0002043390 2026-07-07 2026-07-07 0002043390 aihy:S000092485Member 2026-07-07 2026-07-07 0002043390 aihy:S000092485Member aihy:EquityMarketRiskMember 2026-07-07 2026-07-07 0002043390 aihy:S000092485Member aihy:ConcentrationRiskMember 2026-07-07 2026-07-07 0002043390 aihy:S000092485Member aihy:ArtificialIntelligenceAIInvestingRisksMember 2026-07-07 2026-07-07 0002043390 aihy:S000092485Member aihy:SemiconductorCompaniesRisksMember 2026-07-07 2026-07-07 0002043390 aihy:S000092485Member aihy:SoftwareCompaniesRiskMember 2026-07-07 2026-07-07 0002043390 aihy:S000092485Member aihy:TechnologyCompaniesRiskMember 2026-07-07 2026-07-07 0002043390 aihy:S000092485Member aihy:DepositaryReceiptRiskMember 2026-07-07 2026-07-07 0002043390 aihy:S000092485Member aihy:EconomicAndMarketRiskMember 2026-07-07 2026-07-07 0002043390 aihy:S000092485Member aihy:EtfRisksMember 2026-07-07 2026-07-07 0002043390 aihy:S000092485Member aihy:AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember 2026-07-07 2026-07-07 0002043390 aihy:S000092485Member aihy:CostsOfBuyingOrSellingSharesMember 2026-07-07 2026-07-07 0002043390 aihy:S000092485Member aihy:SharesMayTradeAtPricesOtherThanNavMember 2026-07-07 2026-07-07 0002043390 aihy:S000092485Member aihy:TradingMember 2026-07-07 2026-07-07 0002043390 aihy:S000092485Member aihy:ForeignSecuritiesRiskMember 2026-07-07 2026-07-07 0002043390 aihy:S000092485Member aihy:MarketCapitalizationRiskMember 2026-07-07 2026-07-07 0002043390 aihy:S000092485Member aihy:LargecapitalizationInvestingMember 2026-07-07 2026-07-07 0002043390 aihy:S000092485Member aihy:MidcapitalizationInvestingMember 2026-07-07 2026-07-07 0002043390 aihy:S000092485Member aihy:DerivativesRiskMember 2026-07-07 2026-07-07 0002043390 aihy:S000092485Member aihy:FuturesContractsMember 2026-07-07 2026-07-07 0002043390 aihy:S000092485Member aihy:OptionsContractsMember 2026-07-07 2026-07-07 0002043390 aihy:S000092485Member aihy:SwapAgreementsMember 2026-07-07 2026-07-07 0002043390 aihy:S000092485Member aihy:NewFundRiskMember 2026-07-07 2026-07-07 0002043390 aihy:S000092485Member oef:RiskNondiversifiedStatusMember 2026-07-07 2026-07-07 0002043390 aihy:S000092485Member aihy:OperationalRiskMember 2026-07-07 2026-07-07 0002043390 aihy:S000092485Member aihy:USGovernmentAndUSAgencyObligationsRiskMember 2026-07-07 2026-07-07 0002043390 aihy:C000260516Member 2026-07-07 2026-07-07 0002043390 aihy:S000092485Member oef:RiskLoseMoneyMember 2026-07-07 2026-07-07 iso4217:USD pure false 485BPOS 0002043390 2026-07-07 N-1A TIDAL TRUST IV 2026-07-07 Defiance AI Hyperscale Leaders ETF - FUND SUMMARY Investment Objective The Defiance AI Hyperscale Leaders ETF seeks long term capital appreciation. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. <div id="xdx_A8A_eoef--AnnualFundOperatingExpensesTableTextBlock_zLqd36y272ub"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zPTyLIQQGhVg" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td id="xdx_984_eoef--OperatingExpensesCaption_c20260707__20260707__dei--LegalEntityAxis__custom--S000092485Member_zc4ZmkRiCJi1" style="border-bottom: black 1pt solid; width: 90%; text-align: justify">Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment)  </td> <td id="xdx_49C_20260707__20260707__oef--ClassAxis__custom--C000260516Member_znPWdIHYFUJe" style="border-bottom: black 1pt solid; width: 10%; text-align: justify">(1)</td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dp_zayViODeDe9a" style="vertical-align: bottom"> <td style="text-align: justify">Management Fee  </td> <td style="text-align: right">0.75%</td></tr> <tr id="xdx_40B_eoef--DistributionAndService12b1FeesOverAssets_dpn_zT4EOW0suCda" style="vertical-align: bottom"> <td style="text-align: justify">Distribution and Service (12b-1) Fees  </td> <td style="text-align: right">None </td></tr> <tr id="xdx_409_eoef--OtherExpensesOverAssets_dp_zPzQltqLp72" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: justify">Other Expenses(2)  </td> <td style="border-bottom: black 1pt solid; text-align: right">0.02% </td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_dp_zDaG25zf14Qf" style="vertical-align: bottom"> <td style="text-align: justify">Total Annual Fund Operating Expenses  </td> <td style="border-bottom: black 2.25pt double; text-align: right">0.76% </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: 30px">(1)</td> <td style="text-align: justify">Under the Fund’s investment advisory agreement, in exchange for a single unitary management fee from the Fund, the Fund’s adviser has agreed to pay all expenses incurred by the Fund, except for its advisory fee, 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. </td></tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: justify"> </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: 30px">(2)</td> <td style="text-align: justify">Estimated for the current year. </td></tr> </table> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment)  0.0075 0 0.0002 0.0076 Estimated for the current year. 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_A86_eoef--ExpenseExampleWithRedemptionTableTextBlock_zRR1THPmFp03"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zjpGErBF3XJ7" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td id="xdx_483_eoef--ExpenseExampleYear01_zuofEQqshAP" style="border-top: black 1pt solid; width: 50%; text-align: center">1 Year</td> <td id="xdx_48F_eoef--ExpenseExampleYear03_zxZGdFfMCSFf" style="border-top: black 1pt solid; width: 50%; text-align: center">3 Years</td></tr> <tr id="xdx_413_20260707__20260707__oef--ClassAxis__custom--C000260516Member_z4hfbYQMM0pb" style="vertical-align: top"> <td style="border-bottom: black 1pt solid; text-align: center">$79</td> <td style="border-bottom: black 1pt solid; text-align: center">$246</td></tr> </table> 79 246 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. Because the Fund is newly organized, portfolio turnover information is not yet available. Principal Investment Strategies Overview The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by primarily investing (directly or indirectly) in U.S.-listed equity securities of companies that the Adviser believes are leaders in enabling, developing, or benefiting from the hyper-scaling of artificial intelligence (“AI”) computing infrastructure to efficiently train, deploy, and run complex AI models by demonstrating strong scalability, positive revenue growth and profitability, i.e., AI Hyperscale Leaders (as defined below). The Adviser seeks to identify companies that, in the Adviser’s view, are well positioned to benefit from the increasing adoption and deployment of AI technologies including companies that own and operate global AI compute infrastructure, including cloud platforms, emerging AI-native cloud providers, data center expansion, AI model deployment infrastructure, development of AI models, development of the AI ecosystem, semiconductors, AI-related software platforms, or technologies that support AI-driven applications. Under normal market conditions, the Fund will invest at least 80% of its net assets (plus borrowings for investment purposes) in a combination of equity securities issued by AI Hyperscale Leaders (defined below) or derivatives instruments that provide exposure to those securities. For purposes of compliance with this investment policy, derivative instruments will be valued at their notional value. The Fund defines “AI Hyperscale Leaders,” as companies that meet the criteria described in A, B, C, and D below: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 24px"> </td> <td style="text-align: justify; width: 24px">A.</td> <td style="text-align: justify">AI Business Activity. Companies that meet one or more of the following:</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 72px"> </td> <td style="text-align: justify; width: 24px">a.</td> <td style="text-align: justify">Derive at least 50% of their revenues from AI compute infrastructure, cloud platforms, emerging AI-native cloud providers, data center expansion, AI model deployment infrastructure, development of AI models, development of the AI ecosystem, semiconductors, AI-related software platforms, or technologies that support AI-driven applications;</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 72px"> </td> <td style="text-align: justify; width: 24px">b.</td> <td style="text-align: justify">Allocate at least 50% of their assets or capital expenditures to AI compute infrastructure, cloud platforms, emerging AI-native cloud providers, data center expansion, AI model deployment infrastructure, development of AI models, development of the AI ecosystem, semiconductors, AI-related software platforms, or technologies that support AI-driven applications; or</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 72px"> </td> <td style="text-align: justify; width: 24px">c.</td> <td style="text-align: justify">Incur at least 50% of their research and development expenditures related to AI compute infrastructure, cloud platforms, emerging AI-native cloud providers, data center expansion, AI model deployment infrastructure, development of AI models, development of the AI ecosystem, semiconductors, AI-related software platforms, or technologies that support AI-driven applications;</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 24px"> </td> <td style="text-align: justify; width: 24px">B.</td> <td style="text-align: justify">Scalability. Companies with a positive ratio of revenue growth rate to operating expense growth rate. This means that the company’s revenue must be growing at a faster rate than its operating expenses, generally indicating efficiency in scaling operations;</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 24px"> </td> <td style="text-align: justify; width: 24px">C.</td> <td style="text-align: justify">Revenue Growth: Companies with year-over-year positive annual revenue growth rate based on data from the most recently reported fiscal year end; and</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 24px"> </td> <td style="text-align: justify; width: 24px">D.</td> <td style="text-align: justify">Profitability: Companies must have a positive gross profit margin (the percentage of revenue remaining after deducting the cost of goods sold) based on data from the most recently reported fiscal quarter.</td></tr> </table> Direct/Synthetic Investments: The Fund will invest in the equity securities of AI Hyperscale Leaders, including common stocks, business trust shares, American Depositary Receipts (“ADRs”), and other equity interests, either directly or indirectly (synthetically). When investing indirectly the Fund will invest in derivative instruments, including options, swaps and futures contracts to gain economic exposure to the equity securities of AI Hyperscale Leaders when the portfolio managers believe doing so is in the best interest of the Fund based on relevant market factors. When making buys and sell decisions for the Fund, the Adviser also will also consider additional measures of profitability, financial discipline, and growth metrics to construct a portfolio of companies it believes are well-positioned for continued expansion and competitive advantage in AI-driven markets. The Fund will typically invest in a portfolio of approximately 5 to 50 companies. The Adviser will determine the portfolio weight of each company, in its discretion, after considering factors, including market capitalization, liquidity, and the Adviser’s assessment of each company’s growth potential, AI exposure, and risk profile. Fund Attributes The Fund is classified as “non-diversified,” which means it may invest a greater percentage of its assets in a smaller number of issuers than a diversified fund. The Fund will have concentrated investment exposure in companies in the artificial intelligence (AI) industry and in industries that primarily develop, deploy or operate AI-related technologies and services. Under normal market conditions, the Fund will invest at least 80% of its net assets (plus borrowings for investment purposes) in a combination of equity securities issued by AI Hyperscale Leaders (defined below) or derivatives instruments that provide exposure to those securities. The Fund may not achieve its investment objective and there is a risk that you could lose all of your money invested in the Fund. Equity Market Risk. Common stocks are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from specific issuers. The equity securities held in the Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which the Fund invests. 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. Concentration Risk. The Fund’s investment exposure will be concentrated in (or substantially exposed to) the artificial intelligence (AI) industry and in industries that primarily develop, deploy or operate AI-related technologies and services. As a result, 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. Artificial Intelligence (AI) Investing Risks. The Fund invests indirectly in companies that derive a substantial portion of their revenues or operating activities from AI-related technologies and services and, as a result, is subject to risks associated with companies in the AI industry and in industries that develop, deploy, or operate AI-related technologies and services, which may cause the Fund’s investments to be more volatile than those of more diversified funds. Companies engaged in AI and big data typically face intense competition and potentially rapid product obsolescence. These companies are also heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. There can be no assurance these companies will be able to successfully protect their intellectual property to prevent the misappropriation of their technology, or that competitors will not develop technology that is substantially similar or superior to such companies’ technology. AI and big data companies are potential targets for cyberattacks, which can have a materially adverse impact on the performance of these companies. In addition, AI technology could face increasing regulatory scrutiny in the future, which may limit the development of this technology and impede the growth of companies that develop and/or utilize this technology. Similarly, the collection of data from consumers and other sources could face increased scrutiny as regulators consider how the data is collected, stored, safeguarded and used. AI and big data companies may face regulatory fines and penalties, including potential forced break-ups, that could hinder the ability of the companies to operate on an ongoing basis. The customers and/or suppliers of AI and big data companies may be concentrated in a particular country, region or industry. Any adverse event affecting one of these countries, regions or industries could have a negative impact on AI and big data companies. Country, government, and/or region-specific regulations or restrictions could have an impact on AI and big data companies. The markets and use cases for products with AI capabilities have been rapidly evolving, are difficult to predict, and may impact demand for products, sales cycles, ability to forecast results from sales of these products, and the preferences of customers and potential customers. The significant investments Target Portfolio companies have made to develop products and software to address what it believes will be increasing demand for AI capabilities may be insufficient, and the company may face significant hurdles, including whether demand will materialize, whether third-party software providers will develop functionality that allows their software to utilize the AI capabilities of Target Portfolio companies’ products, and whether such companies will be successful in developing, pricing, and packaging products that can compete with offerings by competitors. Additionally, use of AI technology in general may subject us to reputational, financial, legal, or regulatory risks. Semiconductor Companies Risks. Competitive pressures may have a significant effect on the financial condition of semiconductor companies and, as product cycles shorten and manufacturing capacity increases, these companies may become increasingly subject to aggressive pricing, which hampers profitability. Reduced demand for end-user products, under-utilization of manufacturing capacity, and other factors could adversely impact the operating results of companies in the semiconductor sector. Semiconductor companies typically face high capital costs and may be heavily dependent on intellectual property rights. The semiconductor sector is highly cyclical, which may cause the operating results of many semiconductor companies to vary significantly. The stock prices of companies in the semiconductor sector have been and likely will continue to be extremely volatile. Software Companies Risk. The software companies can be significantly affected by intense competition, aggressive pricing, technological innovations, and product obsolescence. Companies in the software industry are subject to significant competitive pressures, such as aggressive pricing, new market entrants, competition for market share, short product cycles due to an accelerated rate of technological developments and the potential for limited earnings and/or falling profit margins. These companies also face the risks that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. These factors can affect the profitability of these companies and, as a result, the value of their securities. Also, patent protection is integral to the success of many companies in this industry, and profitability can be affected materially by, among other things, the cost of obtaining (or failing to obtain) patent approvals, the cost of litigating patent infringement and the loss of patent protection for products (which significantly increases pricing pressures and can materially reduce profitability with respect to such products). In addition, many software companies have limited operating histories. Prices of these companies’ securities historically have been more volatile than other securities, especially over the short term. Technology Companies Risk. Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a major 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. Technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel. Depositary Receipt Risk. Depositary receipts involve risks similar to those associated with investments in foreign securities (see Foreign Securities Risk below) and certain additional risks. Depositary receipts listed on U.S. exchanges are issued by banks or trust companies and entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares (“Underlying Shares”). When the Fund invests in depositary receipts as a substitute for an investment directly in the Underlying Shares, the Fund is exposed to the risk that the depositary receipts may not provide a return that corresponds precisely with that of the Underlying Shares. Economic and 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), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets. ETF Risks <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zL6AaLqq6pT2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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. 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. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zEPwbncNk9re" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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. Trading. Although Shares are listed on a national securities exchange, such as The Nasdaq Stock Market, LLC (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active trading market for the Shares will develop or be maintained or that the 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. Shares trade on the Exchange at market price that may be below, at or above the Fund’s NAV. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable. In addition, trading in Shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. As a result, the Fund could be adversely affected and be unable to implement its investment strategies in the event of an unscheduled closing. Foreign Securities Risk. Investments in securities or other instruments of non-U.S. issuers, even when made through ADRs, involve certain risks not involved in domestic investments and may experience more rapid and extreme changes in value than investments in securities of U.S. companies. Financial markets in foreign countries often are not as developed, efficient, or liquid as financial markets in the United States, and therefore, the prices of non-U.S. securities and instruments can be more volatile. In addition, the Fund will be subject to risks associated with adverse political and economic developments in foreign countries, which may include the imposition of economic sanctions. Exposure to issuers in emerging markets can have more risk than investing in developed foreign markets. Governments of developing and emerging market countries may be more unstable as compared to more developed countries.  Market Capitalization Risk <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargecapitalizationInvestingMember_z5mA37YW5z6j"></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: 30px"> </td> <td style="width: 30px">●</td> <td> 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_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidcapitalizationInvestingMember_zVQ5qmLNVsw1"></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: 30px"> </td> <td style="width: 30px">●</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> Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of the underlying asset and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. In addition, the Fund’s investments in derivatives are subject to the following risks: Futures Contracts. Risks of futures contracts include: (i) an imperfect correlation between the value of the futures contract and the underlying asset; (ii) possible lack of a liquid secondary market; (iii) the inability to close a futures contract when desired; (iv) losses caused by unanticipated market movements, which may be unlimited; (v) an obligation for the Fund to make daily cash payments to maintain its required margin, particularly at times when the Fund may have insufficient cash; and (vi) unfavorable execution prices from rapid selling. Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. Swap Agreements. Swap agreements involve the risk that the party with whom the Fund has entered into the swap will default on its obligation to pay the Fund. Additionally, certain unexpected market events or significant adverse market movements could result in the Fund not holding enough assets to be able to meet its obligations under the agreement. Such occurrences may negatively impact the Fund’s ability to implement its principal investment strategies and could result in losses to the Fund. New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions. Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio. Operational Risk. The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund, Adviser, and Sub-Advisers seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks. U.S. Government and U.S. Agency Obligations Risk. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so. Performance Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of the Index and a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. Updated performance information will be available on the Fund’s website at www.defianceetfs.com. Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of the Index and a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. www.defianceetfs.com Under the Fund’s investment advisory agreement, in exchange for a single unitary management fee from the Fund, the Fund’s adviser has agreed to pay all expenses incurred by the Fund, except for its advisory fee, 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. Estimated for the current year.