0002081107 2026-08-05 2026-08-05 0002081107 smrr:S000107271Member 2026-08-05 2026-08-05 0002081107 smrr:S000107271Member smrr:EquityMarketRiskMember 2026-08-05 2026-08-05 0002081107 smrr:S000107271Member smrr:FocusedPortfolioRiskMember 2026-08-05 2026-08-05 0002081107 smrr:S000107271Member smrr:IndexStrategyRiskMember 2026-08-05 2026-08-05 0002081107 smrr:S000107271Member smrr:DataRiskMember 2026-08-05 2026-08-05 0002081107 smrr:S000107271Member smrr:PassiveInvestmentRiskMember 2026-08-05 2026-08-05 0002081107 smrr:S000107271Member smrr:TrackingErrorRiskMember 2026-08-05 2026-08-05 0002081107 smrr:S000107271Member smrr:ConcentrationRiskMember 2026-08-05 2026-08-05 0002081107 smrr:S000107271Member smrr:SmallModularReactorSMRCompaniesRisksMember 2026-08-05 2026-08-05 0002081107 smrr:S000107271Member smrr:NuclearIndustryCompaniesRisksMember 2026-08-05 2026-08-05 0002081107 smrr:S000107271Member smrr:UraniumInvestmentRisksMember 2026-08-05 2026-08-05 0002081107 smrr:S000107271Member smrr:ManagementRiskMember 2026-08-05 2026-08-05 0002081107 smrr:S000107271Member smrr:RisksRelatedToChangesInGovernmentPoliciesAndInstitutionsMember 2026-08-05 2026-08-05 0002081107 smrr:S000107271Member smrr:ForeignSecuritiesRiskMember 2026-08-05 2026-08-05 0002081107 smrr:S000107271Member smrr:DerivativesRiskMember 2026-08-05 2026-08-05 0002081107 smrr:S000107271Member smrr:OptionsContractsMember 2026-08-05 2026-08-05 0002081107 smrr:S000107271Member smrr:SwapAgreementsMember 2026-08-05 2026-08-05 0002081107 smrr:S000107271Member smrr:EquityTotalReturnSwapsMember 2026-08-05 2026-08-05 0002081107 smrr:S000107271Member smrr:CounterpartyRiskMember 2026-08-05 2026-08-05 0002081107 smrr:S000107271Member smrr:EtfRisksMember 2026-08-05 2026-08-05 0002081107 smrr:S000107271Member smrr:AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember 2026-08-05 2026-08-05 0002081107 smrr:S000107271Member smrr:CashRedemptionRiskMember 2026-08-05 2026-08-05 0002081107 smrr:S000107271Member smrr:CostsOfBuyingOrSellingSharesMember 2026-08-05 2026-08-05 0002081107 smrr:S000107271Member smrr:SharesMayTradeAtPricesOtherThanNavMember 2026-08-05 2026-08-05 0002081107 smrr:S000107271Member smrr:TradingMember 2026-08-05 2026-08-05 0002081107 smrr:S000107271Member smrr:LiquidityRiskMember 2026-08-05 2026-08-05 0002081107 smrr:S000107271Member smrr:EconomicAndMarketRiskMember 2026-08-05 2026-08-05 0002081107 smrr:S000107271Member smrr:LiquidityRisksMember 2026-08-05 2026-08-05 0002081107 smrr:S000107271Member smrr:MoneyMarketInstrumentRiskMember 2026-08-05 2026-08-05 0002081107 smrr:S000107271Member smrr:MarketCapitalizationRiskMember 2026-08-05 2026-08-05 0002081107 smrr:S000107271Member smrr:NewFundRiskMember 2026-08-05 2026-08-05 0002081107 smrr:S000107271Member oef:RiskNondiversifiedStatusMember 2026-08-05 2026-08-05 0002081107 smrr:S000107271Member smrr:OperationalRiskMember 2026-08-05 2026-08-05 0002081107 smrr:S000107271Member smrr:TaxRiskMember 2026-08-05 2026-08-05 0002081107 smrr:S000107271Member smrr:UnderlyingIndexRiskMember 2026-08-05 2026-08-05 0002081107 smrr:C000278175Member 2026-08-05 2026-08-05 0002081107 smrr:S000107271Member smrr:DevelopedMarketsRiskMember 2026-08-05 2026-08-05 0002081107 smrr:S000107271Member smrr:EmergingMarketsRiskMember 2026-08-05 2026-08-05 0002081107 smrr:S000107271Member smrr:CurrencyRiskMember 2026-08-05 2026-08-05 0002081107 smrr:S000107271Member smrr:DepositaryReceiptRiskMember 2026-08-05 2026-08-05 0002081107 smrr:S000107271Member smrr:LargecapitalizationInvestingMember 2026-08-05 2026-08-05 0002081107 smrr:S000107271Member smrr:MidcapitalizationInvestingMember 2026-08-05 2026-08-05 0002081107 smrr:S000107271Member smrr:SmallcapitalizationInvestingMember 2026-08-05 2026-08-05 0002081107 smrr:S000107271Member 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 SMALL MODULAR REACTOR ETF – FUND SUMMARY Investment Objective The Defiance Small Modular Reactor ETF (the “Fund”) seeks to track the performance, before fees and expenses, of the BITA Global Nuclear SMR Top 10 Index (the “Index”). Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. <div id="xdx_A87_eoef--AnnualFundOperatingExpensesTableTextBlock_z9lTGiB9H7i9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zltJkZCY3Bkc" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td colspan="5" id="xdx_98B_eoef--OperatingExpensesCaption_c20260805__20260805__dei--LegalEntityAxis__custom--S000107271Member_zd7kulkSSQ8d" style="border-bottom: black 1pt solid;">Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr style="vertical-align: bottom"> <td style="width: 65%">Management Fee </td> <td style="width: 5%"> </td> <td style="width: 5%"> </td> <td id="xdx_983_eoef--ManagementFeesOverAssets_dpn_c20260805__20260805__oef--ClassAxis__custom--C000278175Member_fKDEp_zgXdABKQKO61" style="text-align: right; width: 22%">0.69</td> <td style="width: 3%">%</td></tr> <tr style="vertical-align: bottom"> <td>Distribution and Service (12b-1) Fees </td> <td> </td> <td> </td> <td id="xdx_98E_eoef--DistributionAndService12b1FeesOverAssets_dpn_c20260805__20260805__oef--ClassAxis__custom--C000278175Member_fKDEp_zkiC7mKOiY7i" style="text-align: right">None</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid;">Other Expenses(2)</td> <td style="border-bottom: black 1pt solid;"> </td> <td style="border-bottom: black 1pt solid;"> </td> <td id="xdx_986_eoef--OtherExpensesOverAssets_dpn_c20260805__20260805__oef--ClassAxis__custom--C000278175Member_fKDEpKDIp_znHG4RQtrxH7" style="border-bottom: black 1pt solid;text-align: right">0.00</td> <td style="border-bottom: black 1pt solid;">%</td></tr> <tr style="vertical-align: bottom"> <td>Total Annual Fund Operating Expenses(3)</td> <td> </td> <td> </td> <td id="xdx_987_eoef--ExpensesOverAssets_dpn_c20260805__20260805__oef--ClassAxis__custom--C000278175Member_fKDEpKDMp_zanyBRjG0nQa" style="border-bottom: black 2.25pt double;text-align: right">0.69</td> <td style="border-bottom: black 2.25pt double;">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.25in">(1) </td> <td style="padding-left: 0.2pt; text-align: justify; text-indent: -0.2pt">The Fund’s investment adviser, Tidal Investments LLC (“Tidal” or the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund excluding advisory fees, subadvisory fees (if applicable), interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses.</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> <tr style="vertical-align: top"> <td>(3)</td> <td style="text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</td></tr> </table> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0069 0 0.0000 0.0069 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 redeem or hold 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_A8E_eoef--ExpenseExampleWithRedemptionTableTextBlock_zPTuZhE2A0Tf"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zypJSEAn9YZb" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_480_eoef--ExpenseExampleYear01_zdwXERK75Ta3" style="border-top: black 1pt solid;text-align: center">1 Year</td> <td id="xdx_486_eoef--ExpenseExampleYear03_zURRCiGjaYh9" style="border-top: black 1pt solid;text-align: center">3 Years</td></tr> <tr> <td style="text-align: center"> </td> <td style="text-align: center"> </td></tr> <tr id="xdx_411_20260805__20260805__oef--ClassAxis__custom--C000278175Member_zWr1dguyLVci"> <td style="border-bottom: black 1pt solid;text-align: center">$70</td> <td style="border-bottom: black 1pt solid;text-align: center">$221</td></tr> </table> 70 221 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 above, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available. Principal Investment Strategies Overview The Fund uses a “passive management” (or indexing) approach to track the performance, before fees and expenses, of the Index. The Index is constructed using a rules-based methodology that identifies global publicly listed companies that derive significant revenue from small modular reactor (“SMR”) design and development, High-Assay Low-Enriched Uranium (“HALEU”) fuel production and the manufacturing of specialized components and materials for SMR construction and operation, as classified by BITA GmbH (the “Index Provider”). Index Overview: The Index’s initial universe consists of global publicly listed equity securities from companies actively involved in the following thematic/sector activities: <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 90px"> </td> <td style="width: 30px">●</td> <td style="text-align: justify">SMR Reactor Development: Companies that design, develop, and seek to commercialize advanced small modular reactors (including integral pressurized water reactors, molten salt reactors, high-temperature gas-cooled reactors, and other Gen IV technologies), focusing on factory-fabricated, scalable nuclear systems with passive safety features and reduced construction timelines.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 90px"> </td> <td style="width: 30px">●</td> <td style="text-align: justify">HALEU Fuel Production: Companies that produce, enrich, or supply HALEU (enrichment between 5% and 20% U-235), including centrifuge enrichment, laser isotope separation, fuel fabrication, and related services essential for most advanced SMR designs.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 90px"> </td> <td style="width: 30px">●</td> <td style="text-align: justify">SMR Design & Engineering: Firms applying nuclear engineering principles to reactor core design, thermal hydraulics, neutronics, safety analysis, and licensing, including full-scope engineering for SMR plants, advanced fuel cycles, and integrated system architectures.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 90px"> </td> <td style="width: 30px">●</td> <td style="text-align: justify">Critical Suppliers to the SMR Supply Chain: Companies that manufacture specialized components and materials for SMR construction and operation, such as reactor pressure vessels, steam generators, control rod drive mechanisms, heat exchangers, pumps, valves, nuclear-grade instrumentation and control systems, and radiation-hardened or high-temperature alloys.</td></tr> </table> The Index’s composition is then determined by applying, among others, the following criteria: <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 30px"> </td> <td style="width: 30px">●</td> <td style="text-align: justify">Security Types: Includes ordinary shares and American Depositary Receipts (“ADRs”).</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 30px"> </td> <td style="width: 30px">●</td> <td style="text-align: justify">Minimum Size: Companies must have a market capitalization of at least USD 100 million. </td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify">●</td> <td style="text-align: justify">Minimum Liquidity: Securities must have an average daily traded value above USD 1 million over the past 3 months.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top"> <td style="width: 30px; text-align: justify"></td><td style="width: 30px; text-align: justify">●</td><td style="text-align: justify">Country and Exchange Requirements: To be eligible for inclusion, a company’s shares must be listed on one of the following stock exchanges (listed alphabetically by country): Australia (Australian Stock Exchange); Austria (Vienna Stock Exchange); Belgium (Euronext Brussels); Canada (Canadian Securities Exchange, Toronto Stock Exchange, and TSX Venture Exchange); China (Shanghai Stock Exchange and Shenzhen Stock Exchange); Denmark (Nasdaq Copenhagen); Finland (Nasdaq Helsinki); France (Euronext Paris Exchange); Germany (Deutsche Börse); Hong Kong (Hong Kong Stock Exchange); Ireland (Euronext Irish Stock Exchange); Israel (Tel-Aviv Stock Exchange); Italy (Borsa Italiana); Japan (Tokyo Stock Exchange); Netherlands (Euronext Amsterdam Stock Exchange); New Zealand (New Zealand Stock Exchange); Norway (Euronext Oslo Børs); Portugal (Euronext Lisbon); Singapore (Singapore Exchange); South Korea (Korea Exchange); Spain (Bolsas y Mercados Españoles); Sweden (Nasdaq Stockholm); Switzerland (SIX Swiss Exchange); Taiwan (Taiwan Stock Exchange); United Kingdom (London Stock Exchange); and United States (Nasdaq and New York Stock Exchange).</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top"> <td style="width: 30px; text-align: justify"></td><td style="width: 30px; text-align: justify">●</td><td style="text-align: justify">Free Float Percentage: Securities with a free float percentage (relative to total shares outstanding) below 10% are excluded.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top"> <td style="width: 30px; text-align: justify"></td><td style="width: 30px; text-align: justify">●</td><td style="text-align: justify">Thematic Requirement: The final eligible universe is determined by application of a thematic exposure requirement. Companies must (a) derive at least 50% of their total revenue from at least one of the relevant themes/sector activities described above, or (b) demonstrate material involvement in such relevant themes/sector activities. Material involvement is demonstrated for this purpose if any three among the following listed criteria are satisfied:</td> </tr></table> i. Government/Strategic Contracts: Companies that hold demonstrated and reported active contracts with the U.S. Department of Energy or equivalent government contract of more than USD 100 million in the past five years. ii. Regulatory Approval / Licensing: Companies that have achieved demonstrable U.S. Nuclear Regulatory Commission or foreign-equivalent regulatory milestones (e.g., Design Certification application, Vendor Design Review, Construction Permit). iii. Commercial Backlog and Commitments: Companies with established verifiable commercial traction via signed MOUs, LOIs, or offtake agreements with utilities, data centers, or corporate off-takers. iv. Supply Chain Leadership: Companies that hold a sole or duopoly position in a critical SMR supply function; supply components to multiple SMR platforms; or address a documented supply chain bottleneck. v. Vertical Integration: Companies that control multiple stages of the SMR value chain (e.g., design + fuel + manufacturing) through in-house capabilities or strategic acquisitions. vi. Capital and Liquidity: Companies that have raised at least USD 100 million for SMR deployment via public/private offerings. vii. R&D Investment: Companies that have allocated at least USD 5 million in the past five years to SMR-specific R&D or hold at least one issued/pending patent directly related to SMR technology. viii. Commercial Timeline: Companies that target first commercial deployment within the next 5–10 years, with publicly documented milestones and demonstrated execution against prior commitments. ix. Dedicated Subsidiaries: Companies that operate a subsidiary or business unit wholly dedicated to one of the defined SMR themes/sector activities. x. HALEU and Fuel Grants: Companies that have been awarded material U.S. government grants specifically for HALEU fuel production, enrichment, or fabrication. The Index Provider evaluates each company’s thematic alignment by analyzing publicly available revenue data from multiple sources. These sources include regulatory filings (such as Annual Reports, 10-Ks, 10-Qs, 20-Fs, 8-Ks), quarterly earnings reports, investor presentations, official earnings conference call transcripts, and news. The Index reflects the top 10 largest eligible securities ranked by free-float market capitalization. The Index is reconstituted and rebalanced quarterly in January, April, July and October (reconstitution means the Index is updated with new eligible companies based on current data; rebalancing means the weights of the companies in the Index are adjusted). In addition, the Index Provider may determine to substitute an Index constituent or make an extraordinary adjustment to the Index if it determines an extraordinary event has occurred. To the extent the Index is concentrated in a particular industry or group of industries, the Fund is expected to be concentrated in that industry or group of industries. It is expected that the Index will be concentrated in one or more of the industries that comprise the SMR sector. The Index is owned, calculated, administered, and disseminated by the Index Provider. The Index Provider is not affiliated with the Fund’s investment adviser, Tidal Investments LLC (the “Adviser”). The Fund’s Investment Strategy Under normal circumstances, the Fund will invest at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in component securities that make up the Index and/or financial instruments (such as options or swaps) that provide indirect exposure to Index component securities. The Fund attempts to invest all, or substantially all, of its assets in, or obtain indirect economic exposure to, the component securities that make up the Index. The Fund will generally use a “replication” strategy to achieve its investment objective, meaning it generally will invest (directly or indirectly) in all of the component securities of the Index. Because the Index may, at times, consist of a single security or a highly concentrated group of securities, the Fund may be limited in its ability to invest directly in Index component securities to the extent necessary to comply with the diversification and other applicable requirements of the 1940 Act, as well as the asset diversification requirements applicable to regulated investment companies under Subchapter M of the Internal Revenue Code. Accordingly, the Fund may obtain exposure to the Index, in whole or in part, through derivative instruments, including total return swaps referencing the Index or one or more of its component securities, in order to seek to maintain economic exposure to the Index while complying with applicable regulatory requirements. The Fund may use a “representative sampling” strategy, meaning it may invest in a sample of the securities in the Index whose risk, return and other characteristics closely resemble the risk, return and other characteristics of the Index as a whole, when the Adviser believes it is in the best interests of the Fund. For example, representative sampling may be used when replicating the Index involves practical difficulties or substantial costs, an Index constituent becomes temporarily illiquid, unavailable, or less liquid, or as a result of legal restrictions or limitations that apply to the Fund but not to the Index. The Fund may invest in securities or other investments not included in the Index where the Adviser determines such investments are appropriate. Additionally, the Fund may attempt to replicate the index “synthetically” through the use of derivatives, including options and total return swaps. In addition to supporting the Fund’s efforts to track the Index, these investments may be made when the Adviser believes they will enhance performance or otherwise benefit the Fund. For example, the Fund may invest in non-Index securities in connection with corporate actions or changes to the Index (including reconstitutions, additions, and deletions), as well as for liquidity, cash management, or other portfolio management purposes. As noted above, the Fund may utilize listed options to obtain synthetic exposure to portfolio securities. The Fund primarily employs short-dated (generally one month or less), in-the-money call options to replicate the performance of underlying equity securities. The Fund may also utilize other option strategies designed to achieve similar synthetic exposure, including purchasing call options and selling put options with identical strike prices. The Fund will invest in listed equity securities, which may include common stocks, business trust shares, and other equity investments or ownership interests in business enterprises. The Fund may invest in ADRs to the extent such securities are included in the Index. The Fund may also invest in cash, cash equivalents, or short-term instruments, including money market funds, to manage liquidity, collateralize positions, or temporarily hold assets pending investment. The Fund is classified as “non-diversified,” which means the Fund may invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. Under normal circumstances, the Fund will invest at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in component securities that make up the Index and/or financial instruments (such as options or swaps) that provide indirect exposure to Index component securities. The Fund may not achieve its investment objective and there is a risk that you could lose all of your money invested in the Fund. Equity Market Risk. Common stocks, such as those held by the Fund, are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from 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. Focused Portfolio Risk. The Fund will hold a relatively focused portfolio that may contain exposure to the securities of fewer issuers than the portfolios of other ETFs. Holding a relatively focused portfolio may increase the risk that the value of the Fund could go down because of the poor performance of one or a few investments. Index Strategy Risk. The Fund’s strategy is linked to an Index maintained by the Index Provider that exercises complete control over the Index. The Index Provider may delay or add a rebalance date, which may adversely impact the performance of the Fund and its correlation to the Index. In addition, there is no guarantee that the methodology used by the Index Provider to identify constituents for the Index will achieve its intended result or positive performance. Errors in Index data, Index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and/or corrected for a period of time or at all, which may have an adverse impact on the Fund. Data Risk. The composition of the Index is heavily dependent on information and data supplied by third parties (“Data”). When Data proves to be incorrect or incomplete, any decisions made in reliance thereon may lead to the inclusion or exclusion of securities from the Index universe that would have been excluded or included had the Data been correct and complete. If the composition of the Index reflects such errors, the Fund’s portfolio can be expected to also reflect the errors. Passive Investment Risk. The Fund invests in the securities included in, or representative of, its Index regardless of their investment merit. The Fund does not attempt to outperform its Index or take defensive positions in declining markets. As a result, the Fund’s performance may be adversely affected by a general decline in the market segments relating to its Index. Tracking Error Risk. While the Fund generally seeks to track the performance, before fees and expenses, of the Index, the performance of the Fund and its Index may differ from each other for a variety of reasons. For example, the Fund incurs operating expenses and portfolio transaction costs not incurred by the Index. In addition, the Fund may not be fully invested in the securities of the Index at all times or may hold securities not included in the Index. Concentration Risk. The Fund’s investment exposure will be concentrated in (or substantially exposed to) the same industry or group of industries to the extent the Index is so concentrated. In such event, the value of Shares may rise and fall more than the value of shares that invest in securities of companies in a broader range of industries. Small Modular Reactor (SMR) Companies Risks. SMR companies, which are companies that are involved in the design, development, manufacture, and construction of small modular reactors and related infrastructure, together with the specialized fuel, components, and technology on which they depend. The development, production, and manufacturing of SMRs is subject to rapid changes in technology, intense competition, supply chain disruption, government regulation, and shifts in consumer sentiment toward such companies. Rapid changes to the regulatory environment and/or product obsolescence could have a material adverse effect on a company’s operating results. Securities of SMR companies may be subject to greater price volatility than securities of companies involved in other business activities, particularly over the short term, due to competitive pressures, cyclical demand patterns, changes in the regulatory environment, and shifts in supply and demand dynamics. As a result, investments in SMR companies may be subject to higher levels of risk and volatility. SMR companies may need to engage in significant capital expenditures to establish or maintain business lines and may experience significant delays in generating revenue. There can be no guarantee that these expenditures will stabilize or that the companies will be profitable, which may adversely affect the Fund’s investment in those companies. Further, SMR companies may face high operating costs and maintenance expenses, which may adversely affect a company’s ability to further develop or grow related product lines. Additionally, certain companies included in the Fund’s portfolio may be engaged in other lines of business unrelated to the development of SMRs, and these lines of business could adversely affect their operating results despite a company’s possible success in activities linked to SMR lines of business. Nuclear Industry Companies Risks. Investments in Nuclear Industry Companies involve greater than average risks and may be considered speculative. The performance of Nuclear Industry Companies is closely linked to the market price of uranium (see “Uranium Investment Risk” below) and to global demand for nuclear energy. The profitability of Nuclear Industry Companies may be affected by a variety of operational, financial, and regulatory factors, including reserve quality, extraction and processing costs, management expertise, and the availability of financing for exploration, construction, and maintenance of facilities. Nuclear Industry Companies are also subject to significant regulatory oversight, environmental and safety standards, and political risks, particularly given the sensitivity of nuclear energy policy and the management of radioactive materials. In addition, changes in government regulation, taxation, or energy policy, as well as public opposition to nuclear energy or nuclear waste storage, could materially affect a company’s operations and financial condition. Operational incidents, plant shutdowns, and technological or supply-chain disruptions may further impact profitability. As a result, the value of the Fund’s investments in Nuclear Industry Companies may be more volatile than investments in other sectors. Uranium Investment Risks. Investments in uranium are considered speculative and may involve greater volatility than investments in other asset classes. The price of uranium can fluctuate rapidly and unpredictably and may be influenced by global energy demand, reactor construction and decommissioning trends, geopolitical developments, and government policies regarding nuclear energy and non-proliferation. Uranium markets are also affected by the limited number of suppliers and buyers, as well as by long-term contract structures that can amplify price swings when market conditions change. The market value of uranium may be influenced by factors such as changes in electricity demand, availability of substitute energy sources, technological advances in reactor design, and storage or disposal challenges for nuclear materials. Uranium mining and processing are subject to strict environmental, health, and safety regulations, and companies involved in such activities may incur substantial costs to comply with or adapt to changing regulatory requirements. Disruptions due to political instability in uranium-producing regions, transportation or export restrictions, or accidents involving nuclear facilities can also adversely affect uranium prices. Speculative trading and inventory adjustments by utilities or sovereign entities may further contribute to market volatility. Because uranium prices are influenced by global supply and demand dynamics, policy developments, and production costs, even short-term changes in these factors can materially affect investment values. Consequently, the Fund’s exposure to uranium investments may cause its share price to be more volatile than that of funds investing primarily in other types of securities. Management Risk. The risk that the investment techniques and risk analyses applied by the investment adviser will not produce the desired results and that legislative, regulatory, or tax developments may affect the investment techniques available to the investment adviser and the individual portfolio manager in connection with managing the Fund. There is no guarantee that the investment objective of the Fund will be achieved. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--RisksRelatedToChangesInGovernmentPoliciesAndInstitutionsMember_zmKpkAirhnT7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Risks Related to Changes in Government Policies and Institutions. The U.S. government has recently made, and may continue to make from time to time, significant changes to established, and in some cases longstanding, policies and institutions of the United States federal government, including the restructuring of the United States’ trade relationships, imposition of tariffs on products imported from foreign markets, reducing government investment, and downsizing or dismantling of government agencies. Such changes may have immediate and/or longstanding effects on the economies of the United States, its trade partners, and/or its allies. There could be a wide range of consequences that are difficult or impossible to predict from such actions. Such consequences may include a decrease in regulatory oversight of certain highly regulated industries (banking, financial services, data security, drug and medical device development, and energy), an increase in regulatory backlog leading to significantly slower regulatory approval processes, uncertainty with respect to the authority of certain agencies or their personnel, the inability of the federal government and its agencies to maintain the security of personal data of United States citizens and/or of other digital assets. The business and prospects of companies that do business with the government or which rely on government funding may be materially and adversely affected. This may include the Fund and/or prospective issuers held in the Fund’s investment portfolio. 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 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. Investments in foreign companies’ securities, including investments via depositary receipts, are subject to special risks, including the following: Developed Markets Risk. Many developed market countries have heavy indebtedness, which may lead downward pressure on the economies of these countries. As a result, it is possible that interest rates on debt of certain developed countries may rise to levels that make it difficult for such countries to service high debt levels without significant help from other countries or from a central bank. Developed market countries generally are dependent on the economies of certain key trading partners. Changes in any one economy may cause an adverse impact on several developed countries. Emerging Markets Risk. The Fund may invest in securities issued by companies domiciled or headquartered in emerging market nations. Investments in securities traded in developing or emerging markets, or that provide exposure to such securities or markets, can involve additional risks relating to political, economic, currency or regulatory conditions not associated with investments in U.S. securities and investments in more developed international markets. Such conditions may impact the ability of the Fund to buy, sell or otherwise transfer securities, adversely affecting the trading market and price for Fund Shares and cause the Fund to decline in value. Currency Risk. Changes in currency exchange rates can negatively affect securities denominated in and/or receiving revenues in foreign currencies. Adverse changes in currency exchange rates (relative to the U.S. dollar) may erode or reverse any potential gains from the Fund’s investments in securities denominated in a foreign currency or may widen existing losses. The liquidity and trading value of foreign currencies could be affected by global economic factors, such as inflation, interest rate levels, and trade balances among countries, as well as the actions of sovereign governments and central banks. Depositary Receipt Risk. Depositary receipts involve risks similar to those associated with investments in foreign securities and give rise to certain additional risks. Depositary receipts listed on U.S. or foreign 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. Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of the underlying reference asset and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. 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 that 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 appropriate counterparties. If the Adviser is unable to enter into swap agreements that provide the desired synthetic exposure to the underlying security, the Fund may not meet its stated investment objective. Additionally, any financing, transaction, or other costs associated with using swap transactions may 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 derivative 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, 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 the reference asset. If the underlying security experiences a significant price movement that causes a material change in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to close out the swap transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to maintain exposure consistent with its investment objective. This may temporarily reduce the Fund’s ability to maintain its intended level of synthetic exposure until replacement transactions can be established. Certain of the swap agreements entered into by the Fund may be unfunded total return swaps, pursuant to which the Fund does not make an initial investment of the full notional amount of the swap. As a result, the Fund is exposed to the risk that its counterparty will be unable to meet its obligations under the swap agreement, and the Fund’s exposure to a counterparty generally equals the net amount owed to the Fund based on the daily change in value of the reference asset. In the event of a counterparty default or insolvency, the Fund may incur losses in excess of the collateral, if any, posted by the counterparty, and the timing and amount of any recovery may be uncertain. In addition, the use of unfunded swap agreements may create economic leverage for the Fund, which may magnify gains and losses and increase the volatility of the Fund’s returns. Equity Total Return Swaps. A total return swap (also sometimes referred to as a synthetic equity swap or “contract for difference” when written with respect to an equity security or basket of equity securities) is an agreement between two parties under which the parties agree to make payments to each other so as to replicate the economic consequences that would apply had a purchase or short sale of the underlying reference instrument or index thereof taken place. For example, one party agrees to pay the other party the total return earned or realized on the notional amount of an underlying equity security and any dividends declared with respect to that equity security. In return the other party makes payments, typically at a floating rate, calculated based on the notional amount. 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. Counterparties may seek to hedge their exposure to individual clients (such as the Fund) by establishing offsetting exposures with other clients, however, there is no guarantee that counterparties will do so under all circumstances. Should a counterparty (e.g., a swap counterparty) terminate its relationship with the Fund, the Fund will seek to utilize other counterparties to seek to maintain its exposures. In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its investment objective. ETF Risks <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zdD8jp5nIyt2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; 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. The costs associated with cash redemptions may include brokerage costs that the Fund may not have incurred if it had made the redemptions in-kind. These costs could be imposed on the Fund, decreasing its NAV, to the extent these costs are not offset by a transaction fee payable by an authorized participant. 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. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_z2KpiZ1hhcrh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Shares May Trade at Prices Other Than NAV. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant. Trading. Although Shares are listed on a national securities exchange, such as 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. Liquidity Risk. In certain circumstances, such as the disruption of the orderly markets for the financial instruments in which the Fund invests, the Fund might not be able to acquire or dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the financial instruments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, health crises, natural disasters, excessive volatility, new legislation, or regulatory changes inside or outside of the U.S. These situations may have an impact on the liquidity of the Fund’s own shares. Economic and Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets. Liquidity Risk. Some securities 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. 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. 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, including money market funds, may lose money through fees or other means. Market Capitalization Risk. 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. 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. Small-Capitalization Investing. The securities of small-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities or 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. New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions. Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio. Operational Risk. The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and 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 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 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. Underlying Index Risk. Neither the Fund’s investment adviser nor the Index Provider is able to guarantee the continuous availability or timeliness of the production of the Index. The calculation and dissemination of the Index values may be delayed if the information technology or other facilities of the Index Provider, calculation agent, data providers and/or relevant stock exchange malfunction for any reason. A significant delay may cause trading in shares of the Fund to be suspended. Errors in Index data, computation and/or the construction in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider, calculation agent or other applicable party for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. Performance Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of the Index and a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. Updated performance information will be available on the Fund’s website at www.defianceetfs.com. Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of the Index and a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. www.defianceetfs.com The Fund’s investment adviser, Tidal Investments LLC (“Tidal” or the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund excluding advisory fees, subadvisory fees (if applicable), interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses. Based on estimated amounts for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.