912 2026-03-26 2026-03-26 0001742912 spfunds:S000067283Member 2026-03-26 2026-03-26 0001742912 spfunds:S000067283Member spfunds:EquityMarketRiskMember 2026-03-26 2026-03-26 0001742912 spfunds:S000067283Member spfunds:GeneralMarketRiskMember 2026-03-26 2026-03-26 0001742912 spfunds:S000067283Member spfunds:LargecapitalizationInvestingRiskMember 2026-03-26 2026-03-26 0001742912 spfunds:S000067283Member spfunds:ShariaCompliantInvestingRiskMember 2026-03-26 2026-03-26 0001742912 spfunds:S000067283Member spfunds:ModelsAndDataRiskMember 2026-03-26 2026-03-26 0001742912 spfunds:S000067283Member oef:RiskNondiversifiedStatusMember 2026-03-26 2026-03-26 0001742912 spfunds:S000067283Member spfunds:PassiveInvestmentRiskMember 2026-03-26 2026-03-26 0001742912 spfunds:S000067283Member spfunds:RecentMarketEventsRiskMember 2026-03-26 2026-03-26 0001742912 spfunds:S000067283Member spfunds:EtfRisksMember 2026-03-26 2026-03-26 0001742912 spfunds:S000067283Member spfunds:AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember 2026-03-26 2026-03-26 0001742912 spfunds:S000067283Member spfunds:CostsOfBuyingOrSellingSharesMember 2026-03-26 2026-03-26 0001742912 spfunds:S000067283Member spfunds:SharesMayTradeAtPricesOtherThanNavMember 2026-03-26 2026-03-26 0001742912 spfunds:S000067283Member spfunds:TradingMember 2026-03-26 2026-03-26 0001742912 spfunds:S000067283Member spfunds:ConcentrationRiskMember 2026-03-26 2026-03-26 0001742912 spfunds:S000067283Member spfunds:SectorRiskMember 2026-03-26 2026-03-26 0001742912 spfunds:S000067283Member spfunds:ConsumerDiscretionarySectorRiskMember 2026-03-26 2026-03-26 0001742912 spfunds:S000067283Member spfunds:InformationTechnologySectorRiskMember 2026-03-26 2026-03-26 0001742912 spfunds:S000067283Member spfunds:TrackingErrorRiskMember 2026-03-26 2026-03-26 0001742912 spfunds:S000067283Member spfunds:UnderlyingIndexRiskMember 2026-03-26 2026-03-26 0001742912 spfunds:S000067282Member 2026-03-26 2026-03-26 0001742912 spfunds:S000067282Member spfunds:SukukRiskMember 2026-03-26 2026-03-26 0001742912 spfunds:S000067282Member spfunds:DebtSecuritiesRiskMember 2026-03-26 2026-03-26 0001742912 spfunds:S000067282Member us-gaap:CreditRiskMember 2026-03-26 2026-03-26 0001742912 spfunds:S000067282Member spfunds:InterestRatesRiskMember 2026-03-26 2026-03-26 0001742912 spfunds:S000067282Member spfunds:EmergingMarketsRiskMember 2026-03-26 2026-03-26 0001742912 spfunds:S000067282Member spfunds:ShariaCompliantInvestingRiskMember 2026-03-26 2026-03-26 0001742912 spfunds:S000067282Member spfunds:ForeignGovernmentRiskMember 2026-03-26 2026-03-26 0001742912 spfunds:S000067282Member spfunds:GeneralMarketRiskMember 2026-03-26 2026-03-26 0001742912 spfunds:S000067282Member spfunds:GeographicInvestmentRiskMember 2026-03-26 2026-03-26 0001742912 spfunds:S000067282Member spfunds:RisksOfInvestingInSaudiArabiaMember 2026-03-26 2026-03-26 0001742912 spfunds:S000067282Member spfunds:RisksOfInvestingInUnitedArabEmiratesMember 2026-03-26 2026-03-26 0001742912 spfunds:S000067282Member spfunds:ModelsAndDataRiskMember 2026-03-26 2026-03-26 0001742912 spfunds:S000067282Member spfunds:PassiveInvestmentRiskMember 2026-03-26 2026-03-26 0001742912 spfunds:S000067282Member spfunds:RecentMarketEventsRiskMember 2026-03-26 2026-03-26 0001742912 spfunds:S000067282Member spfunds:SectorRiskMember 2026-03-26 2026-03-26 0001742912 spfunds:S000067282Member spfunds:FinancialsSectorRiskMember 2026-03-26 2026-03-26 0001742912 spfunds:S000067282Member spfunds:EtfRiskMember 2026-03-26 2026-03-26 0001742912 spfunds:S000067282Member spfunds:AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember 2026-03-26 2026-03-26 0001742912 spfunds:S000067282Member spfunds:CashRedemptionRiskMember 2026-03-26 2026-03-26 0001742912 spfunds:S000067282Member spfunds:CostsOfBuyingOrSellingSharesMember 2026-03-26 2026-03-26 0001742912 spfunds:S000067282Member spfunds:SharesMayTradeAtPricesOtherThanNavMember 2026-03-26 2026-03-26 0001742912 spfunds:S000067282Member spfunds:TradingMember 2026-03-26 2026-03-26 0001742912 spfunds:S000067282Member spfunds:ConcentrationRiskMember 2026-03-26 2026-03-26 0001742912 spfunds:S000067282Member spfunds:TrackingErrorRiskMember 2026-03-26 2026-03-26 0001742912 spfunds:S000067282Member spfunds:UnderlyingIndexRiskMember 2026-03-26 2026-03-26 0001742912 spfunds:S000070461Member 2026-03-26 2026-03-26 0001742912 spfunds:S000070461Member spfunds:ConcentrationRiskMember 2026-03-26 2026-03-26 0001742912 spfunds:S000070461Member spfunds:ConcentrationInReitsRiskMember 2026-03-26 2026-03-26 0001742912 spfunds:S000070461Member spfunds:EmergingMarketsRiskMember 2026-03-26 2026-03-26 0001742912 spfunds:S000070461Member oef:RiskNondiversifiedStatusMember 2026-03-26 2026-03-26 0001742912 spfunds:S000070461Member spfunds:EquityMarketRiskMember 2026-03-26 2026-03-26 0001742912 spfunds:S000070461Member spfunds:ShariaCompliantInvestingRiskMember 2026-03-26 2026-03-26 0001742912 spfunds:S000070461Member spfunds:EtfRiskMember 2026-03-26 2026-03-26 0001742912 spfunds:S000070461Member spfunds:AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember 2026-03-26 2026-03-26 0001742912 spfunds:S000070461Member spfunds:CostsOfBuyingOrSellingSharesMember 2026-03-26 2026-03-26 0001742912 spfunds:S000070461Member spfunds:SharesMayTradeAtPricesOtherThanNavMember 2026-03-26 2026-03-26 0001742912 spfunds:S000070461Member spfunds:TradingMember 2026-03-26 2026-03-26 0001742912 spfunds:S000070461Member spfunds:ForeignSecuritiesRiskMember 2026-03-26 2026-03-26 0001742912 spfunds:S000070461Member spfunds:GeneralMarketRiskMember 2026-03-26 2026-03-26 0001742912 spfunds:S000070461Member spfunds:MarketCapitalizationRiskMember 2026-03-26 2026-03-26 0001742912 spfunds:S000070461Member spfunds:LargecapitalizationInvestingMember 2026-03-26 2026-03-26 0001742912 spfunds:S000070461Member spfunds:MidcapitalizationInvestingMember 2026-03-26 2026-03-26 0001742912 spfunds:S000070461Member spfunds:SmallcapitalizationInvestingMember 2026-03-26 2026-03-26 0001742912 spfunds:S000070461Member spfunds:CurrencyRiskMember 2026-03-26 2026-03-26 0001742912 spfunds:S000070461Member spfunds:ModelsAndDataRiskMember 2026-03-26 2026-03-26 0001742912 spfunds:S000070461Member spfunds:PassiveInvestmentRiskMember 2026-03-26 2026-03-26 0001742912 spfunds:S000070461Member spfunds:RecentMarketEventsRiskMember 2026-03-26 2026-03-26 0001742912 spfunds:S000070461Member spfunds:TaxRiskMember 2026-03-26 2026-03-26 0001742912 spfunds:S000070461Member spfunds:TrackingErrorRiskMember 2026-03-26 2026-03-26 0001742912 spfunds:S000070461Member spfunds:UnderlyingIndexRiskMember 2026-03-26 2026-03-26 0001742912 spfunds:C000216395Member 2026-03-26 2026-03-26 0001742912 spfunds:C000216394Member 2026-03-26 2026-03-26 0001742912 spfunds:C000223966Member 2026-03-26 2026-03-26 0001742912 spfunds:C000216395Member 2020-01-01 2020-12-31 0001742912 spfunds:C000216395Member 2021-01-01 2021-12-31 0001742912 spfunds:C000216395Member 2022-01-01 2022-12-31 0001742912 spfunds:C000216395Member 2023-01-01 2023-12-31 0001742912 spfunds:C000216395Member 2024-01-01 2024-12-31 0001742912 spfunds:C000216395Member 2025-01-01 2025-12-31 0001742912 spfunds:C000216394Member 2020-01-01 2020-12-31 0001742912 spfunds:C000216394Member 2021-01-01 2021-12-31 0001742912 spfunds:C000216394Member 2022-01-01 2022-12-31 0001742912 spfunds:C000216394Member 2023-01-01 2023-12-31 0001742912 spfunds:C000216394Member 2024-01-01 2024-12-31 0001742912 spfunds:C000216394Member 2025-01-01 2025-12-31 0001742912 spfunds:C000223966Member 2021-01-01 2021-12-31 0001742912 spfunds:C000223966Member 2022-01-01 2022-12-31 0001742912 spfunds:C000223966Member 2023-01-01 2023-12-31 0001742912 spfunds:C000223966Member 2024-01-01 2024-12-31 0001742912 spfunds:C000223966Member 2025-01-01 2025-12-31 0001742912 spfunds:S000067283Member oef:RiskLoseMoneyMember 2026-03-26 2026-03-26 0001742912 spfunds:S000067282Member oef:RiskLoseMoneyMember 2026-03-26 2026-03-26 0001742912 spfunds:S000070461Member oef:RiskLoseMoneyMember 2026-03-26 2026-03-26 0001742912 spfunds:C000216395Member 2019-12-17 2025-12-31 0001742912 spfunds:C000216395Member 2021-01-01 2025-12-31 0001742912 spfunds:C000216395Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001742912 spfunds:C000216395Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0001742912 spfunds:C000216395Member oef:AfterTaxesOnDistributionsMember 2019-12-17 2025-12-31 0001742912 spfunds:C000216395Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001742912 spfunds:C000216395Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0001742912 spfunds:C000216395Member oef:AfterTaxesOnDistributionsAndSalesMember 2019-12-17 2025-12-31 0001742912 spfunds:SandP500ShariahIndustryExclusionsIndexMember 2025-01-01 2025-12-31 0001742912 spfunds:SandP500ShariahIndustryExclusionsIndexMember 2021-01-01 2025-12-31 0001742912 spfunds:SandP500ShariahIndustryExclusionsIndexMember 2019-12-17 2025-12-31 0001742912 spfunds:SandP500TotalReturnIndexMember 2025-01-01 2025-12-31 0001742912 spfunds:SandP500TotalReturnIndexMember 2021-01-01 2025-12-31 0001742912 spfunds:SandP500TotalReturnIndexMember 2019-12-17 2025-12-31 0001742912 spfunds:C000216394Member 2019-12-27 2025-12-31 0001742912 spfunds:C000216394Member 2021-01-01 2025-12-31 0001742912 spfunds:C000216394Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001742912 spfunds:C000216394Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0001742912 spfunds:C000216394Member oef:AfterTaxesOnDistributionsMember 2019-12-27 2025-12-31 0001742912 spfunds:C000216394Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001742912 spfunds:C000216394Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0001742912 spfunds:C000216394Member oef:AfterTaxesOnDistributionsAndSalesMember 2019-12-27 2025-12-31 0001742912 spfunds:DowJonesSukukTotalReturnIndexexReinvestmentMember 2025-01-01 2025-12-31 0001742912 spfunds:DowJonesSukukTotalReturnIndexexReinvestmentMember 2021-01-01 2025-12-31 0001742912 spfunds:DowJonesSukukTotalReturnIndexexReinvestmentMember 2019-12-27 2025-12-31 0001742912 spfunds:BloombergGlobalAggregateBondIndexMember 2025-01-01 2025-12-31 0001742912 spfunds:BloombergGlobalAggregateBondIndexMember 2021-01-01 2025-12-31 0001742912 spfunds:BloombergGlobalAggregateBondIndexMember 2019-12-27 2025-12-31 0001742912 spfunds:C000223966Member 2020-12-29 2025-12-31 0001742912 spfunds:C000223966Member 2021-01-01 2025-12-31 0001742912 spfunds:C000223966Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001742912 spfunds:C000223966Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0001742912 spfunds:C000223966Member oef:AfterTaxesOnDistributionsMember 2020-12-29 2025-12-31 0001742912 spfunds:C000223966Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001742912 spfunds:C000223966Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0001742912 spfunds:C000223966Member oef:AfterTaxesOnDistributionsAndSalesMember 2020-12-29 2025-12-31 0001742912 spfunds:SandPGlobalAllEquityREITShariahCappedIndexMember 2025-01-01 2025-12-31 0001742912 spfunds:SandPGlobalAllEquityREITShariahCappedIndexMember 2021-01-01 2025-12-31 0001742912 spfunds:SandPGlobalAllEquityREITShariahCappedIndexMember 2020-12-29 2025-12-31 0001742912 spfunds:SandP500TotalReturnIndexMember 2020-12-29 2025-12-31 iso4217:USD pure false 485BPOS 0001742912 2026-03-26 N-1A TIDAL TRUST I 2026-03-30 SP Funds S&P 500 Sharia Industry Exclusions ETF - Fund Summary Investment Objective The SP Funds S&P 500 Sharia Industry Exclusions ETF (the “Fund” or the “Sharia ETF”) seeks to track the performance, before fees and expenses, of the S&P 500 Shariah Industry Exclusions Index (the “Index”). Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. <div id="xdx_A86_eoef--AnnualFundOperatingExpensesTableTextBlock_zKdV25XXF0r1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zq4vKx3zsAu8" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: top"> <td id="xdx_985_eoef--OperatingExpensesCaption_c20260326__20260326__dei--LegalEntityAxis__custom--S000067283Member_zkDRbDre0ZD9" style="border-top: black 1pt solid; width: 94%; text-align: justify">Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_49B_20260326__20260326__oef--ClassAxis__custom--C000216395Member_z9rxjjGGNen2" style="border-top: black 1pt solid; width: 6%; text-align: justify">(1)</td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dp_zXjJ91ZVP78" style="vertical-align: top"> <td style="text-align: justify">Management Fees </td> <td style="text-align: center">0.45%</td></tr> <tr id="xdx_40A_eoef--DistributionAndService12b1FeesOverAssets_dp_zqSabeSTAeTb" style="vertical-align: top"> <td style="text-align: justify">Distribution and/or Service (12b-1) Fees </td> <td style="text-align: center">0.00%</td></tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dp_zCh1IH81JOqi" style="vertical-align: top"> <td style="text-align: justify">Other Expenses </td> <td style="border-bottom: black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_409_eoef--ExpensesOverAssets_dp_zl4b1dKrWRu" style="vertical-align: top"> <td style="text-align: justify">Total Annual Fund Operating Expenses </td> <td style="border-bottom: black 1pt solid; text-align: center">0.45%</td></tr> <tr style="vertical-align: top"> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0px"> </td> <td style="width: 27px">(1)</td> <td style="text-align: justify">The Fund’s investment adviser, Tidal Investments LLC (“Tidal” or the “Adviser”), a Tidal Financial Group company, will pay, or require a third party to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses (“AFFE”), accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses (collectively, the “Excluded Expenses”).</td></tr> </table> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0045 0.0000 0.0000 0.0045 Expense Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8B_eoef--ExpenseExampleWithRedemptionTableTextBlock_zpJHfeplA6U6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_z05w0ocfTgS3" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td id="xdx_48D_eoef--ExpenseExampleYear01_zVUGqpgfqQul" style="border-top: black 1pt solid; width: 25%; text-align: center">1 Year</td> <td id="xdx_488_eoef--ExpenseExampleYear03_zPXFqaR43KT" style="border-top: black 1pt solid; width: 25%; text-align: center">3 Years</td> <td id="xdx_480_eoef--ExpenseExampleYear05_z86hN8eXt5k8" style="border-top: black 1pt solid; width: 25%; text-align: center">5 Years</td> <td id="xdx_484_eoef--ExpenseExampleYear10_zAkHgkOWgauf" style="border-top: black 1pt solid; width: 25%; text-align: center">10 Years</td></tr> <tr id="xdx_41D_20260326__20260326__oef--ClassAxis__custom--C000216395Member_zMogRHFtO2k3" style="vertical-align: top"> <td style="border-bottom: black 1pt solid; text-align: center">$46</td> <td style="border-bottom: black 1pt solid; text-align: center">$144</td> <td style="border-bottom: black 1pt solid; text-align: center">$252</td> <td style="border-bottom: black 1pt solid; text-align: center">$567</td></tr> </table> 46 144 252 567 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the expense example above, affect the Fund’s performance. For the fiscal year ended November 30, 2025, the Fund’s portfolio turnover rate was 7% of the average value of its portfolio. 0.07 Principal Investment Strategies The Fund uses a “passive management” (or indexing) approach to track the performance, before fees and expenses, of the Index. The Index is composed of the constituents of the S&P 500 Shariah Index other than those from the following sub-industries: Aerospace & Defence, Financial Exchanges & Data, and Data Processing & Outsourced Services. The S&P 500 Shariah Index includes all Sharia-compliant constituents of the S&P 500 Index (each, such company, a “Sharia Company”). The S&P 500 consists of approximately 500 leading U.S.-listed companies representing approximately 80% of the U.S. equity market capitalization. Islamic religious law, commonly known as “Sharia,” has certain restrictions regarding finance and commercial activities permitted for Muslims, including interest restrictions and prohibited industries. Constituents of the S&P 500 Shariah Index have been screened for non-compliant business activities (companies that offer products and services that are not compliant with Sharia law such as gambling, alcohol or tobacco) and compliance with certain accounting-based financial ratios (companies must satisfy financial ratios governing leverage, cash, and the share of revenues derived from non-compliant activities). The Index was co-developed in 2019 by S&P Dow Jones Indices LLC (the “Index Provider”), a division of S&P Global, and ShariaPortfolio, Inc. (“ShariaPortfolio” or the “Sub-Adviser”), the Fund’s sub-adviser, and is owned and administered by the Index Provider. The Index is rebalanced and reconstituted monthly and weighted based on the float-adjusted market capitalization of each constituent. As of February 28, 2026, the Index was composed of 240 constituents. The Fund’s Investment Strategy The Fund attempts to invest all, or substantially all, of its assets in component securities of the Index. Under normal circumstances, at least 80% of the Fund’s total assets will be invested in Sharia Companies that are component securities of the Index. The Fund’s investment adviser expects that, over time, the correlation between the Fund’s performance and that of the Index, before fees and expenses, will be 95% or better. The Fund will generally use a “representative sampling” strategy to achieve its investment objective. Under a “representative sampling” strategy, the Fund may invest in a sample of the securities in the Index whose risk, return and other characteristics closely resemble the risk, return and other characteristics of the Index as a whole, when the Fund’s investment adviser believes it is in the best interests of the Fund (e.g., when the Sub-Adviser has determined to exclude certain component securities in the Index due to insufficient Sharia-compliance, when replicating the Index involves practical difficulties or substantial costs, when an Index constituent becomes temporarily illiquid, unavailable, or less liquid, or as a result of legal restrictions or limitations that apply to the Fund but not to the Index). The Fund may also use a “replication strategy,” meaning the Fund will invest in all of the component securities of the Index. The Fund generally may invest up to 20% of its total assets in Sharia-compliant securities or other Sharia-compliant investments not included in the Index, but which the Sub-Adviser believes will help the Fund track the Index. For example, the Fund may invest in Sharia-compliant securities that are not components of the Index to reflect various corporate actions and other changes to the Index (such as reconstitutions, additions, and deletions). Each investment made by the Fund is pre-screened and approved as Sharia-compliant before investment by the Fund. To the extent the Index concentrates (i.e., holds more than 25% of its total assets) in the securities of a particular industry or group of related industries, the Fund will concentrate its investments to approximately the same extent as the Index. The Fund is deemed to be “non-diversified,” which means that it may invest a greater percentage of its assets in the securities of a single issuer or a small number of issuers than if it was a diversified fund. Under normal circumstances, at least 80% of the Fund’s total assets will be invested in Sharia Companies that are component securities of the Index. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. Equity Market Risk. Common stocks, in which the Fund primarily invests, are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from specific issuers. The equity securities held in the Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which the Fund invests. General Market Risk. Securities markets and individual securities may increase or decrease in value. Security prices may fluctuate widely over short or extended periods in response to market, economic or political news and conditions, and securities markets also tend to move in cycles. If there is a general decline in the securities markets, it is possible your investment may lose value regardless of the individual results of the companies in which the Fund invests. The magnitude of up and down price or market fluctuations over time is sometimes referred to as “volatility”, and it can be significant. In addition, different asset classes and geographic markets may experience periods of significant correlation with each other. As a result of this correlation, the securities and markets in which the Fund invests may experience volatility due to market, economic, political or social events and conditions that may not readily appear to directly relate to such securities, the securities’ issuer or the markets in which they trade. Large-Capitalization Investing Risk. The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. Large-capitalization companies may also be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes. Sharia-Compliant Investing Risk. Islamic religious law, commonly known as “Sharia,” has certain restrictions regarding finance and commercial activities permitted for Muslims, including interest restrictions and prohibited industries, which reduces the size of the overall universe in which the Fund can invest. The strategy to reduce the investable universe may limit investment opportunities and adversely affect the Fund’s performance, especially in comparison to a more diversified fund. Because Islamic principles preclude the use of interest-paying instruments, cash reserves do not earn income. Models and Data Risk. The composition of the Index is heavily dependent on proprietary quantitative models as well as information and data supplied by third parties (“Models and Data”). When Models and Data prove to be incorrect or incomplete, any decisions made in reliance thereon may lead to the inclusion or exclusion of securities from the Index universe that would have been excluded or included had the Models and Data been correct and complete. If the composition of the Index reflects such errors, the Fund’s portfolio can be expected to also reflect the errors. Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio. Passive Investment Risk. The Fund invests in the securities included in, or representative of, its Index regardless of their investment merit. The Fund does not attempt to outperform its Index or take defensive positions in declining markets. As a result, the Fund’s performance may be adversely affected by a general decline in the market segments relating to its Index. Recent Market Events Risk. U.S. and international markets have experienced and may continue to experience significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including uncertainty regarding inflation and central banks’ interest rate changes, the possibility of a national or global recession, trade tensions and tariffs, political events, armed conflict, war and geopolitical conflict. These developments, as well as other events, could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets, despite efforts to address market disruptions. ETF Risks <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zuO65yJMbrlh"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 37px"> </td> <td style="width: 27px">○</td> <td style="text-align: justify">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</td></tr> </table> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zTJGuRMWQOll"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 37px"> </td> <td style="width: 27px">○</td> <td style="text-align: justify">Costs of Buying or Selling Shares. Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid-ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</td></tr> </table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zTVPs18ByuNd"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 37px"> </td> <td style="width: 27px">○</td> <td style="text-align: justify">Shares May Trade at Prices Other Than NAV. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.</td></tr> </table> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zfjYV0B4OHxl"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 37px"> </td> <td style="width: 27px">○</td> <td style="text-align: justify">Trading. Although Shares are listed on a national securities exchange, such as the NYSE Arca, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. Also, in stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings. These adverse effects on liquidity for Shares, in turn, could lead to wider bid/ask spreads and differences between the market price of Shares and the underlying value of those Shares.</td></tr> </table> Concentration Risk. The Fund’s investments will be concentrated in an industry or group of industries to the extent the Index is so concentrated. In such event, the value of Shares may rise and fall more than the value of shares that invest in securities of companies in a broader range of industries. Sector Risk. To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConsumerDiscretionarySectorRiskMember_zSdoJ8eOYYI"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 37px"> </td> <td style="width: 27px">○</td> <td style="text-align: justify">Consumer Discretionary Sector Risk. The Fund may invest in companies in the consumer discretionary sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. The success of consumer product manufacturers and retailers is tied closely to the performance of domestic and international economies, interest rates, exchange rates, competition, consumer confidence, changes in demographics and consumer preferences. Companies in the consumer discretionary sector depend heavily on disposable household income and consumer spending and may be strongly affected by social trends and marketing campaigns. These companies may be subject to severe competition, which may have an adverse impact on their profitability. As of November 30, 2025, 21.87% of the Fund’s net assets were invested in the consumer discretionary sector (non- cyclical) and 8.40% of the Fund’s net assets were invested in the consumer discretionary sector (cyclical).</td></tr> </table> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--InformationTechnologySectorRiskMember_zrv2ky1WQnpb"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 37px"> </td> <td style="width: 27px">○</td> <td style="text-align: justify">Information Technology Sector Risk. The Fund may invest in companies in the information technology sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. Market or economic factors impacting information technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund’s investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. As of November 30, 2025, 29.38% of the Fund’s net assets were invested in the information technology sector.</td></tr> </table> Tracking Error Risk. As with all index funds, the performance of the Fund and its Index may differ from each other for a variety of reasons. For example, the Fund incurs operating expenses and portfolio transaction costs not incurred by the Index. In addition, the Fund may not be fully invested in the securities of the Index at all times or may hold securities not included in the Index. Underlying Index Risk. Neither the Fund’s investment adviser nor the Index Provider is able to guarantee the continuous availability or timeliness of the production of the Index. The calculation and dissemination of the Index values may be delayed if the information technology or other facilities of the Index Provider, calculation agent, data providers and/or relevant stock exchange malfunction for any reason. A significant delay may cause trading in shares of the Fund to be suspended. Errors in Index data, computation and/or the construction in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider, calculation agent or other applicable party for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. Performance The following performance information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance over time. The bar chart shows the annual returns for the Fund from year to year. The table illustrates how the Fund’s average annual returns for the 1-year, 5-year, and since inception periods compare with those of a broad measure of market performance and the Index. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Updated performance information is also available on the Fund’s website at www.sp-funds.com/spus. The following performance information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance over time. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. www.sp-funds.com/spus Calendar Year Ended December 31, <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none">Years</th> <th style="display: none">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; width: 50%">2020</td> <td id="xdx_98A_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000216395Member_zBVBIkl8dJJk" style="display: none; width: 50%">25.66%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2021</td> <td id="xdx_987_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000216395Member_zHLY8WLX2Vvf" style="display: none">35.19%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2022</td> <td id="xdx_98C_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000216395Member_zLpZuye0Y3ka" style="display: none">-22.66%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2023</td> <td id="xdx_981_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000216395Member_ztFxYoklpkol" style="display: none">34.23%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2024</td> <td id="xdx_98C_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000216395Member_zuj59BVtWQti" style="display: none">26.50%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2025</td> <td id="xdx_98C_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000216395Member_zjrM5oiCBq6k" style="display: none">19.86%</td></tr> </table> <img alt="" src="spus-chart.jpg"/> 0.2566 0.3519 -0.2266 0.3423 0.2650 0.1986 During the period of time shown in the bar chart, the Fund’s highest quarterly return was 23.50% for the quarter ended June 30, 2020 and the lowest quarterly return was -17.04% for the quarter ended June 30, 2022. highest quarterly return 0.2350 2020-06-30 lowest quarterly return -0.1704 2022-06-30 Average Annual Total Returns For the Periods Ended December 31, 2025 <div id="xdx_A85_eoef--PerformanceTableTextBlock_zkJQEnWSLVpd"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zgkhwadRMUAi" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Total Returns"> <tr> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top; width: 62%; text-align: justify"> </td> <td id="xdx_49D_20250101__20251231_zpKYqWsNJPVc" style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; width: 11%; text-align: center">1 Year</td> <td id="xdx_493_20210101__20251231_zXGLtDLMBRl2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; width: 11%; text-align: center">5 Year</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top; width: 1%"> </td> <td id="xdx_490_20191217__20251231_zkmPuhCRrL18" style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; width: 15%; text-align: center">Since Inception (12/17/2019)</td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000216395Member_zjbL1lgu5ny1"> <td style="vertical-align: top; text-align: justify">Return Before Taxes </td> <td style="vertical-align: bottom; text-align: center">19.86%</td> <td style="vertical-align: bottom; text-align: center">16.30%</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: center">17.98%</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000216395Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_ztAsgJAkUoZd"> <td style="vertical-align: top; text-align: justify">Return After Taxes on Distributions </td> <td style="vertical-align: bottom; text-align: center">19.73%</td> <td style="vertical-align: bottom; text-align: center">16.09%</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: center">17.74%</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000216395Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zKjkHMDwDWSa"> <td style="vertical-align: top; text-align: justify">Return After Taxes on Distributions and Sale of Fund Shares </td> <td style="vertical-align: bottom; text-align: center">11.83%</td> <td style="vertical-align: bottom; text-align: center">13.14%</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: center">14.75%</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SandP500ShariahIndustryExclusionsIndexMember_zoE6SIf5lpH8"> <td style="vertical-align: top">S&P 500 Shariah Industry Exclusions Index (reflects no deduction for fees, expenses, or taxes) </td> <td style="vertical-align: bottom; text-align: center">19.02%</td> <td style="vertical-align: bottom; text-align: center">15.76%</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: center">17.53%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SandP500TotalReturnIndexMember_zXO0kP0C3k0c"> <td style="vertical-align: top">S&P 500® Total Return Index (reflects no deduction for fees, expenses, or taxes) </td> <td style="vertical-align: bottom; text-align: center">17.88%</td> <td style="vertical-align: bottom; text-align: center">14.42%</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: center">15.21%</td></tr> </table> 2019-12-17 0.1986 0.1630 0.1798 0.1973 0.1609 0.1774 0.1183 0.1314 0.1475 (reflects no deduction for fees, expenses, or taxes) 0.1902 0.1576 0.1753 (reflects no deduction for fees, expenses, or taxes) 0.1788 0.1442 0.1521 After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred or other tax-advantaged arrangements such as an individual retirement account (“IRA”). After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred or other tax-advantaged arrangements such as an individual retirement account (“IRA”). SP Funds Dow Jones Global Sukuk ETF - Fund Summary Investment Objective The SP Funds Dow Jones Global Sukuk ETF (the “Fund” or the “Sukuk ETF”) seeks to track the performance, before fees and expenses, of the Dow Jones Sukuk Total Return (ex-Reinvestment) Index (the “Index”). Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. <div id="xdx_A8A_eoef--AnnualFundOperatingExpensesTableTextBlock_zpCXig1OC4Q4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zDArzzG1IN2i" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: top"> <td id="xdx_989_eoef--OperatingExpensesCaption_c20260326__20260326__dei--LegalEntityAxis__custom--S000067282Member_zNmSOF8J1iT9" style="border-top: black 1pt solid; width: 90%; text-align: justify">Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_496_20260326__20260326__oef--ClassAxis__custom--C000216394Member_zn3GAgrNa4R6" style="border-top: black 1pt solid; width: 10%; text-align: justify">(1)</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp_zdfhELJLSLae" style="vertical-align: top"> <td style="text-align: justify">Management Fees </td> <td style="text-align: center">0.50%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dp_zx8LkPqEiyyc" style="vertical-align: top"> <td style="text-align: justify">Distribution and/or Service (12b-1) Fees </td> <td style="text-align: center">0.00%</td></tr> <tr id="xdx_40C_eoef--OtherExpensesOverAssets_dp_zOTp3989UyR2" style="vertical-align: top"> <td style="text-align: justify">Other Expenses </td> <td style="text-align: center">0.00%</td></tr> <tr id="xdx_405_eoef--ExpensesOverAssets_dp_z8ZvVk9EMPj7" style="vertical-align: top"> <td style="text-align: justify">Total Annual Fund Operating Expenses </td> <td style="border-top: black 1pt solid; border-bottom: black 1.5pt double; text-align: center">0.50%</td></tr> <tr style="vertical-align: top"> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px">(1)</td> <td style="text-align: justify">The Fund’s investment adviser, Tidal Investments LLC (“Tidal” or the “Adviser”), a Tidal Financial Group company, will pay, or require a third party to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses (“AFFE”), accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses (collectively, the “Excluded Expenses”).</td></tr> </table> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0050 0.0000 0.0000 0.0050 Expense Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_z8ocCLt90GTc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zMoiyQQCcgt2" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td id="xdx_481_eoef--ExpenseExampleYear01_zk1Y0NcoPVz8" style="border-top: black 1pt solid; width: 25%; text-align: center">1 Year</td> <td id="xdx_48B_eoef--ExpenseExampleYear03_zQWYUdVk9d0l" style="border-top: black 1pt solid; width: 25%; text-align: center">3 Years</td> <td id="xdx_486_eoef--ExpenseExampleYear05_z9eBKeEWSzab" style="border-top: black 1pt solid; width: 25%; text-align: center">5 Years</td> <td id="xdx_481_eoef--ExpenseExampleYear10_zmoZ2YWo92Ok" style="border-top: black 1pt solid; width: 25%; text-align: center">10 Years</td></tr> <tr id="xdx_41B_20260326__20260326__oef--ClassAxis__custom--C000216394Member_zTbMJj4BpiM3" style="vertical-align: top"> <td style="border-bottom: black 1pt solid; text-align: center">$51</td> <td style="border-bottom: black 1pt solid; text-align: center">$160</td> <td style="border-bottom: black 1pt solid; text-align: center">$280</td> <td style="border-bottom: black 1pt solid; text-align: center">$628</td></tr> </table> 51 160 280 628 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the expense example above, affect the Fund’s performance. For the fiscal year ended November 30, 2025, the Fund’s portfolio turnover rate was 24% of the average value of its portfolio. 0.24 Principal Investment Strategies The Fund uses a “passive management” (or indexing) approach to track the performance, before fees and expenses, of the Index. The Index includes U.S. dollar-denominated investment-grade sukuk, which are financial certificates, similar to bonds, issued in the global markets and structured to comply with Islamic religious law, commonly known as “Sharia,” and its investment principles (each such sukuk, a “Global Sukuk”). To be eligible for inclusion in the Index, sukuk must have an outstanding issue size of at least US $200 million, a minimum time to maturity of one year, and a credit quality rating of at least BBB- by Standard & Poor’s Financial Services LLC or Fitch Ratings, Inc. and/or at least Baa3 by Moody’s Investors Service, Inc. The Index was created in 2006 and is owned and administered by S&P Dow Jones Indices LLC (the “Index Provider”), a division of S&P Global. Unlike conventional bonds, sukuk are based on a variety of contracts to create financial obligations, and the returns to investors are considered to be profit sharing, not interest. Issuers of sukuk may include international financial institutions, foreign governments (including in emerging markets), and foreign government agencies or instrumentalities that issue sukuk through a secondary issuing vehicle such as a trust. Sharia has certain restrictions regarding finance and commercial activities, including interest restrictions and prohibited industries and only sukuk, as screened by Thomson Reuters, is eligible for the Index. The Fund considers emerging market countries to be those countries included in the MSCI Emerging Markets Index. The Index is rebalanced and reconstituted monthly and is market value weighted. As of February 28, 2026, the Index was composed of 173 constituents, representing investments in 9 foreign countries, and had an average weighted maturity of 5.65 years. The Fund’s Investment Strategy The Fund attempts to invest all, or substantially all, of its assets in the component securities that make up the Index. Under normal circumstances, at least 80% of the Fund’s total assets will be invested in Global Sukuk that are component securities of the Index. The Fund’s investment adviser expects that, over time, the correlation between the Fund’s performance and that of the Index, before fees and expenses, will be 95% or better. The Fund will generally use a “replication” strategy to achieve its investment objective, meaning it generally will invest in all of the component securities of the Index. However, the Fund may use a “representative sampling” strategy, meaning it may invest in a sample of the securities in the Index whose risk, return, and other characteristics closely resemble the risk, return, and other characteristics of the Index as a whole, when the Fund’s investment adviser believes it is in the best interests of the Fund (e.g., when replicating the Index involves practical difficulties or substantial costs, an Index constituent becomes temporarily illiquid, unavailable, or less liquid, or as a result of legal restrictions or limitations that apply to the Fund but not to the Index). The Fund generally may invest up to 20% of its total assets in Sharia-compliant securities or other Sharia-compliant investments not included in the Index, but which the Fund’s investment adviser believes will help the Fund track the Index. For example, the Fund may invest in Sharia-compliant securities that are not components of the Index to reflect various corporate actions and other changes to the Index (such as reconstitutions, additions, and deletions). Each investment made by the Fund is pre-screened and approved as Sharia-compliant before investment by the Fund. To the extent the Index concentrates (i.e., holds more than 25% of its total assets) in the securities of a particular industry or group of related industries, the Fund will concentrate its investments to approximately the same extent as the Index. Under normal circumstances, at least 80% of the Fund’s total assets will be invested in Global Sukuk that are component securities of the Index. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. Sukuk Risk. Sukuk are financial certificates that are similar to conventional bonds but are structured to comply with Sharia law and its investments principles, which, among other things, prohibit charging or paying interest. Sukuk involve many of the same risks that conventional bonds incur such as credit risk and interest rate risk. In addition to these risks, there are certain risks specific to sukuk. Sukuk represent undivided shares in the ownership of certificates, and such certificates are linked to a specific investment activity, such as an underlying asset or contractual payment obligations of the issuer. Because no collateral is pledged as security for sukuk, purchasers of sukuk are subject to the risk that an issuer may not meet its payment obligations or that an underlying asset may not perform as expected or lose value. While the sukuk market has grown significantly in recent years, there may be times when the market is illiquid and it is difficult for the Fund to make an investment in or dispose of sukuk. Debt Securities Risk <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditRiskMember_zt8wi8AktPOb"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 37px"> </td> <td style="width: 27px">○</td> <td style="text-align: justify">Credit Risk. Debt securities are subject to the risk of an issuer’s (or other party’s) failure or inability to meet its obligations under the security. Multiple parties may have obligations under a debt security. An issuer or borrower may fail to pay principal and interest when due. A guarantor, insurer or credit support provider may fail to provide the agreed upon protection. A counterparty to a transaction may fail to perform its side of the bargain. An intermediary or agent interposed between the investor and other parties may fail to perform the terms of its service. Also, performance under a debt security may be linked to the obligations of other persons who may fail to meet their obligations. The credit risk associated with a debt security could increase to the extent that the Fund’s ability to benefit fully from its investment in the security depends on the performance by multiple parties of their respective contractual or other obligations. The market value of a debt security is also affected by the market’s perception of the creditworthiness of the issuer.</td></tr> </table> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestRatesRiskMember_zKQQkOcGtXk5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 37px"> </td> <td style="width: 27px">○</td> <td style="text-align: justify">Interest Rate Risk. The income generated by debt securities owned by the Fund will be affected by changing interest rates. Generally, the value of fixed income securities will change inversely with changes in interest rates. As interest rates rise, the market value of fixed income securities tends to decrease. Conversely, as interest rates fall, the market value of fixed income securities tends to increase. Securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Falling interest rates may cause an issuer to redeem or “call” a security before its stated maturity, which may result in the Fund having to reinvest the proceeds in lower yielding securities. Rising interest rates across the U.S. and international financial systems may result in fixed-income markets becoming more volatile. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Interest rates have recently been historically low, so the Fund faces a heightened risk that rates may rise.</td></tr> </table> Emerging Markets Risk. Investments in emerging market securities impose risks different from, or greater than, risks of investing in foreign developed countries, including: smaller market capitalization; significant price volatility; and restrictions on foreign investment. Emerging market countries may have relatively unstable governments and may present the risk of nationalization of businesses, expropriation, and confiscatory taxation, or, in certain instances, reversion to closed market, centrally planned economies. Emerging market economies may also experience more severe downturns. The currencies of emerging market countries may experience significant declines against the U.S. dollar, and devaluation may occur subsequent to investments in these currencies by the Fund. Inflation and rapid fluctuations in inflation rates have had, and may continue to have, negative effects on the economies and securities markets of certain emerging market countries. In addition, less information may be available about companies in emerging markets than in developed markets because such emerging markets companies may not be subject to accounting, auditing and financial reporting standards or to other regulatory practices required by U.S. companies which may lead to potential errors in index data, index computation and/or index construction. Such conditions may impact the ability of the Fund to buy, sell or otherwise transfer securities; adversely affect the trading market and price for such securities; and/or cause the Fund to decline in value. Sharia-Compliant Investing Risk. Islamic religious law, commonly known as “Sharia,” has certain restrictions regarding finance and commercial activities permitted for Muslims, including interest restrictions and prohibited industries, which reduces the size of the overall universe in which the Fund can invest. The strategy to reduce the investable universe may limit investment opportunities and adversely affect the Fund’s performance, especially in comparison to a more diversified fund. Because Sharia principles preclude the use of interest-paying instruments, cash reserves do not earn income. Foreign Government Risk. The Fund’s investment in securities issued by foreign governments or their agencies or instrumentalities (sovereign debt), including those that issue sukuk through a secondary issuing vehicle, differs from debt obligations issued by private entities in that, generally, remedies for defaults must be pursued in the courts of the defaulting party. Legal recourse is therefore limited. The foreign sovereign debt securities the Fund purchases involve specific risk, including that (i) the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or interest when it becomes due because of political constraints, cash flow problems, and other national economic factors; (ii) governments may default on their sovereign debt, which may require holders of such sovereign debt to participate in debt rescheduling or additional lending to defaulting governments; and (iii) there are no bankruptcy proceedings by which defaulted sovereign debt may be collected in whole or in part. These and other factors can make investments in the Fund more volatile and potentially less liquid than other types of investments that track an index of domestic securities. As of November 30, 2025, 47.1% of the Fund’s net assets were invested in the securities issued by foreign governments. General Market Risk. Securities markets and individual securities may increase or decrease in value. Security prices may fluctuate widely over short or extended periods in response to market, economic or political news and conditions, and securities markets also tend to move in cycles. If there is a general decline in the securities markets, it is possible your investment may lose value regardless of the individual results of the companies in which the Fund invests. The magnitude of up and down price or market fluctuations over time is sometimes referred to as “volatility”, and it can be significant. In addition, different asset classes and geographic markets may experience periods of significant correlation with each other. As a result of this correlation, the securities and markets in which the Fund invests may experience volatility due to market, economic, political or social events and conditions that may not readily appear to directly relate to such securities, the securities’ issuer or the markets in which they trade. Geographic Investment Risk. To the extent the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region. <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--RisksOfInvestingInSaudiArabiaMember_zRR1eu7GVVG3"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 37px"> </td> <td style="width: 27px">○</td> <td style="text-align: justify">Risks of Investing in Saudi Arabia. The ability of foreign investors to invest in Saudi Arabian issuers is new and untested. Such ability could be restricted or revoked by the Saudi Arabian government at any time, and unforeseen risks could materialize due to foreign ownership in such securities. The economy of Saudi Arabia is dominated by petroleum exports. A sustained decrease in petroleum prices could have a negative impact on all aspects of the economy. Investments in securities of Saudi Arabian issuers involves risks not typically associated with investments in securities of issuers in more developed countries that may negatively affect the value of the Fund’s investments. Such heightened risks may include, among others, expropriation and/or nationalization of assets, restrictions on and government intervention in international trade, confiscatory taxation, political instability, including authoritarian and/or military involvement in governmental decision making, armed conflict, crime and instability as a result of religious, ethnic and/or socioeconomic unrest. Instability in the larger Middle East region could adversely impact the economy of Saudi Arabia, and there is no assurance of political stability in Saudi Arabia.</td></tr> </table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--RisksOfInvestingInUnitedArabEmiratesMember_zTb3kzZAnSak"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 37px"> </td> <td style="width: 27px">○</td> <td style="text-align: justify">Risks of Investing in the United Arab Emirates. The economy of the United Arab Emirates (“UAE”) is dominated by petroleum exports. A sustained decrease in commodity prices, particularly oil and natural gas, could have a negative impact on all aspects of the UAE economy. The nonoil UAE economy, which is concentrated in Dubai’s service sector, could be affected by declines in tourism, real estate, banking and re-export trade. The UAE and the governments of the individual emirates exercise substantial influence over many aspects of the private sector. Governmental actions could have a significant effect on economic conditions in the UAE, which could adversely affect the value of the Fund. In addition, ongoing political instability and protests in North Africa and the Middle East have caused significant disruptions to many industries. Continued political and social unrest in these areas may adversely affect the value of the Fund.</td></tr> </table> Models and Data Risk. The composition of the Index is heavily dependent on proprietary quantitative models as well as information and data supplied by third parties (“Models and Data”). When Models and Data prove to be incorrect or incomplete, any decisions made in reliance thereon may lead to the inclusion or exclusion of securities from the Index universe that would have been excluded or included had the Models and Data been correct and complete. If the composition of the Index reflects such errors, the Fund’s portfolio can be expected to also reflect the errors. Passive Investment Risk. The Fund invests in the securities included in, or representative of, its Index regardless of their investment merit. The Fund does not attempt to outperform its Index or take defensive positions in declining markets. As a result, the Fund’s performance may be adversely affected by a general decline in the market segments relating to its Index. Recent Market Events Risk. U.S. and international markets have experienced and may continue to experience significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including uncertainty regarding inflation and central banks’ interest rate changes, the possibility of a national or global recession, trade tensions and tariffs, political events, armed conflict, war and geopolitical conflict. These developments, as well as other events, could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets, despite efforts to address market disruptions. Sector Risk. To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--FinancialsSectorRiskMember_zQAwAEKxEuZ7"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 37px"> </td> <td style="width: 27px">○</td> <td style="text-align: justify">Financials Sector Risk. Performance of companies in the financials sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. Companies in the financial services sector may also be negatively impacted by disruptions in the banking industry. The impact of more stringent capital requirements, recent or future regulation of any individual financial company or of the financials sector as a whole cannot be predicted. In recent years, cyber attacks and technology malfunctions and failures have become increasingly frequent in this sector and have caused significant losses to companies in this sector, which may negatively impact the Fund. As of November 30, 2025, 30.6% of the Fund’s assets were invested in the financials sector.</td></tr> </table> ETF Risk <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zpErVa3KTqq5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 37px"> </td> <td style="width: 27px">○</td> <td style="text-align: justify">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</td></tr> </table> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zWf7CsoXEMtk"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 37px"> </td> <td style="width: 27px">○</td> <td style="text-align: justify">Cash Redemption Risk. The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., sukuk that cannot be broken up beyond certain minimum sizes needed for transfer and settlement). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.</td></tr> </table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zRMK9Gh97Pu4"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 37px"> </td> <td style="width: 27px">○</td> <td style="text-align: justify">Costs of Buying or Selling Shares. Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid-ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</td></tr> </table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zKQlFQMXEAo"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 37px"> </td> <td style="width: 27px">○</td> <td style="text-align: justify">Shares May Trade at Prices Other Than NAV. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant. Because securities held by the Fund may trade on foreign exchanges that are closed when the Fund’s primary listing exchange is open, the Fund is likely to experience premiums and discounts greater than those of ETFs holding only domestic securities.</td></tr> </table> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_ziaflnlSfkp8"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 37px"> </td> <td style="width: 27px">○</td> <td style="text-align: justify">Trading. Although Shares are listed on a national securities exchange, such as the NYSE Arca, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. Also, in stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings. These adverse effects on liquidity for Shares, in turn, could lead to wider bid/ask spreads and differences between the market price of Shares and the underlying value of those Shares.</td></tr> </table> Concentration Risk. The Fund’s investments will be concentrated in an industry or group of industries to the extent the Index is so concentrated. In such event, the value of Shares may rise and fall more than the value of shares that invest in securities of companies in a broader range of industries. Tracking Error Risk. As with all index funds, the performance of the Fund and its Index may differ from each other for a variety of reasons. For example, the Fund incurs operating expenses and portfolio transaction costs not incurred by the Index. In addition, the Fund may not be fully invested in the securities of the Index at all times or may hold securities not included in the Index. Underlying Index Risk. Neither the Fund’s investment adviser nor the Index Provider is able to guarantee the continuous availability or timeliness of the production of the Index. The calculation and dissemination of the Index values may be delayed if the information technology or other facilities of the Index Provider, calculation agent, data providers and/or relevant stock exchange malfunction for any reason. A significant delay may cause trading in shares of the Fund to be suspended. Errors in Index data, computation and/or the construction in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider, calculation agent or other applicable party for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. Performance The following performance information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance over time. The bar chart shows the annual returns for the Fund from year to year. The table illustrates how the Fund’s average annual returns for the 1-year, 5-year, and since inception periods compare with those of a broad measure of market performance and the Index. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Updated performance information is available on the Fund’s website at www.sp-funds.com/spsk. The following performance information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance over time. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. www.sp-funds.com/spsk Calendar Year Ended December 31, <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none">Years</th> <th style="display: none">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; width: 50%">2020</td> <td id="xdx_983_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000216394Member_zosSrmUGbS9" style="display: none; width: 50%">4.09%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2021</td> <td id="xdx_981_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000216394Member_zIEx352gqXa8" style="display: none">-1.12%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2022</td> <td id="xdx_98D_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000216394Member_zU0wf5eyfQ5e" style="display: none">-8.45%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2023</td> <td id="xdx_982_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000216394Member_zklFuAE9ZEqk" style="display: none">4.36%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2024</td> <td id="xdx_987_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000216394Member_zijWTvs9D2P4" style="display: none">2.61%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2025</td> <td id="xdx_984_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000216394Member_z8VMOnxp61P4" style="display: none">6.88%</td></tr> </table> <img alt="" src="spsk-chart.jpg"/> 0.0409 -0.0112 -0.0845 0.0436 0.0261 0.0688 During the period of time shown in the bar chart, the Fund’s highest quarterly return was 5.65% for the quarter ended June 30, 2020 and the lowest quarterly return was -4.89% for the quarter ended March 31, 2020. highest quarterly return 0.0565 2020-06-30 lowest quarterly return -0.0489 2020-03-31 Average Annual Total Returns For the Periods Ended December 31, 2025 <div id="xdx_A8D_eoef--PerformanceTableTextBlock_zexNl4SyeEQl"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_z8KRoTXEeYii" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top; width: 62%"> </td> <td id="xdx_49F_20250101__20251231_z2l61fMUsN4d" style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; width: 11%; text-align: center">1 Year </td> <td id="xdx_492_20210101__20251231_z0jP3hl8RQOe" style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; width: 11%; text-align: center">5 Year</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top; width: 1%; text-align: justify"> </td> <td id="xdx_497_20191227__20251231_zbjtklEChXc9" style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; width: 15%; text-align: center">Since Inception (12/27/2019)</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000216394Member_zSaGPtDc80c8"> <td style="vertical-align: top; text-align: justify">Return Before Taxes </td> <td style="vertical-align: bottom; text-align: center">6.88%</td> <td style="vertical-align: bottom; text-align: center">0.71%</td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom; text-align: center">1.25%</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000216394Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zDy86D4Yj0w3"> <td style="vertical-align: top; text-align: justify">Return After Taxes on Distributions </td> <td style="vertical-align: bottom; text-align: center">5.31%</td> <td style="vertical-align: bottom; text-align: center">-0.37%</td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom; text-align: center">0.23%</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000216394Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zrijfpUNTwta"> <td style="vertical-align: top; text-align: justify">Return After Taxes on Distributions and Sale of Fund Shares </td> <td style="vertical-align: bottom; text-align: center">4.06%</td> <td style="vertical-align: bottom; text-align: center">0.07%</td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom; text-align: center">0.51%</td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--DowJonesSukukTotalReturnIndexexReinvestmentMember_zwSawEnvkxY2"> <td style="vertical-align: top">Dow Jones Sukuk Total Return Index (ex-Reinvestment) (reflects no deduction for fees, expenses, or taxes) </td> <td style="vertical-align: bottom; text-align: center">7.59%</td> <td style="vertical-align: bottom; text-align: center">1.82%</td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom; text-align: center">2.78%</td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergGlobalAggregateBondIndexMember_zc0lHTllwMp5"> <td style="vertical-align: top">Bloomberg Global Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes) </td> <td style="vertical-align: bottom; text-align: center">8.17%</td> <td style="vertical-align: bottom; text-align: center">-2.15%</td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom; text-align: center">-0.31%</td></tr> </table> 2019-12-27 0.0688 0.0071 0.0125 0.0531 -0.0037 0.0023 0.0406 0.0007 0.0051 (reflects no deduction for fees, expenses, or taxes) 0.0759 0.0182 0.0278 (reflects no deduction for fees, expenses, or taxes) 0.0817 -0.0215 -0.0031 After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred or other tax-advantaged arrangements such as an individual retirement account (“IRA”). In certain cases, the figure representing “Return after Taxes on Distributions and Sale of Fund Shares” may be higher than other return figures for the same period. A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred or other tax-advantaged arrangements such as an individual retirement account (“IRA”). A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. SP Funds S&P Global REIT Sharia ETF – Fund Summary Investment Objective The SP Funds S&P Global REIT Sharia ETF (the “Fund” or the “Global REIT ETF”) seeks to track the performance, before fees and expenses, of the S&P Global All Equity REIT Shariah Capped Index (the “Index”). Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. <div id="xdx_A85_eoef--AnnualFundOperatingExpensesTableTextBlock_zADxB0EU6yf4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zbwzzDq8pCbd" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: top"> <td id="xdx_987_eoef--OperatingExpensesCaption_c20260326__20260326__dei--LegalEntityAxis__custom--S000070461Member_z0qLIwenGbWe" style="border-top: black 1pt solid; width: 89%; text-align: justify">Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_498_20260326__20260326__oef--ClassAxis__custom--C000223966Member_zy0IW9lZhuX4" style="border-top: black 1pt solid; width: 11%">(1)</td></tr> <tr id="xdx_40E_eoef--ManagementFeesOverAssets_dp_zx9xfazxLBQ3" style="vertical-align: top"> <td style="text-align: justify">Management Fees </td> <td style="text-align: center">0.50%</td></tr> <tr id="xdx_40D_eoef--DistributionAndService12b1FeesOverAssets_dp_zbjN4l9yx477" style="vertical-align: top"> <td style="text-align: justify">Distribution and/or Service (12b-1) Fees </td> <td style="text-align: center">0.00%</td></tr> <tr id="xdx_408_eoef--OtherExpensesOverAssets_dp_zICABp4YSPG7" style="vertical-align: top"> <td style="text-align: justify">Other Expense </td> <td style="text-align: center">0.00%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dp_zX73cEYB5XK2" style="vertical-align: top"> <td style="text-align: justify">Total Annual Fund Operating Expenses </td> <td style="border-top: black 1pt solid; border-bottom: black 2.25pt double; text-align: center">0.50%</td></tr> <tr style="vertical-align: top"> <td style="border-bottom: black 1pt solid; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; text-align: justify"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px">(1)</td> <td style="text-align: justify">The Fund’s investment adviser, Tidal Investments LLC (“Tidal” or the “Adviser”), a Tidal Financial Group company, will pay, or require a third party to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses (“AFFE”), accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses (collectively, the “Excluded Expenses).</td></tr> </table> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0050 0.0000 0.0000 0.0050 Expense Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A81_eoef--ExpenseExampleWithRedemptionTableTextBlock_zH8CBb6awYLd"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zbPnbYpO3e0f" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td id="xdx_481_eoef--ExpenseExampleYear01_zi68pILHrgZ" style="border-top: black 1pt solid; width: 25%; text-align: center">1 Year</td> <td id="xdx_48E_eoef--ExpenseExampleYear03_zjR3l6Z5An4i" style="border-top: black 1pt solid; width: 25%; text-align: center">3 Years</td> <td id="xdx_48F_eoef--ExpenseExampleYear05_zdirl3KvX0L4" style="border-top: black 1pt solid; width: 25%; text-align: center">5 Years</td> <td id="xdx_48E_eoef--ExpenseExampleYear10_zQBC81XiTSv3" style="border-top: black 1pt solid; width: 25%; text-align: center">10 Years</td></tr> <tr id="xdx_414_20260326__20260326__oef--ClassAxis__custom--C000223966Member_zcHYuFJShiW9" style="vertical-align: top"> <td style="border-bottom: black 1pt solid; text-align: center">$51</td> <td style="border-bottom: black 1pt solid; text-align: center">$160</td> <td style="border-bottom: black 1pt solid; text-align: center">$280</td> <td style="border-bottom: black 1pt solid; text-align: center">$628</td></tr> </table> 51 160 280 628 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the expense example above, affect the Fund’s performance. For the fiscal year ended November 30, 2025, the Fund’s portfolio turnover rate was 49% of the average value of its portfolio. 0.49 Principal Investment Strategies The Fund uses a “passive management” (or indexing) approach to track the performance, before fees and expenses, of the Index. The Index includes all real estate investment trust (“REIT”) securities listed in developed and emerging markets and included as constituents of the S&P Global BMI Shariah Index, a comprehensive global Sharia-compliant index of publicly-traded equity securities (each such REIT, a “Global Sharia REIT”). Constituents included in the S&P Global BMI Shariah Index must have a float-adjusted market capitalization of at least $100 million and an annual trading value of at least $50 million. A REIT is a security of a company that invests in real estate, either through real estate property, mortgages and similar real estate investments, or all of the foregoing. Islamic religious law commonly known as Sharia has certain restrictions regarding finance and commercial activities permitted for Muslims, including interest restrictions and prohibited industries. Constituents of the S&P Global BMI Shariah Index, and therefore constituents of the Index, have been screened for non-compliant business activities (companies that offer products and services that are not compliant with Sharia law such as gambling, alcohol, or tobacco) and compliance with certain accounting-based financial ratios (companies must satisfy financial ratios governing leverage, cash, and the share of revenues derived from non-compliant activities). The Index is rebalanced and reconstituted monthly. Each security in the Index is subject to certain individual security weight caps. As of February 28, 2026, the Index was composed of 44 constituents, representing investments in 10 countries. The Index was developed in 2020 by S&P Dow Jones Indices LLC (the “Index Provider”), a division of S&P Global, with active contribution by ShariaPortfolio, Inc. (the “Sub-Adviser”), the Fund’s sub-adviser. The Index is owned and administered by the Index Provider. The S&P Global BMI Shariah Index was developed in 2008 by the Index Provider and is owned and administered by the Index Provider. The Fund’s Investment Strategy The Fund attempts to invest all, or substantially all, of its assets in the component securities that make up the Index. Under normal circumstances, at least 80% of the Fund’s total assets will be invested in Global Sharia REITs that are component securities of the Index. This policy may be changed without shareholder approval upon 60 days’ written notice to shareholders. The Fund’s investment adviser expects that, over time, the correlation between the Fund’s performance and that of the Index, before fees and expenses, will be 95% or better. The Fund generally may invest up to 20% of its total assets in Sharia-compliant securities or other Sharia-compliant investments not included in the Index, but which the Sub-Adviser believes will help the Fund track the Index. For example, the Fund may invest in Sharia-compliant securities that are not components of the Index to reflect various corporate actions and other changes to the S&P Global BMI Shariah Index (such as reconstitutions, additions, and deletions). Each investment made by the Fund is pre-screened and approved as Sharia compliant before investment by the Fund. The Fund will generally use a “replication” strategy to achieve its investment objective, meaning the Fund will generally invest in all of the component securities of the Index in the same approximate proportions as in the Index. However, the Fund may use a “representative sampling” strategy, meaning it may invest in a sample of the securities in the Index whose risk, return, and other characteristics closely resemble the risk, return, and other characteristics of the Index as a whole, when the Fund’s investment adviser believes it is in the best interests of the Fund (e.g., when replicating the Index involves practical difficulties or substantial costs, an Index constituent becomes temporarily illiquid, unavailable, or less liquid, or as a result of legal restrictions or limitations that apply to the Fund but not to the Index). To the extent the Index concentrates (i.e., holds more than 25% of its total assets) in the securities of a particular industry or group of related industries, the Fund will concentrate its investments to approximately the same extent as the Index. The Index is expected to be concentrated (i.e., holding more than 25% of its total assets) in REITs. The Fund is deemed to be non-diversified under the Investment Company Act of 1940, as amended (the “1940 Act”), which means that it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. Under normal circumstances, at least 80% of the Fund’s total assets will be invested in Global Sharia REITs that are component securities of the Index. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. Concentration Risk. The Fund’s investments will be concentrated in an industry or group of industries to the extent the Index is so concentrated. In such event, the value of Shares may rise and fall more than the value of shares that invest in securities of companies in a broader range of industries. <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationInReitsRiskMember_zFxWYHdkIot5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 37px"> </td> <td style="width: 24px">○</td> <td style="text-align: justify">Concentration in REITs Risk.</td></tr> </table> The Fund concentrates its investments in REITs. A REIT is a company that owns or finances income-producing real estate and meets certain requirements under the Internal Revenue Code of 1986, as amended (the “Code”), as more fully described in the Fund’s Statement of Additional Information (“SAI”). Through its investments in REITs, the Fund is subject to the risks of investing in the real estate market, including decreases in property revenues, increases in interest rates, increases in property taxes and operating expenses, legal and regulatory changes, a lack of credit or capital, defaults by borrowers or tenants, environmental problems and natural disasters. REITs are subject to additional risks, including those related to adverse governmental actions; declines in property value and the real estate market; the potential failure to qualify for tax-free pass through of income; and exemption from registration as an investment company. REITs are dependent upon specialized management skills and may invest in relatively few properties, a small geographic area, or a small number of property types. As a result, investments in REITs may be volatile. To the extent the Fund invests in REITs concentrated in specific geographic areas or property types, the Fund may be subject to a greater loss as a result of adverse developments affecting such area or property types. REITs are pooled investment vehicles with their own fees and expenses and the Fund will indirectly bear a proportionate share of those fees and expenses. As of November 30, 2025, 99.4% of the Fund’s net assets were invested in REITs. Emerging Markets Risk. The Fund may invest in securities issued by companies domiciled or headquartered in emerging market nations. Investments in securities traded in developing or emerging markets, or that provide exposure to such securities or markets, can involve additional risks relating to political, economic, currency, or regulatory conditions not associated with investments in U.S. securities and investments in more developed international markets. Such conditions may impact the ability of the Fund to buy, sell, or otherwise transfer securities, adversely affect the trading market and price for Shares and cause the Fund to decline in value. Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio. Equity Market Risk. Common stocks are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from specific issuers. The equity securities held in the Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which the Fund invests. Sharia-Compliant Investing Risk. Islamic religious law commonly known as Sharia has certain restrictions regarding finance and commercial activities permitted for Muslims, including interest restrictions and prohibited industries, which reduces the size of the overall universe in which the Fund can invest. The strategy to reduce the investable universe may limit investment opportunities and adversely affect the Fund’s performance, especially in comparison to a more diversified fund. Because Islamic principles preclude the use of interest-paying instruments, cash reserves do not earn income. ETF Risk <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zlBS463vFSA1"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 37px"> </td> <td style="width: 24px">○</td> <td style="text-align: justify">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</td></tr> </table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zNH272DjbXW5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 37px"> </td> <td style="width: 24px">○</td> <td style="text-align: justify">Costs of Buying or Selling Shares. Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid-ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</td></tr> </table> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zue1QioN7ba6"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 37px"> </td> <td style="width: 24px">○</td> <td style="text-align: justify">Shares May Trade at Prices Other Than NAV. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant. Because securities held by the Fund may trade on foreign exchanges that are closed when the Fund’s primary listing exchange is open, the Fund is likely to experience premiums and discounts greater than those of ETFs holding only domestic securities.</td></tr> </table> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_z55LrEzAA7Z9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 37px"> </td> <td style="width: 24px">○</td> <td style="text-align: justify">Trading. Although Shares are listed on a national securities exchange, such as NYSE Arca, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. Also, in stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings. These adverse effects on liquidity for Shares, in turn, could lead to wider bid/ask spreads and differences between the market price of Shares and the underlying value of those Shares.</td></tr> </table> Foreign Securities Risk. Investments in securities or other instruments of non-U.S. issuers involve certain risks not involved in domestic investments and may experience more rapid and extreme changes in value than investments in securities of U.S. companies. Financial markets in foreign countries often are not as developed, efficient, or liquid as financial markets in the United States, and therefore, the prices of non-U.S. securities and instruments can be more volatile. In addition, the Fund will be subject to risks associated with adverse political and economic developments in foreign countries, which may include the imposition of economic sanctions. Generally, there is less readily available and reliable information about non-U.S. issuers due to less rigorous disclosure or accounting standards and regulatory practices. General Market Risk. Securities markets and individual securities may increase or decrease in value. Security prices may fluctuate widely over short or extended periods in response to market, economic or political news and conditions, and securities markets also tend to move in cycles. If there is a general decline in the securities markets, it is possible your investment may lose value regardless of the individual results of the companies in which the Fund invests. The magnitude of up and down price or market fluctuations over time is sometimes referred to as “volatility”, and it can be significant. In addition, different asset classes and geographic markets may experience periods of significant correlation with each other. As a result of this correlation, the securities and markets in which the Fund invests may experience volatility due to market, economic, political or social events and conditions that may not readily appear to directly relate to such securities, the securities’ issuer or the markets in which they trade. Market Capitalization Risk <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargecapitalizationInvestingMember_zBry5khUfFs6"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 37px"> </td> <td style="width: 24px">○</td> <td style="text-align: justify">Large-Capitalization Investing. The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. Large-capitalization companies may also be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.</td></tr> </table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidcapitalizationInvestingMember_zB8T3ZyploCg"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 37px"> </td> <td style="width: 24px">○</td> <td style="text-align: justify">Mid-Capitalization Investing. The securities of mid-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large-capitalization companies. The securities of mid-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large-capitalization stocks or the stock market as a whole.</td></tr> </table> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallcapitalizationInvestingMember_zQ1M8GzyzrRi"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 37px"> </td> <td style="width: 24px">○</td> <td style="text-align: justify">Small-Capitalization Investing. The securities of small-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large- or mid-capitalization companies. The securities of small-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large- or mid-capitalization stocks or the stock market as a whole. There is typically less publicly available information concerning smaller-capitalization companies than for larger, more established companies.</td></tr> </table> Currency Risk. The Fund’s exposure to foreign currencies subjects the Fund to the risk that those currencies will decline in value relative to the U.S. Dollar. Currency rates in foreign countries may fluctuate significantly over short periods of time for any number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad. Models and Data Risk. The composition of the Index is heavily dependent on proprietary quantitative models as well as information and data supplied by third parties (“Models and Data”). When Models and Data prove to be incorrect or incomplete, any decisions made in reliance thereon may lead to the inclusion or exclusion of securities from the Index universe that would have been excluded or included had the Models and Data been correct and complete. If the composition of the Index reflects such errors, the Fund’s portfolio can be expected to also reflect the errors. Passive Investment Risk. The Fund invests in the securities included in, or representative of, its Index regardless of their investment merit. The Fund does not attempt to outperform its Index or take defensive positions in declining markets. As a result, the Fund’s performance may be adversely affected by a general decline in the market segments relating to its Index. Recent Market Events Risk. U.S. and international markets have experienced and may continue to experience significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including uncertainty regarding inflation and central banks’ interest rate changes, the possibility of a national or global recession, trade tensions and tariffs, political events, armed conflict, war and geopolitical conflict. These developments, as well as other events, could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets, despite efforts to address market disruptions. Tax Risk. To qualify for the favorable tax treatment generally available to a regulated investment company (a “RIC”), the Fund must satisfy certain diversification requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, (i) more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets or (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund or (ii) more than 25% of the value of the Fund’s assets would be invested in (a) the securities of any one issuer. Given the concentration of the Index in a relatively small number of securities, it may not always be possible for the Fund to fully implement a replication strategy or a representative sampling strategy while satisfying these diversification requirements. The Fund’s efforts to satisfy the diversification requirements may affect the Fund’s execution of its investment strategy and may cause the Fund’s return to deviate from that of the Index, and the Fund’s efforts to replicate or represent the Index may cause it inadvertently to fail to satisfy the diversification requirements. If the Fund were to fail to satisfy the diversification requirements, it could incur penalty taxes and be forced to dispose of certain assets, or it could fail to qualify as a RIC. If the Fund were to fail to qualify as a RIC, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Tracking Error Risk. As with all index funds, the performance of the Fund and its Index may differ from each other for a variety of reasons. For example, the Fund incurs operating expenses and portfolio transaction costs not incurred by the Index. In addition, the Fund may not be fully invested in the securities of the Index at all times or may hold securities not included in the Index. Underlying Index Risk. Neither the Fund’s investment adviser nor the Index Provider is able to guarantee the continuous availability or timeliness of the production of the Index. The calculation and dissemination of the Index values may be delayed if the information technology or other facilities of the Index Provider, calculation agent, data providers and/or relevant stock exchange malfunction for any reason. A significant delay may cause trading in shares of the Fund to be suspended. Errors in Index data, computation and/or the construction in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider, calculation agent or other applicable party for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. Performance The following performance information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance over time. The bar chart shows the annual returns for the Fund from year to year. The table illustrates how the Fund’s average annual returns for the 1-year, 5-year and since inception periods compare with those of a broad measure of market performance and the Index. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Updated performance information is available on the Fund’s website at www.sp-funds.com/spre. The following performance information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance over time. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. www.sp-funds.com/spre Calendar Year Ended December 31 , <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none">Years</th> <th style="display: none">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; width: 50%">2021</td> <td id="xdx_980_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000223966Member_zQ5HYNou6iUk" style="display: none; width: 50%">43.18%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2022</td> <td id="xdx_98B_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000223966Member_z29yJtN1x45k" style="display: none">-29.06%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2023</td> <td id="xdx_98F_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000223966Member_zT9GJ7cMnWC8" style="display: none">9.74%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2024</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000223966Member_z34lBwHDKnq3" style="display: none">2.35%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2025</td> <td id="xdx_98D_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000223966Member_zlpIkrBoePwc" style="display: none">3.14%</td></tr> </table> <img alt="" src="spre-chart.jpg"/> 0.4318 -0.2906 0.0974 0.0235 0.0314 During the period of time shown in the bar chart, the Fund’s highest quarterly return was 20.16% for the quarter ended December 31, 2021 and the lowest quarterly return was -16.49% for the quarter ended June 30, 2022. highest quarterly return 0.2016 2021-12-31 lowest quarterly return -0.1649 2022-06-30 Average Annual Total Returns For the Periods Ended December 31, 2025 <div id="xdx_A82_eoef--PerformanceTableTextBlock_zpXiSqc3qy9j"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zpHUmC7Uu345" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top; width: 71%"> </td> <td id="xdx_491_20250101__20251231_zLBD5epyVDsl" style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; width: 8%; text-align: center">1 Year</td> <td id="xdx_493_20210101__20251231_zZSb6N5UGsA3" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; width: 6%"> 5 Year</td> <td style="border-top: black 1pt solid; vertical-align: top; width: 1%"> </td> <td id="xdx_490_20201229__20251231_znCpL5TauR7b" style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; width: 14%; text-align: center">Since Inception (12/29/2020)</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000223966Member_zoc1LdQYBoRa"> <td style="vertical-align: top; text-align: justify">Return Before Taxes </td> <td style="vertical-align: bottom; text-align: center">3.14%</td> <td style="vertical-align: top; text-align: center">3.31%</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: center">3.56%</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000223966Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zJLMOWDxS1gj"> <td style="vertical-align: top; text-align: justify">Return After Taxes on Distributions </td> <td style="vertical-align: bottom; text-align: center">2.03%</td> <td style="vertical-align: top; text-align: center">2.48%</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: center">2.73%</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000223966Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zvX5aVHOsVR6"> <td style="vertical-align: top; text-align: justify">Return After Taxes on Distributions and Sale of Fund Shares </td> <td style="vertical-align: bottom; text-align: center">2.01%</td> <td style="vertical-align: top; text-align: center">2.31%</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: center">2.51%</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SandPGlobalAllEquityREITShariahCappedIndexMember_znmlDfcjTLD9"> <td style="vertical-align: top">S&P Global All Equity REIT Shariah Capped Index (reflects no deduction for fees, expenses, or taxes) </td> <td style="vertical-align: bottom; text-align: center">3.26%</td> <td style="vertical-align: top"> 3.80%</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: center">4.06%</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SandP500TotalReturnIndexMember_zJRwhQPomBM5"> <td style="vertical-align: top">S&P 500 Total Return Index (reflects no deduction for fees, expenses, or taxes) </td> <td style="vertical-align: bottom; text-align: center">17.88%</td> <td style="vertical-align: top"> 14.42%</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: center">14.59%</td></tr> </table> 2020-12-29 0.0314 0.0331 0.0356 0.0203 0.0248 0.0273 0.0201 0.0231 0.0251 (reflects no deduction for fees, expenses, or taxes) 0.0326 0.0380 0.0406 (reflects no deduction for fees, expenses, or taxes) 0.1788 0.1442 0.1459 After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred or other tax-advantaged arrangements such as an individual retirement account (“IRA”). After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred or other tax-advantaged arrangements such as an individual retirement account (“IRA”). The Fund’s investment adviser, Tidal Investments LLC (“Tidal” or the “Adviser”), a Tidal Financial Group company, will pay, or require a third party to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses (“AFFE”), accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses (collectively, the “Excluded Expenses”). The Fund’s investment adviser, Tidal Investments LLC (“Tidal” or the “Adviser”), a Tidal Financial Group company, will pay, or require a third party to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses (“AFFE”), accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses (collectively, the “Excluded Expenses”). The Fund’s investment adviser, Tidal Investments LLC (“Tidal” or the “Adviser”), a Tidal Financial Group company, will pay, or require a third party to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses (“AFFE”), accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses (collectively, the “Excluded Expenses).