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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_zYiA5nPjQe2j"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zA7A9FUvQvB2" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td id="xdx_989_eoef--OperatingExpensesCaption_c20261113__20261113__dei--LegalEntityAxis__custom--S000111249Member_zGLOAATSwHQ1" style="border-top: black 1pt solid; width: 91%; text-align: justify">Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment)</td> <td style="border-top: black 1pt solid; width: 1%; text-align: justify"> </td> <td id="xdx_495_20261113__20261113__oef--ClassAxis__custom--C000282533Member_zmn80k0hfUzd" style="border-top: black 1pt solid; width: 8%"> </td></tr> <tr id="xdx_40E_eoef--ManagementFeesOverAssets_dpn_z79A6sCjohF7" style="vertical-align: bottom"> <td style="padding-left: 9pt; text-align: justify">Management Fees</td> <td style="text-align: justify"> </td> <td style="text-align: center">0.99%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dpn_zvDFsgkSna8i"> <td style="vertical-align: bottom; padding-left: 9pt; text-align: justify">Distribution and Service (12b-1) Fees</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: top; text-align: center">0.00%</td></tr> <tr> <td style="vertical-align: bottom; padding-left: 9pt; text-align: justify">Other Expenses(2)</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: top; text-align: center">0.00%</td></tr> <tr> <td style="vertical-align: bottom; padding-left: 9pt; text-align: justify">Acquired Fund Fees and Expenses(3)</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: top; text-align: center">0.14%</td></tr> <tr> <td style="vertical-align: bottom; text-align: justify">Total Annual Fund Operating Expenses</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: top; text-align: center">1.13%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="border-top: black 1pt solid; width: 1px; padding-top: 3pt"> </td> <td style="border-top: black 1pt solid; width: 30px; padding-top: 3pt">(1) </td> <td id="xdx_F19_zquVWiqXoozc" style="border-top: black 1pt solid; padding-top: 3pt; text-align: justify">The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all of the Fund’s expenses, except for the following: advisory fees, 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.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"> </td> <td style="width: 30px">(2) </td> <td id="xdx_F14_zjqD6l8fW0xh">Based on estimated amounts for the current fiscal year.</td></tr> <tr style="vertical-align: top"> <td> </td> <td>(3) </td> <td>Acquired Fund Fees and Expenses ("AFFE") are the indirect costs of investing in other investment companies and are based on estimated amounts for the current fiscal year.</td></tr> </table> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0099 0.0000 0.0000 0.0014 0.0113 Based on estimated amounts for the current fiscal year. Acquired Fund Fees and Expenses ("AFFE") are the indirect costs of investing in other investment companies and are based on estimated amounts for the current fiscal year. Expense Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8F_eoef--ExpenseExampleWithRedemptionTableTextBlock_zkk7K4C2MlI"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_znzbh9cezGw6" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 60%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_48D_eoef--ExpenseExampleYear01_d0_zTyTtIsAWMKe" style="border-top: black 1pt solid; width: 50%; text-align: center">1 Year</td> <td id="xdx_483_eoef--ExpenseExampleYear03_d0_zRviwmMDGJO2" style="border-top: black 1pt solid; width: 50%; text-align: center">3 Years</td></tr> <tr id="xdx_415_20261113__20261113__oef--ClassAxis__custom--C000282533Member_zczQ9kB0TtHf" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: center">$115</td> <td style="border-bottom: black 1pt solid; text-align: center">$359</td></tr> </table> 115 359 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the expense example above, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available. Principal Investment Strategies The Fund is an actively managed exchange-traded fund (“ETF”). The Fund pursues its objective by combining long exposure to the companies in the Nasdaq-100 Index® (the “underlying index”) with an options-based overlay designed to add incremental exposure (or “delta”) beyond that of the underlying index. Over a full market cycle, the Fund seeks to outperform the underlying index. Long Exposure. The Fund seeks to capture the performance of the companies in the Nasdaq-100® Index through a combination of (i) direct investments in the equity securities of those companies, (ii) investments in ETFs that provide exposure to the underlying index or its constituents (for example, the Invesco QQQ Trust (QQQ) or another ETF that tracks the Nasdaq-100 Index®), and (iii) in-the-money call options on one or more such ETFs or on indexes that provide exposure to the underlying index. Purchasing in-the-money call options allows the Fund to obtain exposure to the price movement of the reference ETF or index in a capital-efficient manner, freeing collateral to support the Fund’s options overlay; where the Fund uses ETF options, it expects to favor low-cost, highly liquid ETFs. As the call options the Fund holds are exercised or approach expiration, the Fund will enter into new options contracts, a practice referred to as “rolling.” Options Overlay. The additional exposure that distinguishes the Fund from a simple long position is generated primarily by selling (writing) put and put spread options on individual equity securities, ETFs, and indexes. Through implementation of the options overlay, the Fund seeks to identify individual stocks whose put options are potentially overpriced. Options can become overpriced due to forced trading activity or other supply/demand imbalances. These imbalances can create distortions in the pricing of put options, resulting in potential profit opportunities for the Fund. The Fund will sell puts on those securities with the goal of generating premiums and increasing long exposure (delta) to the Fund. In addition to single-name puts, the Fund may (i) sell put options on ETFs or indexes, including ETFs or indexes that track the underlying index (for example, QQQ), and (ii) use put spreads on individual securities or on ETFs and indexes. A put spread consists of selling a put option (a “Short Put”) and purchasing a put option on the same reference asset with a lower strike price and the same expiration date (a “Long Put”); because the Long Put has a lower strike price than the Short Put, it is not expected to fully offset the risk of the Short Put. The options sold and purchased by the Fund are generally short-dated, typically expiring within approximately one to twelve weeks, and the aggregate notional value of the Fund’s Short Puts may be up to 100% of the Fund’s net assets. The options overlay is designed to add positive return in rising, flat, and modestly declining markets for the reference assets; in sharply declining markets, the overlay may produce losses that exceed the premiums the Fund collects. Distribution of Premiums. Because the options overlay generates net option premiums, the Fund also expects to provide distributions to shareholders on a weekly basis. The level of premium distributions will vary with market conditions, particularly the level of implied volatility, and there is no guarantee the Fund will achieve any particular level of distributions. While the Fund seeks to provide income pursuant to its investment objective, a portion (sometimes significant) of the Fund’s distributions may be classified as return of capital (“ROC”) for financial or tax reporting purposes. Generally speaking, ROC refers to the portion of a distribution from an investment that represents a return of the original investment (principal) rather than income or profit. Accordingly, such distributions do not necessarily reflect the Fund’s income or yield. See the prospectus section titled “Additional Information About the Funds” for more information about option premiums and ROC. Dividends, if any, paid by the Fund’s direct equity securities holdings will also contribute to the Fund’s income generation. Collateral. The Fund holds U.S. Treasury securities, money market funds, cash, and cash equivalents to provide liquidity and to serve as collateral for, and to satisfy margin requirements associated with, its options positions. 80% Policy. Under normal circumstances, the Fund will invest at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of companies in the Nasdaq-100 Index®, in ETFs that provide exposure to the underlying index or its constituents and in options and other instruments that provide investment exposure to such securities. For purposes of compliance with this investment policy, derivative contracts will be valued at their notional value. Other Fund Attributes The Fund is classified as “non-diversified” under the 1940 Act. The Fund’s investment strategies may include active and frequent trading, which are expected to result in high portfolio turnover on an annual basis. To the extent the Nasdaq-100 Index® is concentrated in a particular industry or group of related industries, the Fund’s investments and investment exposure will be concentrated (i.e., more than 25% of its total assets held in or exposed to securities within a particular industry or group of related industries) to approximately the same extent as the index. An investment in the Fund is not an investment in the underlying index, nor is the Fund an investment in a traditional passively managed index fund. The Fund’s strategy is subject to potential losses if the underlying index loses value, and depending on the performance of the Fund’s options overlay strategy, such losses could be offset (if the overlay strategy performs well) or amplified (if it performs poorly). Additional information regarding the underlying index is also set forth below. THE FUND, TRUST, ADVISER, AND SUB-ADVISERS ARE NOT AFFILIATED WITH, NOR ENDORSED BY, THE UNDERLYING INDEX. Overview of underlying index: The Nasdaq-100 Index® includes 100 of the largest non-financial companies listed on the Nasdaq Stock Market, based on market capitalization. This makes it a large-cap index, meaning its constituents have a high market value, often in the billions of dollars. The Nasdaq-100 Index® includes companies from various industries but is heavily weighted towards the technology sector. This reflects the Nasdaq’s historic strength as a listing venue for technology companies. Other sectors represented include consumer discretionary, health care, communication services, and industrials, among others. In terms of volatility, like all stock indices, the Nasdaq-100 Index® experiences daily price movements and can be significantly volatile at times. This is often driven by macroeconomic factors, market sentiment, and financial results or news from its large constituents. Historical periods of significant volatility include the dot-com bubble burst around 2000 and the global financial crisis of 2007-2008, among other events. However, the specific degree of volatility can vary and is subject to change based on market conditions. Under normal circumstances, the Fund will invest at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of companies in the Nasdaq-100 Index®, in ETFs that provide exposure to the underlying index or its constituents and in options and other instruments that provide investment exposure to such 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. Index ETF Risks. The Fund invests in index ETFs, which subjects the Fund to the following risks: Indirect Investment Risk. The underlying index is not affiliated with the Trust, the Fund, the Adviser, the Sub-Advisers or their respective affiliates and is not involved with this offering in any way. Investors in the Fund will be subject to declines in the performance of the underlying index. Index Trading Risk. The trading price of the underlying index may be highly volatile and could continue to be subject to wide fluctuations in response to various factors. The stock market in general has experienced extreme price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of companies. Nasdaq-100 Index® Risk. The Nasdaq-100 Index®’s major risks stem from its historical focus in the technology sector and significant exposure to high-growth, high-valuation companies. A downturn in the technology industry, whether from regulatory changes, shifts in technology, or competitive pressures, can greatly impact the underlying index. The underlying index is also vulnerable to geopolitical risks due to many constituent companies having substantial international operations. Since many of these technology companies often trade at high valuations, a shift in investor sentiment could lead to significant price declines. Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of the underlying reference asset and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. In addition, the Fund’s investments in derivatives are subject to the following risks: Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political conditions, changes in the actual or implied volatility of the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund in particular, the value of the options contracts in which it invests is substantially influenced by the value of the underlying reference asset. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members. In cleared derivatives positions, the Fund will make payments (including margin payments) to and receive payments from a clearing house through their accounts at clearing members. Customer funds held at a clearing organization in connection with any options contracts are held in a commingled omnibus account and are not identified to the name of the clearing member’s individual customers. As a result, assets deposited by the Fund with any clearing member as margin for options may, in certain circumstances, be used to satisfy losses of other clients of the Fund’s clearing member. In addition, although clearing members guarantee performance of their clients’ obligations to the clearing house, there is a risk that the assets of the Fund might not be fully protected in the event of the clearing member’s bankruptcy, as the Fund would be limited to recovering only a pro rata share of all available funds segregated on behalf of the clearing member’s customers for the relevant account class. The Fund is also subject to the risk that a limited number of clearing members are willing to transact on the Fund’s behalf, which heightens the risks associated with a clearing member’s default. If a clearing member defaults the Fund could lose some or all of the benefits of a transaction entered into by the Fund with the clearing member. If the Fund cannot find a clearing member to transact with on the Fund’s behalf, the Fund may be unable to effectively implement its investment strategy. Underlying Fund Risk. The Fund will incur higher and duplicative expenses when it invests in ETFs. By investing in another investment company, the Fund becomes a shareholder of that investment company and bears its proportionate share of the fees and expenses of the other investment company. There is also the risk that the Fund may suffer losses due to the investment practices of the underlying funds as the Fund will be subject to substantially the same risks as those associated with the direct ownership of securities held by such investment companies. ETFs may be less liquid than other investments, and thus their share values are more volatile than the values of the investments they hold. Investments in ETFs are also subject to the “ETF Risks” described below. Distribution Risk. As part of the Fund’s investment objective to provide current income, the Fund seeks to provide weekly cash distributions. There is no assurance that the Fund will make a distribution in any given week. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next. Additionally, the weekly distributions, if any, may consist of returns of capital, which would decrease the Fund’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment. NAV Erosion Risk Due to Distributions. When the Fund makes a distribution, the Fund’s NAV will typically drop by the amount of the distribution on the related ex-dividend date (i.e., the date by which you need to own a dividend-paying stock in order to receive the upcoming dividend payment). The repeated payment of distributions by the Fund, if any, may significantly erode the Fund’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment. Return of Capital Risk. A portion of the Fund’s distributions are expected to be treated as a return of capital (“ROC”) for tax purposes. ROC distributions are not taxable income to a shareholder, but reduce a shareholder’s basis in their Shares. Such a reduction in tax basis will generally result in larger taxable gains and/or lower tax losses on a subsequent sale of Shares. A distribution in excess of a shareholder’s basis will be taxable in the same manner as a sale of a shareholder’s Shares. Shareholders who periodically receive distributions consisting of ROC may be under the impression that they are receiving Fund net profits when, in fact, they are not. ETF Risks. <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zbq2IPvOPzzl"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 30px"> </td> <td style="width: 30px">●</td> <td style="text-align: justify">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</td></tr> </table> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zHSDlaH8ZFnd"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 30px"> </td> <td style="width: 30px; padding-top: 8pt">●</td> <td style="padding-top: 8pt; text-align: justify">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. Additionally, there may be brokerage costs or taxable gains or losses that may be imposed on the Fund in connection with a cash redemption that may not have occurred if the Fund had made a redemption in-kind. These costs could decrease the value of the Fund to the extent they are not offset by a transaction fee payable by an AP.</td></tr> </table> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zQ1VhBvAXxa8"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 30px"> </td> <td style="width: 30px; padding-top: 8pt">●</td> <td style="padding-top: 8pt; text-align: justify">Costs of Buying or Selling Shares. Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid-ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</td></tr> </table> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zZPTogK9DDV8"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 30px"> </td> <td style="width: 30px; padding-top: 8pt">●</td> <td style="padding-top: 8pt; text-align: justify">Shares May Trade at Prices Other Than NAV. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.</td></tr> </table> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zRPw7XR5ajFh"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 30px"> </td> <td style="width: 30px">●</td> <td style="text-align: justify">Trading. Although Shares are listed on a national securities exchange, such as The Nasdaq Stock Market LLC (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active trading market for the Shares will develop or be maintained or that the Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. Shares trade on the Exchange at a market price that may be below, at or above the Fund’s NAV. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable. In addition, trading in Shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged.</td></tr> </table> 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. Equity Market Risk. The equity securities held in the Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which the Fund invests. Common stocks, such as those held by the Fund, are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from issuers. 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. Factors that could impact the market value of an equity security include a company’s business performance, investor perceptions, stock market trends and general economic conditions. High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses. Frequent trading may also cause adverse tax consequences for investors in the Fund due to an increase in short-term capital gains. Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline. Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell an illiquid security at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions, such as market rules related to short sales, may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. 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. Management Risk. The Fund is subject to management risk because it is an actively managed portfolio. In managing the Fund’s investment portfolio, the portfolio managers will apply investment techniques and risk analyses that may not produce the desired result. There can be no guarantee that the Fund will meet its investment objective. Concentration Risk. The Fund’s investments and investment exposure will be concentrated in a particular industry or group of related industries to approximately the same extent as the Nasdaq-100 Index® is concentrated in such industry or group of related industries. The value of the Fund’s shares may rise and fall more than the value of shares of other ETFs that invest in securities of, or financial instruments seeking exposure to, companies that encompass a broader range of industries. Market Capitalization Risk. <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargecapitalizationInvestingMember_zkse5QxaQDpa"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 30px"> </td> <td style="width: 30px">●</td> <td style="text-align: justify">Large-Capitalization Investing. The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. Large-capitalization companies may also be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.</td></tr> </table> Money Market Instrument Risk. The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments, including money market funds, may lose money through fees or other means. New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions. There can be no assurance that the Fund will achieve or maintain an economically viable size. Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio. Operational Risk. The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund, Adviser, and Sub-Advisers 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 intends to qualify each year to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (“Code”). As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to Shareholders, provided that it satisfies certain requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund’s taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. U.S. Treasury Securities Risk. A security backed by the U.S. Treasury or the full faith and credit of the United States is guaranteed only as to the timely payment of interest and principal when held to maturity, but the market prices for such securities are not guaranteed and will fluctuate. U.S. Treasury securities may differ from other securities in their interest rates, maturities, times of issuance and other characteristics and may provide relatively lower returns than those of other securities. Changes to the financial condition or credit rating of the U.S. government may cause the value of the U.S. Treasury securities to decline. An increase in interest rates may also cause the value of the U.S. Treasury securities to decline. 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.quantifyfunds.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.quantifyfunds.com INCOMEQ SEMICONDUCTOR PREMIUM INCOME ETF – FUND SUMMARY Investment Objective The IncomeQ Semiconductor Premium Income ETF’s (the “Fund”) investment objective is to seek capital appreciation and income. 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_A8D_eoef--AnnualFundOperatingExpensesTableTextBlock_zIvkCnFxdRQ3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zVFG2cJ123b4" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td id="xdx_981_eoef--OperatingExpensesCaption_c20261113__20261113__dei--LegalEntityAxis__custom--S000111250Member_zXzBjNfHqMV3" style="border-top: black 1pt solid; width: 91%; text-align: justify">Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment)</td> <td style="border-top: black 1pt solid; width: 1%; text-align: justify"> </td> <td id="xdx_49F_20261113__20261113__oef--ClassAxis__custom--C000282534Member_zXt2fEQGtkr7" style="border-top: black 1pt solid; width: 8%"> </td></tr> <tr id="xdx_40E_eoef--ManagementFeesOverAssets_dpn_z4IlhMZKSQ3j" style="vertical-align: bottom"> <td style="padding-left: 9pt; text-align: justify">Management Fees</td> <td style="text-align: justify"> </td> <td style="text-align: center">1.04% </td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dpn_zG8k6ilX7vc2"> <td style="vertical-align: bottom; padding-left: 9pt; text-align: justify">Distribution and Service (12b-1) Fees</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: top; text-align: center">0.00%</td></tr> <tr> <td style="vertical-align: bottom; padding-left: 9pt; text-align: justify">Other Expenses(2) </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: top; text-align: center">0.00%</td></tr> <tr> <td style="vertical-align: bottom; padding-left: 9pt; text-align: justify">Acquired Fund Fees and Expenses(3)</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: top; text-align: center">0.22%</td></tr> <tr> <td style="vertical-align: bottom; text-align: justify">Total Annual Fund Operating Expenses</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: top; text-align: center">1.26%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="border-top: black 1pt solid; width: 1px; padding-top: 3pt"> </td> <td style="border-top: black 1pt solid; width: 30px; padding-top: 3pt">(1) </td> <td id="xdx_F1D_zWjL5hnaWCU2" style="border-top: black 1pt solid; padding-top: 3pt; text-align: justify">The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all of the Fund’s expenses, except for the following: advisory fees, 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.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"> </td> <td style="width: 30px">(2) </td> <td id="xdx_F1E_zljvdogDZQT4" style="text-align: justify">Based on estimated amounts for the current fiscal year.</td></tr> <tr style="vertical-align: top"> <td> </td> <td>(3) </td> <td style="text-align: justify">Acquired Fund Fees and Expenses ("AFFE") are the indirect costs of investing in other investment companies and are based on estimated amounts for the current fiscal year.</td></tr> </table> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0104 0.0000 0.0000 0.0022 0.0126 Based on estimated amounts for the current fiscal year. Acquired Fund Fees and Expenses ("AFFE") are the indirect costs of investing in other investment companies and are based on estimated amounts for the current fiscal year. Expense Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_znVWbEEMnaBj"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zjrpRedewhlb" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 60%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_488_eoef--ExpenseExampleYear01_d0_zzJsxystS7n" style="border-top: black 1pt solid; width: 50%; text-align: center">1 Year</td> <td id="xdx_485_eoef--ExpenseExampleYear03_d0_zh1y68gs3Nqa" style="border-top: black 1pt solid; width: 50%; text-align: center">3 Years</td></tr> <tr id="xdx_412_20261113__20261113__oef--ClassAxis__custom--C000282534Member_zoyqENAOfuZ2" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: center">$128</td> <td style="border-bottom: black 1pt solid; text-align: center">$400</td></tr> </table> 128 400 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the expense example above, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available. Principal Investment Strategies The Fund is an actively managed exchange-traded fund (“ETF”). The Fund pursues its objective by combining long exposure to Semiconductor Companies (defined below) with an options-based overlay designed to add incremental exposure (or “delta”) beyond that of the Fund’s long exposure to Semiconductor Companies. Long Exposure. The Fund seeks to capture the performance of Semiconductor Companies through a combination of (i) direct investments in the equity securities of Semiconductor Companies, (ii) investments in “Semiconductor ETFs” (defined below), and (iii) in-the-money call options on one or more Semiconductor ETFs or on an index that seeks to track the performance of Semiconductor Companies (a “Semiconductor Index”). Purchasing in-the-money call options allows the Fund to obtain exposure to the price movement of the Semiconductor ETF or Semiconductor Index in a capital-efficient manner, freeing collateral to support the Fund’s options overlay; where the Fund uses ETF options, it expects to favor low-cost, highly liquid Semiconductor ETFs. As the call options the Fund holds are exercised or approach expiration, the Fund will enter into new options contracts, a practice referred to as “rolling.” The Fund defines a “Semiconductor Company” as a U.S.-listed company that generates at least 50% of its total revenue from the design, manufacture, or sale of semiconductors or semiconductor equipment. The Fund defines a “Semiconductor ETF” as a passively-managed, U.S.-listed ETF that seeks to track the performance of a Semiconductor Index whose components are primarily comprised of Semiconductor Companies. To enable the Fund to effectively implement its options-based overlay, potential investments in a Semiconductor Company’s securities will be evaluated and selected based on factors including the liquidity of its common stock, the liquidity of available options contracts on its stock, and the price level of its stock and options. The Fund will monitor these factors in determining whether to select new Semiconductor Companies or remove existing ones from the portfolio. The Fund is generally unconstrained, meaning it may invest in U.S. listed Semiconductor Companies of any market capitalization size. Semiconductor Companies may include companies from foreign countries, including emerging markets, with shares listed on a U.S. exchange, or those with U.S. exchange-listed depositary receipts, such as American Depositary Receipts (“ADRs”). Options Overlay. The additional exposure that distinguishes the Fund from a simple long position is generated primarily by selling (writing) put and put spread options on individual Semiconductor Company securities, Semiconductor ETFs, and Semiconductor Indexes. Through implementation of the options overlay, the Fund seeks to identify individual Semiconductor Company stocks whose put options are potentially overpriced. Options can become overpriced due to forced trading activity or supply/demand imbalances. These imbalances can create distortions in the pricing of the options, resulting in potential profit opportunities for the Fund. The Fund will sell puts on those securities with the goal of generating premiums and increasing long exposure (delta) to the Fund. In addition to single-name puts, the Fund may (i) sell put options on ETFs or indexes, including Semiconductor ETFs or Semiconductor Indexes, and (ii) use put spreads on individual securities or on ETFs and indexes, including Semiconductor Company securities or Semiconductor ETFs and Indexes. A put spread consists of selling a put option (a “Short Put”) and purchasing a put option on the same reference asset with a lower strike price and the same expiration date (a “Long Put”); because the Long Put has a lower strike price than the Short Put, it is not expected to fully offset the risk of the Short Put. The options sold and purchased by the Fund are generally short-dated, typically expiring within approximately one to twelve weeks, and the aggregate notional value of the Fund’s Short Puts may be up to 100% of the Fund’s net assets. The options overlay is designed to add positive return in rising, flat, and modestly declining markets for the reference assets; in sharply declining markets, the overlay may produce losses that exceed the premiums the Fund collects. Distribution of Premiums. Because the options overlay generates net option premiums, the Fund also expects to provide distributions to shareholders on a weekly basis. The level of premium distributions will vary with market conditions, particularly the level of implied volatility, and there is no guarantee the Fund will achieve any particular level of distributions. While the Fund seeks to provide income pursuant to its investment objective, a portion (sometimes significant) of the Fund’s distributions may be classified as return of capital (“ROC”) for financial or tax reporting purposes. Generally speaking, ROC refers to the portion of a distribution from an investment that represents a return of the original investment (principal) rather than income or profit. Accordingly, such distributions do not necessarily reflect the Fund’s income or yield. See the prospectus section titled “Additional Information About the Funds” for more information about option premiums and ROC. Dividends, if any, paid by the Fund’s direct securities holdings of Semiconductor Companies will also contribute to the Fund’s income generation. Collateral. The Fund holds U.S. Treasury securities, money market funds, cash, and cash equivalents to provide liquidity and to serve as collateral for, and to satisfy margin requirements associated with, its options positions. 80% Policy. Under normal circumstances, the Fund will invest at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of Semiconductor Companies, in Semiconductor ETFs, and in options and other instruments that provide investment exposure to the performance of Semiconductor Companies, ETFs or Indexes. For purposes of compliance with this investment policy, derivative contracts will be valued at their notional value. Other Fund Attributes The Fund is classified as “non-diversified” under the 1940 Act. The Fund’s investment strategies may include active and frequent trading, which are expected to result in high portfolio turnover on an annual basis. The Fund’s investments and investment exposure will be concentrated (i.e., more than 25% of its total assets are held in or exposed to securities within a particular industry or group of related industries) in the semiconductors and semiconductor equipment industry, which subjects the Fund to specific semiconductors and semiconductor equipment industry-related risks. Under normal circumstances, the Fund will invest at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of Semiconductor Companies, in Semiconductor ETFs, and in options and other instruments that provide investment exposure to the performance of Semiconductor Companies, ETFs or Indexes. 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_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--SemiconductorsAndSemiconductorEquipmentIndustryRiskMember_zsPKyFtUQoD" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Semiconductors and Semiconductor Equipment Industry Risk. Competitive pressures may have a significant effect on the financial condition of semiconductor companies and, as product cycles shorten and manufacturing capacity increases, these companies may become increasingly subject to aggressive pricing, which hampers profitability. Reduced demand for end-user products, under-utilization of manufacturing capacity, and other factors could adversely impact the operating results of companies in the semiconductor sector. Semiconductor companies typically face high capital costs and may be heavily dependent on intellectual property rights. The semiconductor sector is highly cyclical, which may cause the operating results of many semiconductor companies to vary significantly. The stock prices of companies in the semiconductor sector have been and likely will continue to be extremely volatile. Semiconductor Index ETF Risks. The Fund invests in Semiconductor ETFs that seek to track the performance of an underlying Semiconductor Index whose components are primarily comprised of Semiconductor Companies, which subjects the Fund to the following risks: Indirect Investment Risk. An underlying Semiconductor Index is not affiliated with the Trust, the Fund, the Adviser, the Sub-Advisers or their respective affiliates and is not involved with this offering in any way. Investors in the Fund will be subject to declines in the performance of the underlying index. Index Trading Risk. The value of Semiconductor Indexes may be highly volatile and could continue to be subject to wide fluctuations in response to various factors. The stock market in general has experienced extreme price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of companies. Semiconductor Index Risk. Semiconductor Indexes’ major risks stem from their focus in the information technology sector and significant exposure to high-growth, high-valuation companies. A downturn in the semiconductors & semiconductor equipment industry, whether from regulatory changes, shifts in technology, or competitive pressures, can greatly impact the value of a Semiconductor Index. Such indexes are also vulnerable to geopolitical risks due to many constituent companies having substantial international operations. Since many of these information technology companies often trade at high valuations, a shift in investor sentiment could lead to significant price declines. Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of the underlying reference asset and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. In addition, the Fund’s investments in derivatives are subject to the following risks: Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political conditions, changes in the actual or implied volatility of the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund in particular, the value of the options contracts in which it invests is substantially influenced by the value of the underlying reference asset. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members. In cleared derivatives positions, the Fund will make payments (including margin payments) to and receive payments from a clearing house through their accounts at clearing members. Customer funds held at a clearing organization in connection with any options contracts are held in a commingled omnibus account and are not identified to the name of the clearing member’s individual customers. As a result, assets deposited by the Fund with any clearing member as margin for options may, in certain circumstances, be used to satisfy losses of other clients of the Fund’s clearing member. In addition, although clearing members guarantee performance of their clients’ obligations to the clearing house, there is a risk that the assets of the Fund might not be fully protected in the event of the clearing member’s bankruptcy, as the Fund would be limited to recovering only a pro rata share of all available funds segregated on behalf of the clearing member’s customers for the relevant account class. The Fund is also subject to the risk that a limited number of clearing members are willing to transact on the Fund’s behalf, which heightens the risks associated with a clearing member’s default. If a clearing member defaults the Fund could lose some or all of the benefits of a transaction entered into by the Fund with the clearing member. If the Fund cannot find a clearing member to transact with on the Fund’s behalf, the Fund may be unable to effectively implement its investment strategy. Underlying Fund Risk. The Fund will incur higher and duplicative expenses when it invests in ETFs. By investing in another investment company, the Fund becomes a shareholder of that investment company and bears its proportionate share of the fees and expenses of the other investment company. There is also the risk that the Fund may suffer losses due to the investment practices of the underlying funds as the Fund will be subject to substantially the same risks as those associated with the direct ownership of securities held by such investment companies. ETFs may be less liquid than other investments, and thus their share values are more volatile than the values of the investments they hold. Investments in ETFs are also subject to the “ETF Risks” described below. Distribution Risk. As part of the Fund’s investment objective to provide current income, the Fund seeks to provide weekly cash distributions. There is no assurance that the Fund will make a distribution in any given week. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next. Additionally, the weekly distributions, if any, may consist of returns of capital, which would decrease the Fund’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment. NAV Erosion Risk Due to Distributions. When the Fund makes a distribution, the Fund’s NAV will typically drop by the amount of the distribution on the related ex-dividend date (i.e., the date by which you need to own a dividend-paying stock in order to receive the upcoming dividend payment). The repeated payment of distributions by the Fund, if any, may significantly erode the Fund’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment. Return of Capital Risk. A portion of the Fund’s distributions are expected to be treated as a return of capital (“ROC”) for tax purposes. ROC distributions are not taxable income to a shareholder, but reduce a shareholder’s basis in their Shares. Such a reduction in tax basis will generally result in larger taxable gains and/or lower tax losses on a subsequent sale of Shares. A distribution in excess of a shareholder’s basis will be taxable in the same manner as a sale of a shareholder’s Shares. Shareholders who periodically receive distributions consisting of ROC may be under the impression that they are receiving Fund net profits when, in fact, they are not. ETF Risks. <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zMPX7zDOYl9e"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 30px"> </td> <td style="width: 30px">●</td> <td style="text-align: justify">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</td></tr> </table> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zjDV5qcJCjAh"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 30px"> </td> <td style="width: 30px; padding-top: 8pt">●</td> <td style="padding-top: 8pt; text-align: justify">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. Additionally, there may be brokerage costs or taxable gains or losses that may be imposed on the Fund in connection with a cash redemption that may not have occurred if the Fund had made a redemption in-kind. These costs could decrease the value of the Fund to the extent they are not offset by a transaction fee payable by an AP.</td></tr> </table> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_z5B6WhPMstha"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 30px"> </td> <td style="width: 30px; padding-top: 8pt">●</td> <td style="padding-top: 8pt; text-align: justify">Costs of Buying or Selling Shares. Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid-ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</td></tr> </table> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zPU8cJhcU6ma"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 30px"> </td> <td style="width: 30px; padding-top: 8pt">●</td> <td style="padding-top: 8pt; text-align: justify">Shares May Trade at Prices Other Than NAV. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.</td></tr> </table> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zBrhmWVDKTf5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 30px"> </td> <td style="width: 30px">●</td> <td style="text-align: justify">Trading. Although Shares are listed on a national securities exchange, The Nasdaq Stock Market LLC (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active trading market for the Shares will develop or be maintained or that the Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. Shares trade on the Exchange at a market price that may be below, at or above the Fund’s NAV. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable. In addition, trading in Shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged.</td></tr> </table> 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. Equity Market Risk. The equity securities held in the Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which the Fund invests. Common stocks, such as those held by the Fund, are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from issuers. 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. Factors that could impact the market value of an equity security include a company’s business performance, investor perceptions, stock market trends and general economic conditions. 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. Emerging Markets Risk. The Fund may invest in securities issued by companies domiciled or headquartered in emerging market nations. Investments in securities traded in developing or emerging markets, or that provide exposure to such securities or markets, can involve additional risks relating to political, economic, currency, or regulatory conditions not associated with investments in U.S. securities and investments in more developed international markets. Such conditions may impact the ability of the Fund to buy, sell or otherwise transfer securities, adversely affect the trading market and price for Fund Shares and cause the Fund to decline in value. Depositary Receipt Risk. Depositary receipts involve risks similar to those associated with investments in foreign securities and certain additional risks. Depositary receipts listed on U.S. exchanges are issued by banks or trust companies and entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares (“Underlying Shares”). When the Fund invests in depositary receipts as a substitute for an investment directly in the Underlying Shares, the Fund is exposed to the risk that the depositary receipts may not provide a return that corresponds precisely with that of the Underlying Shares. The Fund may invest in unsponsored depositary receipts. The issuers of unsponsored depositary receipts are not obligated to disclose material information in the United States and, therefore, there may be less information available regarding such issuers and there may not be a correlation between such information and the value of the depositary receipts. Foreign Currency Risk. A Fund’s exposure to foreign currencies subjects the Fund to the risk that those currencies will decline in value relative to the U.S. Dollar. Currency rates in foreign countries may fluctuate significantly over short periods of time for any number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad. High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses. Frequent trading may also cause adverse tax consequences for investors in the Fund due to an increase in short-term capital gains. Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline. Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell an illiquid security at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions, such as market rules related to short sales, may prevent the Fund from limiting losses or realizing gains, or achieving its investment objective. 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. Management Risk. The Fund is subject to management risk because it is an actively managed portfolio. In managing the Fund’s investment portfolio, the portfolio managers will apply investment techniques and risk analyses that may not produce the desired result. There can be no guarantee that the Fund will meet its investment objective. Concentration Risk. The Fund’s investments and investment exposure will be concentrated in the same industry or group of related industries as that of Semiconductor Companies. The value of the Fund’s shares may rise and fall more than the value of shares of other ETFs that invest in securities of, or financial instruments seeking exposure to, companies that encompass a broader range of industries. Market Capitalization Risk. <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargecapitalizationInvestingMember_zJy3vsFXqBtl"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 30px"> </td> <td style="width: 30px; padding-top: 8pt">●</td> <td style="padding-top: 8pt; text-align: justify">Large-Capitalization Investing. The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. Large-capitalization companies may also be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.</td></tr> </table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidcapitalizationInvestingMember_zZt7SoD38dGe"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 30px"> </td> <td style="width: 30px; padding-top: 8pt">●</td> <td style="padding-top: 8pt; text-align: justify">Mid-Capitalization Investing. The securities of mid-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large-capitalization companies. The securities of mid-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large-capitalization stocks or the stock market as a whole.</td></tr> </table> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallcapitalizationInvestingMember_z8ZhWSBBrFfh"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 30px"> </td> <td style="width: 30px; padding-top: 8pt">●</td> <td style="padding-top: 8pt; text-align: justify">Small-Capitalization Investing. The securities of small-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large- or mid-capitalization companies. The securities of small-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large- or mid-capitalization stocks or the stock market as a whole. There is typically less publicly available information concerning smaller-capitalization companies than for larger, more established companies.</td></tr> </table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MicrocapitalizationInvestingMember_z3mZmOaivh1g"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 30px"> </td> <td style="width: 30px; padding-top: 8pt">●</td> <td style="padding-top: 8pt; text-align: justify">Micro-Capitalization Investing. Micro-capitalization companies often have limited product lines, narrower markets for their goods and/or services and more limited managerial and financial resources than larger, more established companies, including companies which are considered small- or mid-capitalization. As a result, their performance can be more volatile and they face greater risk of business failure, which could increase the volatility of the Fund’s portfolio.</td></tr> </table> Money Market Instrument Risk. The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments, including money market funds, may lose money through fees or other means. New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions. There can be no assurance that the Fund will achieve or maintain an economically viable size. Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio. Operational Risk. The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund, Adviser, and Sub-Advisers 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 intends to qualify each year to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (“Code”). As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to Shareholders, provided that it satisfies certain requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund’s taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. U.S. Treasury Securities Risk. A security backed by the U.S. Treasury or the full faith and credit of the United States is guaranteed only as to the timely payment of interest and principal when held to maturity, but the market prices for such securities are not guaranteed and will fluctuate. U.S. Treasury securities may differ from other securities in their interest rates, maturities, times of issuance and other characteristics and may provide relatively lower returns than those of other securities. Changes to the financial condition or credit rating of the U.S. government may cause the value of the U.S. Treasury securities to decline. An increase in interest rates may also cause the value of the U.S. Treasury securities to decline. 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.quantifyfunds.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.quantifyfunds.com The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all of the Fund’s expenses, except for the following: advisory fees, 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. Based on estimated amounts for the current fiscal year. Acquired Fund Fees and Expenses ("AFFE") are the indirect costs of investing in other investment companies and are based on estimated amounts for the current fiscal year. The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all of the Fund’s expenses, except for the following: advisory fees, 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. Based on estimated amounts for the current fiscal year. Acquired Fund Fees and Expenses ("AFFE") are the indirect costs of investing in other investment companies and are based on estimated amounts for the current fiscal year.