0001924868 2026-09-04 2026-09-04 0001924868 mang:S000083966Member 2026-09-04 2026-09-04 0001924868 mang:S000083966Member mang:EquityMarketRiskMember 2026-09-04 2026-09-04 0001924868 mang:S000083966Member mang:ArtificialIntelligenceRiskMember 2026-09-04 2026-09-04 0001924868 mang:S000083966Member mang:InformationTechnologySectorRisksMember 2026-09-04 2026-09-04 0001924868 mang:S000083966Member mang:InteractiveMediaAndServicesIndustryRiskMember 2026-09-04 2026-09-04 0001924868 mang:S000083966Member mang:SemiconductorsAndSemiconductorIndustryRiskMember 2026-09-04 2026-09-04 0001924868 mang:S000083966Member mang:SoftwareIndustryRisksMember 2026-09-04 2026-09-04 0001924868 mang:S000083966Member mang:SpaceInvestingRisksMember 2026-09-04 2026-09-04 0001924868 mang:S000083966Member mang:ConcentrationRiskMember 2026-09-04 2026-09-04 0001924868 mang:S000083966Member mang:SpecialPurposeVehicleAndPrivateInvestmentRiskMember 2026-09-04 2026-09-04 0001924868 mang:S000083966Member mang:DerivativesRiskMember 2026-09-04 2026-09-04 0001924868 mang:S000083966Member mang:OptionsContractsMember 2026-09-04 2026-09-04 0001924868 mang:S000083966Member mang:SwapAgreementsMember 2026-09-04 2026-09-04 0001924868 mang:S000083966Member mang:CounterpartyRiskMember 2026-09-04 2026-09-04 0001924868 mang:S000083966Member mang:EtfRisksMember 2026-09-04 2026-09-04 0001924868 mang:S000083966Member mang:AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember 2026-09-04 2026-09-04 0001924868 mang:S000083966Member mang:CashRedemptionRiskMember 2026-09-04 2026-09-04 0001924868 mang:S000083966Member mang:CostsOfBuyingOrSellingSharesMember 2026-09-04 2026-09-04 0001924868 mang:S000083966Member mang:SharesMayTradeAtPricesOtherThanNavMember 2026-09-04 2026-09-04 0001924868 mang:S000083966Member mang:TradingMember 2026-09-04 2026-09-04 0001924868 mang:S000083966Member mang:EconomicAndMarketRiskMember 2026-09-04 2026-09-04 0001924868 mang:S000083966Member mang:LargecapitalizationRiskMember 2026-09-04 2026-09-04 0001924868 mang:S000083966Member mang:PreipoAndTransitionalCompanyRiskMember 2026-09-04 2026-09-04 0001924868 mang:S000083966Member mang:PrivatelyPlacedSecuritiesRiskMember 2026-09-04 2026-09-04 0001924868 mang:S000083966Member mang:FixedIncomeSecuritiesRiskMember 2026-09-04 2026-09-04 0001924868 mang:S000083966Member mang:MoneyMarketInstrumentRiskMember 2026-09-04 2026-09-04 0001924868 mang:S000083966Member mang:NewFundRiskMember 2026-09-04 2026-09-04 0001924868 mang:S000083966Member mang:UnrelatedBusinessRiskMember 2026-09-04 2026-09-04 0001924868 mang:S000083966Member mang:OperationalRiskMember 2026-09-04 2026-09-04 0001924868 mang:S000083966Member mang:ThirdPartyDataRiskMember 2026-09-04 2026-09-04 0001924868 mang:S000083966Member oef:RiskNondiversifiedStatusMember 2026-09-04 2026-09-04 0001924868 mang:S000083966Member mang:IndexFrameworkRiskMember 2026-09-04 2026-09-04 0001924868 mang:S000083966Member mang:UsGovernmentAndUsAgencyObligationsRiskMember 2026-09-04 2026-09-04 0001924868 mang:C000248085Member 2026-09-04 2026-09-04 0001924868 mang:S000083966Member oef:RiskLoseMoneyMember 2026-09-04 2026-09-04 iso4217:USD pure false 485BPOS 0001924868 2026-09-04 N-1A TIDAL TRUST II 2026-09-06 DEFIANCE MANGOS ETF - FUND SUMMARY Investment Objective The Defiance MANGOS ETF (the “Fund”) seeks long-term capital appreciation. 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. Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A8F_eoef--AnnualFundOperatingExpensesTableTextBlock_zlwzKfNtAwo8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zKbwD0zVs7D5" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr> <td style="vertical-align: bottom; width: 85%"> </td> <td id="xdx_493_20260904__20260904__oef--ClassAxis__custom--C000248085Member_zMkgJsLt3IG8" style="vertical-align: top; width: 15%"> </td></tr> <tr id="xdx_40E_eoef--ManagementFeesOverAssets_dpn_z6LyKEO5ZOx8" style="vertical-align: bottom"> <td>Management Fees(1) </td> <td style="text-align: center">0.49%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zMjsWsKYTALd" style="vertical-align: bottom"> <td>Distribution and Service (12b-1) Fees </td> <td style="text-align: center">None</td></tr> <tr id="xdx_40C_eoef--OtherExpensesOverAssets_dpn_zf8npuphHixd" style="vertical-align: bottom"> <td>Other Expenses (2)</td> <td style="border-bottom: black 2.25pt double; text-align: center">0.02%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zezAeNuwV2xb" style="vertical-align: bottom"> <td>Total Annual Fund Operating Expenses(3)</td> <td style="border-bottom: black 2.25pt double; text-align: center">0.51%</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </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: 48px"> (1)</td> <td style="text-align: justify">The Fund’s adviser will pay, or require a sub-adviser to pay, all of the Fund’s expenses, except for the following: advisory and sub-advisory fees, interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (“1940 Act”), litigation expenses, and other non-routine or extraordinary expenses.</td></tr> <tr style="vertical-align: top"> <td>(2)</td> <td>Based on estimated amounts for the current fiscal year.</td></tr> <tr style="vertical-align: top"> <td>(3)</td> <td>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> </table> 0.0049 0 0.0002 0.0051 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_A81_eoef--ExpenseExampleWithRedemptionTableTextBlock_zSCHtHXBg4Dk"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zuqUnTBxktSj" 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_487_eoef--ExpenseExampleYear01_zK9nHQ3W1OIj" style="border-top: Black 1pt solid; width: 50%; text-align: center">1 Year</td> <td id="xdx_48A_eoef--ExpenseExampleYear03_zlH8QDWE6DT2" style="border-top: Black 1pt solid; width: 50%; text-align: center">3 Years</td></tr> <tr id="xdx_415_20260904__20260904__oef--ClassAxis__custom--C000248085Member_zpfSCRo58Dia" style="vertical-align: top"> <td style="border-bottom: Black 1pt solid; text-align: center">$52</td> <td style="border-bottom: Black 1pt solid; text-align: center">$164</td></tr> </table> 52 164 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 capital appreciation by investing, directly or indirectly, in a portfolio of companies that are widely recognized as leaders in artificial intelligence (“AI”), cloud computing, digital advertising, consumer technology, and next-generation innovation, commonly referred to as the “MANGOS” companies. In managing the Fund, Tidal Investments LLC (the “Adviser”) uses the BITA MANGOS Select Index (the “Index”), a data-driven index that is owned, calculated, administered, and disseminated by BITA GmbH (“Index Provider”), as a framework for identifying investment opportunities and evaluating the Fund’s exposure to leaders in artificial intelligence (“AI”), cloud computing, digital advertising, consumer technology, and next-generation innovation. The Index is designed to provide targeted exposure to companies that occupy strategically important positions across the AI ecosystem, including AI compute infrastructure, frontier AI models, hyperscale cloud platforms, consumer AI applications, digital advertising platforms, and emerging physical AI systems. The Index consists of six core constituents, which are the “MANGOS” companies: Meta Platforms, Inc. (“Meta”), Anthropic PBC (or its publicly traded successor) (“Anthropic”), NVIDIA Corporation (“NVIDIA”), Alphabet Inc. (“Google”), OpenAI Holdings (or its publicly traded successor) (“OpenAI”), and Space Exploration Technologies Corp. (“SpaceX”). The Fund’s strategy is implemented through two separate sleeves; <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.5in">(i)</td><td style="text-align: justify">Private Company Sleeve. The Adviser may allocate up to 15% of the Fund’s net assets to privately held MANGOS companies, including through direct investments in private-company securities or through passive, non-controlling interests in unaffiliated special purpose vehicles (“SPVs”) which are not represented in the Index. The Adviser determines whether to make such private investments and the amount allocated to each such investment, subject to the Fund’s applicable investment limitations</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.5in">(ii)</td><td style="text-align: justify">Public Company Sleeve. The remainder of the Fund’s assets generally comprise a public-company sleeve invested in the publicly traded MANGOS companies that are constituents of the Index. The public-company sleeve generally is equally weighted consistent with the Index methodology; however, the Adviser determines whether exposure to each public company is obtained directly through equity securities or synthetically through options or swaps based on factors such as liquidity, transaction costs, tax efficiency and counterparty availability, and may adjust implementation and position sizes more frequently than the Index’s quarterly reconstitution schedule in response to new information or changing market conditions. </td></tr></table> The Fund does not seek to track the Index. The Index serves solely as a portfolio-construction framework for the Fund’s publicly traded MANGOS investments. The Fund currently expects its initial public-company sleeve to be approximately equally weighted among the publicly traded MANGOS companies included in the Index. The Fund’s allocation to Anthropic and OpenAI depends on the Adviser’s determination that such investments are appropriate for the Fund. The Adviser exercises investment discretion in constructing the Fund’s portfolio and determining the Fund’s exposures. For example, the Adviser: (i) determines whether it is more advantageous for the Fund to obtain exposure to a particular company directly through ownership of securities or indirectly through derivatives; (ii) may adjust portfolio holdings and position sizes more frequently than the Index is rebalanced; and (iii) may invest in securities and other investments that are not included in the Index. In addition, the Fund will maintain an allocation to cash and/or U.S. Treasury securities. While the Index serves as the primary reference point for the Fund’s portfolio construction and identification of investment opportunities within the AI ecosystem, the Adviser actively manages the Fund and expects the Fund’s holdings and weightings to differ from those of the Index on an ongoing basis. The Adviser may increase or decrease exposure to Index constituents, purchase securities that are not included in the Index, reduce or eliminate exposure to companies included in the Index, or otherwise reposition the portfolio based on its assessment of market conditions, company-specific developments, valuation considerations, regulatory developments, or other factors. Generally, the Adviser will use the Index’s methodology and constituent selection criteria as a guide in evaluating existing and prospective investments. However, if the Adviser receives new information regarding a current or prospective investment after the Index’s most recent rebalancing, the Adviser may adjust the Fund’s portfolio before the next Index rebalancing. For example, the Adviser may identify changes in a company’s business prospects, competitive position, valuation, or strategic importance within the AI ecosystem and may increase, reduce, or eliminate the Fund’s exposure accordingly. As a result, there may be times when the Fund’s holdings and performance differ significantly from those of the Index. The Fund may invest a portion of its assets in equity securities of private companies that are not represented in the Index but that the Adviser believes are positioned to benefit from, contribute to, or participate in the growth of the AI ecosystem. Such investments may include late-stage private companies that are preparing for a public offering, as well as earlier-stage private companies that the Adviser believes have significant long-term growth potential. The Fund may invest up to 15% of its net assets in privately issued securities. Fund Attributes Under normal circumstances, the Fund will invest at least 80% of its net assets (plus borrowings for investment purposes) in investments that provide economic exposure to the companies represented by the MANGOS acronym. The MANGOS acronym includes: Meta Platforms, Inc., Anthropic PBC, NVIDIA Corporation, Alphabet Inc./Google, OpenAI Group PBC and Space Exploration Technologies Corp. (“SpaceX”). Qualifying investments may include direct equity securities, options and swaps that provide economic exposure to publicly traded MANGOS companies and direct private securities and SPV interests that provide economic exposure to a privately held MANGOS company. The Fund may invest up to 20% of its net assets in securities and other investments that do not satisfy the Fund’s 80% investment policy. These investments may include equity securities, depositary receipts, private company investments, cash and cash equivalents (including money market funds), and other investments that the Adviser believes will help the Fund achieve its investment objective. The Fund may invest in small-, medium-, and large-capitalization companies. The Fund may invest in U.S. and foreign securities, including directly in securities listed on global exchanges and indirectly through ADRs and other depositary receipts. The Fund may invest in securities of issuers located in developed and emerging markets. The Fund may invest in publicly traded and privately issued securities. The Adviser may invest in private companies that it believes are positioned to benefit from, contribute to, or participate in the growth of the AI ecosystem, including companies that are preparing for a public offering as well as earlier-stage companies. The Fund may invest up to 15% of its net assets in privately issued securities. The Fund will concentrate its investment exposure (i.e., hold more than 25% of its assets) in the following industries: Interactive Media & Services, Telecommunication Services, and Semiconductors. As of July 31, 2026 , the Index has significant exposure to the Communication Services and Information Technology sectors, representing approximately 75.0% and 25% of the portfolio, respectively. 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. Direct/Synthetic Investments The Fund may obtain investment exposure either directly through ownership of securities or indirectly (synthetically) through derivatives, including options and swap agreements. The Fund may utilize derivatives to obtain exposure to companies included in the Index, companies not included in the Index, baskets of securities, or other investments that the Adviser believes will help the Fund achieve its investment objective. The Fund may also utilize derivatives to manage risk, facilitate portfolio management, or enhance investment flexibility. The Fund may utilize listed options to achieve synthetic exposure to portfolio investments. The Fund may employ short-dated, in-the-money call options and other option strategies designed to provide investment exposure similar to direct ownership of underlying securities. A “short-dated, in-the-money call option” is a call option with a relatively short period remaining before expiration and an exercise price below the current market price of the underlying security. Because such an option has intrinsic value and generally changes in value as the underlying security changes in value, purchasing the option can provide the Fund with economic exposure similar to direct ownership of the underlying security. The Fund may also use swaps designed to provide economic exposure to a publicly traded MANGOS company. Any option or swap included in the Fund’s 80% basket will be used to provide economic exposure to, or have economic characteristics similar to, the securities of the applicable MANGOS company. These strategies may be used in response to market conditions, liquidity constraints, tax considerations, or other factors that may affect the availability or pricing of direct investments or swap agreements. In addition to options, the Fund may enter into swap agreements with financial institutions. These swap agreements may provide exposure to individual securities, baskets of securities, or other investments selected by the Adviser. Through each swap agreement, the Fund and the financial institution agree to exchange returns (or differentials in returns) based on the performance of a reference asset or notional amount. Swap agreements may have durations ranging from one day to more than one year. Collateral The Fund will hold cash and/or short-term U.S. Treasury securities as collateral for the Fund’s derivatives transactions. MANGOS Companies Meta Platforms, Inc. (NASDAQ: META) operates social media and messaging platforms, including Facebook, Instagram, WhatsApp, and Messenger, and develops virtual and augmented reality technologies and related hardware. Meta is headquartered in Menlo Park, California. Anthropic PBC is an AI safety company that develops and deploys large language models and frontier AI systems, including the Claude family of AI assistants. Anthropic is headquartered in San Francisco, California. As of the date of this Prospectus, Anthropic is not publicly traded and does not file periodic reports under the Securities Exchange Act of 1934. If and when Anthropic’s securities become publicly listed, the Fund will disclose the applicable trading market and ticker symbol. NVIDIA Corporation (NASDAQ: NVDA) designs and supplies graphics processing units (GPUs), data center accelerators, networking solutions, and related hardware and software for gaming, professional visualization, data centers, automotive, and artificial intelligence markets. NVIDIA is headquartered in Santa Clara, California. Alphabet Inc. (NASDAQ: GOOGL) operates internet products and platforms, including Google Search, YouTube, Google Cloud, and related advertising and technology businesses, and invests in emerging technologies including autonomous vehicles, quantum computing, and artificial intelligence. Alphabet is headquartered in Mountain View, California. OpenAI, Inc. develops and deploys artificial intelligence systems, including large language models and the ChatGPT platform, and conducts frontier AI research. OpenAI is headquartered in San Francisco, California. As of the date of this Prospectus, OpenAI is not publicly traded and does not file periodic reports under the Securities Exchange Act of 1934. If and when OpenAI’s securities become publicly listed, the Fund will disclose the applicable trading market and ticker symbol. Space Exploration Technologies Corp. (NASDAQ: SPCX) designs, manufactures, and launches advanced rockets and spacecraft, operates the Starlink satellite internet constellation, and provides commercial launch services. SpaceX is headquartered in Hawthorne, California. Each publicly listed MANGOS Company is subject to the reporting requirements of the Securities Exchange Act of 1934 and files annual reports on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K with the U.S. Securities and Exchange Commission. These reports, including audited financial statements, are publicly available at www.sec.gov. Investors can locate information provided to or filed with the Commission by each publicly listed MANGOS Company, including financial statements, at www.sec.gov. NONE OF THE FUND, TIDAL TRUST II, THE ADVISER, OR THE INDEX PROVIDER IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH ANY PORTFOLIO COMPANY INCLUDED IN THE FUND OR THE INDEX. The Fund was not developed, created, sponsored, endorsed, approved, or promoted by any portfolio company whose securities may be held by the Fund or included in the Index. No such company participated in the development of the Fund, its investment objective, investment strategy, Index methodology, portfolio construction process, or the selection of portfolio holdings. No such company has reviewed, approved, or endorsed the Fund, its offering materials, or any disclosures relating to the Fund. No portfolio company provides any assurance, guarantee, representation, or warranty regarding the Fund, the Index, or the performance of either. Nothing herein shall be construed as an offer, solicitation, recommendation, or endorsement of any security, product, or service by any portfolio company. An investment in the Fund is not an investment in, or deposit with, any portfolio company. The inclusion of a company’s securities in the Fund or the Index does not imply any sponsorship, endorsement, recommendation, or affiliation by that company. All trademarks, service marks, trade names, and other intellectual property rights are the property of their respective owners. Under normal circumstances, the Fund will invest at least 80% of its net assets (plus borrowings for investment purposes) in investments that provide economic exposure to the companies represented by the MANGOS acronym. As with any investment, there is a risk that you could lose all or a portion of your investment 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. Artificial Intelligence Risk. Issuers engaged in artificial intelligence typically have high research and capital expenditures and, as a result, their profitability can vary widely, if they are profitable at all. The space in which they are engaged is highly competitive and issuers’ products and services may become obsolete very quickly. These companies are heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. The issuers are also subject to legal, regulatory and political changes that may have a large impact on their profitability. A failure in an issuer’s product or even questions about the safety of the product could be devastating to the issuer, especially if it is the marquee product of the issuer. It can be difficult to accurately capture what qualifies as an artificial intelligence company. Information Technology Sector Risks. The information technology sector includes companies engaged in internet software and services, technology hardware and storage peripherals, electronic equipment instruments and components, and semiconductors and semiconductor equipment, among other things. Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Information technology companies may have limited product lines, markets, financial resources or personnel. The products of information technology companies may face rapid product obsolescence due to technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Failure to introduce new products, develop and maintain a loyal customer base, or achieve general market acceptance for their products could have a material adverse effect on a company’s business. Companies in the information technology sector are heavily dependent on intellectual property and the loss of patent, copyright and trademark protections may adversely affect the profitability of these companies. The information technology sector has recently experienced significant disruptions caused by artificial intelligence (“AI”) related events, including layoffs and workforce re-alignments related to AI advancements and AI-related spending and escalating AI-enabled cyberattacks and data breaches. These events have led to significant market volatility and stock declines for certain software, cybersecurity, and other companies within this sector. Interactive Media and Services Industry Risk. The interactive media and services industry faces significant risks due to intense market competition, evolving regulatory environments, and reliance on advanced technology and infrastructure. Companies must navigate a complex landscape where technological advancements and new entrants constantly introduce competitive pressures. Regulatory changes, particularly those related to data privacy, content moderation, and intellectual property, can impose substantial compliance costs and legal liabilities. Additionally, the industry depends heavily on the security and reliability of its technological infrastructure; any disruptions or breaches can lead to operational challenges and compromised user information. Attracting, engaging, and retaining users is crucial for success, and failure to manage content moderation effectively can result in legal, regulatory, and reputational risks. Economic conditions, international operations, and the need for continuous innovation further complicate the industry’s risk profile. Economic downturns and fluctuations in consumer spending can reduce demand for interactive media and services, affecting revenue and profitability. Operating globally exposes companies to political instability, currency fluctuations, and varying regulatory standards. The industry must invest in research and development to stay competitive, but these investments come with no guarantees of success. Additionally, cybersecurity threats pose a significant risk, with potential for data breaches and financial losses. Implementing robust cybersecurity measures is essential to mitigate these threats and protect valuable digital assets. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--SemiconductorsAndSemiconductorIndustryRiskMember_zWXfT92RUVgk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Semiconductors & Semiconductor Industry Risk. Competitive pressures may have a significant effect on the financial condition of semiconductor companies and, as product cycles shorten and manufacturing capacity increases, these companies may become increasingly subject to aggressive pricing, which hampers profitability. Reduced demand for end-user products, under-utilization of manufacturing capacity, and other factors could adversely impact the operating results of companies in the semiconductor sector. Semiconductor companies typically face high capital costs and may be heavily dependent on intellectual property rights. The semiconductor sector is highly cyclical, which may cause the operating results of many semiconductor companies to vary significantly. The stock prices of companies in the semiconductor sector have been and likely will continue to be extremely volatile. Software Industry Risks. The software industry can be significantly affected by intense competition, aggressive pricing, technological innovations, and product obsolescence. Companies in the software industry are subject to significant competitive pressures, such as aggressive pricing, new market entrants, competition for market share, short product cycles due to an accelerated rate of technological developments and the potential for limited earnings and/or falling profit margins. These companies also face the risks that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. These factors can affect the profitability of these companies and, as a result, the value of their securities. Also, patent protection is integral to the success of many companies in this industry, and profitability can be affected materially by, among other things, the cost of obtaining (or failing to obtain) patent approvals, the cost of litigating patent infringement and the loss of patent protection for products (which significantly increases pricing pressures and can materially reduce profitability with respect to such products). In addition, many software companies have limited operating histories. Prices of these companies’ securities historically have been more volatile than other securities, especially over the short term. Space Investing Risks. Companies involved in the design, manufacture, or launch of spacecraft, launch vehicles, or related systems face significant risks associated with launch failures, deployment malfunctions, mission delays, and cost overruns; space launches are inherently complex and costly, and failures may result in the total loss of spacecraft or payloads, substantial financial losses, reputational harm, increased regulatory scrutiny, and adverse impacts on a company’s financial condition and stock price. Space-related businesses often rely on advanced, emerging, or unproven technologies and may be adversely affected by rapid technological change, engineering challenges, design flaws, the inability to achieve expected performance, or competitors’ development of superior or lower-cost technologies. The space industry is subject to extensive domestic and international regulation (including licensing requirements, export controls, national security restrictions, environmental regulation, and orbital debris mitigation standards), and changes in laws, regulations, or regulatory interpretations may increase compliance costs, delay operations, restrict market access, or limit the deployment or operation of space-based systems. Many space-focused companies depend on governmental or quasi-governmental customers and contracts, and reductions in government budgets, policy changes, contract terminations, delays, or failures to renew contracts could materially and adversely affect revenues and financial performance. Space-based operations are exposed to risks arising from orbital debris, collisions, congestion in Earth’s orbits, and space weather (including solar activity), any of which may damage satellites or spacecraft and result in service disruptions, data loss, reduced operational lifespans, or complete mission failure. The space economy is evolving, and many companies may have limited operating histories, depend on a narrow set of products or services, or rely on a small number of customers or missions for a substantial portion of revenues; delays in commercialization or failure to achieve anticipated adoption of space-based services may adversely affect profitability and valuations. The space industry is highly competitive and characterized by rapid innovation; increased competition may lead to pricing pressure, reduced market share, or higher research and development costs. Many space-focused companies rely on governmental or quasi-governmental customers and contracts, and adverse changes in government policy or budgets could materially affect revenues. Concentration Risk. To the extent that the Fund has concentrated investment exposure to an industry or group of industries, it will be subject to the risk that economic, political, or other conditions that have a negative effect on that industry or group of industries will negatively impact the Fund to a greater extent than if its assets were invested in a wider variety of industries. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--SpecialPurposeVehicleAndPrivateInvestmentRiskMember_zPdwx4TcsBrb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Special Purpose Vehicle and Private Investment Risk. The Fund may obtain exposure to privately held companies through investments in SPVs or similar private investment vehicles. The Fund generally will hold a passive, non-controlling interest in an SPV and therefore may have limited or no ability to influence the management, disposition of investments or other activities of the SPV. The Fund will be exposed indirectly to the risks associated with the SPV’s underlying investments as well as risks associated with the SPV itself. Interests in SPVs may be subject to substantial restrictions on transfer and may lack an established secondary market. Accordingly, the Fund may be unable to dispose of an SPV investment at the time or price it desires, and an SPV investment may be classified as illiquid. SPV interests and their underlying private-company securities may not have readily available market quotations and therefore may be fair valued. Such valuations involve significant judgment and uncertainty and may differ materially from the value ultimately realized. The Fund also will be subject to risks associated with an SPV’s sponsor, manager, administrator and other service providers, including operational, counterparty and potential conflict-of-interest risks. An SPV may incur expenses, liabilities or other obligations that reduce the value of the Fund’s investment, and the bankruptcy, insolvency, misconduct or operational failure of an SPV, its manager or a relevant counterparty could adversely affect the Fund. 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 security 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. In addition, the Fund’s investments in derivatives are subject to the following risks: 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. For the Fund in particular, the value of the options contracts in which it invests are substantially influenced by the value of the relevant Underlying Securities. 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 the values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund may continuously maintain indirect exposure to one or more of the underlying securities through the use of options contracts, as the options contracts it holds are exercised or expire it will 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, which 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 counterparties for those swap agreements. Additionally, any financing, borrowing or other costs associated with using swap transactions may also 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 derivatives 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 or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a basket of securities. If an underlying security has a dramatic move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In that event, the Fund could be forced to invest directly in the underlying security at a potentially unfavorable time. Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members. In cleared derivatives positions, the Fund will make payments (including margin payments) to and receive payments from a clearing house through their accounts at clearing members. Customer funds held at a clearing organization in connection with any options contracts are held in a commingled omnibus account and are not identified to the name of the clearing member’s individual customers. As a result, assets deposited by the Fund with any clearing member as margin for options may, in certain circumstances, be used to satisfy losses of other clients of the Fund’s clearing member. In addition, although clearing members guarantee performance of their clients’ obligations to the clearing house, there is a risk that the assets of the Fund might not be fully protected in the event of the clearing member’s bankruptcy, as the Fund would be limited to recovering only a pro rata share of all available funds segregated on behalf of the clearing member’s customers for the relevant account class. The Fund is also subject to the risk that a limited number of clearing members are willing to transact on the Fund’s behalf, which heightens the risks associated with a clearing member’s default. If a clearing member defaults the Fund could lose some or all of the benefits of a transaction entered into by the Fund with the clearing member. If the Fund cannot find a clearing member to transact with on the Fund’s behalf, the Fund may be unable to effectively implement its investment strategy. ETF Risks. <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zWUbYruVedIf"></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: 48px"> </td> <td style="width: 48px"> ○ </td> <td> 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_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zMYQ64tZGNxh"></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: 48px"> </td> <td style="width: 48px">○</td> <td>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. Additionally, there may be brokerage costs or taxable gains or losses that may be imposed on the Fund in connection with a cash redemption that may not have occurred if the Fund had made a redemption in-kind. These costs could decrease the value of the Fund to the extent they are not offset by a transaction fee payable by an AP.</td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td> </td></tr> </table> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zoBpnJL1CQz7"></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: 48px"> </td> <td style="width: 48px">○</td> <td style="text-align: justify">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.</td></tr> </table> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zppW09NErVU"></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: 48px"> </td> <td style="width: 48px"> ○</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> <tr style="vertical-align: top"> <td> </td> <td> </td> <td style="text-align: justify"> </td></tr> </table> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_z6YyAvx3FxRg"></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: 48px"> </td> <td style="width: 48px">○</td> <td style="text-align: justify">Trading. Although Shares are listed for trading 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 and the liquidity of the Fund’s portfolio holdings may deteriorate.</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. Large-Capitalization Risk. 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. Pre-IPO and Transitional Company Risk. Certain MANGOS Companies may be privately held at the time of the Fund’s investment and may subsequently become publicly traded through an IPO, direct listing, or other transaction. The transition from private to public company status may involve significant uncertainty regarding valuation, lock-up restrictions, increased volatility, dilution from new share issuance, and changes in governance or financial reporting. There can be no assurance that a privately held MANGOS Company will become publicly traded on any specific timeline, or at all. Privately Placed Securities Risk. The Fund may invest in non-exchange traded, privately placed securities, including privately placed securities issued by special purpose vehicles, which are subject to liquidity and valuation risks. These risks may make it difficult for those securities to be traded or valued, especially in the event of adverse economic and liquidity conditions or adverse changes in the issuer’s financial condition. The market for certain non-exchange traded securities may be limited to institutional investors, subjecting such investments to further liquidity risk if a market were to limit institutional trading. There may also be less information available regarding such non-exchange traded securities than for publicly traded securities, which may make it more difficult for the Adviser to fully evaluate the risks of investing in such securities and as a result place the Fund’s assets at a greater risk of loss than if the Adviser has more complete information. In addition, the issuers of non-exchange traded securities may be distressed, insolvent, or delinquent in filing information needed to be listed on an exchange. Disposing of non-exchange traded securities, including privately placed securities, may involve time-consuming negotiation and legal expenses, and selling them promptly at an acceptable price may be difficult or impossible. Securities purchased in private placements may be subject to legal or contractual restrictions on resale. The Fund may have to bear the expense of registering restricted securities for resale and the risk of substantial delay in effecting registration. Fixed Income Securities Risk. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s Share price and total return to be reduced and fluctuate more than other types of investments. 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 may lose money. New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have an extensive track record or history on which to base their investment decisions. Unrelated Business Risk. Many of the companies in which the Fund will invest have other business lines unrelated to one of the thematic categories. These other lines of business could adversely affect those firms’ operating results and, in turn, hurt the Fund’s performance. The operating results of companies with other business lines may fluctuate independently of the fluctuations in the relevant thematic category businesses. In addition, a particular company’s ability to engage in new business activities may expose it to additional risks for which it has less experience than its existing business lines. Despite a company’s possible success in activities linked to its use or one or more thematic categories, there can be no assurance that its other lines of business will not adversely affect the company’s business, financial condition, or market value. In addition, a particular company’s unrelated business may impact the Fund’s investment returns and it may be difficult to isolate thematic category-related returns from other return sources. 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 the Adviser seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks. Third Party Data Risk. The composition of the Index, and consequently the Fund’s portfolio, is heavily dependent on information and data calculated and published by an independent third party calculation agent (“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 Index that would have been excluded or included had the Third Party Data been correct and complete. If the composition of the Index reflects such errors, the Fund’s portfolio can also be expected to reflect the errors. 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. Index Framework Risk. The Adviser uses the Index as a portfolio-construction framework for the Fund’s publicly traded MANGOS investments, but the Fund does not seek to track the Index. The Fund may differ materially from the Index because the Fund may invest in privately held MANGOS companies that are not included in the Index and because the Adviser determines how to implement exposure to the publicly traded MANGOS companies. 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. 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 or other applicable party for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. U.S. Government and U.S. Agency Obligations Risk. The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so. 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 adviser will pay, or require a sub-adviser to pay, all of the Fund’s expenses, except for the following: advisory and sub-advisory fees, interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (“1940 Act”), 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.