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2026-09-24 0002043390 dailydelta:S000108352Member oef:RiskLoseMoneyMember 2026-09-24 2026-09-24 0002043390 dailydelta:S000108353Member oef:RiskLoseMoneyMember 2026-09-24 2026-09-24 0002043390 dailydelta:S000108350Member oef:RiskLoseMoneyMember 2026-09-24 2026-09-24 0002043390 dailydelta:S000108351Member oef:RiskLoseMoneyMember 2026-09-24 2026-09-24 0002043390 dailydelta:S000108346Member oef:RiskLoseMoneyMember 2026-09-24 2026-09-24 0002043390 dailydelta:S000108347Member oef:RiskLoseMoneyMember 2026-09-24 2026-09-24 iso4217:USD pure false 485BPOS 0002043390 2026-09-24 N-1A TIDAL TRUST IV 2026-09-24 DailyDelta Nasdaq 100® Call Options Strategy ETF - FUND SUMMARY Investment Objective The Fund’s primary investment objective is to seek capital appreciation. The Fund’s secondary investment objective is to limit single-day risk. 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_A8E_eoef--AnnualFundOperatingExpensesTableTextBlock_z9HefMIa1auk"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zU7SIxsclgKe" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td id="xdx_98E_eoef--OperatingExpensesCaption_c20260924__20260924__dei--LegalEntityAxis__custom--S000108348Member_zsmWlkeEQE8i" style="border-bottom: black 1pt solid">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td id="xdx_49A_20260924__20260924__oef--ClassAxis__custom--C000279328Member_zgrmHQY2v2bg" style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td></tr> <tr id="xdx_40B_eoef--ManagementFeesOverAssets_dpn_z3kkIR26A7" style="vertical-align: bottom"> <td style="width: 85%">Management Fee(1)</td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 11%; text-align: right">1.35%</td> <td style="width: 1%"> </td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zISFaYmyZWAg" style="vertical-align: bottom"> <td>Distribution and Service (12b-1) Fees</td> <td> </td> <td> </td> <td style="text-align: right">0.00%</td> <td> </td></tr> <tr id="xdx_40C_eoef--OtherExpensesOverAssets_dpn_zroFnKYRnn5f" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid">Other Expenses(2)</td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">0.00%</td> <td style="border-bottom: black 1pt solid"> </td></tr> <tr id="xdx_407_eoef--ExpensesOverAssets_dpn_zaTWZq2ip048" style="vertical-align: bottom"> <td>Total Annual Fund Operating Expenses</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">1.35%</td> <td style="border-bottom: black 1pt solid"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">(1)</td> <td style="text-align: justify">The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”) will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940 (the “1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">(2)</td> <td style="text-align: justify">Based on estimated amounts for the current fiscal year.</td></tr> </table> <div style="display: none"></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0135 0.0000 0.0000 0.0135 Based on estimated amounts for the current fiscal year. This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div style="display: none"></div> <div id="xdx_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_zF9BQzQJYUpl"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zVei8IrrwV9" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td id="xdx_48E_eoef--ExpenseExampleYear01_z1YYj9MTJbg4" style="border-top: black 1pt solid; width: 48%; text-align: center">1 Year</td> <td id="xdx_486_eoef--ExpenseExampleYear03_zV1n5aBDWUS7" style="border-top: black 1pt solid; width: 52%; text-align: center">3 Years</td></tr> <tr id="xdx_410_20260924__20260924__oef--ClassAxis__custom--C000279328Member_zzx59rET9u7f" style="vertical-align: top"> <td style="border-bottom: black 1pt solid; text-align: center">$137</td> <td style="border-bottom: black 1pt solid; text-align: center">$428</td></tr> </table> 137 428 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the expense example above, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available. Principal Investment Strategies The Fund is an actively managed exchange-traded fund (“ETF”) that seeks long exposure to the daily upside, or increase in value, of the Nasdaq 100 Index (the “NASDAQ-100® Index” or “Index”), which is an index that is designed to track the performance of the top 100 non-financial companies listed on the NASDAQ stock exchange. The Fund also seeks to limit daily downside risk to 10% or less of the Fund’s net asset value (“NAV”). The Fund seeks to achieve this objective by investing in cash-settled exchange traded index options that are designed to track the daily changes in the value of the NASDAQ-100® Index. The Fund intends to invest only in cash-settled options, which means the holder of the option does not receive securities when the option is exercised. Instead, any payments are made in cash. The Fund does not seek to provide one-to-one, or any other fixed multiple of, the daily performance of the Index. The term ‘DailyDelta’ refers to the Fund’s daily establishment of short-dated options exposure and to “delta,” which measures an option’s sensitivity to changes in its underlying reference asset. It does not represent a specific or fixed-multiple performance target. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Purchasing Call Options.</td></tr> </table> To enhance the Fund’s potential returns, the Fund employs a strategy that involves purchasing exchange-traded, cash-settled index call options on the performance of the NASDAQ-100® Index. These call options typically have a short time to expiration, such as one week or less, and in some cases, as little as one trading day. The Fund will purchase call options with a strike price that is close to then-current value of the NASDAQ-100® Index at the time of purchase. See “Additional Information about the Funds” for general information about options contracts. Under normal market conditions, the Fund expects to invest primarily in options contracts with daily expiry. In that case, on a daily basis, the Fund establishes new call positions and establishes new option loss limits, which is the maximum loss that the Fund can experience from its options positions on that day. That is, each trading day, the Fund spends an amount equal to up to ten percent of its NAV in option premiums to purchase short-term call options. The daily option loss limit is the amount spent on option premiums. This approach is designed to produce positive performance (that exceeds that of the NASDAQ-100® Index) on days when the NASDAQ-100® Index has positive performance. In contrast, on days when the NASDAQ-100® Index is flat or declines, the Fund may lose up to the full amount of that day’s option premium (up to 10% of the Fund’s NAV each day). Under unusual or stressed market conditions, such as during periods of unusual volatility, the Fund may invest in options contracts that expire in up to a week. In those circumstances, the Fund will establish new call positions and establish new option loss limits when the Fund’s options contracts expire. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">U.S. Treasuries. </td></tr> </table> The Fund will hold the remaining amount of the Fund’s NAV (e.g., approximately 90%) in short-term U.S. Treasury securities. During normal market conditions, the average portfolio effective duration for the Fund’s investments in U.S. Treasury securities is expected to be approximately 6 months. Key Risks of the Fund’s Daily Call Options Strategy Although the Fund holds approximately 90% of its NAV in short-term U.S. Treasury securities, it obtains exposure, as applicable, to the Index through options. For purposes of the Fund’s 80% policy, the options are valued using their delta-adjusted notional amounts, rather than the premiums paid, and qualifying short-term U.S. Treasury securities may be excluded from the calculation as permitted by applicable law. As a result of this structure, investors should understand the following: •      Extremely high daily premium expenditure: The Fund may spend up to 10% of its NAV on each trading day to purchase options. The Fund incurs this cost whether or not the options ultimately make money. •      NAV erosion from options expirations: If the options repeatedly expire worthless, the Fund will repeatedly lose the premiums it paid. These daily losses can compound and significantly reduce the Fund’s NAV over time. •      Dependency on volatility and option prices: The cost and performance of the Fund’s options depend heavily on market volatility and option prices, which can change quickly and unpredictably. •      Non-diversification amplifies index concentration risk: The Fund’s performance depends heavily on a single index or asset. An adverse move in that index or asset may therefore affect the Fund more significantly than a fund with exposure to many different investments. •      Daily reset magnifies path dependency and volatility drag: Because the Fund establishes new options exposure each day, its longer-term return depends on the sequence of daily gains and losses. As a result, the Fund’s return over periods longer than one day may differ significantly from what an investor might expect based on the performance of the underlying index or asset. Fund Attributes The Fund is classified as “non-diversified” under the 1940 Act. Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus borrowings for investment purposes, in financial instruments and economic interests that provide exposure to the value of the NASDAQ-100® Index. For purposes of compliance with this investment policy, derivative contracts will be valued at their delta-adjusted notional value. The foregoing policy may be changed without shareholder approval upon 60 days’ written notice to shareholders. An investment in the Fund is not an investment in the NASDAQ-100® Index, nor is the Fund an investment in a traditional passively managed index fund. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px; text-align: justify">●</td> <td style="text-align: justify">The Fund’s strategy is designed to produce positive performance that exceeds the appreciation of the NASDAQ-100® Index on days when the NASDAQ-100® Index has increased in value. Because the Fund spends up to 10% of its NAV each trading day on options premium, the Fund’s options strategy will produce positive performance on a given day only to the extent that the cash received from settlement of that day’s options positions exceeds the cost of that day’s options premium (i.e., up to 10% of the Fund’s NAV).</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px; text-align: justify">●</td> <td style="text-align: justify">The Fund’s options strategy is subject to potential losses, limited to the amount of that day’s option premium, if the NASDAQ-100® Index decreases in value, does not change in value, or if the returns based on the appreciation of the NASDAQ-100® Index do not exceed the value of the options premium. The Fund may also experience losses if its investments in Treasury securities decline in value.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">The Fund does not invest directly in the NASDAQ-100® Index.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">The Fund does not invest directly in companies that comprise the NASDAQ-100® Index.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Fund shareholders are not entitled to any dividends paid by any companies that comprise the NASDAQ-100® Index.</td></tr> </table> See “Additional Information about the Funds” for additional information regarding the NASDAQ-100® Index. The Fund’s Use of NASDAQ-100® Index Option Contracts As part of the Fund’s strategy, the Fund will purchase exchange-traded call option contracts that are based on the value of the NASDAQ-100® Index (or on passively managed ETFs that seek to track the NASDAQ-100® Index’s performance). The Fund intends to invest only in cash-settled options, which means the holder of the option does not receive securities when the option is exercised. Instead, any payments are made in cash. Under normal market conditions, each day, the Fund will invest in options to seek exposure to the NASDAQ-100® Index in excess of the Fund’s net assets. If the value of the NASDAQ-100® Index increases, the Fund will exercise that day’s option contract and have the right to receive an amount of cash equal to the difference between the settlement price of the NASDAQ-100® Index on the expiration date of the applicable option contract and the stated strike price. Because of the Fund’s exposure to the NASDAQ-100® Index, the Fund will receive returns equal to a multiple of the appreciation of the value of the NASDAQ-100® Index in excess of the stated strike price minus the premium paid for the options. The multiple that the Fund will achieve will vary based on the exposure to the NASDAQ-100® Index that the Fund is able to achieve by paying the option premium noted above. The Fund’s gains on a particular day will be equal to the amount of cash received upon settlement of the day’s options contracts minus the amount of the option premium. The level of exposure that the Fund is able to achieve with a given premium depends on such factors as the price of the NASDAQ-100® Index and its volatility, and the time remaining until the expiration date of the option contracts. Where the NASDAQ-100® Index price settles at expiration at or below the strike price, and the Fund does not sell the options before their expiration, the Fund’s call options will expire worthless and the Fund will lose that day’s option premium. Investors should not expect the Fund’s cumulative performance over time to track, in a simple or predictable manner a 1x long or inverse exposure to the NASDAQ-100® Index. Because the Fund purchases new call options each trading day and incurs a new premium cost, its cumulative performance may differ significantly from a simple long investment in the NASDAQ-100® Index. The Fund may lose value even on a day when the Index rises if the increase is not sufficient to offset the premium paid and Fund expenses. During periods when the Index declines, remains flat, or does not rise sufficiently, the Fund’s call options may repeatedly expire worthless or fail to recover the premiums paid, resulting in rapid and compounded erosion of the Fund’s NAV. Fund’s Return Profile vs the NASDAQ-100® Index For the reasons stated above, the Fund’s performance will differ from that of the NASDAQ-100® Index. The performance differences will depend on, among other things, the value of the NASDAQ-100® Index, changes in the price of the NASDAQ-100® Index’s options contracts the Fund has purchased, and changes in the value of the U.S. Treasuries. Fund Portfolio The Fund’s principal holdings are described below: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="3" style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">DailyDelta Nasdaq 100® Call Options Strategy ETF – Principal Holdings</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt">Portfolio Holdings (All options are based on the value of the NASDAQ-100® Index)</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 54%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Investment Terms</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 21%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Expected Target Maturity</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">Purchased call option contracts </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">The Fund will purchase call options with a strike price that is close to then-current value of the NASDAQ-100® Index at the time of purchase. If, at the expiration of the option, the value of the NASDAQ-100® Index is above the strike price, the option will have value. The Fund will realize positive returns on the option to the extent that such value exceeds the option premium paid by the Fund. If, at the expiration of the option, the value of the NASDAQ-100® Index has decreased or remained at the strike price, the option may expire worthless and the Fund may lose the entirety of its option premium. </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">One-day to one-week expiration dates</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">U.S. Treasury Securities and Cash</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">Multiple series of U.S. Treasury Bills supported by the full faith and credit of the U.S. government. They will generate income. </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">6-month to 2-year maturities</td></tr> </table> The market value of the cash and treasuries held by the Fund is expected to be approximately 90% of the Fund’s net assets. There is no guarantee that the Fund’s investment strategy will be properly implemented, and an investor may lose some or all of its investment. None of the Fund, the Tidal Trust IV (the “Trust”), Tidal Investments LLC (“Tidal” or the “Adviser”), Kelly Strategic Management, LLC (the “Sub-Adviser”), or their respective affiliates makes any representation to you as to the performance of the NASDAQ-100® Index. THE FUND, TRUST, ADVISER, AND SUB-ADVISER ARE NOT AFFILIATED WITH, NOR ENDORSED BY, THE NASDAQ-100® INDEX. Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus borrowings for investment purposes, in financial instruments and economic interests that provide exposure to the value of the NASDAQ-100® Index. The Fund may not achieve its investment objective and there is a risk that you could lose all of your money invested in the Fund. Referenced Index Risk. The Fund invests in options contracts that are based on the value of the NASDAQ-100® Index (or on ETFs that track the NASDAQ-100® Index’s performance). This subjects the Fund to certain of the same risks as if it owned shares of companies that comprised the NASDAQ-100® Index or an ETF that tracks the NASDAQ-100® Index, even though it does not. By virtue of the Fund’s investments in options contracts that are based on the value of the NASDAQ-100® Index, the Fund may also be subject to the following risks: Indirect Investment Risk. The NASDAQ-100® Index is not affiliated with the Trust, the Fund, the Adviser, the Sub-Adviser, or their respective affiliates and is not involved with this offering in any way. Investors in the Fund will not have the right to receive dividends or other distributions or any other rights with respect to the companies that comprise the NASDAQ-100® Index but will be subject to declines in the performance of the NASDAQ-100® Index. Index Trading Risk. The trading price of the NASDAQ-100® Index may be highly volatile and could continue to be subject to wide fluctuations in response to various factors. The stock market in general has experienced extreme price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of companies. 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 imperfect correlation between the value of the Index and the derivative, which may prevent the Fund from achieving its investment objective. In addition, the Fund’s investments in derivatives are subject to the following risks: Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility 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 Index. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. Additionally, purchasing an option subjects the buyer to the risk that the benefit received from exercising the option, if any, will not exceed the premium paid to purchase the option. 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 the option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain exposure to the Index 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. Because the Fund may spend up to 10% of its NAV on a trading day to purchase options, and because options that expire worthless provide no recovery of the premium paid, repeated net losses on the Fund’s options positions can compound over time and result in significant and, at times, rapid erosion of the Fund’s NAV, even though the Fund’s loss on its purchased options on any single day is limited to the premium paid, particularly during extended periods in which the Index does not move sufficiently in the direction favorable to the Fund’s strategy. Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Fund transactions involving a counterparty are subject to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The Fund will invest in exchange traded options which are guaranteed for settlement by the Options Clearing Corporation (“OCC”). As a result, the ability of the Fund to meet its objective depends on the OCC being able to meet its obligations. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, the Fund could suffer significant losses. Leverage Risk. The options purchased by the Fund may provide investment exposure to the applicable reference asset in excess of the Fund’s net assets and therefore may have the economic effect of leverage. As a result, a relatively small movement in the value of the reference asset may cause a disproportionately large movement in the value of the Fund’s options and may increase the volatility of the Fund’s NAV. The Fund may lose the entire premium paid for a purchased option, but its loss on the option will not exceed that premium. Because the Fund establishes new options positions and pays new premiums on a recurring basis, however, losses on purchased options may compound over time and result in a significant or rapid decline in the Fund’s NAV. NAV Erosion Risk Due to Options Expirations. When the Fund invests in options, there is a risk that they may expire worthless. A repeated occurrence of the Fund’s options expiring worthless may significantly erode the Fund’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment. Options Loss Compounding Risk. The Fund may pay up to 10% of its NAV in options premiums on each trading day and may lose the entire amount of those premiums if the options expire worthless or otherwise fail to generate proceeds sufficient to recover their cost. The Fund’s limit on losses from purchased options applies separately to each trading day, based on the Fund’s then-current NAV, and does not limit cumulative losses over multiple days. Thus, the Fund may incur a new loss of up to 10% of its NAV after having incurred options losses on prior trading days. Repeated premium losses will reduce the Fund’s NAV, and subsequent losses may compound against the Fund’s already-reduced NAV. Consequently, a series of options losses may cause significant and rapid NAV erosion, and the Fund may lose substantially more than its daily options-premium loss limit—and potentially all or substantially all of its value—over time. The 10% daily limit should not be understood as limiting the Fund’s losses over any period longer than one trading day. The Fund’s longer-term performance depends heavily on the sequence of daily results. Accordingly, repeated options losses may significantly reduce the Fund’s NAV even if its underlying index or reference asset experiences little or no net change, or moves in a direction favorable to the Fund’s strategy, over the same period. The Fund’s daily options-premium loss limit does not protect shareholders against these cumulative effects. ETF Risks. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_z4hWDS9z7RLi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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 will generally require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. Additionally, there may be brokerage costs or taxable gains or losses that may be imposed on the Fund in connection with a cash redemption that may not have occurred if the Fund had made a redemption in-kind. These costs could decrease the value of the Fund to the extent they are not offset by a transaction fee payable by an AP. 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_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zPvUBpNwnO7f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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 Nasdaq Stock Market, LLC (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active trading market for the Shares will develop or be maintained or that the Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. Shares trade on the Exchange at market price that may be below, at or above the Fund’s NAV. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable. In addition, trading in Shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings. 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. Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline. Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil. This risk is greater for the Fund as it will hold options contracts on a single index, and not a broader range of options contracts. 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. Certain market conditions or restrictions, such as market rules related to short sales, may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with inverse of the Index. 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. 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. Management Risk. The Fund is subject to management risk because it is an actively managed portfolio. In managing the Fund’s investment portfolio, the portfolio managers will apply investment techniques and risk analyses that may not produce the desired result. There can be no guarantee that the Fund will meet its investment objective. NAV Decline Risk Due to Distributions. When the Fund makes a distribution, the Fund’s NAV will typically drop by the amount of the distribution on the related ex-dividend date. The repeated payment of distributions by the Fund, if any, may result in a decline in the Fund’s NAV and trading price over time. As a result, an investor may suffer losses to their investment. New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions. Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio. Operational Risk. The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund, Adviser, and Sub-Adviser seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks. Tax Risk. The Fund intends to elect and to qualify each year to be treated as a RIC under Subchapter M of the 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 timely distributes to Shareholders, provided that it satisfies certain source-of-income, diversification and distribution 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 U.S. federal income tax imposed at corporate rates, and a shareholder may be required to include in its income the amount of any distribution received from the Fund. To comply with the asset diversification requirements applicable to a RIC, the Fund will attempt to ensure that the value of its investments, including options, in a single issuer is never more than 25% of the total value of Fund assets at the close of any quarter. If the value of the Fund’s investments in 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. U.S. Government and U.S. Agency Obligations Risk. The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so. Performance The Fund is new and therefore does not have a performance history for a full calendar year. In the future, performance information for the Fund will be presented in this section. Updated performance information is available on the Fund’s website at www.dailydeltaetfs.com. The Fund is new and therefore does not have a performance history for a full calendar year. www.dailydeltaetfs.com DailyDelta Nasdaq 100® Put Options Strategy ETF - FUND SUMMARY Investment Objective The Fund’s primary investment objective is to seek capital appreciation. The Fund’s secondary investment objective is to limit single-day risk. 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_A82_eoef--AnnualFundOperatingExpensesTableTextBlock_zr1iFn0u8xFg"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zE2AJokso6Ud" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td id="xdx_98D_eoef--OperatingExpensesCaption_c20260924__20260924__dei--LegalEntityAxis__custom--S000108349Member_zp2Asi2KEpHj" style="border-bottom: black 1pt solid">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td id="xdx_490_20260924__20260924__oef--ClassAxis__custom--C000279329Member_z68HERjvly5f" style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td></tr> <tr id="xdx_40B_eoef--ManagementFeesOverAssets_dpn_zMTAY6vATYp6" style="vertical-align: bottom"> <td style="width: 85%">Management Fee(1)</td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 11%; text-align: right">1.35%</td> <td style="width: 1%"> </td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zyolcQh6bi0h" style="vertical-align: bottom"> <td>Distribution and Service (12b-1) Fees</td> <td> </td> <td> </td> <td style="text-align: right">0.00%</td> <td> </td></tr> <tr id="xdx_40C_eoef--OtherExpensesOverAssets_dpn_zV2A6yXCJyKl" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid">Other Expenses(2)</td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">0.00%</td> <td style="border-bottom: black 1pt solid"> </td></tr> <tr id="xdx_407_eoef--ExpensesOverAssets_dpn_zYyV4b2c17Tb" style="vertical-align: bottom"> <td>Total Annual Fund Operating Expenses</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">1.35%</td> <td style="border-bottom: black 1pt solid"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">(1)</td> <td style="text-align: justify">The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”) will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940 (the “1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses.</td></tr> <tr style="vertical-align: top"> <td> </td> <td>(2)</td> <td>Based on estimated amounts for the current fiscal year.</td></tr> </table> <div style="display: none"></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0135 0.0000 0.0000 0.0135 Based on estimated amounts for the current fiscal year. This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div style="display: none"></div> <div id="xdx_A82_eoef--ExpenseExampleWithRedemptionTableTextBlock_zxfJhFOllUDc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zwE4XAuXIv9d" 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: top"> <td id="xdx_48C_eoef--ExpenseExampleYear01_zUEhBT6baqxj" style="border-top: black 1pt solid; width: 50%; text-align: center">1 Year</td> <td id="xdx_483_eoef--ExpenseExampleYear03_zTsUn5HC4Y7k" style="border-top: black 1pt solid; width: 50%; text-align: center">3 Years</td></tr> <tr id="xdx_413_20260924__20260924__oef--ClassAxis__custom--C000279329Member_zK0Yll7LD3bh" style="vertical-align: top"> <td style="border-bottom: black 1pt solid; text-align: center">$137</td> <td style="border-bottom: black 1pt solid; text-align: center">$428</td></tr> </table> 137 428 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the expense example above, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available. Principal Investment Strategies The Fund is an actively managed exchange-traded fund (“ETF”) that seeks inverse exposure to the daily downside, or decrease in value of the Nasdaq 100 Index (the “NASDAQ-100® Index” or “Index”), which is an index that is designed to track the performance of the top 100 non-financial companies listed on the NASDAQ stock exchange. The Fund also seeks to limit daily downside risk to 10% or less of the Fund’s net asset value (“NAV”). The Fund seeks to achieve this objective by investing in cash-settled exchange traded index options that are designed to track the inverse of the daily changes in the value of the NASDAQ-100® Index. The Fund intends to invest only in cash-settled options, which means the holder of the option does not receive securities when the option is exercised. Instead, any payments are made in cash. The Fund does not seek to provide one-to-one, or any other fixed multiple of, the daily performance of the Index. The term ‘DailyDelta’ refers to the Fund’s daily establishment of short-dated options exposure and to “delta,” which measures an option’s sensitivity to changes in its underlying reference asset. It does not represent a specific or fixed-multiple performance target. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Purchasing Put Options.</td></tr> </table> To enhance the Fund’s potential returns, the Fund employs a strategy that involves purchasing exchange-traded, cash-settled, index put options on the performance of the NASDAQ-100® Index. These put options typically have a short time to expiration, such as one week or less, and in some cases, as little as one trading day. The Fund will purchase put options with a strike price that is close to then-current value of the NASDAQ-100® Index at the time of purchase. See “Additional Information about the Funds” for general information about options contracts. Under normal market conditions, the Fund expects to invest primarily in options contracts with daily expiry. In that case, on a daily basis, the Fund establishes new put positions and establishes new option loss limits, which is the maximum loss that the Fund can experience from its options positions on that day. That is, each trading day, the Fund spends an amount equal to up to ten percent of its NAV in option premiums to purchase short-term put options. The daily option loss limit is the amount spent on option premiums. This approach is designed to produce positive performance (that exceeds the inverse of the losses in value experienced by the NASDAQ-100® Index) on days when the NASDAQ-100® Index loses value. In contrast, on days when the NASDAQ-100® Index is flat or is positive, the Fund may lose up to the full amount of that day’s option premium (up to 10% of the Fund’s NAV each day). Under unusual or stressed market conditions, such as during periods of unusual volatility, the Fund may invest in options contracts that expire in up to a week. In those circumstances, the Fund will establish new put positions and establish new option loss limits when the Fund’s options contracts expire. The Fund is not designed to provide, and should not be expected to provide, inverse performance of the Index’s cumulative return over periods longer than a single day. Because the Fund resets its put options position daily and spends option premium of up to 10% of its NAV each day, the Fund may lose value over an extended period even where the Index declines in value over that same period, particularly during periods of significant volatility or frequent single-day increases in the Index, each of which can cause the Fund’s daily put options to expire worthless and erode the Fund’s NAV through daily premium losses. The Fund should not be used as a long-term, buy-and-hold substitute for a simple inverse position in the Index. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">U.S. Treasuries. </td></tr> </table> The Fund will hold the remaining amount of the Fund’s NAV (e.g., approximately 90%) in short-term U.S. Treasury securities. During normal market conditions, the average portfolio effective duration for the Fund’s investments in U.S. Treasury securities is expected to be approximately 6 months. Key Risks of the Fund’s Daily Put Options Strategy Although the Fund holds approximately 90% of its NAV in short-term U.S. Treasury securities, it obtains exposure, as applicable, to the Index through options. For purposes of the Fund’s 80% policy, the options are valued using their delta-adjusted notional amounts, rather than the premiums paid, and qualifying short-term U.S. Treasury securities may be excluded from the calculation as permitted by applicable law. As a result of this structure, investors should understand the following: •      Extremely high daily premium expenditure: The Fund may spend up to 10% of its NAV on each trading day to purchase options. The Fund incurs this cost whether or not the options ultimately make money. •      NAV erosion from options expirations: If the options repeatedly expire worthless, the Fund will repeatedly lose the premiums it paid. These daily losses can compound and significantly reduce the Fund’s NAV over time. •      Dependency on volatility and option prices: The cost and performance of the Fund’s options depend heavily on market volatility and option prices, which can change quickly and unpredictably. •      Non-diversification amplifies index concentration risk: The Fund’s performance depends heavily on a single index or asset. An adverse move in that index or asset may therefore affect the Fund more significantly than a fund with exposure to many different investments. •      Daily reset magnifies path dependency and volatility drag: Because the Fund establishes new options exposure each day, its longer-term return depends on the sequence of daily gains and losses. As a result, the Fund’s return over periods longer than one day may differ significantly from what an investor might expect based on the performance of the underlying index or asset. Fund Attributes The Fund is classified as “non-diversified” under the 1940 Act. Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus borrowings for investment purposes, in financial instruments and economic interests that provide inverse exposure to the value of the NASDAQ-100® Index. For purposes of compliance with this investment policy, derivative contracts will be valued at their delta-adjusted notional value. The foregoing policy may be changed without shareholder approval upon 60 days’ written notice to shareholders. An investment in the Fund is not an investment in the NASDAQ-100® Index, nor is the Fund an investment in a traditional passively managed index fund. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px; text-align: justify">●</td> <td style="text-align: justify">The Fund’s strategy is designed to produce positive performance that exceeds the inverse of the losses in value of the NASDAQ-100® Index on days when the NASDAQ-100® Index has decreased in value. Because the Fund spends up to 10% of its NAV each trading day on options premium, the Fund’s options strategy will produce positive performance on a given day only to the extent that the cash received from settlement of that day’s options positions exceeds the cost of that day’s options premium (i.e., up to 10% of the Fund’s NAV).</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px; text-align: justify">●</td> <td style="text-align: justify">The Fund’s options strategy is subject to potential losses, limited to the amount of that day’s option premium, if the NASDAQ-100® Index increases in value, does not change in value, or if the returns based on the decrease in value of the NASDAQ-100® Index do not exceed the value of the options premium. The Fund may also experience losses if its investments in Treasury securities decline in value. </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">The Fund does not invest directly in the NASDAQ-100® Index.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">The Fund does not invest directly in companies that comprise the NASDAQ-100® Index.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Fund shareholders are not entitled to any dividends paid by any companies that comprise the NASDAQ-100® Index.</td></tr> </table> See “Additional Information about the Funds” for additional information regarding the NASDAQ-100® Index. The Fund’s Use of NASDAQ-100® Index Option Contracts As part of the Fund’s strategy, the Fund will purchase exchange-traded put option contracts that are based on the value of the NASDAQ-100® Index. The Fund intends to invest only in cash-settled options, which means the holder of the option does not receive securities when the option is exercised. Instead, any payments are made in cash. Under normal market conditions, each day, the Fund will invest in options to seek exposure to the NASDAQ-100® Index in excess of the Fund’s net assets. If the value of the NASDAQ-100® Index decreases, the Fund will exercise that day’s option contract and have the right to receive an amount of cash equal to the difference between the settlement price of the NASDAQ-100® Index on the expiration date of the applicable option contract and the stated strike price. Because of the Fund’s exposure to the NASDAQ-100® Index, the Fund will receive returns equal to a multiple of the inverse of the losses in value of the NASDAQ-100® Index in excess of the stated strike price minus the premium paid for the options. The multiple that the Fund will achieve will vary based on the inverse exposure to the NASDAQ-100® Index that the Fund is able to achieve by paying the option premium noted above. The Fund’s gains on a particular day will be equal to the amount of cash received upon settlement of the day’s options contracts minus the amount of the option premium. The level of inverse exposure that the Fund is able to achieve with a given premium depends on such factors as the price of the NASDAQ-100® Index and its volatility, and the time remaining until the expiration date of the option contracts. Where the NASDAQ-100® Index price settles at expiration at or above the strike price, and the Fund does not sell the options before their expiration, the Fund’s put options will expire worthless and the Fund will lose that day’s option premium. Fund’s Return Profile vs the NASDAQ-100® Index For the reasons stated above, the Fund’s performance will differ from that of the NASDAQ-100® Index. The performance differences will depend on, among other things, the value of the NASDAQ-100® Index, changes in the price of the NASDAQ-100® Index’s options contracts the Fund has purchased, and changes in the value of the U.S. Treasuries. Fund Portfolio The Fund’s principal holdings are described below: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="3" style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">DailyDelta Nasdaq 100® Put Options Strategy ETF – Principal Holdings</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt">Portfolio Holdings (All options are based on the value of the NASDAQ-100® Index)</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 54%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Investment Terms</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 21%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Expected Target Maturity</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">Purchased put option contracts </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">The Fund will purchase put options with a strike price that is close to then-current value of the NASDAQ-100® Index at the time of purchase. If at the expiration of the option, the value of the NASDAQ-100® Index has decreased below the strike price, and the Fund exercises the option, this will generate positive returns for the Fund to the extent the amount of cash received exceeds the option premium. If, at the expiration of the option, the value of the NASDAQ-100® Index has increased or remained at the strike price the option may expire worthless and the Fund may lose the entirety of its option premium. </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">One-day to one-week expiration dates</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">U.S. Treasury Securities and Cash</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">Multiple series of U.S. Treasury Bills supported by the full faith and credit of the U.S. government. They will generate income. </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">6-month to 2-year maturities</td></tr> </table> The market value of the cash and treasuries held by the Fund is expected to be approximately 90% of the Fund’s net assets. There is no guarantee that the Fund’s investment strategy will be properly implemented, and an investor may lose some or all of its investment. None of the Fund, the Tidal Trust IV (the “Trust”), Tidal Investments LLC (“Tidal” or the “Adviser”), Kelly Strategic Management, LLC (the “Sub-Adviser”), or their respective affiliates makes any representation to you as to the performance of the NASDAQ-100® Index. THE FUND, TRUST, ADVISER, AND SUB-ADVISER ARE NOT AFFILIATED WITH, NOR ENDORSED BY, THE NASDAQ-100® INDEX. Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus borrowings for investment purposes, in financial instruments and economic interests that provide inverse exposure to the value of the NASDAQ-100® Index. The Fund may not achieve its investment objective and there is a risk that you could lose all of your money invested in the Fund. Index Positive Performance Risk. Positive performance of the NASDAQ-100® Index will negatively impact the Fund. The performance of NASDAQ-100® Index is subject to many factors that may contribute to it having positive performance. The NASDAQ-100® Index’s performance may be positively affected by its underlying companies’ overall ability to develop and launch new products, growth of sales and delivery capabilities, or increases in consumer demand and reduced competition from existing competitors. In addition, the NASDAQ-100® Index may benefit from positive market sentiment, unexpected developments inside an industry, or the global economy. In addition, the NASDAQ-100® Index may be positively impacted by merger and acquisition activities. The Fund’s daily returns may be affected by many factors but will depend on the performance of the NASDAQ-100® Index. Referenced Index Risk. The Fund invests in options contracts that are based on the value of the NASDAQ-100® Index (or on ETFs that track the NASDAQ-100® Index’s performance). This subjects the Fund to certain of the same risks as if it owned shares of companies that comprised the NASDAQ-100® Index or an ETF that tracks the NASDAQ-100® Index, even though it does not. By virtue of the Fund’s investments in options contracts that are based on the value of the NASDAQ-100® Index, the Fund may also be subject to the following risks: Indirect Investment Risk. The NASDAQ-100® Index is not affiliated with the Trust, the Fund, the Adviser, the Sub-Adviser, or their respective affiliates and is not involved with this offering in any way. Investors in the Fund will not have the right to receive dividends or other distributions or any other rights with respect to the companies that comprise the NASDAQ-100® Index but will be subject to declines in the performance of the NASDAQ-100® Index. Index Trading Risk. The trading price of the NASDAQ-100® Index may be highly volatile and could continue to be subject to wide fluctuations in response to various factors. The stock market in general has experienced extreme price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of companies. 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 imperfect correlation between the inverse value of the Index and the derivative, which may prevent the Fund from achieving its investment objective. In addition, the Fund’s investments in derivatives are subject to the following risks: Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility 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 Index. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. Additionally, purchasing an option subjects the buyer to the risk that the benefit received from exercising the option, if any, will not exceed the premium paid to purchase the option. 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 move in the opposite direction of the value of the underlying instrument. However, prior to such date, the value of the option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain inverse exposure to the Index 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. Because the Fund may spend up to 10% of its NAV on a trading day to purchase options, and because options that expire worthless provide no recovery of the premium paid, repeated net losses on the Fund’s options positions can compound over time and result in significant and, at times, rapid erosion of the Fund’s NAV, even though the Fund’s loss on its purchased options on any single day is limited to the premium paid, particularly during extended periods in which the Index does not move sufficiently in the direction favorable to the Fund’s strategy. Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Fund transactions involving a counterparty are subject to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The Fund will invest in exchange traded options which are guaranteed for settlement by the Options Clearing Corporation (“OCC”). As a result, the ability of the Fund to meet its objective depends on the OCC being able to meet its obligations. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, the Fund could suffer significant losses. Leverage Risk. The options purchased by the Fund may provide investment exposure to the applicable reference asset in excess of the Fund’s net assets and therefore may have the economic effect of leverage. As a result, a relatively small movement in the value of the reference asset may cause a disproportionately large movement in the value of the Fund’s options and may increase the volatility of the Fund’s NAV. The Fund may lose the entire premium paid for a purchased option, but its loss on the option will not exceed that premium. Because the Fund establishes new options positions and pays new premiums on a recurring basis, however, losses on purchased options may compound over time and result in a significant or rapid decline in the Fund’s NAV. NAV Erosion Risk Due to Options Expirations. When the Fund invests in options, there is a risk that they may expire worthless. A repeated occurrence of the Fund’s options expiring worthless may significantly erode the Fund’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment. Options Loss Compounding Risk. The Fund may pay up to 10% of its NAV in options premiums on each trading day and may lose the entire amount of those premiums if the options expire worthless or otherwise fail to generate proceeds sufficient to recover their cost. The Fund’s limit on losses from purchased options applies separately to each trading day, based on the Fund’s then-current NAV, and does not limit cumulative losses over multiple days. Thus, the Fund may incur a new loss of up to 10% of its NAV after having incurred options losses on prior trading days. Repeated premium losses will reduce the Fund’s NAV, and subsequent losses may compound against the Fund’s already-reduced NAV. Consequently, a series of options losses may cause significant and rapid NAV erosion, and the Fund may lose substantially more than its daily options-premium loss limit—and potentially all or substantially all of its value—over time. The 10% daily limit should not be understood as limiting the Fund’s losses over any period longer than one trading day. The Fund’s longer-term performance depends heavily on the sequence of daily results. Accordingly, repeated options losses may significantly reduce the Fund’s NAV even if its underlying index or reference asset experiences little or no net change, or moves in a direction favorable to the Fund’s strategy, over the same period. The Fund’s daily options-premium loss limit does not protect shareholders against these cumulative effects. ETF Risks. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_z03GEh5lVkxk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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 will generally require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. Additionally, there may be brokerage costs or taxable gains or losses that may be imposed on the Fund in connection with a cash redemption that may not have occurred if the Fund had made a redemption in-kind. These costs could decrease the value of the Fund to the extent they are not offset by a transaction fee payable by an AP. 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_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zUBaLjuX5EA8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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 Nasdaq Stock Market, LLC (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active trading market for the Shares will develop or be maintained or that the Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. Shares trade on the Exchange at market price that may be below, at or above the Fund’s NAV. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable. In addition, trading in Shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings. 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. Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline. Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil. This risk is greater for the Fund as it will hold options contracts on a single index, and not a broader range of options contracts. 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. Certain market conditions or restrictions, such as market rules related to short sales, may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with inverse of the Index. 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. 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. Management Risk. The Fund is subject to management risk because it is an actively managed portfolio. In managing the Fund’s investment portfolio, the portfolio managers will apply investment techniques and risk analyses that may not produce the desired result. There can be no guarantee that the Fund will meet its investment objective. NAV Decline Risk Due to Distributions. When the Fund makes a distribution, the Fund’s NAV will typically drop by the amount of the distribution on the related ex-dividend date. The repeated payment of distributions by the Fund, if any, may result in a decline in the Fund’s NAV and trading price over time. As a result, an investor may suffer losses to their investment. New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions. Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio. Operational Risk. The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund, Adviser, and Sub-Adviser seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks. Tax Risk. The Fund intends to elect and to qualify each year to be treated as a RIC under Subchapter M of the 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 timely distributes to Shareholders, provided that it satisfies certain source-of-income, diversification and distribution 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 U.S. federal income tax imposed at corporate rates, and a shareholder may be required to include in its income the amount of any distribution received from the Fund. To comply with the asset diversification requirements applicable to a RIC, the Fund will attempt to ensure that the value of its investments, including options, in a single issuer is never more than 25% of the total value of Fund assets at the close of any quarter. If the value of the Fund’s investments in 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. U.S. Government and U.S. Agency Obligations Risk. The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so. <div style="display: none"></div> Performance The Fund is new and therefore does not have a performance history for a full calendar year. In the future, performance information for the Fund will be presented in this section. Updated performance information is available on the Fund’s website at www.dailydeltaetfs.com. The Fund is new and therefore does not have a performance history for a full calendar year. www.dailydeltaetfs.com DailyDelta SP500® Call Options Strategy ETF - FUND SUMMARY Investment Objective The Fund’s primary investment objective is to seek capital appreciation. The Fund’s secondary investment objective is to limit single-day risk. 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_A8B_eoef--AnnualFundOperatingExpensesTableTextBlock_zatJeuE4FRik"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_z0s8ik6Defxc" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td id="xdx_980_eoef--OperatingExpensesCaption_c20260924__20260924__dei--LegalEntityAxis__custom--S000108352Member_zDiVZWKPKmCl" style="border-bottom: black 1pt solid">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td id="xdx_499_20260924__20260924__oef--ClassAxis__custom--C000279332Member_zbXqXcofvVxf" style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td></tr> <tr id="xdx_40B_eoef--ManagementFeesOverAssets_dpn_z5wi5y3S5Lub" style="vertical-align: bottom"> <td style="width: 85%">Management Fee(1)</td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 11%; text-align: right">1.35%</td> <td style="width: 1%"> </td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zs8TPc6WKWf2" style="vertical-align: bottom"> <td>Distribution and Service (12b-1) Fees</td> <td> </td> <td> </td> <td style="text-align: right">0.00%</td> <td> </td></tr> <tr id="xdx_40C_eoef--OtherExpensesOverAssets_dpn_zUiunqEoaYE1" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid">Other Expenses(2)</td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">0.00%</td> <td style="border-bottom: black 1pt solid"> </td></tr> <tr id="xdx_407_eoef--ExpensesOverAssets_dpn_zl7UOoMHHMW3" style="vertical-align: bottom"> <td>Total Annual Fund Operating Expenses </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">1.35%</td> <td style="border-bottom: black 1pt solid"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">(1)</td> <td style="text-align: justify">The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”) will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940 (the “1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">(2)</td> <td>Based on estimated amounts for the current fiscal year.</td></tr> </table> <div style="display: none"></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0135 0.0000 0.0000 0.0135 Based on estimated amounts for the current fiscal year. This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div style="display: none"></div> <div id="xdx_A8C_eoef--ExpenseExampleWithRedemptionTableTextBlock_zfycqTXb0RGj"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zoGpITpNQ3yl" 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: top"> <td id="xdx_482_eoef--ExpenseExampleYear01_zgvkcani5e05" style="border-top: black 1pt solid; width: 48%; text-align: center">1 Year</td> <td id="xdx_481_eoef--ExpenseExampleYear03_zTtlzqKYN8a5" style="border-top: black 1pt solid; width: 52%; text-align: center">3 Years</td></tr> <tr id="xdx_413_20260924__20260924__oef--ClassAxis__custom--C000279332Member_zEucYlOrsbc9" style="vertical-align: top"> <td style="border-bottom: black 1pt solid; text-align: center">$137</td> <td style="border-bottom: black 1pt solid; text-align: center">$428</td></tr> </table> 137 428 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the expense example above, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available. Principal Investment Strategies The Fund is an actively managed exchange-traded fund (“ETF”) that seeks long exposure to the daily upside, or increase in value of the S&P 500 Index (the “SP500® Index” or “Index”), which is an index that is designed to track the performance of the 500 of the largest companies listed on stock exchanges in the United States. The Fund also seeks to limit daily downside risk to 10% or less of the Fund’s net asset value (“NAV”). The Fund seeks to achieve this objective by investing in cash-settled exchange traded index options that are designed to track the daily changes in the value of the SP500® Index. The Fund intends to invest only in cash-settled options, which means the holder of the option does not receive securities when the option is exercised. Instead any payments are made in cash. The Fund does not seek to provide one-to-one, or any other fixed multiple of, the daily performance of the Index. The term ‘DailyDelta’ refers to the Fund’s daily establishment of short-dated options exposure and to “delta,” which measures an option’s sensitivity to changes in its underlying reference asset. It does not represent a specific or fixed-multiple performance target. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Purchasing Call Options.</td></tr> </table> To enhance the Fund’s potential returns, the Fund employs a strategy that involves purchasing exchange-traded, cash-settled index call options on the performance of the SP500® Index. These call options typically have a short time to expiration, such as one week or less, and in some cases, as little as one trading day. The Fund will purchase call options with a strike price that is close to then-current value of the SP500® Index at the time of purchase. See “Additional Information about the Funds” for general information about options contracts. Under normal market conditions, the Fund expects to invest primarily in options contracts with daily expiry. In that case, on a daily basis, the Fund establishes new call positions and establishes new option loss limits, which is the maximum loss that the Fund can experience from its options positions on that day. That is, each trading day, the Fund spends an amount equal to up to ten percent of its NAV in option premiums to purchase short-term call options. The daily option loss limit is the amount spent on option premiums. This approach is designed to produce positive performance (that exceeds that of the SP500® Index) on days when the SP500® Index has positive performance. In contrast, on days when the SP500® Index is flat or declines, the Fund may lose up to the full amount of that day’s option premium (up to 10% of the Fund’s NAV each day). Under unusual or stressed market conditions, such as during periods of unusual volatility, the Fund may invest in options contracts that expire in up to a week. In those circumstances, the Fund will establish new call positions and establish new option loss limits when the Fund’s options contracts expire. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">U.S. Treasuries. </td></tr> </table> The Fund will hold the remaining amount of the Fund’s NAV (e.g., approximately 90%) in short-term U.S. Treasury securities. During normal market conditions, the average portfolio effective duration for the Fund’s investments in U.S. Treasury securities is expected to be approximately 6 months. Key Risks of the Fund’s Daily Call Options Strategy Although the Fund holds approximately 90% of its NAV in short-term U.S. Treasury securities, it obtains exposure, as applicable, to the Index through options. For purposes of the Fund’s 80% policy, the options are valued using their delta-adjusted notional amounts, rather than the premiums paid, and qualifying short-term U.S. Treasury securities may be excluded from the calculation as permitted by applicable law. As a result of this structure, investors should understand the following: •      Extremely high daily premium expenditure: The Fund may spend up to 10% of its NAV on each trading day to purchase options. The Fund incurs this cost whether or not the options ultimately make money. •      NAV erosion from options expirations: If the options repeatedly expire worthless, the Fund will repeatedly lose the premiums it paid. These daily losses can compound and significantly reduce the Fund’s NAV over time. •      Dependency on volatility and option prices: The cost and performance of the Fund’s options depend heavily on market volatility and option prices, which can change quickly and unpredictably. •      Non-diversification amplifies index concentration risk: The Fund’s performance depends heavily on a single index or asset. An adverse move in that index or asset may therefore affect the Fund more significantly than a fund with exposure to many different investments. •      Daily reset magnifies path dependency and volatility drag: Because the Fund establishes new options exposure each day, its longer-term return depends on the sequence of daily gains and losses. As a result, the Fund’s return over periods longer than one day may differ significantly from what an investor might expect based on the performance of the underlying index or asset. Fund Attributes The Fund is classified as “non-diversified” under the 1940 Act. Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus borrowings for investment purposes, in financial instruments and economic interests that provide exposure to the value of the SP500® Index. For purposes of compliance with this investment policy, derivative contracts will be valued at their delta-adjusted notional value. The foregoing policy may be changed without shareholder approval upon 60 days’ written notice to shareholders. An investment in the Fund is not an investment in the SP500® Index, nor is the Fund an investment in a traditional passively managed index fund. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px; text-align: justify">●</td> <td style="text-align: justify">The Fund’s strategy is designed to produce positive performance that exceeds the appreciation of the SP500® Index on days when the SP500® Index has increased in value. Because the Fund spends up to 10% of its NAV each trading day on options premium, the Fund’s options strategy will produce positive performance on a given day only to the extent that the cash received from settlement of that day’s options positions exceeds the cost of that day’s options premium (i.e., up to 10% of the Fund’s NAV).</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px; text-align: justify">●</td> <td style="text-align: justify">The Fund’s options strategy is subject to potential losses, limited to the amount of that day’s option premium, if the SP500® Index decreases in value, does not change in value, or if the returns based on the appreciation of the SP500® Index do not exceed the value of the options premium. The Fund may also experience losses if its investments in Treasury securities decline in value.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">The Fund does not invest directly in the SP500® Index.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">The Fund does not invest directly in companies that comprise the SP500® Index.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Fund shareholders are not entitled to any dividends paid by any companies that comprise the SP500® Index.</td></tr> </table> See “Additional Information about the Funds” for additional information regarding the SP500® Index. The Fund’s Use of SP500® Index Option Contracts As part of the Fund’s strategy, the Fund will purchase exchange-traded call option contracts that are based on the value of the SP500® Index (or on passively managed ETFs that seek to track the SP500® Index’s performance). The Fund intends to invest only in cash-settled options, which means the holder of the option does not receive securities when the option is exercised. Instead, any payments are made in cash. Under normal market conditions, each day, the Fund will invest in options to seek exposure to the SP500® Index in excess of the Fund’s net assets. If the value of the SP500® Index increases, the Fund will exercise that day’s option contract and have the right to receive an amount of cash equal to the difference between the settlement price of the SP500® Index on the expiration date of the applicable option contract and the stated strike price. Because of the Fund’s exposure to the SP500® Index, the Fund will receive returns equal to a multiple of the appreciation of the value of the SP500® Index in excess of the stated strike price minus the premium paid for the options. The multiple that the Fund will achieve will vary based on the exposure to the SP500® Index that the Fund is able to achieve by paying the option premium noted above. The Fund’s gains on a particular day will be equal to the amount of cash received upon settlement of the day’s options contracts minus the amount of the option premium. The level of exposure that the Fund is able to achieve with a given premium depends on such factors as the price of the SP500® Index and its volatility, and the time remaining until the expiration date of the option contracts. Where the SP500® Index price settles at expiration at or below the strike price, and the Fund does not sell the options before their expiration, the Fund’s call options will expire worthless and the Fund will lose that day’s option premium. Investors should not expect the Fund’s cumulative performance over time to track, in a simple or predictable manner a 1x long or inverse exposure to the SP500® Index. Because the Fund purchases new call options each trading day and incurs a new premium cost, its cumulative performance may differ significantly from a simple long investment in the SP500® Index. The Fund may lose value even on a day when the Index rises if the increase is not sufficient to offset the premium paid and Fund expenses. During periods when the Index declines, remains flat, or does not rise sufficiently, the Fund’s call options may repeatedly expire worthless or fail to recover the premiums paid, resulting in rapid and compounded erosion of the Fund’s NAV. Fund’s Return Profile vs the SP500® Index For the reasons stated above, the Fund’s performance will differ from that of the SP500® Index. The performance differences will depend on, among other things, the value of the SP500® Index, changes in the price of the SP500® Index’s options contracts the Fund has purchased, and changes in the value of the U.S. Treasuries. Fund Portfolio The Fund’s principal holdings are described below: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="3" style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">DailyDelta SP500® Call Options Strategy ETF – Principal Holdings</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt">Portfolio Holdings (All options are based on the value of the SP500® Index)</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 54%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Investment Terms</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 21%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Expected Target Maturity</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">Purchased call option contracts </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">The Fund will purchase call options with a strike price that is close to then-current value of the SP500® Index at the time of purchase. If, at the expiration of the option, the value of the SP500® Index is above the strike price, the option will have value. The Fund will realize positive returns on the option to the extent that such value exceeds the option premium paid by the Fund. If at the expiration of the option the value of the SP500® Index has decreased or remained at the strike price, the option may expire worthless and the Fund may lose the entirety of its option premium. </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">One-day to one-week expiration dates</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">U.S. Treasury Securities and Cash</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">Multiple series of U.S. Treasury Bills supported by the full faith and credit of the U.S. government. They will generate income. </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">6-month to 2-year maturities</td></tr> </table> The market value of the cash and treasuries held by the Fund is expected to be approximately 90% of the Fund’s net assets. There is no guarantee that the Fund’s investment strategy will be properly implemented, and an investor may lose some or all of its investment. None of the Fund, the Tidal Trust IV (the “Trust”), Tidal Investments LLC (“Tidal” or the “Adviser”), Kelly Strategic Management, LLC (the “Sub-Adviser”), or their respective affiliates makes any representation to you as to the performance of the SP500® Index. THE FUND, TRUST, ADVISER, AND SUB-ADVISER ARE NOT AFFILIATED WITH, NOR ENDORSED BY, THE SP500® INDEX. Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus borrowings for investment purposes, in financial instruments and economic interests that provide exposure to the value of the SP500® Index. The Fund may not achieve its investment objective and there is a risk that you could lose all of your money invested in the Fund. Referenced Index Risk. The Fund invests in options contracts that are based on the value of the SP500® Index (or on ETFs that track the SP500® Index’s performance). This subjects the Fund to certain of the same risks as if it owned shares of companies that comprised the SP500® Index or an ETF that tracks the SP500® Index, even though it does not. By virtue of the Fund’s investments in options contracts that are based on the value of the SP500® Index, the Fund may also be subject to the following risks: Indirect Investment Risk. The SP500® Index is not affiliated with the Trust, the Fund, the Adviser, the Sub-Adviser, or their respective affiliates and is not involved with this offering in any way. Investors in the Fund will not have the right to receive dividends or other distributions or any other rights with respect to the companies that comprise the SP500® Index but will be subject to declines in the performance of the SP500® Index. Index Trading Risk. The trading price of the SP500® Index may be highly volatile and could continue to be subject to wide fluctuations in response to various factors. The stock market in general has experienced extreme price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of companies. 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 imperfect correlation between the value of the Index and the derivative, which may prevent the Fund from achieving its investment objective. In addition, the Fund’s investments in derivatives are subject to the following risks: Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility 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 Index. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. Additionally, purchasing an option subjects the buyer to the risk that the benefit received from exercising the option, if any, will not exceed the premium paid to purchase the option. 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 the option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain exposure to the Index 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. Because the Fund may spend up to 10% of its NAV on a trading day to purchase options, and because options that expire worthless provide no recovery of the premium paid, repeated net losses on the Fund’s options positions can compound over time and result in significant and, at times, rapid erosion of the Fund’s NAV, even though the Fund’s loss on its purchased options on any single day is limited to the premium paid, particularly during extended periods in which the Index does not move sufficiently in the direction favorable to the Fund’s strategy. Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Fund transactions involving a counterparty are subject to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The Fund will invest in exchange traded options which are guaranteed for settlement by the Options Clearing Corporation (“OCC”). As a result, the ability of the Fund to meet its objective depends on the OCC being able to meet its obligations. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, the Fund could suffer significant losses. Leverage Risk. The options purchased by the Fund may provide investment exposure to the applicable reference asset in excess of the Fund’s net assets and therefore may have the economic effect of leverage. As a result, a relatively small movement in the value of the reference asset may cause a disproportionately large movement in the value of the Fund’s options and may increase the volatility of the Fund’s NAV. The Fund may lose the entire premium paid for a purchased option, but its loss on the option will not exceed that premium. Because the Fund establishes new options positions and pays new premiums on a recurring basis, however, losses on purchased options may compound over time and result in a significant or rapid decline in the Fund’s NAV. NAV Erosion Risk Due to Options Expirations. When the Fund invests in options, there is a risk that they may expire worthless. A repeated occurrence of the Fund’s options expiring worthless may significantly erode the Fund’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment. Options Loss Compounding Risk. The Fund may pay up to 10% of its NAV in options premiums on each trading day and may lose the entire amount of those premiums if the options expire worthless or otherwise fail to generate proceeds sufficient to recover their cost. The Fund’s limit on losses from purchased options applies separately to each trading day, based on the Fund’s then-current NAV, and does not limit cumulative losses over multiple days. Thus, the Fund may incur a new loss of up to 10% of its NAV after having incurred options losses on prior trading days. Repeated premium losses will reduce the Fund’s NAV, and subsequent losses may compound against the Fund’s already-reduced NAV. Consequently, a series of options losses may cause significant and rapid NAV erosion, and the Fund may lose substantially more than its daily options-premium loss limit—and potentially all or substantially all of its value—over time. The 10% daily limit should not be understood as limiting the Fund’s losses over any period longer than one trading day. The Fund’s longer-term performance depends heavily on the sequence of daily results. Accordingly, repeated options losses may significantly reduce the Fund’s NAV even if its underlying index or reference asset experiences little or no net change, or moves in a direction favorable to the Fund’s strategy, over the same period. The Fund’s daily options-premium loss limit does not protect shareholders against these cumulative effects. ETF Risks. <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zuPddlbnP5U1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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 will generally require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. Additionally, there may be brokerage costs or taxable gains or losses that may be imposed on the Fund in connection with a cash redemption that may not have occurred if the Fund had made a redemption in-kind. These costs could decrease the value of the Fund to the extent they are not offset by a transaction fee payable by an AP. 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_zTsJmz2pHZf6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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 Cboe BZX Exchange, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active trading market for the Shares will develop or be maintained or that the Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. Shares trade on the Exchange at market price that may be below, at or above the Fund’s NAV. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable. In addition, trading in Shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings. 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. Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline. Interest Rate Risk. Generally, the value of fixed income securities will change inversely with changes in interest rates. As interest rates rise, the market value of fixed income securities tends to decrease. Conversely, as interest rates fall, the market value of fixed income securities tends to increase. Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil. This risk is greater for the Fund as it will hold options contracts on a single index, and not a broader range of options contracts. 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. Certain market conditions or restrictions, such as market rules related to short sales, may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with inverse of the Index. 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. 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. Management Risk. The Fund is subject to management risk because it is an actively managed portfolio. In managing the Fund’s investment portfolio, the portfolio managers will apply investment techniques and risk analyses that may not produce the desired result. There can be no guarantee that the Fund will meet its investment objective. NAV Decline Risk Due to Distributions. When the Fund makes a distribution, the Fund’s NAV will typically drop by the amount of the distribution on the related ex-dividend date. The repeated payment of distributions by the Fund, if any, may result in a decline in the Fund’s NAV and trading price over time. As a result, an investor may suffer losses to their investment. New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions. Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio. Operational Risk. The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund, Adviser, and Sub-Adviser seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks. Tax Risk. The Fund intends to elect and to qualify each year to be treated as a RIC under Subchapter M of the 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 timely distributes to Shareholders, provided that it satisfies certain source-of-income, diversification and distribution 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 U.S. federal income tax imposed at corporate rates, and a shareholder may be required to include in its income the amount of any distribution received from the Fund. To comply with the asset diversification requirements applicable to a RIC, the Fund will attempt to ensure that the value of its investments, including options, in a single issuer is never more than 25% of the total value of Fund assets at the close of any quarter. If the value of the Fund’s investments in 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. U.S. Government and U.S. Agency Obligations Risk. The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so. Performance The Fund is new and therefore does not have a performance history for a full calendar year. In the future, performance information for the Fund will be presented in this section. Updated performance information is available on the Fund’s website at www.dailydeltaetfs.com. The Fund is new and therefore does not have a performance history for a full calendar year. www.dailydeltaetfs.com DailyDelta SP500® Put Options Strategy ETF - FUND SUMMARY Investment Objective The Fund’s primary investment objective is to seek capital appreciation. The Fund’s secondary investment objective is to limit single-day risk. 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_A8B_eoef--AnnualFundOperatingExpensesTableTextBlock_zaE9cRfuDjBj"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zq9GcG9ZqNrc" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td id="xdx_982_eoef--OperatingExpensesCaption_c20260924__20260924__dei--LegalEntityAxis__custom--S000108353Member_zdCNypoucyT9" style="border-bottom: black 1pt solid">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td id="xdx_491_20260924__20260924__oef--ClassAxis__custom--C000279333Member_z1FbWUI4ZU6f" style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td></tr> <tr id="xdx_40B_eoef--ManagementFeesOverAssets_dpn_zdhaEDmFE40i" style="vertical-align: bottom"> <td style="width: 85%">Management Fee(1)</td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 11%; text-align: right">1.35%</td> <td style="width: 1%"> </td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zlPSYzVrphM6" style="vertical-align: bottom"> <td>Distribution and Service (12b-1) Fees </td> <td> </td> <td> </td> <td style="text-align: right">0.00%</td> <td> </td></tr> <tr id="xdx_40C_eoef--OtherExpensesOverAssets_dpn_zH4OLSrkSLT" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid">Other Expenses(2)</td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">0.00%</td> <td style="border-bottom: black 1pt solid"> </td></tr> <tr id="xdx_407_eoef--ExpensesOverAssets_dpn_z1IbatZU3kV6" style="vertical-align: bottom"> <td>Total Annual Fund Operating Expenses </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">1.35%</td> <td style="border-bottom: black 1pt solid"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">(1)</td> <td style="text-align: justify">The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”) will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940 (the “1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">(2)</td> <td>Based on estimated amounts for the current fiscal year.</td></tr> </table> <div style="display: none"></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0135 0.0000 0.0000 0.0135 Based on estimated amounts for the current fiscal year. This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div style="display: none"></div> <div id="xdx_A8F_eoef--ExpenseExampleWithRedemptionTableTextBlock_zGRN4Jbt5cmg"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zncEII0uMV75" 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: top"> <td id="xdx_48F_eoef--ExpenseExampleYear01_z7mYvrxM2YX" style="border-top: black 1pt solid; width: 50%; text-align: center">1 Year</td> <td id="xdx_486_eoef--ExpenseExampleYear03_zlDMk6YCoHN5" style="border-top: black 1pt solid; width: 50%; text-align: center">3 Years</td></tr> <tr id="xdx_412_20260924__20260924__oef--ClassAxis__custom--C000279333Member_zeUXhJhZ0AE8" style="vertical-align: top"> <td style="border-bottom: black 1pt solid; text-align: center">$137</td> <td style="border-bottom: black 1pt solid; text-align: center">$428</td></tr> </table> 137 428 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the expense example above, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available. Principal Investment Strategies The Fund is an actively managed exchange-traded fund (“ETF”) that seeks inverse exposure to the daily downside, or decrease in value of the S&P 500 Index (the “SP500® Index” or “Index”), which is an index that is designed to track the performance of the 500 of the largest companies listed on stock exchanges in the United States. The Fund also seeks to limit daily downside risk to 10% or less of the Fund’s net asset value (“NAV”). The Fund seeks to achieve this objective by investing in cash-settled exchange traded index options that are designed to track the inverse of the daily changes in the value of the SP500® Index. The Fund intends to invest only in cash-settled options, which means the holder of the option does not receive securities when the option is exercised. Instead, any payments are made in cash. The Fund does not seek to provide one-to-one, or any other fixed multiple of, the daily performance of the Index. The term ‘DailyDelta’ refers to the Fund’s daily establishment of short-dated options exposure and to “delta,” which measures an option’s sensitivity to changes in its underlying reference asset. It does not represent a specific or fixed-multiple performance target. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Purchasing Put Options.</td></tr> </table> To enhance the Fund’s potential returns, the Fund employs a strategy that involves purchasing exchange-traded, cash-settled, index put options on the performance of the SP500® Index. These put options typically have a short time to expiration, such as one week or less, and in some cases, as little as one trading day. The Fund will purchase put options with a strike price that is close to then-current value of the SP500® Index at the time of purchase. See “Additional Information about the Funds” for general information about options contracts. Under normal market conditions, the Fund expects to invest primarily in options contracts with daily expiry. In that case, on a daily basis, the Fund establishes new put positions and establishes new option loss limits, which is the maximum loss that the Fund can experience from its options positions on that day. That is, each trading day, the Fund spends an amount equal to up to ten percent of its NAV in option premiums to purchase short-term put options. The daily option loss limit is the amount spent on option premiums. This approach is designed to produce positive performance (that exceeds the inverse of the losses in value experienced by the SP500® Index) on days when the SP500® Index loses value. In contrast, on days when the SP500® Index is flat or is positive, the Fund may lose up to the full amount of that day’s option premium (up to 10% of the Fund’s NAV each day). Under unusual or stressed market conditions, such as during periods of unusual volatility, the Fund may invest in options contracts that expire in up to a week. In those circumstances, the Fund will establish new put positions and establish new option loss limits when the Fund’s options contracts expire. The Fund is not designed to provide, and should not be expected to provide, inverse performance of the Index’s cumulative return over periods longer than a single day. Because the Fund resets its put options position daily and spends option premium of up to 10% of its NAV each day, the Fund may lose value over an extended period even where the Index declines in value over that same period, particularly during periods of significant volatility or frequent single-day increases in the Index, each of which can cause the Fund’s daily put options to expire worthless and erode the Fund’s NAV through daily premium losses. The Fund should not be used as a long-term, buy-and-hold substitute for a simple inverse position in the Index. U.S. Treasuries. The Fund will hold the remaining amount of the Fund’s NAV (e.g., approximately 90%) in short-term U.S. Treasury securities. During normal market conditions, the average portfolio effective duration for the Fund’s investments in U.S. Treasury securities is expected to be approximately 6 months. Key Risks of the Fund’s Daily Put Options Strategy Although the Fund holds approximately 90% of its NAV in short-term U.S. Treasury securities, it obtains exposure, as applicable, to the Index through options. For purposes of the Fund’s 80% policy, the options are valued using their delta-adjusted notional amounts, rather than the premiums paid, and qualifying short-term U.S. Treasury securities may be excluded from the calculation as permitted by applicable law. As a result of this structure, investors should understand the following: •      Extremely high daily premium expenditure: The Fund may spend up to 10% of its NAV on each trading day to purchase options. The Fund incurs this cost whether or not the options ultimately make money. •      NAV erosion from options expirations: If the options repeatedly expire worthless, the Fund will repeatedly lose the premiums it paid. These daily losses can compound and significantly reduce the Fund’s NAV over time. •      Dependency on volatility and option prices: The cost and performance of the Fund’s options depend heavily on market volatility and option prices, which can change quickly and unpredictably. •      Non-diversification amplifies index concentration risk: The Fund’s performance depends heavily on a single index or asset. An adverse move in that index or asset may therefore affect the Fund more significantly than a fund with exposure to many different investments. •      Daily reset magnifies path dependency and volatility drag: Because the Fund establishes new options exposure each day, its longer-term return depends on the sequence of daily gains and losses. As a result, the Fund’s return over periods longer than one day may differ significantly from what an investor might expect based on the performance of the underlying index or asset. Fund Attributes The Fund is classified as “non-diversified” under the 1940 Act. Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus borrowings for investment purposes, in financial instruments and economic interests that provide inverse exposure to the value of the SP500® Index. For purposes of compliance with this investment policy, derivative contracts will be valued at their delta-adjusted notional value. The foregoing policy may be changed without shareholder approval upon 60 days’ written notice to shareholders. An investment in the Fund is not an investment in the SP500® Index, nor is the Fund an investment in a traditional passively managed index fund. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px; text-align: justify">●</td> <td style="text-align: justify">The Fund’s strategy is designed to produce positive performance that exceeds the inverse of the losses in value experienced by the SP500® Index on days when the SP500® Index has decreased in value. Because the Fund spends up to 10% of its NAV each trading day on options premium, the Fund’s options strategy will produce positive performance on a given day only to the extent that the cash received from the settlement of that day’s options positions exceeds the cost of that day’s options premium (i.e., up to 10% of the Fund’s NAV).</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px; text-align: justify">●</td> <td style="text-align: justify">The Fund’s options strategy is subject to potential losses, limited to the amount of that day’s option premium, if the SP500® Index increases in value, does not change in value, or if the returns based on the decrease in value of the SP500® Index do not exceed the value of the options premium. The Fund may also experience losses if its investments in Treasury securities decline in value. </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td>The Fund does not invest directly in the SP500® Index.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">The Fund does not invest directly in companies that comprise the SP500® Index.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Fund shareholders are not entitled to any dividends paid by any companies that comprise the SP500® Index.</td></tr> </table> See “Additional Information about the Funds” for additional information regarding the SP500® Index. The Fund’s Use of SP500® Index Option Contracts As part of the Fund’s strategy, the Fund will purchase exchange traded put option contracts that are based on the value of the SP500® Index. The Fund intends to invest only in cash-settled options, which means the holder of the option does not receive securities when the option is exercised. Instead, any payments are made in cash. Under normal market conditions, each day, the Fund will invest in options to seek exposure to the SP500® Index in excess of the Fund’s net assets. If the value of the SP500® Index decreases, the Fund will exercise that day’s option contract and have the right to receive an amount of cash equal to the difference between the settlement price of the SP500® Index on the expiration date of the applicable option contract and the stated strike price. Because of the Fund’s exposure to the SP500® Index, the Fund will receive returns equal to a multiple of the inverse of the losses in value of the SP500® Index in excess of the stated strike price minus the premium paid for the options. The multiple that the Fund will achieve will vary based on the inverse exposure to the SP500® Index that the Fund is able to achieve by paying the option premium noted above. The Fund’s gains on a particular day will be equal to the amount of cash received upon settlement of the day’s options contracts minus the amount of the option premium. The level of inverse exposure that the Fund is able to achieve with a given premium depends on such factors as the price of the SP500® Index and its volatility, and the time remaining until the expiration date of the option contracts. Where the SP500® Index price settles at expiration at or above the strike price, and the Fund does not sell the options before their expiration, the Fund’s put options will expire worthless and the Fund will lose that day’s option premium. Fund’s Return Profile vs the SP500® Index For the reasons stated above, the Fund’s performance will differ from that of the SP500® Index. The performance differences will depend on, among other things, the value of the SP500® Index, changes in the price of the SP500® Index’s options contracts the Fund has purchased, and changes in the value of the U.S. Treasuries. Fund Portfolio The Fund’s principal holdings are described below: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="3" style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">DailyDelta SP500® Put Options Strategy ETF – Principal Holdings</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt">Portfolio Holdings (All options are based on the value of the SP500®)</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 54%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Investment Terms</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 21%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Expected Target Maturity</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">Purchased put option contracts </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">The Fund will purchase put options with a strike price that is close to then-current value of the SP500® Index at the time of purchase. If at the expiration of the option, the value of the SP500® has decreased below the strike price, and the Fund exercises the option, this will generate positive returns for the Fund to the extent the amount of cash received exceeds the option premium. If at the expiration of the option, the value of the SP500® has increased or remained at the strike price the option may expire worthless and the Fund may lose the entirety of its option premium. </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">One-day to one-week expiration dates</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">U.S. Treasury Securities and Cash</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">Multiple series of U.S. Treasury Bills supported by the full faith and credit of the U.S. government. They will generate income. </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">6-month to 2-year maturities</td></tr> </table> The market value of the cash and treasuries held by the Fund is expected to be approximately 90% of the Fund’s net assets. There is no guarantee that the Fund’s investment strategy will be properly implemented, and an investor may lose some or all of its investment. None of the Fund, the Tidal Trust IV (the “Trust”), Tidal Investments LLC (“Tidal” or the “Adviser”), Kelly Strategic Management, LLC (the “Sub-Adviser”), or their respective affiliates makes any representation to you as to the performance of the SP500® Index. THE FUND, TRUST, ADVISER, AND SUB-ADVISER ARE NOT AFFILIATED WITH, NOR ENDORSED BY, THE SP500® INDEX. Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus borrowings for investment purposes, in financial instruments and economic interests that provide inverse exposure to the value of the SP500® Index. The Fund may not achieve its investment objective and there is a risk that you could lose all of your money invested in the Fund. Index Positive Performance Risk. Positive performance of the SP500® Index will negatively impact the Fund. The performance of SP500® Index is subject to many factors that may contribute to it having positive performance. The SP500® Index’s performance may be positively affected by its underlying companies’ overall ability to develop and launch new products, growth of sales and delivery capabilities, or increases in consumer demand and reduced competition from existing competitors. In addition, the SP500® Index may benefit from positive market sentiment, unexpected developments inside an industry, or the global economy. In addition, the SP500® Index may be positively impacted by merger and acquisition activities. The Fund’s daily returns may be affected by many factors but will depend on the performance of the SP500® Index. Referenced Index Risk. The Fund invests in options contracts that are based on the value of the SP500® Index (or on ETFs that track the SP500® Index’s performance). This subjects the Fund to certain of the same risks as if it owned shares of companies that comprised the SP500® Index or an ETF that tracks the SP500® Index, even though it does not. By virtue of the Fund’s investments in options contracts that are based on the value of the SP500® Index, the Fund may also be subject to the following risks: Indirect Investment Risk. The SP500® Index is not affiliated with the Trust, the Fund, the Adviser, the Sub-Adviser, or their respective affiliates and is not involved with this offering in any way. Investors in the Fund will not have the right to receive dividends or other distributions or any other rights with respect to the companies that comprise the SP500® Index but will be subject to declines in the performance of the SP500® Index. Index Trading Risk. The trading price of the SP500® Index may be highly volatile and could continue to be subject to wide fluctuations in response to various factors. The stock market in general has experienced extreme price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of companies. 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 imperfect correlation between the inverse value of the Index and the derivative, which may prevent the Fund from achieving its investment objective. In addition, the Fund’s investments in derivatives are subject to the following risks: Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility 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 Index. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. Additionally, purchasing an option subjects the buyer to the risk that the benefit received from exercising the option, if any, will not exceed the premium paid to purchase the option. 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 move in the opposite direction of the value of the underlying instrument. However, prior to such date, the value of the option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain inverse exposure to the Index 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. Because the Fund may spend up to 10% of its NAV on a trading day to purchase options, and because options that expire worthless provide no recovery of the premium paid, repeated net losses on the Fund’s options positions can compound over time and result in significant and, at times, rapid erosion of the Fund’s NAV, even though the Fund’s loss on its purchased options on any single day is limited to the premium paid, particularly during extended periods in which the Index does not move sufficiently in the direction favorable to the Fund’s strategy. Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Fund transactions involving a counterparty are subject to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The Fund will invest in exchange traded options which are guaranteed for settlement by the Options Clearing Corporation (“OCC”). As a result, the ability of the Fund to meet its objective depends on the OCC being able to meet its obligations. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, the Fund could suffer significant losses. Leverage Risk. The options purchased by the Fund may provide investment exposure to the applicable reference asset in excess of the Fund’s net assets and therefore may have the economic effect of leverage. As a result, a relatively small movement in the value of the reference asset may cause a disproportionately large movement in the value of the Fund’s options and may increase the volatility of the Fund’s NAV. The Fund may lose the entire premium paid for a purchased option, but its loss on the option will not exceed that premium. Because the Fund establishes new options positions and pays new premiums on a recurring basis, however, losses on purchased options may compound over time and result in a significant or rapid decline in the Fund’s NAV. NAV Erosion Risk Due to Options Expirations. When the Fund invests in options, there is a risk that they may expire worthless. A repeated occurrence of the Fund’s options expiring worthless may significantly erode the Fund’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment. Options Loss Compounding Risk. The Fund may pay up to 10% of its NAV in options premiums on each trading day and may lose the entire amount of those premiums if the options expire worthless or otherwise fail to generate proceeds sufficient to recover their cost. The Fund’s limit on losses from purchased options applies separately to each trading day, based on the Fund’s then-current NAV, and does not limit cumulative losses over multiple days. Thus, the Fund may incur a new loss of up to 10% of its NAV after having incurred options losses on prior trading days. Repeated premium losses will reduce the Fund’s NAV, and subsequent losses may compound against the Fund’s already-reduced NAV. Consequently, a series of options losses may cause significant and rapid NAV erosion, and the Fund may lose substantially more than its daily options-premium loss limit—and potentially all or substantially all of its value—over time. The 10% daily limit should not be understood as limiting the Fund’s losses over any period longer than one trading day. The Fund’s longer-term performance depends heavily on the sequence of daily results. Accordingly, repeated options losses may significantly reduce the Fund’s NAV even if its underlying index or reference asset experiences little or no net change, or moves in a direction favorable to the Fund’s strategy, over the same period. The Fund’s daily options-premium loss limit does not protect shareholders against these cumulative effects. ETF Risks. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zycYfuGKMXei" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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 will generally require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. Additionally, there may be brokerage costs or taxable gains or losses that may be imposed on the Fund in connection with a cash redemption that may not have occurred if the Fund had made a redemption in-kind. These costs could decrease the value of the Fund to the extent they are not offset by a transaction fee payable by an AP. 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. Management Risk. The Fund is subject to management risk because it is an actively managed portfolio. In managing the Fund’s investment portfolio, the portfolio managers will apply investment techniques and risk analyses that may not produce the desired result. There can be no guarantee that the Fund will meet its investment objective. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zYULqhyMinu9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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 Cboe BZX Exchange, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active trading market for the Shares will develop or be maintained or that the Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. Shares trade on the Exchange at market price that may be below, at or above the Fund’s NAV. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable. In addition, trading in Shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings. 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. Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline. Interest Rate Risk. Generally, the value of fixed income securities will change inversely with changes in interest rates. As interest rates rise, the market value of fixed income securities tends to decrease. Conversely, as interest rates fall, the market value of fixed income securities tends to increase. Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil. This risk is greater for the Fund as it will hold options contracts on a single index, and not a broader range of options contracts. 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. Certain market conditions or restrictions, such as market rules related to short sales, may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with inverse of the Index. 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. 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. Management Risk. The Fund is subject to management risk because it is an actively managed portfolio. In managing the Fund’s investment portfolio, the portfolio managers will apply investment techniques and risk analyses that may not produce the desired result. There can be no guarantee that the Fund will meet its investment objective. NAV Decline Risk Due to Distributions. When the Fund makes a distribution, the Fund’s NAV will typically drop by the amount of the distribution on the related ex-dividend date. The repeated payment of distributions by the Fund, if any, may result in a decline in the Fund’s NAV and trading price over time. As a result, an investor may suffer losses to their investment. New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions. Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio. Operational Risk. The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund, Adviser, and Sub-Adviser seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks. Tax Risk. The Fund intends to elect and to qualify each year to be treated as a RIC under Subchapter M of the 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 timely distributes to Shareholders, provided that it satisfies certain source-of-income, diversification and distribution 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 U.S. federal income tax imposed at corporate rates, and a shareholder may be required to include in its income the amount of any distribution received from the Fund. To comply with the asset diversification requirements applicable to a RIC, the Fund will attempt to ensure that the value of its investments, including options, in a single issuer is never more than 25% of the total value of Fund assets at the close of any quarter. If the value of the Fund’s investments in 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. U.S. Government and U.S. Agency Obligations Risk. The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so. <div style="display: none"></div> Performance The Fund is new and therefore does not have a performance history for a full calendar year. In the future, performance information for the Fund will be presented in this section. Updated performance information is available on the Fund’s website at www.dailydeltaetfs.com. The Fund is new and therefore does not have a performance history for a full calendar year. www.dailydeltaetfs.com DailyDelta R2000 Call Options Strategy ETF - FUND SUMMARY Investment Objective The Fund’s primary investment objective is to seek capital appreciation. The Fund’s secondary investment objective is to limit single-day risk. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. <div id="xdx_A85_eoef--AnnualFundOperatingExpensesTableTextBlock_zuwL7TFD29p9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zol7irIy45mj" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td id="xdx_984_eoef--OperatingExpensesCaption_c20260924__20260924__dei--LegalEntityAxis__custom--S000108350Member_zFiFsrvZnMAh" style="border-bottom: black 1pt solid">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td id="xdx_496_20260924__20260924__oef--ClassAxis__custom--C000279330Member_z7XMKWV61J2b" style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dp_zhQ1BCkJLvm6" style="vertical-align: bottom"> <td style="width: 85%">Management Fee(1)</td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 11%; text-align: right">1.35%</td> <td style="width: 1%"> </td></tr> <tr id="xdx_40A_eoef--DistributionAndService12b1FeesOverAssets_dp_zKZsNdlhlmej" style="vertical-align: bottom"> <td>Distribution and Service (12b-1) Fees </td> <td> </td> <td> </td> <td style="text-align: right">0.00%</td> <td> </td></tr> <tr id="xdx_40D_eoef--OtherExpensesOverAssets_dp_zo7VHAkhI3J2" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid">Other Expenses(2)</td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">0.00%</td> <td style="border-bottom: black 1pt solid"> </td></tr> <tr id="xdx_401_eoef--ExpensesOverAssets_dp_zKpOjasJapE6" style="vertical-align: bottom"> <td>Total Annual Fund Operating Expenses </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">1.35%</td> <td style="border-bottom: black 1pt solid"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px; padding-top: 6pt"> </td> <td style="width: 24px; padding-top: 6pt">(1)</td> <td style="padding-top: 6pt; text-align: justify">The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”) will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940 (the “1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">(2)</td> <td>Based on estimated amounts for the current fiscal year.</td></tr> </table> <div style="display: none"></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0135 0.0000 0.0000 0.0135 Based on estimated amounts for the current fiscal year. This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div style="display: none"></div> <div id="xdx_A81_eoef--ExpenseExampleWithRedemptionTableTextBlock_z3i1hLTdYRh"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zT1q0mMuKU4g" 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: top"> <td id="xdx_489_eoef--ExpenseExampleYear01_zorqSE5V1bIc" style="border-top: black 1pt solid; width: 48%; text-align: center">1 Year</td> <td id="xdx_489_eoef--ExpenseExampleYear03_zkvC1YvAAMk3" style="border-top: black 1pt solid; width: 52%; text-align: center">3 Years</td></tr> <tr id="xdx_416_20260924__20260924__oef--ClassAxis__custom--C000279330Member_zb48GboeUVLh" style="vertical-align: top"> <td style="border-bottom: black 1pt solid; text-align: center">$137</td> <td style="border-bottom: black 1pt solid; text-align: center">$428</td></tr> </table> 137 428 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the expense example above, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available. Principal Investment Strategies The Fund is an actively managed exchange-traded fund (“ETF”) that seeks long exposure to the daily upside, or increase in value of the Russell 2000 Index (the “R2000 Index” or “Index”), which is an index that is designed to track the performance of the smallest 2,000 stocks in the Russell 3000 Index. The Fund also seeks to limit daily downside risk to 10% or less of the Fund’s net asset value (“NAV”). The Fund seeks to achieve this objective by investing in cash-settled exchange traded index options that are designed to track the daily changes in the value of the R2000 Index. The Fund intends to invest only in cash-settled options, which means the holder of the option does not receive securities when the option is exercised. Instead any payments are made in cash.The Fund does not seek to provide one-to-one, or any other fixed multiple of, the daily performance of the Index. The term ‘DailyDelta’ refers to the Fund’s daily establishment of short-dated options exposure and to “delta,” which measures an option’s sensitivity to changes in its underlying reference asset. It does not represent a specific or fixed-multiple performance target. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Purchasing Call Options.</td></tr> </table> To enhance the Fund’s potential returns, the Fund employs a strategy that involves purchasing exchange-traded, cash-settled index call options on the performance of the R2000 Index. These call options typically have a short time to expiration, such as one week or less, and in some cases, as little as one trading day. The Fund will purchase call options with a strike price that is close to then-current value of the R2000 Index at the time of purchase. See “Additional Information about the Funds” for general information about options contracts. Under normal market conditions, the Fund expects to invest primarily in options contracts with daily expiry. In that case, on a daily basis, the Fund establishes new call positions and establishes new option loss limits, which is the maximum loss that the Fund can experience from its options positions on that day. That is, each trading day, the Fund spends an amount equal to up to ten percent of its NAV in option premiums to purchase short-term call options. The daily option loss limit is the amount spent on option premiums. This approach is designed to produce positive performance (that exceeds that of the R2000 Index) on days when the R2000 Index has positive performance. In contrast, on days when the R2000 Index is flat or declines, the Fund may lose up to the full amount of that day’s option premium (up to 10% of the Fund’s NAV each day). Under unusual or stressed market conditions, such as during periods of unusual volatility, the Fund may invest in options contracts that expire in up to a week. In those circumstances, the Fund will establish new call positions and establish new option loss limits when the Fund’s options contracts expire. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">U.S. Treasuries. </td></tr> </table> The Fund will hold the remaining amount of the Fund’s NAV (e.g., approximately 90%) in short-term U.S. Treasury securities. During normal market conditions, the average portfolio effective duration for the Fund’s investments in U.S. Treasury securities is expected to be approximately 6 months. Key Risks of the Fund’s Daily Call Options Strategy Although the Fund holds approximately 90% of its NAV in short-term U.S. Treasury securities, it obtains exposure, as applicable, to the Index through options. For purposes of the Fund’s 80% policy, the options are valued using their delta-adjusted notional amounts, rather than the premiums paid, and qualifying short-term U.S. Treasury securities may be excluded from the calculation as permitted by applicable law. As a result of this structure, investors should understand the following: •      Extremely high daily premium expenditure: The Fund may spend up to 10% of its NAV on each trading day to purchase options. The Fund incurs this cost whether or not the options ultimately make money. •      NAV erosion from options expirations: If the options repeatedly expire worthless, the Fund will repeatedly lose the premiums it paid. These daily losses can compound and significantly reduce the Fund’s NAV over time. •      Dependency on volatility and option prices: The cost and performance of the Fund’s options depend heavily on market volatility and option prices, which can change quickly and unpredictably. •      Non-diversification amplifies index concentration risk: The Fund’s performance depends heavily on a single index or asset. An adverse move in that index or asset may therefore affect the Fund more significantly than a fund with exposure to many different investments. •      Daily reset magnifies path dependency and volatility drag: Because the Fund establishes new options exposure each day, its longer-term return depends on the sequence of daily gains and losses. As a result, the Fund’s return over periods longer than one day may differ significantly from what an investor might expect based on the performance of the underlying index or asset. Fund Attributes The Fund is classified as “non-diversified” under the 1940 Act. Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus borrowings for investment purposes, in financial instruments and economic interests that provide exposure to the value of the R2000 Index. For purposes of compliance with this investment policy, derivative contracts will be valued at their delta-adjusted notional value. The foregoing policy may be changed without shareholder approval upon 60 days’ written notice to shareholders. An investment in the Fund is not an investment in the R2000 Index, nor is the Fund an investment in a traditional passively managed index fund. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td>The Fund’s strategy is designed to produce positive performance that exceeds the appreciation of the R2000 Index on days when the R2000 Index has increased in value. The Fund’s options strategy will produce positive performance only to the extent that the cash received from the settlement of the options positions exceeds that day’s options premium. </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td>The Fund’s options strategy is subject to potential losses, limited to the amount of that day’s option premium, if the R2000 Index decreases in value, does not change in value, or if the returns based on the appreciation of the R2000 Index do not exceed the value of the options premium. The Fund may also experience losses if its investments in Treasury securities decline in value.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">The Fund does not invest directly in the R2000 Index.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">The Fund does not invest directly in companies that comprise the R2000 Index.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Fund shareholders are not entitled to any dividends paid by any companies that comprise the R2000 Index.</td></tr> </table> See “Additional Information about the Funds” for additional information regarding the R2000 Index. The Fund’s Use of R2000 Index Option Contracts As part of the Fund’s strategy, the Fund will purchase exchange-traded call option contracts that are based on the value of the R2000 Index (or on passively managed ETFs that seek to track the R2000 Index’s performance). The Fund intends to invest only in cash-settled options, which means the holder of the option does not receive securities when the option is exercised. Instead, any payments are made in cash. Under normal market conditions, each day, the Fund will invest in options to seek exposure to the R2000 Index in excess of the Fund’s net assets. If the value of the R2000 Index increases, the Fund will exercise that day’s option contract and have the right to receive an amount of cash equal to the difference between the settlement price of the R2000 Index on the expiration date of the applicable option contract and the stated strike price. Because of the Fund’s exposure to the R2000 Index, the Fund will receive returns equal to a multiple of the appreciation of the value of the R2000 Index in excess of the stated strike price minus the premium paid for the options. The multiple that the Fund will achieve will vary based on the exposure to the R2000 Index that the Fund is able to achieve by paying the option premium noted above. The Fund’s gains on a particular day will be equal to the amount of cash received upon settlement of the day’s options contracts minus the amount of the option premium. The level of exposure that the Fund is able to achieve with a given premium depends on such factors as the price of the R2000 Index and its volatility, and the time remaining until the expiration date of the option contracts. Where the R2000 Index price settles at expiration at or below the strike price, and the Fund does not sell the options before their expiration, the Fund’s call options will expire worthless and the Fund will lose that day’s option premium. Investors should not expect the Fund’s cumulative performance over time to track, in a simple or predictable manner a 1x long or inverse exposure to the R2000 Index. Because the Fund purchases new call options each trading day and incurs a new premium cost, its cumulative performance may differ significantly from a simple long investment in the R2000 Index. The Fund may lose value even on a day when the Index rises if the increase is not sufficient to offset the premium paid and Fund expenses. During periods when the Index declines, remains flat, or does not rise sufficiently, the Fund’s call options may repeatedly expire worthless or fail to recover the premiums paid, resulting in rapid and compounded erosion of the Fund’s NAV. This risk may be heightened by the volatility of small-capitalization securities and the resulting cost of options on the R2000 Index. Fund’s Return Profile vs the R2000 Index For the reasons stated above, the Fund’s performance will differ from that of the R2000 Index. The performance differences will depend on, among other things, the value of the R2000 Index, changes in the price of the R2000 Index’s options contracts the Fund has purchased, and changes in the value of the U.S. Treasuries. Because the R2000 Index is composed of small-capitalization companies, which have historically exhibited greater price volatility than large-capitalization companies, the Fund’s options premiums may be higher, and the Fund’s daily premium losses and resulting NAV erosion may be more frequent and/or more significant, than would be the case for a similar options strategy referencing a large-capitalization index. Fund Portfolio The Fund’s principal holdings are described below: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="3" style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">DailyDelta R2000 Call Options Strategy ETF – Principal Holdings</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt">Portfolio Holdings (All options are based on the value of the R2000 Index)</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 54%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Investment Terms</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 21%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Expected Target Maturity</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">Purchased call option contracts </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">The Fund will purchase call options with a strike price that is close to then-current value of the R2000 Index at the time of purchase. If, at the expiration of the option, the value of the R2000 Index is above the strike price, the option will have value. The Fund will realize positive returns on the option to the extent that such value exceeds the option premium paid by the Fund. If, at the expiration of the option, the value of the R2000 Index has decreased or remained at the strike price, the option may expire worthless and the Fund may lose the entirety of its option premium. </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">One-day to one-week expiration dates</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">U.S. Treasury Securities and Cash</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">Multiple series of U.S. Treasury Bills supported by the full faith and credit of the U.S. government. They will generate income. </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">6-month to 2-year maturities</td></tr> </table> The market value of the cash and treasuries held by the Fund is expected to be approximately 90% of the Fund’s net assets. There is no guarantee that the Fund’s investment strategy will be properly implemented, and an investor may lose some or all of its investment. None of the Fund, the Tidal Trust IV (the “Trust”), Tidal Investments LLC (“Tidal” or the “Adviser”), Kelly Strategic Management, LLC (the “Sub-Adviser”), or their respective affiliates makes any representation to you as to the performance of the R2000 Index. THE FUND, TRUST, ADVISER, AND SUB-ADVISER ARE NOT AFFILIATED WITH, NOR ENDORSED BY, THE R2000 INDEX. Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus borrowings for investment purposes, in financial instruments and economic interests that provide exposure to the value of the R2000 Index. The Fund may not achieve its investment objective and there is a risk that you could lose all of your money invested in the Fund. Referenced Index Risk. The Fund invests in options contracts that are based on the value of the R2000 Index (or on ETFs that track the R2000 Index’s performance). This subjects the Fund to certain of the same risks as if it owned shares of companies that comprised the R2000 Index or an ETF that tracks the R2000 Index, even though it does not. By virtue of the Fund’s investments in options contracts that are based on the value of the R2000 Index, the Fund may also be subject to the following risks: Indirect Investment Risk. The R2000 Index is not affiliated with the Trust, the Fund, the Adviser, the Sub-Adviser, or their respective affiliates and is not involved with this offering in any way. Investors in the Fund will not have the right to receive dividends or other distributions or any other rights with respect to the companies that comprise the R2000 Index but will be subject to declines in the performance of the R2000 Index. Index Trading Risk. The trading price of the R2000 Index may be highly volatile and could continue to be subject to wide fluctuations in response to various factors. The stock market in general has experienced extreme price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of companies. 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 imperfect correlation between the value of the Index and the derivative, which may prevent the Fund from achieving its investment objective. In addition, the Fund’s investments in derivatives are subject to the following risks: Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility 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 Index. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. Additionally, purchasing an option subjects the buyer to the risk that the benefit received from exercising the option if any, will not exceed the premium paid to purchase the option. 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 the option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain exposure to the Index 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. Because the Fund may spend up to 10% of its NAV on a trading day to purchase options, and because options that expire worthless provide no recovery of the premium paid, repeated net losses on the Fund’s options positions can compound over time and result in significant and, at times, rapid erosion of the Fund’s NAV, even though the Fund’s loss on its purchased options on any single day is limited to the premium paid, particularly during extended periods in which the Index does not move sufficiently in the direction favorable to the Fund’s strategy. Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Fund transactions involving a counterparty are subject to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The Fund will invest in exchange traded options which are guaranteed for settlement by the Options Clearing Corporation (“OCC”). As a result, the ability of the Fund to meet its objective depends on the OCC being able to meet its obligations. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, the Fund could suffer significant losses. Leverage Risk. The options purchased by the Fund may provide investment exposure to the applicable reference asset in excess of the Fund’s net assets and therefore may have the economic effect of leverage. As a result, a relatively small movement in the value of the reference asset may cause a disproportionately large movement in the value of the Fund’s options and may increase the volatility of the Fund’s NAV. The Fund may lose the entire premium paid for a purchased option, but its loss on the option will not exceed that premium. Because the Fund establishes new options positions and pays new premiums on a recurring basis, however, losses on purchased options may compound over time and result in a significant or rapid decline in the Fund’s NAV. NAV Erosion Risk Due to Options Expirations. When the Fund invests in options, there is a risk that they may expire worthless. A repeated occurrence of the Fund’s options expiring worthless may significantly erode the Fund’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment. Options Loss Compounding Risk. The Fund may pay up to 10% of its NAV in options premiums on each trading day and may lose the entire amount of those premiums if the options expire worthless or otherwise fail to generate proceeds sufficient to recover their cost. The Fund’s limit on losses from purchased options applies separately to each trading day, based on the Fund’s then-current NAV, and does not limit cumulative losses over multiple days. Thus, the Fund may incur a new loss of up to 10% of its NAV after having incurred options losses on prior trading days. Repeated premium losses will reduce the Fund’s NAV, and subsequent losses may compound against the Fund’s already-reduced NAV. Consequently, a series of options losses may cause significant and rapid NAV erosion, and the Fund may lose substantially more than its daily options-premium loss limit—and potentially all or substantially all of its value—over time. The 10% daily limit should not be understood as limiting the Fund’s losses over any period longer than one trading day. The Fund’s longer-term performance depends heavily on the sequence of daily results. Accordingly, repeated options losses may significantly reduce the Fund’s NAV even if its underlying index or reference asset experiences little or no net change, or moves in a direction favorable to the Fund’s strategy, over the same period. The Fund’s daily options-premium loss limit does not protect shareholders against these cumulative effects. ETF Risks. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_ziYGgUGUv7o5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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 will generally require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. Additionally, there may be brokerage costs or taxable gains or losses that may be imposed on the Fund in connection with a cash redemption that may not have occurred if the Fund had made a redemption in-kind. These costs could decrease the value of the Fund to the extent they are not offset by a transaction fee payable by an AP. 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. Management Risk. The Fund is subject to management risk because it is an actively managed portfolio. In managing the Fund’s investment portfolio, the portfolio managers will apply investment techniques and risk analyses that may not produce the desired result. There can be no guarantee that the Fund will meet its investment objective. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zANq9XYvvRI5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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 Cboe BZX Exchange, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active trading market for the Shares will develop or be maintained or that the Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. Shares trade on the Exchange at market price that may be below, at or above the Fund’s NAV. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable. In addition, trading in Shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings. 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. Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline. Interest Rate Risk. Generally, the value of fixed income securities will change inversely with changes in interest rates. As interest rates rise, the market value of fixed income securities tends to decrease. Conversely, as interest rates fall, the market value of fixed income securities tends to increase. Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil. This risk is greater for the Fund as it will hold options contracts on a single index, and not a broader range of options contracts. 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. Certain market conditions or restrictions, such as market rules related to short sales, may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with inverse of the Index. 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. 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. Management Risk. The Fund is subject to management risk because it is an actively managed portfolio. In managing the Fund’s investment portfolio, the portfolio managers will apply investment techniques and risk analyses that may not produce the desired result. There can be no guarantee that the Fund will meet its investment objective. NAV Decline Risk Due to Distributions. When the Fund makes a distribution, the Fund’s NAV will typically drop by the amount of the distribution on the related ex-dividend date. The repeated payment of distributions by the Fund, if any, may result in a decline in the Fund’s NAV and trading price over time. As a result, an investor may suffer losses to their investment. New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions. Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio. Operational Risk. The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund, Adviser, and Sub-Adviser seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks. Tax Risk. The Fund intends to elect and to qualify each year to be treated as a RIC under Subchapter M of the 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 timely distributes to Shareholders, provided that it satisfies certain source-of-income, diversification and distribution 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 U.S. federal income tax imposed at corporate rates, and a shareholder may be required to include in its income the amount of any distribution received from the Fund. To comply with the asset diversification requirements applicable to a RIC, the Fund will attempt to ensure that the value of its investments, including options, in a single issuer is never more than 25% of the total value of Fund assets at the close of any quarter. If the value of the Fund’s investments in 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. U.S. Government and U.S. Agency Obligations Risk. The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so. Performance The Fund is new and therefore does not have a performance history for a full calendar year. In the future, performance information for the Fund will be presented in this section. Updated performance information is available on the Fund’s website at www.dailydeltaetfs.com. The Fund is new and therefore does not have a performance history for a full calendar year. www.dailydeltaetfs.com DailyDelta R2000 Put Options Strategy ETF - FUND SUMMARY Investment Objective The Fund’s primary investment objective is to seek capital appreciation. The Fund’s secondary investment objective is to limit single-day risk. 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_A87_eoef--AnnualFundOperatingExpensesTableTextBlock_zwLLXi0EMqY4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zTbXZ7BqO7T7" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td id="xdx_98A_eoef--OperatingExpensesCaption_c20260924__20260924__dei--LegalEntityAxis__custom--S000108351Member_z0cjIAiyzzTb" style="border-bottom: black 1pt solid">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td id="xdx_49B_20260924__20260924__oef--ClassAxis__custom--C000279331Member_zNC3wwHhzLVb" style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td></tr> <tr id="xdx_406_eoef--ManagementFeesOverAssets_dp_zoomTfEbqyhg" style="vertical-align: bottom"> <td style="width: 85%">Management Fee(1)</td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 11%; text-align: right">1.35%</td> <td style="width: 1%"> </td></tr> <tr id="xdx_409_eoef--DistributionAndService12b1FeesOverAssets_dp_zvsl2nPYphy6" style="vertical-align: bottom"> <td>Distribution and Service (12b-1) Fees </td> <td> </td> <td> </td> <td style="text-align: right">0.00%</td> <td> </td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dp_zSa0ubOzoICd" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid">Other Expenses(2)</td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">0.00%</td> <td style="border-bottom: black 1pt solid"> </td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dp_z7SFXX92xCI1" style="vertical-align: bottom"> <td>Total Annual Fund Operating Expenses </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">1.35%</td> <td style="border-bottom: black 1pt solid"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">(1)</td> <td style="text-align: justify">The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”) will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940 (the “1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">(2)</td> <td>Based on estimated amounts for the current fiscal year.</td></tr> </table> <div style="display: none"></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0135 0.0000 0.0000 0.0135 Based on estimated amounts for the current fiscal year. This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div style="display: none"></div> <div id="xdx_A8A_eoef--ExpenseExampleWithRedemptionTableTextBlock_zjunWrN9Fqcl"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zb7YKeoTIsv3" 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: top"> <td id="xdx_48D_eoef--ExpenseExampleYear01_zpjW2zpLfIKa" style="border-top: black 1pt solid; width: 50%; text-align: center">1 Year</td> <td id="xdx_486_eoef--ExpenseExampleYear03_zgV0boR9B1C9" style="border-top: black 1pt solid; width: 50%; text-align: center">3 Years</td></tr> <tr id="xdx_419_20260924__20260924__oef--ClassAxis__custom--C000279331Member_zfwZlHdU9gsd" style="vertical-align: top"> <td style="border-bottom: black 1pt solid; text-align: center">$137</td> <td style="border-bottom: black 1pt solid; text-align: center">$428</td></tr> </table> 137 428 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the expense example above, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available. Principal Investment Strategies The Fund is an actively managed exchange-traded fund (“ETF”) that seeks inverse exposure to the daily downside, or decrease in value of the Russell 2000 Index (the “R2000 Index” or “Index”), which is an index that is designed to track the performance of the smallest 2,000 stocks in the Russell 3000 Index. The Fund also seeks to limit daily downside risk to 10% or less of the Fund’s net asset value (“NAV”). The Fund seeks to achieve this objective by investing in cash-settled exchange traded index options that are designed to track the inverse of the daily changes in the value of the R2000 Index. The Fund intends to invest only in cash-settled options, which means the holder of the option does not receive securities when the option is exercised. Instead, any payments are made in cash. The Fund does not seek to provide one-to-one, or any other fixed multiple of, the daily performance of the Index. The term ‘DailyDelta’ refers to the Fund’s daily establishment of short-dated options exposure and to “delta,” which measures an option’s sensitivity to changes in its underlying reference asset. It does not represent a specific or fixed-multiple performance target. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Purchasing Put Options.</td></tr> </table> To enhance the Fund’s potential returns, the Fund employs a strategy that involves purchasing exchange-traded, cash-settled, index put options on the performance of the R2000 Index. These put options typically have a short time to expiration, such as one week or less, and in some cases, as little as one trading day. The Fund will purchase put options with a strike price that is close to then-current value of the R2000 Index at the time of purchase. See “Additional Information about the Funds” for general information about options contracts. Under normal market conditions, the Fund expects to invest primarily in options contracts with daily expiry. In that case, on a daily basis, the Fund establishes new put positions and establishes new option loss limits, which is the maximum loss that the Fund can experience from its options positions on that day. That is, each trading day, the Fund spends an amount equal to up to ten percent of its NAV in option premiums to purchase short-term put options. The daily option loss limit is the amount spent on option premiums. This approach is designed to produce positive performance (that exceeds the inverse of the losses in value experienced by the R2000 Index) on days when the R2000 Index loses value. In contrast, on days when the R2000 Index is flat or is positive, the Fund may lose up to the full amount of that day’s option premium (up to 10% of the Fund’s NAV each day). Under unusual or stressed market conditions, such as during periods of unusual volatility, the Fund may invest in options contracts that expire in up to a week. In those circumstances, the Fund will establish new put positions and establish new option loss limits when the Fund’s options contracts expire. The Fund is not designed to provide, and should not be expected to provide, inverse performance of the Index’s cumulative return over periods longer than a single day. Because the Fund resets its put options position daily and spends option premium of up to 10% of its NAV each day, the Fund may lose value over an extended period even where the Index declines in value over that same period, particularly during periods of significant volatility or frequent single-day increases in the Index, each of which can cause the Fund’s daily put options to expire worthless and erode the Fund’s NAV through daily premium losses. The Fund should not be used as a long-term, buy-and-hold substitute for a simple inverse position in the Index. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">U.S. Treasuries. </td></tr> </table> The Fund will hold the remaining amount of the Fund’s NAV (e.g., approximately 90%) in short-term U.S. Treasury securities. During normal market conditions, the average portfolio effective duration for the Fund’s investments in U.S. Treasury securities is expected to be approximately 6 months. Key Risks of the Fund’s Daily Put Options Strategy Although the Fund holds approximately 90% of its NAV in short-term U.S. Treasury securities, it obtains exposure, as applicable, to the Index through options. For purposes of the Fund’s 80% policy, the options are valued using their delta-adjusted notional amounts, rather than the premiums paid, and qualifying short-term U.S. Treasury securities may be excluded from the calculation as permitted by applicable law. As a result of this structure, investors should understand the following: •      Extremely high daily premium expenditure: The Fund may spend up to 10% of its NAV on each trading day to purchase options. The Fund incurs this cost whether or not the options ultimately make money. •      NAV erosion from options expirations: If the options repeatedly expire worthless, the Fund will repeatedly lose the premiums it paid. These daily losses can compound and significantly reduce the Fund’s NAV over time. •      Dependency on volatility and option prices: The cost and performance of the Fund’s options depend heavily on market volatility and option prices, which can change quickly and unpredictably. •      Non-diversification amplifies index concentration risk: The Fund’s performance depends heavily on a single index or asset. An adverse move in that index or asset may therefore affect the Fund more significantly than a fund with exposure to many different investments. •      Daily reset magnifies path dependency and volatility drag: Because the Fund establishes new options exposure each day, its longer-term return depends on the sequence of daily gains and losses. As a result, the Fund’s return over periods longer than one day may differ significantly from what an investor might expect based on the performance of the underlying index or asset. Fund Attributes The Fund is classified as “non-diversified” under the 1940 Act. Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus borrowings for investment purposes, in financial instruments and economic interests that provide inverse exposure to the value of the R2000 Index. For purposes of compliance with this investment policy, derivative contracts will be valued at their delta-adjusted notional value. The foregoing policy may be changed without shareholder approval upon 60 days’ written notice to shareholders. An investment in the Fund is not an investment in the R2000 Index, nor is the Fund an investment in a traditional passively managed index fund. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td>The Fund’s strategy is designed to produce positive returns that exceed the inverse of the losses in value experienced by the R2000 Index if the R2000 Index decreases in value. The Fund’s options strategy will produce positive performance only to the extent that the cash received from the settlement of the options positions exceeds that day’s options premium.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td>The Fund’s options strategy is subject to potential losses, limited to the amount of that day’s option premium, if the R2000 Index increases in value, does not change in value, or if the returns based on the decrease in value of the R2000 Index do not exceed the value of the options premium. The Fund may also experience losses if its investments in Treasury securities decline in value. </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">The Fund does not invest directly in the R2000 Index.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">The Fund does not invest directly in companies that comprise the R2000 Index.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Fund shareholders are not entitled to any dividends paid by any companies that comprise the R2000 Index.</td></tr> </table> See “Additional Information about the Funds” for additional information regarding the R2000 Index. The Fund’s Use of R2000 Index Option Contracts As part of the Fund’s strategy, the Fund will purchase exchange-traded put option contracts that are based on the value of the R2000 Index. The Fund intends to invest only in cash-settled options, which means the holder of the option does not receive securities when the option is exercised. Instead, any payments are made in cash. Under normal market conditions, each day, the Fund will invest in options to seek exposure to the R2000 Index in excess of the Fund’s net assets. Because the R2000 Index is composed of small-capitalization companies, which have historically exhibited greater price volatility than large-capitalization companies, investors should expect the Fund’s cumulative performance to diverge significantly from that of a simple inverse small-cap benchmark. Sharp or frequent increases in the R2000 Index may cause the Fund’s put options to expire worthless or fail to recover their premiums, resulting in rapid and compounded NAV erosion. This risk may be more pronounced than for a similar options strategy referencing a large-capitalization index. If the value of the R2000 Index decreases, the Fund will exercise that day’s option contract and have the right to receive an amount of cash equal to the difference between the settlement price of the R2000 Index on the expiration date of the applicable option contract and the stated strike price. Because of the Fund’s exposure to the R2000 Index, the Fund will receive returns equal to a multiple of the inverse of the losses in value of the R2000 Index in excess of the stated strike price minus the premium paid for the options. The multiple that the Fund will achieve will vary based on the inverse exposure to the R2000 Index that the Fund is able to achieve by paying the option premium noted above. The Fund’s gains on a particular day will be equal to the amount of cash received upon settlement of the day’s options contracts minus the amount of the option premium. The level of inverse exposure that the Fund is able to achieve with a given premium depends on such factors as the price of the R2000 Index and its volatility, and the time remaining until the expiration date of the option contracts. Where the R2000 Index price settles at expiration at or above the strike price, and the Fund does not sell the options before their expiration, the Fund’s put options will expire worthless and the Fund will lose that day’s option premium. Fund’s Return Profile vs the R2000 Index For the reasons stated above, the Fund’s performance will differ from that of the R2000 Index. The performance differences will depend on, among other things, the value of the R2000 Index, changes in the price of the R2000 Index’s options contracts the Fund has purchased, and changes in the value of the U.S. Treasuries. Fund Portfolio The Fund’s principal holdings are described below: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="3" style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">DailyDelta R2000 Put Options Strategy ETF – Principal Holdings</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt">Portfolio Holdings (All options are based on the value of the R2000 Index)</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 54%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Investment Terms</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 21%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Expected Target Maturity</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">Purchased put option contracts </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">The Fund will purchase put options with a strike price that is close to then-current value of the R2000 Index at the time of purchase. If at the expiration of the option, the value of the R2000 Index has decreased below the strike price, and the Fund exercises the option, this will generate positive returns for the Fund to the extent the amount of cash received exceeds the option premium. If at the expiration of the option, the value of the R2000 Index has increased or remained at the strike price the option may expire worthless and the Fund may lose the entirety of its option premium. </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">One-day to one-week expiration dates</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">U.S. Treasury Securities and Cash</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">Multiple series of U.S. Treasury Bills supported by the full faith and credit of the U.S. government. They will generate income.</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">6-month to 2-year maturities</td></tr> </table> The market value of the cash and treasuries held by the Fund is expected to be approximately 90% of the Fund’s net assets. There is no guarantee that the Fund’s investment strategy will be properly implemented, and an investor may lose some or all of its investment. None of the Fund, the Tidal Trust IV (the “Trust”), Tidal Investments LLC (“Tidal” or the “Adviser”), Kelly Strategic Management, LLC (the “Sub-Adviser”), or their respective affiliates makes any representation to you as to the performance of the R2000 Index. THE FUND, TRUST, ADVISER, AND SUB-ADVISER ARE NOT AFFILIATED WITH, NOR ENDORSED BY, THE R2000 INDEX. Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus borrowings for investment purposes, in financial instruments and economic interests that provide inverse exposure to the value of the R2000 Index. The Fund may not achieve its investment objective and there is a risk that you could lose all of your money invested in the Fund. Index Positive Performance Risk. Positive performance of the R2000 Index will negatively impact the Fund. The performance of R2000 Index is subject to many factors that may contribute to it having positive performance. The R2000 Index’s performance may be positively affected by its underlying companies’ overall ability to develop and launch new products, growth of sales and delivery capabilities, or increases in consumer demand and reduced competition from existing competitors. In addition, the R2000 Index may benefit from positive market sentiment, unexpected developments inside an industry, or the global economy. In addition, the R2000 Index may be positively impacted by merger and acquisition activities. The Fund’s daily returns may be affected by many factors but will depend on the performance of the R2000 Index. Referenced Index Risk. The Fund invests in options contracts that are based on the value of the R2000 Index (or on ETFs that track the R2000 Index’s performance). This subjects the Fund to certain of the same risks as if it owned shares of companies that comprised the R2000 Index or an ETF that tracks the R2000 Index, even though it does not. By virtue of the Fund’s investments in options contracts that are based on the value of the R2000 Index, the Fund may also be subject to the following risks: Indirect Investment Risk. The R2000 Index is not affiliated with the Trust, the Fund, the Adviser, the Sub-Adviser, or their respective affiliates and is not involved with this offering in any way. Investors in the Fund will not have the right to receive dividends or other distributions or any other rights with respect to the companies that comprise the R2000 Index but will be subject to declines in the performance of the R2000 Index. Index Trading Risk. The trading price of the R2000 Index may be highly volatile and could continue to be subject to wide fluctuations in response to various factors. The stock market in general has experienced extreme price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of companies. 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 imperfect correlation between the inverse value of the Index and the derivative, which may prevent the Fund from achieving its investment objective. In addition, the Fund’s investments in derivatives are subject to the following risks: Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility 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 Index. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. Additionally, purchasing an option subjects the buyer to the risk that the benefit received from exercising the option, if any, will not exceed the premium paid to purchase the option. 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 move in the opposite direction of the value of the underlying instrument. However, prior to such date, the value of the option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain inverse exposure to the Index 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. Because the Fund may spend up to 10% of its NAV on a trading day to purchase options, and because options that expire worthless provide no recovery of the premium paid, repeated net losses on the Fund’s options positions can compound over time and result in significant and, at times, rapid erosion of the Fund’s NAV, even though the Fund’s loss on its purchased options on any single day is limited to the premium paid, particularly during extended periods in which the Index does not move sufficiently in the direction favorable to the Fund’s strategy. Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Fund transactions involving a counterparty are subject to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The Fund will invest in exchange traded options which are guaranteed for settlement by the Options Clearing Corporation (“OCC”). As a result, the ability of the Fund to meet its objective depends on the OCC being able to meet its obligations. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, the Fund could suffer significant losses. Leverage Risk. The options purchased by the Fund may provide investment exposure to the applicable reference asset in excess of the Fund’s net assets and therefore may have the economic effect of leverage. As a result, a relatively small movement in the value of the reference asset may cause a disproportionately large movement in the value of the Fund’s options and may increase the volatility of the Fund’s NAV. The Fund may lose the entire premium paid for a purchased option, but its loss on the option will not exceed that premium. Because the Fund establishes new options positions and pays new premiums on a recurring basis, however, losses on purchased options may compound over time and result in a significant or rapid decline in the Fund’s NAV. NAV Erosion Risk Due to Options Expirations. When the Fund invests in options, there is a risk that they may expire worthless. A repeated occurrence of the Fund’s options expiring worthless may significantly erode the Fund’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment. Options Loss Compounding Risk. The Fund may pay up to 10% of its NAV in options premiums on each trading day and may lose the entire amount of those premiums if the options expire worthless or otherwise fail to generate proceeds sufficient to recover their cost. The Fund’s limit on losses from purchased options applies separately to each trading day, based on the Fund’s then-current NAV, and does not limit cumulative losses over multiple days. Thus, the Fund may incur a new loss of up to 10% of its NAV after having incurred options losses on prior trading days. Repeated premium losses will reduce the Fund’s NAV, and subsequent losses may compound against the Fund’s already-reduced NAV. Consequently, a series of options losses may cause significant and rapid NAV erosion, and the Fund may lose substantially more than its daily options-premium loss limit—and potentially all or substantially all of its value—over time. The 10% daily limit should not be understood as limiting the Fund’s losses over any period longer than one trading day. The Fund’s longer-term performance depends heavily on the sequence of daily results. Accordingly, repeated options losses may significantly reduce the Fund’s NAV even if its underlying index or reference asset experiences little or no net change, or moves in a direction favorable to the Fund’s strategy, over the same period. The Fund’s daily options-premium loss limit does not protect shareholders against these cumulative effects. ETF Risks. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zItzPniIG2u1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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 will generally require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. Additionally, there may be brokerage costs or taxable gains or losses that may be imposed on the Fund in connection with a cash redemption that may not have occurred if the Fund had made a redemption in-kind. These costs could decrease the value of the Fund to the extent they are not offset by a transaction fee payable by an AP. 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. Management Risk. The Fund is subject to management risk because it is an actively managed portfolio. In managing the Fund’s investment portfolio, the portfolio managers will apply investment techniques and risk analyses that may not produce the desired result. There can be no guarantee that the Fund will meet its investment objective. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zlfEjRh1Dek4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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 Cboe BZX Exchange, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active trading market for the Shares will develop or be maintained or that the Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. Shares trade on the Exchange at market price that may be below, at or above the Fund’s NAV. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable. In addition, trading in Shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings. 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. Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline. Interest Rate Risk. Generally, the value of fixed income securities will change inversely with changes in interest rates. As interest rates rise, the market value of fixed income securities tends to decrease. Conversely, as interest rates fall, the market value of fixed income securities tends to increase. Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil. This risk is greater for the Fund as it will hold options contracts on a single index, and not a broader range of options contracts. 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. Certain market conditions or restrictions, such as market rules related to short sales, may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with inverse of the Index. 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. 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. Management Risk. The Fund is subject to management risk because it is an actively managed portfolio. In managing the Fund’s investment portfolio, the portfolio managers will apply investment techniques and risk analyses that may not produce the desired result. There can be no guarantee that the Fund will meet its investment objective. NAV Decline Risk Due to Distributions. When the Fund makes a distribution, the Fund’s NAV will typically drop by the amount of the distribution on the related ex-dividend date. The repeated payment of distributions by the Fund, if any, may result in a decline in the Fund’s NAV and trading price over time. As a result, an investor may suffer losses to their investment. New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions. Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio. Operational Risk. The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund, Adviser, and Sub-Adviser seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks. Tax Risk. The Fund intends to elect and to qualify each year to be treated as a RIC under Subchapter M of the 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 timely distributes to Shareholders, provided that it satisfies certain source-of-income, diversification and distribution 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 U.S. federal income tax imposed at corporate rates, and a shareholder may be required to include in its income the amount of any distribution received from the Fund. To comply with the asset diversification requirements applicable to a RIC, the Fund will attempt to ensure that the value of its investments, including options, in a single issuer is never more than 25% of the total value of Fund assets at the close of any quarter. If the value of the Fund’s investments in 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. U.S. Government and U.S. Agency Obligations Risk. The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so. <div style="display: none"></div> Performance The Fund is new and therefore does not have a performance history for a full calendar year. In the future, performance information for the Fund will be presented in this section. Updated performance information is available on the Fund’s website at www.dailydeltaetfs.com. The Fund is new and therefore does not have a performance history for a full calendar year. www.dailydeltaetfs.com DailyDelta Bitcoin Call Options Strategy ETF - FUND SUMMARY Investment Objective The Fund’s primary investment objective is to seek capital appreciation. The Fund’s secondary investment objective is to limit single-day risk. 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_A81_eoef--AnnualFundOperatingExpensesTableTextBlock_zyp8b2l7S8H2"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zKblMzm0TGkf" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td id="xdx_984_eoef--OperatingExpensesCaption_c20260924__20260924__dei--LegalEntityAxis__custom--S000108346Member_zblTG6umXkMg" style="border-bottom: black 1pt solid">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td id="xdx_490_20260924__20260924__oef--ClassAxis__custom--C000279326Member_z7b4mGk8HLJj" style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td></tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dp_zWDk5GwqH8a5" style="vertical-align: bottom"> <td style="width: 85%">Management Fee(1)</td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 11%; text-align: right">1.35%</td> <td style="width: 1%"> </td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_zch6dn64GgU4" style="vertical-align: bottom"> <td>Distribution and Service (12b-1) Fees </td> <td> </td> <td> </td> <td style="text-align: right">0.00%</td> <td> </td></tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dp_z1O6XSthXP31" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid">Other Expenses(2)</td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">0.00%</td> <td style="border-bottom: black 1pt solid"> </td></tr> <tr id="xdx_40D_eoef--ExpensesOverAssets_dp_zvBqLaz3jH2e" style="vertical-align: bottom"> <td>Total Annual Fund Operating Expenses </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">1.35%</td> <td style="border-bottom: black 1pt solid"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">(1)</td> <td style="text-align: justify">The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”) will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940 (the “1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">(2)</td> <td style="text-align: justify">Based on estimated amounts for the current fiscal year.</td></tr> </table> <div style="display: none"></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0135 0.0000 0.0000 0.0135 Based on estimated amounts for the current fiscal year. This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div style="display: none"></div> <div id="xdx_A82_eoef--ExpenseExampleWithRedemptionTableTextBlock_zPOO64WX3vY1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zroF4s0odRje" 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: top"> <td id="xdx_480_eoef--ExpenseExampleYear01_zt6A7Qeap068" style="border-top: black 1pt solid; width: 48%; text-align: center">1 Year</td> <td id="xdx_489_eoef--ExpenseExampleYear03_zjJnb75UjxH" style="border-top: black 1pt solid; width: 52%; text-align: center">3 Years</td></tr> <tr id="xdx_41E_20260924__20260924__oef--ClassAxis__custom--C000279326Member_zDHWF7OUUQR7" style="vertical-align: top"> <td style="border-bottom: black 1pt solid; text-align: center">$137</td> <td style="border-bottom: black 1pt solid; text-align: center">$428</td></tr> </table> 137 428 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the expense example above, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available. Principal Investment Strategies The Fund is an actively managed exchange-traded fund (“ETF”) that seeks long exposure to the daily upside, or increase in value, of Bitcoin, which is a “cryptocurrency,” through indirect exposure to the share price (i.e., the price returns) of one or more select U.S.-listed exchange-traded products (“ETP”) that seek exposure to Bitcoin (or an index of such ETPs) (each an “Underlying ETP” and collectively, including when exposure is through an index of such ETPs, the “Underlying ETPs”). Although Bitcoin may be referred to as a “cryptocurrency” it is not yet widely accepted as a means of payment. The Fund also seeks to limit daily downside risk to 15% or less of the Fund’s net asset value (“NAV”). The Fund seeks to achieve this objective by investing in cash-settled exchange traded index options that are designed to track the daily changes in the share price of the Underlying ETPs. The Fund intends to invest only in cash-settled options, which means the holder of the option does not receive securities when the option is exercised. Instead, any payments are made in cash. The Fund does not seek to provide one-to-one, or any other fixed multiple of, the daily performance of the Underlying ETPs. The term ‘DailyDelta’ refers to the Fund’s daily establishment of short-dated options exposure and to “delta,” which measures an option’s sensitivity to changes in its underlying reference asset. It does not represent a specific or fixed-multiple performance target. An Underlying ETP may include both: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 24px">●</td> <td>an ETP that invests directly in Bitcoin as its primary underlying asset, and</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 24px">●</td> <td>an ETP that invests indirectly in Bitcoin via derivatives contracts based on Bitcoin’s prices.</td></tr> </table> The Fund does not invest directly in Bitcoin or any other digital assets. The Fund does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. The Fund does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than the Fund. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Purchasing Call Options.</td></tr> </table> To enhance the Fund’s potential returns, the Fund employs a strategy that involves purchasing exchange-traded, cash-settled index call options on the performance of the Underlying ETPs. These call options typically have a short time to expiration, such as one week or less, and in some cases, as little as one trading day. The Fund will purchase call options with a strike price that is close to then-current value of the Underlying ETPs at the time of purchase. See “Additional Information about the Funds” for general information about options contracts. Under normal market conditions, the Fund expects to invest primarily in options contracts with daily expiry. In that case, on a daily basis, the Fund establishes new call positions and establishes new option loss limits, which is the maximum loss that the Fund can experience from its options positions on that day. That is, each trading day, the Fund spends an amount equal to up to fifteen percent of its NAV in option premiums to purchase short-term call options. The daily option loss limit is the amount spent on option premiums. This approach is designed to produce positive performance (that exceeds that of the Underlying ETPs) on days when the Underlying ETPs have positive performance. In contrast, on days when the Underlying ETPs are flat or decline, the Fund may lose up to the full amount of that day’s option premium (up to 15% of the Fund’s NAV each day). Under unusual or stressed market conditions, such as during periods of unusual volatility, the Fund may invest in options contracts that expire in up to a week. In those circumstances, the Fund will establish new call positions and establish new option loss limits when the Fund’s options contracts expire. Because Bitcoin and the Underlying ETPs have historically been substantially more volatile than broad equity indices, options on the Underlying ETPs may be costly and may experience rapid changes in value. Because the Fund may spend up to 15% of its NAV on option premiums each trading day, the Fund may experience significant and rapid NAV erosion if Bitcoin or the Underlying ETPs decline, remain flat, or do not increase sufficiently to offset the premiums paid. If the Fund’s call options repeatedly expire worthless or fail to recover their premiums, the resulting daily losses may compound and may cause the Fund to lose a substantial portion of its NAV over a short period. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">U.S. Treasuries. </td></tr> </table> The Fund will hold the remaining amount of the Fund’s NAV (e.g., approximately 85%) in short-term U.S. Treasury securities. During normal market conditions, the average portfolio effective duration for the Fund’s investments in U.S. Treasury securities is expected to be approximately 6 months. Key Risks of the Fund’s Daily Call Options Strategy Although the Fund holds approximately 85% of its NAV in short-term U.S. Treasury securities, it obtains exposure, as applicable, to the Underlying ETPs through options. For purposes of the Fund’s 80% policy, the options are valued using their delta-adjusted notional amounts, rather than the premiums paid, and qualifying short-term U.S. Treasury securities may be excluded from the calculation as permitted by applicable law. As a result of this structure, investors should understand the following: •      Extremely high daily premium expenditure: The Fund may spend up to 15% of its NAV on each trading day to purchase options. The Fund incurs this cost whether or not the options ultimately make money. •      NAV erosion from options expirations: If the options repeatedly expire worthless, the Fund will repeatedly lose the premiums it paid. These daily losses can compound and significantly reduce the Fund’s NAV over time. •      Dependency on volatility and option prices: The cost and performance of the Fund’s options depend heavily on market volatility and option prices, which can change quickly and unpredictably. •      Non-diversification amplifies index concentration risk: The Fund’s performance depends heavily on a single index or asset. An adverse move in that index or asset may therefore affect the Fund more significantly than a fund with exposure to many different investments. •      Daily reset magnifies path dependency and volatility drag: Because the Fund establishes new options exposure each day, its longer-term return depends on the sequence of daily gains and losses. As a result, the Fund’s return over periods longer than one day may differ significantly from what an investor might expect based on the performance of the underlying index or asset. Fund Attributes The Fund is classified as “non-diversified” under the 1940 Act. Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus borrowings for investment purposes, in financial instruments and economic interests that provide exposure to the value of the Underlying ETPs. For purposes of compliance with this investment policy, derivative contracts will be valued at their delta-adjusted notional value. The foregoing policy may be changed without shareholder approval upon 60 days’ written notice to shareholders. An investment in the Fund is not an investment in any Underlying ETP, nor is the Fund an investment in a traditional passively managed index fund. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px; text-align: justify">●</td> <td style="text-align: justify">The Fund’s strategy is designed to produce positive performance that exceeds the appreciation of the Underlying ETPs on days when the Underlying ETPs has increased in value. Because the Fund spends up to 15% of its NAV each trading day on options premium, the Fund’s options strategy will produce positive performance on a given day only to the extent that the cash received from settlement of that day’s options positions exceeds the cost of that day’s options premium (i.e., up to 15% of the Fund’s NAV).</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px; text-align: justify">●</td> <td style="text-align: justify">The Fund’s options strategy is subject to potential losses, limited to the amount of that day’s option premium, if the Underlying ETPs decrease in value, does not change in value, or if the returns based on the appreciation of the Underlying ETPs do not exceed the value of the options premium. The Fund may also experience losses if its investments in Treasury securities decline in value.</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify">●</td> <td style="text-align: justify">An investment in the Fund involves multiple, layered exposures, each with distinct risks: (i) the risks of Bitcoin itself, including extreme price volatility, regulatory uncertainty, and technology and custody risks; (ii) the risks of the Underlying ETPs that hold or seek exposure to Bitcoin, including tracking differences, expenses, liquidity constraints, operational risks, and the risk that their shares may trade at a premium or discount to NAV; and (iii) the risks of the exchange-traded options on the Underlying ETPs in which the Fund invests, including volatility, time decay, liquidity risk, unfavorable pricing, and the possible loss of the premiums paid, as described below under ‘Options Contracts’ and ‘NAV Erosion Risk Due to Options Expirations.’ Bitcoin-related risks may adversely affect the value of the Underlying ETPs, and changes in the value, volatility, liquidity, or options pricing of the Underlying ETPs may, in turn, adversely affect the value of the Fund’s options and its NAV, even though the Fund does not invest directly in Bitcoin, in the Underlying ETPs’ portfolio holdings, or in options on Bitcoin itself. Investors should understand that an investment in the Fund is not a direct investment in Bitcoin or an Underlying ETP and that the Fund’s performance may differ substantially from the performance of either Bitcoin or the Underlying ETPs.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">The Fund does not invest directly in any Underlying ETPs.</td></tr> </table> See “Additional Information about the Funds” for additional information regarding Bitcoin. The Fund’s Use of Underlying ETP Option Contracts As part of the Fund’s strategy, the Fund will purchase exchange-traded call option contracts that are based on the value of the share price of the Underlying ETPs (or on passively managed ETFs that seek to track the Underlying ETPs’ performance). The Fund intends to invest only in cash-settled options, which means the holder of the option does not receive securities when the option is exercised. Instead, any payments are made in cash. Under normal market conditions, each day, the Fund will invest in options to seek exposure to the Underlying ETPs in excess of the Fund’s net assets. If the value of the share price of the Underlying ETPs increases, the Fund will exercise that day’s option contract and have the right to receive an amount of cash equal to the difference between the settlement price of the Underlying ETPs on the expiration date of the applicable option contract and the stated strike price. Because of the Fund’s exposure to the Underlying ETPs, the Fund will receive returns equal to a multiple of the appreciation of the value of the Underlying ETPs in excess of the stated strike price minus the premium paid for the options. The multiple that the Fund will achieve will vary based on the exposure to the Underlying ETPs that the Fund is able to achieve by paying the option premium noted above. The Fund’s gains on a particular day will be equal to the amount of cash received upon settlement of the day’s options contracts minus the amount of the option premium. The level of exposure that the Fund is able to achieve with a given premium depends on such factors as the price of the Underlying ETPs and their volatility, and the time remaining until the expiration date of the option contracts. Where the Underlying ETPs price settles at expiration at or below the strike price, and the Fund does not sell the options before their expiration, the Fund’s call options will expire worthless and the Fund will lose that day’s option premium. Investors should not expect the Fund’s cumulative performance over time to track, in a simple or predictable manner a 1x long or inverse exposure to one or more Underlying ETPs. Because the Fund purchases new call options each trading day and incurs a new premium cost, its cumulative performance may differ significantly from a simple long investment in one or more Underlying ETPs. The Fund may lose value even on a day when an Underlying ETP rises if the increase is not sufficient to offset the premium paid and Fund expenses. During periods when an Underlying ETP declines, remains flat, or does not rise sufficiently, the Fund’s call options may repeatedly expire worthless or fail to recover the premiums paid, resulting in rapid and compounded erosion of the Fund’s NAV. Fund’s Return Profile vs the Underlying ETPs For the reasons stated above, the Fund’s performance will differ from that of the Underlying ETPs. The performance differences will depend on, among other things, the value of the share price of the Underlying ETPs, changes in the price of the Underlying ETPs’ options contracts the Fund has purchased, and changes in the value of the U.S. Treasuries. An investor may lose all of their money if they invest in this Fund. Information About Bitcoin As noted above, the Fund does not invest directly in Bitcoin or any other digital assets. The Fund does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. The Fund does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than the Fund. However, the Underlying ETPs may invest directly or indirectly (e.g., via futures) in Bitcoin. The following provides an overview of Bitcoin, the Bitcoin Blockchain, the relationship between the two, as well as their use cases. Bitcoin Description: Bitcoin, the first and most well-known digital asset, operates on a decentralized network using blockchain technology to facilitate secure and anonymous transactions. Bitcoin represents a digital asset that functions as a medium of exchange utilizing cryptographic protocols to secure transactional processes, control the creation of additional units, and verify the transfer of assets. Its operation on a decentralized blockchain network ensures both transparency and immutability of records, without the need for a central authority. This innovative technology underpinning Bitcoin allows for peer-to-peer transactions and provides a framework for digital scarcity, making Bitcoin a unique investment commodity within the digital currency landscape. Although Bitcoin is called a crypto currency or digital currency, it is not presently accepted widely as payment. Bitcoin Blockchain Description: The Bitcoin blockchain constitutes a decentralized, digital ledger technology that chronologically and publicly records all Bitcoin transactions. This technology is characterized by its use of blocks, which are structurally linked in a chain through cryptographic hashes. Each block contains a list of transactions that, once verified and added to the blockchain through a consensus process known as proof of work, becomes irreversible and tamper-evident. The integrity, transparency, and security of the transactional data are maintained autonomously within the Bitcoin network, eliminating the necessity for central oversight and facilitating trust in a peer-to-peer system. The Relationship between Bitcoin and Bitcoin Blockchain: Bitcoin is a digital asset that operates on the Bitcoin blockchain, a decentralized and cryptographic ledger system. The Bitcoin blockchain underpins the entire Bitcoin network, providing a secure and transparent mechanism for recording Bitcoin transactions. Each Bitcoin transaction is verified by network participants and permanently recorded on the Bitcoin blockchain, ensuring the integrity and traceability of the digital asset. Thus, while Bitcoin serves as a medium of exchange or store of value, the Bitcoin blockchain acts as the immutable record-keeping system that facilitates and authenticates the circulation and ownership of Bitcoin. This symbiotic relationship ensures that Bitcoin operates in a trustless and decentralized manner, with the Bitcoin blockchain maintaining the currency’s history and scarcity. Bitcoin and Bitcoin Blockchain Use Cases: Bitcoin and the Bitcoin blockchain serve as innovative financial instruments within the digital economy, offering multiple use cases. However, their adoption has been limited. Key applications include: <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: 2%; text-align: justify"> </td> <td style="width: 2%; text-align: justify">1.</td> <td style="width: 96%; text-align: justify">Decentralized Transactions: Bitcoin facilitates peer-to-peer financial transactions globally without the need for intermediaries, reducing transaction costs and times. This feature makes it an attractive option for cross-border transfers and remittances. Bitcoin and the Bitcoin Blockchain were designed to be used as an alternative general purpose payment system and while bitcoin may be an attractive option for cross border transfers and remittances, it is presently not widely used as a means of payment.</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify">2.</td> <td style="text-align: justify">Store of Value: Due to its limited supply and decentralized nature, Bitcoin is perceived as a digital alternative to traditional stores of value like gold, potentially serving as a hedge against inflation and currency devaluation.</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify">3.</td> <td style="text-align: justify">Smart Contracts: While primarily associated with other blockchain platforms, the Bitcoin blockchain can execute smart contracts—self-executing contractual agreements with the terms directly written into code—thereby enabling automated and conditional transactions.</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify">4.</td> <td style="text-align: justify">Asset Tokenization: The Bitcoin blockchain provides a platform for tokenizing assets, converting rights to an asset into a digital token on the blockchain. This can include real estate, stocks, or other forms of assets, enhancing liquidity and market efficiency. At this time this functionality is limited. Unlike the scripting language of blockchain platforms like Ethereum, the scripting language of the Bitcoin Blockchain is not Turing complete, and thus more limited in terms of the types of smart contracts it can support.</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify">5.</td> <td style="text-align: justify">Digital Identity Verification: Leveraging the security and immutability of the Bitcoin blockchain, companies can develop digital identity verification systems, enhancing privacy and reducing identity theft. At this time, this functionality is limited.</td></tr> </table> Fund Portfolio The Fund’s principal holdings are described below: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="3" style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">DailyDelta Bitcoin Call Options Strategy ETF – Principal Holdings</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt">Portfolio Holdings (All options are based on the value of the Underlying ETPs)</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 54%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Investment Terms</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 21%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Expected Target Maturity</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">Purchased call option contracts </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">The Fund will purchase call options with a strike price that is close to then-current value of the Underlying ETPs at the time of purchase. If at the expiration of the option, the value of the share price of the Underlying ETPs have appreciated in excess of the strike price, and the Fund exercises the option, this will generate positive returns for the Fund to the extent the amount of cash received exceeds the option premium. If, at the expiration of the option, the value of the share price of the Underlying ETPs is above the strike price, the option will have value. The Fund will realize positive returns on the option to the extent that such value exceeds the option premium paid by the Fund. If, at the expiration of the option, the value of the share price of the Underlying ETPs have decreased or remained at the strike price, the option may expire worthless and the Fund may lose the entirety of its option premium.</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">One-day to one-week expiration dates</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">U.S. Treasury Securities and Cash</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">Multiple series of U.S. Treasury Bills supported by the full faith and credit of the U.S. government. They will generate income. </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">6-month to 2-year maturities</td></tr> </table> The market value of the cash and treasuries held by the Fund is expected to be approximately 85% of the Fund’s net assets. There is no guarantee that the Fund’s investment strategy will be properly implemented, and an investor may lose some or all of its investment. None of the Fund, the Tidal Trust IV (the “Trust”), Tidal Investments LLC (“Tidal” or the “Adviser”), Kelly Strategic Management, LLC (the “Sub-Adviser”), or their respective affiliates makes any representation to you as to the performance of the Underlying ETPs. THE FUND, TRUST, ADVISER, AND SUB-ADVISER ARE NOT AFFILIATED WITH, NOR ENDORSED BY, THE UNDERLYING ETPS. Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus borrowings for investment purposes, in financial instruments and economic interests that provide exposure to the value of the Underlying ETPs. 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. Underlying ETP Risks. The Fund’s investment strategy, involving indirect exposure to Underlying ETPs that seek exposure to Bitcoin, is subject to the risks associated with Bitcoin and other digital assets. These risks include market volatility, regulatory changes, technological uncertainties, and potential financial losses. As with all investments, there is no assurance of profit, and investors should be cognizant of these specific risks associated with digital asset markets. <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingBitcoinEtpRisksMember_zQqNVG5yoW4"></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: 2%; text-align: justify">●</td> <td style="width: 98%; text-align: justify">Underlying Bitcoin ETP Risks: Underlying ETPs that focus on Bitcoin, either through direct holdings or indirectly via derivatives like futures contracts, carry significant risks. These risks include high market volatility, which can be influenced by technological advancements, regulatory changes, and broader economic factors. When trading derivatives, liquidity risks and counterparty risks are substantial. Managing futures contracts can be complex and may affect the performance of an Underlying ETP. Additionally, each Underlying ETP, and consequently the Fund, is dependent on blockchain technology, which brings technological and cybersecurity risks, along with custodial challenges for securely storing digital assets. The constantly evolving regulatory and legal landscape presents continuous compliance and valuation difficulties. Risks related to market concentration and network issues in the digital asset sector further add complexity. Moreover, operational intricacies in managing digital assets and potential market volatility can lead to losses for each Underlying ETP.</td></tr> </table> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--BitcoinInvestmentRiskMember_ziBEi140NI8d"></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: 2%; text-align: justify">●</td> <td style="width: 98%; text-align: justify">Bitcoin Investment Risk: The Fund’s indirect investment in Bitcoin exposes it to the unique risks of this emerging innovation. Bitcoin’s price is highly volatile, and its market is influenced by the changing Bitcoin network, fluctuating acceptance levels, and unpredictable usage trends. Not being a legal tender and operating outside central authority systems like banks, Bitcoin faces potential government restrictions. For instance, some countries may limit or ban Bitcoin transactions, negatively impacting its market value.</td></tr> </table> The risks associated with Bitcoin include the possibility of fraud, theft, market manipulation, and security breaches in trading platforms. A small group of large Bitcoin holders, known as “whales,” can significantly influence Bitcoin’s price. The largely unregulated nature of Bitcoin and its trading venues heightens risks of fraudulent activities and market manipulation, which could affect Bitcoin’s price. For example, if a group of miners gains control over a majority of the Bitcoin network, they could manipulate transactions to their advantage. Historical instances have seen Bitcoin trading venues shut down due to fraud or security breaches, often leaving investors without recourse and facing significant losses. Updates to Bitcoin’s software, proposed by developers, can lead to the creation of new digital assets, or “forks,” if not broadly adopted. This can impact Bitcoin’s demand and the Fund’s performance. The extreme volatility of Bitcoin’s market price can result in shareholder losses. Furthermore, the operation of Bitcoin exchanges may be disrupted or cease altogether due to various issues, further affecting Bitcoin’s price and the Fund’s investments. The value of Bitcoin has historically been subject to significant speculation, making trading and investing in Bitcoin reliant on market sentiment rather than traditional fundamental analysis. Bitcoin’s price can be influenced by events unrelated to its security or utility, including instability in other speculative areas of the crypto/blockchain space, potentially leading to substantial declines in its value. Risks associated with crypto asset trading platforms include fragmentation, regulatory non-compliance, and the possibility of enforcement actions by regulatory authorities, which could impact the valuation of Bitcoin-linked derivatives held by the Underlying ETPs. The security of the Bitcoin blockchain may be compromised if a single miner or group controls more than 50% of the network’s hashing power, where hashing power refers to the computational capacity used to validate and secure transactions on the blockchain. Proposed changes to the Bitcoin protocol may not be universally adopted, leading to the creation of competing blockchains (forks) with different assets and participants, exemplified by past forks like Bitcoin Cash and Bitcoin SV. The Bitcoin blockchain protocol may contain vulnerabilities that attackers could exploit to disrupt its operation, potentially compromising the security and reliability of the network. Emerging alternative public blockchains, particularly those emphasizing privacy through technologies like zero-knowledge cryptography, pose risks and challenges to the dominance of the Bitcoin blockchain as a payment system. Common impediments to adopting the Bitcoin blockchain as a payment network include slow transaction processing, variability in transaction fees, and the volatility of Bitcoin’s price, which may deter widespread adoption by businesses and consumers. The development and use of “Layer II solutions” are critical for the scalability and functionality of the Bitcoin blockchain, but they also introduce risks such as off-chain transaction execution, which could affect transparency and security. Layer II solutions are off-chain protocols that improve scalability and reduce transaction costs by processing transactions outside the main blockchain network. Adoption and use of other blockchains supporting advanced applications like smart contracts present challenges to the dominance of the Bitcoin blockchain, potentially impacting its long-term relevance and utility in the evolving landscape of blockchain technology. Bitcoin, and the Underlying ETPs that provide exposure to it, have historically exhibited substantially higher price volatility than broad-based equity indices. Because the Fund’s options have very short (often one-day) expirations, their prices can be extremely sensitive to sudden changes in the implied volatility of the Underlying ETPs, which can change rapidly and unpredictably. As a result, the Fund may experience sharp premium decay, wide bid-ask spreads, and periods of reduced liquidity in the options it seeks to purchase or sell. Because the Fund may spend option premium of up to 15% of its NAV on each trading day, sideways or range-bound Bitcoin markets — in which the Fund’s options repeatedly expire worthless — can result in significant and rapid cumulative NAV erosion, potentially at a materially faster pace than for the Fund’s equity-index-based counterparts. In addition, even relatively small day-to-day moves in the price of Bitcoin or the Underlying ETPs can produce disproportionately large losses to the Fund due to ‘volatility crush’ (a sudden decline in implied volatility that reduces option values) or other unfavorable options pricing dynamics unrelated to the direction of the underlying move. <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--DigitalAssetsRiskMember_zQejtcWB1vb9"></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: 2%; text-align: justify">●</td> <td style="width: 98%; text-align: justify">Digital Assets Risk: Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility. The trading platforms for digital assets are relatively new, largely unregulated, and thus more vulnerable to fraud and failures compared to traditional, regulated exchanges. Shutdowns of these platforms due to fraud, technical glitches, or security issues can significantly affect digital asset prices and market volatility.</td></tr> </table> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--DigitalAssetMarketsRiskMember_zDDrt4nJiQ5e"></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: 2%; text-align: justify">●</td> <td style="width: 98%; text-align: justify">Digital Asset Markets Risk: The digital asset market, particularly Bitcoin, has experienced considerable volatility, leading to market disruptions and erosion of confidence among market participants. This instability and the resultant negative publicity could adversely affect the Fund’s reputation and trading prices. Ongoing market turbulence could significantly impact the value of the Fund’s share.</td></tr> </table> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--BlockchainTechnologyRiskMember_zQR7EGfmfNWl"></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: 2%; text-align: justify">●</td> <td style="width: 98%; text-align: justify">Blockchain Technology Risk: Blockchain technology, which underpins Bitcoin and other digital assets, is relatively new, and many of its applications are untested. The adoption of blockchain and the development of competing platforms or technologies could affect its usage. Investments in companies or vehicles that utilize blockchain technology are subject to market volatility and may experience lower trading volumes compared to more established industries. Additionally, regulatory changes, internet disruptions, cybersecurity incidents, and intellectual property disputes could further affect the adoption and functionality of blockchain technology.</td></tr> </table> <div style="display: none"></div> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--PotentiallyNo1940ActProtectionsMember_zghbRgDw4uJa"></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: 2%; text-align: justify">●</td> <td style="width: 98%; text-align: justify">Potentially No 1940 Act Protections. It is expected that one or more Underlying ETPs will not be registered as an investment company subject to the 1940 Act. Accordingly, investors in such an Underlying ETP would not have the protections expressly provided by that statute, including: provisions preventing Underlying ETP insiders from managing an Underlying ETP to their benefit and to the detriment of shareholders; provisions preventing an Underlying ETP from issuing securities having inequitable or discriminatory provisions; provisions preventing management by irresponsible persons; provisions preventing the use of unsound or misleading methods of computing Underlying ETP earnings and asset value; provisions prohibiting suspension of redemptions (except under limited circumstances); provisions limiting fund leverage; provisions imposing a fiduciary duty on fund managers with respect to receipt of compensation for services; and provisions preventing changes in an Underlying ETP’s character without the consent of shareholders. Although the Fund invests in one or more Underlying ETPs only indirectly, the Fund’s investments are expected to be subject to loss as a result of these risks. </td></tr> </table> 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 imperfect correlation between the value of the Index and the derivative, which may prevent the Fund from achieving its investment objective. In addition, the Fund’s investments in derivatives are subject to the following risks: Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility 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 Index. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. Additionally, purchasing an option subjects the buyer to the risk that the benefit received from exercising the option, if any, will not exceed the premium paid to purchase the option. 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 the option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain exposure to the Index 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. Because the Fund may spend up to 15% of its NAV on a trading day to purchase options, and because options that expire worthless provide no recovery of the premium paid, repeated net losses on the Fund’s options positions can compound over time and result in significant and, at times, rapid erosion of the Fund’s NAV, even though the Fund’s loss on its purchased options on any single day is limited to the premium paid, particularly during extended periods in which the Index does not move sufficiently in the direction favorable to the Fund’s strategy. Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Fund transactions involving a counterparty are subject to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The Fund will invest in exchange traded options which are guaranteed for settlement by the Options Clearing Corporation (“OCC”). As a result, the ability of the Fund to meet its objective depends on the OCC being able to meet its obligations. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, the Fund could suffer significant losses. Leverage Risk. The options purchased by the Fund may provide investment exposure to the applicable reference asset in excess of the Fund’s net assets and therefore may have the economic effect of leverage. As a result, a relatively small movement in the value of the reference asset may cause a disproportionately large movement in the value of the Fund’s options and may increase the volatility of the Fund’s NAV. The Fund may lose the entire premium paid for a purchased option, but its loss on the option will not exceed that premium. Because the Fund establishes new options positions and pays new premiums on a recurring basis, however, losses on purchased options may compound over time and result in a significant or rapid decline in the Fund’s NAV. NAV Erosion Risk Due to Options Expirations. When the Fund invests in options, there is a risk that they may expire worthless. A repeated occurrence of the Fund’s options expiring worthless may significantly erode the Fund’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment. Options Loss Compounding Risk. The Fund may pay up to 15% of its NAV in options premiums on each trading day and may lose the entire amount of those premiums if the options expire worthless or otherwise fail to generate proceeds sufficient to recover their cost. The Fund’s limit on losses from purchased options applies separately to each trading day, based on the Fund’s then-current NAV, and does not limit cumulative losses over multiple days. Thus, the Fund may incur a new loss of up to 10%/15% of its NAV after having incurred options losses on prior trading days. Repeated premium losses will reduce the Fund’s NAV, and subsequent losses may compound against the Fund’s already-reduced NAV. Consequently, a series of options losses may cause significant and rapid NAV erosion, and the Fund may lose substantially more than its daily options-premium loss limit—and potentially all or substantially all of its value—over time. The 15% daily limit should not be understood as limiting the Fund’s losses over any period longer than one trading day. The Fund’s longer-term performance depends heavily on the sequence of daily results. Accordingly, repeated options losses may significantly reduce the Fund’s NAV even if its underlying index or reference asset experiences little or no net change, or moves in a direction favorable to the Fund’s strategy, over the same period. The Fund’s daily options-premium loss limit does not protect shareholders against these cumulative effects. ETF Risks. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_z2bszJ0p2gYl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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 will generally require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. Additionally, there may be brokerage costs or taxable gains or losses that may be imposed on the Fund in connection with a cash redemption that may not have occurred if the Fund had made a redemption in-kind. These costs could decrease the value of the Fund to the extent they are not offset by a transaction fee payable by an AP. 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_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_z5qG8xze9ZL1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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 Cboe BZX Exchange, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active trading market for the Shares will develop or be maintained or that the Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. Shares trade on the Exchange at market price that may be below, at or above the Fund’s NAV. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable. In addition, trading in Shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings. 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. Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline. Interest Rate Risk. Generally, the value of fixed income securities will change inversely with changes in interest rates. As interest rates rise, the market value of fixed income securities tends to decrease. Conversely, as interest rates fall, the market value of fixed income securities tends to increase. Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil. This risk is greater for the Fund as it will hold options contracts on a single index, and not a broader range of options contracts. 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. Certain market conditions or restrictions, such as market rules related to short sales, may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with inverse of the Index. 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. 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. Management Risk. The Fund is subject to management risk because it is an actively managed portfolio. In managing the Fund’s investment portfolio, the portfolio managers will apply investment techniques and risk analyses that may not produce the desired result. There can be no guarantee that the Fund will meet its investment objective. NAV Decline Risk Due to Distributions. When the Fund makes a distribution, the Fund’s NAV will typically drop by the amount of the distribution on the related ex-dividend date. The repeated payment of distributions by the Fund, if any, may result in a decline in the Fund’s NAV and trading price over time. As a result, an investor may suffer losses to their investment. New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions. Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio. Operational Risk. The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund, Adviser, and Sub-Adviser seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks. Tax Risk. The Fund intends to elect and to qualify each year to be treated as a regulated investment company (“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 options it holds is never 25% of the total value of Fund assets at the close of any quarter. In particular, in combination with the Fund’s use of an options strategy (i.e., using call options), the Fund maintains a portfolio of treasury securities, which are expected to enable the Fund to meet the diversification requirements. If the Fund’s investments in options 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. U.S. Government and U.S. Agency Obligations Risk. The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so. Performance The Fund is new and therefore does not have a performance history for a full calendar year. In the future, performance information for the Fund will be presented in this section. Updated performance information is available on the Fund’s website at www.dailydeltaetfs.com. The Fund is new and therefore does not have a performance history for a full calendar year. www.dailydeltaetfs.com DailyDelta Bitcoin Put Options Strategy ETF - FUND SUMMARY Investment Objective The Fund’s primary investment objective is to seek capital appreciation. The Fund’s secondary investment objective is to limit single-day risk. 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_A87_eoef--AnnualFundOperatingExpensesTableTextBlock_zHUJ2p7O9NL6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zR6nccKRYvYb" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td id="xdx_98C_eoef--OperatingExpensesCaption_c20260924__20260924__dei--LegalEntityAxis__custom--S000108347Member_zwbxtTlXBhc3" style="border-bottom: black 1pt solid">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td id="xdx_49C_20260924__20260924__oef--ClassAxis__custom--C000279327Member_zwOrtIH27aj2" style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td></tr> <tr id="xdx_408_eoef--ManagementFeesOverAssets_dp_zwjz8XHZm8Y6" style="vertical-align: bottom"> <td style="width: 85%">Management Fee(1)</td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 11%; text-align: right">1.35%</td> <td style="width: 1%"> </td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dp_zKrdrKGv3IDi" style="vertical-align: bottom"> <td>Distribution and Service (12b-1) Fees </td> <td> </td> <td> </td> <td style="text-align: right">0.00%</td> <td> </td></tr> <tr id="xdx_409_eoef--OtherExpensesOverAssets_dp_zaNdadJSkHgd" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid">Other Expenses(2)</td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">0.00%</td> <td style="border-bottom: black 1pt solid"> </td></tr> <tr id="xdx_40C_eoef--ExpensesOverAssets_dp_zK0QJVQSRFf4" style="vertical-align: bottom"> <td>Total Annual Fund Operating Expenses </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">1.35%</td> <td style="border-bottom: black 1pt solid"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px; padding-top: 6pt"> </td> <td style="width: 24px; padding-top: 6pt">(1)</td> <td style="padding-top: 6pt; text-align: justify">The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”) will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940 (the “1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">(2)</td> <td>Based on estimated amounts for the current fiscal year.</td></tr> </table> <div style="display: none"></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0135 0.0000 0.0000 0.0135 Based on estimated amounts for the current fiscal year. This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div style="display: none"></div> <div id="xdx_A83_eoef--ExpenseExampleWithRedemptionTableTextBlock_zvy37DcFgAmi"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zZFgq7SsUp09" 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: top"> <td id="xdx_48E_eoef--ExpenseExampleYear01_z0bc0gJ6w07f" style="border-top: black 1pt solid; width: 50%; text-align: center">1 Year</td> <td id="xdx_48E_eoef--ExpenseExampleYear03_zJIFQn57bAz" style="border-top: black 1pt solid; width: 50%; text-align: center">3 Years</td></tr> <tr id="xdx_419_20260924__20260924__oef--ClassAxis__custom--C000279327Member_zvXQrtuowro9" style="vertical-align: top"> <td style="border-bottom: black 1pt solid; text-align: center">$137</td> <td style="border-bottom: black 1pt solid; text-align: center">$428</td></tr> </table> 137 428 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the expense example above, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available. Principal Investment Strategies The Fund is an actively managed exchange-traded fund (“ETF”) that seeks inverse exposure to the daily downside, or decrease in value of Bitcoin, which is a “cryptocurrency,” through indirect exposure to the share price (i.e., the price returns) of one or more select U.S.-listed exchange-traded products (“ETP”) that seek exposure to Bitcoin (or an index of such ETPs ) (each an “Underlying ETP” and collectively, including when exposure is through an index of such ETPs, the “Underlying ETPs”). Although Bitcoin may be referred to as a “cryptocurrency” it is not yet widely accepted as a means of payment. The Fund also seeks to limit daily downside risk to 15% or less of the Fund’s net asset value (“NAV”). The Fund seeks to achieve this objective by investing in cash-settled exchange traded index options that are designed to track the inverse of the daily changes in the share price of the Underlying ETPs. The Fund intends to invest only in cash-settled options, which means the holder of the option does not receive securities when the option is exercised. Instead, any payments are made in cash. The Fund does not seek to provide one-to-one, or any other fixed multiple of, the daily performance of the Underlying ETPs. The term ‘DailyDelta’ refers to the Fund’s daily establishment of short-dated options exposure and to “delta,” which measures an option’s sensitivity to changes in its underlying reference asset. It does not represent a specific or fixed-multiple performance target. An Underlying ETP may include both: <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>an ETP that invests directly in Bitcoin as its primary underlying asset, 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>an ETP that invests indirectly in Bitcoin via derivatives contracts based on Bitcoin’s prices.</td></tr> </table> The Fund does not invest directly in Bitcoin or any other digital assets. The Fund does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. The Fund does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than the Fund. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Purchasing Put Options.</td></tr> </table> To enhance the Fund’s potential returns, the Fund employs a strategy that involves purchasing exchange-traded, cash-settled, index put options on the performance of the Underlying ETPs. These put options typically have a short time to expiration, such as one week or less, and in some cases, as little as one trading day. The Fund will purchase put options with a strike price that is close to then-current value of the Underlying ETPs at the time of purchase. See “Additional Information about the Funds” for general information about options contracts. Under normal market conditions, the Fund expects to invest primarily in options contracts with daily expiry. In that case, on a daily basis, the Fund establishes new put positions and establishes new option loss limits, which is the maximum loss that the Fund can experience from its options positions on that day. That is, each trading day, the Fund spends an amount equal to up to fifteen percent of its NAV in option premiums to purchase short-term put options. The daily option loss limit is the amount spent on option premiums. This approach is designed to produce positive performance (that exceeds the inverse of the losses in value experienced by the Underlying ETPs) on days when the Underlying ETPs lose value. In contrast, on days when the Underlying ETPs are flat or are positive, the Fund may lose up to the full amount of that day’s option premium (up to 15% of the Fund’s NAV each day). Because the Fund may spend up to 15% of its NAV on option premiums each trading day, the Fund may lose value rapidly when Bitcoin or the Underlying ETPs rise, remain flat, or do not decline sufficiently for the Fund’s put-option proceeds to recover the premiums paid. If the Fund’s put options repeatedly expire worthless or generate proceeds insufficient to recover their premiums, the resulting daily losses may compound based on the Fund’s then-current NAV and cause significant NAV erosion over multiple trading days, including during volatile or sideways markets. Under unusual or stressed market conditions, such as during periods of unusual volatility, the Fund may invest in options contracts that expire in up to a week. In those circumstances, the Fund will establish new put positions and establish new option loss limits when the Fund’s options contracts expire. The Fund is not designed to provide, and should not be expected to provide, inverse performance of the Underlying ETP’s cumulative return over periods longer than a single day. Because the Fund resets its put options position daily and spends option premium of up to 15% of its NAV each day, the Fund may lose value over an extended period even where the Underlying ETP declines in value over that same period, particularly during periods of significant volatility or frequent single-day increases in the Underlying ETP, each of which can cause the Fund’s daily put options to expire worthless and erode the Fund’s NAV through daily premium losses. The Fund should not be used as a long-term, buy-and-hold substitute for a simple inverse position in the Underlying ETP. Given Bitcoin’s historically extreme volatility and the Fund’s daily reset of its put options position, the Fund’s cumulative long-term returns can be expected to diverge dramatically - in amount and potentially in direction - from the simple inverse of Bitcoin’s or the Underlying ETPs’ cumulative performance over the same period. The Fund is not intended for long-term holding. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 12px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">U.S. Treasuries. </td></tr> </table> The Fund will hold the remaining amount of the Fund’s NAV (e.g., approximately 85%) in short-term U.S. Treasury securities. During normal market conditions, the average portfolio effective duration for the Fund’s investments in U.S. Treasury securities is expected to be approximately 6 months. Key Risks of the Fund’s Daily Put Options Strategy Although the Fund holds approximately 85% of its NAV in short-term U.S. Treasury securities, it obtains exposure, as applicable, to the Underlying ETPs through options. For purposes of the Fund’s 80% policy, the options are valued using their delta-adjusted notional amounts, rather than the premiums paid, and qualifying short-term U.S. Treasury securities may be excluded from the calculation as permitted by applicable law. As a result of this structure, investors should understand the following: •      Extremely high daily premium expenditure: The Fund may spend up to 15% of its NAV on each trading day to purchase options. The Fund incurs this cost whether or not the options ultimately make money. •      NAV erosion from options expirations: If the options repeatedly expire worthless, the Fund will repeatedly lose the premiums it paid. These daily losses can compound and significantly reduce the Fund’s NAV over time. •      Dependency on volatility and option prices: The cost and performance of the Fund’s options depend heavily on market volatility and option prices, which can change quickly and unpredictably. •      Non-diversification amplifies index concentration risk: The Fund’s performance depends heavily on a single index or asset. An adverse move in that index or asset may therefore affect the Fund more significantly than a fund with exposure to many different investments. •      Daily reset magnifies path dependency and volatility drag: Because the Fund establishes new options exposure each day, its longer-term return depends on the sequence of daily gains and losses. As a result, the Fund’s return over periods longer than one day may differ significantly from what an investor might expect based on the performance of the underlying index or asset. Fund Attributes The Fund is classified as “non-diversified” under the 1940 Act. Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus borrowings for investment purposes, in financial instruments and economic interests that provide inverse exposure to the value of the Underlying ETPs. For purposes of compliance with this investment policy, derivative contracts will be valued at their delta-adjusted notional value. The foregoing policy may be changed without shareholder approval upon 60 days’ written notice to shareholders. An investment in the Fund is not an investment in any Underlying ETP, nor is the Fund an investment in a traditional passively managed index fund. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px; text-align: justify">●</td> <td style="text-align: justify">The Fund’s strategy is designed to produce positive performance that exceeds the inverse of the losses in value experienced by the Underlying ETPs on days when the Underlying ETPs has decreased in value. Because the Fund spends up to 15% of its NAV each trading day on options premium, the Fund’s options strategy will produce positive performance on a given day only to the extent that the cash received from settlement of that day’s options positions exceeds the cost of that day’s options premium (i.e., up to 15% of the Fund’s NAV).</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px; text-align: justify"> </td> <td style="width: 24px; text-align: justify">●</td> <td>An investment in the Fund involves multiple, layered exposures, each with distinct risks: (i) the risks of Bitcoin itself, including extreme price volatility, regulatory uncertainty, and technology and custody risks; (ii) the risks of the Underlying ETPs that hold or seek exposure to Bitcoin, including tracking differences, expenses, liquidity constraints, operational risks, and the risk that their shares may trade at a premium or discount to NAV; and (iii) the risks of the exchange-traded options on the Underlying ETPs in which the Fund invests, including volatility, time decay, liquidity risk, unfavorable pricing, and the possible loss of the premiums paid, as described below under ‘Options Contracts’ and ‘NAV Erosion Risk Due to Options Expirations.’ Bitcoin-related risks may adversely affect the value of the Underlying ETPs, and changes in the value, volatility, liquidity, or options pricing of the Underlying ETPs may, in turn, adversely affect the value of the Fund’s options and its NAV, even though the Fund does not invest directly in Bitcoin, in the Underlying ETPs’ portfolio holdings, or in options on Bitcoin itself. Investors should understand that an investment in the Fund is not a direct investment in Bitcoin or an Underlying ETP and that the Fund’s performance may differ substantially from the performance of either Bitcoin or the Underlying ETPs. </td></tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: justify">●</td> <td style="text-align: justify">The Fund’s options strategy is subject to potential losses, limited to the amount of that day’s option premium, if the Underlying ETPs increase in value, does not change in value, or if the returns based on the decrease in value of the Underlying ETPs do not exceed the value of the options premium. The Fund may also experience losses if its investments in Treasury securities decline in value. </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">The Fund does not invest directly in any Underlying ETP.</td></tr> </table> See “Additional Information about the Funds” for additional information regarding the Underlying ETPs. The Fund’s Use of Underlying ETP Option Contracts As part of the Fund’s strategy, the Fund will purchase exchange-traded put option contracts that are based on the value of the share price of the Underlying ETPs. The Fund intends to invest only in cash-settled options, which means the holder of the option does not receive securities when the option is exercised. Instead, any payments are made in cash. Under normal market conditions, each day, the Fund will invest in options to seek exposure to the Underlying ETPs in excess of the Fund’s net assets. If the value of the share price of the Underlying ETPs decreases, the Fund will exercise that day’s option contract and have the right to receive an amount of cash equal to the difference between the settlement price of the Underlying ETPs on the expiration date of the applicable option contract and the stated strike price. Because of the Fund’s exposure to the Underlying ETPs, the Fund will receive returns equal to a multiple of the inverse of the losses in value of the Underlying ETPs in excess of the stated strike price minus the premium paid for the options. The multiple that the Fund will achieve will vary based on the inverse exposure to the Underlying ETPs that the Fund is able to achieve by paying the option premium noted above. The Fund’s gains on a particular day will be equal to the amount of cash received upon settlement of the day’s options contracts minus the amount of the option premium. The level of inverse exposure that the Fund is able to achieve with a given premium depends on such factors as the price of the Underlying ETPs and their volatility, and the time remaining until the expiration date of the option contracts. Where the Underlying ETPs price settles at expiration at or above the strike price, and the Fund does not sell the options before their expiration, the Fund’s put options will expire worthless and the Fund will lose that day’s option premium. Information About Bitcoin As noted above, the Fund does not invest directly in Bitcoin or any other digital assets. The Fund does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. The Fund does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than the Fund. However, the Underlying ETPs may invest directly or indirectly (e.g., via futures) in Bitcoin. The following provides an overview of Bitcoin, the Bitcoin Blockchain, the relationship between the two, as well as their use cases. Bitcoin Description: Bitcoin, the first and most well-known cryptocurrency, operates on a decentralized network using blockchain technology to facilitate secure and anonymous transactions. Bitcoin represents a digital asset that functions as a medium of exchange utilizing cryptographic protocols to secure transactional processes, control the creation of additional units, and verify the transfer of assets. Its operation on a decentralized blockchain network ensures both transparency and immutability of records, without the need for a central authority. This innovative technology underpinning Bitcoin allows for peer-to-peer transactions and provides a framework for digital scarcity, making Bitcoin a unique investment commodity within the digital currency landscape. Bitcoin Blockchain Description: The Bitcoin blockchain constitutes a decentralized, digital ledger technology that chronologically and publicly records all Bitcoin transactions. This technology is characterized by its use of blocks, which are structurally linked in a chain through cryptographic hashes. Each block contains a list of transactions that, once verified and added to the blockchain through a consensus process known as proof of work, becomes irreversible and tamper-evident. The integrity, transparency, and security of the transactional data are maintained autonomously within the Bitcoin network, eliminating the necessity for central oversight and facilitating trust in a peer-to-peer system. The Relationship between Bitcoin and Bitcoin Blockchain: Bitcoin is a digital currency that operates on the Bitcoin blockchain, a decentralized and cryptographic ledger system. The Bitcoin blockchain underpins the entire Bitcoin network, providing a secure and transparent mechanism for recording Bitcoin transactions. Each Bitcoin transaction is verified by network participants and permanently recorded on the Bitcoin blockchain, ensuring the integrity and traceability of the digital currency. Thus, while Bitcoin serves as a medium of exchange or store of value, the Bitcoin blockchain acts as the immutable record-keeping system that facilitates and authenticates the circulation and ownership of Bitcoin. This symbiotic relationship ensures that Bitcoin operates in a trustless and decentralized manner, with the Bitcoin blockchain maintaining the currency’s history and scarcity. Bitcoin and Bitcoin Blockchain Use Cases: Bitcoin and the Bitcoin blockchain serve as innovative financial instruments within the digital economy, offering multiple use cases. However, their adoption has been limited. Key applications include: <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: 2%; text-align: justify">1.</td> <td style="width: 98%; text-align: justify">Decentralized Transactions: Bitcoin facilitates peer-to-peer financial transactions globally without the need for intermediaries, reducing transaction costs and times. This feature makes it an attractive option for cross-border transfers and remittances.</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">2.</td> <td style="text-align: justify">Store of Value: Due to its limited supply and decentralized nature, Bitcoin is perceived as a digital alternative to traditional stores of value like gold, potentially serving as a hedge against inflation and currency devaluation.</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">3.</td> <td style="text-align: justify">Smart Contracts: While primarily associated with other blockchain platforms, the Bitcoin blockchain can execute smart contracts—self-executing contractual agreements with the terms directly written into code—thereby enabling automated and conditional transactions.</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: 2%; text-align: justify">4.</td> <td style="width: 98%; text-align: justify">Asset Tokenization: The Bitcoin blockchain provides a platform for tokenizing assets, converting rights to an asset into a digital token on the blockchain. This can include real estate, stocks, or other forms of assets, enhancing liquidity and market efficiency.</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">5.</td> <td style="text-align: justify">Digital Identity Verification: Leveraging the security and immutability of the Bitcoin blockchain, companies can develop digital identity verification systems, enhancing privacy and reducing identity theft.</td></tr> </table> Fund’s Return Profile vs the Underlying ETPs For the reasons stated above, the Fund’s performance will differ from that of the Underlying ETPs. The performance differences will depend on, among other things, the value of the share price of the Underlying ETPs, changes in the price of the Underlying ETPs’ options contracts the Fund has purchased, and changes in the value of the U.S. Treasuries. An investor may lose all of their money if they invest in this Fund. Fund Portfolio The Fund’s principal holdings are described below: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="3" style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">DailyDelta Bitcoin Put Options Strategy ETF – Principal Holdings</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt">Portfolio Holdings (All options are based on the value of the Underlying ETPs)</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 54%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Investment Terms</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 21%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Expected Target Maturity</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">Purchased put option contracts </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">The Fund will purchase put options with a strike price that is close to then-current value of the Underlying ETPs at the time of purchase. If at the expiration of the option, the value of the share price of the Underlying ETPs have decreased below the strike price, and the Fund exercises the option, this will generate positive returns for the Fund to the extent the amount of cash received exceeds the option premium. If, at the expiration of the option, the value of the shares price of the Underlying ETPs have increased or remained at the strike price the option may expire worthless and the Fund may lose the entirety of its option premium. </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">One-day to one-week expiration dates</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">U.S. Treasury Securities and Cash</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">Multiple series of U.S. Treasury Bills supported by the full faith and credit of the U.S. government. They will generate income.</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">6-month to 2-year maturities</td></tr> </table> The market value of the cash and treasuries held by the Fund is expected to be approximately 85% of the Fund’s net assets. There is no guarantee that the Fund’s investment strategy will be properly implemented, and an investor may lose some or all of its investment. None of the Fund, the Tidal Trust IV (the “Trust”), Tidal Investments LLC (“Tidal” or the “Adviser”), Kelly Strategic Management, LLC (the “Sub-Adviser”), or their respective affiliates makes any representation to you as to the performance of the Underlying ETPs. THE FUND, TRUST, ADVISER, AND SUB-ADVISER ARE NOT AFFILIATED WITH, NOR ENDORSED BY, THE UNDERLYING ETPS. Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus borrowings for investment purposes, in financial instruments and economic interests that provide inverse exposure to the value of the Underlying ETPs. 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. Underlying ETP Appreciation Risks. As part of the Fund’s put strategy, the Fund purchases put option contracts that are based on the share prices of Underlying ETPs that provide indirect exposure to Bitcoin. This strategy subjects the Fund to certain of the same risks as if it shorted the Underlying ETPs or Bitcoin directly, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the value of Bitcoin, the Fund is subject to the risk that the price of Bitcoin increases. If the price of Bitcoin increases, the value of the Underlying ETPs will likely rise, and the Fund will likely lose value. As a result, the Fund may suffer significant losses. The Fund may also be subject to the following risks: <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentInBitcoinAndUnderlyingEtpsRiskMember_zdVuUM5Pizk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Indirect Investment in Bitcoin and Underlying ETPs Risk. The Bitcoin blockchain, its associated ecosystem, and the Underlying ETPs are not affiliated with the Trust, the Fund, the Adviser, the Sub-Adviser or their respective affiliates and are not involved with this offering in any way. Bitcoin is a decentralized digital asset that does not have an issuing entity, centralized authority, or intrinsic value, and its price is determined solely by market supply and demand. Similarly, the Underlying ETPs that invest in Bitcoin operate independently of the Fund and are subject to their own risks and operational decisions. Increases in the value of Bitcoin may drive corresponding increases in the value of the Underlying ETPs, adversely affecting the Fund’s performance. The value of Bitcoin may rise for various reasons, including greater adoption as a medium of exchange or store of value, favorable regulatory developments, technological advancements, increased institutional or retail investment, or macroeconomic factors such as inflation or currency instability. These same factors can enhance the appeal and market performance of ETPs that hold Bitcoin, compounding the Fund’s risks. Furthermore, the performance of the Underlying ETPs may also be influenced by factors specific to the ETP market, such as changes in the ETP’s structure, fees, or management strategies, as well as fluctuations in trading volume and investor demand. Positive developments related to the Underlying ETPs, including enhancements to liquidity, operational efficiencies, or regulatory approvals, may result in increased investor interest and price appreciation, which could further exacerbate losses for the Fund. Bitcoin, and the Underlying ETPs that provide exposure to it, have historically exhibited substantially higher price volatility than broad-based equity indices. Because the Fund’s options have very short (often one-day) expirations, their prices can be extremely sensitive to sudden changes in the implied volatility of the Underlying ETPs, which can change rapidly and unpredictably. As a result, the Fund may experience sharp premium decay, wide bid-ask spreads, and periods of reduced liquidity in the options it seeks to purchase or sell. Because the Fund may spend option premium of up to 15% of its NAV on each trading day, sideways or range-bound Bitcoin markets — in which the Fund’s options repeatedly expire worthless — can result in significant and rapid cumulative NAV erosion, potentially at a materially faster pace than for the Fund’s equity-index-based counterparts. In addition, even relatively small day-to-day moves in the price of Bitcoin or the Underlying ETPs can produce disproportionately large losses to the Fund due to ‘volatility crush’ (a sudden decline in implied volatility that reduces option values) or other unfavorable options pricing dynamics unrelated to the direction of the underlying move. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingEtpAndBitcoinTradingRiskMember_ztddlPpJz8qd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Underlying ETP and Bitcoin Trading Risk. The trading price of Bitcoin and, in turn, the Underlying ETPs, may become less volatile over time, which could have an adverse impact on the Fund’s performance. The Fund’s short strategy is designed to benefit from declines in the value of the Underlying ETPs’ investments in Bitcoin. However, if Bitcoin or an Underlying ETP experiences reduced volatility, it may limit opportunities for the Fund to generate returns. There is a possibility that market conditions, regulatory developments, or investor sentiment may contribute to decreased volatility in the future. Reduced volatility could challenge the Fund’s ability to achieve its investment objective. Bitcoin Good Performance Risk. Several factors could lead to positive performance in Bitcoin and the Underlying ETPs, posing a risk to the Fund. Increased institutional adoption of Bitcoin as a store of value or medium of exchange, broader acceptance of Bitcoin as a payment method, or technological advancements in Bitcoin’s blockchain could enhance its appeal and drive price appreciation of the Underlying ETPs. Favorable macroeconomic conditions, such as inflationary pressures or declining confidence in fiat currencies, could further position Bitcoin as a hedge against currency devaluation, increasing its value. Additionally, regulatory clarity or developments that reduce perceived risks for investors may bolster Bitcoin’s legitimacy and attract new market participants. Should these or similar factors lead to appreciation in Bitcoin’s price, the value of the Underlying ETPs will likely increase, and the Fund could face significant losses due to its inverse exposure. 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 imperfect correlation between the inverse value of the Index and the derivative, which may prevent the Fund from achieving its investment objective. In addition, the Fund’s investments in derivatives are subject to the following risks: Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility 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 Index. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. Additionally, purchasing an option subjects the buyer to the risk that the benefit received from exercising the option, if any, will not exceed the premium paid to purchase the option. 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 move in the opposite direction of the value of the underlying instrument. However, prior to such date, the value of the option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain inverse exposure to the Index 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. Because the Fund may spend up to 15% of its NAV on a trading day to purchase options, and because options that expire worthless provide no recovery of the premium paid, repeated net losses on the Fund’s options positions can compound over time and result in significant and, at times, rapid erosion of the Fund’s NAV, even though the Fund’s loss on its purchased options on any single day is limited to the premium paid, particularly during extended periods in which the Underlying ETPs do not move sufficiently in the direction favorable to the Fund’s strategy. Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Fund transactions involving a counterparty are subject to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The Fund will invest in exchange traded options which are guaranteed for settlement by the Options Clearing Corporation (“OCC”). As a result, the ability of the Fund to meet its objective depends on the OCC being able to meet its obligations. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, the Fund could suffer significant losses. Leverage Risk. The options purchased by the Fund may provide investment exposure to the applicable reference asset in excess of the Fund’s net assets and therefore may have the economic effect of leverage. As a result, a relatively small movement in the value of the reference asset may cause a disproportionately large movement in the value of the Fund’s options and may increase the volatility of the Fund’s NAV. The Fund may lose the entire premium paid for a purchased option, but its loss on the option will not exceed that premium. Because the Fund establishes new options positions and pays new premiums on a recurring basis, however, losses on purchased options may compound over time and result in a significant or rapid decline in the Fund’s NAV. NAV Erosion Risk Due to Options Expirations. When the Fund invests in options, there is a risk that they may expire worthless. A repeated occurrence of the Fund’s options expiring worthless may significantly erode the Fund’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment. Options Loss Compounding Risk. The Fund may pay up to 15% of its NAV in options premiums on each trading day and may lose the entire amount of those premiums if the options expire worthless or otherwise fail to generate proceeds sufficient to recover their cost. The Fund’s limit on losses from purchased options applies separately to each trading day, based on the Fund’s then-current NAV, and does not limit cumulative losses over multiple days. Thus, the Fund may incur a new loss of up to 15% of its NAV after having incurred options losses on prior trading days. Repeated premium losses will reduce the Fund’s NAV, and subsequent losses may compound against the Fund’s already-reduced NAV. Consequently, a series of options losses may cause significant and rapid NAV erosion, and the Fund may lose substantially more than its daily options-premium loss limit—and potentially all or substantially all of its value—over time. The 15% daily limit should not be understood as limiting the Fund’s losses over any period longer than one trading day. The Fund’s longer-term performance depends heavily on the sequence of daily results. Accordingly, repeated options losses may significantly reduce the Fund’s NAV even if its underlying index or reference asset experiences little or no net change, or moves in a direction favorable to the Fund’s strategy, over the same period. The Fund’s daily options-premium loss limit does not protect shareholders against these cumulative effects. ETF Risks. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zglWAFHQv1u1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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 will generally require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. Additionally, there may be brokerage costs or taxable gains or losses that may be imposed on the Fund in connection with a cash redemption that may not have occurred if the Fund had made a redemption in-kind. These costs could decrease the value of the Fund to the extent they are not offset by a transaction fee payable by an AP. 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_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_z6zxAi5vIyr5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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 Cboe BZX Exchange, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active trading market for the Shares will develop or be maintained or that the Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. Shares trade on the Exchange at market price that may be below, at or above the Fund’s NAV. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable. In addition, trading in Shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings. 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. Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline. Interest Rate Risk. Generally, the value of fixed income securities will change inversely with changes in interest rates. As interest rates rise, the market value of fixed income securities tends to decrease. Conversely, as interest rates fall, the market value of fixed income securities tends to increase. Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil. This risk is greater for the Fund as it will hold options contracts on a single index, and not a broader range of options contracts. 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. Certain market conditions or restrictions, such as market rules related to short sales, may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with inverse of the Index. 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. 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. Management Risk. The Fund is subject to management risk because it is an actively managed portfolio. In managing the Fund’s investment portfolio, the portfolio managers will apply investment techniques and risk analyses that may not produce the desired result. There can be no guarantee that the Fund will meet its investment objective. NAV Decline Risk Due to Distributions. When the Fund makes a distribution, the Fund’s NAV will typically drop by the amount of the distribution on the related ex-dividend date. The repeated payment of distributions by the Fund, if any, may result in a decline in the Fund’s NAV and trading price over time. As a result, an investor may suffer losses to their investment. New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions. Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio. Operational Risk. The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund, Adviser, and Sub-Adviser seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks. Tax Risk. The Fund intends to elect and to qualify each year to be treated as a regulated investment company (“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 options it holds is never 25% of the total value of Fund assets at the close of any quarter. In particular, in combination with the Fund’s options strategy (i.e., the use of put options), the Fund maintains a portfolio of treasury securities, which are expected to enable the Fund to meet the diversification requirements. If the Fund’s investments in options 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. U.S. Government and U.S. Agency Obligations Risk. The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so. <div style="display: none"></div> Performance The Fund is new and therefore does not have a performance history for a full calendar year. In the future, performance information for the Fund will be presented in this section. Updated performance information is available on the Fund’s website at www.dailydeltaetfs.com. The Fund is new and therefore does not have a performance history for a full calendar year. www.dailydeltaetfs.com The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”) will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940 (the “1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses. Based on estimated amounts for the current fiscal year. The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”) will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940 (the “1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses. Based on estimated amounts for the current fiscal year. The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”) will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940 (the “1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses. Based on estimated amounts for the current fiscal year. The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”) will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940 (the “1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses. Based on estimated amounts for the current fiscal year. The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”) will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940 (the “1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses. Based on estimated amounts for the current fiscal year. The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”) will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940 (the “1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses. Based on estimated amounts for the current fiscal year. The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”) will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940 (the “1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses. Based on estimated amounts for the current fiscal year. The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”) will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940 (the “1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses. Based on estimated amounts for the current fiscal year.