0002081107 2026-09-15 2026-09-15 0002081107 defiance:S000108994Member 2026-09-15 2026-09-15 0002081107 defiance:S000108994Member defiance:SatelliteCommunicationsAndSpaceIndustryRiskMember 2026-09-15 2026-09-15 0002081107 defiance:S000108994Member defiance:IndustrialsSectorRiskMember 2026-09-15 2026-09-15 0002081107 defiance:S000108994Member defiance:CommunicationServicesSectorRiskMember 2026-09-15 2026-09-15 0002081107 defiance:S000108994Member defiance:LeverageRiskMember 2026-09-15 2026-09-15 0002081107 defiance:S000108994Member defiance:ShortSellingRiskMember 2026-09-15 2026-09-15 0002081107 defiance:S000108994Member defiance:EquityMarketRiskMember 2026-09-15 2026-09-15 0002081107 defiance:S000108994Member defiance:ManagementRiskMember 2026-09-15 2026-09-15 0002081107 defiance:S000108994Member defiance:DerivativesRiskMember 2026-09-15 2026-09-15 0002081107 defiance:S000108994Member defiance:FuturesContractsMember 2026-09-15 2026-09-15 0002081107 defiance:S000108994Member defiance:OptionsContractsMember 2026-09-15 2026-09-15 0002081107 defiance:S000108994Member defiance:SwapAgreementsMember 2026-09-15 2026-09-15 0002081107 defiance:S000108994Member defiance:EquityTotalReturnSwapsMember 2026-09-15 2026-09-15 0002081107 defiance:S000108994Member defiance:CounterpartyRiskMember 2026-09-15 2026-09-15 0002081107 defiance:S000108994Member defiance:ConcentrationRiskMember 2026-09-15 2026-09-15 0002081107 defiance:S000108994Member defiance:EtfRisksMember 2026-09-15 2026-09-15 0002081107 defiance:S000108994Member defiance:AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember 2026-09-15 2026-09-15 0002081107 defiance:S000108994Member defiance:CashRedemptionRiskMember 2026-09-15 2026-09-15 0002081107 defiance:S000108994Member defiance:CostsOfBuyingOrSellingSharesMember 2026-09-15 2026-09-15 0002081107 defiance:S000108994Member defiance:SharesMayTradeAtPricesOtherThanNavMember 2026-09-15 2026-09-15 0002081107 defiance:S000108994Member defiance:TradingMember 2026-09-15 2026-09-15 0002081107 defiance:S000108994Member defiance:LiquidityRiskMember 2026-09-15 2026-09-15 0002081107 defiance:S000108994Member defiance:EconomicAndMarketRiskMember 2026-09-15 2026-09-15 0002081107 defiance:S000108994Member defiance:ForeignSecuritiesRiskMember 2026-09-15 2026-09-15 0002081107 defiance:S000108994Member defiance:CurrencyExchangeRateRiskMember 2026-09-15 2026-09-15 0002081107 defiance:S000108994Member defiance:DepositaryReceiptRiskMember 2026-09-15 2026-09-15 0002081107 defiance:S000108994Member defiance:DevelopedMarketsRiskMember 2026-09-15 2026-09-15 0002081107 defiance:S000108994Member defiance:EmergingMarketsRiskMember 2026-09-15 2026-09-15 0002081107 defiance:S000108994Member defiance:HighPortfolioTurnoverRiskMember 2026-09-15 2026-09-15 0002081107 defiance:S000108994Member defiance:LiquidityRisk1Member 2026-09-15 2026-09-15 0002081107 defiance:S000108994Member defiance:MoneyMarketInstrumentRiskMember 2026-09-15 2026-09-15 0002081107 defiance:S000108994Member defiance:NewFundRiskMember 2026-09-15 2026-09-15 0002081107 defiance:S000108994Member oef:RiskNondiversifiedStatusMember 2026-09-15 2026-09-15 0002081107 defiance:S000108994Member defiance:OperationalRiskMember 2026-09-15 2026-09-15 0002081107 defiance:S000108994Member defiance:IpospacdespacRiskMember 2026-09-15 2026-09-15 0002081107 defiance:S000108994Member defiance:WarrantsAndRightsRiskMember 2026-09-15 2026-09-15 0002081107 defiance:S000108994Member defiance:TaxRiskMember 2026-09-15 2026-09-15 0002081107 defiance:S000108993Member 2026-09-15 2026-09-15 0002081107 defiance:S000108993Member defiance:SectorAndIndustryRisksMember 2026-09-15 2026-09-15 0002081107 defiance:S000108993Member defiance:ArtificialIntelligenceRiskMember 2026-09-15 2026-09-15 0002081107 defiance:S000108993Member defiance:ComputeRiskMember 2026-09-15 2026-09-15 0002081107 defiance:S000108993Member defiance:DatacenterIndustryRiskMember 2026-09-15 2026-09-15 0002081107 defiance:S000108993Member defiance:SemiconductorsandSemiconductorEquipmentIndustryRiskMember 2026-09-15 2026-09-15 0002081107 defiance:S000108993Member defiance:SoftwareIndustryRiskMember 2026-09-15 2026-09-15 0002081107 defiance:S000108993Member defiance:TechnologySectorRiskMember 2026-09-15 2026-09-15 0002081107 defiance:S000108993Member defiance:LeverageRiskMember 2026-09-15 2026-09-15 0002081107 defiance:S000108993Member defiance:ShortSellingRiskMember 2026-09-15 2026-09-15 0002081107 defiance:S000108993Member defiance:EquityMarketRiskMember 2026-09-15 2026-09-15 0002081107 defiance:S000108993Member defiance:ManagementRiskMember 2026-09-15 2026-09-15 0002081107 defiance:S000108993Member defiance:DerivativesRiskMember 2026-09-15 2026-09-15 0002081107 defiance:S000108993Member defiance:FuturesContractsMember 2026-09-15 2026-09-15 0002081107 defiance:S000108993Member defiance:OptionsContractsMember 2026-09-15 2026-09-15 0002081107 defiance:S000108993Member defiance:SwapAgreementsMember 2026-09-15 2026-09-15 0002081107 defiance:S000108993Member defiance:EquityTotalReturnSwapsMember 2026-09-15 2026-09-15 0002081107 defiance:S000108993Member defiance:CounterpartyRiskMember 2026-09-15 2026-09-15 0002081107 defiance:S000108993Member defiance:ConcentrationRiskMember 2026-09-15 2026-09-15 0002081107 defiance:S000108993Member defiance:EtfRisksMember 2026-09-15 2026-09-15 0002081107 defiance:S000108993Member defiance:AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember 2026-09-15 2026-09-15 0002081107 defiance:S000108993Member defiance:CashRedemptionRiskMember 2026-09-15 2026-09-15 0002081107 defiance:S000108993Member defiance:CostsOfBuyingOrSellingSharesMember 2026-09-15 2026-09-15 0002081107 defiance:S000108993Member defiance:SharesMayTradeAtPricesOtherThanNavMember 2026-09-15 2026-09-15 0002081107 defiance:S000108993Member defiance:TradingMember 2026-09-15 2026-09-15 0002081107 defiance:S000108993Member defiance:LiquidityRiskMember 2026-09-15 2026-09-15 0002081107 defiance:S000108993Member defiance:EconomicAndMarketRiskMember 2026-09-15 2026-09-15 0002081107 defiance:S000108993Member defiance:ForeignSecuritiesRiskMember 2026-09-15 2026-09-15 0002081107 defiance:S000108993Member defiance:CurrencyExchangeRateRiskMember 2026-09-15 2026-09-15 0002081107 defiance:S000108993Member defiance:DepositaryReceiptRiskMember 2026-09-15 2026-09-15 0002081107 defiance:S000108993Member defiance:DevelopedMarketsRiskMember 2026-09-15 2026-09-15 0002081107 defiance:S000108993Member defiance:EmergingMarketsRiskMember 2026-09-15 2026-09-15 0002081107 defiance:S000108993Member defiance:HighPortfolioTurnoverRiskMember 2026-09-15 2026-09-15 0002081107 defiance:S000108993Member defiance:LiquidityRisk1Member 2026-09-15 2026-09-15 0002081107 defiance:S000108993Member defiance:MoneyMarketInstrumentRiskMember 2026-09-15 2026-09-15 0002081107 defiance:S000108993Member defiance:NewFundRiskMember 2026-09-15 2026-09-15 0002081107 defiance:S000108993Member oef:RiskNondiversifiedStatusMember 2026-09-15 2026-09-15 0002081107 defiance:S000108993Member defiance:OperationalRiskMember 2026-09-15 2026-09-15 0002081107 defiance:S000108993Member defiance:IpospacdespacRiskMember 2026-09-15 2026-09-15 0002081107 defiance:S000108993Member defiance:WarrantsAndRightsRiskMember 2026-09-15 2026-09-15 0002081107 defiance:S000108993Member defiance:TaxRiskMember 2026-09-15 2026-09-15 0002081107 defiance:C000280090Member 2026-09-15 2026-09-15 0002081107 defiance:C000280089Member 2026-09-15 2026-09-15 0002081107 defiance:S000108994Member oef:RiskLoseMoneyMember 2026-09-15 2026-09-15 0002081107 defiance:S000108993Member oef:RiskLoseMoneyMember 2026-09-15 2026-09-15 iso4217:USD pure false 485BPOS 0002081107 2026-09-15 N-1A TIDAL TRUST V 2026-09-15 DEFIANCE LONG/SHORT SPACE ECONOMY VS. LEGACY COMMUNICATIONS ETF – FUND SUMMARY Investment Objective Defiance Long/Short Space Economy vs. Legacy Communications ETF (the “Fund”) seeks long-term capital appreciation. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. <div id="xdx_A8F_eoef--AnnualFundOperatingExpensesTableTextBlock_zQTiTumtIXcb"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_z2hLPU84xgvl" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td id="xdx_98C_eoef--OperatingExpensesCaption_c20260915__20260915__dei--LegalEntityAxis__custom--S000108994Member_z2VCk4NRUPL7" style="border-bottom: black 1pt solid; width: 94%">Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_493_20260915__20260915__oef--ClassAxis__custom--C000280090Member_ztJP4z1wn7Mc" style="border-bottom: black 1pt solid; width: 5%"> </td> <td style="border-bottom: black 1pt solid; width: 1%"> </td></tr> <tr id="xdx_402_eoef--ManagementFeesOverAssets_dpn_zPec5MpCfhtd" style="vertical-align: bottom"> <td>Management Fee </td> <td style="text-align: right">0.75</td> <td>%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dpn_zvCub8CQrb09" style="vertical-align: bottom"> <td>Distribution and Service (12b-1) Fees </td> <td style="text-align: right">None</td> <td> </td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zuXkmvxECdA" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid">Other Expenses (includes broker interest) (2)</td> <td style="border-bottom: black 1pt solid; text-align: right">0.02</td> <td style="border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_407_eoef--ExpensesOverAssets_dpn_zsAvcSfIq1rd" style="vertical-align: bottom"> <td>Total Annual Fund Operating Expenses(3)</td> <td style="border-bottom: black 2.25pt double; text-align: right">0.77</td> <td style="border-bottom: black 2.25pt double">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td>(1) </td> <td style="text-align: justify"> The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund excluding advisory fees, subadvisory fees (if applicable), interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses.</td></tr> <tr style="vertical-align: top"> <td>(2) </td> <td style="text-align: justify"> Based on estimated amounts for the current fiscal year.</td></tr> <tr style="vertical-align: top"> <td>(3) </td> <td style="text-align: justify"> The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</td></tr> <tr> <td style="width: 3%"> </td> <td style="width: 97%"> </td></tr> </table> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0075 0 0.0002 0.0077 Based on estimated amounts for the current fiscal year. Expense Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A89_eoef--ExpenseExampleWithRedemptionTableTextBlock_zO7c9RrdlHU4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zn0ktKEE5dx" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_481_eoef--ExpenseExampleYear01_zBa2l9w4Ngoc" style="border-top: black 1pt solid; text-align: center">1 Year</td> <td id="xdx_482_eoef--ExpenseExampleYear03_zOZCEeDXcC8h" style="border-top: black 1pt solid; text-align: center">3 Years</td></tr> <tr> <td style="text-align: center"> </td> <td style="text-align: center"> </td></tr> <tr id="xdx_415_20260915__20260915__oef--ClassAxis__custom--C000280090Member_zclG09gTNNjl"> <td style="border-bottom: black 1pt solid; text-align: center">$79</td> <td style="border-bottom: black 1pt solid; text-align: center">$246</td></tr> </table> 79 246 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the Example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available. Principal Investment Strategies The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by purchasing long positions in securities the Adviser expects to increase in price and taking short positions in securities the Adviser expects to decline in price. The Fund’s long/short strategy expresses a single thematic view: that space-based connectivity and services, including low-Earth-orbit (“LEO”) satellite broadband, direct-to-device (“D2D”) cellular, Earth observation, and lunar and deep-space services, are displacing legacy terrestrial telecommunications and cable infrastructure. Under normal circumstances, the Fund maintains a “130/30” structure, with approximately 130% long exposure and approximately 30% short exposure, producing approximately 100% net long exposure. The Fund’s net exposure at any time equals the Fund’s long holdings (expressed as a percentage of net assets, including leverage) less its short holdings (expressed as a percentage of net assets). For example, if the Fund’s long holdings totaled 130% and its short holdings totaled 30%, the Fund’s net exposure would be 100% (130% - 30%). Long Exposure The Fund’s long positions, representing approximately 130% of its net assets, consist of a focused basket of equity securities of companies that the Adviser believes are either: (i) pure-play participants in the space economy (i.e., companies that derive all or substantially all of their revenue from a single business line, industry, or theme); or (ii) strategically positioned beneficiaries of the space economy. The Adviser considers a company to be a strategically positioned beneficiary if at least 50% of its revenue or 50% of its gross profit is derived from one or more of the space economy subsectors listed below. Space Economy Subsectors: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">●</td> <td style="text-align: justify">launch vehicles and spacecraft manufacturing; </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">●</td> <td style="text-align: justify">direct-to-device low Earth orbit (“LEO”) cellular; </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">●</td> <td style="text-align: justify">Earth observation and geospatial analytics; </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">●</td> <td style="text-align: justify">satellite broadband;</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">●</td> <td style="text-align: justify">nuclear space propulsion;</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">●</td> <td style="text-align: justify">lunar and in-space services; </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">●</td> <td style="text-align: justify">satellite voice, data and Internet of Things (“IoT”) networks;</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">●</td> <td style="text-align: justify">defense and space ground systems; and</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">●</td> <td style="text-align: justify">aerospace and defense prime contractors with material space-systems revenue.</td></tr> </table> “Satellite voice, data, and Internet of Things (IoT) networks” refer to companies that provide machine-to-machine or device connectivity transmitted via satellite rather than terrestrial wireless or wireline networks (e.g., asset tracking, remote monitoring, or telematics services). “Defense and space ground systems” refer to companies that design, build, or operate the terrestrial infrastructure (e.g., satellite control centers, ground antennas, and mission operations software) necessary to command, control, and downlink data from satellites and other space assets. “Aerospace and defense prime contractors with material space-systems revenue” refer to large, diversified aerospace and defense companies that separately report or otherwise disclose a discrete space-systems business (e.g., satellite manufacturing, launch systems, or space-based sensing) representing a significant portion of consolidated revenue. The Fund’s long positions are generally equally weighted following the Adviser’s periodic portfolio rebalancing. The Adviser monitors the portfolio on an ongoing basis and may add or remove positions or adjust position weights between rebalancing dates in response to market conditions, changes in investment opportunities, or risk management considerations. To obtain long exposure in excess of 100% of its net assets, the Fund may borrow money and invest in options, warrants, futures contracts, or swap agreements (“swaps”). The Fund’s use of leverage may amplify gains and losses, causing the value of the Fund’s portfolio to increase or decrease to a greater extent than that of a comparable fund that does not use leverage. Short Exposure The Fund takes short positions in the equity securities of U.S.-listed, capital-intensive legacy telecommunications and cable operators that the Adviser believes are structurally vulnerable to subscriber losses, secular revenue declines, or elevated leverage as connectivity shifts toward space-based and other next-generation technologies. In determining whether to treat companies as legacy communications companies (for potential short exposure), versus those positioned to potentially benefit from the space economy (for potential long exposure), the Adviser evaluates the sources from which a company derives the majority of its current revenue. For example, a legacy communications company that publicly discloses a strategic pivot away from traditional terrestrial telecommunications may remain eligible for the Fund’s short book for so long as it continues to derive the majority of its current revenue from legacy terrestrial telecommunications or cable operations. Alternatively, a legacy communications company that includes a space-based business component (e.g., a satellite television provider) will be evaluated on its overall revenue mix and may be considered for potential long exposure if its space-based business component(s) generates revenue sufficient to satisfy the criteria for long exposure described above. Short positions are equally weighted. The Fund generally establishes short exposure through prime brokerage arrangements by borrowing securities and selling them short (each, a “short sale”). The Fund also may use options or swaps to obtain similar short exposure, either instead of or in addition to short sales. To effect a short sale, the Fund arranges through a broker to borrow securities it does not own and deliver those securities to the purchaser. The Fund is obligated to replace the borrowed securities by purchasing and returning equivalent securities at a later date, regardless of their market price at that time. Before establishing or maintaining a short position, the Adviser confirms that the necessary securities are available to borrow. A short sale results in a gain if the market price of the borrowed securities declines between the date of the short sale and the date the Fund purchases the securities to close the position. Conversely, a short sale results in a loss if the market price of the borrowed securities increases during that period. The broker that effects the short sale typically retains the sale proceeds as part of the collateral securing the Fund’s obligation to cover the short position. Construction and Reconstitution The Adviser reviews the Fund’s portfolio on an ongoing basis and generally rebalances and repositions the Fund’s long and short exposures on a quarterly basis. During these periodic portfolio reviews, the Adviser may add or remove portfolio positions, adjust position weights, and rebalance the Fund’s long, short, net, and gross exposures in accordance with the Fund’s investment strategy. The Adviser may also make changes between scheduled portfolio reviews in response to market developments, changes in investment opportunities, risk management considerations, or other factors it deems appropriate. The Fund expects to hold a target range of approximately 5 to 25 long positions and 3 to 15 short positions in the portfolio at any given time, although these ranges will vary over time depending on market conditions and the Adviser’s assessment of attractive investment opportunities. The Adviser’s selection of investments is based on factors including but not limited to market capitalization, liquidity, relative purity of thematic exposure, and portfolio diversification. Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in investments that provide long exposure to the equity securities of companies that the Adviser considers to be pure-play participants in or strategically positioned beneficiaries of the space economy, as described above. Qualifying investments include equity securities (including American Depositary Receipts), and derivatives, such as options, futures contracts, and swap agreements, that provide long exposure to such companies. The Fund’s short positions are not considered qualifying investments for purposes of this 80% investment policy. For purposes of this 80% investment policy, the Fund values derivatives based on their notional value. Fund Attributes The Fund is classified as “non-diversified” under the 1940 Act. The Fund will have economic exposure that is concentrated in the industries or groups of industries related to the Industrials and Communication Services sectors. The Fund’s investment strategy is expected to result in a high annual portfolio turnover rate. Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in investments that provide long exposure to the equity securities of companies that the Adviser considers to be pure-play participants in or strategically positioned beneficiaries of the space economy, as described above. The Fund may not achieve its investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--SatelliteCommunicationsAndSpaceIndustryRiskMember_zRt5spwDeswh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Satellite Communications and Space Industry Risk. Companies engaged in satellite communications and/or the space industry may be significantly impacted by rapid and significant technological advancements in the satellite communications and space industry that result in the obsolescence of a company’s products and/or services. Satellite companies are subject to competition from other satellite companies as well as terrestrial industries. Companies in the space industry may face significant competition from new entrants, including both governments and the private sector, and are thus subject to increased risk relative to companies operating in more established industries. Increased competition may result in the need for significant capital expenditures by these companies. These companies rely, to a large extent, on U.S. Government and non-U.S. government demand for their products and services and may be significantly affected by changes in government regulations and spending. Changes to an administration’s priorities with respect to space exploration and scientific discovery may result in budgetary cuts, government staff reductions, and/or program closures, which in turn may impact the profitability of these companies. Satellite companies are also subject to regulatory risks relating to the allocation of orbital positions and spectrum under the International Telecommunication Union as well as other regulatory bodies in foreign countries. These companies also rely upon obtaining government authorization to license and/or operate ground facilities used to operate their satellites and/or relay data. If a company fails to obtain or maintain regulatory authorizations with respect to orbital positions, spectrum, or associated ground facilities, the company may not be able to operate its existing satellites or expand its operations. Satellite companies are also subject to manufacturing delays, launch delays or failures, and operational and environmental risks (e.g., signal interference or space debris) that could limit their ability to utilize satellites needed to deliver services to customers. Such companies may also be subject to additional risks if they do not carry commercial launch or in-orbit insurance covering the full value of their satellites. In addition, these companies are heavily dependent upon patent and intellectual property rights. A company’s success in obtaining or protecting a patent related to satellite communications technologies, including the associated costs, are critical factors that may affect a company’s profitability. Industrials Sector Risk. Companies operating in the industrials sector or issuers in industrials-related industries may be significantly affected by, among other things, worldwide economic growth, changes in supply and demand for specific products and services, product obsolescence, rapid technological developments, international, political and economic developments, environmental issues, tax and governmental regulatory policies, claims for environmental damage or product liability and general economic conditions. Any factors adversely affecting companies in the industrials sector could have a significant adverse impact on the Fund’s performance. Communication Services Sector Risk. Communication companies are particularly vulnerable to the potential obsolescence of products and services due to technological advancement and the innovation of competitors. Companies in the communications services sector may also be affected by other competitive pressures, such as pricing competition, as well as research and development costs, substantial capital requirements and government regulation. Additionally, fluctuating domestic and international demand, shifting demographics and often unpredictable changes in consumer tastes can drastically affect a communication company’s profitability. While all companies may be susceptible to network security breaches, certain companies in the communications services sector may be particular targets of hacking and potential theft of proprietary or consumer information or disruptions in service, which could have a material adverse effect on their businesses. Leverage Risk. Leverage is investment exposure that exceeds the initial amount invested. Leveraging investments, (e.g., by purchasing securities with borrowed money), is a speculative technique that increases investment risk while increasing investment opportunity. Leverage will magnify changes in the Fund’s net asset value and on the Fund’s investments. Derivatives and other transactions that give rise to leverage may cause the Fund’s performance to be more volatile than if the Fund had not been leveraged. Leveraging also may require that the Fund liquidate portfolio securities when it may not be advantageous to do so to satisfy its obligations or to meet segregation requirements. Further, the use of leverage may require the Fund to maintain assets as “cover,” maintain segregated asset accounts, or make margin payments, which might impair the Fund’s ability to sell a portfolio security or make an investment at a time when it would otherwise be favorable to do so, or require that the Fund sell a portfolio security at a disadvantageous time. Short Selling Risk. The Fund may make short sales of securities, which involves selling a security it does not own in anticipation that the price of the security will decline. Short sales may involve substantial risk and leverage. Short sales expose the Fund to the risk that it will be required to buy (“cover”) the security sold short when the security has appreciated in value or is unavailable, thus resulting in a loss to the Fund. Short sales also involve the risk that losses may exceed the amount invested and may be unlimited. Equity Market Risk. Common stocks, such as those held by the Fund, are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from specific issuers. The equity securities held in the Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which the Fund invests. Management Risk. The risk that the investment techniques and risk analyses applied by the investment adviser will not produce the desired results and that legislative, regulatory, or tax developments may affect the investment techniques available to the investment adviser and the individual portfolio manager in connection with managing the Fund. There is no guarantee that the investment objective of the Fund will be achieved. Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of the underlying reference asset and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. Futures Contracts. Risks of futures contracts include: (i) an imperfect correlation between the value of the futures contract and the underlying asset; (ii) possible lack of a liquid secondary market; (iii) the inability to close a futures contract when desired; (iv) losses caused by unanticipated market movements, which may be unlimited; (v) an obligation for the Fund to make daily cash payments to maintain its required margin, particularly at times when the Fund may have insufficient cash; and (vi) unfavorable execution prices from rapid selling. Unlike equities, which typically entitle the holder to a continuing stake in a corporation, futures contracts normally specify a certain date for settlement in cash based on the reference asset. As the futures contracts approach expiration, they may be replaced by similar contracts that have a later expiration. This process is referred to as “rolling.” If the market for these contracts is in “contango,” meaning that the prices of futures contracts in the nearer months are lower than the price of contracts in the distant months, the sale of the near-term month contract would be at a lower price than the longer-term contract, resulting in a cost to “roll” the futures contract. The actual realization of a potential roll cost will be dependent upon the difference in price of the near and distant contract. Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political and economic events, changes in the actual or implied volatility of the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund in particular, the value of the options contracts in which it invests are substantially influenced by the value of the relevant underlying securities. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in the values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund may continuously maintain indirect exposure to one or more of the underlying securities through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. Swap Agreements. The use of swap transactions is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal depends on the ability of the Adviser to structure such swap agreements in accordance with the Fund’s investment objective and to identify appropriate counterparties. If the Adviser is unable to enter into swap agreements that provide the desired synthetic exposure to the underlying security, the Fund may not meet its stated investment objective. Additionally, any financing, transaction, or other costs associated with using swap transactions may have the effect of lowering the Fund’s return. The swap agreements in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivative instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets, securities, or instruments. The gross return to be exchanged or “swapped” between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in the reference asset. If the underlying security experiences a significant price movement that causes a material change in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to close out the swap transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to maintain exposure consistent with its investment objective. This may temporarily reduce the Fund’s ability to maintain its intended level of synthetic exposure until replacement transactions can be established. Certain of the swap agreements entered into by the Fund may be unfunded total return swaps, pursuant to which the Fund does not make an initial investment of the full notional amount of the swap. As a result, the Fund is exposed to the risk that its counterparty will be unable to meet its obligations under the swap agreement, and the Fund’s exposure to a counterparty generally equals the net amount owed to the Fund based on the daily change in value of the reference asset. In the event of a counterparty default or insolvency, the Fund may incur losses in excess of the collateral, if any, posted by the counterparty, and the timing and amount of any recovery may be uncertain. In addition, the use of unfunded swap agreements may create economic leverage for the Fund, which may magnify gains and losses and increase the volatility of the Fund’s returns. Equity Total Return Swaps. A total return swap (also sometimes referred to as a synthetic equity swap or “contract for difference” when written with respect to an equity security or basket of equity securities) is an agreement between two parties under which the parties agree to make payments to each other so as to replicate the economic consequences that would apply had a purchase or short sale of the underlying reference instrument or index thereof taken place. For example, one party agrees to pay the other party the total return earned or realized on the notional amount of an underlying equity security and any dividends declared with respect to that equity security. In return the other party makes payments, typically at a floating rate, calculated based on the notional amount. Counterparty Risk. To the extent contemplated by its investment strategy, the Fund may use derivative instruments, such as options, swaps, futures contracts and other instruments, to obtain or manage investment exposure. Derivatives may be subject to counterparty risk, meaning the risk that a counterparty, clearing member or clearing house will be unwilling or unable to perform its obligations to the Fund due to bankruptcy, insolvency, financial distress, operational failure or other default. If a counterparty or clearing member defaults, the Fund may lose the expected benefit of the transaction, experience delays or costs in recovering collateral or other amounts owed to it, or be required to enter into replacement transactions on less favorable terms, if at all. The Fund also may be unable to implement its investment strategy effectively if suitable counterparties or clearing members are unavailable. Concentration Risk. The Fund will have concentrated investment exposure to the industries related to the Industrials and Communication Services sectors. As a result, 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 <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zh8oXYHjevm8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. Cash Redemption Risk. The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. The costs associated with cash redemptions may include brokerage costs that the Fund may not have incurred if it had made the redemptions in-kind. These costs could be imposed on the Fund, decreasing its NAV, to the extent these costs are not offset by a transaction fee payable by an authorized participant. Costs of Buying or Selling Shares. Buying or selling Shares involves certain costs, including brokerage commissions, other charges imposed by brokers, and bid-ask spreads. The bid-ask spread represents the difference between the price at which an investor is willing to buy Shares and the price at which an investor is willing to sell Shares. The spread varies over time based on the Shares’ trading volume and market liquidity. The spread is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Due to the costs of buying or selling Shares, frequent trading of Shares may reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zuId5ujsXAHd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Shares May Trade at Prices Other Than NAV. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant. Trading. Although Shares are listed on a national securities exchange, such as Cboe BZX Exchange, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. This adverse effect on liquidity for the Fund’s shares may lead to wider bid-ask spreads and differences between the market price of the Fund’s shares and the underlying value of the shares. Liquidity Risk. In certain circumstances, such as the disruption of the orderly markets for the financial instruments in which the Fund invests, the Fund might not be able to acquire or dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the financial instruments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, health crises, natural disasters, excessive volatility, new legislation, or regulatory changes inside or outside of the U.S. These situations may have an impact on the liquidity of the Fund’s own shares. Economic and Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets. 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. Investments in foreign companies’ securities, including investments via depositary receipts, are subject to special risks, including the following: <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyExchangeRateRiskMember_z5XAmpV5n3s4"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Currency Exchange Rate Risk. The Fund’s assets may include exposure to investments denominated in non-U.S. currencies or in securities or other assets that provide exposure to such currencies. Changes in currency exchange rates and the relative value of non-U.S. currencies will affect the value of the Fund’s investments and the value of your Fund shares. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment in the Fund may change quickly and without warning and you may lose money.</td></tr> </table> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptRiskMember_z09H1PutUbv2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Depositary Receipt Risk. Depositary receipts involve risks similar to those associated with investments in foreign securities and give rise to certain additional risks. Depositary receipts listed on U.S. or foreign exchanges are issued by banks or trust companies, and entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares (Underlying Shares). When the Fund invests in depositary receipts as a substitute for an investment directly in the Underlying Shares, the Fund is exposed to the risk that the depositary receipts may not provide a return that corresponds precisely with that of the Underlying Shares.</td></tr> </table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--DevelopedMarketsRiskMember_ziFirkMuzD7i"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Developed Markets Risk. Developed market countries generally tend to rely on the services sectors (e.g., the financial services sector) as the primary source of economic growth and may be susceptible to the risks of individual service sectors. Many developed market countries have heavy indebtedness, which may lead downward pressure on the economies of these countries. As a result, it is possible that interest rates on debt of certain developed countries may rise to levels that make it difficult for such countries to service high debt levels without significant help from other countries or from a central bank. Developed market countries generally are dependent on the economies of certain key trading partners. Changes in any one economy may cause an adverse impact on several developed countries.</td></tr> </table> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_zF5WP8vbn7yh"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Emerging Markets Risk. The Fund may invest in securities issued by companies domiciled or headquartered in emerging market nations. Investments in securities traded in developing or emerging markets, or that provide exposure to such securities or markets, can involve additional risks relating to political, economic, currency, or regulatory conditions not associated with investments in U.S. securities and investments in more developed international markets. Such conditions may impact the ability of the Fund to buy, sell or otherwise transfer securities, adversely affect the trading market and price for Fund Shares and cause the Fund to decline in value.</td></tr> </table> High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the securities in its portfolio. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses. Frequent trading may also cause adverse tax consequences for investors in the Fund due to an increase in short-term capital gains. Liquidity Risk. Some securities held by the Fund may be difficult to sell or be illiquid, particularly during times of market turmoil. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell an illiquid security at an unfavorable time or price, the Fund may be adversely impacted. There is no assurance that a security that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. Money Market Instrument Risk. The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments, including money market funds, may lose money through fees or other means. New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions. Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio. Operational Risk. The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and Adviser seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks. IPO/SPAC/de-SPAC Risk. The Fund may invest in companies that have recently completed an IPO, are derived from a SPAC, or are derived from a de-SPAC business combination, including SPACs that have not yet completed a business combination (“Pre-Combination” SPACs). These companies may be unseasoned and lack a trading history, a track record of reporting to investors, and widely available research coverage. IPOs and stocks derived from SPACs or de-SPAC business combinations are thus often subject to extreme price volatility and speculative trading. These stocks may have above-average price appreciation in connection with the IPO or relevant transaction prior to the Fund’s purchase. The price of stocks selected may not continue to appreciate and the performance of these stocks may not replicate the performance exhibited in the past. In addition, IPOs and stocks derived from SPACs or de-SPAC business combinations may share similar illiquidity risks of private equity and venture capital. The ownership of many IPOs and stocks derived from SPACs or de-SPACs often includes large holdings by venture capital and private equity investors who seek to sell their shares in the public market in the months following an IPO or relevant transaction when shares restricted by lock-up are released, causing greater volatility and possible downward pressure during the time that locked-up shares are released, and SPAC investments may involve additional risks, including pricing misalignment, limited publicly available information, dependence on the sponsor’s ability to identify and consummate a business combination, potential conflicts of interest, and, in the case of Pre-Combination SPACs, the risk that a suitable business combination is not completed within a specified time period, which may result in liquidation of the SPAC. Warrants and Rights Risk. The Fund may receive or invest in warrants or rights in connection with its purchase of equity securities, including SPAC units. Warrants and rights do not represent an ownership interest in the issuer but instead confer the right to purchase underlying securities at a specified price, subject to the terms of the instrument. Accordingly, holders of warrants or rights generally do not have voting rights, receive dividends, or have rights with respect to the assets of the issuer. Investments in warrants and rights are speculative and involve a high degree of risk. The value of warrants and rights may be highly volatile and may not move in tandem with the value of the underlying securities. In addition, warrants and rights are complex financial instruments, and their accounting treatment and valuation involve significant judgment. For example, depending on their terms and the specific facts and circumstances of the issuer, warrants may be classified as equity or as assets or liabilities of the issuer, which can affect their valuation and increase the risk of error. Warrants and rights are also subject to the risk that they may expire worthless if not exercised or sold prior to expiration. In addition, the effective cost of acquiring the underlying securities upon exercise (i.e., the purchase price of the warrant or right plus the exercise price) may exceed the market value of the underlying securities at the time of exercise. With respect to SPAC-related investments, if a SPAC does not complete a business combination within the specified time period, any associated warrants or rights held by the Fund may expire worthless. Tax Risk. The Fund intends to elect and to qualify each year to be treated as a regulated investment company (a “RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (“Code”). As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to shareholders, provided that it satisfies certain requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund’s taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. To comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of swap contracts on shares of a single issuer does not exceed 25% of the Fund’s value at the close of any quarter. If the value of swap contracts on shares of a single issuer were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC. 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.defianceetfs.com. Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. www.defianceetfs.com DEFIANCE LONG/SHORT AI COMPUTE VS. LEGACY SOFTWARE ETF – FUND SUMMARY Investment Objective Defiance Long/Short AI Compute vs. Legacy Software ETF (the “Fund”) seeks long-term capital appreciation. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. <div id="xdx_A8A_eoef--AnnualFundOperatingExpensesTableTextBlock_zJiNGKVxp6Da"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zrcLh6ShNVW" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td id="xdx_98B_eoef--OperatingExpensesCaption_c20260915__20260915__dei--LegalEntityAxis__custom--S000108993Member_zG1BN96ELaG3" style="border-bottom: black 1pt solid; width: 94%">Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_495_20260915__20260915__oef--ClassAxis__custom--C000280089Member_zFQdG0rh3FXe" style="border-bottom: black 1pt solid; width: 5%"> </td> <td style="border-bottom: black 1pt solid; width: 1%"> </td></tr> <tr id="xdx_404_eoef--ManagementFeesOverAssets_dpn_ztXx5uNuu49f" style="vertical-align: bottom"> <td>Management Fee </td> <td style="text-align: right">0.75</td> <td>%</td></tr> <tr id="xdx_405_eoef--DistributionAndService12b1FeesOverAssets_dpn_zvSu8WautYI6" style="vertical-align: bottom"> <td>Distribution and Service (12b-1) Fees </td> <td style="text-align: right">None</td> <td> </td></tr> <tr id="xdx_40B_eoef--OtherExpensesOverAssets_dpn_zJwyzxcNbCai" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid">Other Expenses (includes broker interest)(2)</td> <td style="border-bottom: black 1pt solid; text-align: right">0.02</td> <td style="border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_ziSHBJcTFcTe" style="vertical-align: bottom"> <td>Total Annual Fund Operating Expenses(3)</td> <td style="border-bottom: black 2.25pt double; text-align: right">0.77</td> <td style="border-bottom: black 2.25pt double">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td>(1) </td> <td style="text-align: justify"> The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund excluding advisory fees, subadvisory fees (if applicable), interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses.</td></tr> <tr style="vertical-align: top"> <td>(2) </td> <td style="text-align: justify"> Based on estimated amounts for the current fiscal year.</td></tr> <tr style="vertical-align: top"> <td>(3) </td> <td style="text-align: justify"> The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</td></tr> <tr> <td style="width: 3%"> </td> <td style="width: 97%"> </td></tr> </table> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0075 0 0.0002 0.0077 Based on estimated amounts for the current fiscal year. Expense Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A87_eoef--ExpenseExampleWithRedemptionTableTextBlock_zcNMFc0IAmE3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zQwnWwPIZjrc" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_48B_eoef--ExpenseExampleYear01_zVJ2bhgJo03a" style="border-top: black 1pt solid; text-align: center">1 Year</td> <td id="xdx_484_eoef--ExpenseExampleYear03_zIl11uZg4oKc" style="border-top: black 1pt solid; text-align: center">3 Years</td></tr> <tr> <td style="text-align: center"> </td> <td style="text-align: center"> </td></tr> <tr id="xdx_41A_20260915__20260915__oef--ClassAxis__custom--C000280089Member_z1Saq3jvq1Ad"> <td style="border-bottom: black 1pt solid; text-align: center">$79</td> <td style="border-bottom: black 1pt solid; text-align: center">$246</td></tr> </table> 79 246 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the Example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available. Principal Investment Strategies The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by purchasing long positions in securities the Adviser expects to increase in price and taking short positions in securities the Adviser expects to decline in price. The Fund’s long/short strategy expresses a single thematic view: increasing artificial intelligence (“AI”) workloads are driving a multi-year investment cycle in AI compute and infrastructure, while many traditional enterprise software companies are likely to experience margin compression and pricing pressure as AI automates workflows and disrupts traditional per-seat software business models. Under normal circumstances, the Fund maintains a “130/30” structure, with approximately 130% long exposure and approximately 30% short exposure, producing approximately 100% net long exposure. The Fund’s net exposure at any time equals the Fund’s long holdings (expressed as a percentage of net assets, including leverage) less its short holdings (expressed as a percentage of net assets). For example, if the Fund’s long holdings totaled 130% and its short holdings totaled 30%, the Fund’s net exposure would be 100% (130% - 30%). Long Exposure The Fund’s long positions (approximately 130% of net assets) consist of a focused basket of equity securities of companies the Adviser considers to be core beneficiaries of AI-driven demand for computing capacity. The Adviser considers core beneficiaries of the AI-driven demand for computing capacity to be companies that derive at least 50% of their revenue or 50% of their gross profit from one or more of the following: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">AI accelerators and graphics processing units (“GPUs),</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">custom AI application-specific integrated circuits (“ASICs”),</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">central processing units (“CPU”) architecture and intellectual property licensing,</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">advanced-node semiconductor foundry capacity,</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">AI server and rack systems,</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">AI data-center networking, and</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">high-speed connectivity components.</td></tr> </table> The Fund’s long positions are generally equally weighted following the Adviser’s periodic portfolio rebalancing. The Adviser monitors the portfolio on an ongoing basis and may add or remove positions or adjust position weights between rebalancing dates in response to market conditions, changes in investment opportunities, or risk management considerations. To obtain long exposure in excess of 100% of its net assets, the Fund may borrow money and invest in options, warrants, futures contracts, or swap agreements (“swaps”). The Fund’s use of leverage may amplify gains and losses, causing the value of the Fund’s portfolio to increase or decrease to a greater extent than that of a comparable fund that does not use leverage. Short Exposure The Fund takes short positions in the equity securities of U.S.-listed Software as a Service (“SaaS”) companies that the Adviser believes are exposed to slowing seat growth, AI-driven commoditization of core functionality, or premium valuations vulnerable to deceleration. Short positions are equally weighted. The Fund generally establishes short exposure through prime brokerage arrangements by borrowing securities and selling them short (each, a “short sale”). The Fund also may use options or swaps to obtain similar short exposure, either instead of or in addition to short sales. To effect a short sale, the Fund arranges through a broker to borrow securities it does not own and deliver those securities to the purchaser. The Fund is obligated to replace the borrowed securities by purchasing and returning equivalent securities at a later date, regardless of their market price at that time. Before establishing or maintaining a short position, the Adviser confirms that the necessary securities are available to borrow. A short sale results in a gain if the market price of the borrowed securities declines between the date of the short sale and the date the Fund purchases the securities to close the position. Conversely, a short sale results in a loss if the market price of the borrowed securities increases during that period. The broker that effects the short sale typically retains the sale proceeds as part of the collateral securing the Fund’s obligation to cover the short position. Portfolio Construction The Adviser reviews the Fund’s portfolio on an ongoing basis and generally rebalances and repositions the Fund’s long and short exposures on a quarterly basis. During these periodic portfolio reviews, the Adviser may add or remove portfolio positions, adjust position weights, and rebalance the Fund’s long, short, net, and gross exposures in accordance with the Fund’s investment strategy. The Adviser may also make changes between scheduled portfolio reviews in response to market developments, changes in investment opportunities, risk management considerations, or other factors it deems appropriate. The Fund expects to hold a target range of approximately 5 to 25 long positions and 3 to 15 short positions in the portfolio at any given time, although these ranges will vary over time depending on market conditions and the Adviser’s assessment of attractive investment opportunities. The Adviser’s selection of investments is based on factors including but not limited to market capitalization, liquidity, relative purity of thematic exposure, and portfolio diversification. Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in investments that provide long exposure to the equity securities of companies that the Adviser considers to be core beneficiaries of AI-driven demand for computing capacity, as described above. Qualifying investments include equity securities (including American Depositary Receipts) and derivatives, such as options, futures contracts, and swap agreements, that provide long exposure to such companies. The Fund’s short positions are not considered qualifying investments for purposes of this 80% investment policy. For purposes of this 80% investment policy, the Fund values derivatives based on their notional value. Fund Attributes The Fund is classified as “non-diversified” under the 1940 Act. The Fund will be concentrated in the industries or groups of industries related to the Technology sector. The Fund’s investment strategy is expected to result in a high annual portfolio turnover rate. Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in investments that provide long exposure to the equity securities of companies that the Adviser considers to be core beneficiaries of AI-driven demand for computing capacity, as described above. The Fund may not achieve its investment objective and there is a risk that you could lose all of your money invested in the Fund. Sector and Industry Risks. Artificial Intelligence Risk. Issuers engaged in artificial intelligence typically have high research and capital expenditures and, as a result, their profitability can vary widely, if they are profitable at all. The space in which they are engaged is highly competitive and issuers’ products and services may become obsolete very quickly. These companies are heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. The issuers are also subject to legal, regulatory and political changes that may have a large impact on their profitability. A failure in an issuer’s product or even questions about the safety of the product could be devastating to the issuer, especially if it is the marquee product of the issuer. It can be difficult to accurately capture what qualifies as an artificial intelligence company. Compute Risk. Compute represents a rapidly emerging asset class comprised of the central infrastructure to the digital economy. As such, Compute companies are subject to intense competition for resources including talent, power capacity, water availability, and data center space. Compute companies are also subject to social and political risks due to the potential of data center buildouts to exceed infrastructure limits, impact surrounding environments, and generate local community opposition. Compute companies are targets for espionage and cybercrime. Regulation, export controls, and other geopolitical barriers continue to evolve and impact Compute companies. Datacenter Industry Risk. The datacenter industry faces numerous challenges that could significantly impact the financial performance of companies operating within this sector. As technological advancements accelerate and demand for data processing and storage grows, datacenter companies must continuously upgrade infrastructure and expand capacity, leading to high capital expenditures and increased operational costs. The highly competitive nature of the industry often results in aggressive pricing strategies that compress profit margins. Additionally, fluctuations in demand for data services, driven by economic conditions and shifts in technology trends, can lead to under-utilization of capacity, negatively affecting revenue streams and overall profitability. Furthermore, companies must navigate complex regulatory environments and manage significant energy consumption and environmental impact, adding to operational burdens and costs. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--SemiconductorsandSemiconductorEquipmentIndustryRiskMember_z4souamPwRfj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Semiconductors & Semiconductor Equipment Industry Risk. Semiconductor companies may face intense competition, both domestically and internationally, and such competition may have an adverse effect on their profit margins. Semiconductor companies may have limited product lines, markets, financial resources or personnel. Semiconductor companies’ supply chain and operations are dependent on the availability of materials that meet exacting standards and the use of third parties to provide components and services. Semiconductor companies may rely on a limited number of suppliers, or upon suppliers in a single location, for certain materials, equipment or tools. Finding and qualifying alternate or additional suppliers can be a lengthy process that can cause production delays or impose unforeseen costs, and such alternatives may not be available at all. Production can be disrupted by the unavailability of resources, such as water, silicon, electricity, gases and other materials. Suppliers may also increase prices or encounter cybersecurity or other issues that can disrupt production or increase production costs. Software Industry Risk. The software industry can be significantly affected by intense competition, aggressive pricing, technological innovations, and product obsolescence. Companies in the software industry are subject to significant competitive pressures, such as aggressive pricing, new market entrants, competition for market share, short product cycles due to an accelerated rate of technological developments and the potential for limited earnings and/or falling profit margins. These companies also face the risks that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. These factors can affect the profitability of these companies and, as a result, the value of their securities. Also, patent protection is integral to the success of many companies in this industry, and profitability can be affected materially by, among other things, the cost of obtaining (or failing to obtain) patent approvals, the cost of litigating patent infringement and the loss of patent protection for products (which significantly increases pricing pressures and can materially reduce profitability with respect to such products). In addition, many software companies have limited operating histories. Prices of these companies’ securities historically have been more volatile than other securities, especially over the short term. Technology Sector Risk. The technology sector is characterized by rapid innovation, intense competition, and frequent changes in consumer preferences, which can lead to significant market volatility. Companies in this sector are particularly vulnerable to product obsolescence, regulatory scrutiny, and supply chain disruptions that may impact production and distribution. Increased global competition, including from foreign companies with lower production costs, can pressure profit margins and market share. Additionally, many technology companies rely heavily on intellectual property protections, and any loss or infringement of patents, copyrights, or trade secrets could negatively impact revenues. Smaller and newly established technology firms may be especially susceptible to economic downturns, capital constraints, and shifts in market sentiment, leading to heightened stock price volatility. Leverage Risk. Leverage is investment exposure that exceeds the initial amount invested. Leveraging investments, (e.g., by purchasing securities with borrowed money), is a speculative technique that increases investment risk while increasing investment opportunity. Leverage will magnify changes in the Fund’s net asset value and on the Fund’s investments. Derivatives and other transactions that give rise to leverage may cause the Fund’s performance to be more volatile than if the Fund had not been leveraged. Leveraging also may require that the Fund liquidate portfolio securities when it may not be advantageous to do so to satisfy its obligations or to meet segregation requirements. Further, the use of leverage may require the Fund to maintain assets as “cover,” maintain segregated asset accounts, or make margin payments, which might impair the Fund’s ability to sell a portfolio security or make an investment at a time when it would otherwise be favorable to do so, or require that the Fund sell a portfolio security at a disadvantageous time. Short Selling Risk. The Fund may make short sales of securities, which involves selling a security it does not own in anticipation that the price of the security will decline. Short sales may involve substantial risk and leverage. Short sales expose the Fund to the risk that it will be required to buy (“cover”) the security sold short when the security has appreciated in value or is unavailable, thus resulting in a loss to the Fund. Short sales also involve the risk that losses may exceed the amount invested and may be unlimited. Equity Market Risk. Common stocks, such as those held by the Fund, are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from specific issuers. The equity securities held in the Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which the Fund invests. Management Risk. The risk that the investment techniques and risk analyses applied by the investment adviser will not produce the desired results and that legislative, regulatory, or tax developments may affect the investment techniques available to the investment adviser and the individual portfolio manager in connection with managing the Fund. There is no guarantee that the investment objective of the Fund will be achieved. Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of the underlying reference asset and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. Futures Contracts. Risks of futures contracts include: (i) an imperfect correlation between the value of the futures contract and the underlying asset; (ii) possible lack of a liquid secondary market; (iii) the inability to close a futures contract when desired; (iv) losses caused by unanticipated market movements, which may be unlimited; (v) an obligation for the Fund to make daily cash payments to maintain its required margin, particularly at times when the Fund may have insufficient cash; and (vi) unfavorable execution prices from rapid selling. Unlike equities, which typically entitle the holder to a continuing stake in a corporation, futures contracts normally specify a certain date for settlement in cash based on the reference asset. As the futures contracts approach expiration, they may be replaced by similar contracts that have a later expiration. This process is referred to as “rolling.” If the market for these contracts is in “contango,” meaning that the prices of futures contracts in the nearer months are lower than the price of contracts in the distant months, the sale of the near-term month contract would be at a lower price than the longer-term contract, resulting in a cost to “roll” the futures contract. The actual realization of a potential roll cost will be dependent upon the difference in price of the near and distant contract. Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political and economic events, changes in the actual or implied volatility of the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund in particular, the value of the options contracts in which it invests are substantially influenced by the value of the relevant underlying securities. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in the values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund may continuously maintain indirect exposure to one or more of the underlying securities through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. Swap Agreements. The use of swap transactions is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal depends on the ability of the Adviser to structure such swap agreements in accordance with the Fund’s investment objective and to identify appropriate counterparties. If the Adviser is unable to enter into swap agreements that provide the desired synthetic exposure to the underlying security, the Fund may not meet its stated investment objective. Additionally, any financing, transaction, or other costs associated with using swap transactions may have the effect of lowering the Fund’s return. The swap agreements in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivative instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets, securities, or instruments. The gross return to be exchanged or “swapped” between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in the reference asset. If the underlying security experiences a significant price movement that causes a material change in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to close out the swap transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to maintain exposure consistent with its investment objective. This may temporarily reduce the Fund’s ability to maintain its intended level of synthetic exposure until replacement transactions can be established. Certain of the swap agreements entered into by the Fund may be unfunded total return swaps, pursuant to which the Fund does not make an initial investment of the full notional amount of the swap. As a result, the Fund is exposed to the risk that its counterparty will be unable to meet its obligations under the swap agreement, and the Fund’s exposure to a counterparty generally equals the net amount owed to the Fund based on the daily change in value of the reference asset. In the event of a counterparty default or insolvency, the Fund may incur losses in excess of the collateral, if any, posted by the counterparty, and the timing and amount of any recovery may be uncertain. In addition, the use of unfunded swap agreements may create economic leverage for the Fund, which may magnify gains and losses and increase the volatility of the Fund’s returns. Equity Total Return Swaps. A total return swap (also sometimes referred to as a synthetic equity swap or “contract for difference” when written with respect to an equity security or basket of equity securities) is an agreement between two parties under which the parties agree to make payments to each other so as to replicate the economic consequences that would apply had a purchase or short sale of the underlying reference instrument or index thereof taken place. For example, one party agrees to pay the other party the total return earned or realized on the notional amount of an underlying equity security and any dividends declared with respect to that equity security. In return the other party makes payments, typically at a floating rate, calculated based on the notional amount. Counterparty Risk. To the extent contemplated by its investment strategy, the Fund may use derivative instruments, such as options, swaps, futures contracts and other instruments, to obtain or manage investment exposure. Derivatives may be subject to counterparty risk, meaning the risk that a counterparty, clearing member or clearing house will be unwilling or unable to perform its obligations to the Fund due to bankruptcy, insolvency, financial distress, operational failure or other default. If a counterparty or clearing member defaults, the Fund may lose the expected benefit of the transaction, experience delays or costs in recovering collateral or other amounts owed to it, or be required to enter into replacement transactions on less favorable terms, if at all. The Fund also may be unable to implement its investment strategy effectively if suitable counterparties or clearing members are unavailable. Concentration Risk. The Fund will have concentrated investment exposure to the industries related to the technology sector. As a result, 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 <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zYlc0dZfZKLf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. Cash Redemption Risk. The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. The costs associated with cash redemptions may include brokerage costs that the Fund may not have incurred if it had made the redemptions in-kind. These costs could be imposed on the Fund, decreasing its NAV, to the extent these costs are not offset by a transaction fee payable by an authorized participant. Costs of Buying or Selling Shares. Buying or selling Shares involves certain costs, including brokerage commissions, other charges imposed by brokers, and bid-ask spreads. The bid-ask spread represents the difference between the price at which an investor is willing to buy Shares and the price at which an investor is willing to sell Shares. The spread varies over time based on the Shares’ trading volume and market liquidity. The spread is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Due to the costs of buying or selling Shares, frequent trading of Shares may reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zZNuMEunUXQ9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Shares May Trade at Prices Other Than NAV. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant. Trading. Although Shares are listed on a national securities exchange, such as Cboe BZX Exchange, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. This adverse effect on liquidity for the Fund’s shares may lead to wider bid-ask spreads and differences between the market price of the Fund’s shares and the underlying value of the shares. Liquidity Risk. In certain circumstances, such as the disruption of the orderly markets for the financial instruments in which the Fund invests, the Fund might not be able to acquire or dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the financial instruments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, health crises, natural disasters, excessive volatility, new legislation, or regulatory changes inside or outside of the U.S. These situations may have an impact on the liquidity of the Fund’s own shares. Economic and Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets. 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. Investments in foreign companies’ securities, including investments via depositary receipts, are subject to special risks, including the following: <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyExchangeRateRiskMember_z5OsJiJajvIb"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Currency Exchange Rate Risk. The Fund’s assets may include exposure to investments denominated in non-U.S. currencies or in securities or other assets that provide exposure to such currencies. Changes in currency exchange rates and the relative value of non-U.S. currencies will affect the value of the Fund’s investments and the value of your Fund shares. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment in the Fund may change quickly and without warning and you may lose money.</td></tr> </table> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptRiskMember_z1jZAFMp19L8"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Depositary Receipt Risk. Depositary receipts involve risks similar to those associated with investments in foreign securities and give rise to certain additional risks. Depositary receipts listed on U.S. or foreign exchanges are issued by banks or trust companies, and entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares (Underlying Shares). When the Fund invests in depositary receipts as a substitute for an investment directly in the Underlying Shares, the Fund is exposed to the risk that the depositary receipts may not provide a return that corresponds precisely with that of the Underlying Shares.</td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td style="text-align: justify"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Developed Markets Risk. Developed market countries generally tend to rely on the services sectors (e.g., the financial services sector) as the primary source of economic growth and may be susceptible to the risks of individual service sectors. Many developed market countries have heavy indebtedness, which may lead downward pressure on the economies of these countries. As a result, it is possible that interest rates on debt of certain developed countries may rise to levels that make it difficult for such countries to service high debt levels without significant help from other countries or from a central bank. Developed market countries generally are dependent on the economies of certain key trading partners. Changes in any one economy may cause an adverse impact on several developed countries.</td></tr> </table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_zqg4qdVQfgAi"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Emerging Markets Risk. The Fund may invest in securities issued by companies domiciled or headquartered in emerging market nations. Investments in securities traded in developing or emerging markets, or that provide exposure to such securities or markets, can involve additional risks relating to political, economic, currency, or regulatory conditions not associated with investments in U.S. securities and investments in more developed international markets. Such conditions may impact the ability of the Fund to buy, sell or otherwise transfer securities, adversely affect the trading market and price for Fund Shares and cause the Fund to decline in value.</td></tr> </table> High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the securities in its portfolio. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses. Frequent trading may also cause adverse tax consequences for investors in the Fund due to an increase in short-term capital gains. Liquidity Risk. Some securities held by the Fund may be difficult to sell or be illiquid, particularly during times of market turmoil. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell an illiquid security at an unfavorable time or price, the Fund may be adversely impacted. There is no assurance that a security that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. Money Market Instrument Risk. The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments, including money market funds, may lose money through fees or other means. New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions. Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio. Operational Risk. The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and Adviser seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks. IPO/SPAC/de-SPAC Risk. The Fund may invest in companies that have recently completed an IPO, are derived from a SPAC, or are derived from a de-SPAC business combination, including SPACs that have not yet completed a business combination (“Pre-Combination” SPACs). These companies may be unseasoned and lack a trading history, a track record of reporting to investors, and widely available research coverage. IPOs and stocks derived from SPACs or de-SPAC business combinations are thus often subject to extreme price volatility and speculative trading. These stocks may have above-average price appreciation in connection with the IPO or relevant transaction prior to the Fund’s purchase. The price of stocks selected may not continue to appreciate and the performance of these stocks may not replicate the performance exhibited in the past. In addition, IPOs and stocks derived from SPACs or de-SPAC business combinations may share similar illiquidity risks of private equity and venture capital. The ownership of many IPOs and stocks derived from SPACs or de-SPACs often includes large holdings by venture capital and private equity investors who seek to sell their shares in the public market in the months following an IPO or relevant transaction when shares restricted by lock-up are released, causing greater volatility and possible downward pressure during the time that locked-up shares are released, and SPAC investments may involve additional risks, including pricing misalignment, limited publicly available information, dependence on the sponsor’s ability to identify and consummate a business combination, potential conflicts of interest, and, in the case of Pre-Combination SPACs, the risk that a suitable business combination is not completed within a specified time period, which may result in liquidation of the SPAC. Warrants and Rights Risk. The Fund may receive or invest in warrants or rights in connection with its purchase of equity securities, including SPAC units. Warrants and rights do not represent an ownership interest in the issuer but instead confer the right to purchase underlying securities at a specified price, subject to the terms of the instrument. Accordingly, holders of warrants or rights generally do not have voting rights, receive dividends, or have rights with respect to the assets of the issuer. Investments in warrants and rights are speculative and involve a high degree of risk. The value of warrants and rights may be highly volatile and may not move in tandem with the value of the underlying securities. In addition, warrants and rights are complex financial instruments, and their accounting treatment and valuation involve significant judgment. For example, depending on their terms and the specific facts and circumstances of the issuer, warrants may be classified as equity or as assets or liabilities of the issuer, which can affect their valuation and increase the risk of error. Warrants and rights are also subject to the risk that they may expire worthless if not exercised or sold prior to expiration. In addition, the effective cost of acquiring the underlying securities upon exercise (i.e., the purchase price of the warrant or right plus the exercise price) may exceed the market value of the underlying securities at the time of exercise. With respect to SPAC-related investments, if a SPAC does not complete a business combination within the specified time period, any associated warrants or rights held by the Fund may expire worthless. Tax Risk. The Fund intends to elect and to qualify each year to be treated as a regulated investment company (a “RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (“Code”). As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to shareholders, provided that it satisfies certain requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund’s taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. To comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of swap contracts on shares of a single issuer does not exceed 25% of the Fund’s value at the close of any quarter. If the value of swap contracts on shares of a single issuer were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC. 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.defianceetfs.com. Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. www.defianceetfs.com The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund excluding advisory fees, subadvisory fees (if applicable), interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses. Based on estimated amounts for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund excluding advisory fees, subadvisory fees (if applicable), interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses. Based on estimated amounts for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.