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align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">The Impact Shares NAACP Minority Empowerment ETF (the “Fund” or the “Minority ETF”) seeks investment results that, before fees and expenses, track the performance of the Morningstar<sup style="box-sizing: border-box; font-weight: normal">®</sup> Minority Empowerment Index (the “Underlying Index”).</p> Fees and Expenses of the Fund <p id="xdx_A85_eoef--ExpenseNarrativeTextBlock_zZkAMpaQnjVe" style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 55.96px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <span style="box-sizing: border-box; font-family: Times New Roman Bold,Times New Roman; font-weight: 700">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.</span></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A89_eoef--AnnualFundOperatingExpensesTableTextBlock_zoUQXQUyw4EB"></div> <table id="xdx_A55_dU_zgyQZnh8MRkt" style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Management Fee¹</span></div></td> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div id="xdx_980_eoef--ManagementFeesOverAssets_dpn_c20261026__20261026__oef--ClassAxis__custom--C000198448Member_fuQ_____ztrWOdO2GUSS" style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold"> 0.49%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Distribution and Service (12b-1) Fees </span></div></td> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div id="xdx_98E_eoef--DistributionAndService12b1FeesOverAssets_dpn_c20261026__20261026__oef--ClassAxis__custom--C000198448Member_zArw8wmbYW0O" style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold"> 0.00%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Other Expenses</span></div></td> <td style="box-sizing: border-box; height: auto; line-height: normal; border-bottom-style: solid; border-bottom-width: 0.5pt"> <div id="xdx_98D_eoef--OtherExpensesOverAssets_dpn_c20261026__20261026__oef--ClassAxis__custom--C000198448Member_zH3HDAUf28VQ" style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold"> 0.00%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Total Annual Fund Operating Expenses </span></div></td> <td style="box-sizing: border-box; height: auto; line-height: normal; border-bottom-style: double; border-bottom-width: 3pt"> <div id="xdx_98B_eoef--ExpensesOverAssets_dpn_c20261026__20261026__oef--ClassAxis__custom--C000198448Member_zjB6pcYJTwMU" style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold"> 0.49%</span></div></td></tr> </table><div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 8pt Times New Roman,Times,serif; margin: 4pt 0 8pt 6pt; box-sizing: border-box; text-align-last: auto; color: #000; text-align: justify; text-indent: -6pt"> <table cellpadding="0" cellspacing="0" style="font: normal 8pt/1.4 Times New Roman,Times,serif; color: #000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span id="xdx_F07_ze3rS78u0FTy">¹</span></td><td style="width: 5pt"></td><td style="text-align: justify"><span id="xdx_F11_z4hBWLehrMOI">The Fund’s investment adviser, Tidal Investments LLC (“Tidal” or the “Adviser”), a Tidal Financial Group company, will pay all of the Fund’s expenses (except for advisory fees) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), litigation expenses, and other non-routine or extraordinary expenses.</span></td> </tr></table> </div></div> 0.0049 0.0000 0.0000 0.0049 Expense Example <p id="xdx_A8E_eoef--ExpenseExampleNarrativeTextBlock_zhFx4JwJ8Q68" style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 74.62px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold, sell or redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Your actual costs may be higher or lower.</p> <div id="xdx_A89_eoef--ExpenseExampleWithRedemptionTableTextBlock_zTsiIFfpUaYf"></div> <table id="xdx_A54_dU_zQ5F2jEWCdLv" style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal" summary="xdx: Disclosure - Expense Example"> <tr style="box-sizing: border-box; height: auto; vertical-align: bottom; line-height: normal"> <th id="xdx_48B_eoef--ExpenseExampleYear01_zG2TOkWN1Ci4" style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Times New Roman Bold,Times,serif,Times New Roman; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">1 Year</span></div></th> <th id="xdx_484_eoef--ExpenseExampleYear03_zJGshjMi3brw" style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Times New Roman Bold,Times,serif,Times New Roman; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">3 Years</span></div></th> <th id="xdx_48E_eoef--ExpenseExampleYear05_zFVa5KHb2s5_z5Pw17HVQzar" style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Times New Roman Bold,Times,serif,Times New Roman; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">5 Years</span></div></th> <th id="xdx_480_eoef--ExpenseExampleYear10_zoPE41Dusia9" style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Times New Roman Bold,Times,serif,Times New Roman; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">10 Years</span></div></th></tr> <tr id="xdx_41F_20261026__20261026__oef--ClassAxis__custom--C000198448Member_z5740qnn6l6M" style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$50</span></div></td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$157</span></div></td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$274</span></div></td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$616</span></div></td></tr> </table> 50 157 274 616 Portfolio Turnover <p id="xdx_A81_eoef--PortfolioTurnoverTextBlock_zYF27FgTXAE9" style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 74.62px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">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. For the fiscal year ended June 30, 2026, the Fund’s portfolio turnover rate was <span id="xdx_904_eoef--PortfolioTurnoverRate_c20261026__20261026__dei--LegalEntityAxis__custom--S000061286Member_zZ1IR19KwdzK">25%</span> of the average value of its portfolio.</p> 0.25 Principal Investment Strategies <p id="xdx_A8E_eoef--StrategyNarrativeTextBlock_gRBSNTB-PLKJSDP_zKVm0AdKUian" style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 37.31px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block"><span id="xdx_90C_eoef--StrategyPortfolioConcentration_c20261026__20261026__dei--LegalEntityAxis__custom--S000061286Member_zZUCY6bxC3jo">The Fund will, under normal circumstances, invest at least 80% of its total assets, plus borrowings for investment purposes (the “80% basket”) in component securities of the Underlying Index (“Component Securities”).</span></p> <p style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: justify; min-height: 111.93px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">The Fund may invest the remaining 20% of its total assets (the “20% basket”) in securities and instruments not included in the Underlying Index, but which Tidal Investments LLC (the “Adviser”) believes will help the Fund track the Underlying Index. For example, the Fund may invest in securities that are not components of the Underlying Index to reflect various corporate actions (such as mergers) and other changes in the Underlying Index (such as reconstitutions, additions and deletions). The Fund may invest in securities of any type and of companies of any market capitalization (including small- and mid-capitalization companies), market sector or industry, but expects to invest primarily in equity securities of U.S. companies. The Fund may use the 20% basket to invest in</p> <p style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; counter-increment: unset; counter-reset: unset; min-height: 37.31px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">securities issued by other investment companies, including other exchange-traded funds. In addition, the Fund’s 20% basket may be invested in cash and cash equivalents, including shares of money market funds advised by the Adviser or its affiliates.</p> <p style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 37.31px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">Unlike many investment companies, the Fund does not try to “beat” the index it tracks. The Fund uses a passive management strategy designed to track the total return performance of the Underlying Index.</p> <p style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 167.9px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">The Adviser may employ a representative sampling indexing strategy for managing the Fund, which entails investing in a sample of securities that together have an investment profile mirroring the Underlying Index. However, the Fund will only use representative sampling in a manner consistent with its 80% policy. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability, leverage and price to earnings ratios) and liquidity measures similar to those of the Underlying Index. The Fund may or may not hold all of the securities in the Underlying Index. “Tracking error” is the difference between the performance (return) of the Fund’s portfolio and that of the Underlying Index. The Adviser expects that, over time, the Fund’s tracking error will not exceed 5%. Funds that employ a representative sampling strategy may incur tracking error risk to a greater extent than funds that seek to replicate an index.</p> <p style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 37.31px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">The Fund concentrates its investments in a particular industry or group of industries to approximately the same extent as the Underlying Index is so concentrated.</p> <p style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 59.4px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">The Underlying Index is designed to measure the performance of large and mid- capitalization companies that are “empowering to minorities,” and to exhibit risk and return characteristics similar to those of the Morningstar US Large-Mid Cap<sup style="box-sizing: border-box; font-weight: normal">®</sup> Index, as described below.</p> <p style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 342.68px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">The Underlying Index is constructed using a rules-based methodology to select companies from the Morningstar US Large-Mid Cap<sup style="box-sizing: border-box; font-weight: normal">®</sup> Index (the “Parent Index”), a free float market-cap weighted index that constitutes 90% of the total market capitalization of the U.S. market) that have strong minority empowerment practices. Morningstar constructs the Underlying Index using company level indicators, scores, and indicator relevance weighting from Sustainalytics, the Fund’s ESG research provider, that include certain social criteria identified and compiled by the NAACP (“NAACP” or the “Partner Nonprofit”) to measure the strength of minority empowerment practices and products or services for each company within the Parent Index (a company’s “Minority Empowerment Composite Score”). Based on that scoring, after excluding those companies that Sustainalytics determines (i) derive more than 5% of their revenues from predatory lending activities, (ii) derive more than 5% of their revenues from the production of tobacco products, (iii) are involved in the production of riot control weapons, (iv) operate correctional facilities or provide security services, (v) are primarily involved in the production of oil, gas or coal, (vi) are not compliant with the principles of the UN Global Compact<sup style="box-sizing: border-box; font-weight: normal">1</sup>, or (vii) have a detrimental score for applicable controversies, the 200 best scoring companies (after applying the optimized weighting methodology discussed below) are selected by Morningstar as the final underlying index components. The Underlying Index is constructed by Morningstar using an optimized weighting methodology. Under this methodology, Morningstar uses a quantitative process that is designed to determine optimal weights for securities to maximize exposure of companies with higher rankings as to minority empowerment practices, while maintaining an Underlying Index that exhibits risk and return characteristics similar to those of the Parent Index. The Index Provider determines the weighting of each security in the Underlying Index using the following variables: Minority Empowerment Composite Score, market capitalization, maximum and minimum weightings by security and sector. Underlying Index constituents are subject to a maximum 5% per company weighting.</p> <p style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 186.56px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">The Underlying Index is expected to contain approximately 200 securities, but this number may change. If a company in the Underlying Index has acted in a manner inconsistent with the selection criteria of the Underlying Index, Morningstar may, in its discretion, after consulting with Sustainalytics, exclude the company from the Underlying Index between reconstitution periods. Morningstar may also make adjustments in accordance with its internal guidelines to reflect extraordinary corporate events (e.g., mergers and acquisitions, spin-offs, bankruptcies, insolvencies, and liquidations). The Underlying Index is rebalanced quarterly and reconstituted utilizing the rules-based methodology described above annually. Rebalancing refers to the process of adjusting the weights of the constituent securities in the Underlying Index in accordance with its optimized weighting methodology in response to changes in stock value and market capitalization. Reconstitution refers to the process of changing the constituent securities in the Underlying Index so that securities that no longer meet the criteria for the Underlying Index are excluded and new securities that do meet those criteria are included.</p><p style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 55.96px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">The composition of the Underlying Index is based on the following social screens used in determining the Minority Empowerment Composite Score that narrows the Index Universe. Each of the social screens for the Minority Fund addresses an issue that has a history of NAACP support.</p> <p style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt 7pt; text-align-last: auto; min-height: 59.4px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: -7pt"><sup style="box-sizing: border-box; font-weight: normal">1 </sup>The UN Global Compact is an arrangement by which companies voluntarily and publicly commit to a set of principles, known as the Ten Principles of the UN Global Compact, all of which are drawn from key UN Conventions and Declarations, in four areas: (i) human rights; (ii) labor; (iii) environment; and (iv) anti-corruption.</p> <p style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt 20pt; text-align-last: auto; min-height: 37.31px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: -13pt">1.<b style="box-sizing: border-box"> </b><span style="box-sizing: border-box; font-family: Times New Roman Bold,Times New Roman; font-weight: 700">Board Diversity</span> This indicator provides an assessment of the diversity of a company’s board of directors. Diversity of background can provide fresh perspectives in the boardroom and lead to better board decision-making.</p> <p style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt 20pt; text-align-last: auto; min-height: 37.31px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: -13pt">2.<b style="box-sizing: border-box"> </b><span style="box-sizing: border-box; font-family: Times New Roman Bold,Times New Roman; font-weight: 700">Discrimination Policy</span> This indicator provides an assessment of the quality of a company’s policy to eliminate discrimination, including racial discrimination, and ensure equal opportunity.</p> <p style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt 20pt; text-align-last: auto; min-height: 37.31px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: -13pt">3.<b style="box-sizing: border-box"> </b><span style="box-sizing: border-box; font-family: Times New Roman Bold,Times New Roman; font-weight: 700">Scope of Supplier Social Standards</span> This indicator provides a general assessment of whether a company has supply chain/contractor social policies and the scope of its social standards, including items such as nondiscrimination policies.</p> <p style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt 20pt; text-align-last: auto; min-height: 37.31px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: -13pt">4.<b style="box-sizing: border-box"> </b><span style="box-sizing: border-box; font-family: Times New Roman Bold,Times New Roman; font-weight: 700">Freedom of Association Policy</span> This indicator provides an assessment of the quality of a company’s freedom of association and collective bargaining policy, including its impact on racial minorities.</p> <p style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt 20pt; text-align-last: auto; min-height: 37.31px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: -13pt">5.<b style="box-sizing: border-box"> </b><span style="box-sizing: border-box; font-family: Times New Roman Bold,Times New Roman; font-weight: 700">Diversity Programs</span> This indicator assesses the strength of a company’s initiatives to increase the diversity of its workforce, including racial diversity.</p> <p style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt 20pt; text-align-last: auto; min-height: 55.96px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: -13pt">6.<b style="box-sizing: border-box"> </b><span style="box-sizing: border-box; font-family: Times New Roman Bold,Times New Roman; font-weight: 700">Community Development Programs</span> This indicator assesses the strength of a company’s local community development programs. It does not focus on cash donations, but formal programs that promote long-term economic development among communities, including minority communities, directly affected by the company’s operations.</p> <p style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt 20pt; text-align-last: auto; min-height: 37.31px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: -13pt">7.<b style="box-sizing: border-box"> </b><span style="box-sizing: border-box; font-family: Times New Roman Bold,Times New Roman; font-weight: 700">Minority-Inclusive Health and Safety Management System</span> This indicator assesses the strength of the company’s initiatives to manage employee health and safety and prevent accidents and occupational illnesses.</p> <p style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt 20pt; text-align-last: auto; min-height: 74.62px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: -13pt">8.<b style="box-sizing: border-box"> </b><span style="box-sizing: border-box; font-family: Times New Roman Bold,Times New Roman; font-weight: 700">Conflict Minerals Programs</span> This indicator measures the strength of a company’s initiatives to eliminate conflict minerals from its products and its supply chain. The term conflict minerals refers to tantalum (coltan), tin (cassiterite), tungsten (wolframite), and gold (together, they are commonly referred to as the 3TG), which have originated in conflict-affected or high-risk regions and may be used to financially support the conflict or human rights abuses.</p> <p style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt 20pt; text-align-last: auto; min-height: 55.96px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: -13pt">9. <span style="box-sizing: border-box; font-family: Times New Roman Bold,Times New Roman; font-weight: 700">Media Ethics Programs</span> This indicator assesses the strength of a company’s initiatives to ensure good governance, ethics, and integrity throughout its content creation to ensure impartiality, transparency, objectivity, fairness, age-appropriateness, independence, plurality, and inclusiveness (diversity of content, topics, and viewpoints).</p> <p style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt 22pt; text-align-last: auto; min-height: 37.31px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: -17pt">10. <span style="box-sizing: border-box; font-family: Times New Roman Bold,Times New Roman; font-weight: 700">Human Rights Programs</span> This indicator assesses the strength of the company’s initiatives to comply with its obligation to respect human rights.</p> <p style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt 22pt; text-align-last: auto; min-height: 55.96px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: -17pt">11. <span style="box-sizing: border-box; font-family: Times New Roman Bold,Times New Roman; font-weight: 700">Editorial Guidelines</span> This indicator provides an assessment of the company’s commitment to address media ethics as it relates to the dissemination of content. This includes the company’s stated values related to the impact of content on protected classes and minorities.</p> <p style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt 22pt; text-align-last: auto; min-height: 37.31px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: -17pt">12. <span style="box-sizing: border-box; font-family: Times New Roman Bold,Times New Roman; font-weight: 700">Advertising Ethics</span> This indicator provides an assessment of the presence and strengths of a company policy on advertising ethics.</p> <p style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt 22pt; text-align-last: auto; min-height: 37.31px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: -17pt">13. <span style="box-sizing: border-box; font-family: Times New Roman Bold,Times New Roman; font-weight: 700">Human Capital Development</span> This indicator assesses the strength of a company’s initiatives to recruit, retain, and develop human capital to avoid a shortage of skilled labor.</p> <p style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt 22pt; text-align-last: auto; min-height: 37.31px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: -17pt">14. <span style="box-sizing: border-box; font-family: Times New Roman Bold,Times New Roman; font-weight: 700">Responsible Product Offering </span>This indicator assesses the strength of a financial institution’s initiatives to market products and services responsibly, so as to avoid predatory lending and minimize risks to the customers of such financial institution.</p><p style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt 22pt; text-align-last: auto; min-height: 37.31px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: -17pt">15. <span style="box-sizing: border-box; font-family: Times New Roman Bold,Times New Roman; font-weight: 700">Responsible Marketing Policy</span> This indicator provides an assessment of the quality of a company’s responsible marketing policy.</p> <p style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt 22pt; text-align-last: auto; min-height: 37.31px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: -17pt">16. <span style="box-sizing: border-box; font-family: Times New Roman Bold,Times New Roman; font-weight: 700">Human Rights Policy</span> This indicator provides an assessment of the strength of the company’s commitment to respect human rights within its sphere of influence.</p> <p style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt 22pt; text-align-last: auto; min-height: 37.31px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: -17pt">17<b style="box-sizing: border-box; font-weight: bold">. </b><span style="box-sizing: border-box; font-family: Times New Roman Bold,Times New Roman; font-weight: 700">Gender Pay Equality Programs</span> This indicator assesses the strength of programs a company has implemented to ensure gender pay equality. This includes initiatives to identify, measure, and close the gender pay gap.</p> <p style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt 22pt; text-align-last: auto; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: -17pt">18. <span style="box-sizing: border-box; font-family: Times New Roman Bold,Times New Roman; font-weight: 700">Gender Pay Disclosure</span> This indicator assesses the strength of a company’s disclosure related to the gender pay gap.</p> The Fund will, under normal circumstances, invest at least 80% of its total assets, plus borrowings for investment purposes (the “80% basket”) in component securities of the Underlying Index (“Component Securities”). The Fund may not achieve its investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityMarketRiskMember_zO5OLLhX8Px_znf2lOyid6tr" style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 111.93px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman Bold,Times New Roman; font-weight: 700">Equity Market Risk. </span>The prices of equity securities fluctuate and may rise or fall rapidly. These price movements may result from factors affecting individual issuers, industries or the stock market as a whole. In addition, equity markets tend to move in cycles which may cause stock prices to fall over short or extended periods of time. In a declining stock market, stock prices for all companies may decline, regardless of their long-term prospects. Common stocks are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have subordinate rights to receive payment from specific issuers.</p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EthnicDiversityRiskMember_zT4a8M2JtOme" style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 74.62px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman Bold,Times New Roman; font-weight: 700">Ethnic Diversity Risk.</span> The returns on a portfolio of securities that excludes companies that are not ethnically diverse may trail the returns on a portfolio of securities that includes companies that are not ethnically diverse. Investing only in a portfolio of securities that are ethnically diverse may affect the Fund’s exposure to certain types of investments and may adversely impact the Fund’s performance depending on whether such investments are in or out of favor in the market.</p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zuI21NYzXjk2" style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 55.96px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman Bold,Times New Roman; font-weight: 700">Tracking Error Risk. </span>As with all index funds, the performance of the Fund and its Index may differ from each other for a variety of reasons. For example, the Fund incurs operating expenses and portfolio transaction costs not incurred by the Index. In addition, the Fund may not be fully invested in all Index constituents at all times or may hold securities not included in the Index.</p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndexPerformanceRiskMember_zZ3cDtvPeOkV" style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 111.93px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman Bold,Times New Roman; font-weight: 700">Index Performance Risk.</span><b style="box-sizing: border-box"> </b>The Fund seeks to track an index maintained by a third party provider unaffiliated with the Fund or the Adviser. There can be no guarantee or assurance that the methodology used by the third party provider to create the index will result in the Fund achieving high, or even positive, returns. Further, there can be no guarantee that the methodology underlying the index, or the daily calculation of the index will be free from error. It is also possible that the value of the index may be subject to intentional manipulation by third-party market participants. The particular index used by the Fund may underperform other asset classes and may underperform other similar indices. Each of these factors could have a negative impact on the performance of the Fund.</p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustryConcentrationRiskMember_zqWw1JitRrmP" style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 55.96px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman Bold,Times New Roman; font-weight: 700">Industry Concentration Risk.</span> The Fund’s investments will be concentrated in an industry or group of industries to the extent the Underlying Index is so concentrated. In such an event, the value of the Fund’s Shares may rise and fall more than the value of shares that are invested in securities or financial instruments of companies that encompass a broader range of industries.</p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallcapCompanyRiskMember_z1ljnOEUX5Oe" style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 74.62px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman Bold,Times New Roman; font-weight: 700">Small-Cap Company Risk.</span> Investing in the securities of small-cap companies may pose greater market and liquidity risks than larger, more established companies, because of limited product lines and/or operating history, limited financial resources, limited trading markets, and the potential lack of management depth. In addition, the securities of such companies are typically more volatile than securities of larger capitalization companies.</p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidcapCompanyRiskMember_ztDot49NXjoA" style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 74.62px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman Bold,Times New Roman; font-weight: 700">Mid-Cap Company Risk.</span> Investing in securities of mid-cap companies may entail greater risks than investments in larger, more established companies. Mid-cap companies tend to have more narrow product lines, more limited financial resources and a more limited trading market for their stocks, as compared with larger companies. As a result, their stock prices may decline significantly as market conditions change.</p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--PassiveInvestmentRiskMember_zUMzxKU2xR4n" style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 74.62px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman Bold,Times New Roman; font-weight: 700">Passive Investment Risk. </span>The Fund invests in the securities included in, or representative of, its Index regardless of their investment merit. The Fund generally purchases and sells securities to reflect changes in the Index, including as a result of index reconstitutions and rebalances. The Fund does not attempt to outperform its Index or take defensive positions in declining markets. As a result, the Fund’s performance may be adversely affected by declines in the market segments represented by the Index.</p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_z8ElhkMEebze" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman Bold,Times New Roman; font-weight: 700">ETF Risks.</span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zFn3D3FHH1t4" style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt 32pt; text-align-last: auto; display: block; min-height: 130.59px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman Italic,Times New Roman; font-weight: 400; font-style: italic">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk. </span>The Fund has a limited number of financial institutions that are authorized to purchase and redeem Fund shares directly with 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, Fund shares may trade at a material discount to NAV and could 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.</p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingFundSharesMember_zmrS9Gey5rUU" style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt 32pt; text-align-last: auto; display: block; min-height: 130.59px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman Italic,Times New Roman; font-weight: 400; font-style: italic">Costs of Buying or Selling Fund Shares.</span><i style="box-sizing: border-box"> </i>Buying or selling Fund 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 Fund shares and the price at which an investor is willing to sell Fund shares. The spread is generally lower if Fund shares have more trading volume and market liquidity and higher if Fund shares have little trading volume and market liquidity. Due to the costs of buying or selling Fund shares, frequent trading of Fund shares may reduce investment results and an investment in Fund shares may not be advisable for investors who anticipate regularly making small investments.</p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--FundSharesMayTradeAtPricesOtherThanNavMember_zSW6mgOX4oC6" style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt 32pt; text-align-last: auto; display: block; min-height: 93.28px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman Italic,Times New Roman; font-weight: 400; font-style: italic">Fund Shares May Trade at Prices Other Than NAV. </span>As with all ETFs, Fund shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Fund shares will approximate the Fund’s NAV, Fund shares may trade at prices above (a premium) or below (a discount) NAV due to supply and demand, market volatility or other market factors. Premiums and discounts may be greater during periods of market volatility, market stress or limited trading activity.</p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zM4Hxwh4hMMF" style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt 32pt; text-align-last: auto; display: block; min-height: 55.96px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman Italic,Times New Roman; font-weight: 400; font-style: italic">Trading.</span><i style="box-sizing: border-box"> </i>Although Fund shares are listed for trading on a national securities exchange and may be traded on other exchanges, there can be no assurance that Fund shares will trade in active markets, or at all, on any stock exchange. In stressed market conditions, the liquidity of Fund shares and the liquidity of the Fund’s portfolio holdings may deteriorate.</p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--AssetClassRiskMember_zK9InC3TmxvI" style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 37.31px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman Bold,Times New Roman; font-weight: 700">Asset Class Risk.</span> Securities in the Underlying Index or in the Fund’s portfolio may underperform in comparison to the general securities markets or other asset classes.</p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zHtLYZLAM7mJ" style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 130.59px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman Bold,Times New Roman; font-weight: 700">Counterparty Risk.</span> To the extent contemplated by its investment strategy, the Fund may use derivative instruments, such as options, swaps, futures contracts and other instruments, to obtain or manage investment exposure. Derivatives may be subject to counterparty risk, meaning the risk that a counterparty, clearing member or clearing house will be unwilling or unable to perform its obligations to the Fund due to bankruptcy, insolvency, financial distress, operational failure or other default. If a counterparty or clearing member defaults, the Fund may lose the expected benefit of the transaction, experience delays or costs in recovering collateral or other amounts owed to it, or be required to enter into replacement transactions on less favorable terms, if at all. The Fund also may be unable to implement its investment strategy effectively if suitable counterparties or clearing members are unavailable.</p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_gRBRTB-ZHDTRG_zIk3R5SMshb1" style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: justify; display: block; min-height: 93.28px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman Bold,Times New Roman; font-weight: 700">Economic and Market Risk. </span>The value of the Fund’s investments and, therefore, the value of the Fund’s shares, may decline due to changes in global markets. Economies and financial markets throughout the world are 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 broader 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</p> <p style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; counter-increment: unset; counter-reset: unset; display: block; min-height: 93.28px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">deflation), interest rate changes, fluctuation in global demand for particular products or resources, market manipulation or instability, financial system instability, debt crises and credit 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.</p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zyIftT7SDPuU" style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 55.96px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman Bold,Times New Roman; font-weight: 700">Management Risk. </span>The Fund is subject to management risk because it is actively managed. In managing the Fund, the portfolio managers will apply investment techniques and risk analyses that may not produce the desired result. The portfolio managers’ investment decisions may cause the Fund to underperform its benchmark or other funds with similar investment strategies.</p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zykBnc6jyxVn" style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 130.59px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman Bold,Times New Roman; font-weight: 700">Operational Risk. </span>The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors by the Fund’s service providers, counterparties or other third parties, failed or inadequate processes, cybersecurity attacks, technology or systems failures and failures or limitations in the use of artificial intelligence (“AI”) and machine learning technologies. The Fund relies on third parties for a range of services, including custody. Failures or disruptions in the services provided by third parties may affect the Fund’s ability to implement its investment strategy. Although the Fund and its service providers seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.</p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedFundSizeRiskMember_zWuV73p6WhMh" style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 37.31px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman Bold,Times New Roman; font-weight: 700">Limited Fund Size Risk. </span>The Fund may not attract sufficient assets to achieve or maximize investment and operational efficiencies and remain viable. If the Fund fails to achieve sufficient scale, it may be liquidated.</p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntellectualPropertyRiskMember_zMRsiGlNwCJH" style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 93.28px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman Bold,Times New Roman; font-weight: 700">Intellectual Property Risk.</span> The Fund relies on licenses that permit the Adviser to use the Underlying Index and associated trade names, trademarks and service marks (the “Intellectual Property”) in connection with the investment strategies of the Fund and/or in marketing and other materials for the Fund. Such licenses may be terminated, and, as a result, the Fund may lose its ability to use the Intellectual Property. In the event a license is terminated, or the license provider does not have rights to license the Intellectual Property, the operations of the Fund may be adversely affected.</p> An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any other government agency. Performance <p id="xdx_A82_eoef--PerformanceNarrativeTextBlock_zDp2kMfbHYES" style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 111.93px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block"><span id="xdx_901_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20261026__20261026__dei--LegalEntityAxis__custom--S000061286Member_zk2bSGkCkHYr">The following performance information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance over time.</span> The bar chart shows the annual returns for the Fund year over year. The table illustrates how the Fund’s average annual returns for the 1-year, 5-year, and since inception periods compare with those of a broad measure of market performance and additional benchmarks that are more representative of the Fund’s investment strategy. <span id="xdx_909_eoef--PerformancePastDoesNotIndicateFuture_c20261026__20261026__dei--LegalEntityAxis__custom--S000061286Member_z0T3JL0YDbgh">The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future.</span> Updated information about the Fund’s performance can be found by visiting the Fund’s website at <span id="xdx_909_eoef--PerformanceAvailabilityWebSiteAddress_c20261026__20261026__dei--LegalEntityAxis__custom--S000061286Member_zrCrKrzBzlHY">www.impactetfs.org</span> or by calling <span id="xdx_906_eoef--PerformanceAvailabilityPhone_c20261026__20261026__dei--LegalEntityAxis__custom--S000061286Member_z4VSDXKkLuB9">(844) 954-7733</span>.</p> The following performance information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance over time. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. www.impactetfs.org (844) 954-7733 0.3010 0.2577 0.2704 -0.2223 0.2974 0.2387 0.2245 <div id="xdx_A88_eoef--BarChartTableTextBlock_zUMxMW7nSg4o"></div> <div style="box-sizing: border-box; text-align-last: auto; counter-increment: unset; counter-reset: unset"><img alt="vertical-bar" src="qes1ijcs1mvfcpqkr.jpg" style="box-sizing: border-box; width: 100%; height: auto"/></div> <p id="xdx_A88_eoef--BarChartClosingTextBlock_zxr6w3OqkFBu" style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 37.31px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">Through <span id="xdx_90B_eoef--BarChartYearToDateReturnDate_c20261026__20261026__dei--LegalEntityAxis__custom--S000061286Member_zeoQkpP1KJg0">September 30, 2026</span> (the most recently ended quarter for which data is available), the <span id="xdx_901_eoef--YearToDateReturnLabel_c20261026__20261026__dei--LegalEntityAxis__custom--S000061286Member_ztsSKnk5g8hU">year-to-date return</span> of the Fund was <span id="xdx_90C_eoef--BarChartYearToDateReturn_c20261026__20261026__dei--LegalEntityAxis__custom--S000061286Member_z4RtibcQEjrF">23.25%</span>.</p> <p style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 37.31px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">During the period of time shown in the bar chart, the Fund’s <span id="xdx_903_eoef--HighestQuarterlyReturnLabel_c20261026__20261026__dei--LegalEntityAxis__custom--S000061286Member_z5sijoNUZcaZ">highest quarterly return</span> was <span id="xdx_90A_eoef--BarChartHighestQuarterlyReturn_c20261026__20261026__dei--LegalEntityAxis__custom--S000061286Member_z2aTzfzUfJCP">20.78%</span> for the quarter ended <span id="xdx_90F_eoef--BarChartHighestQuarterlyReturnDate_c20261026__20261026__dei--LegalEntityAxis__custom--S000061286Member_z8D9GV3MiFwf">June 30, 2020</span>, and the <span id="xdx_90C_eoef--LowestQuarterlyReturnLabel_c20261026__20261026__dei--LegalEntityAxis__custom--S000061286Member_zOeQ90acWU0D">lowest quarterly return</span> was <span id="xdx_906_eoef--BarChartLowestQuarterlyReturn_c20261026__20261026__dei--LegalEntityAxis__custom--S000061286Member_zHFlLspdRKHb">-17.18%</span> for the quarter ended <span id="xdx_904_eoef--BarChartLowestQuarterlyReturnDate_c20261026__20261026__dei--LegalEntityAxis__custom--S000061286Member_zUV1h9utstvK">March 31, 2020</span>.</p> 2026-09-30 year-to-date return 0.2325 highest quarterly return 0.2078 2020-06-30 lowest quarterly return -0.1718 2020-03-31 Average Annual Total Returns For the Period Ended December 31, 2025 <div id="xdx_A86_eoef--PerformanceTableTextBlock_zh18cKGxB8mH"></div> <table id="xdx_A59_dU_zCsx0TimLqrv" style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="box-sizing: border-box; height: auto; vertical-align: bottom; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Times New Roman Bold,Times,serif,Times New Roman; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"></span></div></th> <th id="xdx_492_20250101__20251231_zSTQovmKv5vJ" style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Times New Roman Bold,Times,serif,Times New Roman; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-align: center; text-indent: 0"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">1 Year</span></div></th> <th id="xdx_496_20210101__20251231_z8metnGGyoW5" style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Times New Roman Bold,Times,serif,Times New Roman; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-align: center; text-indent: 0"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">5 Years</span></div></th> <th id="xdx_491_20180718__20251231_zVpDyWC6xn0m" style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Times New Roman Bold,Times,serif,Times New Roman; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-align: center; text-indent: 0"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Since Inception</span></div> <div style="font: 700 8pt Times New Roman Bold,Times,serif,Times New Roman; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-align: center; text-indent: 0"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">(<span id="xdx_90E_eoef--PerfInceptionDate_c20180718__20251231__oef--ClassAxis__custom--C000198448Member_ze15jrhiJvHZ">July 18, 2018</span>)</span></div></th></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000198448Member_zZcBAJuF7YLu" style="box-sizing: border-box; height: auto; line-height: normal"> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">Return Before Taxes</span></div></td> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"> 22.45%</span></div></td> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">14.21%</span></div></td> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">15.38%</span></div></td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000198448Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zoieXIrwXFld" style="box-sizing: border-box; height: auto; line-height: normal"> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">Return After Taxes on Distributions</span></div></td> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">22.24%</span></div></td> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">13.48%</span></div></td> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">14.73%</span></div></td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000198448Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zWhAOopxFAz8" style="box-sizing: border-box; height: auto; line-height: normal"> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">Return After Taxes on Distributions and Sale of Fund Shares</span></div></td> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"> 13.40%</span></div></td> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">11.16%</span></div></td> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">12.49%</span></div></td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--Russell1000IndexMember_zfQhPz8WSe8K" style="box-sizing: border-box; height: auto; line-height: normal"> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">Russell 1000® Index</span></div> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_90A_eoef--IndexNoDeductionForFeesExpensesTaxes_c20261026__20261026__dei--LegalEntityAxis__custom--S000061286Member_zfxP1ipf5jNP">(reflects no deduction for fees, expenses, or taxes)</span><sup id="xdx_F4F_zYTmc3tv4m2N">¹</sup></span></div></td> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"> 17.37%</span></div></td> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">13.59%</span></div></td> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">14.17%</span></div></td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarMinorityEmpowermentIndexMember_zX2KNqlBAhFu" style="box-sizing: border-box; height: auto; line-height: normal"> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">Morningstar Minority Empowerment Index</span></div> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">(reflects no deduction for fees, expenses, or taxes)<sup id="xdx_F4E_zCRkkMH8XqP2">²</sup></span></div></td> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"> 21.33%</span></div></td> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">13.33%</span></div></td> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">12.73%</span></div></td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSLargeMidCapIndexMember_zEDaGGK0DYt_zrwFmbGKtbuX" style="box-sizing: border-box; height: auto; line-height: normal"> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">Morningstar US Large-Mid Cap Index</span></div> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">(reflects no deduction for fees, expenses, or taxes)<sup id="xdx_F46_zN5pzpnXDnys">³</sup></span></div></td> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">17.71%</span></div></td> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">13.70%</span></div></td> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">14.31%</span></div></td></tr> </table><div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 8pt Times New Roman,Times,serif; margin: 8pt 0 8pt 6pt; box-sizing: border-box; text-align-last: auto; color: #000; text-align: justify; text-indent: -6pt; break-after: avoid"> <table cellpadding="0" cellspacing="0" style="font: normal 8pt/1.4 Times New Roman,Times,serif; color: #000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F0F_zdQzLVBa3rno" style="width: 15pt; text-align: right">¹</td><td style="width: 5pt"></td><td style="text-align: justify"><span id="xdx_F1A_zYFAjtO89ZvQ">The Russell 1000<span style="font-weight: normal">^®</span> Index measures the performance of the large-cap segment of the U.S. equity universe. It includes approximately 1,000 of the largest securities based on a combination of their market cap and current index membership. The Fund’s broad-based index benchmark was changed to Russell 1000<span style="font-weight: normal">^®</span> Index so that the Fund’s performance can be evaluated against a benchmark that represents the overall U.S. equity market.</span></td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: normal 8pt/1.4 Times New Roman,Times,serif; color: #000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F03_zCSdeORQebJN" style="width: 15pt; text-align: right">²</td><td style="width: 5pt"></td><td style="text-align: justify"><span id="xdx_F16_zKCGvQ83Ia1k">The Morningstar Minority Empowerment Index is designed to provide exposure to US companies that have embedded strong racial and ethnic diversification policies into their corporate culture and that ensure equal opportunities to employees irrespective of their race or nationality.</span></td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: normal 8pt/1.4 Times New Roman,Times,serif; color: #000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F01_z8xY6jAjFWNe" style="width: 15pt; text-align: right">³</td><td style="width: 5pt"></td><td style="text-align: justify"><span id="xdx_F12_zSLNQiKLmocd">The Morningstar US Large-Mid Cap Index measures the performance of large- and mid-cap stocks in the U.S., representing the top 90% of the investable universe by market capitalization.</span></td> </tr></table> </div></div> 2018-07-18 0.2245 0.1421 0.1538 0.2224 0.1348 0.1473 0.1340 0.1116 0.1249 (reflects no deduction for fees, expenses, or taxes) 0.1737 0.1359 0.1417 0.2133 0.1333 0.1273 0.1771 0.1370 0.1431 <p id="xdx_A81_eoef--PerformanceTableClosingTextBlock_zfK0sI4BgHyB" style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 8pt 0 6pt; text-align-last: auto; display: block; min-height: 74.62px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; break-inside: avoid"><span id="xdx_901_eoef--PerformanceTableUsesHighestFederalRate_c20261026__20261026__dei--LegalEntityAxis__custom--S000061286Member_zXBFWJuxP8iI">After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes.</span> Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. <span id="xdx_90D_eoef--PerformanceTableNotRelevantToTaxDeferred_c20261026__20261026__dei--LegalEntityAxis__custom--S000061286Member_z1v28IJGKqVf">After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred <span style="box-sizing: border-box; font-weight: normal">or other tax advantaged</span> arrangements such as an individual retirement account (“IRA”).</span></p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred or other tax advantaged arrangements such as an individual retirement account (“IRA”). Impact Shares Women’s Empowerment ETF - FUND SUMMARY Investment Objective <p id="xdx_A8D_eoef--ObjectivePrimaryTextBlock_zgjnJjSqOC05" style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 40.75px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">The Impact Shares Women’s Empowerment ETF (the “Fund” or the “Women’s ETF”) seeks investment results that, before fees and expenses, track the performance of the Morningstar<sup style="box-sizing: border-box; font-weight: normal">®</sup> Women’s Empowerment Index (the “Underlying Index”).</p> Fees and Expenses of the Fund <p id="xdx_A81_eoef--ExpenseNarrativeTextBlock_zyowPWkVpoj9" style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 55.96px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <span style="box-sizing: border-box; font-family: Times New Roman Bold,Times New Roman; font-weight: 700">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.</span></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A82_eoef--AnnualFundOperatingExpensesTableTextBlock_zrvnwa5fBF0P"></div> <table id="xdx_A59_dU_zGk4tqWO6kMW" style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Management Fee¹</span></div></td> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div id="xdx_98C_eoef--ManagementFeesOverAssets_dpn_c20261026__20261026__oef--ClassAxis__custom--C000198447Member_fuQ_____zNJJukkgWMr6" style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold"> 0.75%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Distribution and Service (12b-1) Fees </span></div></td> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div id="xdx_981_eoef--DistributionAndService12b1FeesOverAssets_dpn_c20261026__20261026__oef--ClassAxis__custom--C000198447Member_zBmqFMSCosKd" style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold"> 0.00%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Other Expenses</span></div></td> <td style="box-sizing: border-box; height: auto; line-height: normal; border-bottom-style: solid; border-bottom-width: 0.5pt"> <div id="xdx_982_eoef--OtherExpensesOverAssets_dpn_c20261026__20261026__oef--ClassAxis__custom--C000198447Member_zRQjj50gwJpG" style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold"> 0.00%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Total Annual Fund Operating Expenses </span></div></td> <td style="box-sizing: border-box; height: auto; line-height: normal; border-bottom-style: double; border-bottom-width: 3pt"> <div id="xdx_98C_eoef--ExpensesOverAssets_dpn_c20261026__20261026__oef--ClassAxis__custom--C000198447Member_zsVMoHzPFlYc" style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold"> 0.75%</span></div></td></tr> </table><div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 8pt Times New Roman,Times,serif; margin: 4pt 0 8pt 6pt; box-sizing: border-box; text-align-last: auto; color: #000; text-align: justify; text-indent: -6pt"> <table cellpadding="0" cellspacing="0" style="font: normal 8pt/1.4 Times New Roman,Times,serif; color: #000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F0C_zkZApzx9kW7_zOBYQ4K93b5Y" style="width: 15pt; text-align: right">¹</td><td style="width: 5pt"></td><td style="text-align: justify"><span id="xdx_F13_zlsygRVOwSkj">The Fund’s investment adviser, Tidal Investments LLC (“Tidal” or the “Adviser”), a Tidal Financial Group company, will pay all of the Fund’s expenses (except for advisory fees) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), litigation expenses, and other non-routine or extraordinary expenses.</span></td> </tr></table> </div></div> 0.0075 0.0000 0.0000 0.0075 Expense Example <p id="xdx_A84_eoef--ExpenseExampleNarrativeTextBlock_zf02Nvwsf1mW" style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 74.62px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold, sell or redeem all 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. Your actual costs may be higher or lower.</p> <div id="xdx_A8D_eoef--ExpenseExampleWithRedemptionTableTextBlock_zoh4lGxkjvTF"></div> <table id="xdx_A50_dU_z0uU5X2FmKr2" style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal" summary="xdx: Disclosure - Expense Example"> <tr style="box-sizing: border-box; height: auto; vertical-align: bottom; line-height: normal"> <th id="xdx_48D_eoef--ExpenseExampleYear01_z5rmwXqCpJ1x" style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Times New Roman Bold,Times,serif,Times New Roman; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">1 Year</span></div></th> <th id="xdx_48C_eoef--ExpenseExampleYear03_z61F1EdjqZws" style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Times New Roman Bold,Times,serif,Times New Roman; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">3 Years</span></div></th> <th id="xdx_480_eoef--ExpenseExampleYear05_zK5nMgvEmlS0" style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Times New Roman Bold,Times,serif,Times New Roman; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">5 Years</span></div></th> <th id="xdx_486_eoef--ExpenseExampleYear10_zQm2yFuyPPHT" style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Times New Roman Bold,Times,serif,Times New Roman; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">10 Years</span></div></th></tr> <tr id="xdx_411_20261026__20261026__oef--ClassAxis__custom--C000198447Member_zsCH4XmuHXf3" style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$77</span></div></td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$240</span></div></td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$417</span></div></td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$930</span></div></td></tr> </table> 77 240 417 930 Portfolio Turnover <p id="xdx_A8D_eoef--PortfolioTurnoverTextBlock_zTmBRAvQKmG1" style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 74.62px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">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. For the fiscal year ended June 30, 2026, the Fund’s portfolio turnover rate was <span id="xdx_902_eoef--PortfolioTurnoverRate_c20261026__20261026__dei--LegalEntityAxis__custom--S000061285Member_zrTmfjjqdL74">43%</span> of the average value of its portfolio.</p> 0.43 Principal Investment Strategies <p id="xdx_A84_eoef--StrategyNarrativeTextBlock_gRBSNTB-NWOQ_zbeWYJS59jlv" style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: justify; min-height: 149.25px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: 0"><span id="xdx_903_eoef--StrategyPortfolioConcentration_c20261026__20261026__dei--LegalEntityAxis__custom--S000061285Member_zpNL3xk9trjv">The Fund will, under normal circumstances, invest at least 80% of its total assets plus any borrowings for investment purposes (the “80% basket”) in component securities of the Underlying Index (“Component Securities”).</span> The Fund may invest the remaining 20% of its total assets (the “20% basket”) in securities or other instruments not included in the Underlying Index, but which the Adviser believes will help the Fund track the Underlying Index. For example, the Fund may invest in securities that are not components of the Underlying Index to reflect various corporate actions (such as mergers) and other changes in the Underlying Index (such as reconstitutions, additions and deletions). The Fund may invest in securities of any type (including equity and debt securities) and of companies of any market capitalization (including small- and mid-capitalization companies), market sector or industry, but expects to invest primarily in equity securities of U.S. companies. The Fund may use the 20% basket to invest in securities issued by other</p> <p style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; counter-increment: unset; counter-reset: unset; min-height: 37.31px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: 0">investment companies, including other exchange-traded funds. In addition, the Fund’s 20% basket may be invested in cash and cash equivalents, including shares of money market funds advised by the Adviser or its affiliates.</p> <p style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 37.31px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: 0">Unlike many investment companies, the Fund does not try to “beat” the index it tracks. The Fund uses a passive management strategy designed to track the total return performance of the Underlying Index.</p> <p style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 167.9px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: 0">The Adviser may employ a representative sampling indexing strategy for managing the Fund, which entails investing in a sample of securities that together have an investment profile mirroring the Underlying Index. However, the Fund will only use representative sampling in a manner consistent with its 80% policy. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability, leverage and price to earnings ratios) and liquidity measures similar to those of the Underlying Index. The Fund may or may not hold all of the securities in the Underlying Index. “Tracking error” is the difference between the performance (return) of the Fund’s portfolio and that of the Underlying Index. The Adviser expects that, over time, the Fund’s tracking error will not exceed 5%. Funds that employ a representative sampling strategy may incur tracking error risk to a greater extent than funds that seek to replicate an index.</p> <p style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 37.31px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: 0">The Fund concentrates its investments in a particular industry or group of industries to approximately the same extent as the Underlying Index is so concentrated.</p> <p style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 115.37px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: 0">The Underlying Index is designed to measure the performance of U.S. large and mid- capitalization companies that are “empowering to women,” and to exhibit risk and return characteristics similar to those of the Morningstar US Large-Mid Cap<sup style="box-sizing: border-box; font-weight: normal">®</sup> Index (the “Parent Index”), as described below. The Parent Index is a free float market-cap weighted index that constitutes 90% of the total market capitalization of the U.S. market. The Parent Index is an equity benchmark designed to comprehensively represent the performance of the companies incorporated and/or listed in the United States and contains large and mid-capitalization equities and is designed with the following objectives in mind: (1) transparent and objective rules; (2) full investibility; and (3) low turnover.</p> <p style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 261.18px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: 0">The Underlying Index is constructed using a rules-based methodology to select companies from the Parent Index that have strong women’s empowerment practices. Morningstar, Inc. (“Morningstar” or the “Index Provider”) constructs the Underlying Index using company level indicators, scores, and indicator relevance weighting from Equileap, the Fund’s ESG research provider, which seek to identify companies within the Parent Index that rate well with respect women’s empowerment practices and products or services (a company’s “Gender Diversity Score”). After excluding those companies that Equileap determines are (i) involved in the weapons, gambling, or tobacco industries, (ii) on the Norwegian Ethics Council List1 or (iii) that have experienced an applicable legal controversy, the 200 best scoring companies (after applying the optimized weighting methodology discussed below) are selected by Morningstar as the final underlying index components. The Underlying Index is constructed by Morningstar using an optimized weighting methodology. Under this methodology, Morningstar uses a quantitative process that is designed to determine optimal weights for securities to maximize exposure to companies with higher rankings as to women’s empowerment practices, while maintaining an Underlying Index that exhibits risk and return characteristics similar to those of the Parent Index. Morningstar determines the weighting of each security in the Underlying Index using the following variables: Gender Diversity Score, market capitalization, and maximum and minimum weightings by security and sector. Underlying Index constituents are subject to a maximum 5% per company weighting.</p> <p style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 186.56px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: 0">The Underlying Index is expected to contain approximately 200 securities, but this number may change. If a company in the Underlying Index has acted in a manner inconsistent with the selection criteria of the Underlying Index, Morningstar may, in its discretion, after consulting with Equileap, exclude the company from the Underlying Index between reconstitution periods. Morningstar may also make adjustments in accordance with its internal guidelines to reflect extraordinary corporate events (e.g., mergers and acquisitions, spin-offs, bankruptcies, insolvencies, and liquidations). The Underlying Index is rebalanced quarterly and reconstituted utilizing the rules-based methodology described above annually. Rebalancing refers to the process of adjusting the weights of the constituent securities in the Underlying Index in accordance with its optimized weighting methodology in response to changes in stock value and market capitalization. Reconstitution refers to the process of changing the constituent securities in the Underlying Index so that securities that no longer meet the criteria for the Underlying Index are excluded and new securities that do meet those criteria are included.</p><p style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 55.96px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: 0">The composition of the Underlying Index is based on the following social screens used in determining the Gender Diversity Score that narrows the universe of companies included in the Parent Index. Equileap determines a company’s Gender Diversity Score based upon its analysis of publicly available information, as reported by such company in its most recent annual report for its fiscal year end.</p> <p style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; box-sizing: border-box; text-align-last: auto; color: #000; text-align: justify; display: block; text-indent: 0"></p> <p style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: 0; break-after: avoid"><span style="box-sizing: border-box; font-family: Times New Roman Italic,Times New Roman; font-weight: 400; font-style: italic">CATEGORY A: GENDER BALANCE IN LEADERSHIP &amp; WORKFORCE</span></p> <p style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt 17pt; text-align-last: auto; min-height: 37.31px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: -12pt">1. Non-Executive Board: Percentage of male and female as a proportion of the total number of non-executive Board members, as of the fiscal year end wherever available, otherwise as of the date of the latest filing.</p> <p style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt 17pt; text-align-last: auto; min-height: 55.96px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: -12pt">2. Executives: Percentage of male and female executives as a proportion of the total number of executives, as of the fiscal year end wherever available, otherwise as of the date of the latest filing Executives are either defined by the company or represent those individuals that form the company executive committee/ board, management committee/board or equivalent.</p> <p style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt 17pt; text-align-last: auto; min-height: 55.96px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: -12pt">3. Senior Management: Percentage of male and female senior management, as a proportion of the total number of senior management, as of the fiscal year end wherever available, otherwise as of the date of the latest filing. Senior management are defined and reported by the company.</p> <p style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt 17pt; text-align-last: auto; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: -12pt">4. Workforce: Percentage of male and female employees at the company, as a percentage of total employees.</p> <p style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt 17pt; text-align-last: auto; min-height: 37.31px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: -12pt">5. Promotion &amp; Career Development Opportunities: Ratio of male and female employees in management compared to ratio of each gender in total employees.</p> <p style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: 0; break-after: avoid"><span style="box-sizing: border-box; font-family: Times New Roman Italic,Times New Roman; font-weight: 400; font-style: italic">CATEGORY B: EQUAL COMPENSATION &amp; WORK LIFE BALANCE</span></p> <p style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt 17pt; text-align-last: auto; min-height: 37.31px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: -12pt">6. Fair Remuneration: Demonstrates a commitment to ensure payment of a fair wage to all employees, even in those countries that do not legally require a minimum wage.</p> <p style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt 17pt; text-align-last: auto; min-height: 37.31px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: -12pt">7. Equal Pay: Commitment to provide comparable wages, hours, and benefits, including retirement benefits, for all employees for comparable work in country of incorporation.</p> <p style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt 17pt; text-align-last: auto; min-height: 37.31px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: -12pt">8. Parental Leave: Paid leave programs for child and dependent care to both women and men (maternity leave, paternity leave, dependent care) in country of incorporation.</p> <p style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt 17pt; text-align-last: auto; min-height: 37.31px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: -12pt">9. Flexible Work Options: Option for employees to control and/or vary the start/end times of the workday and/or vary the location from which employees work in country of incorporation.</p> <p style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: 0; break-after: avoid"><i style="box-sizing: border-box; font-weight: normal">CATEGORY C: POLICIES PROMOTING GENDER EQUALITY</i></p> <p style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt 22pt; text-align-last: auto; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: -17pt">10. Training and Career Development: Ensures equal access to training and career development.</p> <p style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt 22pt; text-align-last: auto; min-height: 37.31px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: -17pt">11. Recruitment Strategy: Commitment to ensure non-discrimination against any type of demographic group. This could be in the form of an equal opportunities policy, as described by the company.</p> <p style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt 22pt; text-align-last: auto; min-height: 40.75px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: -17pt">12. Freedom from Violence, Abuse and Sexual Harassment<sup style="box-sizing: border-box; font-weight: normal">:</sup> Prohibit all forms of violence in the workplace, including verbal, physical and sexual harassment.</p> <p style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt 22pt; text-align-last: auto; min-height: 37.31px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: -17pt">13. Safety at Work: Commitment to the safety of employees in the workplace, in travel to and from the workplace, and on company related business, and ensure the safety of vendors in the workplace.</p> <p style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt 22pt; text-align-last: auto; min-height: 37.31px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: -17pt">14. Human Rights: Commitment to ensure the protection of the rights of all people it works with including employees’ rights to participate in legal, civic and political affairs.</p> <p style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt 22pt; text-align-last: auto; min-height: 37.31px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: -17pt">15. Social Supply Chain: Commitment to reduce social risks in its supply chain such as forbidding business-related activities that condone, support, or otherwise participate in human trafficking, including for labor or sexual exploitation</p> <p style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt 22pt; text-align-last: auto; min-height: 37.31px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: -17pt">16. Supplier Diversity: Commitment to ensure diversity in the supply chain, including a focus to ensure female-owned businesses in the supply chain.</p><p style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt 22pt; text-align-last: auto; min-height: 55.96px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: -17pt">17. Employee Protection: Systems and policies for the reporting of internal ethical compliance complaints without retaliation or retribution, including but not limited to access to confidential third-party ethics hotlines or systems for confidential written complaints</p> <p style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: 0"><i style="box-sizing: border-box; font-weight: normal">CATEGORY D: COMMITMENT, TRANSPARENCY &amp; ACCOUNTABILITY</i></p> <p style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt 22pt; text-align-last: auto; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: -17pt">18. Commitment to Women’s Empowerment: Recognition and commitment to ensuring women’s empowerment in the workplace.</p> <p style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt 22pt; text-align-last: auto; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: -17pt">19. Audit: Undertaken and awarded an independent gender audit certificate by an Equileap recognized body.</p> <p style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt 22pt; box-sizing: border-box; text-align-last: auto; color: #000; text-align: justify; display: block; text-indent: -17pt"></p> <p style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt 22pt; text-align-last: auto; min-height: 59.4px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: -17pt"><sup style="box-sizing: border-box; font-weight: normal">1</sup> The list of companies that the Council of Ethics for the Norwegian Government Pension Fund Global (the “Pension Fund”) has recommended excluding from the Pension Fund’s portfolio of investments on the grounds that investment in such companies would be inconsistent with the Pension Fund’s Ethical Guidelines.</p> The Fund will, under normal circumstances, invest at least 80% of its total assets plus any borrowings for investment purposes (the “80% basket”) in component securities of the Underlying Index (“Component Securities”). The Fund may not achieve its investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityMarketRiskMember_z5bxP3Da3WLV" style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 111.93px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman Bold,Times New Roman; font-weight: 700">Equity Market Risk. </span>The prices of equity securities fluctuate and may rise or fall rapidly. These price movements may result from factors affecting individual issuers, industries or the stock market as a whole. In addition, equity markets tend to move in cycles which may cause stock prices to fall over short or extended periods of time. In a declining stock market, stock prices for all companies may decline, regardless of their long-term prospects. Common stocks are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have subordinate rights to receive payment from specific issuers.</p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--GenderDiversityRiskMember_zIaCvoOIhlkb" style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 74.62px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman Bold,Times New Roman; font-weight: 700">Gender Diversity Risk.</span><b style="box-sizing: border-box"> </b>The returns on a portfolio of securities that excludes companies that are not gender diverse may trail the returns on a portfolio of securities that includes companies that are not gender diverse. Investing only in a portfolio of securities that are gender diverse may affect the Fund’s exposure to certain types of investments and may adversely impact the Fund’s performance depending on whether such investments are in or out of favor in the market.</p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zkRsUgvEIamg" style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 55.96px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman Bold,Times New Roman; font-weight: 700">Tracking Error Risk. </span>As with all index funds, the performance of the Fund and its Index may differ from each other for a variety of reasons. For example, the Fund incurs operating expenses and portfolio transaction costs not incurred by the Index. In addition, the Fund may not be fully invested in all Index constituents at all times or may hold securities not included in the Index.</p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndexPerformanceRiskMember_zTTe6VOK1i6j" style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 111.93px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman Bold,Times New Roman; font-weight: 700">Index Performance Risk.</span><b style="box-sizing: border-box"> </b>The Fund seeks to track an index maintained by a third party provider unaffiliated with the Fund or the Adviser. There can be no guarantee or assurance that the methodology used by the third party provider to create the index will result in the Fund achieving high, or even positive, returns. Further, there can be no guarantee that the methodology underlying the index, or the daily calculation of the index will be free from error. It is also possible that the value of the index may be subject to intentional manipulation by third-party market participants. The particular index used by the Fund may underperform other asset classes and may underperform other similar indices. Each of these factors could have a negative impact on the performance of the Fund.</p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustryConcentrationRiskMember_zsHe2oxLsDHt" style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 55.96px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman Bold,Times New Roman; font-weight: 700">Industry Concentration Risk.</span> The Fund’s investments will be concentrated in an industry or group of industries to the extent the Underlying Index is so concentrated. In such an event, the value of the Fund’s Shares may rise and fall more than the value of shares that are invested in securities or financial instruments of companies that encompass a broader range of industries.</p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallcapCompanyRiskMember_gRBRTB-KHVF_zZWtAPLXRaCO" style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: justify; display: block; min-height: 37.31px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman Bold,Times New Roman; font-weight: 700">Small-Cap Company Risk.</span> Investing in the securities of small-cap companies may pose greater market and liquidity risks than larger, more established companies, because of limited product lines and/or operating history, limited financial resources, limited trading</p> <p style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; counter-increment: unset; counter-reset: unset; display: block; min-height: 37.31px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">markets, and the potential lack of management depth. In addition, the securities of such companies are typically more volatile than securities of larger capitalization companies.</p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidcapCompanyRiskMember_zQs8U91VgYu7" style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 74.62px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman Bold,Times New Roman; font-weight: 700">Mid-Cap Company Risk.</span> Investing in securities of mid-cap companies may entail greater risks than investments in larger, more established companies. Mid-cap companies tend to have more narrow product lines, more limited financial resources and a more limited trading market for their stocks, as compared with larger companies. As a result, their stock prices may decline significantly as market conditions change.</p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--PassiveInvestmentRiskMember_zrQd8gDrTLlJ" style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 74.62px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman Bold,Times New Roman; font-weight: 700">Passive Investment Risk. </span>The Fund invests in the securities included in, or representative of, its Index regardless of their investment merit. The Fund generally purchases and sells securities to reflect changes in the Index, including as a result of index reconstitutions and rebalances. The Fund does not attempt to outperform its Index or take defensive positions in declining markets. As a result, the Fund’s performance may be adversely affected by declines in the market segments represented by the Index.</p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zBdctmOzdGOm" style="font: 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman Bold,Times New Roman; font-weight: 700">ETF Risks.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zxEFnQbgLEDe" style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt 32pt; text-align-last: auto; display: block; min-height: 130.59px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman Italic,Times New Roman; font-weight: 400; font-style: italic">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk. </span>The Fund has a limited number of financial institutions that are authorized to purchase and redeem Fund shares directly with 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, Fund shares may trade at a material discount to NAV and could 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.</p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingFundSharesMember_zxjcDENmXgYN" style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt 32pt; text-align-last: auto; display: block; min-height: 130.59px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman Italic,Times New Roman; font-weight: 400; font-style: italic">Costs of Buying or Selling Fund Shares.</span><i style="box-sizing: border-box"> </i>Buying or selling Fund 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 Fund shares and the price at which an investor is willing to sell Fund shares. The spread is generally lower if Fund shares have more trading volume and market liquidity and higher if Fund shares have little trading volume and market liquidity. Due to the costs of buying or selling Fund shares, frequent trading of Fund shares may reduce investment results and an investment in Fund shares may not be advisable for investors who anticipate regularly making small investments.</p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--FundSharesMayTradeAtPricesOtherThanNavMember_z9dpFarWhHDE" style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt 32pt; text-align-last: auto; display: block; min-height: 93.28px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman Italic,Times New Roman; font-weight: 400; font-style: italic">Fund Shares May Trade at Prices Other Than NAV. </span>As with all ETFs, Fund shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Fund shares will approximate the Fund’s NAV, Fund shares may trade at prices above (a premium) or below (a discount) NAV due to supply and demand, market volatility or other market factors. Premiums and discounts may be greater during periods of market volatility, market stress or limited trading activity.</p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zDdDhh1xbBWv" style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt 32pt; text-align-last: auto; display: block; min-height: 55.96px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman Italic,Times New Roman; font-weight: 400; font-style: italic">Trading.</span><i style="box-sizing: border-box"> </i>Although Fund shares are listed for trading on a national securities exchange and may be traded on other exchanges, there can be no assurance that Fund shares will trade in active markets, or at all, on any stock exchange. In stressed market conditions, the liquidity of Fund shares and the liquidity of the Fund’s portfolio holdings may deteriorate.</p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--AssetClassRiskMember_zj8Rf0AYKZHj" style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 37.31px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman Bold,Times New Roman; font-weight: 700">Asset Class Risk.</span> Securities in the Underlying Index or in the Fund’s portfolio may underperform in comparison to the general securities markets or other asset classes.</p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zWogV2LVenM1" style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 130.59px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman Bold,Times New Roman; font-weight: 700">Counterparty Risk.</span> To the extent contemplated by its investment strategy, the Fund may use derivative instruments, such as options, swaps, futures contracts and other instruments, to obtain or manage investment exposure. Derivatives may be subject to counterparty risk, meaning the risk that a counterparty, clearing member or clearing house will be unwilling or unable to perform its obligations to the Fund due to bankruptcy, insolvency, financial distress, operational failure or other default. If a counterparty or clearing member defaults, the Fund may lose the expected benefit of the transaction, experience delays or costs in recovering collateral or other amounts owed to it, or be required to enter into replacement transactions on less favorable terms, if at all. The Fund also may be unable to implement its investment strategy effectively if suitable counterparties or clearing members are unavailable.</p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_zKxZ6hL8Lo1x" style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 186.56px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman Bold,Times New Roman; font-weight: 700">Economic and Market Risk. </span>The value of the Fund’s investments and, therefore, the value of the Fund’s shares, may decline due to changes in global markets. Economies and financial markets throughout the world are 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 broader 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 rate changes, fluctuation in global demand for particular products or resources, market manipulation or instability, financial system instability, debt crises and credit 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.</p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zJAWV3CNxs1z" style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 55.96px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman Bold,Times New Roman; font-weight: 700">Management Risk. </span>The Fund is subject to management risk because it is actively managed. In managing the Fund, the portfolio managers will apply investment techniques and risk analyses that may not produce the desired result. The portfolio managers’ investment decisions may cause the Fund to underperform its benchmark or other funds with similar investment strategies.</p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zUQXoUFkAL9s" style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 130.59px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman Bold,Times New Roman; font-weight: 700">Operational Risk. </span>The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors by the Fund’s service providers, counterparties or other third parties, failed or inadequate processes, cybersecurity attacks, technology or systems failures and failures or limitations in the use of artificial intelligence (“AI”) and machine learning technologies. The Fund relies on third parties for a range of services, including custody. Failures or disruptions in the services provided by third parties may affect the Fund’s ability to implement its investment strategy. Although the Fund and its service providers seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.</p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedFundSizeRiskMember_zFh472c2DNd6" style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 37.31px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman Bold,Times New Roman; font-weight: 700">Limited Fund Size Risk. </span>The Fund may not attract sufficient assets to achieve or maximize investment and operational efficiencies and remain viable. If the Fund fails to achieve sufficient scale, it may be liquidated.</p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntellectualPropertyRiskMember_zzrKEgW5dj5U" style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 93.28px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman Bold,Times New Roman; font-weight: 700">Intellectual Property Risk.</span> The Fund relies on licenses that permit the Adviser to use the Underlying Index and associated trade names, trademarks and service marks (the “Intellectual Property”) in connection with the investment strategies of the Fund and/or in marketing and other materials for the Fund. Such licenses may be terminated, and, as a result, the Fund may lose its ability to use the Intellectual Property. In the event a license is terminated, or the license provider does not have rights to license the Intellectual Property, the operations of the Fund may be adversely affected.</p> An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any other government agency. Performance <p id="xdx_A84_eoef--PerformanceNarrativeTextBlock_zZ72gaKRqmL4" style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 111.93px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block"><span id="xdx_905_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20261026__20261026__dei--LegalEntityAxis__custom--S000061285Member_zAcA8uMMZRA0">The following performance information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance over time.</span> The bar chart shows the annual returns for the Fund year over year. The table illustrates how the Fund’s average annual returns for the 1-year, 5-year, and since inception periods compare with those of a broad measure of market performance and additional benchmarks that are more representative of the Fund’s investment strategy. <span id="xdx_90A_eoef--PerformancePastDoesNotIndicateFuture_c20261026__20261026__dei--LegalEntityAxis__custom--S000061285Member_zdLYZopwP1a8">The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future.</span> Updated information about the Fund’s performance can be found by visiting the Fund’s website at <span id="xdx_90D_eoef--PerformanceAvailabilityWebSiteAddress_c20261026__20261026__dei--LegalEntityAxis__custom--S000061285Member_zzkfyearOIV0">www.impactetfs.org</span> or by calling <span id="xdx_909_eoef--PerformanceAvailabilityPhone_c20261026__20261026__dei--LegalEntityAxis__custom--S000061285Member_zlqc7bA6mrdK">(844) 954-7733</span>.</p> The following performance information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance over time. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. www.impactetfs.org (844) 954-7733 0.308 0.3406 0.247 -0.1801 0.283 0.1706 0.0844 <div id="xdx_A88_eoef--BarChartTableTextBlock_zX3ozCsoOszw"></div> <div style="box-sizing: border-box; text-align-last: auto; counter-increment: unset; counter-reset: unset"><img alt="vertical-bar" src="qes1ijcs1mvfcycyp.jpg" style="box-sizing: border-box; width: 100%; height: auto"/></div> <p id="xdx_A87_eoef--BarChartClosingTextBlock_z09lU6RYWFZE" style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 37.31px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">Through <span id="xdx_900_eoef--BarChartYearToDateReturnDate_c20261026__20261026__dei--LegalEntityAxis__custom--S000061285Member_z7s4yzQoPaHh">September 30, 2026</span> (the most recently ended quarter for which data is available) the <span id="xdx_90C_eoef--YearToDateReturnLabel_c20261026__20261026__dei--LegalEntityAxis__custom--S000061285Member_zFQxtRE3tjN6">year-to-date return</span> of the Fund was <span id="xdx_90B_eoef--BarChartYearToDateReturn_c20261026__20261026__dei--LegalEntityAxis__custom--S000061285Member_z0WjfRzJHjcJ">6.21%</span>.</p> <p style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 37.31px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">During the period of time shown in the bar chart, the Fund’s <span id="xdx_901_eoef--HighestQuarterlyReturnLabel_c20261026__20261026__dei--LegalEntityAxis__custom--S000061285Member_zcvFJjUOIsfI">highest quarterly return</span> was <span id="xdx_909_eoef--BarChartHighestQuarterlyReturn_c20261026__20261026__dei--LegalEntityAxis__custom--S000061285Member_zfmegAsEOtm6">21.25%</span> for the quarter ended <span id="xdx_902_eoef--BarChartHighestQuarterlyReturnDate_c20261026__20261026__dei--LegalEntityAxis__custom--S000061285Member_z6ZncNwJtI91">June 30, 2020</span>, and the <span id="xdx_907_eoef--LowestQuarterlyReturnLabel_c20261026__20261026__dei--LegalEntityAxis__custom--S000061285Member_zxaZ4zNlm46o">lowest quarterly return</span> was <span id="xdx_90C_eoef--BarChartLowestQuarterlyReturn_c20261026__20261026__dei--LegalEntityAxis__custom--S000061285Member_zhnltWiLWEbU">-17.91%</span> for the quarter ended <span id="xdx_908_eoef--BarChartLowestQuarterlyReturnDate_c20261026__20261026__dei--LegalEntityAxis__custom--S000061285Member_zamUIGaJNeBO">March 31, 2020</span>.</p> 2026-09-30 year-to-date return 0.0621 highest quarterly return 0.2125 2020-06-30 lowest quarterly return -0.1791 2020-03-31 Average Annual Total Returns For the Period Ended December 31, 2025 <div id="xdx_A80_eoef--PerformanceTableTextBlock_z2d4vgg7yYjz"></div> <table id="xdx_A52_dU_zP3a0mFNj0vi" style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="box-sizing: border-box; height: auto; vertical-align: bottom; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Times New Roman Bold,Times,serif,Times New Roman; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"></span></div></th> <th id="xdx_492_20250101__20251231_zHp6jMsczy4P" style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Times New Roman Bold,Times,serif,Times New Roman; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-align: center; text-indent: 0"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">1 Year</span></div></th> <th id="xdx_492_20210101__20251231_zlncWSPVQZHk" style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Times New Roman Bold,Times,serif,Times New Roman; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-align: center; text-indent: 0"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">5 Years</span></div></th> <th id="xdx_49A_20180824__20251231_zC5DtNmrgi3Y" style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Times New Roman Bold,Times,serif,Times New Roman; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-align: center; text-indent: 0"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Since Inception</span></div> <div style="font: 700 8pt Times New Roman Bold,Times,serif,Times New Roman; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-align: center; text-indent: 0"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">(<span id="xdx_907_eoef--PerfInceptionDate_c20180824__20251231__oef--ClassAxis__custom--C000198447Member_zxOMM5ffS0Wo">August 24, 2018</span>)</span></div></th></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000198447Member_zKOxBUQEia5n" style="box-sizing: border-box; height: auto; line-height: normal"> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">Return Before Taxes</span></div></td> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">8.44%</span></div></td> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">10.74%</span></div></td> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">14.04%</span></div></td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000198447Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z8G719zZer6P" style="box-sizing: border-box; height: auto; line-height: normal"> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">Return After Taxes on Distributions</span></div></td> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">8.23%</span></div></td> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">9.82%</span></div></td> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">12.99%</span></div></td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000198447Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zklvOJocw2y8" style="box-sizing: border-box; height: auto; line-height: normal"> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">Return After Taxes on Distributions and Sale of Fund Shares</span></div></td> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">5.13%</span></div></td> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">8.23%</span></div></td> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">11.12%</span></div></td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--Russell1000IndexMember_zvxFqdNIii3Y" style="box-sizing: border-box; height: auto; line-height: normal"> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">Russell 1000® Index</span></div> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span id="xdx_909_eoef--IndexNoDeductionForFeesExpensesTaxes_c20261026__20261026__dei--LegalEntityAxis__custom--S000061285Member_z9UGtuYFiodY" style="font-weight: normal">(reflects no deduction for fees, expenses, or taxes)</span><span style="font-weight: normal"><sup id="xdx_F4A_zENMhL3Vekm4">¹</sup></span></div></td> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">17.37%</span></div></td> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">13.59%</span></div></td> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">14.03%</span></div></td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarWomensEmpowermentIndexMember_z8DgyBlUV9P1" style="box-sizing: border-box; height: auto; line-height: normal"> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">Morningstar Women’s Empowerment Index</span></div> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="font-weight: normal">(reflects no deduction for fees, expenses, or taxes)<sup id="xdx_F44_zFadjjiqD2j7">²</sup></span></div></td> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">9.32%</span></div></td> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">11.61%</span></div></td> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">12.68%</span></div></td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSLargeMidCapIndexMember_zuRxDi4SNh9e" style="box-sizing: border-box; height: auto; line-height: normal"> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">Morningstar US Large-Mid Cap Index</span></div> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="font-weight: normal">(reflects no deduction for fees, expenses, or taxes)<sup id="xdx_F4E_zNya4YFhxtnF">³</sup></span></div></td> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">17.71%</span></div></td> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">13.70%</span></div></td> <td style="box-sizing: border-box; height: auto; line-height: normal"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">14.26%</span></div></td></tr> </table><div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 8pt Times New Roman,Times,serif; margin: 8pt 0 8pt 6pt; box-sizing: border-box; text-align-last: auto; color: #000; text-align: justify; text-indent: -6pt; break-after: avoid"> <table cellpadding="0" cellspacing="0" style="font: normal 8pt/1.4 Times New Roman,Times,serif; color: #000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F00_zhDfE2yGVwdZ" style="width: 15pt; text-align: right">¹</td><td style="width: 5pt"></td><td style="text-align: justify"><span id="xdx_F1F_zVPhQ1ijH28S">The Russell 1000<span style="font-weight: normal">^®</span> Index measures the performance of the large-cap segment of the U.S. equity universe. It includes approximately 1,000 of the largest securities based on a combination of their market cap and current index membership. The Fund’s broad-based index benchmark was changed to Russell 1000<span style="font-weight: normal">^®</span> Index so that the Fund’s performance can be evaluated against a benchmark that represents the overall U.S. equity market.</span></td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: normal 8pt/1.4 Times New Roman,Times,serif; color: #000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F01_z7ItZGXrj5zZ" style="width: 15pt; text-align: right">²</td><td style="width: 5pt"></td><td style="text-align: justify"><span id="xdx_F12_z62xLNIVpXeK">The Morningstar<span style="font-weight: normal">^®</span>Women’s Empowerment Index is designed to deliver exposure to large- and mid-cap U.S. companies that have strong gender diversity and equal opportunity employment policies embedded in their corporate culture, as measured by Equileap’s data and scoring methodology.</span></td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: normal 8pt/1.4 Times New Roman,Times,serif; color: #000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F0A_zqvUdCHdTZCk" style="width: 15pt; text-align: right">³</td><td style="width: 5pt"></td><td style="text-align: justify"><span id="xdx_F1B_zjweKNmNQVcD">The Morningstar US Large-Mid Cap Index measures the performance of large- and mid-cap stocks in the U.S., representing the top 90% of the investable universe by market capitalization.</span></td> </tr></table> </div></div> 2018-08-24 0.0844 0.1074 0.1404 0.0823 0.0982 0.1299 0.0513 0.0823 0.1112 (reflects no deduction for fees, expenses, or taxes) 0.1737 0.1359 0.1403 0.0932 0.1161 0.1268 0.1771 0.1370 0.1426 <p id="xdx_A82_eoef--PerformanceTableClosingTextBlock_zL7Phi12C7i3" style="font: normal 10pt/1.4 Times New Roman,Times,serif; margin: 8pt 0 6pt; text-align-last: auto; display: block; min-height: 74.62px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; break-inside: avoid"><span id="xdx_905_eoef--PerformanceTableUsesHighestFederalRate_c20261026__20261026__dei--LegalEntityAxis__custom--S000061285Member_zr0ZEg5pAqN_zPnOq1rk3nl4">After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes.</span> Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. <span id="xdx_908_eoef--PerformanceTableNotRelevantToTaxDeferred_c20261026__20261026__dei--LegalEntityAxis__custom--S000061285Member_zUmFf5VAOheV">After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred or other tax advantaged arrangements such as an individual retirement account (“IRA”).</span></p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred or other tax advantaged arrangements such as an individual retirement account (“IRA”). The Fund’s investment adviser, Tidal Investments LLC (“Tidal” or the “Adviser”), a Tidal Financial Group company, will pay all of the Fund’s expenses (except for advisory fees) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), litigation expenses, and other non-routine or extraordinary expenses. The Russell 1000® Index measures the performance of the large-cap segment of the U.S. equity universe. It includes approximately 1,000 of the largest securities based on a combination of their market cap and current index membership. The Fund’s broad-based index benchmark was changed to Russell 1000® Index so that the Fund’s performance can be evaluated against a benchmark that represents the overall U.S. equity market. The Morningstar Minority Empowerment Index is designed to provide exposure to US companies that have embedded strong racial and ethnic diversification policies into their corporate culture and that ensure equal opportunities to employees irrespective of their race or nationality. The Morningstar US Large-Mid Cap Index measures the performance of large- and mid-cap stocks in the U.S., representing the top 90% of the investable universe by market capitalization. The Fund’s investment adviser, Tidal Investments LLC (“Tidal” or the “Adviser”), a Tidal Financial Group company, will pay all of the Fund’s expenses (except for advisory fees) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), litigation expenses, and other non-routine or extraordinary expenses. The Russell 1000® Index measures the performance of the large-cap segment of the U.S. equity universe. It includes approximately 1,000 of the largest securities based on a combination of their market cap and current index membership. The Fund’s broad-based index benchmark was changed to Russell 1000® Index so that the Fund’s performance can be evaluated against a benchmark that represents the overall U.S. equity market. The Morningstar® Women’s Empowerment Index is designed to deliver exposure to large- and mid-cap U.S. companies that have strong gender diversity and equal opportunity employment policies embedded in their corporate culture, as measured by Equileap’s data and scoring methodology. The Morningstar US Large-Mid Cap Index measures the performance of large- and mid-cap stocks in the U.S., representing the top 90% of the investable universe by market capitalization.