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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_A82_eoef--AnnualFundOperatingExpensesTableTextBlock_zMFTwjOzYBve"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zQSNiLbIEVRk" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr> <td id="xdx_98D_eoef--OperatingExpensesCaption_c20260625__20260625__dei--LegalEntityAxis__custom--S000065093Member_zGs4i24j108l" style="border-top: black 1pt solid; vertical-align: bottom; width: 89%; padding-left: 5.75pt">Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) </td> <td style="border-top: black 1pt solid; vertical-align: top; width: 1%"> </td> <td id="xdx_49F_20260625__20260625__oef--ClassAxis__custom--C000210797Member_zVrG7Hd5d1Hj" style="border-top: black 1pt solid; vertical-align: bottom; width: 10%">(1)</td></tr> <tr id="xdx_402_eoef--ManagementFeesOverAssets_dpn_zx6SrQdqMiSk"> <td style="vertical-align: bottom; padding-left: 5.75pt">Management Fees</td> <td style="vertical-align: top; text-align: center"> </td> <td style="vertical-align: bottom; padding-left: 3.4pt; text-align: center">0.19%</td></tr> <tr id="xdx_408_eoef--DistributionAndService12b1FeesOverAssets_dpn_z2IqtUlxNhL"> <td style="vertical-align: bottom; padding-left: 5.75pt">Distribution and/or Service (12b-1) Fees </td> <td style="vertical-align: top; text-align: center"> </td> <td style="vertical-align: bottom; padding-left: 3.4pt; text-align: center">0.00%</td></tr> <tr id="xdx_403_eoef--OtherExpensesOverAssets_dpn_zJ8EIDDp4325"> <td style="vertical-align: bottom; padding-left: 5.75pt">Other Expenses </td> <td style="vertical-align: top; text-align: center"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; padding-left: 3.4pt; text-align: center">0.00%</td></tr> <tr id="xdx_406_eoef--ExpensesOverAssets_dpn_zaxCr8xGPbX1"> <td style="vertical-align: bottom; padding-left: 5.75pt">Total Annual Fund Operating Expenses</td> <td style="vertical-align: top; text-align: center"> </td> <td style="vertical-align: bottom; padding-left: 3.4pt; text-align: center">0.19%</td></tr> <tr id="xdx_40A_eoef--FeeWaiverOrReimbursementOverAssets_dpn_z78XGtUWOWS9"> <td style="vertical-align: bottom; padding-left: 5.75pt">Less Fee Waiver </td> <td style="vertical-align: top; text-align: center"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; padding-left: 3.4pt; text-align: center">(0.14)%</td></tr> <tr id="xdx_400_eoef--NetExpensesOverAssets_dpn_zTDdUP8qinTe"> <td style="vertical-align: bottom; padding-left: 5.75pt">Total Annual Fund Operating Expenses After Fee Waiver(2)</td> <td style="vertical-align: top; text-align: center"> </td> <td style="border-bottom: black 2.25pt double; vertical-align: bottom; padding-left: 3.4pt; text-align: center">0.05%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <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, 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 (the “1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses (collectively, the “Excluded Expenses”).</td></tr> <tr style="vertical-align: top"> <td>(2)</td> <td style="text-align: justify">The Adviser has contractually agreed to waive a portion of its Management Fees for the Fund until at least June 30, 2027, such that Management Fees do not exceed 0.05% of the Fund’s average daily net assets. This agreement may be terminated only by, or with the consent of, the Board of Trustees of Tidal Trust I (formerly, Tidal ETF Trust) (the “Trust”), on behalf of the Fund, upon sixty (60) days’ written notice to the Adviser. This Agreement may not be terminated by the Adviser without the consent of the Board of Trustees. </td></tr> </table> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0019 0.0000 0.0000 0.0019 -0.0014 0.0005 June 30, 2027 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. The management fee waiver discussed above is reflected only through June 30, 2027. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A82_eoef--ExpenseExampleWithRedemptionTableTextBlock_zpxFbO6SjJ0f"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zhsAWtPOeMU5" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_483_eoef--ExpenseExampleYear01_zYPioT0ZkTY7" style="border-top: black 1pt solid; width: 25%; text-align: center">1 Year</td> <td id="xdx_483_eoef--ExpenseExampleYear03_zkdoGYmsjqd7" style="border-top: black 1pt solid; width: 25%; text-align: center">3 Years</td> <td id="xdx_48E_eoef--ExpenseExampleYear05_z5z4rHY5qavb" style="border-top: black 1pt solid; width: 25%; text-align: center">5 Years</td> <td id="xdx_487_eoef--ExpenseExampleYear10_zA1b1RFVLGtl" style="border-top: black 1pt solid; width: 25%; text-align: center">10 Years</td></tr> <tr id="xdx_41E_20260625__20260625__oef--ClassAxis__custom--C000210797Member_zq9DIuPor2L8" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: center">$5</td> <td style="border-bottom: black 1pt solid; text-align: center">$47</td> <td style="border-bottom: black 1pt solid; text-align: center">$93</td> <td style="border-bottom: black 1pt solid; text-align: center">$229</td></tr> </table> 5 47 93 229 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 February 28, 2026, the Fund’s portfolio turnover rate was 15% of the average value of its portfolio. 0.15 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 follows a rules-based methodology (described generally below) that tracks the performance of 500 of the largest U.S.-listed companies weighted based on a proprietary mix of their market capitalization and fundamental factors. The Index is owned and administered by Solactive AG (the “Index Provider”), and the Index Provider partnered with Social Finance, Inc. (“SoFi”) to co-develop the methodology used by the Index to determine the securities included in the Index. SoFi is not involved in the ongoing maintenance of the Index or any discretionary decisions relating to its application, and does not act in the capacity of an index provider. SoFi has licensed certain of its trademarks to the Index Provider for use in connection with the Index. Solactive SoFi US 500 Growth Index Construction of the Index begins with the selection of the 500 largest constituents by market capitalization of the Solactive US Broad Market Index, a market capitalization-weighted index that includes equity securities of approximately 3,000 of the largest U.S. companies. This selection is subject to a 20% buffer rule to limit index turnover. The Index may include common stocks and equity interests in real estate investment trusts (“REITs”). The weight of each Index constituent is initially based on each constituent’s free-float market capitalization and then adjusted upward or downward based on a proprietary composite score calculated based on three growth-oriented fundamental factors of each company: trailing 12-month sales growth, trailing 12-month earnings per share (“EPS”) growth, and 12-month forward-looking EPS growth consensus estimates. For each factor, the scores for all Index constituents are adjusted to account for outliers, and each company’s score is calculated relative to the average score for that factor. The composite score for a company reflects an average of that company’s score for each factor. The Index is rebalanced and reconstituted semi-annually, effective on the first Wednesday of each May and each November based on data as of the tenth business day prior to the reconstitution date. As of June 1, 2026, the three largest Index constituents and the weights were as follows: NVIDIA Corp. 15.33%; Apple Inc. 4.70%; and Broadcom 4.62%. 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 (exclusive of any collateral held from securities lending) will be invested in the component securities of the Index. The 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 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 (exclusive of any collateral held from securities lending) in securities or other investments not included in the Index, but which the Adviser believes will help the Fund track the Index. For example, the Fund may invest in 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). 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 (exclusive of any collateral held from securities lending) will be invested in the 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. 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. Common stocks, such as those held by the Fund, 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 issuers. General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters or events, pandemic diseases, terrorism, regulatory events, and government controls. Sector Risk. At times the Fund may increase the relative emphasis of its investments in a particular sector or group of industries. The prices of securities of issuers in a particular sector may be more susceptible to fluctuations due to changes in economic or business conditions, government regulations, availability of basic resources or supplies, or other events that affect that industry or sector more than securities of issuers in other industries and sectors. To the extent that the Fund increases the relative emphasis of its investments in a particular industry or sector, the value of Shares may fluctuate in response to events affecting that industry or sector. <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--TechnologySectorRiskMember_zhqIFn4Ho0ig"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px"> </td> <td style="width: 24px">○</td> <td style="text-align: justify">Technology Sector Risk. The Fund may invest in companies in the technology sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. Market or economic factors impacting 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 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 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. Technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. </td></tr> </table> Market Capitalization Risk. <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargecapitalizationInvestingMember_zF7YvFs7wSxl"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px"> </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_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidcapitalizationInvestingMember_zl69xjiqtn26"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px"> </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> 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. REIT Risk. 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. 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. 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. ETF Risk. <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zDqDHdftinol"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px"> </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_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_z3hSS9ohpcQ4"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px"> </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_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zkRmg5CUd3Gj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px"> </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.</td></tr> </table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zDAphUgtzkFi"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px"> </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 effect 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> Index ETF Risk. The Fund’s strategy is linked to an Index maintained by the Index Provider that exercises complete control over the Index. Neither the Adviser nor the Index Provider is able to guarantee the continuous availability or timeliness of the production of the Index. There is no assurance that the Index Provider, or any agents that act on its behalf, will compile the Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. The Adviser relies upon the Index Provider and its agents to compile, determine, maintain, construct, reconstitute, rebalance, compose, calculate (or arrange for an agent to calculate), and disseminate the Index accurately. The Index Provider may delay or add a rebalance date, which may adversely impact the performance of the Fund and its correlation to the Index. In addition, there is no guarantee that the methodology used by the Index Provider to identify constituents for the Index will achieve its intended result or positive performance. The Index may not reflect all companies meeting the Index’s eligibility criteria if certain characteristics of a company are not known at the time the Index is composed or reconstituted. 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. Any losses or costs associated with errors made by the Index Provider or its agents generally will be borne by the Fund and its shareholders. 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. The use of sampling techniques may affect the Fund’s ability to achieve close correlation with its Index. The Fund may use a representative sampling strategy to achieve its investment objective, if the Adviser believes it is in the best interests of the Fund, which generally can be expected to produce a greater non-correlation risk. 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 total returns for the 1-year, 5-year and since inception periods compare with those of the Index and a broad measure of market performance. 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.sofi.com/invest/etfs/sfy/. 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.sofi.com/invest/etfs/sfy/ <div id="xdx_A87_eoef--BarChartTableTextBlock_z8zMeqkLJfff"></div> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zqY5nX0Y5ncd" style="display: none; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font: 8pt Times New Roman, Times, Serif; text-align: left; width: 50%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: left; width: 50%"> </td></tr> <tr> <td style="font: 8pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">2020</td> <td id="xdx_985_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000210797Member_zKHQQQhTUugl" style="font: bold 7pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">25.07%</td></tr> <tr> <td style="font: 8pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">2021</td> <td id="xdx_984_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000210797Member_zjBzElcEDoU7" style="font: bold 7pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">27.79%</td></tr> <tr> <td style="font: 8pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">2022</td> <td id="xdx_983_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000210797Member_zXy2IXY7cTGg" style="font: bold 7pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">-22.78%</td></tr> <tr> <td style="font: 8pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">2023</td> <td id="xdx_98C_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000210797Member_zu6QIdBQ4Zu8" style="font: bold 7pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">29.39%</td></tr> <tr> <td style="font: 8pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">2024</td> <td id="xdx_98F_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000210797Member_zDLerFAuPTh2" style="font: bold 7pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">29.74%</td></tr> <tr> <td style="font: 8pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">2025</td> <td id="xdx_98B_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000210797Member_zaRSvPqwHRq1" style="font: bold 7pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">22.74%</td></tr> </table> <img alt="" src="sofisfyf485bpos062526003.jpg"/> 0.2507 0.2779 -0.2278 0.2939 0.2974 0.2274 The Fund’s calendar year-to-date return as of March 31, 2026 was -5.53%. During the period of time shown in the bar chart, the Fund’s highest quarterly return was 22.90% for the quarter ended June 30, 2020 and the lowest quarterly return was -19.02% for the quarter ended June 30, 2022. year-to-date return 2026-03-31 -0.0553 highest quarterly return 0.2290 2020-06-30 lowest quarterly return -0.1902 2022-06-30 Average Annual Total Returns  For the Periods Ended December 31, 2025 <div id="xdx_A82_eoef--PerformanceTableTextBlock_zM8oSR5KFhv1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zAK3Nwc1cSmc" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 67%"> </td> <td id="xdx_493_20250101__20251231_zKdvBsShndu9" style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 10%; text-align: center">1 Year</td> <td id="xdx_49F_20210101__20251231_zAweQWwwVh79" style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 10%; text-align: center">5 Year</td> <td id="xdx_499_20190410__20251231_zVYt3fnR5oQd" style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 13%">Since Inception (April 10, 2019)</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000210797Member_zIkIbMkZULgh" style="vertical-align: bottom"> <td>Return Before Taxes </td> <td style="text-align: center">22.74%</td> <td style="text-align: center">15.25%</td> <td style="text-align: center">17.00%</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000210797Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z7EvnHCJmfb6" style="vertical-align: bottom"> <td>Return After Taxes on Distributions </td> <td style="text-align: center">22.43%</td> <td style="text-align: center">14.90%</td> <td style="text-align: center">16.63%</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000210797Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zyuaaWR82mL5" style="vertical-align: bottom"> <td>Return After Taxes on Distributions and Sale of Fund Shares </td> <td style="text-align: center">13.64%</td> <td style="text-align: center">12.20%</td> <td style="text-align: center">13.95%</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SolactiveSoFiUs500GrowthIndexMember_zw0mj5uZ0gXc" style="vertical-align: bottom"> <td>Solactive SoFi US 500 Growth Index (reflects no deduction for fees, expenses, or taxes) </td> <td style="text-align: center">22.60%</td> <td style="text-align: center">15.25%</td> <td style="text-align: center">16.99%</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500TotalReturnIndexMember_z1eo5RUK1WRh" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid">S&P 500® Total Return Index (reflects no deduction for fees, expenses, or taxes) </td> <td style="border-bottom: black 1pt solid; text-align: center">17.88%</td> <td style="border-bottom: black 1pt solid; text-align: center">14.42%</td> <td style="border-bottom: black 1pt solid; text-align: center">15.49%</td></tr> </table> 2019-04-10 0.2274 0.1525 0.1700 0.2243 0.1490 0.1663 0.1364 0.1220 0.1395 (reflects no deduction for fees, expenses, or taxes) 0.2260 0.1525 0.1699 0.1788 0.1442 0.1549 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 such as an individual retirement arrangements (“IRA”). or other tax-advantaged accounts. 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. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred such as an individual retirement arrangements (“IRA”). or other tax-advantaged accounts. SoFi Social 50 ETF – FUND SUMMARY Investment Objective The SoFi Social 50 ETF (the “Fund”) seeks to track the performance, before fees and expenses, of the SoFi Social 50 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_A80_eoef--AnnualFundOperatingExpensesTableTextBlock_zdtLTmoj4URl"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zx183a9ffti8" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr> <td id="xdx_988_eoef--OperatingExpensesCaption_c20260625__20260625__dei--LegalEntityAxis__custom--S000065095Member_z4bdt7XxMgA1" style="border-top: black 1pt solid; vertical-align: bottom; width: 89%; padding-left: 5.75pt">Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment)</td> <td style="border-top: black 1pt solid; vertical-align: top; width: 1%"> </td> <td id="xdx_494_20260625__20260625__oef--ClassAxis__custom--C000210799Member_z3E6nB2hknSb" style="border-top: black 1pt solid; vertical-align: bottom; width: 10%"> (1)</td></tr> <tr id="xdx_408_eoef--ManagementFeesOverAssets_dpn_zSmtPmegW18a"> <td style="vertical-align: bottom; padding-left: 5.75pt">Management Fees</td> <td style="vertical-align: top; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right">0.29%</td></tr> <tr id="xdx_40B_eoef--DistributionAndService12b1FeesOverAssets_dpn_zjGgR5FzU51j"> <td style="vertical-align: bottom; padding-left: 5.75pt">Distribution and/or Service (12b-1) Fees </td> <td style="vertical-align: top; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right">0.00%</td></tr> <tr id="xdx_40D_eoef--OtherExpensesOverAssets_dpn_z4WwSCFMm4w3"> <td style="vertical-align: bottom; padding-left: 5.75pt">Other Expenses </td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">0.00%</td></tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_zzVekSeceHn5"> <td style="vertical-align: bottom; padding-left: 5.75pt">Total Annual Fund Operating Expenses</td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-bottom: black 2.25pt double; vertical-align: bottom; text-align: right">0.29%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <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, 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 (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) 0.0029 0.0000 0.0000 0.0029 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_zuU1Sc3E58w"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zX6K6imF96s7" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_48D_eoef--ExpenseExampleYear01_zv610pLoymjl" style="border-top: black 1pt solid; width: 25%; text-align: center">1 Year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_z2QPxvdPXNZ1" style="border-top: black 1pt solid; width: 25%; text-align: center">3 Years</td> <td id="xdx_482_eoef--ExpenseExampleYear05_zLsN6o7sA659" style="border-top: black 1pt solid; width: 25%; text-align: center">5 Years</td> <td id="xdx_484_eoef--ExpenseExampleYear10_zSdoO1DGUfad" style="border-top: black 1pt solid; width: 25%; text-align: center">10 Years</td></tr> <tr id="xdx_41D_20260625__20260625__oef--ClassAxis__custom--C000210799Member_zBWKzIxe2gZe" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: center">$30</td> <td style="border-bottom: black 1pt solid; text-align: center">$93</td> <td style="border-bottom: black 1pt solid; text-align: center">$163</td> <td style="border-bottom: black 1pt solid; text-align: center">$368</td></tr> </table> 30 93 163 368 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 February 28, 2026, the Fund’s portfolio turnover rate was 51% of the average value of its portfolio. 0.51 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 follows a rules-based methodology (described generally below) that tracks the performance of a portfolio of the 50 most widely held U.S.-listed equity securities in self-directed brokerage accounts (the “SoFi Accounts”) of SoFi Securities, LLC, an affiliate of Social Finance, Inc. (“SoFi”), as determined using the rules-based methodology. The Index is owned and administered by Solactive AG (the “Index Provider”), which engaged SoFi to develop the rules set and related methodology used to determine the securities to be included in the Index. SoFi is not involved in the ongoing maintenance of the Index or any discretionary decisions relating to its application, and does not act in the capacity of an index provider. SoFi has licensed certain of its trademarks to the Index Provider for use in connection with the Index. SoFi Social 50 Index The Index is designed to reflect the 50 most widely held U.S.-listed equity securities in the SoFi Accounts as weighted by aggregate holdings within the SoFi Accounts. Securities eligible for inclusion in the Index must: (a) be U.S.-listed equity securities held in SoFi Accounts, and (b) have an average daily trading volume of at least $10,000,000 during the preceding one-month and six-month periods (the “Eligible Universe”). The Index may include common stocks and equity interests in real estate investment trusts (“REITs”). ETFs and other investment companies are not eligible for the Index. Securities in the Eligible Universe are sorted based on (1) the number of SoFi Accounts that hold a particular security and (2) the total market value of the security held in the SoFi Accounts (the “Weighted Average Value”). Each security in the Eligible Universe is then ranked from highest to lowest based on its Weighted Average Value (e.g., the security with the highest Weighted Average Value is assigned rank 1). Subject to a “buffer rule” aimed at limiting Index turnover, securities ranked within the top 50 are included in the Index. Each security in the Index is then weighted based on its Weighted Average Value in relation to that of the other Index components and is subject to certain individual security weight and sector concentration caps. For example, the weight of each individual Index component is capped at 10%, and securities representing investments in any particular industry sector are capped at 50%. The Index is rebalanced and reconstituted monthly. As of June 1, 2026, the SoFi Accounts consisted of over 3.1 million separate self-directed brokerage accounts. 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 (exclusive of any collateral held from securities lending) will be invested in the component securities of the Index. The 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 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 (exclusive of any collateral held from securities lending) in securities or other investments not included in the Index, but which the Adviser believes will help the Fund track the Index. For example, the Fund may invest in 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). 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 (exclusive of any collateral held from securities lending) will be invested in the 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. User Bias Risk. The securities that comprise the Index are selected by retail investors holding SoFi Accounts, who may not be professional investors, may have no financial expertise, and may not do any research on the companies in which they invest prior to investing. In some cases, investment decisions made may be influenced by non-quantitative factors, including, without limitation, cognitive and emotional biases, resulting in the inclusion of certain securities in the Index which may underperform the market generally and result in lower returns for the Fund. Equity Market Risk. 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. Common stocks, such as those held by the Fund, 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 issuers. General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters or events, pandemic diseases, terrorism, regulatory events, and government controls. Sector Risk. At times the Fund may increase the relative emphasis of its investments in a particular sector or group of industries. The prices of securities of issuers in a particular sector may be more susceptible to fluctuations due to changes in economic or business conditions, government regulations, availability of basic resources or supplies, or other events that affect that industry or sector more than securities of issuers in other industries and sectors. To the extent that the Fund increases the relative emphasis of its investments in a particular industry or sector, the value of Shares may fluctuate in response to events affecting that industry or sector. <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConsumerDiscretionarySectorRiskMember_zwvz3s3drrh2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px"> </td> <td style="width: 24px">○</td> <td>Consumer Discretionary Sector Risk. The Fund may emphasize its investments 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. </td></tr> </table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--TechnologyAndSemiconductorSectorRiskMember_z2vhM9VuYiu3"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px"> </td> <td style="width: 24px">○</td> <td style="text-align: justify">Technology and Semiconductor Sector Risk. The Fund may invest in companies in the technology and semiconductor sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. Market or economic factors impacting 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 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 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. Technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. The semiconductor sector is highly cyclical and periodically experiences significant economic downturns characterized by diminished product demand, resulting in production overcapacity and excess inventory, which can result in rapid erosion of product selling prices. The semiconductor sector has experienced significant downturns, often in connection with, or in anticipation of, maturing product cycles of both semiconductor companies' and their customers' products and the decline in general economic conditions.</td></tr> </table> Market Capitalization Risk. <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargecapitalizationInvestingMember_zlF7PIYeI05d"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px"> </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_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidcapitalizationInvestingMember_zDhgLCmYKcUl"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px"> </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> 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. REIT Risk. 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. 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 Risk. <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zs0QnSXja6k5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px"> </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_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zP31h2ec4Jta"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px"> </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_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zLiALYtrCkel"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px"> </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.</td></tr> </table> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zNKk1x2D2e59"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px"> </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 effect 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> Index ETF Risk. The Fund’s strategy is linked to an Index maintained by the Index Provider that exercises complete control over the Index. Neither the Adviser nor the Index Provider is able to guarantee the continuous availability or timeliness of the production of the Index. There is no assurance that the Index Provider, or any agents that act on its behalf, will compile the Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. The Adviser relies upon the Index Provider and its agents to compile, determine, maintain, construct, reconstitute, rebalance, compose, calculate (or arrange for an agent to calculate), and disseminate the Index accurately. The Index Provider may delay or add a rebalance date, which may adversely impact the performance of the Fund and its correlation to the Index. In addition, there is no guarantee that the methodology used by the Index Provider to identify constituents for the Index will achieve its intended result or positive performance. The Index may not reflect all companies meeting the Index’s eligibility criteria if certain characteristics of a company are not known at the time the Index is composed or reconstituted. 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. Any losses or costs associated with errors made by the Index Provider or its agents generally will be borne by the Fund and its shareholders. Third Party Data Risk. The composition of the Index, and consequently the Fund’s portfolio, is heavily dependent on information and data calculated and published by an independent third party calculation agent (“Third Party Data”). When Third Party Data proves to be incorrect or incomplete, any decisions made in reliance thereon may lead to the inclusion or exclusion of securities from the Index that would have been excluded or included had the Third Party Data been correct and complete. If the composition of the Index reflects such errors, the Fund’s portfolio can also be expected to reflect the errors. 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. The use of sampling techniques may affect the Fund’s ability to achieve close correlation with its Index. The Fund may use a representative sampling strategy to achieve its investment objective, if the Adviser believes it is in the best interests of the Fund, which generally can be expected to produce a greater non-correlation risk. 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 total returns for the 1-year, 5-year and since inception periods compare with those of the Index and a broad measure of market performance. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. On June 30, 2020, the Fund’s investment objective and principal investment strategies were substantially revised; therefore, the performance and average annual total returns for periods prior to that date were achieved under the Fund’s prior investment objective and principal investment strategies and would have differed if the Fund’s current investment objective and principal investment strategies had been in effect during those periods. Updated performance information is available on the Fund’s website at www.sofi.com/invest/etfs/sfyf. 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.sofi.com/invest/etfs/sfyf <div id="xdx_A80_eoef--BarChartTableTextBlock_zvp3445gJTB1"></div> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A51_dU_z9S4pAQOpJr4" style="display: none; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font: 8pt Times New Roman, Times, Serif; text-align: left; width: 50%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: left; width: 50%"> </td></tr> <tr> <td style="font: 8pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">2020</td> <td id="xdx_98F_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000210799Member_z7GHr3F0ET0e" style="font: bold 7pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">33.51%</td></tr> <tr> <td style="font: 8pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">2021</td> <td id="xdx_98F_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000210799Member_zcwFfZx4TeKb" style="font: bold 7pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">35.82%</td></tr> <tr> <td style="font: 8pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">2022</td> <td id="xdx_98A_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000210799Member_zEBrNgBYeVgh" style="font: bold 7pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">-47.68%</td></tr> <tr> <td style="font: 8pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">2023</td> <td id="xdx_981_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000210799Member_zKaLPaOB7D18" style="font: bold 7pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">56.84%</td></tr> <tr> <td style="font: 8pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">2024</td> <td id="xdx_987_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000210799Member_zaaKIJjWUML7" style="font: bold 7pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">44.44%</td></tr> <tr> <td style="font: 8pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">2025</td> <td id="xdx_984_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000210799Member_zsEOx0b2yBE6" style="font: bold 7pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">29.87%</td></tr> </table> <img alt="" src="sofisfyf485bpos062526004.jpg"/> 0.3351 0.3582 -0.4768 0.5684 0.4444 0.2987 The Fund’s calendar year-to-date return as of March 31, 2026 was -8.54%. During the period of time shown in the bar chart, the Fund’s highest quarterly return was 33.66% for the quarter ended June 30, 2021 and the lowest quarterly return was -31.01% for the quarter ended June 30, 2022. year-to-date return 2026-03-31 -0.0854 highest quarterly return 0.3366 2021-06-30 lowest quarterly return -0.3101 2022-06-30 Average Annual Total Returns  For the Periods Ended December 31, 2025 <div id="xdx_A8D_eoef--PerformanceTableTextBlock_zR0P0RpRXll1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zuwyos0k2r4k" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 67%"> </td> <td id="xdx_49F_20250101__20251231_zcYBYSLeUepi" style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 10%; text-align: center">1 Year</td> <td id="xdx_498_20210101__20251231_zjNB6Y3n8TFk" style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 10%; text-align: center">5 Year</td> <td id="xdx_498_20190507__20251231_zSaBPTAHQ9P" style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 13%">Since Inception (May 7, 2019)</td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000210799Member_z1CqlONKGWkj" style="vertical-align: bottom"> <td>Return Before Taxes </td> <td style="text-align: center">28.87%</td> <td style="text-align: center">15.89%</td> <td style="text-align: center">17.59%</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000210799Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zWAsDhbsLfYh" style="vertical-align: bottom"> <td>Return After Taxes on Distributions </td> <td style="text-align: center">29.75%</td> <td style="text-align: center">15.61%</td> <td style="text-align: center">17.39%</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000210799Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zGpuQeUwLHl" style="vertical-align: bottom"> <td>Return After Taxes on Distributions and Sale of Fund Shares </td> <td style="text-align: center">17.75%</td> <td style="text-align: center">12.71%</td> <td style="text-align: center">14.46%</td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SoFiSocial50IndexMember_zveKVmyema0l" style="vertical-align: bottom"> <td>SoFi Social 50 Index (reflects no deduction for fees, expenses, or taxes) </td> <td style="text-align: center">30.18%</td> <td style="text-align: center">16.34%</td> <td style="text-align: center">17.98%</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500TotalReturnIndexMember_zaIwqB7pNsJb" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid">S&P 500® Total Return Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: center">17.88%</td> <td style="border-bottom: black 1pt solid; text-align: center">14.42%</td> <td style="border-bottom: black 1pt solid; text-align: center">15.69%</td></tr> </table> 2019-05-07 0.2887 0.1589 0.1759 0.2975 0.1561 0.1739 0.1775 0.1271 0.1446 (reflects no deduction for fees, expenses, or taxes) 0.3018 0.1634 0.1798 0.1788 0.1442 0.1569 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 arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts. 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. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts. SoFi Enhanced Yield ETF - FUND SUMMARY Investment Objective The SoFi Enhanced Yield ETF (the “Fund”) seeks current income. 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_A8E_eoef--AnnualFundOperatingExpensesTableTextBlock_zK0e1hrsu3s"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zR7CiYX2vi67" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr> <td id="xdx_982_eoef--OperatingExpensesCaption_dU_c20260625__20260625__dei--LegalEntityAxis__custom--S000083023Member_zsk3xQ6IWm5c" style="border-top: black 1pt solid; vertical-align: bottom; width: 89%; padding-left: 5.75pt">Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment)</td> <td style="border-top: black 1pt solid; vertical-align: top; width: 1%"> </td> <td id="xdx_49D_20260625__20260625__oef--ClassAxis__custom--C000246517Member_zuZKM61A5upb" style="border-top: black 1pt solid; vertical-align: bottom; width: 10%"> (1)</td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dpn_zs1gSz61u26e"> <td style="vertical-align: bottom; padding-left: 5.75pt">Management Fees</td> <td style="vertical-align: top; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right">0.49%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dpn_zJzSXozh4ny9"> <td style="vertical-align: bottom; padding-left: 5.75pt">Distribution and/or Service (12b-1) Fees </td> <td style="vertical-align: top; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right">0.00%</td></tr> <tr id="xdx_40B_eoef--OtherExpensesOverAssets_dpn_zUU3KF0Ruvle"> <td style="vertical-align: bottom; padding-left: 5.75pt">Other Expenses (includes interest expense and broker fee expenses)(2)</td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">0.16%</td></tr> <tr id="xdx_40C_eoef--ExpensesOverAssets_dpn_zFKRGGIkGgr9"> <td style="vertical-align: bottom; padding-left: 5.75pt">Total Annual Fund Operating Expenses</td> <td style="vertical-align: top; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right">0.65%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.25in; text-align: left">(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, 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 (the “1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses (collectively, the “Excluded Expenses”).</td></tr> <tr style="vertical-align: top"> <td style="text-align: left">(2) </td> <td style="text-align: justify">Other Expenses are attributable to interest expense and broker fee expense.</td></tr> </table> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0049 0.0000 0.0016 0.0065 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 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_A82_eoef--ExpenseExampleWithRedemptionTableTextBlock_zQstkd2yBdK"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zb9cRMVOJPLg" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr> <td id="xdx_48A_eoef--ExpenseExampleYear01_z0HClGHG4ZAb" style="border-top: black 1pt solid; vertical-align: bottom; width: 23%; text-align: center">1 Year</td> <td id="xdx_48F_eoef--ExpenseExampleYear03_zWYDbtISV2i4" style="border-top: black 1pt solid; vertical-align: bottom; width: 31%; text-align: center">3 Years</td> <td id="xdx_484_eoef--ExpenseExampleYear05_ziu5oUo3AFRl" style="border-top: black 1pt solid; vertical-align: top; width: 21%; text-align: center">5 Years</td> <td id="xdx_484_eoef--ExpenseExampleYear10_zJXK55kaBe59" style="border-top: black 1pt solid; vertical-align: top; width: 25%; text-align: center">10 Years</td></tr> <tr id="xdx_41F_20260625__20260625__oef--ClassAxis__custom--C000246517Member_z5676j987Nq7"> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">$66</td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">$208</td> <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: center">$362</td> <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: center">$810</td></tr> </table> 66 208 362 810 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 February 28, 202, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio. 0 Principal Investment Strategies The Fund seeks to achieve its objective by combining a strategy of holding U.S. Treasury Bills and/or U.S. Treasury Bonds, with a “credit spread” option strategy to seek to generate enhanced yield. The Fund’s net asset holdings will generally be invested as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">2-5% Cash and cash equivalents (including money market funds and U.S. Treasury Bills)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">95-100% Treasury securities.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Up to 90% Credit Spreads (using the Fund’s holdings of Treasury securities as collateral for the Fund’s investments in options).</td></tr> </table> The Fund will invest in a portfolio of U.S. Treasury Bills and/or U.S. Treasury Bonds with a targeted portfolio duration of approximately one year and that the Adviser believes will generate annual interest income and capital gains. At the same time, the Fund will purchase (buys) and write (sells) put or call options on the following three major equity indexes: the S&P 500® Index, the NASDAQ 100 Index, and the Russell 2000 Index. This strategy is referred to as a “credit spread” or “vertical credit spread” strategy (described more below) and acts as an overlay on the Fund’s portfolio of U.S. government securities. For the Fund’s credit spread strategy, the Fund enters into credit put spreads or credit call spreads based on the Adviser’s return versus risk assessment with respect to the broad stock market and the options market. The Adviser manages the Fund using its High Probability Options Strategy (“HiPOS” or the “Strategy”), by which it seeks to provide risk-adjusted returns for the Fund that are uncorrelated to both equity and fixed income markets by using an alternative trading strategy, and reducing the need to predict future market movements. For more information about HiPOS, see the section of the Fund’s Prospectus titled “Additional Information About the Funds.” Credit Spread Strategy Overview: The Fund employs a strategy referred to as a “credit spread” or “vertical credit spread.” More specifically, the strategy entails the simultaneous purchase and sale of options of the same type (puts or calls) with respect to the same index and with the same expiration date, but at different exercise (“strike”) prices. The Fund will pay premiums on options (puts or calls) that it purchases and will receive premiums when writing options (puts or calls) for a net credit (meaning the premium received is more than what is spent). To enter into a credit spread, the Fund will sell a put or call (or both) contract and buy a put or call (or both) contract at the same time. These positions will have the same expiration dates and the same contract amounts. The Fund will enter into the same number of contracts for the long and short legs of each spread with the same expiration dates. However, the positions will have different strike prices, which creates a difference in the price of each option (i.e., a “credit”). The maximum gain for the Fund on any given credit spread is equal to the net premium the Fund receives. The maximum potential loss for the Fund for any given credit spread is equal to the difference between the strike prices of the options on the same index multiplied by the number of contracts or units subject to the option minus net premiums received. Options Terminology: In-the-money options are where the price of the underlying asset is above the strike price for calls and below the strike price for puts. Out-of-the-money (“OTM”) options are where the price of the underlying asset is below the strike price for calls and above the strike price for puts. For more information on credit spreads and additional options terminology, see the section of the Fund’s Prospectus titled “Additional Information About the Fund.” The Fund’s returns will be driven by the interest and capital gains derived from its portfolio of U.S. government securities and its credit spread strategy (e.g., by the difference between the premiums received and paid on these options). The Adviser analyzes market data to decide when and at what levels to place spread trades for the Fund. The Fund’s holdings may include bullish, bearish, or neutral credit spreads. Due to the Fund’s design, when appropriate, it can hold neutral positions that lean both bullish and bearish simultaneously. For more information about the Fund’s positions during bullish, bearish, and neutral stances, see the section of the Fund’s Prospectus titled “Additional Information About the Funds.” The Adviser constructs a portfolio for the Fund that it believes is not highly dependent on broad stock market fluctuations. This is because the Fund uses OTM credit spreads, which can yield positive returns even when an underlying index doesn’t move much. The strategy also proves beneficial if, at expiration, the strike price of these credit spreads remains OTM. In a “bullish” stance, the Fund typically sees positive returns unless the stock market value nears or falls below the strike price. Conversely, in a “bearish” stance, it benefits unless the stock market value nears or exceeds the strike price. All option positions held by the Fund are exchange-traded and collateralized with cash or cash equivalents (for example, U.S. Treasury Bills, U.S. Treasury Bonds and money market fund shares). The Adviser seeks to provide returns for the Fund by employing the credit spread strategy to construct a portfolio of options that the Adviser considers moderately OTM and which it believes have a high probability of successfully expiring worthless. The Adviser determines the Fund’s exposure to each credit spread by first evaluating the risk metrics associated with the relevant position, including the effects of market volatility on equity indexes. The Adviser then calculates potential returns. The Fund will not establish a credit spread position unless the Adviser concludes that the potential rate of return exceeds the probability of a potential loss. The Adviser employs proprietary analysis techniques to continually monitor the Fund’s credit spreads for potential exit triggers (e.g., the increased probability of an option being exercised in the money) to ascertain if a buyback of a written option is needed. In addition, if markets move favorably early enough in the lifecycle of a trade, the Adviser may exit one or both sides of the relevant position to secure a gain and redeploy the capital at the next market opportunity. For more information about the Adviser’s analysis techniques, see the section of the Fund’s prospectus titled “Additional Information about the Funds”. Notwithstanding the Fund’s investment in options, the Adviser intends to create a risk-defined options portfolio by simultaneously purchasing and selling options of the same type in order to limit the Fund’s exposure to traditional leverage risks associated with investing in options. Under normal market conditions, the Fund will invest at least 90% of its assets in U.S. government securities. In pursuing the credit spread strategy, the Fund will also invest in put and call options on major equity indexes that generally have an exposure of up to 90% of the Fund’s net assets. For more information about the Fund’s allocation to credit spreads, see the section of the Fund’s Prospectus titled “Additional Information about the Funds.” The Fund is “non-diversified” for purposes of the Investment Company Act of 1940, as amended (the “1940 Act”), which means that the Fund may invest in fewer issuers at any one time than a diversified fund. Under normal market conditions, the Fund will invest at least 90% of its assets in U.S. government securities. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. Written Options Risk. The Fund will incur a loss as a result of writing (selling) options (also referred to as a short position) if the price of the written option instrument increases in value between the date the Fund writes the option and the date on which the Fund purchases an offsetting position. The Fund’s losses are potentially large in a written put transaction and potentially unlimited in a written call transaction.). Because of the Fund’s strategy of coupling written and purchased puts and call options with the same expiration date and different strike prices, the Fund expects that the maximum potential loss for the Fund for any given credit spread is equal to the difference between the strike prices minus any net premium received. Nonetheless, because up to 90% of the Fund’s portfolio may be subject to this risk - the value of an investment in the Fund – could decline significantly and without warning, including to zero. General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters or events, pandemic diseases, terrorism, regulatory events, and government controls. Options Risk. Purchasing and writing put and call options are highly specialized activities and entail greater than ordinary investment risks. The Fund may not fully benefit from or may lose money on an option if changes in its value do not correspond as anticipated to changes in the value of the underlying securities. If the Fund is not able to sell an option held in its portfolio, it would have to exercise the option to realize any profit and would incur transaction costs upon the purchase or sale of the underlying securities. Ownership of options involves the payment of premiums, which may adversely affect the Fund’s performance. Fixed Income Securities Risk. The prices of fixed income securities respond to economic developments, particularly interest rate changes, as well as to changes in an issuer’s credit rating or market perceptions about the creditworthiness of an issuer. Generally, fixed income securities decrease in value if interest rates rise and increase in value if interest rates fall, and longer-term and lower rated securities are more volatile than shorter-term and higher rated securities. Interest Rate Risk. Generally fixed income securities decrease in value if interest rates rise and increase in value if interest rates fall, with longer-term securities being more sensitive than shorter-term securities. For example, the price of a security with a one-year duration would be expected to drop by approximately 1% in response to a 1% increase in interest rates. Generally, the longer the maturity and duration of a bond or fixed rate loan, the more sensitive it is to this risk. Falling interest rates also create the potential for a decline in the Fund’s income. These risks are greater during periods of rising inflation. Derivatives Risk. Derivatives include instruments and contracts that are based on and valued in relation to one or more underlying securities, financial benchmarks, indices, or other reference obligations or measures of value. Major types of derivatives include options. Depending on how the Fund uses derivatives and the relationship between the market value of the derivative and the underlying instrument, the use of derivatives could increase or decrease the Fund’s exposure to the risks of the underlying instrument. Using derivatives can have a leveraging effect if the Adviser is unable to set an appropriate spread between two options held by the Fund and increase Fund volatility. In that event, a small investment in derivatives could have a potentially large impact on the Fund’s performance. Derivatives transactions can be highly illiquid and difficult to unwind or value, and changes in the value of a derivative held by the Fund may not correlate with the value of the underlying instrument or the Fund’s other investments. Many of the risks applicable to trading the instruments underlying derivatives are also applicable to derivatives trading. Financial reform laws have changed many aspects of financial regulation applicable to derivatives. Once implemented, new regulations, including margin, clearing, and trade execution requirements, may make derivatives more costly, may limit their availability, may present different risks or may otherwise adversely affect the value or performance of these instruments. The extent and impact of these regulations are not yet fully known and may not be known for some time. Credit Risk. If an issuer or guarantor of a debt security held by the Fund or a counterparty to a financial contract with the Fund defaults or is downgraded or is perceived to be less creditworthy, or if the value of the assets underlying a security declines, the value of the Fund’s portfolio will typically decline. ETF Risks. <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zuLebMM2pWe2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"> </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_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zA38qhbUins9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">◦</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., options contracts). 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 have less cash efficiency and pay out higher annual capital gain distributions to shareholders than if the in-kind redemption process was used.</td></tr> </table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_z0mVl6u3VZB9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"> </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_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zrGZt6gsb5L1"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"> </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_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zMf8GY1ZgH73"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">◦</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> High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the securities in its portfolio. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses. Frequent trading may also cause adverse tax consequences for investors in the Fund due to an increase in short-term capital gains. Implied Volatility Risk. When the Fund sells an option, it gains the amount of the premium it receives, but also incurs a liability representing the value of the option it has sold until the option is either exercised and finishes “in the money,” meaning it has value and can be sold, or the option expires worthless, or the expiration of the option is “rolled,” or extended forward. The value of the options in which the Fund invests is based partly on the volatility used by market participants to price such options (i.e., implied volatility). Accordingly, increases in the implied volatility of such options will cause the value of such options to increase (even if the prices of the options’ underlying stocks do not change), which will result in a corresponding increase in the liabilities of the Fund under such options and thus decrease the Fund’s NAV. Index Risk. If a derivative is linked to the performance of an index, the derivative will be subject to the risks associated with changes in that index. Leveraging Risk. Derivative instruments held by the Fund involve inherent leverage, whereby small cash deposits allow the Fund to hold contracts with greater face value, which may magnify the Fund’s losses. Adverse changes in the value or level of the underlying asset, reference rate or index can result in loss of an amount substantially greater than the amount invested in the derivative. In addition, the use of leverage may cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy redemption obligations. Liquidity Risk. Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such illiquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations. Management and Strategy Risk. The value of your investment depends on the judgment of the Adviser about the value and risks associated with its credit spread strategy, including its ability to correctly analyze the impact of volatility on the underlying equity indexes. The Adviser may be incorrect in its assessment of the potential rate of return of one or more credit spreads or may incorrectly forecast the outlook for an index or the markets in general with regard to whether make a credit put spread (bullish position) or a credit call spread (bearish position). The Adviser’s proprietary techniques to monitor the Fund’s credit spreads for potential exit triggers may not work as expected, thereby increasing the risks to the Fund of maintaining these positions through expiration. Like all managers, the Adviser activities are subject to operational risks, which may adversely impact the management of the Fund. Non-Diversification Risk. The Fund is classified as “non-diversified,” which means the Fund may invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. The Fund will generally have up to 15 credit spreads at any given time, with up to 25% exposure to a single equity index credit spread. Investment in a limited number of equity indexes exposes the Fund to greater market risk and potential losses than if its assets were diversified among a greater number of indexes. 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. Regulatory Risk. Changes in the laws or regulations of the United States or other countries, including any changes to applicable tax laws and regulations, could impair the ability of the Fund to achieve its investment objective and could increase the operating expenses of the Fund. U.S. Government Securities Risk. U.S. Treasury obligations may differ in their interest rates, maturities, times of issuance and other characteristics. Obligations of U.S. Government agencies and authorities are supported by varying degrees of credit but generally are not backed by the full faith and credit of the U.S. Government. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so. In addition, the value of U.S. Government securities may be affected by changes in the credit rating of the U.S. Government. Performance <span id="xdx_904_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260625__20260625__dei--LegalEntityAxis__custom--S000083023Member_zkJqEaxxGWRi" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 return for the Fund from year to year. The table illustrates how the Fund’s average annual total returns for the 1-year and since inception periods compare with those of a broad measure of market performance. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Updated performance information will be available on the Fund’s website at www.sofi.com/invest/etfs/thta. 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.sofi.com/invest/etfs/thta <div id="xdx_A87_eoef--BarChartTableTextBlock_zUuJNVUoBFyi"></div> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A56_dU_z2Nh55iWnLWd" style="display: none; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font: 8pt Times New Roman, Times, Serif; text-align: left; width: 50%"> </td> <td style="font: 8pt Times New Roman, Times, Serif; text-align: left; width: 50%"> </td></tr> <tr> <td style="font: 8pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">2024</td> <td id="xdx_983_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000246517Member_zddzXSpLfge2" style="font: bold 7pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">7.21%</td></tr> <tr> <td style="font: 8pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">2025</td> <td id="xdx_98D_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000246517Member_zboaHoPUc0Jb" style="font: bold 7pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">-10.25%</td></tr> </table> <img alt="" src="sofisfyf485bpos062526005.jpg"/> 0.0721 -0.1025 The Fund’s year-to-date return as of March 31, 2026 was 4.49%. During the period of time shown in the bar chart, the Fund’s highest quarterly return was 4.11% for the quarter ended December 31, 2024, and the lowest quarterly return was -17.45% for the quarter ended June 30, 2025. year-to-date return 2026-03-31 0.0449 highest quarterly return 0.0411 2024-12-31 lowest quarterly return -0.1745 2025-06-30 Average Annual Total Returns For the Periods Ended December 31, 2025 <div id="xdx_A89_eoef--PerformanceTableTextBlock_zUwvEFArHB6h"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zdr7f8y4WeAb" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 74%"> </td> <td id="xdx_49A_20250101__20251231_z5SDj3MrzJHb" style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 10%; text-align: center">1 Year</td> <td style="border-top: black 1pt solid; width: 1%"> </td> <td id="xdx_493_20231114__20251231_zqDS0ZQZOAf4" style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 15%">Since Inception (11/14/2023)</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000246517Member_z3gZyTzHrSl7"> <td>Return Before Taxes</td> <td style="vertical-align: bottom; text-align: center">-10.25%</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center">-1.25%</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000246517Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z8d7R6M8zjlb"> <td>Return After Taxes on Distributions</td> <td style="vertical-align: top; text-align: center">-11.31%</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center">-4.11%</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000246517Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zBREcNoORQJ4"> <td>Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="vertical-align: top; text-align: center">6.09%</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center">-2.04%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexMember_zRlBYorrve9d"> <td style="border-bottom: Black 1pt solid">Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: Black 1pt solid; text-align: center">7.30%</td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">6.43%</td></tr> </table> 2023-11-14 -0.1025 -0.0125 -0.1131 -0.0411 0.0609 -0.0204 (reflects no deduction for fees, expenses, or taxes) 0.0730 0.0643 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 due to a capital loss that 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. 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 due to a capital loss that occurs upon redemption and provides an assumed tax deduction that benefits the investor. 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, 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 (the “1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses (collectively, the “Excluded Expenses”). The Adviser has contractually agreed to waive a portion of its Management Fees for the Fund until at least June 30, 2027, such that Management Fees do not exceed 0.05% of the Fund’s average daily net assets. This agreement may be terminated only by, or with the consent of, the Board of Trustees of Tidal Trust I (formerly, Tidal ETF Trust) (the “Trust”), on behalf of the Fund, upon sixty (60) days’ written notice to the Adviser. This Agreement may not be terminated by the Adviser without the consent of the Board of Trustees. 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, 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 (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, 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 (the “1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses (collectively, the “Excluded Expenses”). Other Expenses are attributable to interest expense and broker fee expense.