0001924868 2026-07-28 2026-07-28 0001924868 ehls:S000084434Member 2026-07-28 2026-07-28 0001924868 ehls:S000084434Member ehls:EquityMarketRiskMember 2026-07-28 2026-07-28 0001924868 ehls:S000084434Member ehls:ShortSaleRisksMember 2026-07-28 2026-07-28 0001924868 ehls:S000084434Member ehls:MomentumInvestingRiskMember 2026-07-28 2026-07-28 0001924868 ehls:S000084434Member ehls:LeverageRiskMember 2026-07-28 2026-07-28 0001924868 ehls:S000084434Member ehls:HighPortfolioTurnoverRiskMember 2026-07-28 2026-07-28 0001924868 ehls:S000084434Member ehls:MarketCapitalizationRiskMember 2026-07-28 2026-07-28 0001924868 ehls:S000084434Member ehls:LargecapitalizationInvestingMember 2026-07-28 2026-07-28 0001924868 ehls:S000084434Member ehls:MidCapitalizationInvestingMember 2026-07-28 2026-07-28 0001924868 ehls:S000084434Member ehls:SmallcapitalizationInvestingMember 2026-07-28 2026-07-28 0001924868 ehls:S000084434Member ehls:ModelsAndDataRiskMember 2026-07-28 2026-07-28 0001924868 ehls:S000084434Member ehls:ETFRisksMember 2026-07-28 2026-07-28 0001924868 ehls:S000084434Member ehls:AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember 2026-07-28 2026-07-28 0001924868 ehls:S000084434Member ehls:CostsofBuyingorSellingSharesMember 2026-07-28 2026-07-28 0001924868 ehls:S000084434Member ehls:SharesMayTradeatPricesOtherThanNAVMember 2026-07-28 2026-07-28 0001924868 ehls:S000084434Member ehls:TradingMember 2026-07-28 2026-07-28 0001924868 ehls:S000084434Member ehls:EconomicAndMarketRiskMember 2026-07-28 2026-07-28 0001924868 ehls:S000084434Member ehls:DepositaryReceiptRiskMember 2026-07-28 2026-07-28 0001924868 ehls:S000084434Member ehls:ForeignSecuritiesRiskMember 2026-07-28 2026-07-28 0001924868 ehls:S000084434Member ehls:DerivativesRiskMember 2026-07-28 2026-07-28 0001924868 ehls:S000084434Member ehls:SwapsRisksMember 2026-07-28 2026-07-28 0001924868 ehls:S000084434Member ehls:ManagementRiskMember 2026-07-28 2026-07-28 0001924868 ehls:S000084434Member ehls:NewerFundRiskMember 2026-07-28 2026-07-28 0001924868 ehls:S000084434Member ehls:NewerSubadviserRiskMember 2026-07-28 2026-07-28 0001924868 ehls:S000084434Member ehls:OperationalRiskMember 2026-07-28 2026-07-28 0001924868 ehls:S000084434Member ehls:SectorRisksMember 2026-07-28 2026-07-28 0001924868 ehls:S000084434Member ehls:AerospaceandDefenseSectorRiskMember 2026-07-28 2026-07-28 0001924868 ehls:S000084434Member ehls:BankingSectorRiskMember 2026-07-28 2026-07-28 0001924868 ehls:C000248811Member 2026-07-28 2026-07-28 0001924868 ehls:S000084434Member oef:RiskLoseMoneyMember 2026-07-28 2026-07-28 0001924868 ehls:C000248811Member 2025-01-01 2025-12-31 0001924868 ehls:C000248811Member 2024-04-01 2025-12-31 0001924868 ehls:C000248811Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001924868 ehls:C000248811Member oef:AfterTaxesOnDistributionsMember 2024-04-01 2025-12-31 0001924868 ehls:C000248811Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001924868 ehls:C000248811Member oef:AfterTaxesOnDistributionsAndSalesMember 2024-04-01 2025-12-31 0001924868 ehls:SP500IndexMember 2025-01-01 2025-12-31 0001924868 ehls:SP500IndexMember 2024-04-01 2025-12-31 iso4217:USD pure false 485BPOS 0001924868 2026-07-28 N-1A TIDAL TRUST II 2026-07-29 EVEN HERD LONG SHORT ETF – FUND SUMMARY Investment Objective The Even Herd Long Short ETF (the “Fund”) seeks long-term capital appreciation. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. <div id="xdx_A8D_eoef--AnnualFundOperatingExpensesTableTextBlock_zqS53gnmCO2d"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_z0LX6BAyqmUi" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="2" id="xdx_986_eoef--OperatingExpensesCaption_c20260728__20260728__dei--LegalEntityAxis__custom--S000084434Member_zWHrVt2aZpc9" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify">Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment)</td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td id="xdx_49D_20260728__20260728__oef--ClassAxis__custom--C000248811Member_zISTNLodfuE9" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr id="xdx_403_eoef--ManagementFeesOverAssets_dp_zfUaBjiOhOT8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; padding-left: 9pt; text-align: justify">Management Fees</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">1.15%</td></tr> <tr id="xdx_403_eoef--DistributionAndService12b1FeesOverAssets_dp_zs2YiyYyfe66" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; padding-left: 9pt; text-align: justify">Distribution and Service (12b-1) Fees</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">0.00%</td></tr> <tr id="xdx_400_eoef--Component1OtherExpensesOverAssets_dp_zGur04yiwaik" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; padding-left: 9pt; text-align: justify">Other Expenses(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2.17%</td></tr> <tr id="xdx_409_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zYLAXyUJ0y7f" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; padding-left: 16.5pt; text-align: justify">Acquired Fund Fees and Expenses(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.03%</td></tr> <tr id="xdx_401_eoef--ExpensesOverAssets_dp_z9eQ4zHk3rU1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Total Annual Fund Operating Expenses</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: center">3.35%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 5.4pt">(1)</td> <td colspan="3" style="font: 10pt Times New Roman, Times, Serif; padding-top: 5.4pt; text-align: justify">The Fund’s investment adviser, Tidal Investments LLC (“Tidal” or the “Adviser”), a Tidal Financial Group company, will pay, or require a third-party to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940 (the “1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses (collectively, the “Excluded Expenses”). </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">(2)</td> <td colspan="3" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The cost of the Fund’s short sale activities, including dividends and interest expenses on short positions, are included in “Other Expenses”. Dividends and interest expenses on short positions reflect interest expense and dividends paid on borrowed securities. Interest expenses result from the Fund’s use of prime brokerage arrangements to execute short sales. Dividends paid on borrowed securities are an expense of short sales. These expenses are required to be treated as a Fund expense for accounting purposes and are not payable to the Adviser. Any interest expense amount or dividends paid on securities sold short will vary based on the Fund’s use of those investments as an investment strategy best suited to seek the investment objective of the Fund.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">(3)</td> <td colspan="3" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Acquired Fund Fees and Expenses are expenses indirectly incurred by the Fund as a result of its investments in one or more underlying funds, including exchange-traded funds and money market funds.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 90%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 8%"> </td></tr> </table> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0115 0.0000 0.0217 0.0003 0.0335 Expense Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A87_eoef--ExpenseExampleWithRedemptionTableTextBlock_zfN4Bb2DQ135"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zyaEOIZqn2xj" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td id="xdx_48F_eoef--ExpenseExampleYear01_zUC6eogYXYda" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif;vertical-align: bottom; width: 31%; text-align: center">1 Year</td> <td id="xdx_48A_eoef--ExpenseExampleYear03_zqIVteRgzIKg" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif;vertical-align: bottom; width: 23%; text-align: center">3 Years</td> <td id="xdx_483_eoef--ExpenseExampleYear05_zyScHvbhlBjc" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif;vertical-align: top; width: 23%; text-align: center">5 Years</td> <td id="xdx_482_eoef--ExpenseExampleYear10_zomAQ08eHa5a" style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif;vertical-align: top; width: 23%; text-align: center">10 Years</td></tr> <tr id="xdx_41D_20260728__20260728__oef--ClassAxis__custom--C000248811Member_zVHdX9lbYtC5" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif;vertical-align: bottom; text-align: center">$338</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif;vertical-align: bottom; text-align: center">$1,030</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif;vertical-align: top; text-align: center">$1,745</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif;vertical-align: top; text-align: center">$3,640</td></tr> </table> 338 1030 1745 3640 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the Expense Example above, affect the Fund’s performance. For the fiscal year ended March 31, 2026, the Fund’s portfolio turnover rate was 158% of the average value of its portfolio. 1.58 Principal Investment Strategies The Fund, an actively-managed exchange-traded fund (“ETF”), seeks to achieve its investment objective by taking both long and short positions in equity securities. Even Herd, LLC, the Fund’s sub-adviser (the “Sub-Adviser”), employs its proprietary algorithm to manage the Fund’s portfolio, seeking to maintain a consistent 100% long exposure to equity securities. In addition, the Fund’s short exposure will vary between 10% to 90%. Consequently, the Fund’s net equity exposure — defined as the value of the Fund’s long positions minus its short positions — will generally range from 10% to 90% net long. This range is subject to adjustment by the Sub-Adviser based on prevailing market conditions. The Sub-Adviser follows a proprietary system most comparable to a relative momentum-focused investment strategy. Momentum is defined as an upward (positive) or downward (negative) price movement of a security (or an asset class), generating positive or negative investment returns, over the course of a predefined observation period. With respect to the Sub-Adviser’s investment strategy, this involves taking long positions in equity securities exhibiting strong upward momentum and short positions in those showing downward momentum. The Sub-Adviser’s proprietary algorithm, which emphasizes a dynamic, trend-focused analysis, rather than a strictly bottom-up valuation analysis, is used to select both the long and short positions. The proprietary system is driven by price movements, along with other data points. The key elements of this strategy include: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 90px; padding-bottom: 10pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 45px; padding-bottom: 10pt">●</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 10pt; text-align: justify">Use of the proprietary algorithm for ongoing monitoring and to analyze market trends and stock momentum, prioritizing equity securities that show strong upward momentum for long positions, and identifying those with downward momentum for short positions.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 10pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 10pt">●</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 10pt; text-align: justify">The proprietary algorithm’s frequent reassessment of equity securities rankings based on their price movement, to seek to align the Fund’s portfolio with current market momentum.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 10pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 10pt">●</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 10pt; text-align: justify">Inclusion and exclusion of stocks based on their momentum ranking rather than traditional fundamental analysis. The proprietary algorithm evaluates companies’ current and historical stock price movements, which allows the Sub-Adviser to realign the Fund’s portfolio as market conditions change.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 10pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 10pt">●</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 10pt; text-align: justify">Through a dynamic sector allocation process, the Sub-Adviser seeks to overweight the Fund’s portfolio exposure to leading economic sectors and underweight exposure to lagging sectors. Dynamic sector allocation involves adjusting portfolio allocations among different sectors based on the Sub-Adviser’s proprietary system.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0">●</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0; text-align: justify">Employment of various statistical clustering methodologies by the Sub-Adviser to better align the Fund’s long and short position behaviors. Clustering serves as a tool to help the Sub-Adviser better understand the Fund’s exposures through various factors such as sector or industry composition or price movements which may not be apparent from traditional diversification methods.</td></tr> </table> The Sub-Adviser may at its sole discretion make adjustments and changes to its allocation and clustering methodologies and proprietary system, including the underlying algorithm. The system is intended to be optimized and refined perpetually, especially as more data becomes available with time. Long positions: The Fund’s long portfolio predominantly includes stocks that, according to the Sub-Adviser’s analysis, have demonstrated strong upward momentum. For long holdings, the Fund intends to invest in companies with market capitalizations above $500 million. The Fund will primarily invest in U.S.-listed equity securities. The Fund may also invest in foreign companies, primarily through U.S. exchange-traded American Depositary Receipts (“ADRs”). Short positions: Conversely, the Fund’s short portfolio focuses on stocks that, according to the Sub-Adviser’s analysis, have exhibited downward momentum. For short holdings, the Fund intends to short companies with market capitalizations above $250 million. The Fund may enter into swap agreements as a substitute for directly shorting a particular company’s equity securities. The Fund’s short sales introduce leverage, potentially amplifying changes in the Fund’s net asset value. The Fund’s short positions will generally not be covered, meaning the Fund does not currently own the underlying securities it has sold short. Fluctuations in the Fund’s exposure levels may occur due to capital flows. The cash collateral received may be invested in accordance with the Fund’s primary investment strategy. Portfolio Construction: The specific number of securities in the Fund’s portfolio will fluctuate and under normal circumstance can be expected to range from approximately 75 to 300 long positions, and 50 to 200 short positions, although these ranges may vary upward or downward at the Sub-Adviser’s discretion. The Fund’s strategy should prevent any single position from exceeding 5% of the Fund’s portfolio at the time of purchase. The Fund will invest, under normal circumstances, at least 80% of its net assets plus the amount of borrowings for investment purposes, in long and short equity securities. As of June 30, 2026, the Fund’s portfolio had significant exposure to the aerospace, defense and banking industries. The Fund’s exposure to one or more industries is subject to change over time. Due to its strategy, the Fund could experience a high portfolio turnover rate. The Fund will invest, under normal circumstances, at least 80% of its net assets plus the amount of borrowings for investment purposes, in long and short equity securities. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. Equity Market Risk. Common stocks are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from specific issuers. The equity securities held in the Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which the Fund invests. Short Sale Risks. The Fund will suffer a loss if it sells a security short and the value of the security rises rather than falls. It is possible that the Fund’s long positions will decline in value at the same time that the value of its short positions increase, thereby increasing potential losses to the Fund. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as “covering” the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund. In addition, the Fund may be subject to expenses related to short sales that are not typically associated with investing in securities directly, such as costs of borrowing, which may negatively impact performance. Short positions introduce more risk to the Fund than long positions (purchases) because the maximum sustainable loss on a security purchased (held long) is limited to the amount paid for the security plus the transaction costs, whereas there is no maximum attainable price of the shorted security. Therefore, in theory, securities sold short have unlimited risk. Momentum Investing Risk. Securities that have previously exhibited price momentum may be more volatile than a broad cross-section of securities and their returns may be less than the returns of the overall stock market or other styles of investing. High momentum may also be a sign that the securities’ prices have peaked. Momentum can turn quickly and cause significant variation from other types of investments. The Fund may experience significant losses if momentum stops, turns or otherwise behaves differently than predicted. Leverage Risk. Leverage risk refers to the potential for increased volatility and losses in a portfolio due to the use of short positions or other financial instruments that may magnify gains and losses beyond the initial investment. Leverage could possibly create increased volatility for the Fund. The effect of the use of leverage by the Fund in a market that moves adversely to its investments could result in substantial losses to the Fund, which would be greater than if the Fund were not leveraged. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zFYkb85DU8Ia" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">High Portfolio Turnover Risk. The Fund actively and frequently trades all or 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. Market Capitalization Risk <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargecapitalizationInvestingMember_zxHtGN6eMNQa"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 4%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 4%">○</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 92%; text-align: justify">Large-Capitalization Investing. The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. Large-capitalization companies may also be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.</td></tr> </table> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidCapitalizationInvestingMember_zM64xvvZTvph"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 4%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 4%">○</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 92%">Mid-Capitalization Investing. The securities of mid-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large-capitalization companies. The securities of mid-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large-capitalization stocks or the stock market as a whole.</td></tr> </table> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallcapitalizationInvestingMember_zc359hWLUeE9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 4%"></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 4%">○</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 92%">Small-Capitalization Investing. The securities of small-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large- or mid-capitalization companies. The securities of small-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large- or mid-capitalization stocks or the stock market as a whole. There is typically less publicly available information concerning smaller-capitalization companies than for larger, more established companies.</td></tr> </table> Models and Data Risk. The composition of the Fund’s portfolio is heavily dependent on investment models developed by the Sub-Adviser 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. Errors in programming, data entry, system compatibility, or database integrity can result in the unintended inclusion or exclusion of securities in the Fund’s portfolio. Such errors, whether due to human or technological factors, could induce the Sub-Adviser to make investment choices that would not have been made with accurate and complete information, potentially leading to losses or missed gains for the Fund. The Sub-Adviser’s investment models have not been used to manage accounts in actual market conditions across diverse market cycle. ETF Risks <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_ztCMBApsvFt1"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 4%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 4%">○</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 92%">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. Any such decisions by market makers or authorized participants to reduce their role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying value of the Fund’s portfolio securities and the Fund’s market price. This reduced effectiveness could result in Fund shares trading at a premium or discount to its NAV and also greater than normal intraday bid-ask spreads. </td></tr> </table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsofBuyingorSellingSharesMember_zI1Js0ziP3jl"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 4%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 4%">○</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 92%">Costs of Buying or Selling Shares. Buying or selling Shares involves certain costs, including brokerage commissions, other charges imposed by brokers, and bid-ask spreads. The bid-ask spread represents the difference between the price at which an investor is willing to buy Shares and the price at which an investor is willing to sell Shares. The spread varies over time based on the Shares’ trading volume and market liquidity. The spread is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Due to the costs of buying or selling Shares, frequent trading of Shares may reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments. </td></tr> </table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeatPricesOtherThanNAVMember_zVFqXuaCaYUi"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 4%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 4%">○</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 92%">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 and there may be widening bid-ask spreads. 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 and there may be furthering widening bid-ask spreads. </td></tr> </table> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zE9BxZwZtiec"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 4%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 4%">○</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 92%">Trading. Although Shares are listed for trading on a national securities exchange, such as The NASDAQ Stock Market, LLC (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares and the liquidity of the Fund’s portfolio holdings may deteriorate.</td></tr> </table> 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. Depositary Receipt Risk. Depositary receipts involve risks similar to those associated with investments in foreign securities and certain additional risks. Depositary receipts listed on U.S. exchanges are issued by banks or trust companies and entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares (“Underlying Shares”). When the Fund invests in depositary receipts as a substitute for an investment directly in the Underlying Shares, the Fund is exposed to the risk that the depositary receipts may not provide a return that corresponds precisely with that of the Underlying Shares. The Fund may invest in unsponsored depositary receipts. The issuers of unsponsored depositary receipts are not obligated to disclose material information in the United States and, therefore, there may be less information available regarding such issuers and there may not be a correlation between such information and the value of the depositary receipts. Foreign Securities Risk. Investments in securities or other instruments of non-U.S. issuers involve certain risks not involved in domestic investments and may experience more rapid and extreme changes in value than investments in securities of U.S. companies. Financial markets in foreign countries often are not as developed, efficient, or liquid as financial markets in the United States, and therefore, the prices of non-U.S. securities and instruments can be more volatile. In addition, the Fund will be subject to risks associated with adverse social, political and economic developments in foreign countries, which may include the imposition of economic sanctions. Generally, there is less readily available and reliable information about non-U.S. issuers due to less rigorous disclosure or accounting standards and regulatory practices. 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. <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapsRisksMember_zBeI4b4iXdml"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 4%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 4%">○</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 92%; text-align: justify">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, such as the swaps in which the Fund will invest, and may be greater during volatile market conditions. 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.</td></tr> </table> Management Risk. The Fund is actively managed and may not meet its investment objective based on the Sub-Adviser’s implementation of investment strategies for the Fund. 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. Newer Sub-Adviser Risk. The Sub-Adviser is a recently formed entity and has limited experience with managing an exchange-traded fund, which may limit the Sub-Adviser’s effectiveness. 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. Sector Risks. Depending on prevailing market conditions, the Sub-Adviser may allocate more of the Fund’s investments to a particular sector or sectors in the market. If the Fund invests a significant portion of its total assets in a certain sector or certain sectors, its investment portfolio will be more susceptible to the financial, economic, business, and political developments that affect those sectors than a fund that is more diversified. As of June 30, 2026, the Fund’s portfolio had significant exposure to the aerospace, defense and banking industries. The Fund’s exposure to one or more industries is subject to change over time. <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--AerospaceandDefenseSectorRiskMember_zHDIPMQ5BLG6"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 30px"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 30px">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Aerospace & Defense Sector Risk. The Aerospace and Defense Industry comprises businesses engaged in manufacturing equipment, parts, or products for civil or military aerospace and defense applications. This industry's performance can be notably cyclical, leading to intermittent operating losses for its companies. Factors such as geopolitical dynamics, economic conditions, environmental considerations, enhanced competition, and the capacity to recruit and maintain a highly skilled workforce, including crucial personnel, can significantly impact the industry. Additionally, the industry's operations can be influenced by legislative or regulatory shifts and heightened government oversight.</td></tr> </table> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--BankingSectorRiskMember_zkuHagcuzi4g"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 30px"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 30px">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Banking Sector Risk. Investments in securities issued by U.S. and foreign banks can be sensitive to changes in government regulation and interest rates and to economic downturns in the United States and abroad, and susceptible to risks associated with the financial services sector. The Fund’s exposure to investments in the banking industry may make it more susceptible to this risk.</td></tr> </table> Performance The following performance information provides 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, before and after taxes, is not necessarily an indication of how it will perform in the future, historical performance may provide some indication of the risks of investing in the Fund by comparing the Fund’s performance with a broad measure of market performance. Updated performance information is available on the Fund’s website at www.evenherd.com/EHLS. The following performance information provides 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, before and after taxes, is not necessarily an indication of how it will perform in the future, historical performance may provide some indication of the risks of investing in the Fund by comparing the Fund’s performance with a broad measure of market performance. www.evenherd.com/EHLS Calendar Year Ended December 31 <img alt="" src="ehls-chart.jpg" style="height: 351px; width: 650px"/> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A59_zX7u4eqWgOAa" style="display: none; visibility: hidden; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="font: 11pt Aptos Narrow; width: 50%"> </td> <td style="font: 11pt Aptos Narrow; width: 50%"> </td></tr> <tr style="vertical-align: bottom"> <td style="font: 11pt Aptos Narrow; text-align: right">2025</td> <td id="xdx_987_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000248811Member_z1hfT1LJkycc" style="font: 11pt Aptos Narrow; text-align: right">6.79%</td></tr> </table> 0.0679 The Fund’s calendar year-to-date return as of June 30, 2026 was 19.38%. During the periods of time shown in the bar chart, the Fund’s highest quarterly return was 11.63% for the quarter ended June 30, 2025, and the lowest quarterly return was -8.46% for the quarter ended March 31, 2025. calendar year-to-date return 2026-06-30 0.1938 highest quarterly return 0.1163 2025-06-30 lowest quarterly return -0.0846 2025-03-31 Average Annual Total Returns For the Periods Ended December 31, 2025 <div id="xdx_A86_eoef--PerformanceTableTextBlock_zNVC3UyH13p"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zBKKXqKh2Vri" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif;width: 57%; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: justify"> </td> <td id="xdx_493_20250101__20251231_zMiAulWSuShc" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif;width: 15%; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center">1 Year</td> <td id="xdx_493_20240401__20251231_zsrqHL4A84H2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif;width: 28%; padding-right: 2.65pt; padding-left: 2.65pt">Since Inception (April 1, 2024) </td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000248811Member_zuehEL6lFv11" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif;padding-top: 5pt; text-align: justify">Return Before Taxes</td> <td style="font: 10pt Times New Roman, Times, Serif;padding-top: 5pt; text-align: center">6.79%</td> <td style="font: 10pt Times New Roman, Times, Serif;padding-top: 5pt; text-align: center">10.19%</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000248811Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z7ZjSaX3WP2j" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif;padding-top: 5pt; text-align: justify">Return After Taxes on Distributions</td> <td style="font: 10pt Times New Roman, Times, Serif;padding-top: 5pt; text-align: center">6.79%</td> <td style="font: 10pt Times New Roman, Times, Serif;padding-top: 5pt; text-align: center">9.97%</td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000248811Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zOoOF416xIa" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif;padding-top: 5pt; text-align: justify">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="font: 10pt Times New Roman, Times, Serif;padding-top: 5pt; text-align: center">4.02%</td> <td style="font: 10pt Times New Roman, Times, Serif;padding-top: 5pt; text-align: center">7.76%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SP500IndexMember_zmvfeWiJEKBj" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif;vertical-align: top; padding-top: 6pt">S&P 500 Index (reflects no deduction for fees, expenses, or taxes) </td> <td style="font: 10pt Times New Roman, Times, Serif;vertical-align: bottom; text-align: center">17.88% </td> <td style="font: 10pt Times New Roman, Times, Serif;vertical-align: bottom; text-align: center">17.98% </td></tr> </table> 2024-04-01 0.0679 0.1019 0.0679 0.0997 0.0402 0.0776 (reflects no deduction for fees, expenses, or taxes) 0.1788 0.1798 After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts. In certain cases, the figure representing “Return After Taxes on Distributions and Sale of Fund Shares” may be higher than other return figures for the same period due to a capital loss that occurs upon redemption and provides an assumed tax deduction that benefits the investor. After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts. In certain cases, the figure representing “Return After Taxes on Distributions and Sale of Fund Shares” may be higher than other return figures for the same period due to a capital loss that occurs upon redemption and provides an assumed tax deduction that benefits the investor. The Fund’s investment adviser, Tidal Investments LLC (“Tidal” or the “Adviser”), a Tidal Financial Group company, will pay, or require a third-party to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940 (the “1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses (collectively, the “Excluded Expenses”). The cost of the Fund’s short sale activities, including dividends and interest expenses on short positions, are included in “Other Expenses”. Dividends and interest expenses on short positions reflect interest expense and dividends paid on borrowed securities. Interest expenses result from the Fund’s use of prime brokerage arrangements to execute short sales. Dividends paid on borrowed securities are an expense of short sales. These expenses are required to be treated as a Fund expense for accounting purposes and are not payable to the Adviser. Any interest expense amount or dividends paid on securities sold short will vary based on the Fund’s use of those investments as an investment strategy best suited to seek the investment objective of the Fund. Acquired Fund Fees and Expenses are expenses indirectly incurred by the Fund as a result of its investments in one or more underlying funds, including exchange-traded funds and money market funds.