0002081107 2026-09-03 2026-09-03 0002081107 lytt:S000108032Member 2026-09-03 2026-09-03 0002081107 lytt:S000108032Member lytt:EquityMarketRiskMember 2026-09-03 2026-09-03 0002081107 lytt:S000108032Member lytt:FocusedPortfolioRiskMember 2026-09-03 2026-09-03 0002081107 lytt:S000108032Member lytt:PhotonicsCompaniesRiskMember 2026-09-03 2026-09-03 0002081107 lytt:S000108032Member lytt:IndexStrategyRiskMember 2026-09-03 2026-09-03 0002081107 lytt:S000108032Member lytt:DataRiskMember 2026-09-03 2026-09-03 0002081107 lytt:S000108032Member lytt:PassiveInvestmentRiskMember 2026-09-03 2026-09-03 0002081107 lytt:S000108032Member lytt:TrackingErrorRiskMember 2026-09-03 2026-09-03 0002081107 lytt:S000108032Member lytt:ConcentrationRiskMember 2026-09-03 2026-09-03 0002081107 lytt:S000108032Member lytt:SemiconductorCompaniesRiskMember 2026-09-03 2026-09-03 0002081107 lytt:S000108032Member lytt:ManagementRiskMember 2026-09-03 2026-09-03 0002081107 lytt:S000108032Member lytt:MarketCapitalizationRiskMember 2026-09-03 2026-09-03 0002081107 lytt:S000108032Member lytt:LargecapitalizationInvestingMember 2026-09-03 2026-09-03 0002081107 lytt:S000108032Member lytt:MidcapitalizationInvestingMember 2026-09-03 2026-09-03 0002081107 lytt:S000108032Member lytt:SmallcapitalizationInvestingMember 2026-09-03 2026-09-03 0002081107 lytt:S000108032Member lytt:ForeignInvestmentRiskMember 2026-09-03 2026-09-03 0002081107 lytt:S000108032Member lytt:RisksRelatedToChangesInGovernmentPoliciesAndInstitutionsMember 2026-09-03 2026-09-03 0002081107 lytt:S000108032Member lytt:DerivativesRiskMember 2026-09-03 2026-09-03 0002081107 lytt:S000108032Member lytt:OptionsContractsMember 2026-09-03 2026-09-03 0002081107 lytt:S000108032Member lytt:SwapAgreementsMember 2026-09-03 2026-09-03 0002081107 lytt:S000108032Member lytt:EquityTotalReturnSwapsMember 2026-09-03 2026-09-03 0002081107 lytt:S000108032Member lytt:CounterpartyRiskMember 2026-09-03 2026-09-03 0002081107 lytt:S000108032Member lytt:EtfRisksMember 2026-09-03 2026-09-03 0002081107 lytt:S000108032Member lytt:AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember 2026-09-03 2026-09-03 0002081107 lytt:S000108032Member lytt:CashRedemptionRiskMember 2026-09-03 2026-09-03 0002081107 lytt:S000108032Member lytt:CostsOfBuyingOrSellingSharesMember 2026-09-03 2026-09-03 0002081107 lytt:S000108032Member lytt:SharesMayTradeAtPricesOtherThanNavMember 2026-09-03 2026-09-03 0002081107 lytt:S000108032Member lytt:TradingMember 2026-09-03 2026-09-03 0002081107 lytt:S000108032Member lytt:LiquidityRiskMember 2026-09-03 2026-09-03 0002081107 lytt:S000108032Member lytt:EconomicAndMarketRiskMember 2026-09-03 2026-09-03 0002081107 lytt:S000108032Member lytt:HighPortfolioTurnoverRiskMember 2026-09-03 2026-09-03 0002081107 lytt:S000108032Member lytt:LiquidityRisk1Member 2026-09-03 2026-09-03 0002081107 lytt:S000108032Member lytt:MoneyMarketInstrumentRiskMember 2026-09-03 2026-09-03 0002081107 lytt:S000108032Member lytt:NewFundRiskMember 2026-09-03 2026-09-03 0002081107 lytt:S000108032Member oef:RiskNondiversifiedStatusMember 2026-09-03 2026-09-03 0002081107 lytt:S000108032Member lytt:OperationalRiskMember 2026-09-03 2026-09-03 0002081107 lytt:S000108032Member lytt:NewlyPublicCompanyRiskMember 2026-09-03 2026-09-03 0002081107 lytt:S000108032Member lytt:WarrantsAndRightsRiskMember 2026-09-03 2026-09-03 0002081107 lytt:S000108032Member lytt:TaxRiskMember 2026-09-03 2026-09-03 0002081107 lytt:S000108032Member lytt:UnderlyingIndexRiskMember 2026-09-03 2026-09-03 0002081107 lytt:C000279007Member 2026-09-03 2026-09-03 0002081107 lytt:S000108032Member oef:RiskLoseMoneyMember 2026-09-03 2026-09-03 iso4217:USD pure false 485BPOS 0002081107 2026-09-03 N-1A TIDAL TRUST V 2026-09-03 DEFIANCE PHOTONICS ETF – FUND SUMMARY Investment Objective The Defiance Photonics ETF (the “Fund”) seeks to track the performance, before fees and expenses, of the BITA CPO & Photonics Select 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_A85_eoef--AnnualFundOperatingExpensesTableTextBlock_zPFh25QklsP3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zHR5ELnk9NRi" 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="3" id="xdx_98D_eoef--OperatingExpensesCaption_c20260903__20260903__dei--LegalEntityAxis__custom--S000108032Member_zYVLRLSnNkzd" style="border-bottom: black 1pt solid">Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr style="vertical-align: bottom"> <td>Management Fee </td> <td id="xdx_98A_eoef--ManagementFeesOverAssets_dpn_c20260903__20260903__oef--ClassAxis__custom--C000279007Member_fKDEp_z4aG4man4XVk" style="text-align: right">0.60</td> <td>% </td></tr> <tr style="vertical-align: bottom"> <td>Distribution and Service (12b-1) Fees </td> <td id="xdx_984_eoef--DistributionAndService12b1FeesOverAssets_dpn_c20260903__20260903__oef--ClassAxis__custom--C000279007Member_fKDEp_zXGBbYPZl4Pl" style="text-align: right">None</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid">Other Expenses(2) (broker interest)</td> <td id="xdx_986_eoef--OtherExpensesOverAssets_dpn_c20260903__20260903__oef--ClassAxis__custom--C000279007Member_fKDEpKDIp_zFAYqt4grp5l" style="border-bottom: black 1pt solid; text-align: right">0.02</td> <td style="border-bottom: black 1pt solid">%</td></tr> <tr style="vertical-align: bottom"> <td>Total Annual Fund Operating Expenses(3)</td> <td id="xdx_989_eoef--ExpensesOverAssets_dpn_c20260903__20260903__oef--ClassAxis__custom--C000279007Member_fKDEpKDMp_zLiJ1TGlDvq1" style="border-bottom: black 2.25pt double; text-align: right">0.62</td> <td style="border-bottom: black 2.25pt double">%</td></tr> <tr> <td style="width: 86%"> </td> <td style="width: 12%"> </td> <td style="width: 2%"> </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>(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, subadvisory fees (if applicable), interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses.</td></tr> <tr style="vertical-align: top"> <td>(2) </td> <td 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 style="width: 3%"> </td> <td> </td> <td> </td> <td> </td> <td style="width: 36%"> </td> <td style="width: 4%"> </td></tr> </table> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0060 0 0.0002 0.0062 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_A87_eoef--ExpenseExampleWithRedemptionTableTextBlock_zLQNQz1Ovtm3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zEVcfTMoDGE1" 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_483_eoef--ExpenseExampleYear01_zt1ODhiLyBy4" style="border-top: black 1pt solid; text-align: center">1 Year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_zEMbRBqxAzx5" style="border-top: black 1pt solid; text-align: center">3 Years</td></tr> <tr> <td style="text-align: center"> </td> <td style="text-align: center"> </td></tr> <tr id="xdx_415_20260903__20260903__oef--ClassAxis__custom--C000279007Member_zNH2Hj0OiBP1"> <td style="border-bottom: black 1pt solid; text-align: center">$63</td> <td style="border-bottom: black 1pt solid; text-align: center">$199</td></tr> </table> 63 199 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 track the performance, before fees and expenses, of the Index. The Index is constructed using a rules-based methodology that identifies companies listed on recognized global exchanges that derive significant revenue from the ecosystem of Co-Packaged Optics (“CPO”) and its enabling technologies, with a particular focus on External Light Source (“ELS”) architecture and the critical components that support it, as classified by BITA GmbH (the “Index Provider”). CPO is a photonics-based technology that integrates optical and electronic components within a common package to facilitate high-speed data transmission. “Photonics” generally refers to technologies involving the generation, control, transmission, or detection of light. Index Overview: The Index’s initial universe consists of publicly listed equity securities for which sufficient relevant information is available from public sources. The initial universe is screened using the following criteria, which are based on each company’s financial information for the most recent quarter: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 30px"> </td> <td style="width: 30px">A.</td> <td style="text-align: justify">Thematic Exposure: To be eligible for inclusion, a company must demonstrate significant thematic exposure to the CPO and External Light Source Industry, as defined by active involvement in the industries or themes discussed below.</td></tr> </table> The Index Provider approaches the construction and research of Themes through the mapping of business activities into a set of granular “Sub-Themes” designed to facilitate the construction of heavily focused index and data products. To satisfy thematic exposure, companies must derive at least 30% of their total revenue from at least one of the industries or themes or demonstrate meaningful involvement in any of the themes identified below. The Index Provider may also assess thematic exposure based on revenue exposure, disclosed investments, research and development activity, strategic partnerships, government contracts, or other publicly available indicators of thematic relevance. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.75in"> </td> <td style="width: 30px">●</td> <td style="text-align: justify">Lasers: Companies that manufacture high-power diode lasers, fiber lasers, and excimer lasers used in semiconductor lithography, wafer dicing, and TSV drilling for memory stacking, enabling precision patterning and via formation at sub-micron scales for artificial intelligence (“AI”) accelerator 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: 0.75in"> </td> <td style="width: 30px">●</td> <td style="text-align: justify">Materials and Circuits: Companies that produce advanced substrates (silicon interposers, organic build-up films), dielectrics (low-k materials, photoimageable polymers), and conductive materials (copper, solder micro-bumps) for high-density interconnects, enabling fine-pitch routing and signal integrity in high bandwidth memory (“HBM”) and 3D-stacked memory for AI systems.</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: 0.75in"> </td> <td style="width: 30px; text-align: justify">●</td> <td style="text-align: justify">Assembly and Testing: Companies that provide die sorting, pick-and-place, thermocompression bonding, underfill dispensing, and automated optical inspection for memory stacks, along with wafer-level burn-in, known-good-die validation, and system-level test for HBM, Double Data Rate 5 SDRAM (“DDR5”), and NOT AND (“NAND”) stacks used in AI accelerators.</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: 0.75in"> </td> <td style="width: 30px; text-align: justify">●</td> <td style="text-align: justify">Networking and AI Drivers: Companies that design Ethernet Physical Layers (“PHYs”), retimers, Peripheral Component Interconnect Express (“PCIe”) switches, and optical transceiver modules for Graphics Processing Unit (“GPU”)-to-GPU and memory-fabric communication, along with smart Network Interface Cards (“NICs”) and Data Processing Units (“DPUs”) that offload memory management and data movement in large-scale AI clusters.</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: 0.75in"> </td> <td style="width: 30px; text-align: justify">●</td> <td style="text-align: justify">Contract Manufacturing: Companies that offer turnkey assembly of memory modules, HBM stacks, and AI accelerator boards including substrate fabrication, Surface-Mount Technology (“SMT”) assembly, underfill, encapsulation, and final test, providing scalable manufacturing capacity for memory suppliers and AI hardware vendors.</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: 30px"> </td> <td style="width: 30px">B.</td> <td style="text-align: justify">Market Capitalization: Companies must have a market capitalization of at least $100 million.</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: 30px"> </td> <td style="width: 30px">C.</td> <td style="text-align: justify">Minimum Free Float Percentage Requirement: Companies must have a free-float percentage of at least 10% (i.e., at least 10% of outstanding shares must be publicly available for trading and not held by insiders or controlling shareholders).</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: 30px"> </td> <td style="width: 30px">D.</td> <td style="text-align: justify">Minimum Liquidity Requirement: Companies whose securities’ 3-Month Average Daily Traded Value (i.e., the product of the closing price of that stock and the number of shares traded on the exchange that business day over a specified period divided by the number of trading days over that specified period) is below $150 thousand are excluded from the Index.</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: 30px"> </td> <td style="width: 30px">E.</td> <td style="text-align: justify">Country and Exchange Requirements: To be eligible for inclusion, a company’s shares must be listed on a recognized global exchange.</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: 30px"> </td> <td style="width: 30px">F.</td> <td style="text-align: justify">Ordinary Shares and American Depository Receipts: The Index includes only ordinary shares and American Depositary Receipts (“ADRs”). Ordinary shares represent ownership in a company and typically give shareholders the right to vote and receive dividends.</td></tr> </table> Companies that meet the foregoing screens are included in the Index. The Index is reconstituted and rebalanced quarterly on the second Friday of January, April, July, and October after the close of business (reconstitution means the Index is updated with new eligible companies based on current data; rebalancing means the weights of the companies in the Index are adjusted). In addition, the Index Provider may determine to substitute an Index constituent or make an extraordinary adjustment to the Index if it determines an extraordinary event has occurred. The determination date for regular adjustments takes place ten days prior to the rebalancing/reconstitution month. On each determination day, Index constituents are equally weighted. To avoid undue concentration, the initial weights of all Index constituents are subject to the following capping constraints: (i) the weight of each issuer cannot exceed 25% of the total Index weight; (ii) the cumulative weight of all constituents with a weight above 5% cannot exceed 45% of the total Index weight; (iii) excess weights are redistributed proportionally among uncapped securities; and (iv) a floor of 0.01% is applied to all securities. To the extent the Index is concentrated in a particular industry or group of industries, the Fund is expected to be concentrated in that industry or group of industries. It is expected that the Index will be concentrated in one or more of the industries that comprise the photonics sector. The Index is owned, calculated, administered, and disseminated by the Index Provider. The Index Provider is not affiliated with the Fund’s investment adviser, Tidal Investments LLC (the “Adviser”). The Fund’s Investment Strategy Under normal circumstances, the Fund will invest at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in component securities and financial instruments that provide economic exposure to component securities that make up the Index. The Fund attempts to invest all, or substantially all, of its assets in, or obtain indirect economic exposure to, the component securities that make up the Index. The Fund will generally use a “replication” strategy to achieve its investment objective, meaning it generally will invest (directly or indirectly) in all of the component securities of the Index. The Fund may use a “representative sampling” strategy, meaning it may invest in a sample of the securities in the Index whose risk, return and other characteristics closely resemble the risk, return and other characteristics of the Index as a whole, when the Adviser believes it is in the best interests of the Fund. For example, representative sampling may be used when replicating the Index involves practical difficulties or substantial costs, an Index constituent becomes temporarily illiquid, unavailable, or less liquid, or as a result of legal restrictions or limitations that apply to the Fund but not to the Index. The Fund may invest in securities or other investments not included in the Index where the Adviser determines such investments are appropriate. Additionally, the Fund may attempt to replicate the index “synthetically” through the use of derivatives, including options and total return swaps. In addition to supporting the Fund’s efforts to track the Index, these investments may be made when the Adviser believes they will enhance performance or otherwise benefit the Fund. For example, the Fund may invest in non-Index securities in connection with corporate actions or changes to the Index (including reconstitutions, additions, and deletions), as well as for liquidity, cash management, or other portfolio management purposes. As noted above, the Fund may utilize listed options to obtain synthetic exposure to portfolio securities. The Fund primarily employs short-dated (generally one month or less), in-the-money call options to replicate the performance of underlying equity securities. The Fund may also utilize other option strategies designed to achieve similar synthetic exposure, including purchasing call options and selling put options with identical strike prices. The Fund will invest in listed equity securities, which may include common stocks, business trust shares, and other equity investments or ownership interests in business enterprises. The Fund may invest in ADRs to the extent such securities are included in the Index. The Fund may also invest in cash, cash equivalents, or short-term instruments, including money market funds, to manage liquidity, collateralize positions, or temporarily hold assets pending investment. The Fund is classified as “non-diversified,” which means the Fund may invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. Under normal circumstances, the Fund will invest at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in component securities and financial instruments that provide economic exposure to component securities that make up 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. 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. Photonics Companies Risk. “Photonics Companies” include companies involved in the development, manufacture, supply, or commercialization of technologies, products, components, materials, or services related to photonics, including Co-Packaged Optics (“CPO”), External Light Source (“ELS”) architecture, and the enabling technologies and components that support such systems. Photonics Companies may be subject to rapid changes in technology, intense competition, government regulation, and obsolescence risk. Securities of such companies may be subject to greater price volatility than securities of companies in other sectors, particularly over the short term. The prices of securities of companies in these industries may fluctuate widely due to competitive pressures, rapid product cycles, changes in the regulatory environment, and shifts in supply and demand dynamics. Many Photonics Companies are relatively small and may have limited product lines, markets, financial resources, or personnel, making them more susceptible to business risks and adverse developments. Photonics Companies may also be dependent upon government contracts or subsidies, which may be subject to cancellation, renegotiation, or delay in payment. Additionally, the development and commercialization of photonic and optical technologies may be contingent upon the broader adoption of related technologies, including artificial intelligence, data center infrastructure, and advanced telecommunications networks. A slowdown or disruption in the growth of these related sectors could materially and adversely affect the revenues and profitability of Photonics Companies in which the Fund invests. 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. Semiconductor Companies Risk. The semiconductor industry is characterized by rapid technological change and product obsolescence, cyclical market patterns, price erosion, periods of over-capacity and production shortages, variations in manufacturing costs and yields, and significant expenditures for capital equipment and product development. Semiconductor companies depend significantly on third-party suppliers and the availability of raw materials and may be adversely affected by supply chain disruptions. They also may be adversely affected by the loss or impairment of intellectual property rights. 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. Market Capitalization Risk. <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargecapitalizationInvestingMember_zMUOXV8m6mWf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 30px"> </td> <td style="width: 30px">●</td> <td style="text-align: justify">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> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidcapitalizationInvestingMember_zJMQBcCc6Ykl"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 30px"> </td> <td style="width: 30px">●</td> <td style="text-align: justify">Mid-Capitalization Investing. The securities of mid-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large-capitalization companies. The securities of mid-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large capitalization stocks or the stock market as a whole. Some medium capitalization companies have limited product lines, markets, financial resources, and management personnel and tend to concentrate on fewer geographical markets relative to large-capitalization companies.</td></tr> </table> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallcapitalizationInvestingMember_zo42ej7rjy8i"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 30px"> </td> <td style="width: 30px">●</td> <td style="text-align: justify">Small-Capitalization Investing. The securities of small-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large- or mid-capitalization companies. The securities of small-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large- or mid-capitalization stocks or the stock market as a whole. There is typically less publicly available information concerning smaller-capitalization companies than for larger, more established companies.</td></tr> </table> 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. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--RisksRelatedToChangesInGovernmentPoliciesAndInstitutionsMember_zL2GxAeB4eh7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Risks Related to Changes in Government Policies and Institutions. The U.S. government has recently made, and may continue to make from time to time, significant changes to established, and in some cases longstanding, policies and institutions of the United States federal government, including the restructuring of the United States’ trade relationships, imposition of tariffs on products imported from foreign markets, reducing government investment, and downsizing or dismantling of government agencies. Such changes may have immediate and/or longstanding effects on the economies of the United States, its trade partners, and/or its allies. There could be a wide range of consequences that are difficult or impossible to predict from such actions. Such consequences may include a decrease in regulatory oversight of certain highly regulated industries (banking, financial services, data security, drug and medical device development, and energy), an increase in regulatory backlog leading to significantly slower regulatory approval processes, uncertainty with respect to the authority of certain agencies or their personnel, the inability of the federal government and its agencies to maintain the security of personal data of United States citizens and/or of other digital assets. The business and prospects of companies that do business with the government or which rely on government funding may be materially and adversely affected. This may include the Fund and/or prospective issuers held in the Fund’s investment portfolio. Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of the underlying reference asset and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund’s options contracts are exercised or expire it may enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. Swap Agreements. The use of swap transactions is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal depends on the ability of the Adviser to structure such swap agreements in accordance with the Fund’s investment objective and to identify appropriate counterparties. If the Adviser is unable to enter into swap agreements that provide the desired synthetic exposure to the underlying security, the Fund may not meet its stated investment objective. Additionally, any financing, transaction, or other costs associated with using swap transactions may have the effect of lowering the Fund’s return. The swap agreements in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivative instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets, securities, or instruments. The gross return to be exchanged or “swapped” between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in the reference asset. If the underlying security experiences a significant price movement that causes a material change in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to close out the swap transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to maintain exposure consistent with its investment objective. This may temporarily reduce the Fund’s ability to maintain its intended level of synthetic exposure until replacement transactions can be established. Certain of the swap agreements entered into by the Fund may be unfunded total return swaps, pursuant to which the Fund does not make an initial investment of the full notional amount of the swap. As a result, the Fund is exposed to the risk that its counterparty will be unable to meet its obligations under the swap agreement, and the Fund’s exposure to a counterparty generally equals the net amount owed to the Fund based on the daily change in value of the reference asset. In the event of a counterparty default or insolvency, the Fund may incur losses in excess of the collateral, if any, posted by the counterparty, and the timing and amount of any recovery may be uncertain. In addition, the use of unfunded swap agreements may create economic leverage for the Fund, which may magnify gains and losses and increase the volatility of the Fund’s returns. Equity Total Return Swaps. A total return swap (also sometimes referred to as a synthetic equity swap or “contract for difference” when written with respect to an equity security or basket of equity securities) is an agreement between two parties under which the parties agree to make payments to each other so as to replicate the economic consequences that would apply had a purchase or short sale of the underlying reference instrument or index thereof taken place. For example, one party agrees to pay the other party the total return earned or realized on the notional amount of an underlying equity security and any dividends declared with respect to that equity security. In return the other party makes payments, typically at a floating rate, calculated based on the notional amount. Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund and the Fund may be unable to recover its investment from such counterparty or may obtain a limited and/or delayed recovery. Counterparties may seek to hedge their exposure to individual clients (such as the Fund) by establishing offsetting exposures with other clients, however, there is no guarantee that counterparties will do so under all circumstances. Should a counterparty (e.g., a swap counterparty) terminate its relationship with the Fund, the Fund will seek to utilize other counterparties to seek to maintain its exposures. In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its investment objective. ETF Risks <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zsdWBnZT7Zs7" 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_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zf2VR3uj0RVd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Shares May Trade at Prices Other Than NAV. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant. Trading. Although Shares are listed on a national securities exchange, such as Cboe BZX Exchange, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. This adverse effect on liquidity for the Fund’s shares may lead to wider bid-ask spreads and differences between the market price of the Fund’s shares and the underlying value of the shares. Liquidity Risk. In certain circumstances, such as the disruption of the orderly markets for the financial instruments in which the Fund invests, the Fund might not be able to acquire or dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the financial instruments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, health crises, natural disasters, excessive volatility, new legislation, or regulatory changes inside or outside of the U.S. These situations may have an impact on the liquidity of the Fund’s own shares. Economic and Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets. 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. Newly Public Company Risk. The Fund may obtain exposure to publicly traded companies that have recently completed an initial public offering (“IPO”), as well as operating companies resulting from completed SPAC business combinations, to the extent such companies are included in the Index. Companies that have recently become publicly traded may be unseasoned and may have limited trading histories, track records of reporting to investors, and research coverage. Their securities may experience significant price volatility and may be subject to greater liquidity risk. In addition, significant holdings by venture capital, private equity or other pre-public investors may become eligible for sale following the expiration of applicable lock-up periods, which may result in increased volatility or downward pressure on the market price of such securities. 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 the Index and a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. Updated performance information will be available on the Fund’s website at www.defianceetfs.com. Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of the Index and a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. www.defianceetfs.com The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund excluding advisory fees, subadvisory fees (if applicable), interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses. Based on estimated amounts for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.