0002043390 2026-09-01 2026-09-01 0002043390 hqdg:S000108407Member 2026-09-01 2026-09-01 0002043390 hqdg:S000108407Member hqdg:EquityMarketRiskMember 2026-09-01 2026-09-01 0002043390 hqdg:S000108407Member hqdg:DividendpayingCommonEquitySecurityRiskMember 2026-09-01 2026-09-01 0002043390 hqdg:S000108407Member hqdg:QuantitativeSecuritySelectionRiskMember 2026-09-01 2026-09-01 0002043390 hqdg:S000108407Member hqdg:ThirdpartyDataRiskMember 2026-09-01 2026-09-01 0002043390 hqdg:S000108407Member hqdg:GrowthStockInvestmentRiskMember 2026-09-01 2026-09-01 0002043390 hqdg:S000108407Member hqdg:ValueStockInvestmentRiskMember 2026-09-01 2026-09-01 0002043390 hqdg:S000108407Member hqdg:QualityStockInvestmentRiskMember 2026-09-01 2026-09-01 0002043390 hqdg:S000108407Member hqdg:SectorRisksMember 2026-09-01 2026-09-01 0002043390 hqdg:S000108407Member hqdg:ForeignSecuritiesRiskMember 2026-09-01 2026-09-01 0002043390 hqdg:S000108407Member hqdg:DepositaryReceiptsRisksMember 2026-09-01 2026-09-01 0002043390 hqdg:S000108407Member hqdg:CurrencyExchangeRateRiskMember 2026-09-01 2026-09-01 0002043390 hqdg:S000108407Member hqdg:EmergingMarketsRiskMember 2026-09-01 2026-09-01 0002043390 hqdg:S000108407Member hqdg:EconomicAndMarketRiskMember 2026-09-01 2026-09-01 0002043390 hqdg:S000108407Member hqdg:EtfRisksMember 2026-09-01 2026-09-01 0002043390 hqdg:S000108407Member hqdg:AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember 2026-09-01 2026-09-01 0002043390 hqdg:S000108407Member hqdg:CostsOfBuyingOrSellingSharesMember 2026-09-01 2026-09-01 0002043390 hqdg:S000108407Member hqdg:SharesMayTradeAtPricesOtherThanNavMember 2026-09-01 2026-09-01 0002043390 hqdg:S000108407Member hqdg:TradingMember 2026-09-01 2026-09-01 0002043390 hqdg:S000108407Member hqdg:ManagementRiskMember 2026-09-01 2026-09-01 0002043390 hqdg:S000108407Member hqdg:MarketCapitalizationRisksMember 2026-09-01 2026-09-01 0002043390 hqdg:S000108407Member hqdg:LargecapitalizationInvestingMember 2026-09-01 2026-09-01 0002043390 hqdg:S000108407Member hqdg:NewFundRiskMember 2026-09-01 2026-09-01 0002043390 hqdg:S000108407Member oef:RiskNondiversifiedStatusMember 2026-09-01 2026-09-01 0002043390 hqdg:S000108407Member hqdg:OperationalRiskMember 2026-09-01 2026-09-01 0002043390 hqdg:C000279390Member 2026-09-01 2026-09-01 0002043390 hqdg:S000108407Member oef:RiskLoseMoneyMember 2026-09-01 2026-09-01 iso4217:USD pure false 485BPOS 0002043390 2026-09-01 N-1A TIDAL TRUST IV 2026-09-01 RAUB BROCK DIVIDEND GROWTH ETF - FUND SUMMARY Investment Objective The Raub Brock Dividend Growth ETF seeks long-term capital appreciation with a secondary objective of providing current income. 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_A8D_eoef--AnnualFundOperatingExpensesTableTextBlock_zWDHMrVV4juf"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_z8i74tsZE8Kh" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td id="xdx_982_eoef--OperatingExpensesCaption_c20260901__20260901__dei--LegalEntityAxis__custom--S000108407Member_z0cG6FjWM7J7" style="border-bottom: black 1pt solid; width: 90%; text-align: justify">Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment)  </td> <td id="xdx_499_20260901__20260901__oef--ClassAxis__custom--C000279390Member_z0Q2aTnAxLsd" style="border-bottom: black 1pt solid; width: 10%; text-align: justify">  </td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_z7M7a2QYZa7f" style="vertical-align: bottom"> <td style="text-align: justify">Management Fee  </td> <td style="text-align: right">0.50%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dpn_zAFZJvOvGH59" style="vertical-align: bottom"> <td style="text-align: justify">Distribution and Service (12b-1) Fees  </td> <td style="text-align: right">None </td></tr> <tr id="xdx_409_eoef--OtherExpensesOverAssets_dpn_zYLzNGFiWYhb" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: justify">Other Expenses(2)  </td> <td style="border-bottom: black 1pt solid; text-align: right">0.00% </td></tr> <tr id="xdx_40A_eoef--ExpensesOverAssets_dpn_zjyIlpUEhOc6" style="vertical-align: bottom"> <td style="text-align: justify">Total Annual Fund Operating Expenses  </td> <td style="border-bottom: black 2.25pt double; text-align: right">0.50% </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 30px">(1)</td> <td style="text-align: justify">Under the Fund’s investment advisory agreement, in exchange for a single unitary management fee from the Fund, the Fund’s adviser has agreed to pay all expenses incurred by the Fund, except for its advisory fee, interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940 (the “1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses. </td></tr> <tr style="vertical-align: top"> <td> </td> <td>(2)</td> <td style="text-align: justify">Estimated for the current year. </td></tr> </table> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment)  0.0050 0 0.0000 0.0050 Estimated for the current year. This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A86_eoef--ExpenseExampleWithRedemptionTableTextBlock_z5haEeE2YXje"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zpupsh6iSbBj" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td id="xdx_486_eoef--ExpenseExampleYear01_zq5d3EfQD56a" style="border-top: black 1pt solid; width: 50%; text-align: center">1 Year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_zrQX3heYyQ6e" style="border-top: black 1pt solid; width: 50%; text-align: center">3 Years</td></tr> <tr id="xdx_41C_20260901__20260901__oef--ClassAxis__custom--C000279390Member_z6dFHZW4Om9f" style="vertical-align: top"> <td style="border-bottom: black 1pt solid; text-align: center">$51</td> <td style="border-bottom: black 1pt solid; text-align: center">$160</td></tr> </table> 51 160 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 expense example above, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available. Principal Investment Strategies The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing primarily in equity securities of large-capitalization companies that Raub Brock Capital Management, LP, the Fund’s sub-adviser (the “Sub-Adviser” or “Raub Brock”) believes exhibit high quality characteristics and the potential for sustainable dividend growth. Under normal circumstances, the Fund invests at least 80% of its net assets, plus borrowings for investment purposes, in equity securities of dividend-paying companies. The Fund defines equity securities to include common stock and depositary receipts (e.g., American Receipts (“ADRs”)). The Fund may, at times, have exposure to foreign companies, including those operating in emerging market countries, through its investments in ADRs. The Sub-Adviser employs a combination of quantitative screening and fundamental, bottom-up research to identify dividend-paying companies it believes demonstrate durable business models, strong competitive positions, attractive growth characteristics, and reasonable valuations. The Sub-Adviser constructs the Fund’s initial investable universe by screening for large-capitalization companies that have increased their dividends for at least five consecutive years and that meet minimum liquidity requirements, generally measured by average daily trading value in excess of $100 million. The Fund defines a large-capitalization company as a company with a market capitalization in excess of $10 billion. From this universe, the Sub-Adviser applies additional quantitative screens focused on growth characteristics (e.g., dividend growth, dividend growth capacity, and earnings growth) and quality characteristics (e.g., leverage, financial efficiency, financial stability, and earnings consistency). Following the quantitative screening process, the Sub-Adviser conducts fundamental research on each remaining company, which may include an assessment of the company’s management, competitive position, business strategy, market environment, growth prospects, and valuation. Based on this analysis, the Sub-Adviser selects securities it believes offer attractive potential for the Fund’s portfolio. The Fund generally holds a portfolio of equity securities across a range of sectors and industries. From time to time, however, the Fund may invest a significant portion of its assets in one or more sectors based on where the Sub-Adviser identifies attractive investment opportunities through its investment process, taking into account prevailing market conditions. The Sub-Adviser may sell a security for a variety of reasons, including when the issuer reduces or eliminates its dividend, when the Sub-Adviser believes a dividend reduction is likely, when dividend growth falls below the Sub-Adviser’s expectations, when the issuer’s financial condition or business prospects deteriorate, when the investment no longer fits the Fund’s strategy, when more attractive investment opportunities are identified, or to manage portfolio risk. The Fund is classified as “non-diversified” for purposes of the 1940 Act, which means a relatively high percentage of the Fund’s assets may be invested in the securities of a limited number of companies that could be in the same or related economic sectors. From time to time, the Fund may focus its investments in particular sectors. Under normal circumstances, the Fund invests at least 80% of its net assets, plus borrowings for investment purposes, in equity securities of dividend-paying companies. The Fund may not achieve its investment objective and there is a risk that you could lose all of your money invested in the Fund. Equity Market Risk. Common stocks 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. 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 issuers. Dividend-Paying Common Equity Security Risk. In selecting common equity securities in which the Fund will invest, the Sub-Adviser will consider the issuer’s history of paying regular periodic dividends to its common equity holders. Such dividends are not fixed but are paid periodically at the discretion of the issuer’s board of directors. Companies that have historically paid dividends are not required to continue to pay dividends and could reduce or eliminate the payment of dividends in the future. Quantitative Security Selection Risk. Data for companies may be less available and/or less current than data for companies in other markets. The Sub-Adviser uses quantitative analysis, and its process could be adversely affected if erroneous or outdated data is utilized. In addition, securities selected using quantitative analysis could perform differently from the financial markets as a whole as a result of the characteristics used in the analysis, the weight placed on each characteristic and changes in the characteristic’s historical trends. Third-Party Data Risk. The Sub-Adviser’s quantitative security selection process, and in turn, the composition of the Fund’s portfolio, will depend significantly on information and data calculated and published by independent third parties (“Third-Party Data”). When Third-Party Data proves to be incorrect or incomplete, any decisions made in reliance thereon may lead to the inclusion or exclusion of securities from the Fund’s portfolio that would have been excluded or included had the Third-Party Data been correct and complete. Growth Stock Investment Risk. Growth-oriented common stocks may involve larger pricing swings and greater potential for loss than other types of investments. Growth stocks tend to trade at a premium when analyzed using traditional valuation metrics such as price-to-earnings ratio and price-to-book ratio. Due to this premium valuation, growth stocks tend to be more susceptible to big price swings. In bull markets, they tend to rise at a much faster pace than the overall market, and they tend to decline at a more rapid rate in bear markets. Value Stock Investment Risk. A value stock may not increase in price if other investors fail to recognize the company’s value or the markets favor faster-growing companies. Investing in or having exposure to “value” stocks presents the risk that the stocks may never reach what the Sub-Adviser believes are their full market values, either because the market fails to recognize what the Sub-Adviser considers to be the companies’ true business values, including its assessment of their intangible value, or because the Sub-Adviser misjudged the company’s value. For any particular stock, there can be no assurances that the market will reflect the fair value of the stock, and it may remain undervalued. Quality Stock Investment Risk. Stocks included in the Fund are deemed by the Sub-Adviser to have certain quality characteristics (e.g., leverage, financial efficiency, financial stability, and earnings consistency), but there is no guarantee that the past performance of these stocks will continue. Companies that issue these stocks may experience a decline in value, as well as increased leverage, resulting in lower than expected or negative returns to Fund shareholders. Many factors can affect a stock’s quality and performance, and the impact of these factors on a stock or its price can be difficult to predict. Sector Risks. The Sub-Adviser’s investment selection process may result in the allocation of more of the Fund’s investments to a particular sector or sectors in the market. If the Fund invests a significant portion of its total assets in a certain sector or certain sectors, its investment portfolio will be more susceptible to the financial, economic, business, and political developments that affect those sectors than a fund that is more diversified. Foreign Securities Risk. Investments in non-U.S. securities involve risks that may not be present with investments in U.S. securities. For example, investments in non-U.S. securities may be subject to risk of loss due to foreign currency fluctuations or to political or economic instability. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Non-U.S. issuers may be subject to different accounting, auditing, financial reporting and investor protection standards than U.S. issuers. Changes to the financial condition or credit rating of foreign issuers may also adversely affect the value of the Fund’s securities. Investments in non-U.S. securities may be subject to withholding or other taxes and may be subject to additional trading, settlement, custodial, and operational risks. Because legal systems differ, there is also the possibility that it will be difficult to obtain or enforce legal judgments in some countries. Since foreign exchanges may be open on days when the Fund does not price its Shares, the value of the securities in the Fund’s portfolio may change on days when shareholders will not be able to purchase or sell the Fund’s Shares. Conversely, Shares may trade on days when foreign exchanges are closed. Investment in foreign securities may involve higher costs than investment in U.S. securities, including higher transaction and custody costs as well as the imposition of additional taxes by foreign governments. Each of these factors can make investments in the Fund more volatile and potentially less liquid than other types of investments. <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptsRisksMember_zUXEFzJiWU1"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Depositary Receipts Risks. Depositary receipts involve risks similar to those associated with investments in foreign securities and certain additional risks. Depositary receipts listed on U.S. 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. The Fund may invest in unsponsored depositary receipts. The issuers of unsponsored depositary receipts are not obligated to disclose material information in the United States and, therefore, there may be less information available regarding such issuers and there may not be a correlation between such information and the value of the depositary receipts. </td></tr> </table> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyExchangeRateRiskMember_zHpSnXKSUKDa"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Currency Exchange Rate Risk. The Fund’s assets may include exposure to investments denominated in non-U.S. currencies or in securities or other assets that provide exposure to such currencies. Changes in currency exchange rates and the relative value of non-U.S. currencies will affect the value of the Fund’s investments and the value of Fund shares. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment in the Fund may change quickly and without warning and you may lose money. </td></tr> </table> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_zMvebtyICDpd"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Emerging Markets Risk. Investments in emerging market securities impose risks different from, or greater than, risks of investing in foreign developed countries, including significant price volatility and/or restrictions on foreign investment. Emerging market countries may have relatively unstable governments and may present the risk of nationalization of businesses, expropriation, and confiscatory taxation, or, in certain instances, reversion to closed market, centrally planned economies. Emerging market economies may also experience more severe downturns. Inflation and rapid fluctuations in inflation rates have had, and may continue to have, negative effects on the economies and securities markets of certain emerging market countries. In addition, less information may be available about companies in emerging markets than in developed markets because such emerging markets companies may not be subject to accounting, auditing and financial reporting standards or to other regulatory practices required by U.S. companies. Such conditions may impact the ability of the Fund to buy, sell or otherwise transfer securities; adversely affect the trading market and price for such securities; and/or cause the Fund to decline in value. </td></tr> </table> 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. ETF Risks <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zf5j08Sm1Tx6"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="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.</td></tr> </table> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_z6MB5Exaqbo"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Costs of Buying or Selling Shares. 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.</td></tr> </table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zfNwNSOvFp9e"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Shares May Trade at Prices Other Than NAV. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.</td></tr> </table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zlVDcOl4vEgl"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">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 an active trading market for the Shares will develop or be maintained or that the 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. Shares trade on the Exchange at market price that may be below, at or above the Fund’s NAV. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable. In addition, trading in Shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. As a result, the Fund could be adversely affected and be unable to implement its investment strategies in the event of an unscheduled closing.</td></tr> </table> Management Risk. The Fund is subject to management risk because it is an actively managed portfolio. In managing the Fund’s investment portfolio, the portfolio managers will apply investment techniques and risk analyses that may not produce the desired result. There can be no guarantee that the Fund will meet its investment objective. Market Capitalization Risks. <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargecapitalizationInvestingMember_z874SSklf6F5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Large-Capitalization Investing. The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. Large-capitalization companies may also be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.</td></tr> </table> 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, Adviser, and Sub-Adviser seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks. Performance Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of the Index and a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. Updated performance information will be available on the Fund’s website at www.rbcmfunds.com. Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of the Index and a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. www.rbcmfunds.com Under the Fund’s investment advisory agreement, in exchange for a single unitary management fee from the Fund, the Fund’s adviser has agreed to pay all expenses incurred by the Fund, except for its advisory fee, interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940 (the “1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses. Estimated for the current year.