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Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. <div id="xdx_A83_eoef--AnnualFundOperatingExpensesTableTextBlock_zB7UqAeJsOy9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zOxzYG2Z7xQa" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td id="xdx_986_eoef--OperatingExpensesCaption_c20261030__20261030__dei--LegalEntityAxis__custom--S000110499Member_zGMOPMQ6aqCi" style="border-bottom: Black 1pt solid; font-weight: bold">Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment)</td><td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20261030__20261030__oef--ClassAxis__custom--C000281756Member_z1DRV5nD1Rkg" style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dpn_zbneJEvk1tMf" style="vertical-align: bottom"> <td style="width: 80%; text-align: left">Management Fee</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">0.59</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40A_eoef--DistributionAndService12b1FeesOverAssets_dpn_zOwHx86R5usb" style="vertical-align: bottom"> <td style="text-align: left">Distribution and Service (12b-1) Fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">None</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dpn_zlseliFUFc3l" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt">Other Expenses (broker interest)(2) </td><td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.02</td><td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40A_eoef--ExpensesOverAssets_dpn_zzRLR7YSJ0Pb" style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt">Total Annual Fund Operating Expenses</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">0.61</td><td style="border-bottom: Black 2.5pt double; text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td>(1) </td> <td colspan="3" style="text-align: justify">The Fund’s investment adviser, Tidal Investments LLC (“Tidal” or the “Adviser”), a Tidal Financial Group company, will pay all expenses incurred by the Fund (except for advisory fees) excluding interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses. </td></tr> <tr style="vertical-align: top"> <td>(2) </td> <td colspan="3" style="text-align: justify">Based on estimated amounts for the current fiscal year.</td></tr> <tr> <td style="width: 3%"> </td> <td style="width: 87%"> </td> <td style="width: 9%"> </td> <td style="width: 1%"> </td></tr> </table> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0059 0 0.0002 0.0061 Based on estimated amounts for the current fiscal year. Expense Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A87_eoef--ExpenseExampleWithRedemptionTableTextBlock_z8GVVGCGjxS1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zLZwm1xW5EF2" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_48F_eoef--ExpenseExampleYear01_z1WU09S7ZL97" style="border-top: black 1pt solid; width: 50%; text-align: center">1 Year</td> <td id="xdx_486_eoef--ExpenseExampleYear03_zQ7VyNnYMPw1" style="border-top: black 1pt solid; width: 50%; text-align: center">3 Years</td></tr> <tr> <td style="text-align: center"> </td> <td style="text-align: center"> </td></tr> <tr id="xdx_415_20261030__20261030__oef--ClassAxis__custom--C000281756Member_z0PSZaNn0Fvh"> <td style="border-bottom: black 1pt solid; text-align: center">$62</td> <td style="border-bottom: black 1pt solid; text-align: center">$195</td></tr> </table> 62 195 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the Example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available. Principal Investment Strategies The Fund is an actively managed exchange-traded fund (“ETF”) that seeks total return by investing primarily in Brazilian Sovereign Debt (defined below) and in total return swaps that provide economic exposure to Brazilian Sovereign Debt. Brazilian Sovereign Debt consists of fixed-income securities issued or guaranteed by the government of the Federative Republic of Brazil and denominated in Brazilian real (“Brazilian Sovereign Debt”). The Fund’s investments in Brazilian Sovereign Debt may include debt securities that are rated below investment grade or, if unrated, determined by the Adviser to be of comparable quality. Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in Brazilian Sovereign Debt and total return swaps that provide economic exposure to Brazilian Sovereign Debt. The Fund generally expects to have economic exposure to between 5-25 Brazilian government bonds, whether held directly or through the reference assets of total return swaps. The Fund will focus principally on Brazilian government bonds, including inflation-linked bonds (NTN-Bs), whose principal amount generally adjusts for changes in Brazilian inflation; nominal fixed-rate government bonds (NTN-Fs), which generally pay a stated rate of interest and repay a stated principal amount that is not adjusted for inflation; and zero-coupon government bonds (LTNs), which generally issue at a discount and repay at their face amount at maturity, and other eligible sovereign securities. The Fund may invest directly in Brazilian government bonds or obtain exposure to them synthetically through total return swaps, and it expects to use total return swaps as its primary means of gaining exposure to Brazilian Sovereign Debt. A total return swap is an agreement under which the Fund receives or pays the economic return on a referenced Brazilian government bond, basket of bonds or index of bonds and makes or receives financing payments to or from a counterparty. The Fund may not own the bonds referenced by a total return swap. Allocations are determined based on the Adviser’s assessment of relative value, duration, yield opportunities, and overall market conditions. The Fund does not invest in corporate debt as part of its principal investment strategy. The Fund expects to maintain unhedged exposure to Brazilian real (“BRL”). Under normal circumstances, the Fund expects to maintain a dollar-weighted average portfolio duration between zero and ten years. Duration is a measure of the sensitivity of a debt security’s price to changes in interest rates and generally differs from maturity because it takes into account the timing of expected principal and interest payments, among other factors. The Fund’s actual duration may vary due to market conditions, portfolio transactions, and changes in the characteristics of its investments. The Fund will concentrate its investment exposure, whether obtained directly or through total return swaps, in fixed-income securities issued or guaranteed by the government of the Federative Republic of Brazil. The Fund is classified as “non-diversified,” which means the Fund may invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in Brazilian Sovereign Debt and total return swaps that provide economic exposure to Brazilian Sovereign Debt. 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. Fixed Income Securities Risk. The prices of fixed income securities respond to economic developments, particularly interest rate changes, as well as to changes in an issuer’s credit rating or market perceptions about the creditworthiness of an issuer. Generally fixed income securities decrease in value if interest rates rise and increase in value if interest rates fall, and longer-term and lower rated securities are more volatile than shorter- term and higher rated securities. Brazil Sovereign Debt Risk. Investing in Brazilian Sovereign Debt involves legal, regulatory, political, currency, security, and economic risks that are specific to Brazil. Agricultural and mining exports are important to the Brazilian economy, which thus is susceptible to fluctuations in the commodity markets. Brazil has experienced high levels of outstanding government debt and high inflation, which could constrain economic growth or impair the government’s ability to fulfill its obligations with respect to Brazilian Sovereign Debt. Due to increasing polarization and growing inequality, Brazil may face heightened risks of political instability, which could exacerbate structural economic risks. The economy of Brazil has been negatively affected by corruption scandals involving private companies and government officials, which have led to sanctions against firms as well as political upsets and sudden leadership changes. The Brazilian economy depends on trading with key trading partners, including China, the U.S., Russia and certain European countries. Reduced spending by any of these trading partners on Brazilian products and services, or negative changes in any of these economies, may have an adverse impact on the Brazilian economy and Brazilian Sovereign Debt. Concentration Risk. The Fund’s investment exposure will be concentrated in (or substantially exposed to) bonds issued or guaranteed by the government of Brazil. Accordingly, the value of Shares may rise and fall more than the value of shares of funds that invest in bonds issued by a broader range of issuers. Counterparty Risk. The Fund expects to obtain its Brazilian Sovereign Debt exposure primarily through total return swaps. The Fund is therefore subject to the risk that a swap counterparty will fail to meet its payment or other obligations, become insolvent or otherwise be unable or unwilling to perform. If a counterparty defaults, the Fund may lose expected payments or economic returns, incur delays or costs in enforcing its rights and be unable to replace the swap on favorable terms. Counterparty risk may be heightened if the Fund uses a limited number of counterparties. Credit Risk. Debt securities are subject to the risk of an issuer’s (or other party’s) failure or inability to meet its obligations under the security. Multiple parties may have obligations under a debt security. An issuer or borrower may fail to pay principal and interest when due. A guarantor, insurer or credit support provider may fail to provide the agreed upon protection. A counterparty to a transaction may fail to perform its side of the bargain. An intermediary or agent interposed between the investor and other parties may fail to perform the terms of its service. Also, performance under a debt security may be linked to the obligations of other persons who may fail to meet their obligations. The credit risk associated with a debt security could increase to the extent that the Fund’s ability to benefit fully from its investment in the security depends on the performance by multiple parties of their respective contractual or other obligations. The market value of a debt security is also affected by the market’s perception of the creditworthiness of the issuer. Derivatives Risk. The Fund expects to obtain its Brazilian Sovereign Debt exposure primarily through total return swaps. A total return swap provides economic exposure to a referenced bond, basket of bonds or index of bonds without direct ownership of the reference assets. The use of total return swaps involves market, correlation, leverage, liquidity, valuation, operational and legal risks. The Fund may be required to make margin or other collateral payments, pay financing costs, and may be unable to terminate or replace a swap at an advantageous time or price. The Fund may lose more or differently than if it invested directly in the reference bonds and will not have the rights of a direct bondholder with respect to those bonds. Foreign Securities Risk. Investments in securities or other instruments of non-U.S. issuers involve certain risks not involved in domestic investments and may experience more rapid and extreme changes in value than investments in securities of U.S. companies. Financial markets in foreign countries often are not as developed, efficient, or liquid as financial markets in the United States, and therefore, the prices of non-U.S. securities and instruments can be more volatile. In addition, the Fund will be subject to risks associated with adverse political and economic developments in foreign countries, which may include the imposition of economic sanctions. Generally, there is less readily available and reliable information about non-U.S. issuers due to less rigorous disclosure or accounting standards and regulatory practices. Investments in foreign companies’ securities, including investments via depositary receipts, are subject to special risks, including the following: Currency Risk. Changes in currency exchange rates can negatively affect securities denominated in and/or receiving revenues in foreign currencies. Adverse changes in currency exchange rates (relative to the U.S. dollar) may erode or reverse any potential gains from the Fund’s investments in securities denominated in a foreign currency or may widen existing losses. The liquidity and trading value of foreign currencies could be affected by global economic factors, such as inflation, interest rate levels, and trade balances among countries, as well as the actions of sovereign governments and central banks. The Fund expects to maintain unhedged exposure to an emerging market country’s currency and changes in value of such foreign currencies versus the U.S. dollar may reduce the Fund’s investment performance and the value of your investment in the Fund. Meanwhile, the Fund will compute and expects to distribute its income in U.S. dollars, and the computation of income will be made on the date that the income is earned by the Fund at the foreign exchange rate in effect on that date. Therefore, if the value of the respective emerging market country’s currency falls relative to the U.S. dollar between the earning of the income and the time at which the Fund converts the relevant emerging market country’s currency to U.S. dollars, the Fund may be required to liquidate certain positions in order to make distributions if the Fund has insufficient cash in U.S. dollars to meet distribution requirements under the Internal Revenue Code of 1986. The liquidation of investments, if required, could be at disadvantageous prices or otherwise have an adverse impact on the Fund’s performance. Emerging Markets Risks. Investing in emerging markets, such as Brazil, can have more risk than investing in developed foreign markets. The risks of investing in these markets may be exacerbated relative to investments in foreign markets. Governments of developing and emerging market countries may be more unstable as compared to more developed countries. Developing and emerging market countries may have less developed securities markets or exchanges, and legal and accounting systems. It may be more difficult to sell securities at acceptable prices and security prices may be more volatile than in countries with more mature markets. Currency values may fluctuate more in developing or emerging markets. Developing or emerging market countries may be more likely to impose government restrictions, including confiscatory taxation, expropriation or nationalization of a company’s assets, and restrictions on foreign ownership of local companies. In addition, emerging markets may impose restrictions on a Fund’s ability to repatriate investment income or capital and, thus, may adversely affect the operations of the Fund. Certain emerging markets may impose constraints on currency exchange and some currencies in emerging markets may have been devalued significantly against the U.S. dollar. For these and other reasons, the prices of securities in emerging markets can fluctuate more significantly than the prices of comparable developed market securities. The less developed the country, the greater effect these risks may have on the Fund. Emerging Markets Bonds Risks. The returns of emerging market bonds are more volatile than the returns of U.S. bonds and often have a higher correlation to the returns of stocks. Investors should not expect the Fund’s performance, volatility, or level of risk to be similar to that of a U.S. bond fund. Interest Rate Risk. Generally fixed income securities decrease in value if interest rates rise and increase in value if interest rates fall, with longer-term securities being more sensitive than shorter-term securities. For example, the price of a security with a one-year duration would be expected to drop by approximately 1% in response to a 1% increase in interest rates. Generally, the longer the maturity and duration of a bond or fixed rate loan, the more sensitive it is to this risk. Falling interest rates also create the potential for a decline in the Fund’s income. These risks are greater during periods of rising inflation. Recent and potential future changes in monetary policy made by central banks and/or their governments are likely to affect the level of interest rates. Focused Portfolio Risk. The Fund will have economic exposure to a relatively focused set of Brazilian government bonds, whether held directly or referenced by total return swaps. Holding or referencing a relatively focused portfolio may increase the risk that the value of the Fund could decline because of the poor performance of one or a few investments. Management Risk. The risk that the investment techniques and risk analyses applied by the investment adviser will not produce the desired results and that legislative, regulatory, or tax developments may affect the investment techniques available to the investment adviser and the individual portfolio manager in connection with managing the Fund. There is no guarantee that the investment objective of the Fund will be achieved. ETF Risks <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zex5NHF7rsRl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. Cash Redemption Risk. The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. The costs associated with cash redemptions may include brokerage costs that the Fund may not have incurred if it had made the redemptions in-kind. These costs could be imposed on the Fund, decreasing its NAV, to the extent these costs are not offset by a transaction fee payable by an authorized participant. Costs of Buying or Selling Shares. Buying or selling Shares involves certain costs, including brokerage commissions, other charges imposed by brokers, and bid-ask spreads. The bid-ask spread represents the difference between the price at which an investor is willing to buy Shares and the price at which an investor is willing to sell Shares. The spread varies over time based on the Shares’ trading volume and market liquidity. The spread is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Due to the costs of buying or selling Shares, frequent trading of Shares may reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zXf6QBtxsbLf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Shares May Trade at Prices Other Than NAV. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant. Trading. Although Shares are listed on a national securities exchange, such as Cboe BZX Exchange, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. This adverse effect on liquidity for the Fund’s shares may lead to wider bid-ask spreads and differences between the market price of the Fund’s shares and the underlying value of the shares. Liquidity Risk. In certain circumstances, such as the disruption of the orderly markets for the financial instruments in which the Fund invests, the Fund might not be able to acquire or dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the financial instruments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, health crises, natural disasters, excessive volatility, new legislation, or regulatory changes inside or outside of the U.S. These situations may have an impact on the liquidity of the Fund’s own shares. Economic and Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets. High Yield Debt Securities (Junk Bond) Risk. The Fund’s investments in Brazilian Sovereign Debt may include debt securities that are rated below investment grade or, if unrated, determined by the Adviser to be of comparable quality. Such debt securities are commonly referred to as “junk” debt. High yield debt securities are considered inherently speculative because they involve greater credit and default risk and are more susceptible to downgrades and declines in market value than investment grade debt securities. They may be more volatile and less liquid than investment grade debt securities and may be difficult to value or sell at a fair price, particularly during periods of economic difficulty. The value of high yield debt securities may decline significantly over short periods of time in response to political, regulatory, economic or issuer-specific developments, including developments affecting the Brazilian government. Liquidity Risk. Some securities held by the Fund may be difficult to sell or be illiquid, particularly during times of market turmoil. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell an illiquid security at an unfavorable time or price, the Fund may be adversely impacted. There is no assurance that a security that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions. Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio. Operational Risk. The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and Adviser seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks. Tax Risk. The Fund intends to elect and to qualify each year to be treated as a regulated investment company (a “RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (“Code”). As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to shareholders, provided that it satisfies certain requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund’s taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. Performance Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. Updated performance information will be available on the Fund’s website at www.defianceetfs.com. Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. www.defianceetfs.com The Fund’s investment adviser, Tidal Investments LLC (“Tidal” or the “Adviser”), a Tidal Financial Group company, will pay all expenses incurred by the Fund (except for advisory fees) excluding interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses. Based on estimated amounts for the current fiscal year.