0001742912 2026-09-04 2026-09-04 0001742912 sofi:S000107571Member 2026-09-04 2026-09-04 0001742912 sofi:S000107571Member sofi:ArtificialIntelligenceRiskMember 2026-09-04 2026-09-04 0001742912 sofi:S000107571Member sofi:UtilitiesCompaniesRisksMember 2026-09-04 2026-09-04 0001742912 sofi:S000107571Member sofi:EquityMarketRiskMember 2026-09-04 2026-09-04 0001742912 sofi:S000107571Member sofi:GeneralMarketRiskMember 2026-09-04 2026-09-04 0001742912 sofi:S000107571Member sofi:SectorAndIndustryRiskMember 2026-09-04 2026-09-04 0001742912 sofi:S000107571Member sofi:ElectricalEquipmentIndustryRiskMember 2026-09-04 2026-09-04 0001742912 sofi:S000107571Member sofi:ForeignSecuritiesRiskMember 2026-09-04 2026-09-04 0001742912 sofi:S000107571Member sofi:AdrsRiskMember 2026-09-04 2026-09-04 0001742912 sofi:S000107571Member sofi:MarketCapitalizationRiskMember 2026-09-04 2026-09-04 0001742912 sofi:S000107571Member sofi:LargecapitalizationInvestingMember 2026-09-04 2026-09-04 0001742912 sofi:S000107571Member sofi:MidcapitalizationInvestingMember 2026-09-04 2026-09-04 0001742912 sofi:S000107571Member sofi:SmallcapitalizationInvestingMember 2026-09-04 2026-09-04 0001742912 sofi:S000107571Member sofi:ThirdPartyDataRiskMember 2026-09-04 2026-09-04 0001742912 sofi:S000107571Member sofi:PassiveInvestmentRiskMember 2026-09-04 2026-09-04 0001742912 sofi:S000107571Member sofi:RecentMarketEventsRiskMember 2026-09-04 2026-09-04 0001742912 sofi:S000107571Member sofi:ConcentrationRiskMember 2026-09-04 2026-09-04 0001742912 sofi:S000107571Member sofi:EtfRisksMember 2026-09-04 2026-09-04 0001742912 sofi:S000107571Member sofi:AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember 2026-09-04 2026-09-04 0001742912 sofi:S000107571Member sofi:CostsOfBuyingOrSellingSharesMember 2026-09-04 2026-09-04 0001742912 sofi:S000107571Member sofi:SharesMayTradeAtPricesOtherThanNavMember 2026-09-04 2026-09-04 0001742912 sofi:S000107571Member sofi:TradingMember 2026-09-04 2026-09-04 0001742912 sofi:S000107571Member sofi:IndexEtfRiskMember 2026-09-04 2026-09-04 0001742912 sofi:S000107571Member sofi:NewFundRiskMember 2026-09-04 2026-09-04 0001742912 sofi:S000107571Member oef:RiskNondiversifiedStatusMember 2026-09-04 2026-09-04 0001742912 sofi:S000107571Member sofi:OperationalRiskMember 2026-09-04 2026-09-04 0001742912 sofi:S000107571Member sofi:TrackingErrorRiskMember 2026-09-04 2026-09-04 0001742912 sofi:S000107572Member 2026-09-04 2026-09-04 0001742912 sofi:S000107572Member sofi:BlockchainTechnologyRiskMember 2026-09-04 2026-09-04 0001742912 sofi:S000107572Member sofi:DigitalPaymentsCompaniesRiskMember 2026-09-04 2026-09-04 0001742912 sofi:S000107572Member sofi:SoftwareCompaniesRiskMember 2026-09-04 2026-09-04 0001742912 sofi:S000107572Member sofi:EquityMarketRiskMember 2026-09-04 2026-09-04 0001742912 sofi:S000107572Member sofi:GeneralMarketRiskMember 2026-09-04 2026-09-04 0001742912 sofi:S000107572Member sofi:SectorAndIndustryRiskMember 2026-09-04 2026-09-04 0001742912 sofi:S000107572Member sofi:FinancialServicesIndustryRiskMember 2026-09-04 2026-09-04 0001742912 sofi:S000107572Member sofi:CapitalMarketsIndustryRiskMember 2026-09-04 2026-09-04 0001742912 sofi:S000107572Member sofi:ForeignSecuritiesRiskMember 2026-09-04 2026-09-04 0001742912 sofi:S000107572Member sofi:AdrsRiskMember 2026-09-04 2026-09-04 0001742912 sofi:S000107572Member sofi:MarketCapitalizationRiskMember 2026-09-04 2026-09-04 0001742912 sofi:S000107572Member sofi:LargecapitalizationInvestingMember 2026-09-04 2026-09-04 0001742912 sofi:S000107572Member sofi:MidcapitalizationInvestingMember 2026-09-04 2026-09-04 0001742912 sofi:S000107572Member sofi:SmallcapitalizationInvestingMember 2026-09-04 2026-09-04 0001742912 sofi:S000107572Member sofi:ThirdPartyDataRiskMember 2026-09-04 2026-09-04 0001742912 sofi:S000107572Member sofi:PassiveInvestmentRiskMember 2026-09-04 2026-09-04 0001742912 sofi:S000107572Member sofi:RecentMarketEventsRiskMember 2026-09-04 2026-09-04 0001742912 sofi:S000107572Member sofi:ConcentrationRiskMember 2026-09-04 2026-09-04 0001742912 sofi:S000107572Member sofi:EtfRisksMember 2026-09-04 2026-09-04 0001742912 sofi:S000107572Member sofi:AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember 2026-09-04 2026-09-04 0001742912 sofi:S000107572Member sofi:CostsOfBuyingOrSellingSharesMember 2026-09-04 2026-09-04 0001742912 sofi:S000107572Member sofi:SharesMayTradeAtPricesOtherThanNavMember 2026-09-04 2026-09-04 0001742912 sofi:S000107572Member sofi:TradingMember 2026-09-04 2026-09-04 0001742912 sofi:S000107572Member sofi:IndexEtfRiskMember 2026-09-04 2026-09-04 0001742912 sofi:S000107572Member sofi:NewFundRiskMember 2026-09-04 2026-09-04 0001742912 sofi:S000107572Member oef:RiskNondiversifiedStatusMember 2026-09-04 2026-09-04 0001742912 sofi:S000107572Member sofi:OperationalRiskMember 2026-09-04 2026-09-04 0001742912 sofi:S000107572Member sofi:TrackingErrorRiskMember 2026-09-04 2026-09-04 0001742912 sofi:S000107573Member 2026-09-04 2026-09-04 0001742912 sofi:S000107573Member sofi:ArtificialIntelligenceRoboticsandAutonomousSystemsCompaniesRiskMember 2026-09-04 2026-09-04 0001742912 sofi:S000107573Member sofi:AutonomousVehicleCompanyRiskMember 2026-09-04 2026-09-04 0001742912 sofi:S000107573Member sofi:EquityMarketRiskMember 2026-09-04 2026-09-04 0001742912 sofi:S000107573Member sofi:GeneralMarketRiskMember 2026-09-04 2026-09-04 0001742912 sofi:S000107573Member sofi:SectorAndIndustryRiskMember 2026-09-04 2026-09-04 0001742912 sofi:S000107573Member sofi:AutomobilesIndustryRiskMember 2026-09-04 2026-09-04 0001742912 sofi:S000107573Member sofi:ForeignSecuritiesRiskMember 2026-09-04 2026-09-04 0001742912 sofi:S000107573Member sofi:AdrsRiskMember 2026-09-04 2026-09-04 0001742912 sofi:S000107573Member sofi:MarketCapitalizationRiskMember 2026-09-04 2026-09-04 0001742912 sofi:S000107573Member sofi:LargecapitalizationInvestingMember 2026-09-04 2026-09-04 0001742912 sofi:S000107573Member sofi:MidcapitalizationInvestingMember 2026-09-04 2026-09-04 0001742912 sofi:S000107573Member sofi:SmallcapitalizationInvestingMember 2026-09-04 2026-09-04 0001742912 sofi:S000107573Member sofi:ThirdPartyDataRiskMember 2026-09-04 2026-09-04 0001742912 sofi:S000107573Member sofi:PassiveInvestmentRiskMember 2026-09-04 2026-09-04 0001742912 sofi:S000107573Member sofi:RecentMarketEventsRiskMember 2026-09-04 2026-09-04 0001742912 sofi:S000107573Member sofi:ConcentrationRiskMember 2026-09-04 2026-09-04 0001742912 sofi:S000107573Member sofi:EtfRisksMember 2026-09-04 2026-09-04 0001742912 sofi:S000107573Member sofi:AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember 2026-09-04 2026-09-04 0001742912 sofi:S000107573Member sofi:CostsOfBuyingOrSellingSharesMember 2026-09-04 2026-09-04 0001742912 sofi:S000107573Member sofi:SharesMayTradeAtPricesOtherThanNavMember 2026-09-04 2026-09-04 0001742912 sofi:S000107573Member sofi:TradingMember 2026-09-04 2026-09-04 0001742912 sofi:S000107573Member sofi:IndexEtfRiskMember 2026-09-04 2026-09-04 0001742912 sofi:S000107573Member sofi:NewFundRiskMember 2026-09-04 2026-09-04 0001742912 sofi:S000107573Member oef:RiskNondiversifiedStatusMember 2026-09-04 2026-09-04 0001742912 sofi:S000107573Member sofi:OperationalRiskMember 2026-09-04 2026-09-04 0001742912 sofi:S000107573Member sofi:TrackingErrorRiskMember 2026-09-04 2026-09-04 0001742912 sofi:C000278492Member 2026-09-04 2026-09-04 0001742912 sofi:C000278493Member 2026-09-04 2026-09-04 0001742912 sofi:C000278494Member 2026-09-04 2026-09-04 0001742912 sofi:S000107571Member oef:RiskLoseMoneyMember 2026-09-04 2026-09-04 0001742912 sofi:S000107572Member oef:RiskLoseMoneyMember 2026-09-04 2026-09-04 0001742912 sofi:S000107573Member oef:RiskLoseMoneyMember 2026-09-04 2026-09-04 iso4217:USD pure false 485BPOS 0001742912 2026-09-04 N-1A TIDAL TRUST I 2026-09-06 SoFi AI Power Grid ETF – FUND SUMMARY Investment Objective The SoFi AI Power Grid ETF (the “Fund”) seeks to track the performance, before fees and expenses, of the BITA AI Power 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_A8C_eoef--AnnualFundOperatingExpensesTableTextBlock_zsdkxh4IeTRf"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_ztuuLwly1QDe" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr> <td id="xdx_981_eoef--OperatingExpensesCaption_c20260904__20260904__dei--LegalEntityAxis__custom--S000107571Member_zTlhSXIUk2bl" style="border-top: black 1pt solid; vertical-align: bottom; width: 89%; padding-left: 5.75pt">Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) </td> <td style="border-top: black 1pt solid; vertical-align: top; width: 1%"> </td> <td style="border-top: black 1pt solid; vertical-align: bottom; width: 10%"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; padding-left: 5.75pt"> </td> <td style="vertical-align: top; text-align: center"> </td> <td id="xdx_499_20260904__20260904__oef--ClassAxis__custom--C000278492Member_zJo2aCYsRP9c" style="vertical-align: bottom; padding-left: 3.4pt"> </td></tr> <tr id="xdx_40A_eoef--ManagementFeesOverAssets_dp_zpNTQCe2tCY"> <td style="vertical-align: bottom; width: 89%; padding-left: 5.75pt">Management Fees</td> <td style="vertical-align: top; width: 1%; text-align: center"> </td> <td style="vertical-align: bottom; width: 10%; padding-left: 3.4pt; text-align: center">0.59%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_zjsx3E7JYtii"> <td style="vertical-align: bottom; padding-left: 5.75pt">Distribution and/or Service (12b-1) Fees </td> <td style="vertical-align: top; text-align: center"> </td> <td style="vertical-align: bottom; padding-left: 3.4pt; text-align: center">0.00%</td></tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dp_zzU3EyXOU6Pi"> <td style="vertical-align: bottom; padding-left: 5.75pt">Other Expenses(2)</td> <td style="vertical-align: top; text-align: center"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; padding-left: 3.4pt; text-align: center">0.00%</td></tr> <tr id="xdx_400_eoef--ExpensesOverAssets_dp_zehP01RrxUOa"> <td style="vertical-align: bottom; padding-left: 5.75pt">Total Annual Fund Operating Expenses</td> <td style="vertical-align: top; text-align: center"> </td> <td style="vertical-align: bottom; padding-left: 3.4pt; text-align: center">0.59%</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: 38px">(1)</td> <td style="text-align: justify">The Fund’s investment adviser, Tidal Investments LLC (“Tidal” or the “Adviser”), a Tidal Financial Group company, will pay, or require a third-party to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding 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 (collectively, the “Excluded Expenses”).</td></tr> <tr style="vertical-align: top"> <td>(2)</td> <td style="text-align: justify">Based on estimated amounts for the current fiscal year.</td></tr> </table> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0059 0.0000 0.0000 0.0059 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 hold or redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_z8FypReurqP5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zccmLbpApqW7" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_48F_eoef--ExpenseExampleYear01_zWcnn0tXUIKl" style="border-top: black 1pt solid; width: 50%; text-align: center">1 Year</td> <td id="xdx_48A_eoef--ExpenseExampleYear03_z2ZD2bbZUN3k" style="border-top: black 1pt solid; width: 50%; text-align: center">3 Years</td></tr> <tr id="xdx_412_20260904__20260904__oef--ClassAxis__custom--C000278492Member_ze1YyoqV7Dpb" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: center">$60</td> <td style="border-bottom: black 1pt solid; text-align: center">$189</td></tr> </table> 60 189 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 uses a “passive management” (or indexing) approach to track the performance, before fees and expenses, of the Index. The Index follows a rules-based methodology (described generally below) that tracks the performance of U.S. and Non-U.S companies with thematic exposure to products, services, and operations that support artificial intelligence (“AI”) power and datacenter infrastructure. The Index is owned and administered by BITA GmbH (the “Index Provider”), and the Index Provider partnered with the Adviser to co-develop the methodology used by the Index to determine the securities included in the Index. The Adviser is not involved in the ongoing maintenance of the Index or any discretionary decisions relating to its application, is not affiliated with the Index Provider, and does not act in the capacity of an index provider. BITA AI Power Select Index The Index includes companies with significant thematic exposure to the provision of critical energy and physical infrastructure required to support high-density AI datacenters or whose products, services, and activities are integral to the AI power grid ecosystem. The Index’s initial universe consists of all U.S. and Non-U.S. companies for which sufficient relevant information is available from public sources. The initial universe is screened using the following criteria: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">A.</td> <td style="text-align: justify">Thematic Exposure Requirement: To be eligible for inclusion in the Index, a company must: derive at least 50% of its total revenue from at least one of the “Sub-Themes” listed below; or demonstrate material involvement in one or more of the Sub-Themes” listed below. The Index Provider determines whether there is material involvement using a rules-based methodology that considers a company’s revenue exposure, disclosed investments, research and development (R&D) activity, strategic partnerships, government contracts, and patent filings. For additional information about how the Index Provider determines whether a company has material involvement in a sub-theme, see the sections of the Prospectus titled “Additional Information About the Funds – Principal Investment Strategies.”</td></tr> </table> Sub-Themes: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 96px"> </td> <td style="width: 24px; padding-top: 10pt">●</td> <td style="padding-top: 10pt; text-align: justify">Power Generation and Utilities: Companies that produce the massive scale of electricity required by hyperscale datacenters. This includes independent power producers and utilities operating nuclear, natural gas, and renewable energy plants that sign direct power purchase agreements with major technology companies.</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: 96px"> </td> <td style="width: 24px; padding-top: 10pt">●</td> <td style="padding-top: 10pt; text-align: justify">Grid Infrastructure and Electrical Equipment: Companies that build the hardware to safely transport electricity from power plants to datacenters. This includes manufacturers of high-voltage transformers, switchgears, transmission cables, and the engineering firms contracted to modernize and expand the aging electrical grid.</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: 96px"> </td> <td style="width: 24px; padding-top: 10pt">●</td> <td style="padding-top: 10pt; text-align: justify">Datacenter Power Management: Companies that provide products and services to ensure uninterrupted and efficient power flow inside datacenters. This covers manufacturers of uninterruptible power supplies, backup generators, and specialized power distribution units designed to handle the massive energy loads of AI server racks.</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: 96px"> </td> <td style="width: 24px; padding-top: 10pt">●</td> <td style="padding-top: 10pt; text-align: justify">Advanced Cooling and Rack Infrastructure: Companies that provide products and services to protect AI servers from overheating. This includes developers of direct-to-chip liquid cooling systems, immersion cooling technology, commercial HVAC systems for datacenters, and the manufacturers of the physical, high-density server racks.</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: 24px"> </td> <td style="width: 24px; padding-top: 10pt">B.</td> <td style="padding-top: 10pt; text-align: justify">Market Capitalization Requirement: Companies must have a market capitalization of at least $250 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: 24px"> </td> <td style="width: 24px; padding-top: 10pt">C.</td> <td style="padding-top: 10pt; text-align: justify">Developed Market Exchange: To be eligible for inclusion, a company’s shares must trade on one of the exchanges listed below:</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: 48px"> </td> <td style="width: 24px; padding-top: 10pt">●</td> <td style="padding-top: 10pt; text-align: justify">Selection Priority: When selecting eligible shares trading on one or more exchanges listed below, the Index prioritizes U.S.-listed shares for inclusion and non-U.S. listed shares are considered only if U.S.-listed shares are unavailable.</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: 48px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Eligible Exchanges (listed alphabetically by country): Australia (Australian Stock Exchange); Austria (Wiener Börse); Belgium (Euronext Brussels); Canada (Canadian Securities Exchange, Toronto Stock Exchange or TSX Venture Exchange); Denmark (Nasdaq Copenhagen); Finland (Nasdaq Helsinki); France (Euronext Paris Exchange); Germany (Deutsche Börse); Hong Kong (Hong Kong Stock Exchange); Ireland (Euronext Irish Stock Exchange); Israel (Tel-Aviv Stock Exchange); Italy (Borsa Italiana); Japan (Tokyo Stock Exchange); Netherlands (Euronext Amsterdam); New Zealand (New Zealand Exchange); Norway (Euronext Oslo Børs); Portugal (Euronext Lisbon); Singapore (Singapore Exchange); Spain (Bolsas y Mercados Españoles); Sweden (Nasdaq Stockholm); Switzerland (SIX Swiss Exchange); and United Kingdom (London Stock Exchange); United States (Nasdaq, New York Stock 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: 24px"> </td> <td style="width: 24px; padding-top: 10pt">D.</td> <td style="padding-top: 10pt; text-align: justify">Minimum Free Float Percentage: Securities must have a free-float percentage of at least 10%.</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: 24px"> </td> <td style="width: 24px; padding-top: 10pt">E.</td> <td style="padding-top: 10pt; text-align: justify">Minimum Liquidity: Securities with a 3-Month Average Daily Traded Value (ADTV) below USD 0.5 million, are excluded.</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: 24px"> </td> <td style="width: 24px; padding-top: 10pt">F.</td> <td style="padding-top: 10pt; text-align: justify">Ordinary Shares or ADRs: The Index includes only ordinary shares and American Depositary Receipts (ADRs) of eligible companies.</td></tr> </table> Companies that satisfy the criteria described above are included as Index constituents (each such company, an “AI Power Grid Company”). Index constituents are weighted according to their free-float market capitalization. While the Index has minimum market capitalization requirements, the Index may have exposure to small-, mid- and large-capitalization companies. The Index will include only AI Power Grid Companies and generally includes between 20 and 40 constituents. As of August 31, 2026, the Index contained 23 constituents. For more information about Index eligibility requirements and methodology, see “Additional Information About the Funds” below. The Fund’s Investment Strategy The Fund attempts to invest all, or substantially all, of its assets in the component securities that make up the Index. Under normal circumstances, at least 80% of the Fund’s total assets (plus any borrowings for investment purposes) will be invested in AI Power Grid Companies that are component securities of the Index. The Fund will generally use a “replication” strategy to achieve its investment objective, meaning it generally will invest in all of the component securities of the Index. However, 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 (e.g., 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 generally may invest up to 20% of its total assets (plus any borrowings for investment purposes) in securities or other investments not included in the Index, but which the Adviser believes will help the Fund track the Index. For example, the Fund may invest in securities that are not components of the Index to reflect various corporate actions and other changes to the Index (such as reconstitutions, additions, and deletions). To the extent the Index concentrates (i.e., holds more than 25% of its total assets in the securities of a particular industry or group of related industries), the Fund will concentrate its investments to approximately the same extent as the Index. As of the date of this Prospectus, the Index is concentrated in the Electrical Equipment industry. The Fund is “non-diversified” for purposes of the 1940 Act, which means that the Fund may invest in fewer issuers at any one time than a diversified fund. Under normal circumstances, at least 80% of the Fund’s total assets (plus any borrowings for investment purposes) will be invested in AI Power Grid Companies that are component securities of the Index. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. Artificial Intelligence Risk. Issuers engaged in AI 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. AI technology could face increasing regulatory scrutiny in the future, which may limit the development of this technology and impede the growth of companies that develop and/or utilize this technology. Country, government, and/or region-specific regulations or restrictions could have an impact on AI companies. 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. Many of these companies are also reliant on the end-user demand of products and services in various industries that may in part utilize artificial intelligence. It can be difficult to accurately capture what qualifies as an AI company. Utilities Companies Risks. The Fund’s investments in utilities companies will expose the Fund to potential adverse economic, regulatory, political and other changes affecting such investments. Issuers of securities in such companies are subject to a variety of factors that may adversely affect their business or operations, including high interest costs in connection with capital construction programs, high leverage, costs associated with environmental or other regulations and the effects of economic slowdowns. Rising interest rates could lead to higher financing costs and reduced earnings for utilities companies. Equity Market Risk. The equity securities held in the Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which the Fund invests. Common stocks, such as those held by the Fund, are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from issuers. General 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), interest rates, global demand for particular products or resources, natural disasters or events, pandemic diseases, terrorism, regulatory events, and government controls. Sector and Industry Risk. At times the Fund may increase the relative emphasis of its investments in a particular sector, industry or group of industries. The prices of securities of issuers in a particular sector, industry or group of industries may be more susceptible to fluctuations due to changes in economic or business conditions, government regulations, availability of basic resources or supplies, or other events that affect that sector, industry or group of industries more than securities of issuers in other industries and sectors. To the extent that the Fund increases the relative emphasis of its investments in a particular sector, industry or group of industries, the value of Shares may fluctuate in response to events affecting that sector, industry or group of industries. <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ElectricalEquipmentIndustryRiskMember_zEvdUNMVwQO9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Electrical Equipment Industry Risk. The electrical equipment industry can be significantly affected by general economic trends, including employment, economic growth, interest rates, and changes in commodity prices. Electrical equipment companies are subject to the risks of technical obsolescence, and their profitability may be affected by government regulation and spending, import controls and worldwide competition. Companies in these industries also can be adversely affected by liability for environmental damage, depletion of resources, and mandated expenditures for safety and pollution control. These factors may result in a material adverse impact on the Fund's portfolio securities and the performance of the Fund.</td></tr> </table> Foreign Securities Risk. Investments in securities or other instruments of non-U.S. issuers 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. ADRs Risk. ADRs involve risks similar to those associated with investments in foreign securities and give rise to certain additional risks. ADRs listed on U.S. exchanges are issued by banks or trust companies, and entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares (Underlying Shares). When the Fund invests in ADRs as a substitute for an investment directly in the Underlying Shares, the Fund is exposed to the risk that the ADRs may not provide a return that corresponds precisely with that of the Underlying Shares. Investment in ADRs may be less liquid than the Underlying Shares in their primary trading market. Market Capitalization Risk. <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargecapitalizationInvestingMember_zn4IVJ7PQfX3"></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: 75px"> </td> <td style="width: 38px">○</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_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidcapitalizationInvestingMember_zdRauuLJUKn9"></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: 75px"> </td> <td style="width: 38px">○</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.</td></tr> </table> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallcapitalizationInvestingMember_zaqYwILxyoa9"></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: 75px"> </td> <td style="width: 38px">○</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> 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. 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. Recent Market Events Risk. U.S. and international markets have experienced and may continue to experience significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including uncertainty regarding inflation and central banks’ interest rate changes, the possibility of a national or global recession, trade tensions and tariffs, political events, armed conflict, war and geopolitical conflict. These developments, as well as other events, could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets, despite efforts to address market disruptions. Concentration Risk. The Fund’s investments will be concentrated to approximately the same extent in an 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. ETF Risks. <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zpoUTMsCovEk"></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: 75px"> </td> <td style="width: 38px">○</td> <td style="text-align: justify">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</td></tr> </table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_z7m0xySmeVT1"></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: 75px"> </td> <td style="width: 38px">○</td> <td style="text-align: justify">Costs of Buying or Selling Shares. Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid-ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</td></tr> </table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_z6jIonHmo8N1"></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: 75px"> </td> <td style="width: 38px">○</td> <td style="text-align: justify">Shares May Trade at Prices Other Than NAV. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.</td></tr> </table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zU4VDSp2BrJ9"></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: 75px"> </td> <td style="width: 38px">○</td> <td style="text-align: justify">Trading. Although Shares are listed on a national securities exchange, such as the NYSE Arca, 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. Also, in stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings. These adverse effect on liquidity for Shares, in turn, could lead to wider bid/ask spreads and differences between the market price of Shares and the underlying value of those Shares.</td></tr> </table> Index ETF Risk. The Fund’s strategy is linked to an Index maintained by the Index Provider that exercises complete control over the Index. Neither the Adviser nor the Index Provider is able to guarantee the continuous availability or timeliness of the production of the Index. There is no assurance that the Index Provider, or any agents that act on its behalf, will compile the Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. The Adviser relies upon the Index Provider and its agents to compile, determine, maintain, construct, reconstitute, rebalance, compose, calculate (or arrange for an agent to calculate), and disseminate the Index accurately. 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. The Index may not reflect all companies meeting the Index’s eligibility criteria if certain characteristics of a company are not known at the time the Index is composed or reconstituted. 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. Any losses or costs associated with errors made by the Index Provider or its agents generally will be borne by the Fund and its shareholders. 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. 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. Investment in a limited number of issuers exposes the Fund to greater market risk and potential losses than if its assets were diversified among a greater number of issuers. 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. Tracking Error Risk. As with all index funds, 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. The use of sampling techniques may affect the Fund’s ability to achieve close correlation with its Index. The Fund may use a representative sampling strategy to achieve its investment objective, if the Adviser believes it is in the best interests of the Fund, which generally can be expected to produce a greater non-correlation risk. Performance Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. Updated performance information will be available on the Fund’s website at www.sofi.com/invest/etfs/. Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. www.sofi.com/invest/etfs/ SoFi Blockchain Infrastructure ETF – FUND SUMMARY Investment Objective The SoFi Blockchain Infrastructure ETF (the “Fund”) seeks to track the performance, before fees and expenses, of the BITA Blockchain Infrastructure 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_A88_eoef--AnnualFundOperatingExpensesTableTextBlock_zjAOJqGMuyKl"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zaiZgc6HNvqe" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr> <td id="xdx_98E_eoef--OperatingExpensesCaption_c20260904__20260904__dei--LegalEntityAxis__custom--S000107572Member_zSxKl7RHqZY2" style="border-top: black 1pt solid; vertical-align: bottom; width: 89%; padding-left: 5.75pt">Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) </td> <td style="border-top: black 1pt solid; vertical-align: top; width: 1%"> </td> <td style="border-top: black 1pt solid; vertical-align: bottom; width: 10%"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; padding-left: 5.75pt"> </td> <td style="vertical-align: top; text-align: center"> </td> <td id="xdx_49B_20260904__20260904__oef--ClassAxis__custom--C000278493Member_zKyb7CIzEyRe" style="vertical-align: bottom; padding-left: 3.4pt"> </td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp_zFqD5h4oH7De"> <td style="vertical-align: bottom; width: 89%; padding-left: 5.75pt">Management Fees</td> <td style="vertical-align: top; width: 1%; text-align: center"> </td> <td style="vertical-align: bottom; width: 10%; padding-left: 3.4pt; text-align: center">0.59%</td></tr> <tr id="xdx_40D_eoef--DistributionAndService12b1FeesOverAssets_dp_zYZRrXXtOVHf"> <td style="vertical-align: bottom; padding-left: 5.75pt">Distribution and/or Service (12b-1) Fees </td> <td style="vertical-align: top; text-align: center"> </td> <td style="vertical-align: bottom; padding-left: 3.4pt; text-align: center">0.00%</td></tr> <tr id="xdx_407_eoef--OtherExpensesOverAssets_dp_zxVUqgRht0Mi"> <td style="vertical-align: bottom; padding-left: 5.75pt">Other Expenses(2)</td> <td style="vertical-align: top; text-align: center"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; padding-left: 3.4pt; text-align: center">0.00%</td></tr> <tr id="xdx_408_eoef--ExpensesOverAssets_dp_z15RIIHnRSQ7"> <td style="vertical-align: bottom; padding-left: 5.75pt">Total Annual Fund Operating Expenses</td> <td style="vertical-align: top; text-align: center"> </td> <td style="vertical-align: bottom; padding-left: 3.4pt; text-align: center">0.59%</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: 38px">(1)</td> <td style="text-align: justify">The Fund’s investment adviser, Tidal Investments LLC (“Tidal” or the “Adviser”), a Tidal Financial Group company, will pay, or require a third-party to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding 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 (collectively, the “Excluded Expenses”).</td></tr> <tr style="vertical-align: top"> <td>(2)</td> <td style="text-align: justify">Based on estimated amounts for the current fiscal year.</td></tr> </table> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0059 0.0000 0.0000 0.0059 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 hold or redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8D_eoef--ExpenseExampleWithRedemptionTableTextBlock_z95EVipCyyrl"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zPNcXDKlrznf" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 40%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_48E_eoef--ExpenseExampleYear01_zxOb92QWCGcc" style="border-top: black 1pt solid; width: 50%; text-align: center">1 Year</td> <td id="xdx_48B_eoef--ExpenseExampleYear03_z6kmM6CoPF4d" style="border-top: black 1pt solid; width: 50%; text-align: center">3 Years</td></tr> <tr id="xdx_410_20260904__20260904__oef--ClassAxis__custom--C000278493Member_zy1HIn0CnQTg" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: center">$60</td> <td style="border-bottom: black 1pt solid; text-align: center">$189</td></tr> </table> 60 189 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 uses a “passive management” (or indexing) approach to track the performance, before fees and expenses, of the Index. The Index follows a rules-based methodology (described generally below) that tracks the performance of U.S. and Non-U.S. companies with thematic exposure to commercial activities that support infrastructure, technology, or services necessary for on-chain finance to function. The Index is owned and administered by BITA GmbH (the “Index Provider”), and the Index Provider partnered with the Adviser to co-develop the methodology used by the Index to determine the securities included in the Index. The Adviser is not involved in the ongoing maintenance of the Index or any discretionary decisions relating to its application, is not affiliated with the Index Provider, and does not act in the capacity of an index provider. BITA Blockchain Infrastructure Select Index The Index is generally comprised of publicly traded U.S. exchange-listed companies (including American Depositary Receipts (“ADRs”)) that derive significant revenue from commercial activities that support infrastructure, technology, or services necessary for on-chain finance to function. These companies operate across the following sub-themes (“Sub-Themes”): The Index’s initial universe consists of all U.S. and Non-U.S. companies for which sufficient relevant information is available from public sources. The initial universe is screened using the following criteria: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">A.</td> <td style="text-align: justify">Thematic Exposure Requirement: To be eligible for inclusion in the Index, a company must: derive at least 50% of its total revenue from at least one of the “Sub-Themes” listed below; or demonstrate material involvement in one or more of the Sub-Themes” listed below. The Index Provider determines whether there is material involvement using a rules-based methodology that considers a company’s revenue exposure, disclosed investments, research and development (R&D) activity, strategic partnerships, government contracts, and patent filings. For additional information about how the Index Provider determines whether a company has material involvement in a sub-theme, see the sections of the Prospectus titled “Additional Information About the Funds – Principal Investment Strategies.”</td></tr> </table> Sub-Themes: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 96px"> </td> <td style="width: 24px; padding-top: 10pt">●</td> <td style="padding-top: 10pt; text-align: justify">Digital Asset Exchanges and Trading Infrastructure: Companies that operate the primary venues and systems for buying, selling and analyzing digital assets. These includes cryptocurrency exchanges, regulated broker-dealers, and providers of on-chain market data, derivatives platforms and institutional trading networks.</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: 96px"> </td> <td style="width: 24px; padding-top: 10pt">●</td> <td style="padding-top: 10pt; text-align: justify">Blockchain Settlement and Payment Processing: Companies facilitating the movement of value using blockchain technology. This focuses on payment gateways and merchant acquiring services that allow businesses to accept cryptocurrency, as well as enterprise networks designed to clear and settle financial transactions instantly across decentralized ledgers.</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: 96px"> </td> <td style="width: 24px; padding-top: 10pt">●</td> <td style="padding-top: 10pt; text-align: justify">Digital Custody and Stablecoin Management: Companies that secure digital assets and bridge the gap between fiat and crypto. This includes providers of institutional-grade wallet infrastructure for safeguarding tokens, as well as the issuers and reserve managers of stablecoins designed to maintain a stable value against traditional fiat currencies.</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: 96px"> </td> <td style="width: 24px; padding-top: 10pt">●</td> <td style="padding-top: 10pt; text-align: justify">Tokenization and Blockchain Software: Companies building the underlying architecture and intelligence for the next generation of finance. This covers platforms that tokenize real-world assets, enterprise cloud providers hosting decentralized nodes, and developers of specialized analytics software for on-chain compliance and smart contract execution.</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: 24px"> </td> <td style="width: 24px; padding-top: 10pt">B.</td> <td style="padding-top: 10pt; text-align: justify">Market Capitalization Requirement: Companies must have a market capitalization of at least $250 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: 24px"> </td> <td style="width: 24px; padding-top: 10pt">C.</td> <td style="padding-top: 10pt; text-align: justify">Developed Market Exchange: To be eligible for inclusion, a company’s shares must trade on one of the exchanges listed below:</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: 48px; padding-top: 10pt"> </td> <td style="width: 24px; padding-top: 10pt">●</td> <td style="text-align: justify; padding-top: 10pt">Selection Priority: When selecting eligible shares trading on one or more exchanges listed below, the Index prioritizes U.S.-listed shares for inclusion and non-U.S. listed shares are considered only if U.S.-listed shares are unavailable.</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: 48px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Eligible Exchanges (listed alphabetically by country): Australia (Australian Stock Exchange); Austria (Wiener Börse); Belgium (Euronext Brussels); Canada (Canadian Securities Exchange, Toronto Stock Exchange or TSX Venture Exchange); Denmark (Nasdaq Copenhagen); Finland (Nasdaq Helsinki); France (Euronext Paris Exchange); Germany (Deutsche Börse); Hong Kong (Hong Kong Stock Exchange); Ireland (Euronext Irish Stock Exchange); Israel (Tel-Aviv Stock Exchange); Italy (Borsa Italiana); Japan (Tokyo Stock Exchange); Netherlands (Euronext Amsterdam); New Zealand (New Zealand Exchange); Norway (Euronext Oslo Børs); Portugal (Euronext Lisbon); Singapore (Singapore Exchange); Spain (Bolsas y Mercados Españoles); Sweden (Nasdaq Stockholm); Switzerland (SIX Swiss Exchange); and United Kingdom (London Stock Exchange); United States (Nasdaq, New York Stock 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: 24px"> </td> <td style="width: 24px; padding-top: 10pt">D.</td> <td style="padding-top: 10pt; text-align: justify">Minimum Free Float Percentage: Securities must have a free-float percentage of at least 10%.</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: 24px"> </td> <td style="width: 24px; padding-top: 10pt">E.</td> <td style="padding-top: 10pt; text-align: justify">Minimum Liquidity: Securities with a 3-Month Average Daily Traded Value (ADTV) below USD 0.5 million, are excluded.</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: 24px"> </td> <td style="width: 24px; padding-top: 10pt">F.</td> <td style="padding-top: 10pt; text-align: justify">Ordinary Shares or ADRs: The Index includes only ordinary shares and American Depositary Receipts (ADRs) of eligible companies.</td></tr> </table> Companies that satisfy the criteria described above are included as Index constituents (each such company, an “On-Chain Company”). Index constituents are weighted according to their free-float market capitalization. While the Index has minimum market capitalization requirements, the Index may have exposure to small-, mid- and large-capitalization companies. The Index will include only On-Chain Companies and generally includes between 20 and 40 constituents. As of August 31, 2026, the Index contained 24 constituents. For more information about Index eligibility requirements and methodology, see “Additional Information About the Funds” below. The Fund’s Investment Strategy The Fund attempts to invest all, or substantially all, of its assets in the component securities that make up the Index. Under normal circumstances, at least 80% of the Fund’s total assets (plus any borrowings for investment purposes) will be invested in On-Chain Companies that are component securities of the Index. The Fund will generally use a “replication” strategy to achieve its investment objective, meaning it generally will invest in all of the component securities of the Index. However, 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 (e.g., 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 generally may invest up to 20% of its total assets (plus any borrowings for investment purposes) in securities or other investments not included in the Index, but which the Adviser believes will help the Fund track the Index. For example, the Fund may invest in securities that are not components of the Index to reflect various corporate actions and other changes to the Index (such as reconstitutions, additions, and deletions). To the extent the Index concentrates (i.e., holds more than 25% of its total assets in the securities of a particular industry or group of related industries), the Fund will concentrate its investments to approximately the same extent as the Index. As of the date of this prospectus, the Index is concentrated in the financial services industry. The Fund is “non-diversified” for purposes of the 1940 Act, which means that the Fund may invest in fewer issuers at any one time than a diversified fund. Under normal circumstances, at least 80% of the Fund’s total assets (plus any borrowings for investment purposes) will be invested in On-Chain Companies that are component securities of the Index. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. Blockchain Technology Risk: The Fund holds securities issued by companies for which blockchain technology is essential for their business prospects. Blockchain technology underpins Bitcoin, Ether, and other digital assets, yet it remains a relatively new and largely untested innovation. Competing platforms, changes in adoption rates, and technological advancements in blockchain infrastructure can affect their functionality and relevance. For Ether, the dependence on its proof-of-stake mechanism and smart contract capabilities introduces risks tied to network performance and scalability. Investments in blockchain-dependent companies or vehicles may experience market volatility and lower trading volumes. Furthermore, regulatory changes, cybersecurity incidents, and intellectual property disputes could undermine the adoption and stability of blockchain technologies. The risks associated with blockchain technology may not emerge until the technology is widely used. Blockchain technology also may never be implemented to a scale that provides identifiable economic benefit to the companies included in the Index. Blockchain systems could be vulnerable to fraud, particularly if a significant minority of participants colluded to defraud the rest. Digital Payments Companies Risk. Any adverse developments in the digital payments industry and its components as defined above (including digital asset exchanges, companies facilitating the processing of payments with cryptocurrencies, and digital custody companies), may significantly affect the value of the shares of the Fund. Companies in the digital payments industry are subject to major changes in technology, security considerations, taxes, government regulation, general economic conditions, competition and potential political influences. Competition is a threat to digital payments companies, much of which is derived from related technology risks. Competitors in this industry include financial institutions and well-established payment processing companies, but the industry is also facing new competitive pressure from non-traditional participants in the payments industry. Keeping up with technology changes requires a significant amount of research, software and product development, which may be costly. This investment in technology is not guaranteed to earn a positive return, depending on the success of the technology developed. While digital payments are expected to continue to grow as an overall portion of transactions as a whole, the digital payments industry is cyclical and a material and/or sustained downturn in the economy may materially impact the business models of companies included in the Fund. Software Companies Risk. Investing in the companies comprising the software industry may expose the Fund to specific risks related to companies operating in this industry. The software industry can be significantly affected by intense competition, aggressive pricing, technological innovations, and product obsolescence. 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. Equity Market Risk. The equity securities held in the Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which the Fund invests. Common stocks, such as those held by the Fund, are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from issuers. General 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), interest rates, global demand for particular products or resources, natural disasters or events, pandemic diseases, terrorism, regulatory events, and government controls. Sector and Industry Risk. At times the Fund may increase the relative emphasis of its investments in a particular sector, industry or group of industries. The prices of securities of issuers in a particular sector, industry or group of industries may be more susceptible to fluctuations due to changes in economic or business conditions, government regulations, availability of basic resources or supplies, or other events that affect that sector, industry or group of industries more than securities of issuers in other industries and sectors. To the extent that the Fund increases the relative emphasis of its investments in a particular sector, industry or group of industries, the value of Shares may fluctuate in response to events affecting that sector, industry or group of industries. <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--FinancialServicesIndustryRiskMember_zuN5mCi1uz8b"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Financial Services Industry Risk. Financial services companies are subject to extensive governmental regulation which may limit both the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds and can fluctuate significantly when interest rates change or due to increased competition. In addition, deterioration of the credit markets generally may cause an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets. Certain events in the financial industry may cause an unusually high degree of volatility in the financial markets, both domestic and foreign, and cause certain financial services companies to incur large losses. Securities of financial services companies may experience a dramatic decline in value when such companies experience substantial declines in the valuations of their assets, take action to raise capital (such as the issuance of debt or equity securities), or cease operations. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the industry. Insurance companies may be subject to severe price competition. Adverse economic, business or political developments could adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate.</td></tr> </table> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CapitalMarketsIndustryRiskMember_zWWlUQ2b0Rod"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Capital Markets Industry Risk. Companies in the capital markets industry, including brokerage firms, asset managers, exchanges, and other financial services providers, are especially subject to the adverse effects of economic downturns, fluctuations in currency exchange rates, changes in the availability and cost of capital, and volatile interest rates. These companies are also subject to extensive government regulation, which may change frequently and have significant adverse consequences, including effects not intended by such regulation. The impact of changes in capital requirements or future regulatory developments on individual companies or the industry as a whole cannot be predicted. Companies in the capital markets industry are further exposed to operational risks, including cybersecurity incidents, technology malfunctions, and disruptions to trading or settlement systems. These risks may be amplified for firms that operate online or through digital platforms, and failures in these areas could lead to financial losses, reputational harm, or increased regulatory scrutiny.</td></tr> </table> Foreign Securities Risk. Investments in securities or other instruments of non-U.S. issuers 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. ADRs Risk. ADRs involve risks similar to those associated with investments in foreign securities and give rise to certain additional risks. ADRs listed on U.S. exchanges are issued by banks or trust companies, and entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares (Underlying Shares). When the Fund invests in ADRs as a substitute for an investment directly in the Underlying Shares, the Fund is exposed to the risk that the ADRs may not provide a return that corresponds precisely with that of the Underlying Shares. Investment in ADRs may be less liquid than the Underlying Shares in their primary trading market. Market Capitalization Risk. <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargecapitalizationInvestingMember_zQSfWGqWGJs9"></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: 75px"> </td> <td style="width: 38px">○</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_zIoKeIpBtP1e"></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: 75px"> </td> <td style="width: 38px">○</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.</td></tr> </table> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallcapitalizationInvestingMember_zDjPD5mIGI1a"></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: 75px"> </td> <td style="width: 38px">○</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> 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. 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. Recent Market Events Risk. U.S. and international markets have experienced and may continue to experience significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including uncertainty regarding inflation and central banks’ interest rate changes, the possibility of a national or global recession, trade tensions and tariffs, political events, armed conflict, war and geopolitical conflict. These developments, as well as other events, could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets, despite efforts to address market disruptions. Concentration Risk. The Fund’s investments will be concentrated to approximately the same extent in an 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. ETF Risks. <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zhKNK5alERfi"></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: 75px"> </td> <td style="width: 38px">○</td> <td style="text-align: justify">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</td></tr> </table> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zDOwv9g7fsY8"></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: 75px"> </td> <td style="width: 38px">○</td> <td style="text-align: justify">Costs of Buying or Selling Shares. Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid-ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</td></tr> </table> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zhAtzMsvR1mj"></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: 75px"> </td> <td style="width: 38px">○</td> <td style="text-align: justify">Shares May Trade at Prices Other Than NAV. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.</td></tr> </table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zIAOMMjOIo5e"></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: 75px"> </td> <td style="width: 38px">○</td> <td style="text-align: justify">Trading. Although Shares are listed on a national securities exchange, such as the NYSE Arca, 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. Also, in stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings. These adverse effect on liquidity for Shares, in turn, could lead to wider bid/ask spreads and differences between the market price of Shares and the underlying value of those Shares.</td></tr> </table> Index ETF Risk. The Fund’s strategy is linked to an Index maintained by the Index Provider that exercises complete control over the Index. Neither the Adviser nor the Index Provider is able to guarantee the continuous availability or timeliness of the production of the Index. There is no assurance that the Index Provider, or any agents that act on its behalf, will compile the Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. The Adviser relies upon the Index Provider and its agents to compile, determine, maintain, construct, reconstitute, rebalance, compose, calculate (or arrange for an agent to calculate), and disseminate the Index accurately. 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. The Index may not reflect all companies meeting the Index’s eligibility criteria if certain characteristics of a company are not known at the time the Index is composed or reconstituted. 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. Any losses or costs associated with errors made by the Index Provider or its agents generally will be borne by the Fund and its shareholders. 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. 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. Investment in a limited number of issuers exposes the Fund to greater market risk and potential losses than if its assets were diversified among a greater number of issuers. 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. Tracking Error Risk. As with all index funds, 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. The use of sampling techniques may affect the Fund’s ability to achieve close correlation with its Index. The Fund may use a representative sampling strategy to achieve its investment objective, if the Adviser believes it is in the best interests of the Fund, which generally can be expected to produce a greater non-correlation risk. Performance Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. Updated performance information will be available on the Fund’s website at www.sofi.com/invest/etfs/. Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. www.sofi.com/invest/etfs/ SoFi Robotaxi and Autonomous Vehicles ETF – FUND SUMMARY Investment Objective The SoFi Robotaxi and Autonomous Vehicles ETF (the “Fund”) seeks to track the performance, before fees and expenses, of the BITA Robotaxi 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_zXQPXngTpZu3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_z87rtmcSKkB1" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr> <td id="xdx_989_eoef--OperatingExpensesCaption_c20260904__20260904__dei--LegalEntityAxis__custom--S000107573Member_z86dfu1bv29f" style="border-top: black 1pt solid; vertical-align: bottom; width: 89%; padding-left: 5.75pt">Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) </td> <td style="border-top: black 1pt solid; vertical-align: top; width: 1%"> </td> <td style="border-top: black 1pt solid; vertical-align: bottom; width: 10%"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; padding-left: 5.75pt"> </td> <td style="vertical-align: top; text-align: center"> </td> <td id="xdx_49A_20260904__20260904__oef--ClassAxis__custom--C000278494Member_ztRPbsgJiPkd" style="vertical-align: bottom; padding-left: 3.4pt"> </td></tr> <tr id="xdx_403_eoef--ManagementFeesOverAssets_dp_zL6Yo5rbQEob"> <td style="vertical-align: bottom; width: 89%; padding-left: 5.75pt">Management Fees</td> <td style="vertical-align: top; width: 1%; text-align: center"> </td> <td style="vertical-align: bottom; width: 10%; padding-left: 3.4pt; text-align: center">0.59%</td></tr> <tr id="xdx_403_eoef--DistributionAndService12b1FeesOverAssets_dp_zF8xSjquSAe3"> <td style="vertical-align: bottom; padding-left: 5.75pt">Distribution and/or Service (12b-1) Fees </td> <td style="vertical-align: top; text-align: center"> </td> <td style="vertical-align: bottom; padding-left: 3.4pt; text-align: center">0.00%</td></tr> <tr id="xdx_409_eoef--OtherExpensesOverAssets_dp_zR2ZZkS6Qu5"> <td style="vertical-align: bottom; padding-left: 5.75pt">Other Expenses(2)</td> <td style="vertical-align: top; text-align: center"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; padding-left: 3.4pt; text-align: center">0.00%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_dp_zWfpa0WOqTx6"> <td style="vertical-align: bottom; padding-left: 5.75pt">Total Annual Fund Operating Expenses</td> <td style="vertical-align: top; text-align: center"> </td> <td style="vertical-align: bottom; padding-left: 3.4pt; text-align: center">0.59%</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: 38px">(1)</td> <td style="text-align: justify">The Fund’s investment adviser, Tidal Investments LLC (“Tidal” or the “Adviser”), a Tidal Financial Group company, will pay, or require a third-party to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding 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 (collectively, the “Excluded Expenses”).</td></tr> <tr style="vertical-align: top"> <td>(2)</td> <td style="text-align: justify">Based on estimated amounts for the current fiscal year.</td></tr> </table> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0059 0.0000 0.0000 0.0059 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 hold or redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8B_eoef--ExpenseExampleWithRedemptionTableTextBlock_zLuVvSDA5VAi"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zPKE5nExKQpg" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 40%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_484_eoef--ExpenseExampleYear01_z5TpE4ZJ2B02" style="border-top: black 1pt solid; width: 50%; text-align: center">1 Year</td> <td id="xdx_48A_eoef--ExpenseExampleYear03_zXTayjNutc96" style="border-top: black 1pt solid; width: 50%; text-align: center">3 Years</td></tr> <tr id="xdx_412_20260904__20260904__oef--ClassAxis__custom--C000278494Member_zN3N1qSB3lI1" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: center">$60</td> <td style="border-bottom: black 1pt solid; text-align: center">$189</td></tr> </table> 60 189 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 uses a “passive management” (or indexing) approach to track the performance, before fees and expenses, of the Index. The Index follows a rules-based methodology (described generally below) that tracks the performance of U.S. and Non-U.S companies with thematic exposure to the design and development of robotaxi vehicles and platforms, as well as those engaged in supplying enabling technologies and infrastructure that support the potential commercialization of autonomous taxi services. The Index is owned and administered by BITA GmbH (the “Index Provider”), and the Index Provider partnered with the Adviser to co-develop the methodology used by the Index to determine the securities included in the Index. The Adviser is not involved in the ongoing maintenance of the Index or any discretionary decisions relating to its application, is not affiliated with the Index Provider, and does not act in the capacity of an index provider. BITA Robotaxi Select Index The Index includes companies with significant thematic exposure to the development of robotaxi vehicles and platforms or that are engaged in supplying enabling technologies and infrastructure that support the potential commercialization of autonomous taxi services. The Index’s initial universe consists of all U.S. and Non-U.S. companies for which sufficient relevant information is available from public sources. The initial universe is screened using the following criteria: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">A.</td> <td style="text-align: justify">Thematic Exposure Requirement: To be eligible for inclusion in the Index, a company must: derive at least 50% of its total revenue from at least one of the “Sub-Themes” listed below; or demonstrate material involvement in one or more of the Sub-Themes” listed below. The Index Provider determines whether there is material involvement using a rules-based methodology that considers a company’s revenue exposure, disclosed investments, research and development (R&D) activity, strategic partnerships, government contracts, and patent filings. For additional information about how the Index Provider determines whether a company has material involvement in a sub-theme, see the sections of the Prospectus titled “Additional Information About the Funds – Principal Investment Strategies.”</td></tr> </table> Sub-Themes: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 96px"> </td> <td style="width: 24px; padding-top: 10pt">●</td> <td style="padding-top: 10pt; text-align: justify">Robotaxi Operators & Ride-Hailing Networks: Companies that build and manage the digital platforms where users book and pay for driverless rides. This includes firms developing the dispatching algorithms and real-time apps necessary to run a commercial autonomous taxi fleet that replaces traditional ride-sharing and private car ownership.</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: 96px"> </td> <td style="width: 24px; padding-top: 10pt">●</td> <td style="padding-top: 10pt; text-align: justify">Self-Driving Software and Artificial Intelligence (“AI”) Drivers: Companies that create the "virtual driver" or the brain of the vehicle. This focuses on high-automation software capable of steering, braking, and navigating complex city streets without a human behind the wheel. These firms use artificial intelligence to process surroundings and make split-second driving decisions.</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: 96px"> </td> <td style="width: 24px; padding-top: 10pt">●</td> <td style="padding-top: 10pt; text-align: justify">Autonomous Sensors and Processing Hardware: Companies that design the physical eyes and brains for autonomous vehicles. This includes Light Detection and Ranging (“LiDAR”) and radar for 3D vision, high-definition cameras for object recognition, and powerful computer chips that handle the massive amount of data required for a vehicle to drive itself safely.</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: 96px"> </td> <td style="width: 24px; padding-top: 10pt">●</td> <td style="padding-top: 10pt; text-align: justify">Autonomous Infrastructure and Fleet Management: Companies providing the physical and digital backbone required to support uncrewed vehicle fleets. This includes robotic and automated charging solutions that allow unoccupied electric vehicles to recharge without human assistance, as well as providers of high-definition mapping, remote teleoperation services, and automated fleet maintenance platforms.</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: 24px"> </td> <td style="width: 24px; padding-top: 10pt">B.</td> <td style="padding-top: 10pt; text-align: justify">Market Capitalization Requirement: Companies must have a market capitalization of at least $250 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: 24px"> </td> <td style="width: 24px; padding-top: 10pt">C.</td> <td style="padding-top: 10pt; text-align: justify">Developed Market Exchange: To be eligible for inclusion, a company’s shares must trade on one of the exchanges listed below:</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: 48px; padding-top: 10pt"> </td> <td style="width: 24px; padding-top: 10pt">●</td> <td style="text-align: justify; padding-top: 10pt">Selection Priority: When selecting eligible shares trading on one or more exchanges listed below, the Index prioritizes U.S.-listed shares for inclusion and non-U.S. listed shares are considered only if U.S.-listed shares are unavailable.</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: 48px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Eligible Exchanges (listed alphabetically by country): Australia (Australian Stock Exchange); Austria (Wiener Börse); Belgium (Euronext Brussels); Canada (Canadian Securities Exchange, Toronto Stock Exchange or TSX Venture Exchange); Denmark (Nasdaq Copenhagen); Finland (Nasdaq Helsinki); France (Euronext Paris Exchange); Germany (Deutsche Börse); Hong Kong (Hong Kong Stock Exchange); Ireland (Euronext Irish Stock Exchange); Israel (Tel-Aviv Stock Exchange); Italy (Borsa Italiana); Japan (Tokyo Stock Exchange); Netherlands (Euronext Amsterdam); New Zealand (New Zealand Exchange); Norway (Euronext Oslo Børs); Portugal (Euronext Lisbon); Singapore (Singapore Exchange); Spain (Bolsas y Mercados Españoles); Sweden (Nasdaq Stockholm); Switzerland (SIX Swiss Exchange); and United Kingdom (London Stock Exchange); United States (Nasdaq, New York Stock 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: 24px"> </td> <td style="width: 24px; padding-top: 10pt">D.</td> <td style="padding-top: 10pt; text-align: justify">Minimum Free Float Percentage: Securities must have a free-float percentage of at least 10%.</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: 24px"> </td> <td style="width: 24px; padding-top: 10pt">E.</td> <td style="padding-top: 10pt; text-align: justify">Minimum Liquidity: Securities with a 3-Month Average Daily Traded Value (ADTV) below USD 0.5 million, are excluded.</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: 24px"> </td> <td style="width: 24px; padding-top: 10pt">F.</td> <td style="padding-top: 10pt; text-align: justify">Ordinary Shares or ADRs: The Index includes only ordinary shares and American Depositary Receipts (ADRs) of eligible companies.</td></tr> </table> Companies that satisfy the criteria described above are included as Index constituents (each such company, a “Robotaxi and Autonomous Vehicle Company”). Index constituents are weighted according to their free-float market capitalization. While the Index has minimum market capitalization requirements, the Index may have exposure to small-, mid- and large-capitalization companies. The Index will include only Robotaxi and Autonomous Vehicle Companies and generally includes between 20 and 40 constituents. As of August 31, 2026, the Index contained 21 constituents. For more information about Index eligibility requirements and methodology, see “Additional Information About the Funds” below. The Fund’s Investment Strategy The Fund attempts to invest all, or substantially all, of its assets in the component securities that make up the Index. Under normal circumstances, at least 80% of the Fund’s total assets (plus any borrowings for investment purposes) will be invested in Robotaxi and Autonomous Vehicle Companies that are component securities of the Index. The Fund will generally use a “replication” strategy to achieve its investment objective, meaning it generally will invest in all of the component securities of the Index. However, 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 (e.g., 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 generally may invest up to 20% of its total assets (plus any borrowings for investment purposes) in securities or other investments not included in the Index, but which the Adviser believes will help the Fund track the Index. For example, the Fund may invest in securities that are not components of the Index to reflect various corporate actions and other changes to the Index (such as reconstitutions, additions, and deletions). To the extent the Index concentrates (i.e., holds more than 25% of its total assets in the securities of a particular industry or group of related industries), the Fund will concentrate its investments to approximately the same extent as the Index. As of the date of this prospectus, the Index is concentrated in the financial services industry. The Fund is “non-diversified” for purposes of the 1940 Act, which means that the Fund may invest in fewer issuers at any one time than a diversified fund. Under normal circumstances, at least 80% of the Fund’s total assets (plus any borrowings for investment purposes) will be invested in Robotaxi and Autonomous Vehicle Companies that are component securities of the Index. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ArtificialIntelligenceRoboticsandAutonomousSystemsCompaniesRiskMember_zFzlW0OcVfr8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Artificial Intelligence, Robotics and Autonomous Systems Companies Risk. Companies that develop, manufacture or deploy artificial intelligence technologies, robotics and autonomous systems 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 their 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 a company’s product or even questions about the safety of the product could be devastating to the company, especially if it is the company’s marquee product. Autonomous Vehicle Company Risk. The autonomous vehicle industries are in a phase of rapid technological innovation. Companies may face challenges in developing reliable, efficient, and cost-effective technologies, which could delay product rollouts or reduce competitiveness. The success of electric and autonomous vehicle companies is influenced by government policies, such as subsidies, tax incentives, emissions regulations, and autonomous driving laws. Changes or uncertainty in these policies may adversely impact the growth prospects of such companies. Autonomous vehicle development requires significant upfront capital for research and development, production facilities, and infrastructure. Companies may face difficulties in securing adequate funding, particularly in volatile market conditions or periods of rising interest rates. In addition, autonomous vehicle companies depend on the availability of raw materials, particularly for batteries (e.g., lithium, cobalt, nickel). Supply chain disruptions, geopolitical tensions, or material shortages could increase costs and hinder production. Consumer adoption of autonomous vehicles depends on factors such as vehicle affordability, charging infrastructure availability, range anxiety, and consumer trust in autonomous driving technology. Slower-than-expected adoption could impact company revenues. Lastly, the market for autonomous vehicles is highly competitive, with established automakers, startups, and technology companies vying for market share. Intense competition may lead to pricing pressure, reduced margins, or market consolidation. Equity Market Risk. The equity securities held in the Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which the Fund invests. Common stocks, such as those held by the Fund, are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from issuers. General 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), interest rates, global demand for particular products or resources, natural disasters or events, pandemic diseases, terrorism, regulatory events, and government controls. Sector and Industry Risk. At times the Fund may increase the relative emphasis of its investments in a particular sector, industry or group of industries. The prices of securities of issuers in a particular sector, industry or group of industries may be more susceptible to fluctuations due to changes in economic or business conditions, government regulations, availability of basic resources or supplies, or other events that affect that sector, industry or group of industries more than securities of issuers in other industries and sectors. To the extent that the Fund increases the relative emphasis of its investments in a particular sector, industry or group of industries, the value of Shares may fluctuate in response to events affecting that sector, industry or group of industries. <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--AutomobilesIndustryRiskMember_zE4aSmM2v4O8"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Automobiles Industry Risk. Automobile companies may be negatively affected by labor relations and costs, automotive technology developments (including autonomous vehicles) and consumer preferences. The automobiles industry may also be subject to significant government regulation, including tariffs, taxes, subsidies, import and export restrictions and environmental regulations. The automobiles industry may have a greater exposure to a single factor, such as an increase in the price of oil, which may adversely affect the sale of automobiles and, as a result, the value of the industry’s securities. The automobiles industry can be highly cyclical, and companies in the industry may suffer periodic operating losses. The industry can be significantly affected by labor relations and fluctuating component prices. While most of the major manufacturers are large, financially strong companies, many others are small and can be non-diversified in both product line and customer base. Additionally, developments in automotive technologies (e.g., autonomous vehicle technologies) may require significant capital expenditures that may not generate profits for several years, if any. Companies in the automobiles industry may be significantly subject to government policies and regulations regarding imports and exports of automotive products. Governmental policies affecting the automotive industry, such as taxes, tariffs, duties, subsidies, and import and export restrictions on automotive products can influence industry profitability. In addition, such companies must comply with environmental laws and regulations, for which there may be severe consequences for non-compliance.</td></tr> </table> Foreign Securities Risk. Investments in securities or other instruments of non-U.S. issuers 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. ADRs Risk. ADRs involve risks similar to those associated with investments in foreign securities and give rise to certain additional risks. ADRs listed on U.S. exchanges are issued by banks or trust companies, and entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares (Underlying Shares). When the Fund invests in ADRs as a substitute for an investment directly in the Underlying Shares, the Fund is exposed to the risk that the ADRs may not provide a return that corresponds precisely with that of the Underlying Shares. Investment in ADRs may be less liquid than the Underlying Shares in their primary trading market. Market Capitalization Risk. <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargecapitalizationInvestingMember_z3rOnua6Gp73"></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: 75px"> </td> <td style="width: 38px">○</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_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidcapitalizationInvestingMember_zGqBPt8OHuuc"></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: 75px"> </td> <td style="width: 38px">○</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.</td></tr> </table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallcapitalizationInvestingMember_zri914pyO94"></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: 75px"> </td> <td style="width: 38px">○</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> 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. 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. Recent Market Events Risk. U.S. and international markets have experienced and may continue to experience significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including uncertainty regarding inflation and central banks’ interest rate changes, the possibility of a national or global recession, trade tensions and tariffs, political events, armed conflict, war and geopolitical conflict. These developments, as well as other events, could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets, despite efforts to address market disruptions. Concentration Risk. The Fund’s investments will be concentrated to approximately the same extent in an 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. ETF Risks. <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zD1xhR8nPsx7"></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: 75px"> </td> <td style="width: 38px">○</td> <td style="text-align: justify">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</td></tr> </table> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zeHQA2dPG635"></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: 75px"> </td> <td style="width: 38px">○</td> <td style="text-align: justify">Costs of Buying or Selling Shares. Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid-ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</td></tr> </table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zptEh7pHw8O5"></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: 75px"> </td> <td style="width: 38px">○</td> <td style="text-align: justify">Shares May Trade at Prices Other Than NAV. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.</td></tr> </table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zEojCsVuzOG7"></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: 75px"> </td> <td style="width: 38px">○</td> <td style="text-align: justify">Trading. Although Shares are listed on a national securities exchange, such as the NYSE Arca, 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. Also, in stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings. These adverse effect on liquidity for Shares, in turn, could lead to wider bid/ask spreads and differences between the market price of Shares and the underlying value of those Shares.</td></tr> </table> Index ETF Risk. The Fund’s strategy is linked to an Index maintained by the Index Provider that exercises complete control over the Index. Neither the Adviser nor the Index Provider is able to guarantee the continuous availability or timeliness of the production of the Index. There is no assurance that the Index Provider, or any agents that act on its behalf, will compile the Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. The Adviser relies upon the Index Provider and its agents to compile, determine, maintain, construct, reconstitute, rebalance, compose, calculate (or arrange for an agent to calculate), and disseminate the Index accurately. 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. The Index may not reflect all companies meeting the Index’s eligibility criteria if certain characteristics of a company are not known at the time the Index is composed or reconstituted. 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. Any losses or costs associated with errors made by the Index Provider or its agents generally will be borne by the Fund and its shareholders. 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. 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. Investment in a limited number of issuers exposes the Fund to greater market risk and potential losses than if its assets were diversified among a greater number of issuers. 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. Tracking Error Risk. As with all index funds, 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. The use of sampling techniques may affect the Fund’s ability to achieve close correlation with its Index. The Fund may use a representative sampling strategy to achieve its investment objective, if the Adviser believes it is in the best interests of the Fund, which generally can be expected to produce a greater non-correlation risk. Performance Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. Updated performance information will be available on the Fund’s website at www.sofi.com/invest/etfs/. Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. www.sofi.com/invest/etfs/ The Fund’s investment adviser, Tidal Investments LLC (“Tidal” or the “Adviser”), a Tidal Financial Group company, will pay, or require a third-party to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding 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 (collectively, the “Excluded Expenses”). Based on estimated amounts for the current fiscal year. The Fund’s investment adviser, Tidal Investments LLC (“Tidal” or the “Adviser”), a Tidal Financial Group company, will pay, or require a third-party to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding 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 (collectively, the “Excluded Expenses”). Based on estimated amounts for the current fiscal year. The Fund’s investment adviser, Tidal Investments LLC (“Tidal” or the “Adviser”), a Tidal Financial Group company, will pay, or require a third-party to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding 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 (collectively, the “Excluded Expenses”). Based on estimated amounts for the current fiscal year.