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Total return consists of current income and capital appreciation. Fees and Expenses of the Fund <p id="xdx_A8F_eoef--ExpenseNarrativeTextBlock_zm7MFCldKe3i" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 55.96px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; break-after: avoid">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. Annual Fund Operating Expenses¹ (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A8C_eoef--AnnualFundOperatingExpensesTableTextBlock_zTz42eCQAc96"></div> <table id="xdx_A53_dU_zJgpsdp2N0Lb" style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; visibility: hidden; box-sizing: border-box; height: auto; line-height: normal"> <td style="box-sizing: border-box; height: auto; line-height: normal"> </td> <td id="xdx_49C_20260727__20260727__oef--ClassAxis__custom--C000264870Member_zOL2fSuTrhM8" style="box-sizing: border-box; height: auto; line-height: normal"> ¹</td> </tr> <tr id="xdx_40C_eoef--ManagementFeesOverAssets_dp_zbXYD0Y8Aj3c" style="box-sizing: border-box; height: auto; line-height: normal"> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left">Management Fee </div> </td> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right">0.25%</div> </td> </tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_z8LyirgsOJa4" style="box-sizing: border-box; height: auto; line-height: normal"> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left">Distribution and Service (12b-1) Fees </div> </td> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right">None</div> </td> </tr> <tr id="xdx_403_eoef--OtherExpensesOverAssets_dp_zeHvGYuJfxo7" style="box-sizing: border-box; height: auto; line-height: normal"> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left">Other Expenses²</div> </td> <td style="box-sizing: border-box; height: auto; line-height: normal; border-bottom-style: solid; border-bottom-width: 0.5pt"> <div id="xdx_98C_eoef--OtherExpensesOverAssets_dp_c20260727__20260727__oef--ClassAxis__custom--C000264870Member_fJiMxNzg7_zyBEBBwTECGj" style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right">0.00%</div> </td> </tr> <tr id="xdx_406_eoef--ExpensesOverAssets_dp_zpjx3oxrqeRa" style="box-sizing: border-box; height: auto; line-height: normal"> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left">Total Annual Fund Operating Expenses </div> </td> <td style="box-sizing: border-box; height: auto; line-height: normal; border-bottom-style: double; border-bottom-width: 3pt"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right">0.25%</div> </td> </tr> </table> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; box-sizing: border-box; text-align-last: auto; color: #000; text-align: justify; text-indent: 0"> <table cellpadding="0" cellspacing="0" style="font: 10pt/1.4 Times New Roman,Times,serif; color: #000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td id="xdx_F06_znUQsawvFvV1" style="width: 15pt; text-align: right">¹</td> <td style="width: 5pt"></td> <td id="xdx_F1D_zw3x8nfT4Gg" style="text-align: justify">The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), will pay, or require a sub-adviser 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, as amended (the “1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses (“Excluded Expenses”).</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt/1.4 Times New Roman,Times,serif; color: #000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td id="xdx_F09_zEurrMsRUE02" style="width: 15pt; text-align: right">²</td> <td style="width: 5pt"></td> <td id="xdx_F13_z4on0xgD9sFi" style="text-align: justify">Estimated for the current year.</td> </tr> </table> </div> </div> 0.0025 0 0.0000 0.0000 0.0025 Estimated for the current year. Expense Example <p id="xdx_A8A_eoef--ExpenseExampleNarrativeTextBlock_zkmEkdtV2rh9" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 93.28px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">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_A83_eoef--ExpenseExampleWithRedemptionTableTextBlock_zA9V40S6ywJ"></div> <table id="xdx_A5B_dU_zvWWFdbUrACa" style="box-sizing: border-box; width: 100%; table-layout: auto; margin-bottom: 8pt; border-collapse: collapse; line-height: normal" summary="xdx: Disclosure - Expense Example"> <tr style="box-sizing: border-box; height: auto; vertical-align: bottom; line-height: normal"> <th id="xdx_486_eoef--ExpenseExampleYear01_zreybmA83dQ3" style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 8pt Times New Roman; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; font-weight: 700; text-indent: 0; text-align: center">1 Year</div> </th> <th id="xdx_487_eoef--ExpenseExampleYear03_z5SRUWiAytsk" style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 8pt Times New Roman; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; font-weight: 700; text-indent: 0; text-align: center">3 Years</div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 8pt Times New Roman; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; font-weight: 700; text-indent: 0; text-align: center"></div> </th> </tr> <tr id="xdx_41B_20260727__20260727__oef--ClassAxis__custom--C000264870Member_zaBj3qAYTUp7" style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center">$26</div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center">$80</div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"></div> </td> </tr> </table> 26 80 Portfolio Turnover <p id="xdx_A8E_eoef--PortfolioTurnoverTextBlock_zFUkBE9KNe23" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 93.28px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">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 period from November 18, 2025 (commencement of operations) to March 31, 2026, the Fund’s portfolio turnover rate was 194% of the average value of its portfolio. 1.94 Principal Investment Strategies <p id="xdx_A80_eoef--StrategyNarrativeTextBlock_gRBSNTB-JBGHO_zX0ZVtIvvYIl" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: justify; display: block; min-height: 74.62px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">The Fund is an actively-managed exchange-traded fund (“ETF”) that seeks total return consisting of current income and capital appreciation. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in a portfolio of bonds and/or derivative instruments having economic characteristics similar to bonds. For purposes of this 80% policy, “bonds” includes, bonds, debentures, notes, commercial paper, corporate debt, asset- and mortgage- <p style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; counter-increment: unset; counter-reset: unset; display: block; min-height: 130.59px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">backed securities, collateralized loan obligations, collateralized mortgage obligations, bank certificates of deposit, fixed time deposits, bankers’ acceptances, to be announced (“TBA”) securities, municipal securities and money market instruments, including money market funds denominated in U.S. dollars, and other fixed income and income-producing debt instruments issued or guaranteed by U.S. and foreign (non-U.S.) (including those located in emerging market countries) governmental or private-sector entities. The Fund may also invest in U.S. dollar denominated inflation-indexed bonds of varying maturities issued by the U.S. and foreign (non-U.S.) (including those located in emerging market countries) governments, their agencies and instrumentalities, and U.S. and foreign (non-U.S.) (including those located in emerging market countries) corporations. <p style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 74.62px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">The Fund invests primarily in investment grade debt instruments, which may include corporate bonds, government bonds, and mortgage-related bonds. Investment grade refers to a rating given by one or more nationally recognized statistical rating organizations (“NRSROs”) (e.g., rated Baa3 or above by Moody’s Ratings (“Moody’s”), or BBB- or above by S&P Global Ratings (“S&P”) or Fitch Ratings, Inc. (“Fitch”)) or, if unrated, determined by the Sub-Adviser (defined below) to be of comparable quality. <p style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 167.9px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">The dollar-weighted average duration of the Fund will generally range between three (3) and ten (10) years. Duration is a commonly used measure of risk in debt instruments as it incorporates multiple features of debt instruments (e.g., yield, coupon, maturity, etc.) into one number. Duration is a measure of sensitivity of the price of a debt instrument to a change in interest rates. Duration is the weighted average time it takes to receive each bond’s interest payments and final return of principal, with weights based on the present value of each bond’s cash flows (i.e., future payments are discounted to account for the potential risk of such payments not being received or being worth less when received due to inflation). Duration is expressed as a number of years. The bigger the duration number, the greater the interest rate risk or reward for the debt instrument prices. For example, the price of a bond with an average duration of five (5) years would be expected to fall approximately 5% if market interest rates rose by 1%. Conversely, the price of a bond with an average duration of five (5) years would be expected to rise approximately 5% if market interest rates dropped by 1%. <p style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 55.96px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">The Fund may purchase or sell securities on a delayed delivery or forward commitment basis through the TBA market. With TBA transactions, the particular securities to be delivered are not identified at the trade date but the delivered securities must meet specified terms and standards. <p style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 74.62px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">The Fund may seek to obtain exposure to the securities in which it invests by entering into a series of purchase and sale contracts or through other investment techniques such as buy backs and dollar rolls, when the Sub-Adviser considers the opportunity to be economically favorable for the Fund. Buy backs and dollar rolls involve selling securities and simultaneously entering into a commitment to purchase those or similar securities on a specified future date and price from the same party. <p style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 55.96px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">The Fund may also invest in derivative instruments, including options, futures, and swaps (including interest rate swaps, total return swaps, and credit default swaps), as a substitute for taking a position in an underlying asset, to make tactical asset allocations, to hedge against market risk, to seek to enhance returns, and/or assist in managing cash. <p style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 74.62px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">The Fund’s sub-adviser, Voya Investment Management Co. LLC (the “Sub-Adviser”), believes that relationships between the drivers of debt instrument returns evolve over time, and that recognizing these shifts is essential to effective portfolio management. Accordingly, the Sub-Adviser employs a dynamic investment process that balances top-down macroeconomic insights with bottom-up fundamental analysis across key portfolio dimensions—sector allocation, security selection, duration, and yield curve positioning. <p style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 130.59px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">This process is supported by proprietary qualitative research and quantitative tools, including internal investment models and scenario-based risk analytics. Before making investment decisions, the team evaluates a range of factors including issuer creditworthiness, sector and collateral quality, market liquidity, and relative value. The process incorporates both fundamental and quantitative analysis, scenario and stress testing, and ongoing risk management to ensure each security aligns with the Fund’s objectives and risk profile. Investment decisions are informed by data from embedded sector analysts, independent cross-sector research, and market-based inputs, enabling the Sub-Adviser to identify relative value opportunities and construct portfolios aligned with changing market conditions. <p style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 167.9px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; break-inside: avoid">In evaluating investments for the Fund, the Sub-Adviser takes into account a wide variety of factors and considerations to determine whether any or all of those factors or considerations might have a material effect on the value, risks, or prospects of an investment. Among the factors considered, the Sub-Adviser expects typically to take into account environmental, social, and governance (“ESG”) factors to determine whether one or more factors may have a material effect. In considering ESG factors, the Sub-Adviser intends to rely primarily on factors identified through its proprietary empirical research and on third-party evaluations of an issuer’s ESG standing. Third-party evaluations may be provided by firms that provide broad rating services, as well as firms specializing in ESG ratings. ESG factors will be only one of many considerations in the Sub-Adviser’s evaluation of any potential investment; the extent to which ESG factors will affect the Sub-Adviser’s decision to invest in an issuer, if at all, will depend on the analysis and judgment of the Sub-Adviser. <p style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 37.31px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">The Sub-Adviser may determine to sell portfolio securities to seek to secure gains, limit losses, or redeploy assets into opportunities the Sub-Adviser believes may prove more promising. The Fund’s strategy is expected to result in a high annual portfolio turnover rate. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in a portfolio of bonds and/or derivative instruments having economic characteristics similar to bonds. 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. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestRatesRiskMember_z1EXA2Uz0jq8" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 111.93px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Interest Rate Risk. Generally, the value of fixed income securities will change inversely with changes in interest rates. As interest rates rise, the market value of fixed income securities tends to decrease. Conversely, as interest rates fall, the market value of fixed income securities tends to increase. This risk will be greater for long-term securities than for short-term securities. In addition, the interest rates payable on floating rate securities are not fixed and may fluctuate based upon changes in market rates. The interest rate on a floating rate security is a variable rate which is tied to another interest rate. Floating rate securities are subject to interest rate risk and credit risk. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditsRiskMember_ze6en1mxVVwh" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 111.93px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Credit Risk. Bonds are subject to credit risk. Credit risk refers to the possibility that the issuer or guarantor of a security will be unable and/or unwilling to make timely interest payments and/or repay the principal on its debt or to otherwise honor its obligations and/or default completely. Bonds are subject to varying degrees of credit risk, depending on the issuer’s financial condition and on the terms of the securities, which may be reflected in credit ratings. There is a possibility that the credit rating of a bond may be downgraded after purchase or the perception of an issuer’s credit worthiness may decline, which may adversely affect the value of the security. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--BuyBackAndDollarRollRiskMember_zM0125BvOve" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 93.28px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Buy Back and Dollar Roll Risk. Similar to borrowing, buy back and dollar roll transactions are agreements that provide the Fund with cash for investment purposes, which creates leverage and subjects the Fund to the risks of leverage. These transactions also involve the risk that the other party may fail to return the comparable securities in a timely manner or at all. The Fund could lose money if it is unable to recover the securities and/or if the value of collateral held by the Fund, including the value of the investments made with cash collateral, is less than the value of the securities. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--DurationRiskMember_zbC5Hg5NCh0b" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 55.96px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Duration Risk. Duration is a measure of the price sensitivity of a debt security or portfolio to interest rate changes. Duration risk is the risk that longer-duration debt securities will be more volatile and thus more likely to decline in price, and to a greater extent, in a rising interest rate environment than shorter-duration debt securities. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrepaymentAndExtensionRiskMember_zdYja4UH68Dg" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 149.25px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Prepayment and Extension Risk. Many types of debt instruments are subject to prepayment and extension risk. Prepayment risk is the risk that the issuer of a debt instrument will pay back the principal earlier than expected. This risk is heightened in a falling market interest rate environment. Prepayment may expose the Fund to a lower rate of return upon reinvestment of principal. Also, if a debt instrument subject to prepayment has been purchased at a premium, the value of the premium would be lost in the event of prepayment. Extension risk is the risk that the issuer of a debt instrument will pay back the principal later than expected. This risk is heightened in a rising market interest rate environment. This may negatively affect performance, as the value of the debt instrument decreases when principal payments are made later than expected. Additionally, the Fund may be prevented from investing proceeds it would have received at a given time at the higher prevailing interest rates. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CallRiskMember_z2GDl2bfB26e" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 74.62px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Call Risk. The Fund may invest in callable bonds. If interest rates fall, it is possible that issuers of callable securities will “call” (or prepay) their bonds before their maturity date. If a call were exercised by the issuer during or following a period of declining interest rates, the Fund is likely to have to replace such called security with a lower yielding security or securities with greater risks or other less favorable features. If that were to happen, it would decrease the Fund’s net investment income. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zJBNBhIz5Ikj" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 186.56px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Derivatives Risk. The Fund’s derivative investments have risks, including the imperfect correlation between the value of such instruments and the underlying assets or index; the loss of principal, including the potential loss of amounts greater than the initial amount invested in the derivative instrument; the possible default of the other party to the transaction; and illiquidity of the derivative investments. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, the Fund may experience significant delays in obtaining any recovery under the derivative contract in a bankruptcy or other reorganization proceeding. The derivatives used by the Fund may give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of loss. Certain of the Fund’s transactions in derivatives could also affect the amount, timing, and character of distributions to shareholders, which may result in the Fund realizing more short-term capital gain and ordinary income subject to tax at ordinary income tax rates than it would if it did not engage in such transactions, which may adversely impact the Fund’s after-tax returns. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--FuturesRisksMember_zhtCSdGlYjdh" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 8pt 31pt; text-align-last: auto; display: block; min-height: 205.21px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: -16pt">● Futures Risks. 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. Unlike equities, which typically entitle the holder to a continuing stake in a corporation, futures contracts normally specify a certain date for settlement in cash based on the reference asset. As the futures contracts approach expiration, they may be replaced by similar contracts that have a later expiration. This process is referred to as “rolling.” If the market for these contracts is in “contango,” meaning that the prices of futures contracts in the nearer months are lower than the price of contracts in the distant months, the sale of the near-term month contract would be at a lower price than the longer-term contract, resulting in a cost to “roll” the futures contract. The actual realization of a potential roll cost will be dependent upon the difference in price of the near and distant contract. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsRisksMember_z3PqCRlquB49" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 8pt 31pt; text-align-last: auto; display: block; min-height: 223.87px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: -16pt">● Options Risks. 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. The value of the options contracts in which it invests are substantially influenced by the value of the underlying asset. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. If the Fund sells an option, it sells to another person the right to buy from or sell to the Fund (i.e., “call” or “put,” respectively) a specific amount of the underlying asset at an agreed-upon price, typically in exchange for a premium received by the Fund. A decision as to whether, when and how to use options involves the exercise of skill and judgment and even a well-conceived option transaction may be unsuccessful because of market behavior or unexpected events. The prices of options can be highly volatile, and the use of options can lower total returns. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapsRisksMember_zLd44zLCi2Hb" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 8pt 31pt; text-align-last: auto; display: block; min-height: 242.53px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: -16pt; break-inside: avoid"> ● Swaps Risks. Swaps are entered into primarily with major global financial institutions for specified periods. The swaps in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivatives instruments. The Fund’s swap agreements are subject to mandatory clearing, which means they must be transacted through a futures commission merchant and cleared through a clearinghouse that serves as a central counterparty. Swaps involve the risk that the party with whom the Fund has entered into the swap will default on its obligation to pay the Fund. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a swap due to financial difficulties, the Fund may experience significant delays in obtaining any recovery under the swap in a bankruptcy or other reorganization proceeding. This risk is heightened with respect to OTC instruments. Other risks include the inability to close out a position because the trading market becomes illiquid (particularly in the OTC markets) or the availability of counterparties becomes limited for a period of time. Certain of the Fund’s transactions in swaps could also affect the amount, timing, and character of distributions to shareholders, which may result in the Fund realizing more short-term capital gain and ordinary income subject to tax at ordinary income tax rates than it would if it did not engage in such transactions, which may adversely impact the Fund’s after-tax returns. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditDefaultSwapsRiskMember_zFEepndJQ7Sc" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 8pt 31pt; text-align-last: auto; display: block; min-height: 130.59px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: -16pt">● Credit Default Swaps Risk. The Fund may enter into credit default swap agreements, credit default index swap agreements, and similar agreements as a “buyer” or “seller” of credit protection. Credit default swap agreements involve special risks because they may be difficult to value, are highly susceptible to liquidity and credit risk, and generally pay a return to the party that has paid the premium only in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty). As a seller of a credit default swap, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the full notional value of the swap. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zrpObLgfLFcf" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 93.28px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund and the Fund may be unable to recover its investment from such counterparty or may obtain a limited and/or delayed recovery. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--MunicipalSecuritiesRiskMember_zse3N3ZQk1T3" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 149.25px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Municipal Securities Risk. Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest or otherwise affect the value of such securities. Certain municipalities may have difficulty meeting their obligations due to, among other reasons, changes in underlying demographics. Municipal securities can be significantly affected by political changes as well as uncertainties in the municipal market related to government regulation, taxation, legislative changes or the rights of municipal security holders. Because many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation, utilities and water and sewer, conditions in those sectors can affect the overall municipal market. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--BankInstrumentsRiskMember_zcnglmBYt7He" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 186.56px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Bank Instruments Risk. Bank instruments include certificates of deposit, fixed time deposits, bankers’ acceptances, and other debt and deposit-type obligations issued by banks. Changes in economic, regulatory, or political conditions, or other events that affect the banking industry may have an adverse effect on bank instruments or banking institutions that serve as counterparties in transactions with the Fund. In the event of a bank insolvency or failure, the Fund may be considered a general creditor of the bank, and it might lose some or all of the funds deposited with the bank. Even where it is recognized that a bank might be in danger of insolvency or failure, the Fund might not be able to withdraw or transfer its money from the bank in time to avoid any adverse effects of the insolvency or failure. Volatility in the banking system may impact the viability of banking and financial services institutions. In the event of failure of any of the financial institutions where the Fund maintains its cash and cash equivalents, there can be no assurance that the Fund would be able to access uninsured funds in a timely manner or at all and the Fund may incur losses. Any such event could adversely affect the business, liquidity, financial position and performance of the Fund. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CollateralizedLoanObligationsAndOtherCollateralizedObligationsRiskMember_gRBRTB-XKZM_zYlNe5Fm0YW1" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: justify; display: block; min-height: 74.62px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Collateralized Loan Obligations and Other Collateralized Obligations Risk. A collateralized loan obligation (“CLO”) is an obligation of a trust or other special purpose vehicle typically collateralized by a pool of loans, which may include senior secured and unsecured loans and subordinate corporate loans, including loans that may be rated below investment grade, or equivalent unrated loans. CLOs may incur management fees and administration fees. The risks of investing in a CLO depend largely on the type of the <p style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; counter-increment: unset; counter-reset: unset; display: block; min-height: 74.62px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">collateral held in the CLO portfolio and the tranche of securities in which the Fund may invest, and can generally be summarized as a combination of economic risks of the underlying loans combined with the risks associated with the CLO structure governing the priority of payments, and include interest rate risk, credit risk, liquidity risk, prepayment and extension risk, and the risk of default of the underlying asset, among others. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--SovereignDebtRiskMember_zR5ntHHRVbrl" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 130.59px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Sovereign Debt Risk. The Fund may invest in, or have exposure to, sovereign debt instruments. These investments are subject to the risk that a governmental entity may delay or refuse to pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of the governmental entity’s debt position in relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies. If a governmental entity defaults, it may ask for more time in which to pay or for further loans. There is no legal process for collecting sovereign debt that a government does not pay nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignNonUSInvestmentsDevelopingandEmergingMarketsRiskMember_zix9RwmKfLJh" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 167.9px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Foreign (Non-U.S.) Investments/Developing and Emerging Markets Risk. Investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies due, in part, to: smaller markets; differing reporting, accounting, auditing and financial reporting standards and practices; nationalization, expropriation, or confiscatory taxation; foreign currency fluctuations, currency blockage, or replacement; potential for default on sovereign debt; and political changes or diplomatic developments, which may include the imposition of economic sanctions (or the threat of new or modified sanctions) or other measures by the U.S. or other governments and supranational organizations. Markets and economies throughout the world are becoming increasingly interconnected, and conditions or events in one market, country or region may adversely impact investments or issuers in another market, country or region. Foreign (non-U.S.) investment risks may be greater in developing and emerging markets than in developed markets. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--InflationindexedBondsRiskMember_zR6fqlcHtTR6" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 111.93px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Inflation-Indexed Bonds Risk. If the index measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted downward, and consequently, the interest payable on these bonds (calculated with respect to a smaller principal amount) will be reduced. In addition, inflation-indexed bonds are subject to the usual risks associated with debt instruments, such as interest rate and credit risk. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--MortgageandorAssetBackedSecuritiesRiskMember_zrETzhgPuQf6" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 93.28px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Mortgage- and/or Asset-Backed Securities Risk. Defaults on, or low credit quality or liquidity of, the underlying assets of the asset-backed (including mortgage-backed) securities may impair the value of these securities and result in losses. There may be limitations on the enforceability of any security interest or collateral granted with respect to those underlying assets, and the value of collateral may not satisfy the obligation upon default. These securities also present a higher degree of prepayment and extension risk and interest rate risk than do other types of debt instruments. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--StructuredNotesRiskMember_z0b2xtK2i4H1" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 93.28px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Structured Notes Risk. Structured notes are investments, the interest rate or principal of which is linked to currencies, interest rates, commodities, indices, or other financial indicators (each, a “reference instrument”). Structured notes may entail a greater degree of market risk than other types of debt instruments because the investor also bears the risk of the reference instrument. Structured notes may be more volatile, less liquid, and more difficult to accurately price than less complex securities and other types of debt instruments. In addition, structured notes are subject to other risks, including interest rate risk, credit risk, and liquidity risk. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TbaRiskMember_z9TByvrWwo5k" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 74.62px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">TBA Risk. In the TBA market, the seller agrees to deliver the mortgage-backed securities for an agreed-upon price on an agreed upon date, but makes no guarantee as to which or how many securities are to be delivered. The Fund relies on the seller to complete the transaction, and the seller’s failure to do so may cause the Fund to miss a price or yield considered advantageous to the Fund. In addition, the Fund bears the risk of loss in the event of the default or bankruptcy of the seller. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ModelsAndDataRiskMember_zjlfOYkXyIA" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 74.62px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Models and Data Risk. The composition of the Fund’s portfolio is dependent on proprietary investment 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 Fund’s portfolio that would have been excluded or included had the Models and Data been correct and complete. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EnvironmentalSocialAndGovernanceRiskMember_znTQ977LGnh8" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 186.56px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Environmental, Social, and Governance Risk. The Sub-Adviser’s consideration of ESG factors in selecting investments for the Fund is based on information that is not standardized, some of which can be qualitative and subjective by nature. The Sub-Adviser’s assessment of ESG factors in respect of obligations of an issuer may rely on third-party data that might be incorrect or based on incomplete or inaccurate information. There is no minimum percentage of the Fund’s assets that will be invested in obligations of issuers that the Sub-Adviser views favorably in light of ESG factors, and the Sub-Adviser may choose not to invest in obligations of issuers that compare favorably to obligations of other issuers on the basis of ESG factors. It is possible that the Fund will have less exposure to obligations of certain issuers due to the Sub-Adviser’s assessment of ESG factors than other comparable ETFs. There can be no assurance that an investment selected by the Sub-Adviser, which includes its consideration of ESG factors, will provide more favorable investment performance than another potential investment, and such an investment may, in fact, underperform other potential investments. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_zT4kLFNnxLp4" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 205.21px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">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. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zrTIHXW0bhM" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; break-after: avoid">ETF Risks. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_ztroJng6Gg4i" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 8pt 16pt; text-align-last: auto; display: block; min-height: 130.59px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">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. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zm3RbtlptwT8" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 8pt 16pt; text-align-last: auto; display: block; min-height: 167.9px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">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., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. The costs associated with cash redemptions may include brokerage costs that the Fund may not have incurred if it had made the redemptions in-kind. These costs could be imposed on the Fund, decreasing its NAV, to the extent these costs are not offset by a transaction fee payable by an authorized participant. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zeofGq1DOzgh" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 8pt 16pt; text-align-last: auto; display: block; min-height: 55.96px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">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_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_gRBRTB-AREZ_zsUZp1RfrAAd" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 8pt 16pt; text-align-last: justify; display: block; min-height: 74.62px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">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 <p style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 8pt 16pt; text-align-last: auto; counter-increment: unset; counter-reset: unset; display: block; min-height: 37.31px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">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. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zVEvf4cuSr2l" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 8pt 16pt; text-align-last: auto; display: block; min-height: 167.9px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">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 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 a 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. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_z4SNpR1TdJV3" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 55.96px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">High Portfolio Turnover Risk. The Fund may actively and frequently trade a significant portion of the Fund’s holdings. 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. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--InflationRiskMember_zy6Orwf7XGX2" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 37.31px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeveragingRiskMember_zuC5AOF1paV8" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 55.96px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Leveraging Risk. The Fund is subject to the risk that certain transactions of the Fund (e.g., buy back and dollar roll transactions), may give rise to leverage, magnifying gains and losses and causing the Fund to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zOZC8F2zdtKj" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 93.28px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Liquidity Risk. The Fund is subject to the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell illiquid investments at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zjA0fzOymG8j" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 37.31px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Management Risk. The Fund is actively-managed and may not meet its investment objective based on the Adviser or Sub-Adviser’s success or failure to implement investment strategies for the Fund. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewerFundRiskMember_zGOEGSJt2PW9" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 55.96px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; break-inside: avoid">Newer Fund Risk. The Fund is a recently organized management investment company with limited operating history. As a result, prospective investors have a limited track record or history on which to base their investment decisions. There can be no assurance that the Fund will maintain an economically viable size. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zdRUydeD8A5g" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 111.93px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">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-Adviser seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentandUSAgencyObligationsRiskMember_zgT0V310ke1f" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 149.25px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">U.S. Government and U.S. Agency Obligations Risk. The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. 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 <p id="xdx_A85_eoef--PerformanceNarrativeTextBlock_zzcJ9giDBXhh" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 111.93px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">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 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 is available on the Fund’s website at www.voyaetfs.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 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.voyaetfs.com Voya Multi-Sector Income ETF - FUND SUMMARY Investment Objective The Fund’s investment objective is to seek high levels of current income with a secondary objective of long-term capital appreciation. Fees and Expenses of the Fund <p id="xdx_A8E_eoef--ExpenseNarrativeTextBlock_zgkmhzsBQDVj" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 55.96px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; break-after: avoid">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. Annual Fund Operating Expenses¹ (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A82_eoef--AnnualFundOperatingExpensesTableTextBlock_zn2G4HdUVjq1"></div> <table id="xdx_A5A_dU_zqfRnVMsGu0j" style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; visibility: hidden; box-sizing: border-box; height: auto; line-height: normal"> <td style="box-sizing: border-box; height: auto; line-height: normal"> </td> <td id="xdx_496_20260727__20260727__oef--ClassAxis__custom--C000264871Member_zupv69hpZqVc" style="box-sizing: border-box; height: auto; line-height: normal"> ¹</td> </tr> <tr id="xdx_40C_eoef--ManagementFeesOverAssets_dp_zKmA30beNlq5" style="box-sizing: border-box; height: auto; line-height: normal"> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left">Management Fee </div> </td> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right">0.45%</div> </td> </tr> <tr id="xdx_405_eoef--DistributionAndService12b1FeesOverAssets_dpn_zfX03JZ9apg5" style="box-sizing: border-box; height: auto; line-height: normal"> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left">Distribution and Service (12b-1) Fees </div> </td> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right">None</div> </td> </tr> <tr id="xdx_403_eoef--OtherExpensesOverAssets_dp_zrAMrMyfhjnk" style="box-sizing: border-box; height: auto; line-height: normal"> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left">Other Expenses²</div> </td> <td style="box-sizing: border-box; height: auto; line-height: normal; border-bottom-style: solid; border-bottom-width: 0.5pt"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right">0.00%</div> </td> </tr> <tr id="xdx_406_eoef--ExpensesOverAssets_dp_zquHFzqhykUb" style="box-sizing: border-box; height: auto; line-height: normal"> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left">Total Annual Fund Operating Expenses </div> </td> <td style="box-sizing: border-box; height: auto; line-height: normal; border-bottom-style: double; border-bottom-width: 3pt"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right">0.45%</div> </td> </tr> </table> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; box-sizing: border-box; text-align-last: auto; color: #000; text-align: justify; text-indent: 0"> <table cellpadding="0" cellspacing="0" style="font: 10pt/1.4 Times New Roman,Times,serif; color: #000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td id="xdx_F02_zVW0MYKaTyX1" style="width: 15pt; text-align: right">¹</td> <td style="width: 5pt"></td> <td id="xdx_F1E_zQPlxOdWK0Zh" style="text-align: justify">The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”) will pay, or require a sub-adviser 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, as amended (the “1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses (“Excluded Expenses”).</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt/1.4 Times New Roman,Times,serif; color: #000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td id="xdx_F05_zXXtSiHNeFq4" style="width: 15pt; text-align: right">²</td> <td style="width: 5pt"></td> <td id="xdx_F15_zjfMzrL1dCR1" style="text-align: justify">Estimated for the current year.</td> </tr> </table> </div> </div> 0.0045 0 0.0000 0.0045 Estimated for the current year. Expense Example <p id="xdx_A87_eoef--ExpenseExampleNarrativeTextBlock_zJgK62ALh7Hi" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 93.28px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">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_A89_eoef--ExpenseExampleWithRedemptionTableTextBlock_zmyeKlzMSSqb"></div> <table id="xdx_A50_dU_zkavI08nuzf1" style="box-sizing: border-box; width: 100%; table-layout: auto; margin-bottom: 8pt; border-collapse: collapse; line-height: normal" summary="xdx: Disclosure - Expense Example"> <tr style="box-sizing: border-box; height: auto; vertical-align: bottom; line-height: normal"> <th id="xdx_48E_eoef--ExpenseExampleYear01_zrYhaobly183" style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 8pt Times New Roman; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; font-weight: 700; text-indent: 0; text-align: center">1 Year</div> </th> <th id="xdx_487_eoef--ExpenseExampleYear03_zfhYBGxHytHe" style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 8pt Times New Roman; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; font-weight: 700; text-indent: 0; text-align: center">3 Years</div> </th> </tr> <tr id="xdx_415_20260727__20260727__oef--ClassAxis__custom--C000264871Member_zwGrdvZRuLpi" style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center">$46</div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center">$144</div> </td> </tr> </table> 46 144 Portfolio Turnover <p id="xdx_A89_eoef--PortfolioTurnoverTextBlock_zjIlQqdSFIgh" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 93.28px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">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 period from December 2, 2025 (commencement of operations) to March 31, 2026, the Fund’s portfolio turnover rate was 76% of the average value of its portfolio. 0.76 Principal Investment Strategies <p id="xdx_A8E_eoef--StrategyNarrativeTextBlock_gRBSNTB-SO_zL5W9ZjmUUfd" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: justify; display: block; min-height: 74.62px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">The Fund is an actively-managed exchange-traded fund (“ETF”) that seeks high levels of current income with a secondary objective of long-term capital appreciation. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in a portfolio of income producing bonds and/or derivative instruments having economic characteristics similar to income producing bonds. For purposes of this 80% policy, “income producing bonds” includes bonds, <p style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; counter-increment: unset; counter-reset: unset; display: block; min-height: 149.25px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">debentures, notes, commercial paper, bank loans and floating rate secured loans and related assignments and participations, corporate debt, convertible securities, asset- and mortgage-backed securities, collateralized loan obligations, collateralized mortgage obligations, bank certificates of deposit, fixed time deposits, bankers’ acceptances, to be announced (“TBA”) securities, and money market instruments, including money market funds denominated in U.S. dollars or foreign (non-U.S.) currencies, and other fixed income and income-producing debt instruments issued or guaranteed by U.S. and foreign (non-U.S.) (including those located in emerging market countries) governmental or private-sector entities. The Fund may also invest in inflation-indexed bonds of varying maturities issued by the U.S. and foreign (non-U.S.) (including those located in emerging market countries) governments, their agencies and instrumentalities, and U.S. and foreign (non-U.S.) (including those located in emerging market countries) corporations. <p style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 111.93px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">The Fund’s bond investments may include both investment grade securities as well as securities rated below investment grade (sometimes referred to as “high-yield securities”, “high-yield bonds”, or “junk bonds”). The Fund may invest up to 65% of the portfolio in securities rated below investment grade. Below investment grade refers to a rating given by one or more nationally recognized statistical rating organizations (“NRSROs”) (e.g., rated Ba1 or below by Moody’s Ratings (“Moody’s”), or BB + or below by S&P Global Ratings (“S&P”) or Fitch Ratings, Inc. (“Fitch”)) or, if unrated, determined by the Sub-Adviser (defined below) to be of comparable quality. <p style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 186.56px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">The Fund has flexibility to invest across a broad range of debt instruments and derivatives. The dollar-weighted average duration of the Fund will generally range between zero (0) and ten (10) years. Duration is a commonly used measure of risk in debt instruments as it incorporates multiple features of debt instruments (e.g., yield, coupon, maturity, etc.) into one number. Duration is a measure of sensitivity of the price of a debt instrument to a change in interest rates. Duration is the weighted average time it takes to receive each bond’s interest payments and final return of principal, with weights based on the present value of each bond’s cash flows (i.e., future payments are discounted to account for the potential risk of such payments not being received or being worth less when received due to inflation). Duration is expressed as a number of years. The bigger the duration number, the greater the interest rate risk or reward for the debt instrument prices. For example, the price of a bond with an average duration of five (5) years would be expected to fall approximately 5% if market interest rates rose by 1%. Conversely, the price of a bond with an average duration of five (5) years would be expected to rise approximately 5% if market interest rates dropped by 1%. <p style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 93.28px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Floating rate loans and other floating rate debt instruments include floating rate bonds, floating rate notes, floating rate debentures, and tranches of floating rate asset-backed securities, including structured notes, made to, or issued by, U.S. and foreign (non-U.S.) corporations or other business entities. The Fund may purchase or sell securities on a delayed delivery or forward commitment basis through the TBA market. With TBA transactions, the particular securities to be delivered are not identified at the trade date but the delivered securities must meet specified terms and standards. <p style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 74.62px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">The Fund may seek to obtain exposure to the securities in which it invests by entering into a series of purchase and sale contracts or through other investment techniques such as buy backs and dollar rolls, when the Sub-Adviser considers the opportunity to be economically favorable for the Fund. Buy backs and dollar rolls involve selling securities and simultaneously entering into a commitment to purchase those or similar securities on a specified future date and price from the same party. <p style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 55.96px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">The Fund may also invest in derivative instruments, including options, futures, swaps (including interest rate swaps, total return swaps, and credit default swaps), and currency forwards, as a substitute for taking a position in an underlying asset, to make tactical asset allocations, to hedge against market risk, to seek to enhance returns, and/or assist in managing cash. <p style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 74.62px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">The Fund’s sub-adviser, Voya Investment Management Co. LLC (the “Sub-Adviser”), believes that relationships between the drivers of debt instrument returns evolve over time, and that recognizing these shifts is essential to effective portfolio management. Accordingly, the Sub-Adviser employs a dynamic investment process that balances top-down macroeconomic insights with bottom-up fundamental analysis across key portfolio dimensions—sector allocation, security selection, duration, and yield curve positioning. <p style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: justify; display: block; min-height: 93.28px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">This process is supported by proprietary qualitative research and quantitative tools, including internal investment models and scenario-based risk analytics. Before making investment decisions, the team evaluates a range of factors including issuer creditworthiness, sector and collateral quality, market liquidity, and relative value. The process incorporates both fundamental and quantitative analysis, scenario and stress testing, and ongoing risk management to ensure each security aligns with the Fund’s objectives and risk profile. Investment decisions are informed by data from embedded sector analysts, independent cross-sector research, and market-based <p style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; counter-increment: unset; counter-reset: unset; display: block; min-height: 37.31px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">inputs, enabling the Sub-Adviser to identify relative value opportunities and construct portfolios aligned with changing market conditions. <p style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 167.9px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">In evaluating investments for the Fund, the Sub-Adviser takes into account a wide variety of factors and considerations to determine whether any or all of those factors or considerations might have a material effect on the value, risks, or prospects of an investment. Among the factors considered, the Sub-Adviser expects typically to take into account environmental, social, and governance (“ESG”) factors to determine whether one or more factors may have a material effect. In considering ESG factors, the Sub-Adviser intends to rely primarily on factors identified through its proprietary empirical research and on third-party evaluations of an issuer’s ESG standing. Third-party evaluations may be provided by firms that provide broad rating services, as well as firms specializing in ESG ratings. ESG factors will be only one of many considerations in the Sub-Adviser’s evaluation of any potential investment; the extent to which ESG factors will affect the Sub-Adviser’s decision to invest in an issuer, if at all, will depend on the analysis and judgment of the Sub-Adviser. <p style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 37.31px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">The Sub-Adviser may determine to sell portfolio securities to seek to secure gains, limit losses, or redeploy assets into opportunities the Sub-Adviser believes may prove more promising. The Fund’s strategy is expected to result in a high annual portfolio turnover rate. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in a portfolio of income producing bonds and/or derivative instruments having economic characteristics similar to income producing bonds. 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. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestRatesRiskMember_zt86RPOaWtmi" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 111.93px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Interest Rate Risk. Generally, the value of fixed income securities will change inversely with changes in interest rates. As interest rates rise, the market value of fixed income securities tends to decrease. Conversely, as interest rates fall, the market value of fixed income securities tends to increase. This risk will be greater for long-term securities than for short-term securities. In addition, the interest rates payable on floating rate securities are not fixed and may fluctuate based upon changes in market rates. The interest rate on a floating rate security is a variable rate which is tied to another interest rate. Floating rate securities are subject to interest rate risk and credit risk. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditsRiskMember_zIF9kmvQykg4" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 111.93px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Credit Risk. Bonds are subject to credit risk. Credit risk refers to the possibility that the issuer or guarantor of a security will be unable and/or unwilling to make timely interest payments and/or repay the principal on its debt or to otherwise honor its obligations and/or default completely. Bonds are subject to varying degrees of credit risk, depending on the issuer’s financial condition and on the terms of the securities, which may be reflected in credit ratings. There is a possibility that the credit rating of a bond may be downgraded after purchase or the perception of an issuer’s credit worthiness may decline, which may adversely affect the value of the security. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldSecuritiesJunkBondsRiskMember_zzMLEqbsqsQh" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 111.93px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">High Yield Securities (Junk Bonds) Risk. High-yield bonds are considered speculative investments and are issued by entities that may be undergoing restructuring, are smaller or less creditworthy, or are more heavily indebted than other issuers. These bonds carry a greater risk of income and principal loss compared to higher-rated securities and are considered speculative. Their prices are more likely to react to adverse economic changes than higher-rated securities. During economic downturns or significant increases in interest rates, issuers of high-yield bonds may face financial difficulties, impacting their ability to meet payment obligations or secure additional financing. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--BuyBackAndDollarRollRiskMember_zor3KHY6eYvh" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 93.28px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Buy Back and Dollar Roll Risk. Similar to borrowing, buy back and dollar roll transactions are agreements that provide the Fund with cash for investment purposes, which creates leverage and subjects the Fund to the risks of leverage. These transactions also involve the risk that the other party may fail to return the comparable securities in a timely manner or at all. The Fund could lose money if it is unable to recover the securities and/or if the value of collateral held by the Fund, including the value of the investments made with cash collateral, is less than the value of the securities. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--DurationRiskMember_zKQG5ZDhfGO8" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 55.96px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Duration Risk. Duration is a measure of the price sensitivity of a debt security or portfolio to interest rate changes. Duration risk is the risk that longer-duration debt securities will be more volatile and thus more likely to decline in price, and to a greater extent, in a rising interest rate environment than shorter-duration debt securities. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrepaymentAndExtensionRiskMember_zFB0b8BE9Kq8" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 149.25px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Prepayment and Extension Risk. Many types of debt instruments are subject to prepayment and extension risk. Prepayment risk is the risk that the issuer of a debt instrument will pay back the principal earlier than expected. This risk is heightened in a falling market interest rate environment. Prepayment may expose the Fund to a lower rate of return upon reinvestment of principal. Also, if a debt instrument subject to prepayment has been purchased at a premium, the value of the premium would be lost in the event of prepayment. Extension risk is the risk that the issuer of a debt instrument will pay back the principal later than expected. This risk is heightened in a rising market interest rate environment. This may negatively affect performance, as the value of the debt instrument decreases when principal payments are made later than expected. Additionally, the Fund may be prevented from investing proceeds it would have received at a given time at the higher prevailing interest rates. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CallRiskMember_zaTubzUJEz5i" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 74.62px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Call Risk. The Fund may invest in callable bonds. If interest rates fall, it is possible that issuers of callable securities will “call” (or prepay) their bonds before their maturity date. If a call were exercised by the issuer during or following a period of declining interest rates, the Fund is likely to have to replace such called security with a lower yielding security or securities with greater risks or other less favorable features. If that were to happen, it would decrease the Fund’s net investment income. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zuhWPvNqZpik" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 186.56px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Derivatives Risk. The Fund’s derivative investments have risks, including the imperfect correlation between the value of such instruments and the underlying assets or index; the loss of principal, including the potential loss of amounts greater than the initial amount invested in the derivative instrument; the possible default of the other party to the transaction; and illiquidity of the derivative investments. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, the Fund may experience significant delays in obtaining any recovery under the derivative contract in a bankruptcy or other reorganization proceeding. The derivatives used by the Fund may give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of loss. Certain of the Fund’s transactions in derivatives could also affect the amount, timing, and character of distributions to shareholders, which may result in the Fund realizing more short-term capital gain and ordinary income subject to tax at ordinary income tax rates than it would if it did not engage in such transactions, which may adversely impact the Fund’s after-tax returns. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--FuturesRisksMember_ztNRjxI48Uyb" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 8pt 31pt; text-align-last: auto; display: block; min-height: 205.21px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: -16pt">● Futures Risks. 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. Unlike equities, which typically entitle the holder to a continuing stake in a corporation, futures contracts normally specify a certain date for settlement in cash based on the reference asset. As the futures contracts approach expiration, they may be replaced by similar contracts that have a later expiration. This process is referred to as “rolling.” If the market for these contracts is in “contango,” meaning that the prices of futures contracts in the nearer months are lower than the price of contracts in the distant months, the sale of the near-term month contract would be at a lower price than the longer-term contract, resulting in a cost to “roll” the futures contract. The actual realization of a potential roll cost will be dependent upon the difference in price of the near and distant contract. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsRisksMember_gRBRTB-DGLULNV_zvT5bdpv1Sll" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 8pt 31pt; text-align-last: justify; display: block; min-height: 186.56px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: -16pt">● Options Risks. 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. The value of the options contracts in which it invests are substantially influenced by the value of the underlying asset. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. If the Fund sells an option, it sells to another person the right to buy from or sell to the Fund (i.e., “call” or “put,” respectively) a specific amount of the underlying asset at an agreed-upon price, typically in exchange for a premium received by the Fund. A decision as to whether, when and how to use options involves the exercise of skill and judgment and even a well-conceived <p style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 8pt 31pt; text-align-last: auto; counter-increment: unset; counter-reset: unset; display: block; min-height: 37.31px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0pt">option transaction may be unsuccessful because of market behavior or unexpected events. The prices of options can be highly volatile, and the use of options can lower total returns. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapsRisksMember_zbQW3f8gw8X" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 8pt 31pt; text-align-last: auto; display: block; min-height: 242.53px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: -16pt; break-inside: avoid"> ● Swaps Risks. Swaps are entered into primarily with major global financial institutions for specified periods. The swaps in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivatives instruments. The Fund’s swap agreements are subject to mandatory clearing, which means they must be transacted through a futures commission merchant and cleared through a clearinghouse that serves as a central counterparty. Swaps involve the risk that the party with whom the Fund has entered into the swap will default on its obligation to pay the Fund. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a swap due to financial difficulties, the Fund may experience significant delays in obtaining any recovery under the swap in a bankruptcy or other reorganization proceeding. This risk is heightened with respect to OTC instruments. Other risks include the inability to close out a position because the trading market becomes illiquid (particularly in the OTC markets) or the availability of counterparties becomes limited for a period of time. Certain of the Fund’s transactions in swaps could also affect the amount, timing, and character of distributions to shareholders, which may result in the Fund realizing more short-term capital gain and ordinary income subject to tax at ordinary income tax rates than it would if it did not engage in such transactions, which may adversely impact the Fund’s after-tax returns. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditDefaultSwapsRiskMember_z0R2HkIGKJl8" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 8pt 31pt; text-align-last: auto; display: block; min-height: 130.59px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: -16pt">● Credit Default Swaps Risk. The Fund may enter into credit default swap agreements, credit default index swap agreements, and similar agreements as a “buyer” or “seller” of credit protection. Credit default swap agreements involve special risks because they may be difficult to value, are highly susceptible to liquidity and credit risk, and generally pay a return to the party that has paid the premium only in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty). As a seller of a credit default swap, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the full notional value of the swap. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zm5hmjWDfCyd" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 93.28px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund and the Fund may be unable to recover its investment from such counterparty or may obtain a limited and/or delayed recovery. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--FloatingRateLoansRiskMember_zLczmqOzLrc6" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 223.87px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Floating Rate Loans Risk. In the event a borrower fails to pay scheduled interest or principal payments on a floating rate loan (which can include certain bank loans), the Fund will experience a reduction in its income and a decline in the market value of such floating rate loan. If a floating rate loan is held by the Fund through another financial institution, or the Fund relies upon another financial institution to administer the loan, the receipt of scheduled interest or principal payments may be subject to the credit risk of such financial institution. Investors in floating rate loans may not be afforded the protections of the anti-fraud provisions of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, because loans may not be considered “securities” under such laws. Additionally, the value of collateral, if any, securing a floating rate loan can decline or may be insufficient to meet the borrower’s obligations under the loan, and such collateral may be difficult to liquidate. No active trading market may exist for many floating rate loans and many floating rate loans are subject to restrictions on resale. Transactions in loans typically settle on a delayed basis and may take longer than 7 days to settle. As a result, the Fund may not receive the proceeds from a sale of a floating rate loan for a significant period of time. Delay in the receipts of settlement proceeds may impair the ability of the Fund to meet its redemption obligations, and may limit the ability of the Fund to repay debt, pay dividends, or to take advantage of new investment opportunities. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--BankInstrumentsRiskMember_gRBRTB-MBAN_z9lgaPQOdU4" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: justify; display: block; min-height: 149.25px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Bank Instruments Risk. Bank instruments include certificates of deposit, fixed time deposits, bankers’ acceptances, and other debt and deposit-type obligations issued by banks. Changes in economic, regulatory, or political conditions, or other events that affect the banking industry may have an adverse effect on bank instruments or banking institutions that serve as counterparties in transactions with the Fund. In the event of a bank insolvency or failure, the Fund may be considered a general creditor of the bank, and it might lose some or all of the funds deposited with the bank. Even where it is recognized that a bank might be in danger of insolvency or failure, the Fund might not be able to withdraw or transfer its money from the bank in time to avoid any adverse effects of the insolvency or failure. Volatility in the banking system may impact the viability of banking and financial services institutions. In the event of failure of any of the financial institutions where the Fund maintains its cash and cash equivalents, there can be no assurance <p style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; counter-increment: unset; counter-reset: unset; display: block; min-height: 37.31px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">that the Fund would be able to access uninsured funds in a timely manner or at all and the Fund may incur losses. Any such event could adversely affect the business, liquidity, financial position and performance of the Fund. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CollateralizedLoanObligationsAndOtherCollateralizedObligationsRiskMember_zcCsdlnNuC87" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 149.25px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Collateralized Loan Obligations and Other Collateralized Obligations Risk. A collateralized loan obligation (“CLO”) is an obligation of a trust or other special purpose vehicle typically collateralized by a pool of loans, which may include senior secured and unsecured loans and subordinate corporate loans, including loans that may be rated below investment grade, or equivalent unrated loans. CLOs may incur management fees and administration fees. The risks of investing in a CLO depend largely on the type of the collateral held in the CLO portfolio and the tranche of securities in which the Fund may invest, and can generally be summarized as a combination of economic risks of the underlying loans combined with the risks associated with the CLO structure governing the priority of payments, and include interest rate risk, credit risk, liquidity risk, prepayment and extension risk, and the risk of default of the underlying asset, among others. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--SovereignDebtRiskMember_z19GsQi2GH3b" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 130.59px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Sovereign Debt Risk. The Fund may invest in, or have exposure to, sovereign debt instruments. These investments are subject to the risk that a governmental entity may delay or refuse to pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of the governmental entity’s debt position in relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies. If a governmental entity defaults, it may ask for more time in which to pay or for further loans. There is no legal process for collecting sovereign debt that a government does not pay nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignNonUSInvestmentsDevelopingandEmergingMarketsRiskMember_zihAKQraBTug" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 167.9px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Foreign (Non-U.S.) Investments/Developing and Emerging Markets Risk. Investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies due, in part, to: smaller markets; differing reporting, accounting, auditing and financial reporting standards and practices; nationalization, expropriation, or confiscatory taxation; foreign currency fluctuations, currency blockage, or replacement; potential for default on sovereign debt; and political changes or diplomatic developments, which may include the imposition of economic sanctions (or the threat of new or modified sanctions) or other measures by the U.S. or other governments and supranational organizations. Markets and economies throughout the world are becoming increasingly interconnected, and conditions or events in one market, country or region may adversely impact investments or issuers in another market, country or region. Foreign (non-U.S.) investment risks may be greater in developing and emerging markets than in developed markets. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--InflationindexedBondsRiskMember_zNof0hGcGt8j" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 111.93px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Inflation-Indexed Bonds Risk. If the index measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted downward, and consequently, the interest payable on these bonds (calculated with respect to a smaller principal amount) will be reduced. In addition, inflation-indexed bonds are subject to the usual risks associated with debt instruments, such as interest rate and credit risk. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--MortgageandorAssetBackedSecuritiesRiskMember_zS6cZYL3Tefc" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 93.28px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Mortgage- and/or Asset-Backed Securities Risk. Defaults on, or low credit quality or liquidity of, the underlying assets of the asset-backed (including mortgage-backed) securities may impair the value of these securities and result in losses. There may be limitations on the enforceability of any security interest or collateral granted with respect to those underlying assets, and the value of collateral may not satisfy the obligation upon default. These securities also present a higher degree of prepayment and extension risk and interest rate risk than do other types of debt instruments. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--StructuredNotesRiskMember_zoOapow2Vcn3" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 93.28px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Structured Notes Risk. Structured notes are investments, the interest rate or principal of which is linked to currencies, interest rates, commodities, indices, or other financial indicators (each, a “reference instrument”). Structured notes may entail a greater degree of market risk than other types of debt instruments because the investor also bears the risk of the reference instrument. Structured notes may be more volatile, less liquid, and more difficult to accurately price than less complex securities and other types of debt instruments. In addition, structured notes are subject to other risks, including interest rate risk, credit risk, and liquidity risk. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--TbaRiskMember_z9HEj7uUC2Qc" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 74.62px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">TBA Risk. In the TBA market, the seller agrees to deliver the mortgage-backed securities for an agreed-upon price on an agreed upon date, but makes no guarantee as to which or how many securities are to be delivered. The Fund relies on the seller to complete the transaction, and the seller’s failure to do so may cause the Fund to miss a price or yield considered advantageous to the Fund. In addition, the Fund bears the risk of loss in the event of the default or bankruptcy of the seller. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConvertibleSecuritiesRiskMember_zcxCArTXy848" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 74.62px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Convertible Securities Risk. Convertible securities are securities that are convertible into or exercisable for common stocks at a stated price or rate. Convertible securities are subject to the usual risks associated with debt instruments, such as interest rate risk and credit risk. In addition, because convertible securities react to changes in the value of the underlying stock, they are subject to market risk. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ModelsAndDataRiskMember_z6nkyj6pdBC5" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 74.62px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Models and Data Risk. The composition of the Fund’s portfolio is dependent on proprietary investment 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 Fund’s portfolio that would have been excluded or included had the Models and Data been correct and complete. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_zIy7GYW58K1c" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 93.28px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Currency Risk. Currency risk is the risk that changes in currency exchange rates will negatively affect securities denominated in, and/or receiving revenues in, foreign currencies. The liquidity and trading value of foreign currencies could be affected by global economic factors, such as inflation, interest rate levels, and trade balances among countries, as well as the actions of sovereign governments and central banks. Adverse changes in currency exchange rates (relative to the U.S. dollar) may erode or reverse any potential gains from the Fund’s investments in securities denominated in a foreign currency or may widen existing losses. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EnvironmentalSocialAndGovernanceRiskMember_z9lJGXxvOHJ1" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 186.56px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Environmental, Social, and Governance Risk. The Sub-Adviser’s consideration of ESG factors in selecting investments for the Fund is based on information that is not standardized, some of which can be qualitative and subjective by nature. The Sub-Adviser’s assessment of ESG factors in respect of obligations of an issuer may rely on third-party data that might be incorrect or based on incomplete or inaccurate information. There is no minimum percentage of the Fund’s assets that will be invested in obligations of issuers that the Sub-Adviser views favorably in light of ESG factors, and the Sub-Adviser may choose not to invest in obligations of issuers that compare favorably to obligations of other issuers on the basis of ESG factors. It is possible that the Fund will have less exposure to obligations of certain issuers due to the Sub-Adviser’s assessment of ESG factors than other comparable ETFs. There can be no assurance that an investment selected by the Sub-Adviser, which includes its consideration of ESG factors, will provide more favorable investment performance than another potential investment, and such an investment may, in fact, underperform other potential investments. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_zYB4o0gROLA7" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 205.21px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">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. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zVMIBo43CyJd" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; break-after: avoid">ETF Risks. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zuEAXBCItCWk" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 8pt 16pt; text-align-last: auto; display: block; min-height: 130.59px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">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. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_gRBRTB-IVBA_zjRGHRmxe64d" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 8pt 16pt; text-align-last: justify; display: block; min-height: 74.62px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">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., derivative instruments). 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 <p style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 8pt 16pt; text-align-last: auto; counter-increment: unset; counter-reset: unset; display: block; min-height: 93.28px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. The costs associated with cash redemptions may include brokerage costs that the Fund may not have incurred if it had made the redemptions in-kind. These costs could be imposed on the Fund, decreasing its NAV, to the extent these costs are not offset by a transaction fee payable by an authorized participant. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zC4X6pvp86X5" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 8pt 16pt; text-align-last: auto; display: block; min-height: 55.96px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">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_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zn3oLoSyHBMk" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 8pt 16pt; text-align-last: auto; display: block; min-height: 111.93px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">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. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_z1afF3L5L7u2" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 8pt 16pt; text-align-last: auto; display: block; min-height: 167.9px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">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 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 a 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. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zoopTvWyoK04" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 55.96px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">High Portfolio Turnover Risk. The Fund may actively and frequently trade a significant portion of the Fund’s holdings. 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. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--InflationRiskMember_zjO8P7xuBMm2" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 37.31px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeveragingRiskMember_z9vDpIFYdHK" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 55.96px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Leveraging Risk. The Fund is subject to the risk that certain transactions of the Fund (e.g., buy back and dollar roll transactions), may give rise to leverage, magnifying gains and losses and causing the Fund to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zdfppQz5afR1" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 93.28px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Liquidity Risk. The Fund is subject to the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell illiquid investments at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zECyxjw8baJ2" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 37.31px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Management Risk. The Fund is actively-managed and may not meet its investment objective based on the Adviser or Sub-Adviser’s success or failure to implement investment strategies for the Fund. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewerFundRiskMember_ztYmkND6iSud" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 55.96px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; break-inside: avoid">Newer Fund Risk. The Fund is a recently organized management investment company with limited operating history. As a result, prospective investors have a limited track record or history on which to base their investment decisions. There can be no assurance that the Fund will maintain an economically viable size. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_gRBRTB-IZIBUVG_zjEzHKttiXk2" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: justify; display: block; min-height: 55.96px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">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 <p style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; counter-increment: unset; counter-reset: unset; display: block; min-height: 55.96px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">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-Adviser seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks. <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentandUSAgencyObligationsRiskMember_z1p9MVxXFoGa" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 149.25px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">U.S. Government and U.S. Agency Obligations Risk. The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. 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 <p id="xdx_A8A_eoef--PerformanceNarrativeTextBlock_zp8sBdmDfkph" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 111.93px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">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 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 is available on the Fund’s website at www.voyaetfs.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 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.voyaetfs.com Voya Ultra Short Income ETF - FUND SUMMARY Investment Objective <p id="xdx_A83_eoef--ObjectivePrimaryTextBlock_z3lqwU6L778f" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">The Fund’s investment objective is to seek high levels of current income consistent with preservation of capital. Fees and Expenses of the Fund <p id="xdx_A83_eoef--ExpenseNarrativeTextBlock_z1If4FKuNnx9" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 55.96px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; break-after: avoid">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. Annual Fund Operating Expenses¹ (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A82_eoef--AnnualFundOperatingExpensesTableTextBlock_zQaBAFyjFeNk"></div> <table id="xdx_A58_dU_ztVyiFkRsHuf" style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; visibility: hidden; box-sizing: border-box; height: auto; line-height: normal"> <td style="box-sizing: border-box; height: auto; line-height: normal"> </td> <td id="xdx_492_20260727__20260727__oef--ClassAxis__custom--C000264872Member_zcPQMN1d03d1" style="box-sizing: border-box; height: auto; line-height: normal"> ¹</td> </tr> <tr id="xdx_40C_eoef--ManagementFeesOverAssets_dp_zDqaR0AOgNG6" style="box-sizing: border-box; height: auto; line-height: normal"> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left">Management Fee </div> </td> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right">0.25%</div> </td> </tr> <tr id="xdx_403_eoef--DistributionAndService12b1FeesOverAssets_dpn_zM9UfkpfQMsj" style="box-sizing: border-box; height: auto; line-height: normal"> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left">Distribution and Service (12b-1) Fees </div> </td> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right">None</div> </td> </tr> <tr id="xdx_403_eoef--OtherExpensesOverAssets_dp_zp5wb4fKVdj4" style="box-sizing: border-box; height: auto; line-height: normal"> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left">Other Expenses²</div> </td> <td style="box-sizing: border-box; height: auto; line-height: normal; border-bottom-style: solid; border-bottom-width: 0.5pt"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right">0.00%</div> </td> </tr> <tr id="xdx_402_eoef--ExpensesOverAssets_dp_zQ75SgbSguAe" style="box-sizing: border-box; height: auto; line-height: normal"> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left">Total Annual Fund Operating Expenses </div> </td> <td style="box-sizing: border-box; height: auto; line-height: normal; border-bottom-style: double; border-bottom-width: 3pt"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right">0.25%</div> </td> </tr> </table> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; box-sizing: border-box; text-align-last: auto; color: #000; text-align: justify; text-indent: 0"> <table cellpadding="0" cellspacing="0" style="font: 10pt/1.4 Times New Roman,Times,serif; color: #000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td id="xdx_F06_zvWa6YbDHEli" style="width: 15pt; text-align: right">¹</td> <td style="width: 5pt"></td> <td id="xdx_F1A_z9LGK8rRErfk" style="text-align: justify">The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”) will pay, or require a sub-adviser 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, as amended (the “1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses (“Excluded Expenses”).</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt/1.4 Times New Roman,Times,serif; color: #000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td id="xdx_F09_zcTzf5mSEPY2" style="width: 15pt; text-align: right">²</td> <td style="width: 5pt"></td> <td id="xdx_F13_zjvGtQaHd6o2" style="text-align: justify">Estimated for the current year.</td> </tr> </table> </div> </div> 0.0025 0 0.0000 0.0025 Estimated for the current year. Expense Example <p id="xdx_A84_eoef--ExpenseExampleNarrativeTextBlock_zVZIGv8pNHT" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 93.28px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">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_A8C_eoef--ExpenseExampleWithRedemptionTableTextBlock_zUrXcvgobuY2"></div> <table id="xdx_A55_dU_zUwJHC0ah3Re" style="box-sizing: border-box; width: 100%; table-layout: auto; margin-bottom: 8pt; border-collapse: collapse; line-height: normal" summary="xdx: Disclosure - Expense Example"> <tr style="box-sizing: border-box; height: auto; vertical-align: bottom; line-height: normal"> <th id="xdx_488_eoef--ExpenseExampleYear01_zg2lTKhzJyg8" style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 8pt Times New Roman; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; font-weight: 700; text-indent: 0; text-align: center">1 Year</div> </th> <th id="xdx_485_eoef--ExpenseExampleYear03_z4Y0yRkJqSl2" style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 8pt Times New Roman; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; font-weight: 700; text-indent: 0; text-align: center">3 Years</div> </th> </tr> <tr id="xdx_41A_20260727__20260727__oef--ClassAxis__custom--C000264872Member_zwnMv6Rvg1mg" style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center">$26</div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center">$80</div> </td> </tr> </table> 26 80 Portfolio Turnover <p id="xdx_A8A_eoef--PortfolioTurnoverTextBlock_zhoCZCfrtps1" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 93.28px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">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 period from November 18, 2025 (commencement of operations) to March 31, 2026, the Fund’s portfolio turnover rate was 117% of the average value of its portfolio. 1.17 Principal Investment Strategies <p id="xdx_A8E_eoef--StrategyNarrativeTextBlock_gRBSNTB-UQC_zQQc55nmnUN6" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: justify; display: block; min-height: 74.62px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">The Fund is an actively-managed exchange-traded fund (“ETF”) that seeks high levels of current income consistent with preservation of capital. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in a diversified portfolio of income producing bonds and/or derivative instruments having economic characteristics similar to income producing bonds. For purposes of this 80% policy, “income producing bonds” includes, bonds, debt <p style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; counter-increment: unset; counter-reset: unset; display: block; min-height: 111.93px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">instruments, U.S. government securities, securities of foreign (non-U.S.) governments, and supranational organizations, mortgage-backed and asset-backed debt instruments, collateralized loan obligations, collateralized mortgage obligations, bank certificates of deposit, fixed time deposits, bankers’ acceptances, bank loans and floating rate secured loans, municipal bonds, notes, and commercial paper, to be announced (“TBA”) securities, debt instruments of foreign (non-U.S.) (including those located in emerging market countries) issuers and other fixed income and income-producing debt instruments issued or guaranteed by governmental or private-sector entities. <p style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 111.93px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Under normal circumstances, the average dollar-weighted duration of the Fund will not exceed one (1) year. Because of the Fund’s holdings in amortizing and/or sinking fund securities (i.e., securities where periodic interest payments are aggregated into a special account which is paid out at maturity) such as, but not exclusively, asset-backed, commercial mortgage-backed, residential mortgage-backed, collateralized loan obligations (“CLOs”), and corporate bonds, the Fund’s average dollar-weighted duration reflects the average time it takes to receive the Fund’s expected cash flows from its investments, based on certain assumptions about when borrowers may repay their loans early. <p style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 167.9px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Duration is a commonly used measure of risk in debt instruments as it incorporates multiple features of debt instruments (e.g., yield, coupon, maturity, etc.) into one number. Duration is a measure of sensitivity of the price of a debt instrument to a change in interest rates. Duration is the weighted average time it takes to receive each bond’s interest payments and final return of principal, with weights based on the present value of each bond’s cash flows (i.e., future payments are discounted to account for the potential risk of such payments not being received or being worth less when received due to inflation). Duration is expressed as a number of years. The bigger the duration number, the greater the interest rate risk or reward for the debt instrument prices. For example, the price of a bond with an average duration of one (1) year would be expected to fall approximately 1% if market interest rates rose by 1%. Conversely, the price of a bond with an average duration of one (1) year would be expected to rise approximately 1% if market interest rates dropped by 1%. <p style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 130.59px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">The Fund invests in non-government issued debt instruments, issued by companies of all sizes, rated investment grade, but may also invest up to 15% of its total assets in securities rated below investment grade (sometimes referred to as “high-yield securities”, “high- yield bonds”, or junk bonds”). Below investment grade refers to a rating given by one or more nationally recognized statistical rating organizations (“NRSROs”) (e.g., rated Ba1 or below by Moody’s Ratings (“Moody’s”), or BB+ or below by S&P Global Ratings (“S&P”) or Fitch Ratings, Inc. (“Fitch”)) or, if unrated, determined by the Fund to be of comparable quality. Money market securities must be rated in the two highest tiers by Moody’s (P-1 or P-2), S&P (A-1+, A-1, or A-2), or Fitch (F-1+, F-1, or F-2) or, if unrated, determined by the Fund to be of comparable quality. <p style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 93.28px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Floating rate loans and other floating rate debt instruments include floating rate bonds, floating rate notes, floating rate debentures, and tranches of floating rate asset-backed securities, including structured notes, made to, or issued by, U.S. and foreign (non-U.S.) corporations or other business entities. The Fund may purchase or sell securities on a delayed delivery or forward commitment basis through the TBA market. With TBA transactions, the particular securities to be delivered are not identified at the trade date but the delivered securities must meet specified terms and standards. <p style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 130.59px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">The Fund may also invest in derivative instruments, including swap agreements (credit default swaps, interest rate swaps, and total return swaps), as well as options, options on swap agreements and futures contracts involving securities, securities indices and interest rates to hedge against market risk, to enhance returns, and as a substitute for taking a position in the underlying asset. The Fund may seek to obtain exposure to the securities in which it invests by entering into a series of purchase and sale contracts or through other investment techniques such as buy backs and dollar rolls, when the Sub-Adviser (defined below) considers the opportunity to be economically favorable for the Fund. Buy backs and dollar rolls involve selling securities and simultaneously entering into a commitment to purchase those or similar securities on a specified future date and price from the same party. <p style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 74.62px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">The Fund’s sub-adviser, Voya Investment Management Co. LLC (the “Sub-Adviser”), believes that relationships between the drivers of debt instrument returns evolve over time, and that recognizing these shifts is essential to effective portfolio management. Accordingly, the Sub-Adviser employs a dynamic investment process that balances top-down macroeconomic insights with bottom-up fundamental analysis across key portfolio dimensions—sector allocation, security selection, duration, and yield curve positioning. <p style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: justify; display: block; min-height: 37.31px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">This process is supported by proprietary qualitative research and quantitative tools, including internal investment models and scenario-based risk analytics. Before making investment decisions, the team evaluates a range of factors including issuer creditworthiness, <p style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; counter-increment: unset; counter-reset: unset; display: block; min-height: 93.28px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">sector and collateral quality, market liquidity, and relative value. The process incorporates both fundamental and quantitative analysis, scenario and stress testing, and ongoing risk management to ensure each security aligns with the Fund’s objectives and risk profile. Investment decisions are informed by data from embedded sector analysts, independent cross-sector research, and market-based inputs, enabling the Sub-Adviser to identify relative value opportunities and construct portfolios aligned with changing market conditions. <p style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 167.9px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">In evaluating investments for the Fund, the Sub-Adviser takes into account a wide variety of factors and considerations to determine whether any or all of those factors or considerations might have a material effect on the value, risks, or prospects of an investment. Among the factors considered, the Sub-Adviser expects typically to take into account environmental, social, and governance (“ESG”) factors to determine whether one or more factors may have a material effect. In considering ESG factors, the Sub-Adviser intends to rely primarily on factors identified through its proprietary empirical research and on third-party evaluations of an issuer’s ESG standing. Third-party evaluations may be provided by firms that provide broad rating services, as well as firms specializing in ESG ratings. ESG factors will be only one of many considerations in the Sub-Adviser’s evaluation of any potential investment; the extent to which ESG factors will affect the Sub-Adviser’s decision to invest in an issuer, if at all, will depend on the analysis and judgment of the Sub-Adviser. <p style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 37.31px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">The Sub-Adviser may determine to sell portfolio securities to seek to secure gains, limit losses, or redeploy assets into opportunities the Sub-Adviser believes may prove more promising. The Fund’s strategy is expected to result in a high annual portfolio turnover rate. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in a diversified portfolio of income producing bonds and/or derivative instruments having economic characteristics similar to income producing bonds. 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. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestRatesRiskMember_zjSSrLwCpfg2" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 111.93px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Interest Rate Risk. Generally, the value of fixed income securities will change inversely with changes in interest rates. As interest rates rise, the market value of fixed income securities tends to decrease. Conversely, as interest rates fall, the market value of fixed income securities tends to increase. This risk will be greater for long-term securities than for short-term securities. In addition, the interest rates payable on floating rate securities are not fixed and may fluctuate based upon changes in market rates. The interest rate on a floating rate security is a variable rate which is tied to another interest rate. Floating rate securities are subject to interest rate risk and credit risk. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditsRiskMember_zZhlCu2jqaPe" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 111.93px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Credit Risk. Bonds are subject to credit risk. Credit risk refers to the possibility that the issuer or guarantor of a security will be unable and/or unwilling to make timely interest payments and/or repay the principal on its debt or to otherwise honor its obligations and/or default completely. Bonds are subject to varying degrees of credit risk, depending on the issuer’s financial condition and on the terms of the securities, which may be reflected in credit ratings. There is a possibility that the credit rating of a bond may be downgraded after purchase or the perception of an issuer’s credit worthiness may decline, which may adversely affect the value of the security. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldSecuritiesJunkBondsRiskMember_zGbFp0950x56" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 111.93px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">High Yield Securities (Junk Bonds) Risk. High-yield bonds are considered speculative investments and are issued by entities that may be undergoing restructuring, are smaller or less creditworthy, or are more heavily indebted than other issuers. These bonds carry a greater risk of income and principal loss compared to higher-rated securities and are considered speculative. Their prices are more likely to react to adverse economic changes than higher-rated securities. During economic downturns or significant increases in interest rates, issuers of high-yield bonds may face financial difficulties, impacting their ability to meet payment obligations or secure additional financing. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--BuyBackAndDollarRollRiskMember_gRBRTB-QWP_zLlw4wYrhMCb" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: justify; display: block; min-height: 55.96px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Buy Back and Dollar Roll Risk. Similar to borrowing, buy back and dollar roll transactions are agreements that provide the Fund with cash for investment purposes, which creates leverage and subjects the Fund to the risks of leverage. These transactions also involve the risk that the other party may fail to return the comparable securities in a timely manner or at all. The Fund could lose <p style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; counter-increment: unset; counter-reset: unset; display: block; min-height: 37.31px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">money if it is unable to recover the securities and/or if the value of collateral held by the Fund, including the value of the investments made with cash collateral, is less than the value of the securities. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--DurationRiskMember_z5FhqWqfVRQ2" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 55.96px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Duration Risk. Duration is a measure of the price sensitivity of a debt security or portfolio to interest rate changes. Duration risk is the risk that longer-duration debt securities will be more volatile and thus more likely to decline in price, and to a greater extent, in a rising interest rate environment than shorter-duration debt securities. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrepaymentAndExtensionRiskMember_zh4VDTK34hUh" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 149.25px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Prepayment and Extension Risk. Many types of debt instruments are subject to prepayment and extension risk. Prepayment risk is the risk that the issuer of a debt instrument will pay back the principal earlier than expected. This risk is heightened in a falling market interest rate environment. Prepayment may expose the Fund to a lower rate of return upon reinvestment of principal. Also, if a debt instrument subject to prepayment has been purchased at a premium, the value of the premium would be lost in the event of prepayment. Extension risk is the risk that the issuer of a debt instrument will pay back the principal later than expected. This risk is heightened in a rising market interest rate environment. This may negatively affect performance, as the value of the debt instrument decreases when principal payments are made later than expected. Additionally, the Fund may be prevented from investing proceeds it would have received at a given time at the higher prevailing interest rates. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CallRiskMember_zHO9qi84fcJ7" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 74.62px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Call Risk. The Fund may invest in callable bonds. If interest rates fall, it is possible that issuers of callable securities will “call” (or prepay) their bonds before their maturity date. If a call were exercised by the issuer during or following a period of declining interest rates, the Fund is likely to have to replace such called security with a lower yielding security or securities with greater risks or other less favorable features. If that were to happen, it would decrease the Fund’s net investment income. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zv47rvFO0Vai" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 186.56px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Derivatives Risk. The Fund’s derivative investments have risks, including the imperfect correlation between the value of such instruments and the underlying assets or index; the loss of principal, including the potential loss of amounts greater than the initial amount invested in the derivative instrument; the possible default of the other party to the transaction; and illiquidity of the derivative investments. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, the Fund may experience significant delays in obtaining any recovery under the derivative contract in a bankruptcy or other reorganization proceeding. The derivatives used by the Fund may give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of loss. Certain of the Fund’s transactions in derivatives could also affect the amount, timing, and character of distributions to shareholders, which may result in the Fund realizing more short-term capital gain and ordinary income subject to tax at ordinary income tax rates than it would if it did not engage in such transactions, which may adversely impact the Fund’s after-tax returns. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--FuturesRisksMember_z2PTd98M24Gj" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 8pt 31pt; text-align-last: auto; display: block; min-height: 205.21px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: -16pt">● Futures Risks. 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. Unlike equities, which typically entitle the holder to a continuing stake in a corporation, futures contracts normally specify a certain date for settlement in cash based on the reference asset. As the futures contracts approach expiration, they may be replaced by similar contracts that have a later expiration. This process is referred to as “rolling.” If the market for these contracts is in “contango,” meaning that the prices of futures contracts in the nearer months are lower than the price of contracts in the distant months, the sale of the near-term month contract would be at a lower price than the longer-term contract, resulting in a cost to “roll” the futures contract. The actual realization of a potential roll cost will be dependent upon the difference in price of the near and distant contract. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsRisksMember_gRBRTB-LDUVY_zhlq8FXwSu6" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 8pt 31pt; text-align-last: justify; display: block; min-height: 149.25px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: -16pt">● Options Risks. 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. The value of the options contracts in which it invests are substantially influenced by the value of the underlying asset. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. If the Fund sells an option, it sells to another person the right to buy from or sell to the Fund (i.e., “call” or “put,” respectively) a <p style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 8pt 31pt; text-align-last: auto; counter-increment: unset; counter-reset: unset; display: block; min-height: 74.62px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0pt">specific amount of the underlying asset at an agreed-upon price, typically in exchange for a premium received by the Fund. A decision as to whether, when and how to use options involves the exercise of skill and judgment and even a well-conceived option transaction may be unsuccessful because of market behavior or unexpected events. The prices of options can be highly volatile, and the use of options can lower total returns. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapsRisksMember_zqfk2qBR3ul" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 8pt 31pt; text-align-last: auto; display: block; min-height: 242.53px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: -16pt; break-inside: avoid"> ● Swaps Risks. Swaps are entered into primarily with major global financial institutions for specified periods. The swaps in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivatives instruments. The Fund’s swap agreements are subject to mandatory clearing, which means they must be transacted through a futures commission merchant and cleared through a clearinghouse that serves as a central counterparty. Swaps involve the risk that the party with whom the Fund has entered into the swap will default on its obligation to pay the Fund. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a swap due to financial difficulties, the Fund may experience significant delays in obtaining any recovery under the swap in a bankruptcy or other reorganization proceeding. This risk is heightened with respect to OTC instruments. Other risks include the inability to close out a position because the trading market becomes illiquid (particularly in the OTC markets) or the availability of counterparties becomes limited for a period of time. Certain of the Fund’s transactions in swaps could also affect the amount, timing, and character of distributions to shareholders, which may result in the Fund realizing more short-term capital gain and ordinary income subject to tax at ordinary income tax rates than it would if it did not engage in such transactions, which may adversely impact the Fund’s after-tax returns. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditDefaultSwapsRiskMember_zNqI9ZjJT1Gg" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 8pt 31pt; text-align-last: auto; display: block; min-height: 130.59px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: -16pt">● Credit Default Swaps Risk. The Fund may enter into credit default swap agreements, credit default index swap agreements, and similar agreements as a “buyer” or “seller” of credit protection. Credit default swap agreements involve special risks because they may be difficult to value, are highly susceptible to liquidity and credit risk, and generally pay a return to the party that has paid the premium only in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty). As a seller of a credit default swap, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the full notional value of the swap. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_z3iLhgFeUii7" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 93.28px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund and the Fund may be unable to recover its investment from such counterparty or may obtain a limited and/or delayed recovery. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--FloatingRateLoansRiskMember_zDan7FKsfM3g" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 223.87px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Floating Rate Loans Risk. In the event a borrower fails to pay scheduled interest or principal payments on a floating rate loan (which can include certain bank loans), the Fund will experience a reduction in its income and a decline in the market value of such floating rate loan. If a floating rate loan is held by the Fund through another financial institution, or the Fund relies upon another financial institution to administer the loan, the receipt of scheduled interest or principal payments may be subject to the credit risk of such financial institution. Investors in floating rate loans may not be afforded the protections of the anti-fraud provisions of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, because loans may not be considered “securities” under such laws. Additionally, the value of collateral, if any, securing a floating rate loan can decline or may be insufficient to meet the borrower’s obligations under the loan, and such collateral may be difficult to liquidate. No active trading market may exist for many floating rate loans and many floating rate loans are subject to restrictions on resale. Transactions in loans typically settle on a delayed basis and may take longer than 7 days to settle. As a result, the Fund may not receive the proceeds from a sale of a floating rate loan for a significant period of time. Delay in the receipts of settlement proceeds may impair the ability of the Fund to meet its redemption obligations, and may limit the ability of the Fund to repay debt, pay dividends, or to take advantage of new investment opportunities. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--MunicipalSecuritiesRiskMember_gRBRTB-MUVXWZ_zA8VlxyxKRv8" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: justify; display: block; min-height: 111.93px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Municipal Securities Risk. Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest or otherwise affect the value of such securities. Certain municipalities may have difficulty meeting their obligations due to, among other reasons, changes in underlying demographics. Municipal securities can be significantly affected by political changes as well as uncertainties in the municipal market related to government regulation, taxation, legislative changes or the rights of municipal security holders. Because many municipal securities are issued to finance <p style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; counter-increment: unset; counter-reset: unset; display: block; min-height: 37.31px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">similar projects, especially those relating to education, health care, transportation, utilities and water and sewer, conditions in those sectors can affect the overall municipal market. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--BankInstrumentsRiskMember_zoxs8sGTm116" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 186.56px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Bank Instruments Risk. Bank instruments include certificates of deposit, fixed time deposits, bankers’ acceptances, and other debt and deposit-type obligations issued by banks. Changes in economic, regulatory, or political conditions, or other events that affect the banking industry may have an adverse effect on bank instruments or banking institutions that serve as counterparties in transactions with the Fund. In the event of a bank insolvency or failure, the Fund may be considered a general creditor of the bank, and it might lose some or all of the funds deposited with the bank. Even where it is recognized that a bank might be in danger of insolvency or failure, the Fund might not be able to withdraw or transfer its money from the bank in time to avoid any adverse effects of the insolvency or failure. Volatility in the banking system may impact the viability of banking and financial services institutions. In the event of failure of any of the financial institutions where the Fund maintains its cash and cash equivalents, there can be no assurance that the Fund would be able to access uninsured funds in a timely manner or at all and the Fund may incur losses. Any such event could adversely affect the business, liquidity, financial position and performance of the Fund. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CollateralizedLoanObligationsAndOtherCollateralizedObligationsRiskMember_z5s43Ibi8POh" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 149.25px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Collateralized Loan Obligations and Other Collateralized Obligations Risk. A collateralized loan obligation (“CLO”) is an obligation of a trust or other special purpose vehicle typically collateralized by a pool of loans, which may include senior secured and unsecured loans and subordinate corporate loans, including loans that may be rated below investment grade, or equivalent unrated loans. CLOs may incur management fees and administration fees. The risks of investing in a CLO depend largely on the type of the collateral held in the CLO portfolio and the tranche of securities in which the Fund may invest, and can generally be summarized as a combination of economic risks of the underlying loans combined with the risks associated with the CLO structure governing the priority of payments, and include interest rate risk, credit risk, liquidity risk, prepayment and extension risk, and the risk of default of the underlying asset, among others. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--SovereignDebtRiskMember_z21d3VF9CSZ6" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 130.59px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Sovereign Debt Risk. The Fund may invest in, or have exposure to, sovereign debt instruments. These investments are subject to the risk that a governmental entity may delay or refuse to pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of the governmental entity’s debt position in relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies. If a governmental entity defaults, it may ask for more time in which to pay or for further loans. There is no legal process for collecting sovereign debt that a government does not pay nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignNonUSInvestmentsDevelopingandEmergingMarketsRiskMember_zN6sWMiEnma1" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 167.9px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Foreign (Non-U.S.) Investments/Developing and Emerging Markets Risk. Investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies due, in part, to: smaller markets; differing reporting, accounting, auditing and financial reporting standards and practices; nationalization, expropriation, or confiscatory taxation; foreign currency fluctuations, currency blockage, or replacement; potential for default on sovereign debt; and political changes or diplomatic developments, which may include the imposition of economic sanctions (or the threat of new or modified sanctions) or other measures by the U.S. or other governments and supranational organizations. Markets and economies throughout the world are becoming increasingly interconnected, and conditions or events in one market, country or region may adversely impact investments or issuers in another market, country or region. Foreign (non-U.S.) investment risks may be greater in developing and emerging markets than in developed markets. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--MortgageandorAssetBackedSecuritiesRiskMember_z6SFrv2dr5A3" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 93.28px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Mortgage- and/or Asset-Backed Securities Risk. Defaults on, or low credit quality or liquidity of, the underlying assets of the asset-backed (including mortgage-backed) securities may impair the value of these securities and result in losses. There may be limitations on the enforceability of any security interest or collateral granted with respect to those underlying assets, and the value of collateral may not satisfy the obligation upon default. These securities also present a higher degree of prepayment and extension risk and interest rate risk than do other types of debt instruments. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--StructuredNotesRiskMember_zd2glv5QpJ9c" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 93.28px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Structured Notes Risk. Structured notes are investments, the interest rate or principal of which is linked to currencies, interest rates, commodities, indices, or other financial indicators (each, a “reference instrument”). Structured notes may entail a greater degree of market risk than other types of debt instruments because the investor also bears the risk of the reference instrument. Structured notes may be more volatile, less liquid, and more difficult to accurately price than less complex securities and other types of debt instruments. In addition, structured notes are subject to other risks, including interest rate risk, credit risk, and liquidity risk. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--TbaRiskMember_zHJIAdx31Re2" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 74.62px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">TBA Risk. In the TBA market, the seller agrees to deliver the mortgage-backed securities for an agreed-upon price on an agreed upon date, but makes no guarantee as to which or how many securities are to be delivered. The Fund relies on the seller to complete the transaction, and the seller’s failure to do so may cause the Fund to miss a price or yield considered advantageous to the Fund. In addition, the Fund bears the risk of loss in the event of the default or bankruptcy of the seller. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ModelsAndDataRiskMember_zkCWSgPTxqKh" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 74.62px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Models and Data Risk. The composition of the Fund’s portfolio is dependent on proprietary investment 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 Fund’s portfolio that would have been excluded or included had the Models and Data been correct and complete. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_zWVJ50SkYJZ3" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 93.28px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Currency Risk. Currency risk is the risk that changes in currency exchange rates will negatively affect securities denominated in, and/or receiving revenues in, foreign currencies. The liquidity and trading value of foreign currencies could be affected by global economic factors, such as inflation, interest rate levels, and trade balances among countries, as well as the actions of sovereign governments and central banks. Adverse changes in currency exchange rates (relative to the U.S. dollar) may erode or reverse any potential gains from the Fund’s investments in securities denominated in a foreign currency or may widen existing losses. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EnvironmentalSocialAndGovernanceRiskMember_zjuddGfqyYP9" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 186.56px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Environmental, Social, and Governance Risk. The Sub-Adviser’s consideration of ESG factors in selecting investments for the Fund is based on information that is not standardized, some of which can be qualitative and subjective by nature. The Sub-Adviser’s assessment of ESG factors in respect of obligations of an issuer may rely on third-party data that might be incorrect or based on incomplete or inaccurate information. There is no minimum percentage of the Fund’s assets that will be invested in obligations of issuers that the Sub-Adviser views favorably in light of ESG factors, and the Sub-Adviser may choose not to invest in obligations of issuers that compare favorably to obligations of other issuers on the basis of ESG factors. It is possible that the Fund will have less exposure to obligations of certain issuers due to the Sub-Adviser’s assessment of ESG factors than other comparable ETFs. There can be no assurance that an investment selected by the Sub-Adviser, which includes its consideration of ESG factors, will provide more favorable investment performance than another potential investment, and such an investment may, in fact, underperform other potential investments. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_ztk4vMmOynt5" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 205.21px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">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. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zYgbYjx4IE3c" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; break-after: avoid">ETF Risks. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zoXXSMtJlnHc" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 8pt 16pt; text-align-last: auto; display: block; min-height: 130.59px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">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. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_gRBRTB-EF_zkXyzlypcWvb" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 8pt 16pt; text-align-last: justify; display: block; min-height: 74.62px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">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., derivative instruments). 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 <p style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 8pt 16pt; text-align-last: auto; counter-increment: unset; counter-reset: unset; display: block; min-height: 93.28px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. The costs associated with cash redemptions may include brokerage costs that the Fund may not have incurred if it had made the redemptions in-kind. These costs could be imposed on the Fund, decreasing its NAV, to the extent these costs are not offset by a transaction fee payable by an authorized participant. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_znnAK6Y6FuPa" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 8pt 16pt; text-align-last: auto; display: block; min-height: 55.96px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">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_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zdMVXLoOQvei" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 8pt 16pt; text-align-last: auto; display: block; min-height: 111.93px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">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. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zElN9LT2z7yb" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 8pt 16pt; text-align-last: auto; display: block; min-height: 167.9px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">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 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 a 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. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_z1vRgs0lbbj7" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 55.96px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">High Portfolio Turnover Risk. The Fund may actively and frequently trade a significant portion of the Fund’s holdings. 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. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--InflationRiskMember_zC6dHJW5uyTg" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 37.31px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeveragingRiskMember_zIdcurzxKmsc" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 55.96px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Leveraging Risk. The Fund is subject to the risk that certain transactions of the Fund (e.g., buy back and dollar roll transactions), may give rise to leverage, magnifying gains and losses and causing the Fund to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_ztWErnIVEhLf" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 93.28px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Liquidity Risk. The Fund is subject to the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell illiquid investments at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zanzyg2MeZ45" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 37.31px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Management Risk. The Fund is actively-managed and may not meet its investment objective based on the Adviser or Sub-Adviser’s success or failure to implement investment strategies for the Fund. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_ziJb2kBjoRGg" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 37.31px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">New Fund Risk. The Fund is a recently organized management investment company with limited operating history. As a result, prospective investors have a limited track record or history on which to base their investment decisions. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_gRBRTB-NCCPQ_z4eeDA8zr9ne" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: justify; display: block; min-height: 74.62px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">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. <p style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; counter-increment: unset; counter-reset: unset; display: block; min-height: 37.31px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Although the Fund, Adviser, and Sub-Adviser seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentandUSAgencyObligationsRiskMember_zJB1vtTXWYod" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 149.25px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">U.S. Government and U.S. Agency Obligations Risk. The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. 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 <p id="xdx_A8D_eoef--PerformanceNarrativeTextBlock_zFfWdV1aqi42" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 111.93px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">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 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 is available on the Fund’s website at www.voyaetfs.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 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.voyaetfs.com The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), will pay, or require a sub-adviser 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, as amended (the “1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses (“Excluded Expenses”). Estimated for the current year. The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”) will pay, or require a sub-adviser 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, as amended (the “1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses (“Excluded Expenses”). Estimated for the current year. The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”) will pay, or require a sub-adviser 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, as amended (the “1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses (“Excluded Expenses”). Estimated for the current year.