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Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0060 0.0000 0.0000 0.0060 Other Expenses are estimated for the Fund’s initial fiscal year. Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The example also assumes that your investment has a five percent (5%) return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 61 192 Portfolio Turnover <div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">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 Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. As of the date of this Prospectus, the Fund has not yet commenced operations and therefore does not have any portfolio turnover information available.</span></div> Principal Investment Strategies <div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The Fund seeks to achieve its investment objective by investing in the equity securities and other investments that provide exposure to the issuers comprising the YA MarketVector Next Generation Memory Index (the "Underlying Index"). The Fund employs a passive investment strategy designed to track, before fees and expenses, the performance of the Underlying Index. Unlike an actively managed fund, the Adviser does not seek to outperform the Underlying Index </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">or take defensive positions during periods of market volatility. Instead, the Fund seeks to replicate the investment performance of the Underlying Index as closely as practicable.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Information About the Underlying Index</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The Underlying Index is a rules-based equity index designed to measure the performance of companies whose principal business activities are associated with the design, development, manufacturing, and supply of physical memory, including advanced semiconductor memory technologies. The Underlying Index is based on the premise that memory architecture represents one of the most important areas of innovation within the semiconductor industry. Increasing computational demands associated with artificial intelligence, cloud computing, high-performance computing, autonomous systems, industrial automation, aerospace and defense applications, and next-generation electronics continue to drive demand for memory technologies that are faster, more durable, more energy efficient, and capable of storing increasing volumes of information. Accordingly, the Underlying Index seeks to identify companies whose principal business activities are aligned with these long-term secular trends through the application of objective eligibility criteria established under the Index methodology. The Underlying Index employs a thematic classification methodology that identifies companies with significant exposure to memory semiconductors and related products and services based on revenue derived from eligible business activities. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">To be eligible for inclusion in the Underlying Index, a company must derive at least 50% ("Dedicated Memory Companies") (25% for the initial index components - such companies "Diversified Memory Companies") of its revenue from memory semiconductors, memory intellectual property, and data storage, including the following products and services: dynamic random-access memory (DRAM), including high-bandwidth memory (HBM); static random access memory (SRAM); NAND and NOR flash memory; non-volatile memory, including MRAM, ReRAM, and phase-change memory; memory and interface intellectual property and licensing; memory and storage controllers; memory modules, solid-state drives, and removable storage; hard disk drives and storage media; spintronics. </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Only common equity securities and securities with similar characteristics from financial markets that are freely investable for foreign investors and that provide real-time historical component and currency pricing are eligible for inclusion in the Underlying Index. Companies included in the Underlying Index must be listed on eligible developed or emerging market securities exchanges, subject to exclusions for certain markets deemed difficult to access. Eligible companies also must satisfy specified investability requirements, including minimum free float, market capitalization, trading liquidity and trading volume thresholds. For newly eligible constituents, companies generally must have a minimum free float of 10%, a full market capitalization of at least $150 million, an average daily trading value of at least $1 million over the preceding three consecutive quarters and an average monthly trading volume of at least 250,000 shares over the preceding three consecutive quarters. Existing constituents are subject to somewhat lower investability thresholds in order to reduce unnecessary index turnover. The Underlying Index is expected to consist of approximately 25 constituents.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The Underlying Index utilizes a float-adjusted market capitalization weighting methodology. Constituents are weighted in proportion to their float-adjusted market capitalization, subject to a maximum constituent weight of 15% for Dedicated Memory Companies. Diversified Memory Companies included in the initial Underlying Index components will be capped at 4.5% of the Underlying Index. The Underlying Index is reviewed, reconstituted and rebalanced quarterly. Only Dedicated Memory Companies may be added to the Underlying Index after inception. The Underlying Index includes issuers located in both developed and emerging market countries.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The YA MarketVector Next Generation Memory Index is sponsored by MarketVector (the "Index Provider"), which is an organization that is independent of, and unaffiliated with, the Fund, Yorkville America Equities, LLC, the investment adviser for the Fund (the "Adviser"), and Tidal Investments, LLC, the sub-adviser for the Fund. The Index Provider maintains and publishes, or designates a third-party calculation agent to publish, information regarding the market value of the YA MarketVector Next Generation Memory Index. Neither the Adviser nor its affiliates have any ability to select YA MarketVector Next Generation Memory Index constituents or change the YA MarketVector Next Generation Memory Index methodology.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Implementation of the Fund's Investment Process</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities and other investments that provide exposure to the issuers comprising the Underlying Index, including swaps. The Fund's 80% investment policy may be changed only upon at least sixty (60) days' prior written notice to shareholders.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The Fund generally employs a replication strategy, meaning that it will invest in substantially all of the securities comprising the Underlying Index in approximately the same weightings as the Underlying Index. However, under certain circumstances, including when securities become temporarily unavailable, are difficult to purchase, or when the Adviser believes doing so will improve the Fund's ability to track the Underlying Index, the Fund may utilize representative sampling. Representative sampling is an indexing strategy that involves investing in a representative sample of securities that collectively have investment characteristics similar to those of the Underlying Index. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The Fund is non-diversified under the Investment Company Act of 1940, as amended. The Fund will concentrate its investments (i.e., have 25% or more of the Fund’s assets in any one industry or group of industries) to the same extent that the Underlying Index is concentrated. As of the date of this prospectus, the Underlying Index is concentrated in the semiconductor, semiconductor equipment, electronic components, and information technology industries.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The Fund seeks to gain exposure to the companies included in the Underlying Index primarily through investments in equity securities of U.S. and non-U.S. issuers comprising the Underlying Index. Equity securities include common stocks, preferred stocks, and ordinary shares (or similar equity interests that are not debt securities). The Fund will also invest in American Depositary Receipts ("ADRs"), Global Depositary Receipts ("GDRs") exchange-traded products ("ETPs"), including exchange-traded funds ("ETFs"), and other investment companies that provide exposure to one or more Underlying Index constituents or substantially similar investments when the Adviser believes such investments will improve the Fund's ability to track the performance of the Underlying Index or facilitate efficient portfolio management. The Fund will also use swaps to gain exposure to particular issuers in the event the Fund cannot invest directly in the issuer or when the Adviser determines that gaining exposure through swaps is more efficient than investing directly in the issuer’s equity securities.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The Fund will seek to gain exposure to certain newly issued Regulation S securities through investments in Yorkville America Next Generation Memory Index (Cayman) Portfolio S.P., a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the "Subsidiary"). Regulation S securities are securities of U.S. and non-U.S. issuers that are offered outside the United States without registration with the Securities and Exchange Commission ("SEC") pursuant to Regulation S under the Securities Act of 1933, as amended. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The Subsidiary is advised by Yorkville and pursues the same investment objective and substantially similar investment strategies as the Fund. Unlike the Fund, the Subsidiary may invest without limitation in Regulation S securities. The Fund’s investment in the Subsidiary is intended to provide efficient access to certain investment opportunities that may be unavailable or less efficiently accessed through direct investment by the Fund. Except as otherwise noted in this Prospectus, references to the Fund’s investments, investment strategies and risks include the investments, investment strategies and risks of the Subsidiary.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The Fund may invest in derivative instruments, including futures contracts, options, swap agreements and other instruments that provide exposure to one or more Underlying Index constituents or to the Underlying Index itself, when the Adviser believes such investments will improve the Fund's ability to track the performance of the Underlying Index, facilitate cash management, manage portfolio transitions or otherwise support efficient portfolio management.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The Fund's holdings will also include cash or cash-equivalent positions, short-term U.S. Government securities, or other collateral or liquidity instruments to support the implementation of derivative positions and </span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">to facilitate portfolio management, cash management, or the creation and redemption process.</span></div> <div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities and other investments that provide exposure to the issuers comprising the Underlying Index, including swaps. The Fund's 80% investment policy may be changed only upon at least sixty (60) days' prior written notice to shareholders.</span></div> The Fund will concentrate its investments (i.e., have 25% or more of the Fund’s assets in any one industry or group of industries) to the same extent that the Underlying Index is concentrated. As of the date of this prospectus, the Underlying Index is concentrated in the semiconductor, semiconductor equipment, electronic components, and information technology industries. As with all funds, a shareholder is subject to the risk that his or her investment could lose money. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (the “FDIC”) or any government agency. <div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Market Risk.</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund’s investments are subject to changes in general economic conditions, overall market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and the prices of securities may decline due to factors affecting securities markets generally or particular industries represented in the markets. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness, social unrest, natural disasters or other events could have a significant negative impact on the Fund and its investments.</span></div> <div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Semiconductor and Technology Industry Risk.</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> Universal Memory Ecosystem Companies are generally in the semiconductor and/or technology industries, which are subject to rapid technological change, product obsolescence, short product cycles, pricing pressure, high research and development costs and significant capital expenditures. These companies face intense competition and may be highly dependent on intellectual property, supply chain stability and manufacturing capacity. Semiconductor companies may be particularly sensitive to supply and demand imbalances, inventory corrections, capacity expansions and contractions, and changes in end-market demand. The performance of companies in this industry may be highly volatile.</span></div> <div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Universal Memory Ecosystem Risk.</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund's investments are focused on companies that the Adviser believes are connected to the development, commercialization, manufacture, deployment, or adoption of advanced memory technologies and related infrastructure. As a result, the Fund's performance may be significantly affected by developments impacting the semiconductor and memory technology industries. Companies involved in advanced memory technologies may face intense competition, rapid technological change, evolving industry standards, intellectual property disputes, supply chain disruptions, regulatory challenges, and changing customer demand. Many emerging memory technologies are still developing and may not achieve commercial success, widespread adoption, or expected levels of market acceptance. If advanced memory technologies fail to develop as anticipated, are replaced by competing technologies, or experience slower-than-expected adoption, companies in which the Fund invests may be adversely affected. Because the Fund's investments may be concentrated in a relatively narrow segment of the technology market, the Fund may experience greater volatility and be more susceptible to adverse economic, market, industry, or technological events than a fund with broader investment exposure.</span></div> <div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Memory Semiconductor Risk (DRAM/NAND/HBM).</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> Companies exposed to memory semiconductors, including DRAM, NAND and high-bandwidth memory (“HBM”), are often affected by cyclical pricing, rapid shifts in supply and demand conditions and customer concentration. Periods of oversupply may result in significant pricing declines and margin compression. Growth in HBM and other advanced memory technologies may depend on adoption of specific compute architectures, packaging technologies and the pace of artificial intelligence infrastructure deployment. If demand for AI-driven computing or related technologies slows or fails to meet expectations, companies exposed to HBM and related memory products may be adversely affected.</span></div> <div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Memory/Semiconductor Industry Regulatory Risk.</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund invests in companies engaged in the semiconductor, memory, and data storage industries, which are subject to significant and evolving regulatory requirements in the United States and abroad. Government actions, including export controls, import restrictions, sanctions, tariffs, investment screening, licensing requirements, and other trade or national security measures, may restrict the ability of portfolio companies to manufacture, sell, or source semiconductor products, memory chips, manufacturing equipment, software, intellectual property, or related technologies. Such measures may limit access to important customers, suppliers, or manufacturing capacity, increase operating costs, disrupt global supply chains, delay product development, or reduce revenues and profitability. In addition, governments may adopt industrial policies, subsidies, local content requirements, or other regulations that alter competitive dynamics within the semiconductor industry. Regulatory actions or changes in trade policy may adversely affect the financial condition, operating results, or market value of companies in which the Fund invests, which could cause the Fund to lose value.</span></div> <div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Passive Investment Risk.</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> Because the Fund seeks to track the Underlying Index, the Adviser generally will not sell a security solely because the security's issuer is experiencing financial difficulty or because the Adviser believes the security is overvalued. Accordingly, the Fund may hold securities that are declining in value or underperforming the broader market.</span></div> <div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Index Methodology Risk.</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund seeks to track the Underlying Index, which is constructed using rules established by the Index Provider. There can be no assurance that the Index methodology will successfully identify companies expected to benefit from the continued growth and development of the universal memory ecosystem or achieve its intended investment objective.</span></div> <div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Tracking Error Risk. </span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">As with all index funds, the performance of the Fund and the Underlying 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 Underlying 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 Underlying Index.</span></div> <div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Equity Securities Risk.</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund invests primarily in equity securities, which are subject to market risks that may cause their prices to fluctuate over time. The value of equity securities may decline due to general market conditions, economic trends or factors affecting specific issuers or industries. Equity markets historically have experienced periods of significant volatility.</span></div> <div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Micro-, Small- and Mid-Capitalization Company Risk. </span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The Fund may invest in companies of any market capitalization, including micro-, small- and mid-capitalization companies. These companies may be more volatile, less liquid and more susceptible to adverse developments than larger companies. They may have more limited product lines, operating histories and financial resources.</span></div> <div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Foreign Securities Risk. </span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The Fund may invest in securities of non-U.S. issuers. Investments in foreign securities involve risks not typically associated with U.S. securities, including differences in accounting standards, less publicly available information, less liquidity, political instability, economic uncertainty, and potential government intervention. Foreign markets may be more volatile than U.S. markets.</span></div> <div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Emerging Markets Risk.</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund will invest in companies located in emerging market countries. Investments in emerging markets involve greater risks than investments in developed markets and may be subject to greater political, economic, legal, regulatory, and social uncertainties. Emerging market securities may be more volatile, less liquid, and more difficult to value than securities issued by companies in developed markets. Emerging market countries also may experience greater inflation, currency fluctuations, market disruptions, and government intervention than developed countries.</span></div> <div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Currency Risk. </span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Because the Fund invests in foreign securities, changes in the value of foreign currencies relative to the U.S. dollar may adversely affect the value of the Fund's investments and returns. Currency exchange rates may fluctuate significantly over short periods of time due to changes in interest rates, inflation, government intervention, political developments, trade policies, or other economic factors. Even if the value of a foreign security increases in its local currency, the Fund's return may decline if the applicable foreign currency depreciates relative to the U.S. dollar.</span></div> <div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Depositary Receipts Risk.</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> Depositary receipts, including ADRs and GDRs, are subject to many of the risks associated with investing directly in foreign securities, including political and currency risks. Depositary receipts may not track the price of the underlying foreign securities perfectly.</span></div> <div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Derivatives Risk</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:700;line-height:120%">. </span><span style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">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. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective.</span></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation, and legal restrictions. The performance of a derivative may not track the performance of its reference asset, including due to fees and other costs associated with it. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Swap Agreements.</span><span style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> Swap agreements are entered into with financial institutions for a specified period which may range from one day to more than one year. 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 or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive as much regulatory protection as exchange-traded instruments, which may expose investors to significant losses.</span></div><div><span><br/></span></div><div style="text-align:justify;text-indent:35.3pt"><span style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivatives portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy and the Fund may not achieve its investment objective. To the extent that the Fund exceeds the level of value at risk for an extended period, the Fund may amend and/or supplement its prospectus as promptly as feasible under the particular circumstances to include appropriate adjustments to its investment strategy and if necessary, the Fund’s name.</span></div> <div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">ETF Investing Risk.</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund may invest in other ETFs and, to the extent that it does, the Fund will be subject to the risks associated with those ETFs and the securities held by those ETFs. These risks include investment risk related to the underlying portfolio holdings, as well as structural risks of ETFs, such as market price fluctuations, trading at prices above or below net asset value, limited secondary market liquidity, and potential trading halts. Investments in ETFs also involve the layering of expenses, as shareholders of the Fund will indirectly bear a portion of the operating expenses of any ETF in which the Fund in addition to the Fund's own expenses. The performance of the Fund may be adversely affected by the performance of the Underlying ETF and its portfolio investments.</span></div> <div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">ETF Trading Risk.</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> Shares of the Fund are listed for trading on an exchange and may be bought and sold in the secondary market at market prices. The market price of Shares may be above (premium) or below (discount) the Fund’s net asset value (“NAV”). There can be no guarantee that an active trading market for Shares will develop or be maintained, or that the Shares will trade with any volume, or at all.</span></div> <div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Regulation S Securities Risk. </span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Regulation S securities are securities offered outside the United States without registration with the SEC pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S securities may be subject to legal, contractual or market restrictions on resale and therefore may be less liquid than publicly traded securities. Although Regulation S securities may be resold in privately negotiated transactions, the price realized in such transactions may be lower than the price originally paid by the Fund.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Issuers of Regulation S securities may not be subject to the same disclosure, reporting, governance or investor protection requirements applicable to issuers of publicly registered securities. As a result, information regarding such issuers may be more limited, less current or less transparent than information available for publicly traded issuers. Investments in Regulation S securities may involve greater valuation uncertainty, liquidity risk, credit risk and market risk than investments in publicly traded securities and may result in substantial losses.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">To the extent the Fund obtains exposure to Regulation S securities through its investment in the Subsidiary, the Fund will be subject indirectly to the risks associated with the Subsidiary’s investments. The Subsidiary is not registered under the Investment Company Act of 1940, as amended, and therefore is not subject to all of the investor protections of that Act.</span></div> <span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Subsidiary Risk. </span>By investing through the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary’s investments. The Subsidiary is not registered under the Investment Company Act of 1940 and is not subject to all of the investor protections of that Act. Changes in Cayman Islands law, U.S. tax law or regulatory guidance could adversely affect the Fund’s ability to operate through the Subsidiary and could negatively affect Fund shareholders. <div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">ETF Risks.</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund is an exchange-traded fund, and, as a result of an ETF’s structure, it is exposed to the following risks: </span></div><div><span><br/></span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:12.53pt">Authorized Participants, Market Makers, and Liquidity Providers Limitation Risk.</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund has a limited number of financial institutions that may act as Authorized Participants (“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. </span></div><div><span><br/></span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:12.53pt">Cash Redemption Risk.</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund intends to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. 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.</span></div><div><span><br/></span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:12.53pt">Costs of Buying or Selling Shares. </span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</span></div><div><span><br/></span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:12.53pt">Shares May Trade at Prices Other Than NAV.</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> 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 and volatility in the Fund’s portfolio holdings, 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. If an investor purchases Shares at a time when the market price is at a premium to the NAV of the Shares or sells at a time when the market price is at a discount to the NAV of the Shares, then the investor may sustain losses that are in addition to any losses caused by a decrease in NAV. </span></div><div><span><br/></span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:12.53pt">Trading.</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> Although Shares are listed for trading on a national securities exchange, and may be traded on other U.S. exchanges, 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 Fund Shares.</span></div> <span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:12.53pt">Authorized Participants, Market Makers, and Liquidity Providers Limitation Risk.</span> The Fund has a limited number of financial institutions that may act as Authorized Participants (“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. <span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:12.53pt">Cash Redemption Risk.</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund intends to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. 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.</span> <span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:12.53pt">Costs of Buying or Selling Shares. </span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</span> <span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:12.53pt">Shares May Trade at Prices Other Than NAV.</span> 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 and volatility in the Fund’s portfolio holdings, 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. If an investor purchases Shares at a time when the market price is at a premium to the NAV of the Shares or sells at a time when the market price is at a discount to the NAV of the Shares, then the investor may sustain losses that are in addition to any losses caused by a decrease in NAV. <span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:12.53pt">Trading.</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> Although Shares are listed for trading on a national securities exchange, and may be traded on other U.S. exchanges, 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 Fund Shares.</span> <div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Non-Diversification Risk.</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political, or regulatory occurrence than a diversified fund.</span></div> <div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Concentration Risk. </span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">To the extent the Underlying Index concentrates in an industry or group of Industries, the Fund will also be concentrated in such industry or group of industries. In this regard, the Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s investments more than the market as a whole, </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">to the extent that the Fund’s investments are focused in the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or asset classes.</span></div> <div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">New Adviser Risk. </span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The Adviser is a recently formed investment adviser and has not previously served as an adviser to an exchange-traded fund. Although the Adviser's principals, affiliates, and the Fund's portfolio managers have substantial experience managing pooled investment vehicles and implementing comparable investment processes, the Adviser is a new entity with limited operating history, which may create risks. As a newly established adviser, the Adviser may have limited resources, personnel, or operational infrastructure relative to more established firms, which could adversely affect its ability to implement the Fund's investment strategy, monitor counterparties and service providers, or respond effectively to market, operational, or regulatory challenges. There can be no assurance that the Adviser's systems, policies, procedures, or internal controls will operate as intended in the ETF context, or that the Adviser will successfully manage the Fund in all market conditions. The Fund may be negatively impacted if the Adviser is unable to scale its operations, retain key personnel, or develop and maintain the capabilities necessary to support the Fund's ongoing activities.</span></div> <div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">New Fund Risk.</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</span></div> Performance History <div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The Fund is new and does not have a full calendar year of performance history. In the future, performance information will be presented in this section of the Prospectus. Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance. Investors should be aware that past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Updated performance information for the Fund, including its current NAV per share, is available by calling toll-free (201) 985-8300.</span></div> The Fund is new and does not have a full calendar year of performance history. In the future, performance information will be presented in this section of the Prospectus. Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance. Investors should be aware that past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future. (201) 985-8300 Under the Investment Advisory Agreement, Yorkville America Equities, LLC (the “Adviser”), at its own expense and without reimbursement from the Fund, pays all of the expenses of the Fund, excluding the advisory fees, interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business. Other Expenses are estimated for the Fund’s initial fiscal year.