0002081107 2026-08-28 2026-08-28 0002081107 aifr:S000107765Member 2026-08-28 2026-08-28 0002081107 aifr:S000107765Member aifr:SemiconductorIndustryRiskMember 2026-08-28 2026-08-28 0002081107 aifr:S000107765Member aifr:InformationTechnologySectorRiskMember 2026-08-28 2026-08-28 0002081107 aifr:S000107765Member aifr:ForeignInvestmentRiskMember 2026-08-28 2026-08-28 0002081107 aifr:S000107765Member aifr:EquityMarketRiskMember 2026-08-28 2026-08-28 0002081107 aifr:S000107765Member aifr:FocusedPortfolioRiskMember 2026-08-28 2026-08-28 0002081107 aifr:S000107765Member aifr:IndexStrategyRiskMember 2026-08-28 2026-08-28 0002081107 aifr:S000107765Member aifr:DataRiskMember 2026-08-28 2026-08-28 0002081107 aifr:S000107765Member aifr:PassiveInvestmentRiskMember 2026-08-28 2026-08-28 0002081107 aifr:S000107765Member aifr:TrackingErrorRiskMember 2026-08-28 2026-08-28 0002081107 aifr:S000107765Member aifr:ConcentrationRiskMember 2026-08-28 2026-08-28 0002081107 aifr:S000107765Member aifr:ManagementRiskMember 2026-08-28 2026-08-28 0002081107 aifr:S000107765Member aifr:DerivativesRiskMember 2026-08-28 2026-08-28 0002081107 aifr:S000107765Member aifr:OptionsContractsMember 2026-08-28 2026-08-28 0002081107 aifr:S000107765Member aifr:SwapAgreementsMember 2026-08-28 2026-08-28 0002081107 aifr:S000107765Member aifr:EquityTotalReturnSwapsMember 2026-08-28 2026-08-28 0002081107 aifr:S000107765Member aifr:CounterpartyRiskMember 2026-08-28 2026-08-28 0002081107 aifr:S000107765Member aifr:EtfRisksMember 2026-08-28 2026-08-28 0002081107 aifr:S000107765Member aifr:AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember 2026-08-28 2026-08-28 0002081107 aifr:S000107765Member aifr:CashRedemptionRiskMember 2026-08-28 2026-08-28 0002081107 aifr:S000107765Member aifr:CostsOfBuyingOrSellingSharesMember 2026-08-28 2026-08-28 0002081107 aifr:S000107765Member aifr:SharesMayTradeAtPricesOtherThanNavMember 2026-08-28 2026-08-28 0002081107 aifr:S000107765Member aifr:TradingMember 2026-08-28 2026-08-28 0002081107 aifr:S000107765Member aifr:LiquidityRiskMember 2026-08-28 2026-08-28 0002081107 aifr:S000107765Member aifr:EconomicAndMarketRiskMember 2026-08-28 2026-08-28 0002081107 aifr:S000107765Member aifr:HighPortfolioTurnoverRiskMember 2026-08-28 2026-08-28 0002081107 aifr:S000107765Member aifr:LiquidityRisk1Member 2026-08-28 2026-08-28 0002081107 aifr:S000107765Member aifr:MoneyMarketInstrumentRiskMember 2026-08-28 2026-08-28 0002081107 aifr:S000107765Member aifr:NewFundRiskMember 2026-08-28 2026-08-28 0002081107 aifr:S000107765Member oef:RiskNondiversifiedStatusMember 2026-08-28 2026-08-28 0002081107 aifr:S000107765Member aifr:OperationalRiskMember 2026-08-28 2026-08-28 0002081107 aifr:S000107765Member aifr:IpospacdespacRiskMember 2026-08-28 2026-08-28 0002081107 aifr:S000107765Member aifr:WarrantsAndRightsRiskMember 2026-08-28 2026-08-28 0002081107 aifr:S000107765Member aifr:TaxRiskMember 2026-08-28 2026-08-28 0002081107 aifr:S000107765Member aifr:UnderlyingIndexRiskMember 2026-08-28 2026-08-28 0002081107 aifr:C000278740Member 2026-08-28 2026-08-28 0002081107 aifr:S000107765Member oef:RiskLoseMoneyMember 2026-08-28 2026-08-28 iso4217:USD pure false 485BPOS 0002081107 2026-08-28 N-1A TIDAL TRUST V 2026-08-28 DEFIANCE GLOBAL FOUNDRIES ETF– FUND SUMMARY Investment Objective Defiance Global Foundries ETF (the “Fund”) seeks to track the performance, before fees and expenses, of the MarketVectorTM Global Foundries Index (the “Index”). Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. <div id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_zbo58P8roUE2"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zMaYjZ00Pmse" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td colspan="2" id="xdx_98C_eoef--OperatingExpensesCaption_c20260828__20260828__dei--LegalEntityAxis__custom--S000107765Member_zUUcFqI73ZG8" style="border-bottom: black 1pt solid">Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment)</td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td id="xdx_492_20260828__20260828__oef--ClassAxis__custom--C000278740Member_z1SwItjxvhAh" style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td></tr> <tr id="xdx_40F_eoef--ManagementFeesOverAssets_dpn_zCNYwNtHJxIk" style="vertical-align: bottom"> <td colspan="2">Management Fee</td> <td> </td> <td> </td> <td style="text-align: right">0.69</td> <td>%</td></tr> <tr id="xdx_40F_eoef--DistributionAndService12b1FeesOverAssets_dpn_zrx6iSMoQB8g" style="vertical-align: bottom"> <td colspan="2">Distribution and Service (12b-1) Fees</td> <td> </td> <td> </td> <td style="text-align: right">None</td> <td> </td></tr> <tr id="xdx_40A_eoef--OtherExpensesOverAssets_dpn_z1O5XEIWbMP2" style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1pt solid">Other Expenses (broker interest)(2)</td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">0.02</td> <td style="border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_401_eoef--ExpensesOverAssets_dpn_zjyZ5DS8HvJk" style="vertical-align: bottom"> <td colspan="2">Total Annual Fund Operating Expenses(3)</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double; text-align: right">0.71</td> <td style="border-bottom: black 2.25pt double">%</td></tr> <tr style="vertical-align: bottom"> <td style="width: 4%"> </td> <td style="width: 79%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 12%; text-align: right"> </td> <td style="width: 3%"> </td></tr> <tr style="vertical-align: top"> <td>(1)</td> <td colspan="5" style="padding-left: 0.2pt; text-align: justify; text-indent: -0.2pt">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 excluding advisory fees, sub-advisory fees (if applicable), 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.</td></tr> <tr style="vertical-align: top"> <td>(2)</td> <td colspan="5" style="text-align: justify">Based on estimated amounts for the current fiscal year.</td></tr> <tr style="vertical-align: top"> <td>(3)</td> <td colspan="5" style="text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</td></tr> <tr> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> </table> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0069 0 0.0002 0.0071 Based on estimated amounts for the current fiscal year. Expense Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8D_eoef--ExpenseExampleWithRedemptionTableTextBlock_zKcOMCqLBNJ8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zKMIVay3nKo7" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_48D_eoef--ExpenseExampleYear01_zIPM2EdOTfQc" style="border-top: black 1pt solid; width: 50%; text-align: center">1 Year</td> <td id="xdx_48B_eoef--ExpenseExampleYear03_zgA8l4rZRdig" style="border-top: black 1pt solid; width: 50%; text-align: center">3 Years</td></tr> <tr> <td style="text-align: center"> </td> <td style="text-align: center"> </td></tr> <tr id="xdx_411_20260828__20260828__oef--ClassAxis__custom--C000278740Member_zkwAiZQqreY2"> <td style="border-bottom: black 1pt solid; text-align: center">$73</td> <td style="border-bottom: black 1pt solid; text-align: center">$227</td></tr> </table> 73 227 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the Example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available. Principal Investment Strategies Overview The Fund uses a “passive management” (or indexing) approach to seek to track the performance, before fees and expenses, of the Index. The Index is constructed using a rules-based methodology that identifies publicly listed companies that derive significant revenue from semiconductor foundry solutions, as classified by MarketVector Indexes GmbH (the “Index Provider”). Index Overview The Index is designed to track the performance of publicly listed companies that are principally engaged in semiconductor foundry solutions and related services. To be eligible for inclusion, a company must derive at least 50% of its revenue from semiconductor foundry-related activities or generate at least $2.0 billion in annual revenue specifically from semiconductor foundry-related activities during its most recently completed fiscal year. The $2.0 billion alternative threshold is designed to identify larger, diversified companies with an economically significant semiconductor foundry business, notwithstanding that such activities may represent less than 50% of the company's total revenues. Semiconductor foundry-related activities include: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"> </td> <td style="width: 30px">•</td> <td style="text-align: justify">Semiconductor wafer fabrication;</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"> </td> <td style="width: 30px">•</td> <td style="text-align: justify">Advanced-node, mature-node, and specialty-node semiconductor manufacturing;</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"> </td> <td style="width: 30px">•</td> <td style="text-align: justify">Logic, analog, mixed-signal, power, radio frequency, and embedded semiconductor wafer production;</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"> </td> <td style="width: 30px">•</td> <td style="text-align: justify">Specialty foundry services for microelectromechanical systems, image sensors, photonics, display drivers, and other application-specific semiconductors;</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"> </td> <td style="width: 30px">•</td> <td style="text-align: justify">Mask, process, and manufacturing services directly tied to semiconductor wafer foundry production; and/or</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"> </td> <td style="width: 30px">•</td> <td style="text-align: justify">Related semiconductor foundry support services.</td></tr> </table> The Index includes only common stocks and similar equity securities that are freely investable by foreign investors and for which real-time and historical pricing information is available. Limited partnerships are excluded. Securities listed on exchanges in certain countries, including Bahrain, mainland China (subject to certain Stock Connect exceptions), India, Kuwait, Oman, Qatar, Russia, Saudi Arabia, the United Arab Emirates, and Vietnam, are ineligible for inclusion. To qualify for initial inclusion, a company generally must have: (i) a free-float percentage of at least 10%; (ii) a market capitalization greater than $1.0 billion; (iii) a three-month average daily trading volume of at least $1.0 million during the current quarter and prior two quarters; and (iv) minimum trading volume thresholds based on shares traded. Existing Index constituents are subject to less stringent maintenance requirements. The Index also applies modified eligibility rules for certain initial public offerings (“IPOs”), spin-offs, and post-business combination special purpose acquisition companies (“SPACs”). The Index targets 10 constituents. Eligible companies are ranked by free-float market capitalization, with the 10 highest-ranked companies generally selected for inclusion. During ongoing reconstitutions, companies ranked within the top eight are automatically selected, while remaining positions are generally filled by the highest-ranked current Index constituents ranked between nine and 12. If fewer than 10 eligible companies are available, additional companies may be selected at the discretion of the Index Provider. Specifically, if fewer than 10 companies satisfy both the semiconductor foundry revenue-based criteria and the applicable investability criteria, the Index Provider will first select companies that satisfy the revenue-based criteria and are closest to satisfying the investability criteria. If an insufficient number of such companies is available, the Index Provider will then select companies that satisfy the investability criteria and are closest to satisfying the semiconductor foundry revenue-based criteria. The Index utilizes a modified float-adjusted market capitalization weighting methodology. Constituents are weighted based on their free-float adjusted market capitalizations, subject to a maximum weight of 20% per constituent at each rebalance. Excess weight above the cap is redistributed proportionally among the remaining constituents. The Index is constructed from a global, rather than U.S.-only, universe of companies engaged in semiconductor foundry services and is designed to provide exposure to the global semiconductor foundry industry, including meaningful exposure to issuers in multiple countries outside the United States. Eligible securities may include securities of companies organized, located or traded in countries outside the United States, subject to the eligibility requirements and market exclusions set forth in the Index methodology. The Index is reconstituted and rebalanced quarterly in March, June, September, and December. Please see the prospectus section titled “Additional Information About the Fund,” for a more complete description of the Index’s methodology. Because the Index is focused on companies engaged in semiconductor foundry activities, the Index, and consequently the Fund, is expected to be concentrated in industries within the information technology sector. The Fund’s Investment Strategy Under normal circumstances, the Fund will invest at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in investments that provide exposure to the component securities of the Index. For purposes of this policy, investments providing exposure to Index component securities include: (i) the component securities themselves; (ii) depositary receipts representing such securities; and (iii) derivative instruments (e.g., options and total return swaps) that provide economic exposure to one or more Index component securities or to the Index. For purposes of the Fund’s 80% policy, derivative instruments are valued at their notional value. The Fund seeks to track the performance of the Index by investing in, or obtaining economic exposure to, the securities included in the Index. The Fund generally uses a “replication” strategy, meaning it will invest directly or indirectly in all, or substantially all, of the component securities of the Index. The Fund may also use a “representative sampling” strategy, under which it invests in a sample of securities that collectively are expected to have investment characteristics similar to those of the Index when the Adviser believes doing so is in the best interests of the Fund. The Fund may obtain exposure to the Index synthetically through derivatives, including total return swaps and listed options referencing the Index or one or more Index component securities. The Fund may use short-dated, in-the-money call options and other option strategies designed to provide investment exposure similar to direct ownership of underlying securities. The Fund also may invest in securities, options contracts, swaps, or other investments not included in the Index when the Adviser believes such investments will help the Fund track the Index, enhance performance, manage risk, or otherwise benefit the Fund. These investments may include securities of companies that are economically connected to the semiconductor foundry industry or related industries, as well as investments made in connection with corporate actions, Index reconstitutions, liquidity management, or other portfolio management purposes. The Fund may invest in listed equity securities, including common stocks and other equity interests, and may invest up to 15% of its net assets in private companies engaged in semiconductor foundry services. The Fund may also invest in American Depositary Receipts (“ADRs”), cash and cash equivalents, money market funds, and short-term instruments. The Fund is classified as “non-diversified,” which means the Fund may invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. Under normal circumstances, the Fund will invest at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in investments that provide exposure to the component securities of the Index. The Fund may not achieve its investment objective and there is a risk that you could lose all of your money invested in the Fund. Semiconductor Industry Risk. Competitive pressures may have a significant effect on the financial condition of semiconductor companies and, as product cycles shorten and manufacturing capacity increases, these companies may become increasingly subject to aggressive pricing, which hampers profitability. Reduced demand for end-user products, under-utilization of manufacturing capacity, and other factors could adversely impact the operating results of companies in the semiconductor sector. Semiconductor companies typically face high capital costs and may be heavily dependent on intellectual property rights. The semiconductor sector is highly cyclical, which may cause the operating results of many semiconductor companies to vary significantly. The stock prices of companies in the semiconductor sector have been and likely will continue to be extremely volatile. Information Technology Sector Risk. The information technology sector includes companies engaged in internet software and services, technology hardware and storage peripherals, electronic equipment instruments and components, and semiconductors and semiconductor equipment, among other things. Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Information technology companies may have limited product lines, markets, financial resources or personnel. The products of information technology companies may face rapid product obsolescence due to technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Failure to introduce new products, develop and maintain a loyal customer base, or achieve general market acceptance for their products could have a material adverse effect on a company’s business. Companies in the information technology sector are heavily dependent on intellectual property and the loss of patent, copyright and trademark protections may adversely affect the profitability of these companies. Foreign Investment Risk: The Fund may invest in foreign companies. Such investments involve certain risks not involved in domestic investments and may experience more rapid and extreme changes in value than investments in securities of U.S. companies. Financial markets in foreign countries often are not as developed, efficient, or liquid as financial markets in the United States, and therefore, the prices of non-U.S. securities and instruments can be more volatile. In addition, the Fund will be subject to risks associated with adverse political and economic developments in foreign countries, which may include the imposition of economic sanctions. Generally, there is less readily available and reliable information about non-U.S. issuers due to less rigorous disclosure or accounting standards and regulatory practices. ● Currency Risk. Changes in currency exchange rates can negatively affect securities denominated in and/or receiving revenues in foreign currencies. Adverse changes in currency exchange rates (relative to the U.S. dollar) may erode or reverse any potential gains from the Fund’s investments in securities denominated in a foreign currency or may widen existing losses. The liquidity and trading value of foreign currencies could be affected by global economic factors, such as inflation, interest rate levels, and trade balances among countries, as well as the actions of sovereign governments and central banks. ● Depositary Receipt Risk. Depositary receipts involve risks similar to those associated with investments in foreign securities and give rise to certain additional risks. Depositary receipts listed on U.S. or foreign exchanges are issued by banks or trust companies and entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares (Underlying Shares). When the Fund invests in depositary receipts as a substitute for an investment directly in the Underlying Shares, the Fund is exposed to the risk that the depositary receipts may not provide a return that corresponds precisely with that of the Underlying Shares. Equity Market Risk. Common stocks, such as those held by the Fund, are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from specific issuers. The equity securities held in the Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which the Fund invests. Focused Portfolio Risk. The Fund will hold a relatively focused portfolio that may contain exposure to the securities of fewer issuers than the portfolios of other ETFs. Holding a relatively focused portfolio may increase the risk that the value of the Fund could go down because of the poor performance of one or a few investments. Index Strategy Risk. The Fund’s strategy is linked to an Index maintained by the Index Provider that exercises complete control over the Index. The Index Provider may delay or add a rebalance date, which may adversely impact the performance of the Fund and its correlation to the Index. In addition, there is no guarantee that the methodology used by the Index Provider to identify constituents for the Index will achieve its intended result or positive performance. Errors in Index data, Index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and/or corrected for a period of time or at all, which may have an adverse impact on the Fund. Data Risk. The composition of the Index is heavily dependent on information and data supplied by third parties (“Data”). When Data proves to be incorrect or incomplete, any decisions made in reliance thereon may lead to the inclusion or exclusion of securities from the Index universe that would have been excluded or included had the Data been correct and complete. If the composition of the Index reflects such errors, the Fund’s portfolio can be expected to also reflect the errors. Passive Investment Risk. The Fund invests in the securities included in, or representative of, its Index regardless of their investment merit. The Fund does not attempt to outperform its Index or take defensive positions in declining markets. As a result, the Fund’s performance may be adversely affected by a general decline in the market segments relating to its Index. Tracking Error Risk. While the Fund generally seeks to track the performance, before fees and expenses, of the Index, the performance of the Fund and its Index may differ from each other for a variety of reasons. For example, the Fund incurs operating expenses and portfolio transaction costs not incurred by the Index. In addition, the Fund may not be fully invested in the securities of the Index at all times or may hold securities not included in the Index. Concentration Risk. The Fund’s investment exposure will be concentrated in (or substantially exposed to) the same industry or group of industries to the extent the Index is so concentrated. In such event, the value of Shares may rise and fall more than the value of shares that invest in securities of companies in a broader range of industries. Management Risk. The risk that the investment techniques and risk analyses applied by the investment adviser will not produce the desired results and that legislative, regulatory, or tax developments may affect the investment techniques available to the investment adviser and the individual portfolio manager in connection with managing the Fund. There is no guarantee that the investment objective of the Fund will be achieved. Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of the underlying reference asset and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_zEbbcT3UqbGb"></div> Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility of the reference asset, the time remaining until the expiration of the option contract and economic events. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund’s options contracts are exercised or expire it may enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The Fund may utilize both American-style and European-style options. American-style options may be exercised at any time prior to and including their expiration date, while European-style options may be exercised only on their expiration date. The Fund seeks to maintain flexibility to utilize either exercise style depending on the options available and market conditions. The combination options positions used by the Fund to obtain synthetic equity exposure are generally rolled prior to expiration and, at the latest, during the week of expiration. The Fund generally obtains synthetic equity exposure through combination option positions consisting of the purchase of a call option and the sale of a put option on the same underlying security, with the same strike price and expiration date. The combination is intended to provide an economic exposure similar to owning the underlying security. The Fund’s options positions are valued based on market quotations or other recognized pricing methods, as applicable.The Fund does not intend to hold these combination option positions through expiration. Rather, prior to expiration, and no later than the week in which the applicable options expire, the Fund will “roll” the combination position by closing the existing call and put positions and establishing new call and put positions to maintain the Fund’s desired synthetic exposure to the underlying security. Swap Agreements. The use of swap transactions is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal depends on the ability of the Adviser to structure such swap agreements in accordance with the Fund’s investment objective and to identify appropriate counterparties. If the Adviser is unable to enter into swap agreements that provide the desired synthetic exposure to the underlying security, the Fund may not meet its stated investment objective. Additionally, any financing, transaction, or other costs associated with using swap transactions may have the effect of lowering the Fund’s return. The swap agreements in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivative instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets, securities, or instruments. The gross return to be exchanged or “swapped” between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in the reference asset. If the underlying security experiences a significant price movement that causes a material change in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to close out the swap transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to maintain exposure consistent with its investment objective. This may temporarily reduce the Fund’s ability to maintain its intended level of synthetic exposure until replacement transactions can be established. Certain of the swap agreements entered into by the Fund may be unfunded total return swaps, pursuant to which the Fund does not make an initial investment of the full notional amount of the swap. As a result, the Fund is exposed to the risk that its counterparty will be unable to meet its obligations under the swap agreement, and the Fund’s exposure to a counterparty generally equals the net amount owed to the Fund based on the daily change in value of the reference asset. In the event of a counterparty default or insolvency, the Fund may incur losses in excess of the collateral, if any, posted by the counterparty, and the timing and amount of any recovery may be uncertain. In addition, the use of unfunded swap agreements may create economic leverage for the Fund, which may magnify gains and losses and increase the volatility of the Fund’s returns. Equity Total Return Swaps. A total return swap (also sometimes referred to as a synthetic equity swap or “contract for difference” when written with respect to an equity security or basket of equity securities) is an agreement between two parties under which the parties agree to make payments to each other so as to replicate the economic consequences that would apply had a purchase or short sale of the underlying reference instrument or index thereof taken place. For example, one party agrees to pay the other party the total return earned or realized on the notional amount of an underlying equity security and any dividends declared with respect to that equity security. In return the other party makes payments, typically at a floating rate, calculated based on the notional amount. Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund and the Fund may be unable to recover its investment from such counterparty or may obtain a limited and/or delayed recovery. Counterparties may seek to hedge their exposure to individual clients (such as the Fund) by establishing offsetting exposures with other clients, however, there is no guarantee that counterparties will do so under all circumstances. Should a counterparty (e.g., a swap counterparty) terminate its relationship with the Fund, the Fund will seek to utilize other counterparties to seek to maintain its exposures. In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its investment objective. ETF Risks <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zegcQWYZd21k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. Cash Redemption Risk. The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. The costs associated with cash redemptions may include brokerage costs that the Fund may not have incurred if it had made the redemptions in-kind. These costs could be imposed on the Fund, decreasing its NAV, to the extent these costs are not offset by a transaction fee payable by an authorized participant. Costs of Buying or Selling Shares. Buying or selling Shares involves certain costs, including brokerage commissions, other charges imposed by brokers, and bid-ask spreads. The bid-ask spread represents the difference between the price at which an investor is willing to buy Shares and the price at which an investor is willing to sell Shares. The spread varies over time based on the Shares’ trading volume and market liquidity. The spread is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Due to the costs of buying or selling Shares, frequent trading of Shares may reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zhWJZwGv7NE1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Shares May Trade at Prices Other Than NAV. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant. Trading. Although Shares are listed on a national securities exchange, such as The Nasdaq Stock Market, LLC (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. This adverse effect on liquidity for the Fund’s shares may lead to wider bid-ask spreads and differences between the market price of the Fund’s shares and the underlying value of the shares. Liquidity Risk. In certain circumstances, such as the disruption of the orderly markets for the financial instruments in which the Fund invests, the Fund might not be able to acquire or dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the financial instruments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, health crises, natural disasters, excessive volatility, new legislation, or regulatory changes inside or outside of the U.S. These situations may have an impact on the liquidity of the Fund’s own shares. Economic and Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets. High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings as it seeks to track the Index. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses. Frequent trading may also cause adverse tax consequences for investors in the Fund due to an increase in short-term capital gains. Liquidity Risk. Some securities held by the Fund may be difficult to sell or be illiquid, particularly during times of market turmoil. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell an illiquid security at an unfavorable time or price, the Fund may be adversely impacted. There is no assurance that a security that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. Money Market Instrument Risk. The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments, including money market funds, may lose money through fees or other means. New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions. Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio. Operational Risk. The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and Adviser seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks. Private Company Investment Risk. Privately issued securities are securities that have not been registered under the Securities Act of 1933, typically are subject to legal restrictions on resale, and generally are not traded in established public markets. The Fund’s investments in privately issued securities of pre-IPO private companies are subject to risks that differ from, and in many cases exceed, the risks of investing in publicly traded securities. These risks include: (i) limited and inconsistent public disclosure by private issuers, which may make it difficult for the Adviser to evaluate the issuer’s financial condition, business prospects, and corporate governance; (ii) the absence of any obligation on the part of the private issuer to register its securities for public resale, to facilitate a sale of the Fund’s interest, or to effect a liquidity event within any particular time frame; (iii) restrictions on transfer arising from the SPV’s governing documents, securities-law requirements, or contractual rights of other equityholders (including rights of first refusal, co-sale rights, and similar provisions); (iv) the Fund’s reliance on the SPV sponsor for information rights and for the administration of the SPV; (v) the concentration of the SPV’s assets in a single underlying issuer, the failure of which would cause a complete loss of the Fund’s investment in that SPV; and (vi) the early-stage or growth-stage character of many private issuers, including the possibility that the issuer may never achieve a successful liquidity event and that the Fund may lose all or a substantial portion of its investment. IPO/SPAC/de-SPAC Risk. The Fund may invest in companies that have recently completed an IPO, are derived from a SPAC, or are derived from a de-SPAC business combination, including SPACs that have not yet completed a business combination (“Pre-Combination” SPACs). These companies may be unseasoned and lack a trading history, a track record of reporting to investors, and widely available research coverage. IPOs and stocks derived from SPACs or de-SPAC business combinations are thus often subject to extreme price volatility and speculative trading. These stocks may have above-average price appreciation in connection with the IPO or relevant transaction prior to the Fund’s purchase. The price of stocks selected may not continue to appreciate and the performance of these stocks may not replicate the performance exhibited in the past. In addition, IPOs and stocks derived from SPACs or de-SPAC business combinations may share similar illiquidity risks of private equity and venture capital. The ownership of many IPOs and stocks derived from SPACs or de-SPACs often includes large holdings by venture capital and private equity investors who seek to sell their shares in the public market in the months following an IPO or relevant transaction when shares restricted by lock-up are released, causing greater volatility and possible downward pressure during the time that locked-up shares are released, and SPAC investments may involve additional risks, including pricing misalignment, limited publicly available information, dependence on the sponsor’s ability to identify and consummate a business combination, potential conflicts of interest, and, in the case of Pre-Combination SPACs, the risk that a suitable business combination is not completed within a specified time period, which may result in liquidation of the SPAC. Warrants and Rights Risk. The Fund may receive or invest in warrants or rights in connection with its purchase of equity securities, including SPAC units. Warrants and rights do not represent an ownership interest in the issuer but instead confer the right to purchase underlying securities at a specified price, subject to the terms of the instrument. Accordingly, holders of warrants or rights generally do not have voting rights, receive dividends, or have rights with respect to the assets of the issuer. Investments in warrants and rights are speculative and involve a high degree of risk. The value of warrants and rights may be highly volatile and may not move in tandem with the value of the underlying securities. In addition, warrants and rights are complex financial instruments, and their accounting treatment and valuation involve significant judgment. For example, depending on their terms and the specific facts and circumstances of the issuer, warrants may be classified as equity or as assets or liabilities of the issuer, which can affect their valuation and increase the risk of error. Warrants and rights are also subject to the risk that they may expire worthless if not exercised or sold prior to expiration. In addition, the effective cost of acquiring the underlying securities upon exercise (i.e., the purchase price of the warrant or right plus the exercise price) may exceed the market value of the underlying securities at the time of exercise. With respect to SPAC-related investments, if a SPAC does not complete a business combination within the specified time period, any associated warrants or rights held by the Fund may expire worthless. Tax Risk. The Fund intends to elect and to qualify each year to be treated as a regulated investment company (a “RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (“Code”). As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to shareholders, provided that it satisfies certain requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund’s taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. To comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of swap contracts on shares of a single issuer does not exceed 25% of the Fund’s value at the close of any quarter. If the value of swap contracts on shares of a single issuer were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC. Underlying Index Risk. Neither the Fund’s investment adviser nor the Index Provider is able to guarantee the continuous availability or timeliness of the production of the Index. The calculation and dissemination of the Index values may be delayed if the information technology or other facilities of the Index Provider, calculation agent, data providers and/or relevant stock exchange malfunction for any reason. A significant delay may cause trading in shares of the Fund to be suspended. Errors in Index data, computation and/or the construction in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider, calculation agent or other applicable party for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. Performance Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. Updated performance information will be available on the Fund’s website at https://www.defianceetfs.com. Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. https://www.defianceetfs.com The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund excluding advisory fees, sub-advisory fees (if applicable), 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. Based on estimated amounts for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.