0002081107 2026-08-05 2026-08-05 0002081107 gpuf:S000106865Member 2026-08-05 2026-08-05 0002081107 gpuf:S000106865Member gpuf:ComputeRiskMember 2026-08-05 2026-08-05 0002081107 gpuf:S000106865Member gpuf:AiComputeMarketRiskMember 2026-08-05 2026-08-05 0002081107 gpuf:S000106865Member gpuf:AiInfrastructureRiskMember 2026-08-05 2026-08-05 0002081107 gpuf:S000106865Member gpuf:ConcentrationRiskMember 2026-08-05 2026-08-05 0002081107 gpuf:S000106865Member gpuf:ArtificialIntelligenceRiskMember 2026-08-05 2026-08-05 0002081107 gpuf:S000106865Member gpuf:SemiconductorsAndSemiconductorEquipmentIndustryRiskMember 2026-08-05 2026-08-05 0002081107 gpuf:S000106865Member gpuf:TechnologySectorRiskMember 2026-08-05 2026-08-05 0002081107 gpuf:S000106865Member gpuf:SoftwareIndustryRiskMember 2026-08-05 2026-08-05 0002081107 gpuf:S000106865Member gpuf:DatacenterIndustryRiskMember 2026-08-05 2026-08-05 0002081107 gpuf:S000106865Member gpuf:DerivativesRiskMember 2026-08-05 2026-08-05 0002081107 gpuf:S000106865Member gpuf:FuturesContractsMember 2026-08-05 2026-08-05 0002081107 gpuf:S000106865Member gpuf:OptionsContractsMember 2026-08-05 2026-08-05 0002081107 gpuf:S000106865Member gpuf:SwapAgreementsMember 2026-08-05 2026-08-05 0002081107 gpuf:S000106865Member gpuf:CounterpartyRiskMember 2026-08-05 2026-08-05 0002081107 gpuf:S000106865Member gpuf:CaymanSubsidiaryRiskMember 2026-08-05 2026-08-05 0002081107 gpuf:S000106865Member gpuf:CaymanSubsidiaryTaxRiskMember 2026-08-05 2026-08-05 0002081107 gpuf:S000106865Member gpuf:CommoditiesRiskMember 2026-08-05 2026-08-05 0002081107 gpuf:S000106865Member gpuf:CommodityPoolRegulatoryRiskMember 2026-08-05 2026-08-05 0002081107 gpuf:S000106865Member gpuf:CommoditylinkedDerivativesTaxRiskMember 2026-08-05 2026-08-05 0002081107 gpuf:S000106865Member gpuf:EtfRisksMember 2026-08-05 2026-08-05 0002081107 gpuf:S000106865Member gpuf:AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember 2026-08-05 2026-08-05 0002081107 gpuf:S000106865Member gpuf:CashRedemptionRiskMember 2026-08-05 2026-08-05 0002081107 gpuf:S000106865Member gpuf:CostsOfBuyingOrSellingSharesMember 2026-08-05 2026-08-05 0002081107 gpuf:S000106865Member gpuf:SharesMayTradeAtPricesOtherThanNavMember 2026-08-05 2026-08-05 0002081107 gpuf:S000106865Member gpuf:TradingMember 2026-08-05 2026-08-05 0002081107 gpuf:S000106865Member gpuf:UnderlyingFundRiskMember 2026-08-05 2026-08-05 0002081107 gpuf:S000106865Member gpuf:EconomicAndMarketRiskMember 2026-08-05 2026-08-05 0002081107 gpuf:S000106865Member gpuf:HighPortfolioTurnoverRiskMember 2026-08-05 2026-08-05 0002081107 gpuf:S000106865Member gpuf:LiquidityRiskMember 2026-08-05 2026-08-05 0002081107 gpuf:S000106865Member gpuf:ManagementRiskMember 2026-08-05 2026-08-05 0002081107 gpuf:S000106865Member gpuf:MoneyMarketInstrumentRiskMember 2026-08-05 2026-08-05 0002081107 gpuf:S000106865Member gpuf:NewFundRiskMember 2026-08-05 2026-08-05 0002081107 gpuf:S000106865Member oef:RiskNondiversifiedStatusMember 2026-08-05 2026-08-05 0002081107 gpuf:S000106865Member gpuf:RepurchaseAgreementsRiskMember 2026-08-05 2026-08-05 0002081107 gpuf:S000106865Member gpuf:OperationalRiskMember 2026-08-05 2026-08-05 0002081107 gpuf:S000106865Member gpuf:TaxRiskMember 2026-08-05 2026-08-05 0002081107 gpuf:S000106865Member gpuf:USTreasuryObligationsRiskMember 2026-08-05 2026-08-05 0002081107 gpuf:C000277751Member 2026-08-05 2026-08-05 0002081107 gpuf:S000106865Member oef:RiskLoseMoneyMember 2026-08-05 2026-08-05 iso4217:USD pure false 485BPOS 0002081107 2026-08-05 N-1A TIDAL TRUST V 2026-08-05 Defiance Compute ETF - FUND SUMMARY Investment Objective The Defiance Compute 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_A82_eoef--AnnualFundOperatingExpensesTableTextBlock_zs08Uj9wgife"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zgVbWc85CIm5" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td id="xdx_98B_eoef--OperatingExpensesCaption_c20260805__20260805__dei--LegalEntityAxis__custom--S000106865Member_zF3TS5eebeSg" style="border-top: black 1pt solid; width: 87%">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; width: 13%"> </td></tr> <tr style="vertical-align: bottom"> <td>Management Fee</td> <td id="xdx_983_eoef--ManagementFeesOverAssets_dpn_c20260805__20260805__oef--ClassAxis__custom--C000277751Member_fKDEp_zUmPInRrYx8b" style="text-align: center">0.79%</td></tr> <tr style="vertical-align: bottom"> <td>Distribution and/or Service (12b-1) Fees</td> <td id="xdx_98E_eoef--DistributionAndService12b1FeesOverAssets_dpn_c20260805__20260805__oef--ClassAxis__custom--C000277751Member_fKDEp_zFYtFKFeAfRh" style="text-align: center">0.00%</td></tr> <tr style="vertical-align: bottom"> <td>Other Expenses (broker interest)(2)</td> <td id="xdx_986_eoef--OtherExpensesOverAssets_dpn_c20260805__20260805__oef--ClassAxis__custom--C000277751Member_fKDEpKDIp_zfBeZs21STG1" style="border-bottom: black 1pt solid; text-align: center">0.02%</td></tr> <tr style="vertical-align: bottom"> <td>Total Annual Fund Operating Expenses</td> <td id="xdx_980_eoef--ExpensesOverAssets_dpn_c20260805__20260805__oef--ClassAxis__custom--C000277751Member_fKDEp_zILxMmarM1Sh" style="border-bottom: black 1pt solid; text-align: center">0.81%</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 2%">(1) </td> <td style="text-align: justify; width: 98%">The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all of the Fund’s expenses, except for the following: advisory and sub-advisory fees, interest charges on any borrowings made for investment purposes, 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 Act, as amended (the “1940 Act”), litigation expenses, and other non-routine or extraordinary expenses.</td></tr> <tr style="vertical-align: top"> <td>(2)</td> <td style="text-align: justify">Based on estimated amounts for the current fiscal year.</td></tr> </table> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0079 0.0000 0.0002 0.0081 Based on estimated amounts for the current fiscal year. 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_A88_eoef--ExpenseExampleWithRedemptionTableTextBlock_zF1ChkI9rE67"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zKUrn98QK46b" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_485_eoef--ExpenseExampleYear01_zRLVc0PX2tol" style="border-top: black 1pt solid; width: 52%; text-align: center">1 Year</td> <td id="xdx_487_eoef--ExpenseExampleYear03_zdl6W7drFsr9" style="border-top: black 1pt solid; width: 48%; text-align: center">3 Years</td></tr> <tr id="xdx_411_20260805__20260805__oef--ClassAxis__custom--C000277751Member_zJW31g2C8fib" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: center">$83</td> <td style="border-bottom: black 1pt solid; text-align: center">$259</td></tr> </table> 83 259 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 Example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available. Principal Investment Strategies The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing primarily in exchange-traded futures contracts and other financial instruments that provide exposure to the market value of artificial intelligence (“AI”) compute resources (collectively, “Compute Futures”) and to the market value of the infrastructure that supports AI computation (collectively, “AI Infrastructure Futures”). Compute Futures are futures contracts that reference standardized measures of AI computing capacity or benchmarks reflecting the cost, availability, utilization, or rental of computational resources used to develop, train, deploy, or operate AI models and other compute-intensive workloads. The value of these futures contracts is generally based on changes in standardized measures or benchmarks reflecting the market for AI compute resources, allowing the Fund to obtain economic exposure to AI compute markets through financial instruments rather than by owning physical computing assets. Such contracts may reference computing resources across a variety of hardware architectures, technologies, or successor technologies, as well as other benchmarks or indexes designed to measure the economics of AI compute markets. AI Infrastructure Futures are futures contracts focused on the value of broader physical real estate, hard assets, power capacity (megawatt/gigawatts), and supply chains required to build AI data centers. The principal difference between Compute Futures and AI Infrastructure Futures lies in their scope – with Compute Futures focused principally on the software and processing capacities (e.g. general processing unit (GPU) hours), while AI Infrastructure Futures encompass the overall physical and structural stack that supports AI computing (e.g., data centers, networking, power, and silicone materials). When combined, investment exposure across both market segments is intended to provide the Fund broad exposure to the overall AI compute resources ecosystem. The Fund is designed to provide exposure to the economics of AI computing resources. The Adviser believes that increasing demand for artificial intelligence applications appears likely to increase demand for computing capacity and the infrastructure necessary to support AI computation. As markets for AI compute derivatives develop, the Fund seeks to provide investors with exposure to those markets through exchange-traded futures contracts and other derivatives linked to the pricing of AI compute resources and related infrastructure. Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in investments that provide exposure to AI compute resources and the infrastructure that supports AI computation (the “80% Policy”). Such investments may include Compute Futures, AI Infrastructure Futures, and other instruments that provide substantially similar economic exposure. Such investments may also include other ETFs or exchange traded products (“ETPs”) that hold Compute Futures or AI Infrastructure Futures directly, that seek exposure to them indirectly through derivatives referencing the performance of Compute Futures or AI Infrastructure Futures, or that invest primarily in companies that derive at least 50% of their revenue from operations within the AI compute resources sector (collectively, “AI Compute/Infrastructure ETFs”). These investments may include futures contracts, swap agreements, options on futures, forward contracts, exchange-traded products, structured notes, exchange-traded funds, or other derivatives or financial instruments whose value is linked to AI compute resources, AI infrastructure, or related indexes. In connection with its derivatives strategy, the Fund will maintain a collateral portfolio of cash, cash equivalents, and high-quality short-term instruments. See “Collateral” below for additional information. The Adviser actively manages the Fund’s futures exposure by selecting futures contracts across available maturities and rolling positions prior to expiration. In determining the Fund’s positioning, the Adviser evaluates the availability, liquidity, relative pricing, and maturity of available contracts, as well as the shape of the futures curve (including anticipated roll costs), implied financing costs, market volatility, expected AI compute demand, technological and regulatory developments, and other market conditions. Based on these considerations, the Adviser may adjust the Fund’s allocations and the maturities of the derivatives in which the Fund invests. As markets for Compute Futures or other AI compute-related derivatives continue to develop, the Fund may invest a substantial portion of its assets in AI Infrastructure Futures or other derivatives referencing energy, power, fuel, or other infrastructure inputs that support AI computation. The Adviser may increase or decrease the Fund’s exposure to AI Infrastructure Futures depending on the availability, liquidity, and pricing efficiency of AI Compute Futures. These may include contracts referencing electricity markets, energy commodities, fuels used in power generation, or other infrastructure-related benchmarks that the Adviser believes are economically linked to the provision of AI computing resources. The Adviser expects to adjust the Fund’s allocation among Compute Futures and AI Infrastructure Futures over time as new contracts become available and existing markets mature. Allocation decisions will be made in the Adviser’s discretion based on factors including contract availability, liquidity, market efficiency, and other relevant considerations. Except as described below with respect to AI Compute/Infrastructure ETFs, the Fund does not invest directly in equity securities. Rather, the Fund seeks to obtain its primary exposure through derivatives. AI Compute Markets Advances in artificial intelligence have increased demand for specialized computing resources capable of supporting the development, training, deployment, and operation of increasingly sophisticated AI models. Computing capacity is increasingly transacted as a service through a variety of commercial arrangements, with pricing often based on time-based usage, reserved capacity, or other standardized measures of computational resources. Participants in these markets include cloud computing providers, specialized compute providers, enterprise infrastructure operators, financial intermediaries, and other market participants. As these markets continue to evolve, standardized benchmarks and derivative contracts may emerge to facilitate price discovery, risk management, and investment exposure to AI compute resources. Although these markets are relatively new, the Adviser expects standardized pricing benchmarks and exchange-traded derivative markets to continue developing, allowing market participants to hedge or obtain investment exposure to AI compute resources. AI Infrastructure Markets The Fund seeks to obtain exposure to the infrastructure that supports AI computing, including energy, power, fuel, and other physical inputs that the Adviser believes are key drivers of AI compute economics. The Fund primarily obtains this exposure through AI Infrastructure Futures. The Fund also may obtain this exposure through investment in AI Compute/Infrastructure ETFs which hold Compute Futures or AI Infrastructure Futures directly, seek exposure to them indirectly, or that invest primarily in equity securities of companies that derive at least 50% of their revenue from one or more of the following activities: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">power generation, energy storage, and electrical transmission and distribution equipment;</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">fuels and other energy inputs used in power generation; and</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">electric utilities and independent power producers that supply electricity to data centers, communications infrastructure, or technology infrastructure.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">semiconductors, including AI accelerators and memory, and the equipment used to manufacture them; and</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">networking, interconnect, cooling and thermal management equipment, and the metals and materials used as inputs to AI infrastructure buildout.</td></tr></table> The Fund may invest in AI Compute/Infrastructure ETFs when the Adviser determines they provide more efficient exposure than available Compute or AI Infrastructure Futures. The Fund expects AI Infrastructure Futures to be a primary means of obtaining exposure, at least initially. Please see the prospectus section titled “Additional Information About the Fund” for more information about the Fund’s AI Infrastructure Markets strategy. Cayman Subsidiary: To the extent the Fund’s investments in derivatives generate income that is not qualifying income for purposes of maintaining its status as a regulated investment company (“RIC”) under the Internal Revenue Code, the Fund may invest in such derivatives through a wholly owned subsidiary organized in the Cayman Islands (the “Subsidiary”). The Fund generally expects to hold U.S. Treasury securities, money market instruments, and other assets serving as collateral directly, while Compute Futures, AI Infrastructure Futures, other commodity-linked futures contracts, commodity-linked swap agreements, options on commodity-linked futures, and other derivatives or investments that may generate non-qualifying income for purposes of Subchapter M of the Internal Revenue Code may be held through the Subsidiary. The Subsidiary is also advised by the Adviser. The Fund may invest up to 25% of its total assets in the Subsidiary, tested at the end of each fiscal quarter. The Subsidiary may invest without limitation in derivatives; subject to compliance with the same 1940 Act requirements that are applicable to the Fund’s transactions in derivatives. In addition, the Subsidiary will be subject to the same fundamental investment restrictions as the Fund and will comply with them on an aggregate basis with the Fund, and will follow the same compliance policies and procedures as the Fund. Unlike the Fund, the Subsidiary will not seek to qualify as a RIC under the Code. The Fund is the sole investor in the Subsidiary and does not expect the shares of the Subsidiary to be offered or sold to other investors. Because the value of the Subsidiary must not exceed 25% of the Fund’s value at the close of any quarter, the Subsidiary may need to sell assets as a quarter end approaches and pay a dividend to the Fund. This dividend will constitute qualifying income for RIC purposes. Except as otherwise noted, for purposes of this Prospectus, references to the Fund’s investments include the Fund’s indirect investments through the Subsidiary. Reverse Repurchase Agreements The Fund may invest in reverse repurchase agreements, which are a form of borrowing where the Fund sells portfolio securities to financial institutions and agrees to repurchase them at a later date for a higher price. This arrangement allows the Fund to use the proceeds from the initial sale for other investment purposes. However, since the Fund repurchases the securities at a higher price, it incurs a loss on these transactions. To qualify for treatment as a regulated investment company (RIC) under the Internal Revenue Code, the Fund may use reverse repurchase agreements to ensure that its investment in the Subsidiary does not exceed 25% of the Fund’s total assets at the end of each fiscal quarter (the “Asset Diversification Test”). During other times of the year, the Fund’s investments in the Subsidiary may exceed 25% of its total assets. Collateral The Fund will generally maintain a significant portion of its assets in cash, cash equivalents, or high-quality short-term fixed income instruments, such as U.S. Treasury securities, money market funds, or repurchase agreements, to serve as collateral for its derivatives positions and to meet margin requirements. Fund Attributes The Fund is classified as “non-diversified” under the 1940 Act. The Fund will have economic exposure concentrated to the industries or groups of industries related to AI infrastructure, semiconductors, cloud computing, data centers, software, and related technologies. The Fund’s investment strategy is expected to result in a high annual portfolio turnover rate. Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in investments that provide exposure to AI compute resources and the infrastructure that supports AI computation (the “80% Policy”). 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. Compute Risk. The Fund seeks long exposure to the market value of AI compute resources through derivatives. The Fund’s performance therefore depends primarily upon the market value of AI compute resources and related infrastructure rather than the operating performance of individual companies. If demand for AI computing resources declines, if technological advances increase computing efficiency or materially reduce computing costs, if new hardware substantially lowers the cost of AI computation, or if regulatory, economic, competitive, or geopolitical developments reduce demand for AI compute resources, the value of the Fund’s derivatives may decline substantially. Because markets for AI compute derivatives are newly developing, pricing may be volatile, liquidity may be limited, and price discovery may be inefficient. AI Compute Market Risk. AI compute derivatives represent a newly developing asset class. Markets for these instruments may be small, less liquid, subject to significant pricing volatility, and may not develop as expected. If sufficient liquidity does not develop, the Fund may be unable to achieve its desired exposure or may obtain exposure through AI Infrastructure Futures instead. AI Infrastructure Risk. The Fund may obtain significant exposure through derivatives referencing electricity, energy, fuels, or other infrastructure supporting AI computation. The prices of these instruments may not always correlate closely with the value of AI compute resources and may be affected by factors unrelated to AI demand. Concentration Risk. The Fund will have concentrated investment exposure to the industries related to AI infrastructure, semiconductors, cloud computing, data centers, software, and related technologies. As a result, the value of Shares may rise and fall more than the value of shares that invest in securities of companies in a broader range of industries. <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ArtificialIntelligenceRiskMember_zyf013fguNC2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Artificial Intelligence Risk. Issuers engaged in artificial intelligence typically have high research and capital expenditures and, as a result, their profitability can vary widely, if they are profitable at all. The space in which they are engaged is highly competitive and issuers’ products and services may become obsolete very quickly. These companies are heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. The issuers are also subject to legal, regulatory and political changes that may have a large impact on their profitability. A failure in an issuer’s product or even questions about the safety of the product could be devastating to the issuer, especially if it is the marquee product of the issuer. It can be difficult to accurately capture what qualifies as an artificial intelligence company.</td></tr> </table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--SemiconductorsAndSemiconductorEquipmentIndustryRiskMember_zILJ169BUcu2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Semiconductors & Semiconductor Equipment Industry Risk. Semiconductor companies may face intense competition, both domestically and internationally, and such competition may have an adverse effect on their profit margins. Semiconductor companies may have limited product lines, markets, financial resources or personnel. Semiconductor companies’ supply chain and operations are dependent on the availability of materials that meet exacting standards and the use of third parties to provide components and services. Semiconductor companies may rely on a limited number of suppliers, or upon suppliers in a single location, for certain materials, equipment or tools. Finding and qualifying alternate or additional suppliers can be a lengthy process that can cause production delays or impose unforeseen costs, and such alternatives may not be available at all. Production can be disrupted by the unavailability of resources, such as water, silicon, electricity, gases and other materials. Suppliers may also increase prices or encounter cybersecurity or other issues that can disrupt production or increase production costs.</td></tr> </table> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--TechnologySectorRiskMember_zhHruGVn2Jxe"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Technology Sector Risk. The technology sector is characterized by rapid innovation, intense competition, and frequent changes in consumer preferences, which can lead to significant market volatility. Companies in this sector are particularly vulnerable to product obsolescence, regulatory scrutiny, and supply chain disruptions that may impact production and distribution. Increased global competition, including from foreign companies with lower production costs, can pressure profit margins and market share. Additionally, many technology companies rely heavily on intellectual property protections, and any loss or infringement of patents, copyrights, or trade secrets could negatively impact revenues. Smaller and newly established technology firms may be especially susceptible to economic downturns, capital constraints, and shifts in market sentiment, leading to heightened stock price volatility.</td></tr> </table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--SoftwareIndustryRiskMember_z1zSMIz3qKCh"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Software Industry Risk. The software industry can be significantly affected by intense competition, aggressive pricing, technological innovations, and product obsolescence. Companies in the software industry are subject to significant competitive pressures, such as aggressive pricing, new market entrants, competition for market share, short product cycles due to an accelerated rate of technological developments and the potential for limited earnings and/or falling profit margins. These companies also face the risks that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. These factors can affect the profitability of these companies and, as a result, the value of their securities. Also, patent protection is integral to the success of many companies in this industry, and profitability can be affected materially by, among other things, the cost of obtaining (or failing to obtain) patent approvals, the cost of litigating patent infringement and the loss of patent protection for products (which significantly increases pricing pressures and can materially reduce profitability with respect to such products). In addition, many software companies have limited operating histories. Prices of these companies’ securities historically have been more volatile than other securities, especially over the short term.</td></tr> </table> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--DatacenterIndustryRiskMember_zmSDzFLbZJMh"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Datacenter Industry Risk. The datacenter industry faces numerous challenges that could significantly impact the financial performance of companies operating within this sector. As technological advancements accelerate and demand for data processing and storage grows, datacenter companies must continuously upgrade infrastructure and expand capacity, leading to high capital expenditures and increased operational costs. The highly competitive nature of the industry often results in aggressive pricing strategies that compress profit margins. Additionally, fluctuations in demand for data services, driven by economic conditions and shifts in technology trends, can lead to under-utilization of capacity, negatively affecting revenue streams and overall profitability. Furthermore, companies must navigate complex regulatory environments and manage significant energy consumption and environmental impact, adding to operational burdens and costs.</td></tr> </table> Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect daily correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. Futures Contracts. Risks of futures contracts include: (i) an imperfect correlation between the value of the futures contract and the underlying asset; (ii) possible lack of a liquid secondary market; (iii) the inability to close a futures contract when desired; (iv) losses caused by unanticipated market movements, which may be unlimited; (v) an obligation for the Fund to make daily cash payments to maintain its required margin, particularly at times when the Fund may have insufficient cash; and (vi) unfavorable execution prices from rapid selling. 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. Because the margin requirement for futures contracts is less than the value of the assets underlying the futures contract, futures trading involves a degree of leverage. As a result, a relatively small price movement in a futures contract may result in immediate and substantial loss, as well as gain, to the Fund. Because AI compute futures markets are expected to be relatively new, trading volumes may initially be limited. Limited liquidity may increase bid-ask spreads, reduce pricing efficiency, increase roll costs, or make it more difficult for the Fund to establish or close positions. Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund’s options contracts are exercised or expire it may enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. Swap Agreements. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal depends on the ability of the Adviser to structure such swap agreements in accordance with the Fund’s investment objective and to identify counterparties for those swap agreements. Additionally, any financing, borrowing or other costs associated with using swap transactions may also have the effect of lowering the Fund’s return. The swap agreements in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a basket of securities. 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. Cayman Subsidiary Risk. By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary’s investments. The futures contracts and other investments held by the Subsidiary are subject to the same economic risks that apply to similar investments if held directly by the Fund. The Subsidiary is not registered under the 1940 Act, and, unless otherwise noted in this Prospectus, is not subject to all the investor protections of the 1940 Act. Changes in the laws of the United States and the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to continue to operate as it does currently and could adversely affect the Fund. For example, the Cayman Islands does not currently impose any income, corporate or capital gains tax or withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman Islands taxes, Fund shareholders would likely suffer decreased investment returns. In addition, the Subsidiary is also subject to many of the risks to which the Fund is subject, such as tax risks, commodity related risks, and market and data risks. Cayman Subsidiary Tax Risk. The Fund intends to treat any income received by the Subsidiary from futures contracts or from Underlying Funds as “qualifying income” under the provisions of the Code applicable to RICs. The IRS has issued numerous private letter rulings (“PLRs”) provided to third parties not associated with the Fund or its affiliates (which only those parties may rely on as precedent) concluding that similar arrangements resulted in qualifying income. Many of such PLRs have now been revoked by the IRS. In March of 2019, the IRS published Regulations that concluded that income from a corporation similar to the Subsidiary would be qualifying income. Although the Regulations do not require distributions from the Subsidiary, the Fund intends to cause the Subsidiary to make distributions that would allow the Fund to make timely distributions to its shareholders and to meet the requirement that the Subsidiary have a value not in excess of 25% of the Fund’s value at the close of a quarter. The Fund generally will be required to include in its own taxable income the income of the Subsidiary for a tax year, regardless of whether the Fund receives a distribution of the Subsidiary’s income in that tax year, and this income would nevertheless be subject to the distribution requirement for qualification as a regulated investment company and would be taken into account for purposes of the 4% excise tax. If the Fund did not qualify as a RIC for any taxable year and certain relief provisions were not available, the Fund’s taxable income would be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. In such event, in order to re-qualify for taxation as a RIC, the Fund might be required to recognize unrealized gains, pay substantial taxes and interest and make certain distributions. This would cause investors to incur higher tax liabilities than they otherwise would have incurred and would have a negative impact on Fund returns. In such event, the Fund’s Board of Trustees may determine to reorganize or close the Fund or materially change the Fund’s investment objective and strategies. In the event that the Fund fails to qualify as a RIC, the Fund will promptly notify shareholders of the implications of that failure. Commodities Risk. Exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative investments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, embargoes, tariffs and international economic, political and regulatory developments. Additionally, the Fund may gain exposure to the commodities markets through investments in exchange-traded notes, the value of which may be influenced by, among other things, time to maturity, level of supply and demand for the exchange-traded note, volatility and lack of liquidity in underlying markets, the performance of the reference instrument, changes in the issuer’s credit rating and economic, legal, political or geographic events that affect the reference instrument. Commodity Pool Regulatory Risk. The Fund’s strategies will cause it to be deemed to be a commodity pool, thereby subjecting the Fund to regulation under the CEA and CFTC rules. The Adviser is registered as a commodity pool operator (“CPO”), the Futures Trading Advisor is also registered as a CPO as well as a commodity trading advisor (“CTA’) and the Fund will be operated in accordance with applicable CFTC rules, as well as the regulatory scheme applicable to registered investment companies. Registration as a CPO or CTA imposes additional compliance obligations on the Adviser and Futures Trading Advisor, as applicable, and the Fund related to additional laws, regulations, and enforcement policies, which could increase compliance costs and may affect the operations and financial performance of the Fund. However, the Fund’s status as a commodity pool and the Adviser’s and Futures Trading Advisor’s registration as a CPO (and CTA, as applicable), are not expected to materially adversely affect the Fund’s ability to achieve its investment objective. The CFTC has not passed on the adequacy of this Prospectus. Commodity-Linked Derivatives Tax Risk. The tax treatment of commodity-linked derivative instruments may be adversely affected by changes in legislation, regulations, or other legally binding authority. As a RIC, the Fund must derive at least 90% of its gross income each taxable year from certain qualifying sources of income under the Code. If, as a result of any adverse future legislation, U.S. Treasury regulations, and/or guidance issued by the Internal Revenue Service (the “IRS”), the income of the Fund from certain commodity-linked derivatives, including income from the Fund’s investments in the Subsidiary, were treated as non-qualifying income, the Fund may fail to qualify as RIC and/or be subject to federal income tax at the Fund level. The uncertainty surrounding the treatment of certain derivative instruments under the qualification tests for a RIC may limit the Fund’s use of such derivative instruments. The Fund intends to limit its investment in the Subsidiary to no more than 25% of the value of its total assets in order to satisfy certain asset diversification requirements for taxation as a regulated investment company. The Fund intends to manage the exposure to the Subsidiary so that the Fund’s investments in the Subsidiary do not exceed 25% of the total assets at the end of any quarter. If the Fund’s investments in the Subsidiary were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC. ETF Risks <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zBAdkAtAIpc6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as Authorized Participants or APs). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. 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. Additionally, there may be brokerage costs or taxable gains or losses that may be imposed on the Fund in connection with a cash redemption that may not have occurred if the Fund had made a redemption in-kind. These costs could decrease the value of the Fund to the extent they are not offset by a transaction fee payable by an AP. <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_z556eioXQ7Rb"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 5%"> </td> <td style="width: 95%; text-align: justify">Costs of Buying or Selling Shares. Investors buying or selling Shares in the secondary market will pay brokerage commissions or other charges imposed by brokers, as determined by that broker. Brokerage commissions are often a fixed amount and may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of Shares. In addition, secondary market investors will also incur the cost of the bid-ask spread. The bid-ask spread varies over time for Shares based on trading volume and market liquidity, and is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Further, a relatively small investor base in the Fund, asset swings in the Fund and/or increased market volatility may cause increased bid-ask spreads. Due to the costs of buying or selling Shares, including bid-ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</td></tr> </table> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zmfzFYI6ZW7d"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 5%"> </td> <td style="width: 95%; text-align: justify">Shares May Trade at Prices Other Than NAV. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.</td></tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: justify"> </td></tr> </table> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zbc88lJJdkTk"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 5%"> </td> <td style="text-align: justify; width: 95%">Trading. Although Shares are listed for trading on a national securities exchange, such as Cboe BZX Exchange, Inc. (the Exchange), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. This adverse effect on liquidity for the Fund’s shares may lead to wider bid-ask spreads and differences between the market price of the Fund’s shares and the underlying value of the shares.</td></tr> </table> Underlying Fund Risk. The Fund will incur higher and duplicative expenses when it invests in ETFs, other investment companies or ETPs. By investing in another investment company or ETP, the Fund becomes a shareholder of that underlying fund and bears its proportionate share of the fees and expenses of the underlying fund. There is also the risk that the Fund may suffer losses due to the investment practices of the underlying funds as the Fund will be subject to substantially the same risks as those associated with the direct ownership of securities held by such underlying funds. Underlying funds may be less liquid than other investments, and thus their share values may be more volatile than the values of the investments they hold. Investments in ETFs are also subject to the “ETF Risks” described above. Certain ETPs may not be registered as an investment company and subject to the 1940 Act. Accordingly, investors in such an underlying fund would not have the protections expressly provided by that statute, including: provisions preventing underlying fund insiders from managing the fund to their benefit and to the detriment of shareholders; provisions preventing an underlying fund from issuing securities having inequitable or discriminatory provisions; provisions preventing management by irresponsible persons; provisions preventing the use of unsound or misleading methods of computing underlying fund earnings and asset value; provisions prohibiting suspension of redemptions (except under limited circumstances); provisions limiting fund leverage; provisions imposing a fiduciary duty on fund managers with respect to receipt of compensation for services; and provisions preventing changes in an underlying fund’s character without the consent of shareholders. Economic and Market Risk. The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities and other financial instruments. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. 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. High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the securities in its portfolio. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses. Frequent trading may also cause adverse tax consequences for investors in the Fund due to an increase in short-term capital gains. Liquidity Risk. Some securities and financial instruments (including AI Compute Futures) held by the Fund may be difficult to sell or be illiquid, particularly during times of market turmoil. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell an illiquid security at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Reference Exposure. There is no assurance that a security that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. Management Risk. The Fund is subject to management risk because it is an actively managed portfolio. In managing the Fund’s investment portfolio, the portfolio managers will apply investment techniques and risk analyses that may not produce the desired result. There can be no guarantee that the Fund will meet its investment objective. Money Market Instrument Risk. The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money. New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions. Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance. Repurchase Agreements Risk. In the event that the other party to a repurchase agreement fails to repurchase the underlying security serving as collateral for the repurchase agreement, the Fund would generally seek to sell the underlying security. However, the value of collateral may be insufficient to satisfy the counterparty’s obligation and/or the Fund may encounter a delay and incur costs before being able to sell the underlying security. A delay in selling the security is likely if the counterparty becomes involved in insolvency proceedings in which the receiver or court may impose a stay. If a sale is delayed, the Fund will be subject to the risk of a decline in the market value of the underlying security below the amounts that would otherwise be due to the Fund under the repurchase agreement. 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 and the Adviser seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks. Tax Risk. The Fund intends to elect and to qualify each year to be treated as a regulated investment company (a “RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (“Code”). As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to shareholders, provided that it satisfies certain requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund’s taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. To comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of swap contracts and options on shares of a single issuer does not exceed 25% of the Fund’s value at the close of any quarter. If the value of swap contracts and options on shares of a single issuer were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC. U.S. Treasury Obligations Risk. U.S. Treasury obligations may differ from other securities in their interest rates, maturities, times of issuance and other characteristics and may provide relatively lower returns than those of other securities. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of the Fund’s U.S. Treasury obligations to decline. Performance Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. Updated performance information will be available on the Fund’s website at www.defianceetfs.com. Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. www.defianceetfs.com The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all of the Fund’s expenses, except for the following: advisory and sub-advisory fees, interest charges on any borrowings made for investment purposes, 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 Act, as amended (the “1940 Act”), litigation expenses, and other non-routine or extraordinary expenses. Based on estimated amounts for the current fiscal year.