v3.26.1
Annual Fund Operating Expenses
Aug. 25, 2026
Defiance Daily Target 2X Long Copper Miners ETF [Member]  
Prospectus [Line Items]  
Management Fees (as a percentage of Assets) 0.95% [1]
Distribution and Service (12b-1) Fees 0.00% [1]
Other Expenses (as a percentage of Assets): 0.00% [1],[2]
Expenses (as a percentage of Assets) 0.95% [1],[3]
Defiance Daily Target 2X Long RIOT ETF [Member]  
Prospectus [Line Items]  
Management Fees (as a percentage of Assets) 0.95% [4]
Distribution and Service (12b-1) Fees 0.00% [4]
Other Expenses (as a percentage of Assets): 0.67% [4]
Acquired Fund Fees and Expenses 0.01% [4],[5]
Expenses (as a percentage of Assets) 1.63% [4],[6]
Defiance Daily Target 2X Long China Dragons ETF [Member]  
Prospectus [Line Items]  
Management Fees (as a percentage of Assets) 0.95% [7]
Distribution and Service (12b-1) Fees 0.00% [7]
Other Expenses (as a percentage of Assets): 0.00% [7],[8]
Expenses (as a percentage of Assets) 0.95% [7],[9]
Defiance Daily Target 2X Long Solar ETF [Member]  
Prospectus [Line Items]  
Management Fees (as a percentage of Assets) 0.95% [10]
Distribution and Service (12b-1) Fees 0.00% [10]
Other Expenses (as a percentage of Assets): 0.00% [10],[11]
Expenses (as a percentage of Assets) 0.95% [10],[12]
Defiance Daily Target 2X Short AMD ETF [Member]  
Prospectus [Line Items]  
Management Fees (as a percentage of Assets) 1.29% [13]
Distribution and Service (12b-1) Fees 0.00% [13]
Other Expenses (as a percentage of Assets): 0.00% [13]
Acquired Fund Fees and Expenses 0.01% [13],[14]
Expenses (as a percentage of Assets) 1.30% [13],[15]
Defiance Daily Target 2X Short APP ETF [Member]  
Prospectus [Line Items]  
Management Fees (as a percentage of Assets) 1.29% [16]
Distribution and Service (12b-1) Fees 0.00% [16]
Other Expenses (as a percentage of Assets): 0.02% [16],[17]
Expenses (as a percentage of Assets) 1.31% [16],[18]
Defiance Daily Target 2X Short ASTS ETF [Member]  
Prospectus [Line Items]  
Management Fees (as a percentage of Assets) 1.29% [19]
Distribution and Service (12b-1) Fees 0.00% [19]
Other Expenses (as a percentage of Assets): 0.02% [19]
Expenses (as a percentage of Assets) 1.31% [19],[20]
Defiance Daily Target 2X Short AVGO ETF [Member]  
Prospectus [Line Items]  
Management Fees (as a percentage of Assets) 1.29% [21]
Distribution and Service (12b-1) Fees 0.00% [21]
Other Expenses (as a percentage of Assets): 0.02% [21],[22]
Expenses (as a percentage of Assets) 1.31% [21],[23]
Defiance Daily Target 2X Short BBAI ETF [Member]  
Prospectus [Line Items]  
Management Fees (as a percentage of Assets) 1.29% [24]
Distribution and Service (12b-1) Fees 0.00% [24]
Other Expenses (as a percentage of Assets): 0.02% [24],[25]
Expenses (as a percentage of Assets) 1.31% [24],[26]
Defiance Daily Target 2X Short BMNR ETF [Member]  
Prospectus [Line Items]  
Management Fees (as a percentage of Assets) 1.29% [27]
Distribution and Service (12b-1) Fees 0.00% [27]
Other Expenses (as a percentage of Assets): 0.11% [27]
Expenses (as a percentage of Assets) 1.40% [27],[28]
Defiance Daily Target 2X Short CRCL ETF [Member]  
Prospectus [Line Items]  
Management Fees (as a percentage of Assets) 1.29% [29]
Distribution and Service (12b-1) Fees 0.00% [29]
Other Expenses (as a percentage of Assets): 0.02% [29],[30]
Expenses (as a percentage of Assets) 1.31% [29],[31]
Defiance Daily Target 2X Short HIMS ETF [Member]  
Prospectus [Line Items]  
Management Fees (as a percentage of Assets) 1.29% [32]
Distribution and Service (12b-1) Fees 0.00% [32]
Other Expenses (as a percentage of Assets): 0.02% [32],[33]
Expenses (as a percentage of Assets) 1.31% [32],[34]
Defiance Daily Target 2X Short INTC ETF [Member]  
Prospectus [Line Items]  
Management Fees (as a percentage of Assets) 1.29% [35]
Distribution and Service (12b-1) Fees 0.00% [35]
Other Expenses (as a percentage of Assets): 0.02% [35],[36]
Expenses (as a percentage of Assets) 1.31% [35],[37]
Defiance Daily Target 2X Short MRVL ETF [Member]  
Prospectus [Line Items]  
Management Fees (as a percentage of Assets) 1.29% [38]
Distribution and Service (12b-1) Fees 0.00% [38]
Other Expenses (as a percentage of Assets): 0.02% [38],[39]
Expenses (as a percentage of Assets) 1.31% [38],[40]
Defiance Daily Target 2X Short MU ETF [Member]  
Prospectus [Line Items]  
Management Fees (as a percentage of Assets) 1.29% [41]
Distribution and Service (12b-1) Fees 0.00% [41]
Other Expenses (as a percentage of Assets): 0.02% [41],[42]
Expenses (as a percentage of Assets) 1.31% [41],[43]
Defiance Daily Target 2X Short NVO ETF [Member]  
Prospectus [Line Items]  
Management Fees (as a percentage of Assets) 1.29% [44]
Distribution and Service (12b-1) Fees 0.00% [44]
Other Expenses (as a percentage of Assets): 0.02% [44],[45]
Expenses (as a percentage of Assets) 1.31% [44],[46]
Defiance Daily Target 2X Short OSCR ETF [Member]  
Prospectus [Line Items]  
Management Fees (as a percentage of Assets) 1.29% [47]
Distribution and Service (12b-1) Fees 0.00% [47]
Other Expenses (as a percentage of Assets): 0.02% [47],[48]
Expenses (as a percentage of Assets) 1.31% [47],[49]
Defiance Daily Target 2X Short SBET ETF [Member]  
Prospectus [Line Items]  
Management Fees (as a percentage of Assets) 1.29% [50]
Distribution and Service (12b-1) Fees 0.00% [50]
Other Expenses (as a percentage of Assets): 0.02% [50],[51]
Expenses (as a percentage of Assets) 1.31% [50],[52]
Defiance Daily Target 2X Short TSM ETF [Member]  
Prospectus [Line Items]  
Management Fees (as a percentage of Assets) 1.29% [53]
Distribution and Service (12b-1) Fees 0.00% [53]
Other Expenses (as a percentage of Assets): 0.00% [53]
Acquired Fund Fees and Expenses 0.01% [53],[54]
Expenses (as a percentage of Assets) 1.30% [53],[55]
Defiance Daily Target 2X Short UNH ETF [Member]  
Prospectus [Line Items]  
Management Fees (as a percentage of Assets) 1.29% [56]
Distribution and Service (12b-1) Fees 0.00% [56]
Other Expenses (as a percentage of Assets): 0.02% [56],[57]
Expenses (as a percentage of Assets) 1.31% [56],[58]
Defiance Daily Target 2X Long KEEL ETF [Member]  
Prospectus [Line Items]  
Management Fees (as a percentage of Assets) 1.29% [59]
Distribution and Service (12b-1) Fees 0.00% [59]
Other Expenses (as a percentage of Assets): 0.06% [59],[60]
Expenses (as a percentage of Assets) 1.35% [59],[61]
Defiance Daily Target 2X Long CLS ETF [Member]  
Prospectus [Line Items]  
Management Fees (as a percentage of Assets) 1.29% [62]
Distribution and Service (12b-1) Fees 0.00% [62]
Other Expenses (as a percentage of Assets): 0.02% [62],[63]
Expenses (as a percentage of Assets) 1.31% [62],[64]
Defiance Daily Target 2X Long HPQ ETF [Member]  
Prospectus [Line Items]  
Management Fees (as a percentage of Assets) 1.29% [65]
Distribution and Service (12b-1) Fees 0.00% [65]
Other Expenses (as a percentage of Assets): 0.02% [65],[66]
Expenses (as a percentage of Assets) 1.31% [65],[67]
Defiance Daily Target 2X Long JMIA ETF [Member]  
Prospectus [Line Items]  
Management Fees (as a percentage of Assets) 1.29% [68]
Distribution and Service (12b-1) Fees 0.00% [68]
Other Expenses (as a percentage of Assets): 0.02% [68],[69]
Expenses (as a percentage of Assets) 1.31% [68],[70]
Defiance Daily Target 2X Long LUNR ETF [Member]  
Prospectus [Line Items]  
Management Fees (as a percentage of Assets) 1.29% [71]
Distribution and Service (12b-1) Fees 0.00% [71]
Other Expenses (as a percentage of Assets): 0.05% [71],[72]
Expenses (as a percentage of Assets) 1.34% [71],[73]
Defiance Daily Target 2X Long ONDS ETF [Member]  
Prospectus [Line Items]  
Management Fees (as a percentage of Assets) 1.29% [74]
Distribution and Service (12b-1) Fees 0.00% [74]
Other Expenses (as a percentage of Assets): 0.03% [74],[75]
Expenses (as a percentage of Assets) 1.32% [74],[76]
Defiance Daily Target 2X Long PGY ETF [Member]  
Prospectus [Line Items]  
Management Fees (as a percentage of Assets) 1.29% [77]
Distribution and Service (12b-1) Fees 0.00% [77]
Other Expenses (as a percentage of Assets): 0.02% [77],[78]
Expenses (as a percentage of Assets) 1.31% [77],[79]
Defiance Daily Target 2X Long PL ETF [Member]  
Prospectus [Line Items]  
Management Fees (as a percentage of Assets) 1.29% [80]
Distribution and Service (12b-1) Fees 0.00% [80]
Other Expenses (as a percentage of Assets): 0.13% [80],[81]
Expenses (as a percentage of Assets) 1.42% [80],[82]
[1] 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 expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding 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, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses.
[2] Based on estimated amounts for the current fiscal year.
[3] 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.
[4] 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 expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding 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, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses.
[5] Acquired Fund Fees and Expenses (“AFFE”) are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude AFFE.
[6] 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.
[7] 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 expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding 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, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses.
[8] Based on estimated amounts for the current fiscal year.
[9] 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.
[10] 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 expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding 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, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses.
[11] Based on estimated amounts for the current fiscal year.
[12] 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.
[13] The Fund’s adviser 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, as amended (the “1940 Act”), litigation expenses, and other non-routine or extraordinary expenses.
[14] Acquired Fund Fees and Expenses (“AFFE”) are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude AFFE.
[15] 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.
[16] The Fund’s adviser 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, as amended (the “1940 Act”), litigation expenses, and other non-routine or extraordinary expenses.
[17] Based on estimated amounts for the current fiscal year.
[18] 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.
[19] The Fund’s adviser 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, as amended (the “1940 Act”), litigation expenses, and other non-routine or extraordinary expenses.
[20] 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.
[21] The Fund’s adviser 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, as amended (the “1940 Act”), litigation expenses, and other non-routine or extraordinary expenses.
[22] Based on estimated amounts for the current fiscal year.
[23] 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.
[24] The Fund’s adviser 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, as amended (the “1940 Act”), litigation expenses, and other non-routine or extraordinary expenses.
[25] Based on estimated amounts for the current fiscal year.
[26] 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.
[27] The Fund’s adviser 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, as amended (the “1940 Act”), litigation expenses, and other non-routine or extraordinary expenses.
[28] 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.
[29] The Fund’s adviser 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, as amended (the “1940 Act”), litigation expenses, and other non-routine or extraordinary expenses.
[30] Based on estimated amounts for the current fiscal year.
[31] 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.
[32] The Fund’s adviser 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, as amended (the “1940 Act”), litigation expenses, and other non-routine or extraordinary expenses.
[33] Based on estimated amounts for the current fiscal year.
[34] 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.
[35] The Fund’s adviser 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, as amended (the “1940 Act”), litigation expenses, and other non-routine or extraordinary expenses.
[36] Based on estimated amounts for the current fiscal year.
[37] 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.
[38] The Fund’s adviser 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, as amended (the “1940 Act”), litigation expenses, and other non-routine or extraordinary expenses.
[39] Based on estimated amounts for the current fiscal year.
[40] 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.
[41] The Fund’s adviser 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, as amended (the “1940 Act”), litigation expenses, and other non-routine or extraordinary expenses.
[42] Based on estimated amounts for the current fiscal year.
[43] 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.
[44] The Fund’s adviser 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, as amended (the “1940 Act”), litigation expenses, and other non-routine or extraordinary expenses.
[45] Based on estimated amounts for the current fiscal year.
[46] 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.
[47] The Fund’s adviser 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, as amended (the “1940 Act”), litigation expenses, and other non-routine or extraordinary expenses.
[48] Based on estimated amounts for the current fiscal year.
[49] 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.
[50] The Fund’s adviser 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, as amended (the “1940 Act”), litigation expenses, and other non-routine or extraordinary expenses.
[51] Based on estimated amounts for the current fiscal year.
[52] 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.
[53] The Fund’s adviser 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, as amended (the “1940 Act”), litigation expenses, and other non-routine or extraordinary expenses.
[54] Acquired Fund Fees and Expenses (“AFFE”) are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude AFFE.
[55] 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.
[56] The Fund’s adviser 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, as amended (the “1940 Act”), litigation expenses, and other non-routine or extraordinary expenses.
[57] Based on estimated amounts for the current fiscal year.
[58] 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.
[59] 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 expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding 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, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses.
[60] Based on estimated amounts for the current fiscal year.
[61] 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.
[62] 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 expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding 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, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses.
[63] Based on estimated amounts for the current fiscal year.
[64] 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.
[65] 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 expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding 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, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses.
[66] Based on estimated amounts for the current fiscal year.
[67] 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.
[68] 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 expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding 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, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses.
[69] Based on estimated amounts for the current fiscal year.
[70] 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.
[71] 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 expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding 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, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses.
[72] Based on estimated amounts for the current fiscal year.
[73] 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.
[74] 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 expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding 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, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses.
[75] Based on estimated amounts for the current fiscal year.
[76] 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.
[77] 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 expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding 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, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses.
[78] Based on estimated amounts for the current fiscal year.
[79] 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.
[80] 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 expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding 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, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses.
[81] Based on estimated amounts for the current fiscal year.
[82] 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.