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根据美国证券交易委员会提交的文件，OCTOBER 13, 2026

1933年法案注册\n文件编号： 333-289817

1940年法案文件编号：811-24116

美国

证券交易委员会

华盛顿特区 20549

表格 N-1A

\n\n \n \n\n \n \n\n \n \n\n \n\n \n \n\n \n \n

根据1933年证券法的注册声明	☒
生效前修正案 No. ___	☐
生效后修正案第79号	☒
和/或
根据1940年投资公司法的注册声明	☒
修正案第81号	☒

TIDAL TRUST V

（注册人根据章程指定的全名）

Tidal ETF Services LLC

234 West Florida Street, Suite 700

密尔沃基，WI 53204

（主要执行办公室地址，邮政编码）

（注册人的电话号码，包括区号）(855) 843-2534

The Corporation Trust Company

1209 Orange Street

Corporation Trust Center

特拉华州威尔明顿 19801

（服务代理人名称和地址）

副本发送至：

\n\n \n \n

Eric W. Falkeis

Tidal ETF Services\nLLC

234 West Florida Street,\nSuite 700

密尔沃基，WI 53204

John M. Ford

Troutman Pepper Locke LLP

3000 Two Logan Square

第十八和拱门街

费城，PA 19103

拟议本文件将在提交后生效（请勾选适当框）：

\n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n

	☑	立即根据第(b)段生效
	☐	在（日期）根据第(b)段生效
	☐	提交后60天根据第(a)(1)段生效
	☐	在（日期）根据第(a)(1)段生效
	☐	提交后75天根据第(a)(2)段生效
	☐	在（日期）根据规则485第(a)(2)段生效。

说明\n注：这是Tidal Trust V（“信托”）的注册声明的第79号生效后修正案，旨在回应有关Defiance Daily Target 2X Long BRUN ETF、Defiance Daily Target 2X Long FCEL ETF、Defiance Daily Target 2X Long GRRR ETF、Defiance Daily Target 2X Long LPTH ETF、Defiance Daily Target 2X Long OPTX ETF、Defiance Daily Target 2X Long ORBS ETF、Defiance Daily Target 2X Long QTEX ETF、Defiance Daily Target 2X Long AMPG ETF、Defiance Daily Target 2X Long FISN ETF和Defiance Daily Target 2X Long FTNT ETF的注册的工作人员意见，并根据规则485(b)作出其他允许的更改。

$\"\"$

Defiance\nDaily Target 2X Long BRUN ETF (BRU)

Defiance\nDaily Target 2X Long FCEL ETF (FCE)

Defiance\nDaily Target 2X Long GRRR ETF (GRR)

Defiance\nDaily Target 2X Long LPTH ETF (LPT)

Defiance\nDaily Target 2X Long OPTX ETF (OPL)

Defiance\nDaily Target 2X Long ORBS ETF (ORB)

Defiance\nDaily Target 2X Long QTEX ETF (QTE)

在The Nasdaq Stock Market LLC（“交易所”）上市

Defiance\nDaily Target 2X Long AMPG ETF (APGL)

Defiance\nDaily Target 2X Long FISN ETF (FISL)

Defiance\nDaily Target 2X Long FTNT ETF (FTNX)

在Nasdaq Texas, LLC （“交易所”）上市

说明书

10月\n13日，2026年

美国证券交易委员会（“SEC”）未批准或否决这些证券，也未对招股说明书的准确性或充分性进行审查。任何与此相反的陈述都是刑事犯罪。

每只基金旨在实现每日杠杆投资结果，并应作为短期交易工具使用。

每只基金旨在提供与标的证券（“标的证券”）的股价表现相对应的每日投资结果，为标的证券的200%（两倍）。

这些基金并非为不打算积极监控和管理其投资组合的投资者设计，也不适合此类投资者。这些基金与大多数共同基金和交易所交易基金（ETF）有很大不同。投资者应注意：

（1）每只基金追求每日杠杆投资目标，这意味着与不使用杠杆的替代方案相比，该基金风险更高，因为该基金放大了其标的证券的表现。

（2）试图复制标的证券股价的每日杠杆表现意味着，持有期间超过一个完整交易日的基金回报将是该期间内每个交易日的每日回报的乘积。

因此，在市场波动期间，标的证券股价的波动可能对相应基金的回报产生比标的证券股价回报更大或同等的影响。对于超过一天或不足一天的时期，基金的表现很可能在金额上，甚至方向上，与标的证券股价同一时期的200%每日回报有很大不同，且不考虑费用和开支。这些基金可能不会按预期表现。

这些基金并不适合所有投资者。这些基金仅设计用于专业投资者，如交易员和采用动态策略的活跃投资者。基金的投资者应：

（a）了解杠杆使用相关的风险；

（b）了解追求每日杠杆投资结果的后果；以及

（c）打算积极监控和管理其投资。

不了解这些基金或无意积极管理其资金并监控其投资的投资者不应购买这些基金的份额。

没有任何保证可以确保任何基金都能实现其投资目标，投资于基金可能在短时间内损失大量资金。这些基金不是一个完整的投资计划。

基金的投资顾问不会试图调整基金的投资组合，以确保基金在某一天的交易中不会获得或损失超过其净资产价值的最大百分比。

因此，如果基金所参考的标的证券股价在某一天下跌超过50%，相应基金的投资者可能会损失全部资金。

摘要信息	1

Defiance\n Daily Target 2X Long AMPG ETF - 基金摘要	1

Defiance\n Daily Target 2X Long BRUN ETF - 基金概要	13

Defiance\n Daily Target 2X Long FCEL ETF - 基金概要	24

Defiance\n Daily Target 2X Long FISN ETF - 基金概要	35

Defiance\n Daily Target 2X Long FTNT ETF - 基金概要	46

Defiance\n Daily Target 2X Long GRRR ETF - 基金概要	58

Defiance\n Daily Target 2X Long LPTH ETF - 基金概要	70

Defiance\n Daily Target 2X Long OPTX ETF - 基金概要	82

Defiance\n Daily Target 2X Long ORBS ETF - 基金概要	94

Defiance\n Daily Target 2X Long QTEX ETF - 基金概要	105

基金的附加信息\n	115

投资组合持仓	138

管理	139

如何买卖\n 股份	140

股息、分配\n 和税务	141

分配	144

溢价/折价\n 信息	144

附加通知	144

财务亮点	145

摘要\n信息

DEFIANCE\nDAILY TARGET 2X LONG AMPG ETF – 基金概要

关于基金的重要\n信息

Defiance Daily Target 2X Long AMPG ETF（“基金”）旨在实现每日杠杆投资回报，为200%的AmpliTech Group, Inc.（纳斯达克：AMPG）（“标的证券”或“AMPG”）股价的每日百分比变化。\n由于基金旨在实现每日杠杆投资回报，因此与大多数其他交易所交易基金非常不同。它也比不使用杠杆的替代品更具风险。

对于投资时间长于或短于交易日的投资者，不应期望其回报为标的证券在该期间表现的200%。对于超过一个交易日的期间，基金的回报将是该期间内每个交易日的复合回报结果，这很可能与标的证券在该期间的回报的200%不同。持有基金股份超过一天，以及标的证券股价的更高波动性会增加复利对投资者回报的影响，这可能对投资者的回报产生正面或负面影响。在标的证券股价波动较高的时期，标的证券股价的波动可能对基金回报的影响与标的证券股价的回报一样大，甚至更大。复利的影响会因投资者持有基金的时间长短以及投资者在基金投资期间标的证券股价的波动性而异。有关标的证券股价波动如何可能对基金回报产生与标的证券股价回报一样大或更大的影响的示例，请参见下方“主要投资风险 – 复利和市场波动风险”。

该基金并不适合所有投资者。该基金仅适用于了解相关知识的投资者，这些投资者理解寻求每日杠杆（2倍）投资结果的潜在后果，了解杠杆使用相关的风险，并愿意经常监控其投资组合。该基金不适用于那些无意积极监控和管理其投资组合的投资者。对于超过一天的时期，如果基础证券的表现持平，该基金将亏损，而且即使基础证券在超过一天的时期内表现上涨，该基金也可能亏损。投资者可能在一天内损失全部本金价值。

投资目标

该基金旨在实现每日投资收益（在扣除费用和开支前），为AmpliTech Group, Inc.（纳斯达克：AMPG）股价每日百分比变化的两倍（200%）。该基金不旨在实现其声明的投资目标，除非是在单个交易日。

基金费用和开支

此表描述了您购买、持有和出售该基金（“份额”）时可能支付的费用和开支。您可能支付其他费用，例如经纪佣金和其他向金融中介支付的费用，这些费用未在下面的表格和示例中反映。

\n\n \n \n \n \n\n \n \n \n \n\n \n \n \n \n\n \n \n \n \n\n \n \n \n \n

年度基金运营费用⁽¹⁾（您每年支付的费用，占您投资价值的百分比）
管理费	1.29	%
分销和服务（12b-1）费用	无
其他费用⁽²⁾（债券利息）	0.02	%
年度总基金运营费用⁽³⁾	1.31	%

\n\n \n \n\n \n \n\n \n \n

⁽¹⁾	该基金的投资顾问Tidal Investments LLC（“顾问”），一家Tidal Financial Group公司，将支付或要求子顾问支付基金产生的所有费用（除顾问费和子顾问费外，视情况而定），不包括为投资目的进行借贷产生的利息费用、做空证券的股息和其他费用、税款、经纪佣金和其他在买卖证券及其他投资工具时产生的费用、收购基金的费用和开支、累计递延税负债、根据《1940年投资公司法》第12b-1条采用的任何分销计划下由基金支付的分销费用和开支，以及诉讼费用和其他非经常性或特殊费用。
⁽²⁾	基于本财年预计的金额。
⁽³⁾	投资于掉期的成本，包括掉期的嵌入成本和参考资产的运营费用，是一项间接费用，未包含在上述费用表中，也未在费用示例中体现。

费用示例

此\n示例旨在帮助您比较投资该基金与投资其他基金的成本。该示例假设您在所指示的时间段内投资 10,000 美元到该基金，然后在这些时间段结束时赎回或持有所有份额。该示例还假设您的投资每年有 5% 的回报，且基金的运营费用保持不变。该示例不考虑您在购买和出售份额时可能支付的经纪佣金。尽管您的实际成本可能更高或更低，但根据这些假设，您的成本将如下：

\n\n \n \n\n \n \n\n \n \n

1\n 年	3\n 年

$133	$415

投资组合\n周转率

该\n基金在购买和出售证券（或“周转”其投资组合）时会支付交易成本，例如佣金。\n较高的投资组合周转率可能表明较高的交易成本，并且在份额持有于应税账户时可能导致更高的税款。这些成本未反映在总年度基金运营费用或示例中，会影响基金的表现。由于该基金是新设立的，目前尚无投资组合周转信息。

主要\n投资策略

该\n基金是一种主动管理的交易所交易基金（“ETF”），通过使用衍生品，即掉期协议和/或上市期权合约，试图实现标的证券股价每日百分比变化的两倍（200%）。\n该基金旨在实现单日的百分比变化，而不是任何其他时间段。一个“单日”意味着“从一个交易日的常规交易收盘到下一个交易日的收盘”这一时间段。

如果\n该基金在实施其策略时遇到限制，无论是因为市场状况、衍生品可用性、交易对手问题或其他因素，该基金可能无法实现投资结果（在扣除费用和开支前）与标的证券每日表现的两倍（2x）相对应，且在这些期间可能回报大幅减少。在这些期间，该基金的实际杠杆水平可能与其预期目标存在显著差异，无论是盘中还是收盘时，可能导致显著较低的回报。

该\n基金可能会与金融机构签订一个或多个掉期协议，协议期限可能从一天到超过一年不等。通过每个掉期协议，该基金和金融机构将同意交换标的证券股价的收益（或收益率差异）。双方之间交换或“掉期”的总收益（即在扣除任何费用或开支之前的收益）是根据“名义金额”（即工具的面值）计算的，例如，代表标的证券的特定金额的收益或价值变化。

该基金也可能利用上市期权寻求对基础证券实现 2X 的杠杆敞口。该基金将主要采用短期（一个月或更短）实值看涨期权（行权价低于基础证券当前市场价格的期权，提供即时的内在价值）。此外，该基金可能使用其他期权策略来产生对基础证券的类似敞口，例如买入行权价相同的看涨期权和卖出看跌期权。这些期权允许该基金根据市场状况、流动性限制或其他可能影响掉期协议可用性或定价的因素来调整其杠杆策略。使用上市期权为追求基金的每日投资目标提供了额外的灵活性。在掉期可用性受限的情况下，该基金可能更多地依赖期权合约。此外，该基金可能因市场动态变化而使用期权。然而，使用期权合约通常比掉期效率较低，并可能增加基金无法实现其每日 2X 目标的可能性。

在每个交易日结束时，该基金的掉期和期权将使用市场估值进行估值，该基金的投资顾问将重新平衡该基金的持仓，试图维持该基金对基础证券的杠杆敞口约为基础证券每股价格的 200%。这种每日再平衡预计将导致高投资组合周转率。

关于在基金中假设投资的示例，请参阅基金招募说明书中题为“关于基金的额外信息 – 主要投资策略。”的部分

超过单日以上的基金业绩主要（但并非唯一）是以下因素的函数：a) 基础证券的波动性；b) 基础证券的业绩；c) 时间段；d) 与杠杆敞口相关的融资利率；以及 e) 其他基金费用。

该基金将持有资产以作为其衍生品头寸的抵押品。对于这些抵押品持仓，该基金可能投资于 (1) 美国政府证券，如美国财政部发行的国库券、票据和债券；(2) 货币市场基金；(3) 短期债券 ETF；和/或 (4) 公司债务证券，如商业票据和其他由被评为投资级或同等质量的商业机构发行的短期无担保本票。

该基金已采纳一项政策，即对具有经济特征的金融工具至少拥有 80% 的敞口，这些工具的业绩应等于基础证券股份每日业绩的 2X。该基金预计将其资产的 40% 至 60% 分配为掉期协议的抵押品或已购期权合约的溢价。

该基金根据 1940 年法案被归类为“非多元化”基金。该基金的投资策略预计将导致高年度投资组合周转率。

由于每日再平衡以及每日收益随时间的复利效应，基金在超过单日的持有期内的收益将是该期间内每日收益复利的结果，这与基础证券股份在同一期间内 200% 的收益很可能不同。如果基础证券的表现长期持平，基金将遭受损失；由于每日再平衡、基础证券股份的波动性以及复利效应，在基础证券表现超过单日期限的期间内，基金可能会随时间推移而亏损。因此，投资者不应计划在超过单日交易时间的时段内无监控地持有基金股份。

AmpliTech Group, Inc. (“AMPG”)

AmpliTech Group, Inc. 设计、工程制造并组装基于微波组件的放大器。AMPG 的产品包括射频放大器及相关子系统，工作频率范围为 50kHz 至 44GHz，包括低噪声放大器、中功率放大器、低温放大器，以及面向全球卫星通信、电信（5G & IoT）、太空、国防和量子计算市场的定制组装设计。AMPG 为航空航天、政府、国防和商业卫星等行业提供国内外客户服务。AmpliTech Group, Inc. 成立于 2010 年，是一家总部位于纽约 Hauppauge 的美国公司。

AMPG 的普通股在纳斯达克股票市场有限责任公司（“NASDAQ”）上市，交易代码为 AMPG。根据 AmpliTech Group, Inc. 最新提交的 10-K 文件，截至 2025 年 6 月 30 日，非关联方持有的注册人普通股的市值总额为 3727 万美元，基于注册人普通股的收盘价计算。

AMPG 根据 1934 年《证券交易法》（经修订，即“交易法”）注册登记。AMPG 根据交易法向 SEC 提供或提交的信息，可通过 SEC 文件号 001-40069 在 SEC 网站 www.sec.gov 上查阅。此外，关于 AmpliTech Group, Inc. 的信息也可通过新闻稿、报纸文章及其他公开传播的文件等来源获取。

本文件仅涉及本次发行的证券，不涉及 AMPG 的股份或其他 AMPG 证券。\n本基金关于 AMPG 的所有披露均源自公开可得的文件。本基金、Tidal Trust V（“信托”）或顾问，或其各自的关联方均未参与此类公开发行文件的准备，也未就 AMPG 的此类文件进行任何尽职调查。\n本基金、信托或顾问，或其各自的关联方均不作出任何陈述，即此类公开文件或关于 AMPG 的任何其他公开信息是准确或完整的。此外，本基金无法保证截至本文件日期之前发生的所有事件（包括可能影响上述公开文件准确性或完整性的事件）均已公开披露，这些事件可能影响 AMPG 的交易价格（因此也影响我们在定价证券时基金的单位价格）。任何此类事件的后续披露，或关于 AMPG 的重大未来事件的披露或未披露，都可能影响您收到的证券价值，从而影响证券价值。

本基金、信托、顾问或其各自的关联方均不对 AMPG 的业绩向您作出任何陈述。

本基金、Tidal Trust V 或 Tidal Investments LLC 与 AMPG 无关联、连接或合作关系。本基金并非由 AMPG 开发或创建，亦非由 AMPG 赞助、认可或批准。

此外，AMPG 未参与本基金投资策略的开发。AMPG 不选择或批准本基金的持仓组合，也不参与本基金的构建、设计或实施。AMPG 不就本基金或其业绩提供任何保证、担保或陈述。本文件内容不构成 AMPG 证券的要约。

本基金、信托、顾问或其各自的关联方均不声称对 AMPG 或其关联方拥有的任何商标拥有任何所有权权益。所有商标权利均由各自所有者保留。

由于本基金的投资策略，本基金的投资敞口集中在与底层证券相同的行业。截至本招股说明书日期，AMPG 被分配至电子设备、仪器和组件行业。

主要投资风险

投资本基金的主要风险总结如下。与任何投资一样，您可能损失本基金的全部或部分投资。这些风险中的部分或全部可能对基金每股净资产（“NAV”）、交易价格、收益率、总回报率以及/或实现其投资目标的能力产生不利影响。有关投资本基金风险的更多信息，请参阅本基金招股说明书中题为“关于本基金的额外信息——投资本基金的主要风险”的部分。

投资本基金存在风险。本基金可能无法实现其投资目标，且您可能面临损失在基金中投入的全部资金的风险。本基金并非完整的投资计划。此外，本基金还面临传统上与其他 ETF 不相关的风险。在投资本基金之前，投资者务必仔细审查下文列出的所有风险并加以理解。

下文总结的每一项风险均被视为投资本基金的“主要风险”，无论其出现的先后顺序如何。

AMPG 风险。 本基金投资于基于 AMPG 股价的掉期合约和期权。这使本基金面临与直接持有 AMPG 股份相同的某些风险，尽管它并未持有。由于本基金投资于基于 AMPG 价值的掉期合约和期权，本基金还可能面临以下风险：

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AMPG 间接投资风险。 AMPG 与信托、基金或顾问及其各自关联方无关联，未以任何方式参与此次发行，且在采取任何可能影响股份价值的公司行动时，无义务考虑您的股份。基金投资者将不拥有对 AMPG 管理的投票权或影响力，但将暴露于 AMPG（基础证券）的表现之下。投资者也将无权从 AMPG 获得股息或其他分配，但仍将受制于与持有基础证券相关的价格波动及其他风险。

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AMPG 交易风险。AMPG 的交易价格可能因各种因素而波动，并可能出现大幅波动。做市商也可能影响 AMPG 的交易活动，加剧市场不稳定。超出公司控制范围的市场认知和外部因素可能不成比例地影响 AMPG 的股价。此外，在市场波动期过后，公司面临证券集体诉讼。任何不利的判决或未来的股东诉讼都可能导致巨额成本，并分散管理层注意力和资源。如果 AMPG 交易暂停、退市或其股份市场出现重大中断，本基金可能在进入、修改或清算其敞口方面遇到困难。这些情况可能损害本基金实现其投资目标的能力，导致显著的跟踪误差，或在极端情况下，迫使本基金完全清算。

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AMPG 表现风险。AMPG 可能无法达到其公开公布的指导方针或其他业务预期，这可能导致 AMPG 的价格下跌。正确识别影响业务状况的关键因素并预测未来事件本质上是一个不确定的过程，AMPG 提供的指导方针最终可能不准确。如果 AMPG 的指导方针不准确，或因无法满足假设或各种风险和不确定性对其财务表现产生影响而导致其与实际结果不符，AMPG 发行普通股的市场价值可能会大幅下跌。

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电子设备、仪器与元件行业风险。 电子设备、仪器和元件行业的公司面临地缘政治紧张局势（如贸易战、制裁和出口管制）带来的风险，这些风险可能会破坏关键元件、原材料和先进技术的流动。此类干扰可能导致短缺、交货周期延长和成本增加。地缘政治事件还可能 destabilize 关键制造区域。这些公司可能严重依赖单一或少数供应商提供元件，从而增加了它们对自然灾害、工厂火灾、设备故障或罢工等不可预见事件的脆弱性。半导体等关键元件的产能有限以及关键矿物（如锂）的潜在稀缺，可能导致生产延误和成本增加。港口拥堵、集装箱短缺和运费上涨可能会阻碍元件的及时交付。元件可能在产品生命周期内变得过时，从而导致项目延误和额外成本。电子产品的消费者和行业需求波动可能导致市场快速转变，使生产预测变得困难，并可能导致库存过剩或错失销售机会。快速的技术变革（包括人工智能、5G（即指第五代蜂窝技术）和电动汽车的进步）在推动增长的同时，也要求公司通过持续创新和投资来保持竞争力。此外，技术进步对于维持该行业的竞争力至关重要，但研发工作的高成本和不确定的结果可能会带来财务风险。由于技术敏感性，该行业的公司面临更高的网络安全风险，而数据泄露可能导致运营中断、声誉受损和监管审查。

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监管与合规风险。 电子设备、仪器和元件行业的公司面临不同贸易政策、关税和出口管制带来的风险，这些风险可能产生合规负担并影响盈利能力，特别是对于在特定地区制造或采购的公司而言。与联网设备相关的网络安全和数据保护更严格的规则要求制造商投资于安全的产品开发。对环保设计、能源效率和可回收性的日益关注，要求遵守新的环境法规，这可能会因材料替代、测试和设备元件的重新设计而产生额外成本。

单一发行人风险。 发行人特有的属性可能导致投资该基金比传统的分散化投资或整个市场更具波动性。该基金专注于单一证券，其价值可能比传统的分散化投资或整个市场更具波动性，且表现可能与传统的分散化投资或整个市场的价值不同。此外，无论是否存在重大的公司行动（如重组、执法活动或收购）或不利的市场、经济或其他时期，基金都将试图在相关底层发行人的范围内实施其投资策略，并将在这些时期内不寻求采取临时防御性头寸。

复利与市场波动风险。 该基金具有每日杠杆投资目标，且超过一个交易日周期的基金表现将是该周期内每日收益的复利结果，这很可能与扣除基金管理费和其他费用前的底层证券表现的两倍（200%）不同。复利会影响所有投资，但对旨在复制每日杠杆收益并每日再平衡的基金影响更为显著。对于旨在复制底层证券每日表现两倍的基金，如果底层证券的不利每日表现减少了股东投资金额，任何进一步的不利每日表现都只会导致更小的美元损失，因为股东的投资已因之前的不利表现而减少。同样，然而，如果底层证券的有利每日表现增加了股东投资金额，由于股东投资已增加，未来不利表现导致的美元损失金额也会增加。

随着底层证券波动性的增加和持有期的延长，复利的影响变得更加显著。复利的影响将根据股东在基金中的投资持有时间和股东在基金投资持有期内底层证券的波动性，对每位股东产生不同的影响。

下图提供了底层证券波动性可能如何影响基金表现的示例。该图表说明了影响基金表现的两个因素——底层证券的波动性和底层证券的表现——的影响。底层证券的表现显示了底层证券股价在指定时间内的百分比变化，而底层证券的波动性是衡量该时间内回报波动幅度的统计指标。如下图所示，即使底层证券在两个相等时间周期内的表现相同，但由于这两个时间周期内底层证券的波动性（即底层证券股价波动幅度的差异）不同，且这两个时间周期内每日收益的复利作用，可能导致两个时间周期的基金表现截然不同。

给定以下因素的一组假设，可以估算出超过单日周期的基金表现：a) 基础证券的波动率；b) 基础证券的表现；c) 持续时间；d) 杠杆敞口相关的融资利率；以及 e) 其他基金费用。该图表显示了在一年期内，针对基础证券波动率和基础证券表现的各种组合估算出的基金回报。图表中显示的表现假设： (i) 没有基金费用；(ii) 借入/贷出利率（用于获得杠杆敞口）为 0%。如果反映基金费用和/或实际借入/贷出利率，估算回报将与显示的不同。特别是在基础证券波动率较高的时期，复利效应将导致超过交易日的周期结果与基础证券表现的 2 倍（200%）不同。

如下图所示，如果基础证券的股价在一年内没有变化，且该基础证券经历了 25% 的年化波动率，则基金预计将亏损 6.1%。如果基础证券的年化波动率上升至 75%，则一年期的假设亏损将扩大至约 -43%。在较高的波动率范围内，即使基础证券股价没有变化，基金也有可能遭受重大价值损失。例如，如果基础证券的年化波动率为 100%，即使基础证券全年的股价累计变化为 0%，基金预计也将损失其价值的 63.2%。

红色（或深灰色）阴影区域代表基金预计回报低于基础证券表现两倍（200%）的场景，绿色（或浅灰色）阴影区域代表基金预计回报高于基础证券表现两倍（200%）的场景。由于上述因素或下文“每日相关性/跟踪风险”中讨论的任何因素，基金的实际表现可能与下图所示的表现有显著差异。

\n\n \n \n \n \n \n\n \n \n \n \n \n \n \n\n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n

200% 回报或两倍 \n 基础证券表现

基础证券表现	一年波动率
一年 \n 基础证券 \n 表现		2 倍 \n (200%) 的 \n 一年 \n 表现	10%	25%	50%	75%	100%
-60%		-120%	-84.2%	-85.0%	-87.5%	-90.9%	-94.1%
-50%		-100%	-75.2%	-76.5%	-80.5%	-85.8%	-90.8%
-40%		-80%	-64.4%	-66.2%	-72.0%	-79.5%	-86.8%
-30%		-60%	-51.5%	-54.0%	-61.8%	-72.1%	-82.0%
-20%		-40%	-36.6%	-39.9%	-50.2%	-63.5%	-76.5%
-10%		-20%	-19.8%	-23.9%	-36.9%	-53.8%	-70.2%
0%		0%	-1.0%	-6.1%	-22.1%	-43.0%	-63.2%
10%		20%	19.8%	13.7%	-5.8%	-31.1%	-55.5%
20%		40%	42.6%	35.3%	12.1%	-18.0%	-47.0%
30%		60%	67.3%	58.8%	31.6%	-3.7%	-37.8%
40%		80%	94.0%	84.1%	52.6%	11.7%	-27.9%
50%		100%	122.8%	111.4%	75.2%	28.2%	-17.2%
60%		120%	153.5%	140.5%	99.4%	45.9%	-5.8%

2021 年 9 月 30 日至 2026 年 9 月 30 日期间，基础证券的年化历史波动率为 102.75%。在此期间，任何单一日历年的最高波动率为 155.13%。在此期间，基础证券的年化表现为 -2.59%。历史基础证券波动率和表现并非对未来基础证券波动率和表现的指示。

每日相关性/跟踪风险。 基金无法保证其与基础证券保持高度杠杆相关性，从而实现其每日杠杆投资目标。为了与基础证券保持高度杠杆相关性，基金寻求每日重新平衡投资组合，以保持与每日杠杆投资目标一致的敞口。当基础证券在交易日收盘前波动时，基金对基础证券过度或不足敞口的可能性会增加。市场中断、监管限制和极端波动也将不利地影响基金调整敞口至所需水平的能力。如果发生重大的日内市场事件和/或基础证券经历显著上涨或下跌，基金可能无法实现其投资目标，无法适当重新平衡其投资组合，或可能经历显著的溢价或折价，或买卖价差扩大。

由于费用、开支、交易成本、使用衍生品相关的融资成本、对 ETF 的投资（直接或间接）、收入项目、估值方法、会计标准以及基金持有的证券或衍生品市场的中断或流动性不足，基金可能难以实现其每日杠杆投资目标。基金可能面临资产大量流入和流出，导致基金对基础证券过度或不足敞口。基金可能采取或不采取头寸以提高税务效率或遵守各种监管限制，这两者都可能对基金与基础证券的杠杆相关性产生负面影响。

杠杆风险。基金通过利用杠杆获得超过其净资产的投资敞口，在对其投资目标不利的市场条件下，其损失可能超过不利用杠杆的基金。投资于该基金面临基础证券每日表现下降被放大的风险。这意味着，对于基础证券股价每下跌 1%，基金的投资将被减少 2%，不包括杠杆融资成本和其他运营费用，这将进一步降低其价值。理论上，如果基础证券股价下跌超过 50%，基金可能损失超过其净资产。杠杆还将产生放大基金业绩与基础证券股价相关性任何差异的效果。

衍生品\n风险。衍生品是价值源自基础参考资产或资产的金融工具，例如股票、\n债券或基金（包括 ETF）、利率或指数。基金投资衍生品可能带来除直接投资证券或其他普通投资所涉及的风险之外，甚至更大的风险，包括与市场、杠杆、与基础投资或基金其他投资组合持仓 imperfect daily correlation（每日 imperfect 相关性）、\n更高的价格波动性、缺乏可用性、对手方风险、流动性、估值和法律限制相关的风险。使用衍生品是一项高度专业化的活动，涉及的投资技巧和风险与普通投资组合\n证券交易所涉及的风险不同。使用衍生品可能导致比直接投资证券更大的损失或更小的收益。\n当基金使用衍生品时，基础证券的股价与衍生品之间可能存在 imperfect correlation（相关性），这可能阻碍基金实现其投资目标。由于衍生品通常只需要有限的初始投资，使用衍生品可能会使基金面临超过最初投资金额的损失。

基金将受到与基金可能通过衍生品投资组合承担的风险价值水平相关的监管限制。如果基金在较长时间内超过这些监管阈值，基金可能会确定有必要调整基金的投资策略，包括基金期望的每日杠杆表现。

此外，基金投资衍生品面临以下风险：

掉期\n协议。使用掉期交易是一项高度专业化的活动，涉及的投资技巧和风险与普通投资组合\n证券交易所涉及的风险不同。基金能否成功使用掉期协议实现其投资目标，取决于顾问是否有能力按照基金的投资目标构建此类掉期协议，并识别这些掉期协议的对手方。如果顾问无法\n签订提供基础证券杠杆敞口的掉期协议，基金可能无法实现其既定的投资目标。此外，使用掉期交易相关的任何融资、借款或其他成本也可能产生降低基金收益的效果。

基金投资的掉期协议通常在场外市场交易，该市场通常缺乏交易所交易衍生品工具的透明度。在标准掉期交易中，双方同意交换特定预先确定的参考资产或基础证券或工具所赚取或实现的收益（或收益率差异）。双方之间要交换或掉期的总收益基于名义金额计算，或基于投资于证券篮子的特定美元金额的收益或价值变化计算。

如果基础证券出现剧烈波动，导致基金净资产大幅缩水，基金与其对手方之间的掉期协议条款可能允许对手方立即与基金平仓掉期交易。在此情况下，基金可能无法签订另一份掉期协议或投资其他衍生品，以实现与基金投资目标一致的敞口。这可能会阻止基金实现其杠杆投资目标，即使基础证券后来逆转了其全部或部分走势。

期权合约。 使用期权合约涉及与普通投资组合证券交易相关的投资策略和风险不同的投资策略和风险。期权价格波动剧烈，并受到多种因素影响，包括标的工具价值（包括预期波动率）的实际和预期变化，而这些变化又受到财政和货币政策以及国内外政治的影响，标的工具实际或隐含波动率或参考资产的变化，期权合约到期前剩余时间以及经济事件的影响。基金投资的期权合约的价值在很大程度上受到基础证券价值的影响。基金可能从特定的期权头寸中遭受重大损失，且基金持有的某些期权头寸可能到期一文不值。基金持有的期权可在到期日以行权价行权。随着期权临近到期日，其价值通常越来越与标的工具的价值同步变动。然而，在此日期之前，期权价值通常不会以与标的工具相同的速率上涨或下跌。期权合约价值变动与标的工具变动之间可能存在不完美的相关性，且某些期权合约可能没有流动的二级市场。基金持有的期权的价值将根据市场报价或其他公认定价方法确定。此外，由于基金旨在通过使用期权合约持续保持对基础证券的间接敞口，随着持有的期权合约被行权或到期，基金将签订新的期权合约，这种做法被称为“滚动”。如果到期的期权合约产生的收益不足以覆盖签订新期权合约的成本，基金可能会遭受损失。使用期权产生杠杆作用会引入额外风险，包括市场走势不利时可能造成重大损失。期权固有的杠杆作用可以放大收益和损失，导致波动性增加和潜在的重大损失，特别是在市场不确定或流动性低的时期。此外，如果基础证券价值走势对其头寸不利，基金可能会遭受损失，从而导致已支付的权利金完全损失。

交易对手风险。 根据其投资策略所考虑的范围，基金可能会使用衍生工具（如期权、互换、期货合约和其他工具）来获得或管理投资敞口。衍生工具可能面临交易对手风险，即由于破产、无力偿债、财务困境、运营失败或其他违约行为，交易对手、清算会员或清算所可能不愿或无法履行对基金的义务。如果交易对手或清算会员违约，基金可能会损失交易的预期收益，或在收回抵押品或其他应收款时遇到延迟或成本，或者在无法找到替代交易的情况下被迫以不利条件进行替代交易。如果合适的交易对手或清算会员不可用，基金可能无法有效实施其投资策略。

日内投资风险。 基金从某个交易日的市场收盘到下一个交易日的市场收盘期间寻求投资回报。在二级市场中，基金的日内投资敞口取决于第一个交易日市场收盘时底层证券的份额价格与购买时底层证券的份额价格之间的差异。如果底层证券的份额价格上涨，基金的净资产将大约增加两倍于基金敞口的金额。相反，如果底层证券的份额价格下跌，基金的净资产将大约减少两倍于基金敞口的金额。因此，日内购买份额的投资者可能会经历表现优于或低于基金所声明的底层证券杠杆表现的情况。

如果出现重大日内市场事件和/或底层证券的证券出现重大涨跌，基金可能无法实现其投资目标或适当重新平衡其投资组合。

固定收益证券风险。当基金投资于固定收益证券时，您在基金中的投资价值将随着利率的变化而波动。通常，利率上升会导致基金持有的固定收益证券价值下降。一般来说，久期较长的固定收益证券的市场价格对利率变化的反应会比短期证券更大。其他风险因素包括信用风险（债务人可能违约）、展期风险（发行人可能比预期更晚行使偿还固定利率义务的权力）以及提前偿付风险（债务人可能提前偿付其义务，从而减少利息支付金额）。这些风险可能会影响基金特定投资的价值，可能导致基金的份额价格和总回报减少，并且波动性大于其他类型的投资。

风险再平衡。如果由于任何原因，基金无法再平衡其投资组合的全部或部分，或者其投资组合的全部或部分被错误地再平衡，那么基金的投资敞口可能与基金的投资目标不一致。在这种情况下，基金可能对底层证券有显著高于或低于其声明的投资目标的投资敞口。因此，由于未正确再平衡，基金可能面临杠杆风险，并可能无法实现其投资目标。

ETF风险

授权参与者、做市商和流动性提供方集中风险。 基金授权的可以直接从基金购买和赎回份额的金融机构数量有限（称为“授权参与者”或“APs”）。此外，市场上可能有有限数量的做市商和/或流动性提供方。如果以下任何一种情况发生，份额可能以显著低于净资产值（NAV）的价格交易，并可能面临退市：(i) 授权参与者退出业务或以其他方式无法处理创建和/或赎回订单，且没有其他授权参与者站出来提供这些服务；或 (ii) 做市商和/或流动性提供方退出业务或大幅减少其业务活动，且没有其他实体站出来履行其职能。

现金赎回风险。 基金的投资策略可能要求其以现金赎回份额或以其他方式将现金包括在其赎回收益中。例如，基金可能无法以实物形式赎回由基金持有的某些证券（例如，衍生工具）。在这种情况下，基金可能需要出售或平仓投资组合中的投资以获得分配赎回收益所需的现金。这可能导致基金确认其原本可能不会确认的资本利得。因此，基金可能比使用实物赎回流程时支付更高的年度资本利得分配。通过支付更高的年度资本利得分配，投资者可能面临更高的资本利得税。与现金赎回相关的成本可能包括基金原本可能不会产生的经纪成本。如果这些成本没有被授权参与者支付的交易费用抵消，这些成本可能会对基金造成影响，从而降低其净资产值。

买卖份额的成本。 买卖份额涉及某些成本，包括经纪佣金、经纪人施加的其他费用以及买卖差价。买卖差价代表投资者愿意买入份额的价格和愿意卖出份额的价格之间的差额。差价会根据份额的交易量和市场流动性随时间而变化。如果份额交易量和市场流动性较高，差价通常较低；如果份额交易量和市场流动性较低，差价通常较高。由于买卖份额的成本，频繁交易份额可能会降低投资回报，因此对于计划经常进行小额投资的投资者来说，投资于份额可能并不合适。

份额\n可能以不同于净资产值的价格交易。 与所有ETF一样，份额可以在二级市场以市场价格买卖。\n虽然预计份额的市场价格将接近基金的净资产值，但由于份额的供需或市场波动期间，市场价格可能在盘中高于净资产值（溢价）或低于净资产值（折价）。在市场波动时期，这种风险会加剧，特别是在市场大幅下跌期间，以及在二级市场中份额交易活动有限的时期，此时这种溢价或折价可能非常显著。

交易。\n尽管份额在像纳斯达克德克萨斯有限责任公司（“交易所”）这样的全国性证券交易所上市，\n并且可能在除交易所以外的美国交易所交易，但无法保证份额在任何股票交易所都有交易量，甚至可能根本无法交易。在市场压力条件下，份额的流动性可能会开始反映基金底层投资组合的流动性，这可能比份额本身显著不那么流动。这种对基金份额流动性的不利影响可能导致买卖价差扩大，以及基金份额的市场价格与其底层价值之间的差异。

流动性\n风险。在某些情况下，例如基金投资的金融工具的有序市场出现中断时，基金可能无法迅速或以顾问认为代表真实市场价格的价格获取或处置某些头寸。基金投资的金融工具的市场可能因多种事件而中断，包括但不限于经济危机、健康危机、自然灾害、过度波动、美国国内或国外的新立法或监管变化。这些情况可能会影响基金自身份额的流动性。

经济\n和市场风险。 全球各地的经济和金融市场正变得日益相互关联，这增加了某一国家或地区发生事件或状况可能对其他国家或地区的市场或发行人产生不利影响的可能性。由于多种因素，包括通货膨胀（或通货膨胀预期）、通货紧缩（或通货紧缩预期）、利率、特定产品或资源的全球需求、市场不稳定、金融系统不稳定、债务危机和降级、禁运、关税、制裁和其他贸易壁垒、监管事件、其他政府贸易或市场控制计划及相关地缘政治事件，基金投资组合中的证券可能表现不如一般金融市场、特定金融市场或其他资产类别的证券。此外，基金投资的价值可能因全球事件的发生而受到负面影响，例如战争、恐怖主义、环境灾难、自然灾害或事件、国家不稳定以及传染病流行或大流行。美国对从外国进口的商品征收的关税以及这些国家对美国商品征收的对等关税也可能导致国内和国外市场的波动和不稳定。

High\nPortfolio Turnover Risk. Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes\na much greater number of portfolio transactions when compared to most ETFs. Additionally, active market trading of the Fund’s\nShares on exchanges (such as the Exchange), could cause more frequent creation and redemption activities, which could increase\nthe number of portfolio transactions. Frequent and active trading may lead to higher transaction costs because of increased broker\ncommissions resulting from such transactions. In addition, there is the possibility of significantly increased short-term capital\ngains (which will be taxable to shareholders as ordinary income when distributed to them). The Fund calculates portfolio turnover\nwithout including the short-term cash instruments or derivative transactions that comprise the majority of the Fund’s trading.\nAs such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would\nbe significantly higher.

Tracking\nError Risk. Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims\nto replicate two times the daily percentage change in the price of the Underlying Security. Tracking error may occur for a number\nof reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of\ndividends, being under- or overexposed to the Underlying Security or the need to meet new or existing regulatory requirements.\nTracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions.\nThe Fund may be required to deviate from its investment objectives, and therefore experience tracking error, as a result of market\nrestrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by\nthe Adviser and its affiliates.

Liquidity\nRisk. Some securities held by the Fund may be difficult to sell or be illiquid, particularly during times of market turmoil.\nMarkets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic\ncrisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid\nsecurities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell an illiquid security\nat an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the\nFund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance\nthat a security that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund.

Money\nMarket Instrument Risk. The Fund may use a variety of money market instruments for cash management purposes, including money\nmarket funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities\nagrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk\nrelated to the collateral securing the repurchase agreement. Money market instruments may lose money.

New\nFund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective\ninvestors do not have a track record or history on which to base their investment decisions.

Non-Diversification\nRisk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities\nof 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\ninvestment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater\ndegree than if the Fund held a more diversified portfolio. This may increase the Fund’s volatility and cause the performance\nof a relatively smaller number of issuers to have a greater impact on the Fund’s performance.

Trading\nHalt Risk. Although the Underlying Security’s shares are listed for trading on an exchange, there can be no assurance\nthat an active trading market for such shares will be available at all times and the Exchange may halt trading of such shares\nin certain circumstances. A halt in trading in the Underlying Security’s shares is expected, in turn, to result in a halt\nin the trading in the Fund’s Shares. Trading in the Underlying Security’s and/or Fund’s Shares on the Exchange\nmay be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in the Underlying Security’s\nand/or Fund’s Shares inadvisable. In addition, trading in Underlying Security’s and/or Fund’s Shares on an exchange\nis subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.\nIn the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties\nthat are necessary to implement the Fund’s investment strategy.

Operational\nRisk. The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing\nand communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate\nprocesses and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any\ndelay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment\nobjective. Although the Fund and the Fund’s investment advisor seek to reduce these operational risks through controls and\nprocedures, there is no way to completely protect against such risks.

U.S.\nGovernment and U.S. Agency Obligations Risk. The Fund may invest in securities issued by the U.S. government or its agencies\nor instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the\nU.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government\nobligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing\nagency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing\nor guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no\nassurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored\nenterprises) where it is not obligated to do so.

Tax\nRisk. The Fund intends to elect and to qualify each year to be treated as a regulated investment company (a “RIC”)\nunder Subchapter M of the Internal Revenue Code of 1986, as amended (“Code”). As a RIC, the Fund will not be subject\nto U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to shareholders,\nprovided that it satisfies certain requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain\nrelief provisions are not available, the Fund’s taxable income will be subject to tax at the Fund level and to a further\ntax at the shareholder level when such income is distributed. To comply with the asset diversification test applicable to a RIC,\nthe Fund will attempt to ensure that the value of swap contracts and options on shares of a single issuer does not exceed 25%\nof the Fund’s value at the close of any quarter. If the value of swap contracts and options on shares of a single issuer\nwere to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure\nsuch lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC.

Performance

Performance\ninformation for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date\nof this Prospectus. When such information is included, this section will provide some indication of the risks of investing in\nthe Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average\nannual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no\nguarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing\nin the Fund. Updated performance information will be available on the Fund’s website at https://www.defianceetfs.com.

Management

Investment\nAdviser: Tidal Investments LLC serves as investment adviser to the Fund.

Portfolio\nManagers:

The\nfollowing individuals are jointly and primarily responsible for the day-to-day management of the Fund.

Christopher\nP. Mullen, Portfolio Manager for the Adviser, has been a portfolio manager of the Fund since its inception in 2026.

Brett\nJohnson, Portfolio Manager for the Adviser, has been a portfolio manager of the Fund since its inception in 2026.

Purchase\nand Sale of Shares

The\nFund issues and redeems Shares at NAV only in large blocks known as “Creation Units,” which only APs (typically, broker-dealers)\nmay purchase or redeem. The Fund generally issues and redeems Creation Units in exchange for a portfolio of securities (the “Deposit\nSecurities”) and/or a designated amount of U.S. cash.

Shares\nare listed on a national securities exchange, such as the Exchange, and individual Shares may only be bought and sold in the secondary\nmarket through brokers at market prices, rather than NAV. Because Shares trade at market prices rather than NAV, Shares may trade\nat a price greater than NAV (premium) or less than NAV (discount).

An\ninvestor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase Shares\n(the “bid” price) and the lowest price a seller is willing to accept for Shares (the “ask” price) when\nbuying or selling Shares in the secondary market. This difference in bid and ask prices is often referred to as the “bid-ask\nspread.”

When\navailable, information regarding the Fund’s NAV, market price, how often Shares traded on the Exchange at a premium or discount,\nand bid-ask spreads can be found on the Fund’s website at https://www.defianceetfs.com.

Tax\nInformation

Fund\ndistributions are generally taxable as ordinary income, qualified dividend income, or capital gains (or a combination), unless\nan investment is in an individual retirement account (“IRA”) or other tax-advantaged account. Distributions on investments\nmade through tax-deferred arrangements may be taxed later upon withdrawal of assets from those accounts.

Financial\nIntermediary Compensation

If\nyou purchase Shares through a broker-dealer or other financial intermediary (such as a bank) (an “Intermediary”),\nthe Adviser or its affiliates may pay Intermediaries for certain activities related to the Fund, including participation in activities\nthat are designed to make Intermediaries more knowledgeable about exchange-traded products, including the Fund, or for other activities,\nsuch as marketing, educational training, or other initiatives related to the sale or promotion of Shares. These payments may create\na conflict of interest by influencing the Intermediary and your salesperson to recommend the Fund over another investment. Any\nsuch arrangements do not result in increased Fund expenses. Ask your salesperson or visit the Intermediary’s website for\nmore information.

SUMMARY\nINFORMATION

DEFIANCE\nDAILY TARGET 2X LONG BRUN ETF – FUND SUMMARY

Important\nInformation About the Fund

The\nDefiance Daily Target 2X Long BRUN ETF (the “Fund”) seeks daily leveraged investment results of two times (200%) the\ndaily percentage change in the share price of Boost Run Inc. (NASDAQ: BRUN) (the “Underlying Security” or “BRUN”).\nBecause the Fund seeks daily leveraged investment results, it is very different from most other exchange-traded funds. It is also\nriskier than alternatives that do not use leverage.

The\nreturn for investors that invest for periods longer or shorter than a trading day should not be expected to be 200% of the performance\nof the Underlying Security’s shares for the period. The return of the Fund for a period longer than a trading day will be\nthe result of each trading day’s compounded return during such period held, which will very likely differ from 200% of the\nreturn of the Underlying Security’s shares for that period. Holding shares of the Fund for longer than a single day and\nhigher volatility of the Underlying Security’s shares increase the impact of compounding on an investor’s returns,\nwhich may have a negative or positive impact on an investor’s returns. During periods of higher Underlying Security share\nprice volatility, the volatility of the Underlying Security’s shares may affect the Fund’s return as much as, or more\nthan, the return of the Underlying Security’s shares. The impact of compounding will impact each shareholder differently\ndepending on the period of time an investment in the Fund is held and the volatility of the Underlying Security’s shares\nduring a shareholder’s holding period of an investment in the Fund. See “Principal Investment Risks – Compounding\nand Market Volatility Risk” below for an example of how volatility of the Underlying Security’s shares may affect\nthe Fund’s return as much as, or more than, the return of the Underlying Security’s shares.

The\nFund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the\npotential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage,\nand are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors\nwho do not intend to actively monitor and manage their portfolios. For periods longer than a single day, the Fund will lose money\nif the Underlying Security’s performance is flat, and it is possible that the Fund will lose money even if the Underlying\nSecurity’s performance increases over a period longer than a single day. An investor could lose the full principal value\nof his/her investment within a single day.

Investment\nObjective

The\nFund seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price\nof Boost Run Inc. (NASDAQ: BRUN). The Fund does not seek to achieve its stated investment objective for a period other than a\nsingle trading day.

Fees\nand Expenses of the Fund

This\ntable describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You\nmay pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table\nand Example below.

\n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n

Annual Fund Operating Expenses^(1)\n(expenses that you pay each year as a percentage of the value of your investment)
Management Fee	1.29	%
Distribution and Service (12b-1) Fees	None
Other Expenses⁽²⁾ (broker interest)	0.02	%
Total Annual Fund Operating Expenses⁽³⁾	1.31	%

\n\n \n \n\n \n \n\n \n \n

⁽¹⁾	The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses.
⁽²⁾	Based on estimated amounts for the current fiscal year.
⁽³⁾	The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.

Expense\nExample

This\nExample is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example\nassumes 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\nof those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating\nexpenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and\nsales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

\n\n \n \n\n \n \n\n \n \n

1\n Year	3\n Years

$133	$415

Portfolio\nTurnover

The\nFund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio).\nA higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in\na taxable account. These costs, which are not reflected in total annual fund operating expenses or in the Example, affect the\nFund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available.

Principal\nInvestment Strategies

The\nFund is an actively managed exchange traded fund (“ETF”) that attempts to achieve two times (200%) the daily percentage\nchange in the share price of the Underlying Security by employing derivatives, namely swap agreements and/or listed options contracts.\nThe Fund aims to achieve this daily percentage change for a single day, and not for any other period. A “single day”\nmeans the period “from the close of regular trading on one trading day to the close on the next trading day.”

If\nthe Fund encounters limitations in implementing its strategies, whether due to market conditions, derivative availability, counterparty\nissues, or other factors, the Fund may not achieve investment results, before fees and expenses, that correspond to two times\n(2x) the daily performance of the Underlying Security, and may return substantially less during such periods. During such periods,\nthe Fund’s actual leverage levels may differ substantially from its intended target, both intraday and at the close of trading,\npotentially resulting in significantly lower returns.

The\nFund may enter into one or more swap agreements with financial institutions for a specified period, which may range from one day\nto longer than a year. Through each swap agreement, the Fund and the financial institution will agree to exchange the return (or\ndifferentials in rates of return) earned or realized on the Underlying Security’s share price. The gross return (meaning\nthe return before deducting any fees or expenses) to be exchanged or “swapped” between the parties is calculated with\nrespect to a “notional amount,” (meaning the face amount of the instrument) e.g., the return on or change in value\nof a particular dollar amount representing the Underlying Security.

The\nFund may also utilize listed options to seek to achieve leveraged 2X exposure to the Underlying Security. The Fund will primarily\nemploy short-dated (a month or less) in-the-money call options (options with strike prices below the current market price of the\nUnderlying Security, offering immediate intrinsic value). Additionally, the Fund may use other option strategies to produce similar\nexposure to the Underlying Security, like buying calls and selling puts with identical strike prices. These options allow the\nFund to adjust its leverage strategy in response to market conditions, liquidity constraints, or other factors that may affect\nthe availability or pricing of swap agreements. The use of listed options provides additional flexibility in pursuing the Fund’s\ndaily investment objective. In situations where swap availability is constrained, the Fund may rely more heavily on options contracts.\nAdditionally, the Fund may use options in response to changing market dynamics. However, the use of option contracts is typically\nless efficient than swaps and may increase the likelihood that the Fund is unable to achieve its daily 2X objective.

At\nthe end of each day, the Fund’s swaps and options are valued using market valuations and the Fund’s investment adviser\nrebalances the Fund’s holdings in an attempt to maintain leveraged exposure for the Fund equal to approximately 200% of\nthe Underlying Security’s share price. This daily rebalancing is expected to result in high portfolio turnover.

For\nexamples of a hypothetical investment in the Fund, see the section in the Fund’s Prospectus titled “Additional\nInformation About the Fund – Principal Investment Strategies.”

Fund\nperformance for periods greater than one single day is primarily (but not solely) a function of the following factors: a) the\nUnderlying Security volatility; b) the Underlying Security’s performance; c) period of time; d) financing rates associated\nwith leveraged exposure; and e) other Fund expenses.

The\nFund will hold assets to serve as collateral for its derivatives positions. For those collateral holdings, the Fund may invest\nin (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short\nterm bond ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes\nissued by businesses that are rated investment grade or of comparable quality.

The\nFund has adopted a policy to have at least 80% exposure to financial instruments with economic characteristics that should perform\n2X the daily performance of the Underlying Security’s shares. The Fund is expected to allocate between 40% and 60% of its\nassets as collateral for swap agreements or as premiums for purchased options contracts.

The\nFund is classified as “non-diversified” under the 1940 Act. The Fund’s investment strategy is expected to result\nin a high annual portfolio turnover rate.

Because\nof daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than\na single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200%\nof the return of the Underlying Security’s shares over the same period. The Fund will lose money if the Underlying Security’s\nperformance is flat over time, and because of daily rebalancing, the Underlying Security’s shares’ volatility and\nthe effects of compounding, the Fund may lose money over time while the Underlying Security’s performance increases over\na period longer than a single day. As a consequence, investors should not plan to hold shares of the Fund unmonitored for periods\nlonger than a single trading day.

Boost\nRun Inc. (“BRUN”)

Boost\nRun Inc. is a cloud infrastructure provider focused on artificial intelligence and high-performance computing workloads.\nIts platform includes graphics processing unit compute and central processing unit nodes for executing compute-intensive tasks,\nmanaged Kubernetes orchestration for deploying and scaling containerized applications, shared network storage and networking fabric\nfor distributed workloads, and hyperscaler interconnects for integration with large public cloud providers. These services are\naccessed through a management console and an application programming interface layer that allow organizations to provision and\nscale resources across large numbers of nodes. Incorporated in 2025, BRUN is a U.S. company headquartered in Northbrook, IL.

Class\nA Common Stock of BRUN is listed on The Nasdaq Stock Market LLC (the “NASDAQ”) under ticker symbol BRUN.\nPer BRUN’s most recent 10-Q filing, as of June 30, 2026, the issuer had a total of 49,954,423 Class A Common\nStock outstanding.

BRUN\nis registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to\nor filed with the SEC by BRUN pursuant to the Exchange Act can be located by reference to SEC file number 001-43277 through the\nSEC’s website at www.sec.gov. In addition, information regarding BRUN may be obtained from other sources including, but\nnot limited to, press releases, newspaper articles and other publicly disseminated documents.

This\ndocument relates only to the securities offered hereby and does not relate to the shares of BRUN or other securities of BRUN.\nThe Fund has derived all disclosures contained in this document regarding BRUN from the publicly available documents. None of\nthe Fund, Tidal Trust V (the “Trust”), or the Adviser, or their respective affiliates has participated in the preparation\nof such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to BRUN.\nNone of the Fund, the Trust, or the Adviser, or their respective affiliates makes any representation that such publicly available\ndocuments or any other publicly available information regarding BRUN is accurate or complete. Furthermore, the Fund cannot give\nany assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness\nof the publicly available documents described above) that would affect the trading price of BRUN (and therefore the share price\nof the Fund at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the\ndisclosure of or failure to disclose material future events concerning BRUN could affect the value received with respect to the\nsecurities and therefore the value of the securities.

None\nof the Fund, the Trust, the Adviser, or their respective affiliates makes any representation to you as to the performance of BRUN.

NONE\nOF THE FUND, TIDAL TRUST V, OR TIDAL INVESTMENTS LLC IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH BRUN. THE FUND WAS NOT DEVELOPED\nOR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, BRUN.

Moreover,\nBRUN has not participated in the development of the Fund’s investment strategy. BRUN does not select or approve the Fund’s\nportfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. BRUN does not provide\nany assurances, guarantees, or representations regarding the Fund or its performance. Nothing herein shall be construed as an\noffer of any security by BRUN.

None\nof the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by BRUN\nor its affiliates. All rights in the trademarks are reserved by their respective owners.

Due\nto the Fund’s investment strategy, the Fund’s investment exposure is concentrated in the same industry as that assigned\nto the Underlying Security. As of the date of this Prospectus, BRUN is assigned to the IT Services industry.

Principal\nInvestment Risks

The\nprincipal risks of investing in the Fund are summarized below. As with any investment, there is a risk that you could lose all\nor a portion of your investment in the Fund. Some or all of these risks may adversely affect the Fund’s net asset value\n(“NAV”) per Share, trading price, yield, total return, and/or ability to meet its investment objective. For more information\nabout the risks of investing in the Fund, see the section in the Fund’s Prospectus titled “Additional Information\nAbout the Fund—Principal Risks of Investing in the Fund.”

An\ninvestment in the Fund entails risk. The Fund may not achieve its investment objective and there is a risk that you could lose\nall of your money invested in the Fund. The Fund is not a complete investment program. In addition, the Fund presents risks not\ntraditionally associated with other ETFs. It is important that investors closely review all of the risks listed below and understand\nthem before making an investment in the Fund.

Each\nrisk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which\nit appears.

BRUN\nRisks. The Fund invests in swap contracts and options that are based on the share price of BRUN. This subjects the Fund to\ncertain of the same risks as if it owned shares of BRUN, even though it does not. By virtue of the Fund’s investments in\nswap contracts and options that are based on the value of BRUN, the Fund may also be subject to the following risks:

\n\n \n \n \n

●

Indirect Investment\n in BRUN Risk. BRUN is not affiliated with the Trust, the Fund, or the Adviser, or their respective affiliates and is not\n involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that\n might affect the value of Shares. Investors in the Fund will not have voting rights or influence over the management of BRUN\n but will be exposed to the performance of BRUN (the Underlying Security). Investors will also not have the right to receive\n dividends or other distributions from BRUN, but will remain subject to price fluctuations and other risks associated with\n ownership of the Underlying Security.

\n\n \n \n \n

●

BRUN Trading\n Risk. The trading price of BRUN may be subject to volatility and could experience wide fluctuations due to various factors.\n Short sellers may also influence BRUN’s trading activity, contributing to market instability. Public perception and\n external factors beyond the company’s control may influence BRUN’s stock price disproportionately. Additionally,\n following periods of market volatility, companies have faced securities class action litigation. Any adverse judgment or future\n stockholder litigation could result in substantial costs and divert management’s attention and resources. In the event\n of a trading halt, delisting, or significant disruption in the market for BRUN’s shares, the Fund may experience difficulty\n entering, modifying, or liquidating its exposures. These conditions could impair the Fund’s ability to achieve its investment\n objective, result in significant tracking error, or, in extreme cases, force the Fund to liquidate entirely.

\n\n \n \n \n

●

BRUN Performance\n Risk. BRUN may fail to meet its publicly announced guidelines or other expectations about its business, which could cause\n the price of BRUN to decline. Correctly identifying key factors affecting business conditions and predicting future events\n is inherently an uncertain process, and the guidance BRUN provides may not ultimately be accurate. If BRUN’s guidance\n is not accurate or varies from actual results due to its inability to meet the assumptions or the impact on its financial\n performance that could occur as a result of various risks and uncertainties, the market value of common stock issued by BRUN\n could decline significantly.

\n\n \n \n \n

●

IT Services\n Industry Risks. Companies in the IT services industry may be significantly affected by changes in technology spending,\n client demand, and contract renewals. Profitability can be pressured by intense competition, especially as clients seek to\n reduce costs or transition to automated and cloud-based solutions. Many IT services companies depend on a limited number of\n large clients, which increases revenue concentration risk. The industry is labor-intensive and may be impacted by rising wage\n costs, talent shortages, or constraints on skilled worker mobility, particularly for offshore or outsourced service providers.\n Companies in this sector are also exposed to operational risks, including data breaches, cybersecurity threats, and disruptions\n in service delivery. Because IT services often span global operations and client bases, firms may face foreign exchange risk,\n regulatory compliance burdens, and geopolitical uncertainties. The stock prices of companies in the IT services industry may\n exhibit volatility due to rapid shifts in enterprise technology trends and fluctuations in global economic conditions.

Single\nIssuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled\ninvestment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security, may\nbe more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a\ntraditional pooled investment or the market as a whole. Additionally, the Fund will seek to employ its investment strategy as\nit relates to the underlying issuer regardless of whether there are significant corporate actions such as restructurings, enforcement\nactivity, or acquisitions or periods of adverse market, economic, or other conditions and will not seek to take temporary defensive\npositions during such periods.

Compounding\nand Market Volatility Risk. The Fund has a daily leveraged investment objective and the Fund’s performance for periods\ngreater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to\ndiffer from two times (200%) the Underlying Security’s performance, before the Fund’s management fee and other expenses.\nCompounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns and\nthat rebalance daily. For the Fund aiming to replicate two times the daily performance of the Underlying Security, if adverse\ndaily performance of the Underlying Security reduces the amount of a shareholder’s investment, any further adverse daily\nperformance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior\nadverse performance. Equally, however, if favorable daily performance of the Underlying Security increases the amount of a shareholder’s\ninvestment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment\nhas increased.

The\neffect of compounding becomes more pronounced as the Underlying Security’s volatility and the holding period increase. The\nimpact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held\nand the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.

The\nchart below provides examples of how the Underlying Security’s volatility could affect the Fund’s performance. The\nchart illustrates the impact of two factors that affect the Fund’s performance – the Underlying Security’s volatility\nand the Underlying Security’s performance. The Underlying Security’s performance shows the percentage change in the\nshare price of the Underlying Security over the specified time period, while the Underlying Security’s volatility is a statistical\nmeasure of the magnitude of fluctuations in the returns during that time period. As illustrated below, even if the Underlying\nSecurity’s performance over two equal time periods is identical, different Underlying Security volatility (i.e.,\nin magnitude of fluctuations in the share price of the Underlying Security) during the two time periods could result in drastically\ndifferent Fund performance for the two time periods because of compounding daily returns during the time periods.

Fund\nperformance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a)\nthe Underlying Security volatility; b) the Underlying Security performance; c) period of time; d) financing rates associated with\nleveraged exposure; and e) other Fund expenses. The chart shows estimated Fund returns for a number of combinations of Underlying\nSecurity volatility and Underlying Security performance over a one-year period. Performance shown in the chart assumes that: (i)\nthere were no Fund expenses; (ii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual\nborrowing/lending rates were reflected the estimated returns would be different than those shown. Particularly during periods\nof higher Underlying Security volatility, compounding will cause results for periods longer than a trading day to vary from two\ntimes (200%) the performance of the Underlying Security.

As\nshown in the chart below, the Fund would be expected to lose 6.1% if there was no change in the share price of the Underlying\nSecurity over a one-year period during which the Underlying Security experienced annualized volatility of 25%. If the Underlying\nSecurity’s annualized volatility were to rise to 75%, the hypothetical loss for a one-year period would widen to approximately\n-43%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if there were no change\nin the share price of the Underlying Security. For instance, if the Underlying Security’s annualized volatility is 100%,\nthe Fund would be expected to lose 63.2% of its value, even if the cumulative Underlying Security change in the share price of\nthe Underlying Security for the year was 0%.

Areas\nshaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than two times (200%) the performance\nof the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to\nreturn more than two times (200%) the performance of the Underlying Security. The Fund’s actual performance may be significantly\nbetter or worse than the performance shown below as a result of any of the factors discussed above or in the “Daily Correlation/Tracking\nRisk” below.

\n\n \n \n \n \n \n\n \n \n \n \n \n \n \n\n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n

Estimated\n Returns of 200% or Two Times \n Performance of the Underlying Security

Underlying\n Security Performance	One\n Year Volatility Rate
One\n Year \n Underlying \n Security		2X\n Times \n (200%) the \n One Year \n Performance	10%	25%	50%	75%	100%
-60%		-120%	-84.2%	-85.0%	-87.5%	-90.9%	-94.1%
-50%		-100%	-75.2%	-76.5%	-80.5%	-85.8%	-90.8%
-40%		-80%	-64.4%	-66.2%	-72.0%	-79.5%	-86.8%
-30%		-60%	-51.5%	-54.0%	-61.8%	-72.1%	-82.0%
-20%		-40%	-36.6%	-39.9%	-50.2%	-63.5%	-76.5%
-10%		-20%	-19.8%	-23.9%	-36.9%	-53.8%	-70.2%
0%		0%	-1.0%	-6.1%	-22.1%	-43.0%	-63.2%
10%		20%	19.8%	13.7%	-5.8%	-31.1%	-55.5%
20%		40%	42.6%	35.3%	12.1%	-18.0%	-47.0%
30%		60%	67.3%	58.8%	31.6%	-3.7%	-37.8%
40%		80%	94.0%	84.1%	52.6%	11.7%	-27.9%
50%		100%	122.8%	111.4%	75.2%	28.2%	-17.2%
60%		120%	153.5%	140.5%	99.4%	45.9%	-5.8%

The\nUnderlying Security’s annualized historical volatility rate for the period from May 11, 2026 (the earliest date available)\nto September 30, 2026 was 135.07%. The Underlying Security’s annualized performance during this period was -46.00%. Historical Underlying\nSecurity volatility and performance are not indications of what Underlying Security volatility and performance will be in the\nfuture.

Daily\nCorrelation/Tracking Risk. There is no guarantee that the Fund will achieve a high degree of leveraged correlation to the\nUnderlying Security and therefore achieve its daily leveraged investment objective. To achieve a high degree of leveraged correlation\nwith the Underlying Security, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its daily leveraged\ninvestment objective. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases\non days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions\nand extreme volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. If there\nis a significant intra-day market event and/or the Underlying Security experiences a significant increase or decline, the Fund\nmay not meet its investment objective, be able to rebalance its portfolio appropriately, or may experience significant premiums\nor discounts, or widened bid-ask spreads.

The\nFund may have difficulty achieving its daily leveraged investment objective due to fees, expenses, transaction costs, financing\ncosts related to the use of derivatives, investments in ETFs, directly or indirectly, income items, valuation methodology, accounting\nstandards and disruptions or illiquidity in the markets for the securities or derivatives held by the Fund. The Fund may be subject\nto large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying\nSecurity. The Fund may take or refrain from taking positions to improve the tax efficiency or to comply with various regulatory\nrestrictions, either of which may negatively impact the Fund’s leveraged correlation to the Underlying Security.

Leverage\nRisk. The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market\nconditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund\nis exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an\ninvestment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the share price of the Underlying\nSecurity, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The\nFund could theoretically lose an amount greater than its net assets in the event the share price of the Underlying Security declines\nmore than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with\nthe Underlying Security’s share price.

Derivatives\nRisk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks,\nbonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition\nto, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related\nto the market, leverage, imperfect daily correlations with underlying investments or the Fund’s other portfolio holdings,\nhigher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives\nis a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio\nsecurities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities.\nWhen the Fund uses derivatives, there may be imperfect correlation between the share price of the Underlying Security and the\nderivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited\ninitial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested.

The\nFund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative\nportfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it\nis necessary to make adjustments to the Fund’s investment strategy, including the desired daily leveraged performance for\nthe Fund.

In\naddition, the Fund’s investments in derivatives are subject to the following risks:

Swap\nAgreements. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks\ndifferent from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using\nswap agreements to achieve its investment goal depends on the ability of the Adviser to structure such swap agreements in accordance\nwith the Fund’s investment objective and to identify counterparties for those swap agreements. If the Adviser is unable\nto enter into swap agreements that provide leveraged exposure to the Underlying Security, the Fund may not meet its stated investment\nobjective. Additionally, any financing, borrowing or other costs associated with using swap transactions may also have the effect\nof lowering the Fund’s return.

The\nswap agreements in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency\nthan exchange-traded derivatives instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials\nin rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments. The\ngross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change\nin value of a particular dollar amount invested in a basket of securities.

If\nthe Underlying Security has a dramatic move that causes a material decline in the Fund’s net assets, the terms of a swap\nagreement between the Fund and its counterparty may permit the counterparty to immediately close out the swap transaction with\nthe Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve\nexposure consistent with the Fund’s investment objective. This may prevent the Fund from achieving its leveraged investment\nobjective, even if the Underlying Security later reverses all or a portion of its movement.

Options\nContracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary\nportfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated\nchanges in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary\npolicies and by national and international politics, changes in the actual or implied volatility or the reference asset, the time\nremaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund\ninvests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from\nspecific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are\nexercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly\nmoves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase\nor decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement\nin values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain\noptions contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized\npricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through\nthe use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts,\na practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the\ncost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces\nadditional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can\namplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of\nmarket uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against\nits positions, potentially resulting in a complete loss of the premium paid.

Counterparty\nRisk. To the extent contemplated by its investment strategy, the Fund may use derivative instruments, such as options, swaps,\nfutures contracts and other instruments, to obtain or manage investment exposure. Derivatives may be subject to counterparty risk,\nmeaning the risk that a counterparty, clearing member or clearing house will be unwilling or unable to perform its obligations\nto the Fund due to bankruptcy, insolvency, financial distress, operational failure or other default. If a counterparty or clearing\nmember defaults, the Fund may lose the expected benefit of the transaction, experience delays or costs in recovering collateral\nor other amounts owed to it, or be required to enter into replacement transactions on less favorable terms, if at all. The Fund\nalso may be unable to implement its investment strategy effectively if suitable counterparties or clearing members are unavailable.

Intra-Day\nInvestment Risk. The Fund seeks investment results from the close of the market on a given trading day until the close of\nthe market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is\na function of the difference between the share price of the Underlying Security at the market close on the first trading day and\nthe share price of the Underlying Security at the time of purchase. If the share price of the Underlying Security rises, the Fund’s\nnet assets will rise by approximately twice the amount as the Fund’s exposure. Conversely, if the share price of the Underlying\nSecurity declines, the Fund’s net assets will decline by approximately two times the amount as the Fund’s exposure.\nThus, an investor that purchases Shares intra-day may experience performance that is greater than, or less than, the Fund’s\nstated leveraged performance of the Underlying Security.

If\nthere is a significant intra-day market event and/or the securities of the Underlying Security experience a significant increase\nor decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately.

Fixed\nIncome Securities Risk. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate\nwith changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned\nby the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in\nresponse to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default),\nextension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected),\nand prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect\nthe value of a particular investment by the Fund, possibly causing the Fund’s Share price and total return to be reduced\nand fluctuate more than other types of investments.

Rebalancing\nRisk. If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio\nis rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective.\nIn these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than\nits stated investment objective. As a result, the Fund may be exposed to leverage risk because it had not been properly rebalanced\nand may not achieve its investment objective.

ETF\nRisks

Authorized\nParticipants, Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions\nthat are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”).\nIn addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either\nof the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business\nor otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services;\nor (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other\nentities step forward to perform their functions.

Cash\nRedemption Risk. The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash\nas part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund\n(e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the\ncash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized\nif 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\nredemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital\ngains taxes. The costs associated with cash redemptions may include brokerage costs that the Fund may not have incurred if it\nhad made the redemptions in-kind. These costs could be imposed on the Fund, decreasing its NAV, to the extent these costs are\nnot offset by a transaction fee payable by an authorized participant.

Costs\nof Buying or Selling Shares. Buying or selling Shares involves certain costs, including brokerage commissions, other charges\nimposed by brokers, and bid-ask spreads. The bid-ask spread represents the difference between the price at which an investor is\nwilling to buy Shares and the price at which an investor is willing to sell Shares. The spread varies over time based on the Shares’\ntrading volume and market liquidity. The spread is generally lower if Shares have more trading volume and market liquidity and\nhigher if Shares have little trading volume and market liquidity. Due to the costs of buying or selling Shares, frequent trading\nof Shares may reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly\nmaking small investments.

Shares\nMay Trade at Prices Other Than NAV. As with all ETFs, Shares may be bought and sold in the secondary market at market prices.\nAlthough it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market\nprice of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of\nShares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market\ndeclines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or\ndiscounts may be significant.

Trading.\nAlthough Shares are listed on a national securities exchange, such as The Nasdaq Stock\nMarket LLC (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance\nthat Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares\nmay begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than\nShares. This adverse effect on liquidity for the Fund’s shares may lead to wider bid-ask spreads and differences between\nthe market price of the Fund’s shares and the underlying value of the shares.

Liquidity\nRisk. In certain circumstances, such as the disruption of the orderly markets for the financial instruments in which the Fund\ninvests, the Fund might not be able to acquire or dispose of certain holdings quickly or at prices that represent true market\nvalue in the judgment of the Adviser. Markets for the financial instruments in which the Fund invests may be disrupted by a number\nof events, including but not limited to economic crises, health crises, natural disasters, excessive volatility, new legislation,\nor regulatory changes inside or outside of the U.S. These situations may have an impact on the liquidity of the Fund’s own\nshares.

Economic\nand Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases\nthe likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries\nor regions. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets,\na particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation),\ndeflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability,\nfinancial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events,\nother governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s\ninvestments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural\ndisasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs\non goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility\nand instability in domestic and foreign markets.

Performance

Management

Investment\nAdviser: Tidal Investments LLC serves as investment adviser to the Fund.

Portfolio\nManagers:

The\nfollowing individuals are jointly and primarily responsible for the day-to-day management of the Fund.

Christopher\nP. Mullen, Portfolio Manager for the Adviser, has been a portfolio manager of the Fund since its inception in 2026.

Brett\nJohnson, Portfolio Manager for the Adviser, has been a portfolio manager of the Fund since its inception in 2026.

Purchase\nand Sale of Shares

Tax\nInformation

Financial\nIntermediary Compensation

SUMMARY\nINFORMATION

DEFIANCE\nDAILY TARGET 2X LONG FCEL ETF – FUND SUMMARY

Important\nInformation About the Fund

The\nDefiance Daily Target 2X Long FCEL ETF (the “Fund”) seeks daily leveraged investment results of two times (200%) the\ndaily percentage change in the share price of FuelCell Energy, Inc. (NASDAQ: FCEL) (the “Underlying Security” or “FCEL”).\nBecause the Fund seeks daily leveraged investment results, it is very different from most other exchange-traded funds. It is also\nriskier than alternatives that do not use leverage.

Investment\nObjective

The\nFund seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price\nof FuelCell Energy, Inc. (NASDAQ: FCEL). The Fund does not seek to achieve its stated investment objective for a period other\nthan a single trading day.

Fees\nand Expenses of the Fund

\n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n

Annual Fund Operating Expenses^(1)\n(expenses that you pay each year as a percentage of the value of your investment)
Management Fee	1.29	%
Distribution and Service (12b-1) Fees	None
Other Expenses⁽²⁾ (broker interest)	0.02	%
Total Annual Fund Operating Expenses⁽³⁾	1.31	%

\n\n \n \n\n \n \n\n \n \n

⁽¹⁾	The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses.
⁽²⁾	Based on estimated amounts for the current fiscal year.
⁽³⁾	The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.

Expense\nExample

\n\n \n \n\n \n \n\n \n \n

1\n Year	3\n Years

$133	$415

Portfolio\nTurnover

Principal\nInvestment Strategies

For\nexamples of a hypothetical investment in the Fund, see the section in the Fund’s Prospectus titled “Additional\nInformation About the Fund – Principal Investment Strategies.”

The\nFund is classified as “non-diversified” under the 1940 Act. The Fund’s investment strategy is expected to result\nin a high annual portfolio turnover rate.

FuelCell\nEnergy, Inc. (“FuelCell” or “FCEL”)

FuelCell\nEnergy, Inc. is an energy technology company and stationary fuel cell manufacturer that manufactures and sells proprietary molten\ncarbonate fuel systems delivering large-scale, continuous clean power and advanced emissions management. FuelCell’s carbonate\nfuel cell systems are fuel-flexible, with the ability to run on biofuels, renewable natural gas, or hydrogen-hydrocarbon blends,\nand provide reliable baseload power, carbon capture, and thermal energy for chilling, heating, and process steam. FuelCell targets\na range of markets and applications with its products, including utilities and independent power producers, data centers, wastewater\ntreatment, commercial and hospitality, and microgrids, among others. FuelCell markets its products primarily in the U.S. and Canada,\nthe European Union, the United Kingdom, and priority Asian markets including South Korea, Singapore, Malaysia, and Thailand. Incorporated\nin 1999, FuelCell is a U.S. company headquartered in Danbury, CT.

Common\nstock of FuelCell is listed on The Nasdaq Stock Market LLC (the “NASDAQ”) under the ticker symbol FCEL. Per FCEL’s\nmost recent 10-K filing, as of April 30, 2025, the aggregate market value of the common stock of the registrant held by non-affiliates\nwas $93.08 million based on the closing price of the registrant’s common stock.

FCEL\nis registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to\nor filed with the SEC by FCEL pursuant to the Exchange Act can be located by reference to SEC file number 1-14204 through the\nSEC’s website at www.sec.gov. In addition, information regarding FCEL may be obtained from other sources including, but\nnot limited to, press releases, newspaper articles and other publicly disseminated documents.

This\ndocument relates only to the securities offered hereby and does not relate to the shares of FCEL or other securities of FCEL.\nThe Fund has derived all disclosures contained in this document regarding FCEL from the publicly available documents. None of\nthe Fund, Tidal Trust V (the “Trust”), or the Adviser, or their respective affiliates has participated in the preparation\nof such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to FCEL.\nNone of the Fund, the Trust, or the Adviser, or their respective affiliates makes any representation that such publicly available\ndocuments or any other publicly available information regarding FCEL is accurate or complete. Furthermore, the Fund cannot give\nany assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness\nof the publicly available documents described above) that would affect the trading price of FCEL (and therefore the share price\nof the Fund at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the\ndisclosure of or failure to disclose material future events concerning FCEL could affect the value received with respect to the\nsecurities and therefore the value of the securities.

None\nof the Fund, the Trust, the Adviser, or their respective affiliates makes any representation to you as to the performance of FCEL.

NONE\nOF THE FUND, TIDAL TRUST V, OR TIDAL INVESTMENTS LLC IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH FCEL. THE FUND WAS NOT DEVELOPED\nOR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, FCEL.

Moreover,\nFCEL has not participated in the development of the Fund’s investment strategy. FCEL does not select or approve the Fund’s\nportfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. FCEL does not provide\nany assurances, guarantees, or representations regarding the Fund or its performance. Nothing herein shall be construed as an\noffer of any security by FCEL.

None\nof the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by FCEL\nor its affiliates. All rights in the trademarks are reserved by their respective owners.

Principal\nInvestment Risks

Each\nrisk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which\nit appears.

FCEL\nRisks. The Fund invests in swap contracts and options that are based on the share price of FCEL. This subjects the Fund to\ncertain of the same risks as if it owned shares of FCEL, even though it does not. By virtue of the Fund’s investments in\nswap contracts and options that are based on the value of FCEL, the Fund may also be subject to the following risks:

\n\n \n \n \n

●

Indirect Investment\n in FCEL Risk. FCEL is not affiliated with the Trust, the Fund, or the Adviser, or their respective affiliates and is not\n involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that\n might affect the value of Shares. Investors in the Fund will not have voting rights or influence over the management of FCEL\n but will be exposed to the performance of FCEL (the Underlying Security). Investors will also not have the right to receive\n dividends or other distributions from FCEL, but will remain subject to price fluctuations and other risks associated with\n ownership of the Underlying Security.

\n\n \n \n \n

●

FCEL Trading\n Risk. The trading price of FCEL may be subject to volatility and could experience wide fluctuations due to various factors.\n Short sellers may also influence FCEL’s trading activity, contributing to market instability. Public perception and\n external factors beyond the company’s control may influence FCEL’s stock price disproportionately. Additionally,\n following periods of market volatility, companies have faced securities class action litigation. Any adverse judgment or future\n stockholder litigation could result in substantial costs and divert management’s attention and resources. In the event\n of a trading halt, delisting, or significant disruption in the market for FCEL’s shares, the Fund may experience difficulty\n entering, modifying, or liquidating its exposures. These conditions could impair the Fund’s ability to achieve its investment\n objective, result in significant tracking error, or, in extreme cases, force the Fund to liquidate entirely.

\n\n \n \n \n

●

FCEL Performance\n Risk. FCEL may fail to meet its publicly announced guidelines or other expectations about its business, which could cause\n the price of FCEL to decline. Correctly identifying key factors affecting business conditions and predicting future events\n is inherently an uncertain process, and the guidance FCEL provides may not ultimately be accurate. If FCEL’s guidance\n is not accurate or varies from actual results due to its inability to meet the assumptions or the impact on its financial\n performance that could occur as a result of various risks and uncertainties, the market value of common stock issued by FCEL\n could decline significantly.

\n\n \n \n \n\n \n \n \n

	●	Electrical\n Equipment Industry Risk. The electrical equipment industry can be significantly affected by general economic trends, including\n employment, economic growth, interest rates, and changes in commodity prices. Electrical equipment companies are subject to\n the risks of technical obsolescence, and their profitability may be affected by government regulation and spending, import\n controls and worldwide competition. Companies in these industries also can be adversely affected by liability for environmental\n damage, depletion of resources, and mandated expenditures for safety and pollution control. These factors may result in a\n material adverse impact on the Fund’s portfolio securities and the performance of the Fund.

Single\nIssuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled\ninvestment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security, may\nbe more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a\ntraditional pooled investment or the market as a whole. Additionally, the Fund will seek to employ its investment strategy as\nit relates to the underlying issuer regardless of whether there are significant corporate actions such as restructurings, enforcement\nactivity, or acquisitions or periods adverse of market, economic, or other conditions and will not seek to take temporary defensive\npositions during such periods.

\n\n \n \n \n \n \n\n \n \n \n \n \n \n \n\n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n

Estimated\n Returns of 200% or Two Times \n Performance of the Underlying Security

Underlying\n Security Performance	One\n Year Volatility Rate
One\n Year \n Underlying \n Security		2X\n Times \n (200%) the \n One Year \n Performance	10%	25%	50%	75%	100%
-60%		-120%	-84.2%	-85.0%	-87.5%	-90.9%	-94.1%
-50%		-100%	-75.2%	-76.5%	-80.5%	-85.8%	-90.8%
-40%		-80%	-64.4%	-66.2%	-72.0%	-79.5%	-86.8%
-30%		-60%	-51.5%	-54.0%	-61.8%	-72.1%	-82.0%
-20%		-40%	-36.6%	-39.9%	-50.2%	-63.5%	-76.5%
-10%		-20%	-19.8%	-23.9%	-36.9%	-53.8%	-70.2%
0%		0%	-1.0%	-6.1%	-22.1%	-43.0%	-63.2%
10%		20%	19.8%	13.7%	-5.8%	-31.1%	-55.5%
20%		40%	42.6%	35.3%	12.1%	-18.0%	-47.0%
30%		60%	67.3%	58.8%	31.6%	-3.7%	-37.8%
40%		80%	94.0%	84.1%	52.6%	11.7%	-27.9%
50%		100%	122.8%	111.4%	75.2%	28.2%	-17.2%
60%		120%	153.5%	140.5%	99.4%	45.9%	-5.8%

The\nUnderlying Security’s annualized historical volatility rate for the period from September 30, 2021 to September 30, 2026\nwas 146.03%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 274.02%.\nThe Underlying Security’s annualized performance during this period was -39.37%. Historical Underlying Security volatility\nand performance are not indications of what Underlying Security volatility and performance will be in the future.

In\naddition, the Fund’s investments in derivatives are subject to the following risks:

ETF\nRisks

Performance

Management

Investment\nAdviser: Tidal Investments LLC serves as investment adviser to the Fund.

Portfolio\nManagers:

The\nfollowing individuals are jointly and primarily responsible for the day-to-day management of the Fund.

Christopher\nP. Mullen, Portfolio Manager for the Adviser, has been a portfolio manager of the Fund since its inception in 2026.

Brett\nJohnson, Portfolio Manager for the Adviser, has been a portfolio manager of the Fund since its inception in 2026.

Purchase\nand Sale of Shares

Tax\nInformation

Financial\nIntermediary Compensation

SUMMARY\nINFORMATION

DEFIANCE\nDAILY TARGET 2X LONG FISN ETF – FUND SUMMARY

Important\nInformation About the Fund

The\nDefiance Daily Target 2X Long FISN ETF (the “Fund”) seeks daily leveraged investment results of two times (200%) the\ndaily percentage change in the share price of Deep Fission, Inc. (NASDAQ: FISN) (the “Underlying Security” or “FISN”).\nBecause the Fund seeks daily leveraged investment results, it is very different from most other exchange-traded funds. It is also\nriskier than alternatives that do not use leverage.

Investment\nObjective

The\nFund seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price\nof Deep Fission, Inc. (NASDAQ: FISN). The Fund does not seek to achieve its stated investment objective for a period other than\na single trading day.

Fees\nand Expenses of the Fund

\n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n

Annual Fund Operating Expenses^(1)\n(expenses that you pay each year as a percentage of the value of your investment)
Management Fee	1.29	%
Distribution and Service (12b-1) Fees	None
Other Expenses⁽²⁾ (broker interest)	0.02	%
Total Annual Fund Operating Expenses⁽³⁾	1.31	%

\n\n \n \n\n \n \n\n \n \n

⁽¹⁾	The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses.
⁽²⁾	Based on estimated amounts for the current fiscal year.
⁽³⁾	The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.

Expense\nExample

\n\n \n \n\n \n \n\n \n \n

1\n Year	3\n Years

$133	$415

Portfolio\nTurnover

Principal\nInvestment Strategies

For\nexamples of a hypothetical investment in the Fund, see the section in the Fund’s Prospectus titled “Additional\nInformation About the Fund – Principal Investment Strategies.”

The\nFund is classified as “non-diversified” under the 1940 Act. The Fund’s investment strategy is expected to result\nin a high annual portfolio turnover rate.

Deep\nFission, Inc. (“FISN”)

Deep\nFission, Inc. is a nuclear energy technology company developing a small modular reactor based on established pressurized water\nreactor technology which is designed for emplacement approximately one mile below earth’s surface in boreholes. The reactors\nwill leverage subsurface conditions to support key containment and operating functions, including the use of hydrostatic pressure\nfrom a water column within the borehole to support reactor operating pressure and cooling, and the surrounding geological formation\nto provide structural confinement and shielding. Each reactor is targeted to produce up to 15 megawatts of electric power and\nmay be deployed as a standalone unit or in clustered boreholes to support larger installations capable of supplying hundreds or\npotentially thousands of megawatts of capacity. Incorporated in 2023, FISN is a U.S. company headquartered in Berkeley, CA.

FISN\ncompleted its initial public offering (“IPO”) and commenced trading on June 18, 2026 on The Nasdaq Stock Market LLC\n(the “NASDAQ”) under the ticker symbol FISN. Per FISN’s most recent 10-Q filing, as of\nJuly 27, 2026, there were 58,905,938 shares of common stock issued and outstanding.

FISN\nis registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to\nor filed with the SEC by FISN pursuant to the Exchange Act can be located by reference to SEC file number 000-56407 through the\nSEC’s website at www.sec.gov. In addition, information regarding FISN may be obtained from other sources including, but\nnot limited to, press releases, newspaper articles and other publicly disseminated documents.

This\ndocument relates only to the securities offered hereby and does not relate to the shares of FISN or other securities of FISN.\nThe Fund has derived all disclosures contained in this document regarding FISN from the publicly available documents. None of\nthe Fund, Tidal Trust V (the “Trust”), or the Adviser, or their respective affiliates has participated in the preparation\nof such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to FISN.\nNone of the Fund, the Trust, or the Adviser, or their respective affiliates makes any representation that such publicly available\ndocuments or any other publicly available information regarding FISN is accurate or complete. Furthermore, the Fund cannot give\nany assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness\nof the publicly available documents described above) that would affect the trading price of FISN (and therefore the share price\nof the Fund at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the\ndisclosure of or failure to disclose material future events concerning FISN could affect the value received with respect to the\nsecurities and therefore the value of the securities.

None\nof the Fund, the Trust, the Adviser, or their respective affiliates makes any representation to you as to the performance of FISN.

NONE\nOF THE FUND, TIDAL TRUST V, OR TIDAL INVESTMENTS LLC IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH FISN. THE FUND WAS NOT DEVELOPED\nOR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, FISN.

Moreover,\nFISN has not participated in the development of the Fund’s investment strategy. FISN does not select or approve the Fund’s\nportfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. FISN does not provide\nany assurances, guarantees, or representations regarding the Fund or its performance. Nothing herein shall be construed as an\noffer of any security by FISN.

None\nof the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by FISN\nor its affiliates. All rights in the trademarks are reserved by their respective owners.

Principal\nInvestment Risks

Each\nrisk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which\nit appears.

FISN\nRisks. The Fund invests in swap contracts and options that are based on the share price of FISN. This subjects the Fund to\ncertain of the same risks as if it owned shares of FISN, even though it does not. By virtue of the Fund’s investments in\nswap contracts and options that are based on the value of FISN, the Fund may also be subject to the following risks:

\n\n \n \n \n

●

Indirect Investment\n in FISN Risk. FISN is not affiliated with the Trust, the Fund, or the Adviser, or their respective affiliates and is not\n involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that\n might affect the value of Shares. Investors in the Fund will not have voting rights or influence over the management of FISN\n but will be exposed to the performance of FISN (the Underlying Security). Investors will also not have the right to receive\n dividends or other distributions from FISN, but will remain subject to price fluctuations and other risks associated with\n ownership of the Underlying Security.

\n\n \n \n \n

●

FISN Trading\n Risk. The trading price of FISN may be subject to volatility and could experience wide fluctuations due to various factors.\n Short sellers may also influence FISN’s trading activity, contributing to market instability. Public perception and\n external factors beyond the company’s control may influence FISN’s stock price disproportionately. Additionally,\n following periods of market volatility, companies have faced securities class action litigation. Any adverse judgment or future\n stockholder litigation could result in substantial costs and divert management’s attention and resources. In the event\n of a trading halt, delisting, or significant disruption in the market for FISN’s shares, the Fund may experience difficulty\n entering, modifying, or liquidating its exposures. These conditions could impair the Fund’s ability to achieve its investment\n objective, result in significant tracking error, or, in extreme cases, force the Fund to liquidate entirely.

\n\n \n \n \n

●

FISN Performance\n Risk. FISN may fail to meet its publicly announced guidelines or other expectations about its business, which could cause\n the price of FISN to decline. Correctly identifying key factors affecting business conditions and predicting future events\n is inherently an uncertain process, and the guidance FISN provides may not ultimately be accurate. If FISN’s guidance\n is not accurate or varies from actual results due to its inability to meet the assumptions or the impact on its financial\n performance that could occur as a result of various risks and uncertainties, the market value of common stock issued by FISN\n could decline significantly.

\n\n \n \n \n

●

Independent\n Power and Renewable Electricity Producers Industry Risk. This industry includes companies involved in the\n generation and sale of electricity from independent power plants and renewable energy facilities such as solar, wind, hydroelectric,\n and battery storage. The industry is highly competitive and influenced by factors such as electricity demand, energy prices,\n and technological advancements. The prices of securities of companies in this industry may fluctuate widely due to general\n economic conditions, changes in energy market dynamics, and regulatory developments. Companies in this industry are subject\n to risks related to fuel supply and costs, renewable energy resource availability, and transmission infrastructure constraints.\n Additionally, the industry may be affected by legislative or regulatory changes, including renewable energy incentives, environmental\n standards, and carbon emission requirements. Operational risks, such as equipment failures, weather-related disruptions, and\n cybersecurity threats, can also have a significant impact on companies in this sector.

Single\nIssuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled\ninvestment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security, may\nbe more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a\ntraditional pooled investment or the market as a whole. Additionally, the Fund will seek to employ its investment strategy as\nit relates to the underlying issuer regardless of whether there are significant corporate actions such as restructurings, enforcement\nactivity, or acquisitions or periods adverse of market, economic, or other conditions and will not seek to take temporary defensive\npositions during such periods.

\n\n \n \n \n \n \n\n \n \n \n \n \n \n \n\n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n

Estimated\n Returns of 200% or Two Times \n Performance of the Underlying Security

Underlying\n Security Performance	One\n Year Volatility Rate
One\n Year \n Underlying \n Security		2X\n Times \n (200%) the \n One Year \n Performance	10%	25%	50%	75%	100%
-60%		-120%	-84.2%	-85.0%	-87.5%	-90.9%	-94.1%
-50%		-100%	-75.2%	-76.5%	-80.5%	-85.8%	-90.8%
-40%		-80%	-64.4%	-66.2%	-72.0%	-79.5%	-86.8%
-30%		-60%	-51.5%	-54.0%	-61.8%	-72.1%	-82.0%
-20%		-40%	-36.6%	-39.9%	-50.2%	-63.5%	-76.5%
-10%		-20%	-19.8%	-23.9%	-36.9%	-53.8%	-70.2%
0%		0%	-1.0%	-6.1%	-22.1%	-43.0%	-63.2%
10%		20%	19.8%	13.7%	-5.8%	-31.1%	-55.5%
20%		40%	42.6%	35.3%	12.1%	-18.0%	-47.0%
30%		60%	67.3%	58.8%	31.6%	-3.7%	-37.8%
40%		80%	94.0%	84.1%	52.6%	11.7%	-27.9%
50%		100%	122.8%	111.4%	75.2%	28.2%	-17.2%
60%		120%	153.5%	140.5%	99.4%	45.9%	-5.8%

The\nUnderlying Security’s annualized historical volatility rate for the period from June 18, 2026 (the earliest date available)\nto September 30, 2026 was 106.54%. The Underlying Security’s annualized performance during this period was -98.08%.\nHistorical Underlying Security volatility and performance are not indications of what Underlying Security volatility and performance\nwill be in the future.

In\naddition, the Fund’s investments in derivatives are subject to the following risks:

ETF\nRisks

Trading.\nAlthough Shares are listed on a national securities exchange, such as Nasdaq Texas, LLC (the “Exchange”), and\nmay be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or\nat all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the\nFund’s underlying portfolio holdings, which can be significantly less liquid than Shares. This adverse effect on liquidity\nfor the Fund’s shares may lead to wider bid-ask spreads and differences between the market price of the Fund’s shares\nand the underlying value of the shares.

Performance

Management

Investment\nAdviser: Tidal Investments LLC serves as investment adviser to the Fund.

Portfolio\nManagers:

The\nfollowing individuals are jointly and primarily responsible for the day-to-day management of the Fund.

Christopher\nP. Mullen, Portfolio Manager for the Adviser, has been a portfolio manager of the Fund since its inception in 2026.

Brett\nJohnson, Portfolio Manager for the Adviser, has been a portfolio manager of the Fund since its inception in 2026.

Purchase\nand Sale of Shares

Tax\nInformation

Financial\nIntermediary Compensation

SUMMARY\nINFORMATION

DEFIANCE\nDAILY TARGET 2X LONG FTNT ETF – FUND SUMMARY

Important\nInformation About the Fund

The\nDefiance Daily Target 2X Long FTNT ETF (the “Fund”) seeks daily leveraged investment results of two times (200%) the\ndaily percentage change in the share price of Fortinet, Inc. (NASDAQ: FTNT) (the “Underlying Security” or “FTNT”).\nBecause the Fund seeks daily leveraged investment results, it is very different from most other exchange-traded funds. It is also\nriskier than alternatives that do not use leverage.

Investment\nObjective

The\nFund seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price\nof Fortinet, Inc. (NASDAQ: FTNT). The Fund does not seek to achieve its stated investment objective for a period other than a\nsingle trading day.

Fees\nand Expenses of the Fund

\n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n

Annual Fund Operating Expenses^(1)\n(expenses that you pay each year as a percentage of the value of your investment)
Management Fee	1.29	%
Distribution and Service (12b-1) Fees	None
Other Expenses⁽²⁾ (broker interest)	0.02	%
Total Annual Fund Operating Expenses⁽³⁾	1.31	%

\n\n \n \n\n \n \n\n \n \n

⁽¹⁾	The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses.
⁽²⁾	Based on estimated amounts for the current fiscal year.
⁽³⁾	The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.

Expense\nExample

\n\n \n \n\n \n \n\n \n \n

1\n Year	3\n Years

$133	$415

Portfolio\nTurnover

Principal\nInvestment Strategies

For\nexamples of a hypothetical investment in the Fund, see the section in the Fund’s Prospectus titled “Additional\nInformation About the Fund – Principal Investment Strategies.”

The\nFund is classified as “non-diversified” under the 1940 Act. The Fund’s investment strategy is expected to result\nin a high annual portfolio turnover rate.

Fortinet,\nInc. (“FTNT”)

Fortinet,\nInc. is a cybersecurity company that focuses on the convergence of networking and security through its integrated platform, the\nFortinet Security Fabric, which spans secure networking, unified Secure Access Service Edge (“SASE”) and artificial\nintelligence (“AI”)-driven security operations. FTNT’s secure networking solutions operate across physical,\nvirtual, cloud and software-as-a-service form factors to converge networking and security, firewalls, secure Ethernet and wireless\nlocal area network, and 5G/LTE connectivity through its core technologies. FTNT’s unified SASE solutions deliver cloud-based\nsecure access for users and applications by combining networking, zero-trust access and cloud security tools on a single platform\nwith flexible licensing options and its AI-driven security operations tools provide centralized monitoring, automated threat detection\nand response, and supporting services to assist its customers with strengthening defenses across their technology environments.\nIncorporated in 2000, FTNT is a U.S. company headquartered in Sunnyvale, CA.

Common\nstock of FTNT is listed on The Nasdaq Stock Market LLC (the “NASDAQ”) under the ticker symbol FTNT. Per FTNT’s\nmost recent 10-K filing, as of June 30, 2025, the aggregate market value of the common equity of the registrant held by non-affiliates\nwas $56.84 billion based on the closing price of the registrant’s common stock.

FTNT\nis registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to\nor filed with the SEC by FTNT pursuant to the Exchange Act can be located by reference to SEC file number 001-34511 through the\nSEC’s website at www.sec.gov. In addition, information regarding FTNT may be obtained from other sources including, but\nnot limited to, press releases, newspaper articles and other publicly disseminated documents.

This\ndocument relates only to the securities offered hereby and does not relate to the shares of FTNT or other securities of FTNT.\nThe Fund has derived all disclosures contained in this document regarding FTNT from the publicly available documents. None of\nthe Fund, Tidal Trust V (the “Trust”), or the Adviser, or their respective affiliates has participated in the preparation\nof such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to FTNT.\nNone of the Fund, the Trust, or the Adviser, or their respective affiliates makes any representation that such publicly available\ndocuments or any other publicly available information regarding FTNT is accurate or complete. Furthermore, the Fund cannot give\nany assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness\nof the publicly available documents described above) that would affect the trading price of FTNT (and therefore the share price\nof the Fund at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the\ndisclosure of or failure to disclose material future events concerning FTNT could affect the value received with respect to the\nsecurities and therefore the value of the securities.

None\nof the Fund, the Trust, the Adviser, or their respective affiliates makes any representation to you as to the performance of FTNT.

NONE\nOF THE FUND, TIDAL TRUST V, OR TIDAL INVESTMENTS LLC IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH FTNT. THE FUND WAS NOT DEVELOPED\nOR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, FTNT.

Moreover,\nFTNT has not participated in the development of the Fund’s investment strategy. FTNT does not select or approve the Fund’s\nportfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. FTNT does not provide\nany assurances, guarantees, or representations regarding the Fund or its performance. Nothing herein shall be construed as an\noffer of any security by FTNT.

None\nof the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by FTNT\nor its affiliates. All rights in the trademarks are reserved by their respective owners.

Principal\nInvestment Risks

Each\nrisk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which\nit appears.

FTNT\nRisks. The Fund invests in swap contracts and options that are based on the share price of FTNT. This subjects the Fund to\ncertain of the same risks as if it owned shares of FTNT, even though it does not. By virtue of the Fund’s investments in\nswap contracts and options that are based on the value of FTNT, the Fund may also be subject to the following risks:

\n\n \n \n \n

●

Indirect Investment\n in FTNT Risk. FTNT is not affiliated with the Trust, the Fund, or the Adviser, or their respective affiliates and is not\n involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that\n might affect the value of Shares. Investors in the Fund will not have voting rights or influence over the management of FTNT\n but will be exposed to the performance of FTNT (the Underlying Security). Investors will also not have the right to receive\n dividends or other distributions from FTNT, but will remain subject to price fluctuations and other risks associated with\n ownership of the Underlying Security.

\n\n \n \n \n

●

FTNT Trading\n Risk. The trading price of FTNT may be subject to volatility and could experience wide fluctuations due to various factors.\n Short sellers may also influence FTNT’s trading activity, contributing to market instability. Public perception and\n external factors beyond the company’s control may influence FTNT’s stock price disproportionately. Additionally,\n following periods of market volatility, companies have faced securities class action litigation. Any adverse judgment or future\n stockholder litigation could result in substantial costs and divert management’s attention and resources. In the event\n of a trading halt, delisting, or significant disruption in the market for FTNT’s shares, the Fund may experience difficulty\n entering, modifying, or liquidating its exposures. These conditions could impair the Fund’s ability to achieve its investment\n objective, result in significant tracking error, or, in extreme cases, force the Fund to liquidate entirely.

\n\n \n \n \n

●

FTNT Performance\n Risk. FTNT may fail to meet its publicly announced guidelines or other expectations about its business, which could cause\n the price of FTNT to decline. Correctly identifying key factors affecting business conditions and predicting future events\n is inherently an uncertain process, and the guidance FTNT provides may not ultimately be accurate. If FTNT’s guidance\n is not accurate or varies from actual results due to its inability to meet the assumptions or the impact on its financial\n performance that could occur as a result of various risks and uncertainties, the market value of common stock issued by FTNT\n could decline significantly.

\n\n \n \n \n

●

Software Industry\n Risks. The software industry can be significantly affected by intense competition, aggressive pricing, technological innovations,\n and product obsolescence. Companies in the software industry are subject to significant competitive pressures, such as aggressive\n pricing, new market entrants, competition for market share, short product cycles due to an accelerated rate of technological\n developments and the potential for limited earnings and/or falling profit margins. These companies also face the risks that\n new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete.\n These factors can affect the profitability of these companies and, as a result, the value of their securities. Also, patent\n protection is integral to the success of many companies in this industry, and profitability can be affected materially by,\n among other things, the cost of obtaining (or failing to obtain) patent approvals, the cost of litigating patent infringement\n and the loss of patent protection for products (which significantly increases pricing pressures and can materially reduce\n profitability with respect to such products). In addition, many software companies have limited operating histories. Prices\n of these companies’ securities historically have been more volatile than other securities, especially over the short\n term. Companies in the application software industry, in particular, also may be negatively affected by the decline or fluctuation\n of subscription renewal rates for their products and services, dependence on cloud providers, the production of upgrades,\n and regional differences in adoption rates and regulatory environments, which may have an adverse effect on profit margins.

Estimated\n Returns of 200% or Two Times \n Performance of the Underlying Security

Underlying\n Security Performance	One\n Year Volatility Rate
One\n Year \n Underlying \n Security		2X\n Times \n (200%) the \n One Year \n Performance	10%	25%	50%	75%	100%
-60%		-120%	-84.2%	-85.0%	-87.5%	-90.9%	-94.1%
-50%		-100%	-75.2%	-76.5%	-80.5%	-85.8%	-90.8%
-40%		-80%	-64.4%	-66.2%	-72.0%	-79.5%	-86.8%
-30%		-60%	-51.5%	-54.0%	-61.8%	-72.1%	-82.0%
-20%		-40%	-36.6%	-39.9%	-50.2%	-63.5%	-76.5%
-10%		-20%	-19.8%	-23.9%	-36.9%	-53.8%	-70.2%
0%		0%	-1.0%	-6.1%	-22.1%	-43.0%	-63.2%
10%		20%	19.8%	13.7%	-5.8%	-31.1%	-55.5%
20%		40%	42.6%	35.3%	12.1%	-18.0%	-47.0%
30%		60%	67.3%	58.8%	31.6%	-3.7%	-37.8%
40%		80%	94.0%	84.1%	52.6%	11.7%	-27.9%
50%		100%	122.8%	111.4%	75.2%	28.2%	-17.2%
60%		120%	153.5%	140.5%	99.4%	45.9%	-5.8%

The\nUnderlying Security’s annualized historical volatility rate for the period from September 30, 2021 to September 30, 2026\nwas 45.20%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 54.89%. The\nUnderlying Security’s annualized performance during this period was 25.06%. Historical Underlying Security volatility and\nperformance are not indications of what Underlying Security volatility and performance will be in the future.

In\naddition, the Fund’s investments in derivatives are subject to the following risks:

ETF\nRisks

Performance

Management

Investment\nAdviser: Tidal Investments LLC serves as investment adviser to the Fund.

Portfolio\nManagers:

The\nfollowing individuals are jointly and primarily responsible for the day-to-day management of the Fund.

Christopher\nP. Mullen, Portfolio Manager for the Adviser, has been a portfolio manager of the Fund since its inception in 2026.

Brett\nJohnson, Portfolio Manager for the Adviser, has been a portfolio manager of the Fund since its inception in 2026.

Purchase\nand Sale of Shares

Tax\nInformation

Financial\nIntermediary Compensation

DEFIANCE\nDAILY TARGET 2X LONG GRRR ETF – FUND SUMMARY

Important\nInformation About the Fund

The\nDefiance Daily Target 2X Long GRRR ETF (the “Fund”) seeks daily leveraged investment results of two times (200%) the\ndaily percentage change in the share price of Gorilla Technology Group, Inc. (NASDAQ: GRRR) (the “Underlying Security”\nor “GRRR”). Because the Fund seeks daily leveraged investment results, it is very different from most other exchange-traded\nfunds. It is also riskier than alternatives that do not use leverage.

Investment\nObjective

The\nFund seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price\nof Gorilla Technology Group, Inc. (NASDAQ: GRRR). The Fund does not seek to achieve its stated investment objective for a period\nother than a single trading day.

Fees\nand Expenses of the Fund

\n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n

Annual Fund Operating Expenses^(1)\n(expenses that you pay each year as a percentage of the value of your investment)
Management Fee	1.29	%
Distribution and Service (12b-1) Fees	None
Other Expenses⁽²⁾ (broker interest)	0.02	%
Total Annual Fund Operating Expenses⁽³⁾	1.31	%

\n\n \n \n\n \n \n\n \n \n

⁽¹⁾	The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses.
⁽²⁾	Based on estimated amounts for the current fiscal year.
⁽³⁾	The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.

Expense\nExample

\n\n \n \n\n \n \n\n \n \n

1\n Year	3\n Years

$133	$415

Portfolio\nTurnover

Principal\nInvestment Strategies

For\nexamples of a hypothetical investment in the Fund, see the section in the Fund’s Prospectus titled “Additional\nInformation About the Fund – Principal Investment Strategies.”

The\nFund is classified as “non-diversified” under the 1940 Act. The Fund’s investment strategy is expected to result\nin a high annual portfolio turnover rate.

Gorilla\nTechnology Group, Inc. (“Gorilla Technology” or “GRRR”)

Gorilla\nTechnology Group, Inc. is a provider of artificial intelligence (“AI”)-driven security intelligence, network intelligence,\nbusiness intelligence and internet-of-things (“IoT”) solutions with a presence in the Asia Pacific, United States,\nEurope, the Middle East, and Latin America. Gorilla Technology’s products focus on Edge AI, video analytics, IoT, and cybersecurity\nto support smart cities, government, transportation, healthcare, retail, and education. Gorilla Technology is organized around\nfour primary pillars: infrastructure (including datacenter-grade, graphics processing unit (“GPU”)-accelerated AI\nand GPU-as-a-Service), IoT and big data analytics, video analytics, and cybersecurity. Incorporated in 2001 as a Cayman Islands\nexempted company, Gorilla Technology is headquartered in London, United Kingdom.

Ordinary\nshares of Gorilla Technology is listed on The Nasdaq Stock Market LLC (the “NASDAQ”) under ticker symbol GRRR. Per\nits most recent 20-F filing, GRRR had 26,188,972 ordinary shares outstanding as of December 31, 2025.

GRRR\nis a foreign private issuer registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).\nInformation provided to or filed with the SEC by GRRR pursuant to the Exchange Act can be located by reference to SEC file number\n001-41448 through the SEC’s website at www.sec.gov. In addition, information regarding GRRR may be obtained from other sources\nincluding, but not limited to, press releases, newspaper articles and other publicly disseminated documents.

This\ndocument relates only to the securities offered hereby and does not relate to the shares of GRRR or other securities of GRRR.\nThe Fund has derived all disclosures contained in this document regarding GRRR from the publicly available documents. None of\nthe Fund, Tidal Trust V (the “Trust”), or the Adviser, or their respective affiliates has participated in the preparation\nof such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to GRRR.\nNone of the Fund, the Trust, or the Adviser, or their respective affiliates makes any representation that such publicly available\ndocuments or any other publicly available information regarding GRRR is accurate or complete. Furthermore, the Fund cannot give\nany assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness\nof the publicly available documents described above) that would affect the trading price of GRRR (and therefore the share price\nof the Fund at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the\ndisclosure of or failure to disclose material future events concerning GRRR could affect the value received with respect to the\nsecurities and therefore the value of the securities.

None\nof the Fund, the Trust, the Adviser, or their respective affiliates makes any representation to you as to the performance of GRRR.

NONE\nOF THE FUND, TIDAL TRUST V, OR TIDAL INVESTMENTS LLC IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH GRRR. THE FUND WAS NOT DEVELOPED\nOR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, GRRR.

Moreover,\nGRRR has not participated in the development of the Fund’s investment strategy. GRRR does not select or approve the Fund’s\nportfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. GRRR does not provide\nany assurances, guarantees, or representations regarding the Fund or its performance. Nothing herein shall be construed as an\noffer of any security by GRRR.

None\nof the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by GRRR\nor its affiliates. All rights in the trademarks are reserved by their respective owners.

Principal\nInvestment Risks

Each\nrisk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which\nit appears.

GRRR\nRisks. The Fund invests in swap contracts and options that are based on the share price of GRRR. This subjects the Fund to\ncertain of the same risks as if it owned shares of GRRR, even though it does not. By virtue of the Fund’s investments in\nswap contracts and options that are based on the value of GRRR, the Fund may also be subject to the following risks:

\n\n \n \n \n

●

Indirect Investment\n in GRRR Risk. GRRR is not affiliated with the Trust, the Fund, or the Adviser, or their respective affiliates and is not\n involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that\n might affect the value of Shares. Investors in the Fund will not have voting rights or influence over the management of GRRR\n but will be exposed to the performance of GRRR (the Underlying Security). Investors will also not have the right to receive\n dividends or other distributions from GRRR, but will remain subject to price fluctuations and other risks associated with\n ownership of the Underlying Security.

\n\n \n \n \n

●

GRRR Trading\n Risk. The trading price of GRRR may be subject to volatility and could experience wide fluctuations due to various factors.\n Short sellers may also influence GRRR’s trading activity, contributing to market instability. Public perception and\n external factors beyond the company’s control may influence GRRR’s stock price disproportionately. Additionally,\n following periods of market volatility, companies have faced securities class action litigation. Any adverse judgment or future\n stockholder litigation could result in substantial costs and divert management’s attention and resources. In the event\n of a trading halt, delisting, or significant disruption in the market for GRRR’s shares, the Fund may experience difficulty\n entering, modifying, or liquidating its exposures. These conditions could impair the Fund’s ability to achieve its investment\n objective, result in significant tracking error, or, in extreme cases, force the Fund to liquidate entirely.

\n\n \n \n \n

●

GRRR Performance\n Risk. GRRR may fail to meet its publicly announced guidelines or other expectations about its business, which could cause\n the price of GRRR to decline. Correctly identifying key factors affecting business conditions and predicting future events\n is inherently an uncertain process, and the guidance GRRR provides may not ultimately be accurate. If GRRR’s guidance\n is not accurate or varies from actual results due to its inability to meet the assumptions or the impact on its financial\n performance that could occur as a result of various risks and uncertainties, the market value of ordinary shares issued by\n GRRR could decline significantly.

\n\n \n \n \n

●

Estimated\n Returns of 200% or Two Times \n Performance of the Underlying Security

Underlying\n Security Performance	One\n Year Volatility Rate
One\n Year \n Underlying \n Security		2X\n Times \n (200%) the \n One Year \n Performance	10%	25%	50%	75%	100%
-60%		-120%	-84.2%	-85.0%	-87.5%	-90.9%	-94.1%
-50%		-100%	-75.2%	-76.5%	-80.5%	-85.8%	-90.8%
-40%		-80%	-64.4%	-66.2%	-72.0%	-79.5%	-86.8%
-30%		-60%	-51.5%	-54.0%	-61.8%	-72.1%	-82.0%
-20%		-40%	-36.6%	-39.9%	-50.2%	-63.5%	-76.5%
-10%		-20%	-19.8%	-23.9%	-36.9%	-53.8%	-70.2%
0%		0%	-1.0%	-6.1%	-22.1%	-43.0%	-63.2%
10%		20%	19.8%	13.7%	-5.8%	-31.1%	-55.5%
20%		40%	42.6%	35.3%	12.1%	-18.0%	-47.0%
30%		60%	67.3%	58.8%	31.6%	-3.7%	-37.8%
40%		80%	94.0%	84.1%	52.6%	11.7%	-27.9%
50%		100%	122.8%	111.4%	75.2%	28.2%	-17.2%
60%		120%	153.5%	140.5%	99.4%	45.9%	-5.8%

The\nUnderlying Security’s annualized historical volatility rate for the period from July 14, 2022 (the earliest date available)\nto September 30, 2026 was 141.56%. The Underlying Security’s highest volatility rate for any one calendar year during this\nperiod was 191.71%. The Underlying Security’s annualized performance during this period was -52.99%. Historical Underlying\nSecurity volatility and performance are not indications of what Underlying Security volatility and performance will be in the\nfuture.

In\naddition, the Fund’s investments in derivatives are subject to the following risks:

ETF\nRisks

Performance

Management

Investment\nAdviser: Tidal Investments LLC serves as investment adviser to the Fund.

Portfolio\nManagers:

The\nfollowing individuals are jointly and primarily responsible for the day-to-day management of the Fund.

Christopher\nP. Mullen, Portfolio Manager for the Adviser, has been a portfolio manager of the Fund since its inception in 2026.

Brett\nJohnson, Portfolio Manager for the Adviser, has been a portfolio manager of the Fund since its inception in 2026.

Purchase\nand Sale of Shares

Tax\nInformation

Financial\nIntermediary Compensation

SUMMARY\nINFORMATION

DEFIANCE\nDAILY TARGET 2X LONG LPTH ETF – FUND SUMMARY

Important\nInformation About the Fund

The\nDefiance Daily Target 2X Long LPTH ETF (the “Fund”) seeks daily leveraged investment results of two times (200%) the\ndaily percentage change in the share price of LightPath Technologies, Inc. (NASDAQ: LPTH) (the “Underlying Security”\nor “LPTH”). Because the Fund seeks daily leveraged investment results, it is very different from most other exchange-traded\nfunds. It is also riskier than alternatives that do not use leverage.

Investment\nObjective

The\nFund seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price\nof LightPath Technologies, Inc. (NASDAQ: LPTH). The Fund does not seek to achieve its stated investment objective for a period\nother than a single trading day.

Fees\nand Expenses of the Fund

\n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n

Annual Fund Operating Expenses^(1)\n(expenses that you pay each year as a percentage of the value of your investment)
Management Fee	1.29	%
Distribution and Service (12b-1) Fees	None
Other Expenses⁽²⁾ (broker interest)	0.02	%
Total Annual Fund Operating Expenses⁽³⁾	1.31	%

\n\n \n \n\n \n \n\n \n \n

⁽¹⁾	The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses.
⁽²⁾	Based on estimated amounts for the current fiscal year.
⁽³⁾	The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.

Expense\nExample

\n\n \n \n\n \n \n\n \n \n

1\n Year	3\n Years

$133	$415

Portfolio\nTurnover

Principal\nInvestment Strategies

For\nexamples of a hypothetical investment in the Fund, see the section in the Fund’s Prospectus titled “Additional\nInformation About the Fund – Principal Investment Strategies.”

The\nFund is classified as “non-diversified” under the 1940 Act. The Fund’s investment strategy is expected to result\nin a high annual portfolio turnover rate.

LightPath\nTechnologies, Inc. (“LPTH”)

LightPath\nTechnologies, Inc. is an optics and photonics company that designs, manufactures, and distributes optical and infrared components.\n LPTH’s offerings include IR imaging technology, IR and visible optical component fabrication, freeform optics fabrication,\nIR glass manufacturing, assembly and integration, and optical design and engineering. LPTH products are used in the industrial,\ndefense, telecommunications, and medical sectors. Incorporated in 1992, LPTH is a U.S. company headquartered in Orlando, FL.

Class\nA Common Stock of LPTH is listed on The Nasdaq Stock Market LLC (the “NASDAQ”) under the ticker symbol LPTH. Per LPTH’s\nmost recent 10-K filing, as of December 31, 2025, the aggregate market value of the common stock of the registrant held by non-affiliates\nwas $580.1 million based on the closing price of the registrant’s common stock.

LPTH\nis registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to\nor filed with the SEC by LPTH pursuant to the Exchange Act can be located by reference to SEC file number 000-27548 through the\nSEC’s website at www.sec.gov. In addition, information regarding LPTH may be obtained from other sources including, but\nnot limited to, press releases, newspaper articles and other publicly disseminated documents.

This\ndocument relates only to the securities offered hereby and does not relate to the shares of LPTH or other securities of LPTH.\nThe Fund has derived all disclosures contained in this document regarding LPTH from the publicly available documents. None of\nthe Fund, Tidal Trust V (the “Trust”), or the Adviser, or their respective affiliates has participated in the preparation\nof such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to LPTH.\nNone of the Fund, the Trust, or the Adviser, or their respective affiliates makes any representation that such publicly available\ndocuments or any other publicly available information regarding LPTH is accurate or complete. Furthermore, the Fund cannot give\nany assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness\nof the publicly available documents described above) that would affect the trading price of LPTH (and therefore the share price\nof the Fund at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the\ndisclosure of or failure to disclose material future events concerning LPTH could affect the value received with respect to the\nsecurities and therefore the value of the securities.

None\nof the Fund, the Trust, the Adviser, or their respective affiliates makes any representation to you as to the performance of LPTH.

NONE\nOF THE FUND, TIDAL TRUST V, OR TIDAL INVESTMENTS LLC IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH LPTH. THE FUND WAS NOT DEVELOPED\nOR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, LPTH.

Moreover,\nLPTH has not participated in the development of the Fund’s investment strategy. LPTH does not select or approve the Fund’s\nportfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. LPTH does not provide\nany assurances, guarantees, or representations regarding the Fund or its performance. Nothing herein shall be construed as an\noffer of any security by LPTH.

None\nof the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by LPTH\nor its affiliates. All rights in the trademarks are reserved by their respective owners.

Principal\nInvestment Risks

Each\nrisk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which\nit appears.

LPTH\nRisks. The Fund invests in swap contracts and options that are based on the share price of LPTH. This subjects the Fund to\ncertain of the same risks as if it owned shares of LPTH, even though it does not. By virtue of the Fund’s investments in\nswap contracts and options that are based on the value of LPTH, the Fund may also be subject to the following risks:

\n\n \n \n \n

●

Indirect Investment\n in LPTH Risk. LPTH is not affiliated with the Trust, the Fund, or the Adviser, or their respective affiliates and is not\n involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that\n might affect the value of Shares. Investors in the Fund will not have voting rights or influence over the management of LPTH\n but will be exposed to the performance of LPTH (the Underlying Security). Investors will also not have the right to receive\n dividends or other distributions from LPTH, but will remain subject to price fluctuations and other risks associated with\n ownership of the Underlying Security.

\n\n \n \n \n

●

LPTH Trading\n Risk. The trading price of LPTH may be subject to volatility and could experience wide fluctuations due to various factors.\n Short sellers may also influence LPTH’s trading activity, contributing to market instability. Public perception and\n external factors beyond the company’s control may influence LPTH’s stock price disproportionately. Additionally,\n following periods of market volatility, companies have faced securities class action litigation. Any adverse judgment or future\n stockholder litigation could result in substantial costs and divert management’s attention and resources. In the event\n of a trading halt, delisting, or significant disruption in the market for LPTH’s shares, the Fund may experience difficulty\n entering, modifying, or liquidating its exposures. These conditions could impair the Fund’s ability to achieve its investment\n objective, result in significant tracking error, or, in extreme cases, force the Fund to liquidate entirely.

\n\n \n \n \n

●

LPTH Performance\n Risk. LPTH may fail to meet its publicly announced guidelines or other expectations about its business, which could cause\n the price of LPTH to decline. Correctly identifying key factors affecting business conditions and predicting future events\n is inherently an uncertain process, and the guidance LPTH provides may not ultimately be accurate. If LPTH’s guidance\n is not accurate or varies from actual results due to its inability to meet the assumptions or the impact on its financial\n performance that could occur as a result of various risks and uncertainties, the market value of common stock issued by LPTH\n could decline significantly.

\n\n \n \n \n

●

Electronic Equipment,\n Instruments and Components Industry Risk. Companies in the electronic equipment, instruments, and components industry\n face risks posed by geopolitical tensions such as trade wars, sanctions, and export controls, which can disrupt the flow of\n critical components, raw materials, and advanced technologies. Such disruptions may lead to shortages, longer lead times,\n and increased costs. Geopolitical events can also destabilize key manufacturing regions. Such companies may also be heavily\n dependent on a single or a few suppliers for components which increases their vulnerability to unforeseeable events like natural\n disasters, factory fires, equipment breakdowns, or labor strikes. Limited production capacity for key components like semiconductors\n and potential scarcities of critical minerals (e.g., lithium) can cause production delays and cost increases. Congestion at\n ports, container shortages, and rising shipping costs can hinder timely delivery of components. Components can become obsolete\n during a product’s lifecycle, leading to project delays and additional costs. Fluctuations in consumer and industry\n demand for electronic products can lead to rapid shifts in the market, making production forecasting challenging and potentially\n resulting in excess inventory or missed sales opportunities. Rapid technological changes, including advancements in artificial\n intelligence (AI), 5G (i.e., referring to fifth generation cellular technology) and electric vehicles, for example, while\n driving growth also require continuous innovation and investment for companies to remain competitive in a highly competitive\n industry. Additionally, technological advancements are critical for maintaining competitiveness in this sector, but the high\n cost and uncertain outcomes of research and development efforts may pose financial risks. Companies in this industry face\n heightened cybersecurity risks due to the sensitive nature of their technologies, and breaches can lead to operational disruptions,\n reputational damage, and regulatory scrutiny.

\n\n \n \n \n

●

Regulatory and\n Compliance Risk. Companies in the electronic equipment, instruments, and components industry face risks posed by varying\n trade policies, tariffs, and export controls which can create compliance burdens and impact profitability, especially for\n companies manufacturing in or sourcing from specific regions. Stricter rules related to cybersecurity and data protection\n for connected devices require manufacturers to invest in secure product development. Increasing focus on eco-friendly design,\n energy efficiency, and recyclability mandates adherence to new environmental regulations, potentially incurring additional\n costs for material substitution, testing, and redesign of equipment and components.

Estimated\n Returns of 200% or Two Times \n Performance of the Underlying Security

Underlying\n Security Performance	One\n Year Volatility Rate
One\n Year \n Underlying \n Security		2X\n Times \n (200%) the \n One Year \n Performance	10%	25%	50%	75%	100%
-60%		-120%	-84.2%	-85.0%	-87.5%	-90.9%	-94.1%
-50%		-100%	-75.2%	-76.5%	-80.5%	-85.8%	-90.8%
-40%		-80%	-64.4%	-66.2%	-72.0%	-79.5%	-86.8%
-30%		-60%	-51.5%	-54.0%	-61.8%	-72.1%	-82.0%
-20%		-40%	-36.6%	-39.9%	-50.2%	-63.5%	-76.5%
-10%		-20%	-19.8%	-23.9%	-36.9%	-53.8%	-70.2%
0%		0%	-1.0%	-6.1%	-22.1%	-43.0%	-63.2%
10%		20%	19.8%	13.7%	-5.8%	-31.1%	-55.5%
20%		40%	42.6%	35.3%	12.1%	-18.0%	-47.0%
30%		60%	67.3%	58.8%	31.6%	-3.7%	-37.8%
40%		80%	94.0%	84.1%	52.6%	11.7%	-27.9%
50%		100%	122.8%	111.4%	75.2%	28.2%	-17.2%
60%		120%	153.5%	140.5%	99.4%	45.9%	-5.8%

The\nUnderlying Security’s annualized historical volatility rate for the period from September 30, 2021 to September 30, 2026\nwas 75.66%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 109.03%.\nThe Underlying Security’s annualized performance during this period was -7.27%. Historical Underlying Security volatility\nand performance are not indications of what Underlying Security volatility and performance will be in the future.

In\naddition, the Fund’s investments in derivatives are subject to the following risks:

ETF\nRisks

Performance

Management

Investment\nAdviser: Tidal Investments LLC serves as investment adviser to the Fund.

Portfolio\nManagers:

The\nfollowing individuals are jointly and primarily responsible for the day-to-day management of the Fund.

Christopher\nP. Mullen, Portfolio Manager for the Adviser, has been a portfolio manager of the Fund since its inception in 2026.

Brett\nJohnson, Portfolio Manager for the Adviser, has been a portfolio manager of the Fund since its inception in 2026.

Purchase\nand Sale of Shares

Tax\nInformation

Financial\nIntermediary Compensation

SUMMARY\nINFORMATION

DEFIANCE\nDAILY TARGET 2X LONG OPTX ETF – FUND SUMMARY

Important\nInformation About the Fund

The\nDefiance Daily Target 2X Long OPTX ETF (the “Fund”) seeks daily leveraged investment results of two times (200%) the\ndaily percentage change in the share price of Syntec Optics Holdings, Inc. (NASDAQ: OPTX) (the “Underlying Security”\nor “OPTX”). Because the Fund seeks daily leveraged investment results, it is very different from most other exchange-traded\nfunds. It is also riskier than alternatives that do not use leverage.

Investment\nObjective

The\nFund seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price\nof Syntec Optics Holdings, Inc. (NASDAQ: OPTX). The Fund does not seek to achieve its stated investment objective for a period\nother than a single trading day.

Fees\nand Expenses of the Fund

\n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n

Annual Fund Operating Expenses^(1)\n(expenses that you pay each year as a percentage of the value of your investment)
Management Fee	1.29	%
Distribution and Service (12b-1) Fees	None
Other Expenses⁽²⁾ (broker interest)	0.02	%
Total Annual Fund Operating Expenses⁽³⁾	1.31	%

\n\n \n \n\n \n \n\n \n \n

⁽¹⁾	The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses.
⁽²⁾	Based on estimated amounts for the current fiscal year.
⁽³⁾	The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.

Expense\nExample

\n\n \n \n\n \n \n\n \n \n

1\n Year	3\n Years

$133	$415

Portfolio\nTurnover

Principal\nInvestment Strategies

For\nexamples of a hypothetical investment in the Fund, see the section in the Fund’s Prospectus titled “Additional\nInformation About the Fund – Principal Investment Strategies.”

The\nFund is classified as “non-diversified” under the 1940 Act. The Fund’s investment strategy is expected to result\nin a high annual portfolio turnover rate.

Syntec\nOptics Holdings, Inc. (“OPTX”)

Syntec\nOptics Holdings, Inc. designs and manufactures optics and photonics components, sub-systems, and complete optical systems. OPTX\nis vertically integrated from design and component manufacturing for lens assemblies through imaging module integration for opto-electronic\nsystem solutions, with a focus on the defense, biomedical, and consumer end-markets. Its defense offerings include night-vision\nsystems, missile laser guidance optics, biometric and imaging solutions, ordnance optics, and LiDAR detection systems. In consumer\napplications, OPTX products are used in driverless vehicles, integrated photonics, robotics, sensors, virtual reality, automotive\ndisplays, and scanners, while its biomedical optics support medical diagnostics, microfluidics, surgical components and systems,\nand medical sensing. Combined with a public corporation in 2023, OPTX is a U.S. company headquartered in Rochester, NY.

Common\nstock of OPTX is listed on The Nasdaq Stock Market LLC (the “NASDAQ”) under the ticker symbol OPTX. Per OPTX’s\nmost recent 10-K filing, as of June 30, 2025, the aggregate market value of the common stock of the registrant held by non-affiliates\nwas $8.01 million based on the closing price of the registrant’s common stock.

OPTX\nis registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to\nor filed with the SEC by OPTX pursuant to the Exchange Act can be located by reference to SEC file number 001-41034 through the\nSEC’s website at www.sec.gov. In addition, information regarding OPTX may be obtained from other sources including, but\nnot limited to, press releases, newspaper articles and other publicly disseminated documents.

This\ndocument relates only to the securities offered hereby and does not relate to the shares of OPTX or other securities of OPTX.\nThe Fund has derived all disclosures contained in this document regarding OPTX from the publicly available documents. None of\nthe Fund, Tidal Trust V (the “Trust”), or the Adviser, or their respective affiliates has participated in the preparation\nof such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to OPTX.\nNone of the Fund, the Trust, or the Adviser, or their respective affiliates makes any representation that such publicly available\ndocuments or any other publicly available information regarding OPTX is accurate or complete. Furthermore, the Fund cannot give\nany assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness\nof the publicly available documents described above) that would affect the trading price of OPTX (and therefore the share price\nof the Fund at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the\ndisclosure of or failure to disclose material future events concerning OPTX could affect the value received with respect to the\nsecurities and therefore the value of the securities.

None\nof the Fund, the Trust, the Adviser, or their respective affiliates makes any representation to you as to the performance of OPTX.

NONE\nOF THE FUND, TIDAL TRUST V, OR TIDAL INVESTMENTS LLC IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH OPTX. THE FUND WAS NOT DEVELOPED\nOR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, OPTX.

Moreover,\nOPTX has not participated in the development of the Fund’s investment strategy. OPTX does not select or approve the Fund’s\nportfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. OPTX does not provide\nany assurances, guarantees, or representations regarding the Fund or its performance. Nothing herein shall be construed as an\noffer of any security by OPTX.

None\nof the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by OPTX\nor its affiliates. All rights in the trademarks are reserved by their respective owners.

Principal\nInvestment Risks

Each\nrisk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which\nit appears.

OPTX\nRisks. The Fund invests in swap contracts and options that are based on the share price of OPTX. This subjects the Fund to\ncertain of the same risks as if it owned shares of OPTX, even though it does not. By virtue of the Fund’s investments in\nswap contracts and options that are based on the value of OPTX, the Fund may also be subject to the following risks:

\n\n \n \n \n

●

Indirect Investment\n in OPTX Risk. OPTX is not affiliated with the Trust, the Fund, or the Adviser, or their respective affiliates and is not\n involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that\n might affect the value of Shares. Investors in the Fund will not have voting rights or influence over the management of OPTX\n but will be exposed to the performance of OPTX (the Underlying Security). Investors will also not have the right to receive\n dividends or other distributions from OPTX, but will remain subject to price fluctuations and other risks associated with\n ownership of the Underlying Security.

\n\n \n \n \n

●

OPTX Trading\n Risk. The trading price of OPTX may be subject to volatility and could experience wide fluctuations due to various factors.\n Short sellers may also influence OPTX’s trading activity, contributing to market instability. Public perception and\n external factors beyond the company’s control may influence OPTX’s stock price disproportionately. Additionally,\n following periods of market volatility, companies have faced securities class action litigation. Any adverse judgment or future\n stockholder litigation could result in substantial costs and divert management’s attention and resources. In the event\n of a trading halt, delisting, or significant disruption in the market for OPTX’s shares, the Fund may experience difficulty\n entering, modifying, or liquidating its exposures. These conditions could impair the Fund’s ability to achieve its investment\n objective, result in significant tracking error, or, in extreme cases, force the Fund to liquidate entirely.

\n\n \n \n \n

●

OPTX Performance\n Risk. OPTX may fail to meet its publicly announced guidelines or other expectations about its business, which could cause\n the price of OPTX to decline. Correctly identifying key factors affecting business conditions and predicting future events\n is inherently an uncertain process, and the guidance OPTX provides may not ultimately be accurate. If OPTX’s guidance\n is not accurate or varies from actual results due to its inability to meet the assumptions or the impact on its financial\n performance that could occur as a result of various risks and uncertainties, the market value of common stock issued by OPTX\n could decline significantly.

\n\n \n \n \n

●

Electronic Equipment,\n Instruments and Components Industry Risk. Companies in the electronic equipment, instruments, and components industry\n face risks posed by geopolitical tensions such as trade wars, sanctions, and export controls, which can disrupt the flow of\n critical components, raw materials, and advanced technologies. Such disruptions may lead to shortages, longer lead times,\n and increased costs. Geopolitical events can also destabilize key manufacturing regions. Such companies may also be heavily\n dependent on a single or a few suppliers for components which increases their vulnerability to unforeseeable events like natural\n disasters, factory fires, equipment breakdowns, or labor strikes. Limited production capacity for key components like semiconductors\n and potential scarcities of critical minerals (e.g., lithium) can cause production delays and cost increases. Congestion at\n ports, container shortages, and rising shipping costs can hinder timely delivery of components. Components can become obsolete\n during a product’s lifecycle, leading to project delays and additional costs. Fluctuations in consumer and industry\n demand for electronic products can lead to rapid shifts in the market, making production forecasting challenging and potentially\n resulting in excess inventory or missed sales opportunities. Rapid technological changes, including advancements in artificial\n intelligence (AI), 5G (i.e., referring to fifth generation cellular technology) and electric vehicles, for example, while\n driving growth also require continuous innovation and investment for companies to remain competitive in a highly competitive\n industry. Additionally, technological advancements are critical for maintaining competitiveness in this sector, but the high\n cost and uncertain outcomes of research and development efforts may pose financial risks. Companies in this industry face\n heightened cybersecurity risks due to the sensitive nature of their technologies, and breaches can lead to operational disruptions,\n reputational damage, and regulatory scrutiny.

\n\n \n \n \n

●

Regulatory and\n Compliance Risk. Companies in the electronic equipment, instruments, and components industry face risks posed by varying\n trade policies, tariffs, and export controls which can create compliance burdens and impact profitability, especially for\n companies manufacturing in or sourcing from specific regions. Stricter rules related to cybersecurity and data protection\n for connected devices require manufacturers to invest in secure product development. Increasing focus on eco-friendly design,\n energy efficiency, and recyclability mandates adherence to new environmental regulations, potentially incurring additional\n costs for material substitution, testing, and redesign of equipment and components.

Estimated\n Returns of 200% or Two Times \n Performance of the Underlying Security

Underlying\n Security Performance	One\n Year Volatility Rate
One\n Year \n Underlying \n Security		2X\n Times \n (200%) the \n One Year \n Performance	10%	25%	50%	75%	100%
-60%		-120%	-84.2%	-85.0%	-87.5%	-90.9%	-94.1%
-50%		-100%	-75.2%	-76.5%	-80.5%	-85.8%	-90.8%
-40%		-80%	-64.4%	-66.2%	-72.0%	-79.5%	-86.8%
-30%		-60%	-51.5%	-54.0%	-61.8%	-72.1%	-82.0%
-20%		-40%	-36.6%	-39.9%	-50.2%	-63.5%	-76.5%
-10%		-20%	-19.8%	-23.9%	-36.9%	-53.8%	-70.2%
0%		0%	-1.0%	-6.1%	-22.1%	-43.0%	-63.2%
10%		20%	19.8%	13.7%	-5.8%	-31.1%	-55.5%
20%		40%	42.6%	35.3%	12.1%	-18.0%	-47.0%
30%		60%	67.3%	58.8%	31.6%	-3.7%	-37.8%
40%		80%	94.0%	84.1%	52.6%	11.7%	-27.9%
50%		100%	122.8%	111.4%	75.2%	28.2%	-17.2%
60%		120%	153.5%	140.5%	99.4%	45.9%	-5.8%

The\nUnderlying Security’s annualized historical volatility rate for the period from January 26, 2022 (the earliest date available)\nto September 30, 2026 was 134.71%. The Underlying Security’s highest volatility rate for any one calendar year during this\nperiod was 173.66%. The Underlying Security’s annualized performance during this period was -30.55%. Historical Underlying\nSecurity volatility and performance are not indications of what Underlying Security volatility and performance will be in the\nfuture.

In\naddition, the Fund’s investments in derivatives are subject to the following risks:

ETF\nRisks

Performance

Management

Investment\nAdviser: Tidal Investments LLC serves as investment adviser to the Fund.

Portfolio\nManagers:

The\nfollowing individuals are jointly and primarily responsible for the day-to-day management of the Fund.

Christopher\nP. Mullen, Portfolio Manager for the Adviser, has been a portfolio manager of the Fund since its inception in 2026.

Brett\nJohnson, Portfolio Manager for the Adviser, has been a portfolio manager of the Fund since its inception in 2026.

Purchase\nand Sale of Shares

Tax\nInformation

Financial\nIntermediary Compensation

SUMMARY\nINFORMATION

DEFIANCE\nDAILY TARGET 2X LONG ORBS ETF – FUND SUMMARY

Important\nInformation About the Fund

The\nDefiance Daily Target 2X Long ORBS ETF (the “Fund”) seeks daily leveraged investment results of two times (200%) the\ndaily percentage change in the share price of Eightco Holdings, Inc. (NASDAQ: ORBS) (the “Underlying Security” or\n“ORBS”). Because the Fund seeks daily leveraged investment results, it is very different from most other exchange-traded\nfunds. It is also riskier than alternatives that do not use leverage.

Investment\nObjective

The\nFund seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price\nof Eightco Holdings, Inc. (NASDAQ: ORBS). The Fund does not seek to achieve its stated investment objective for a period other\nthan a single trading day.

Fees\nand Expenses of the Fund

\n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n

Annual Fund Operating Expenses^(1)\n(expenses that you pay each year as a percentage of the value of your investment)
Management Fee	1.29	%
Distribution and Service (12b-1) Fees	None
Other Expenses⁽²⁾ (broker interest)	0.02	%
Total Annual Fund Operating Expenses⁽³⁾	1.31	%

\n\n \n \n\n \n \n\n \n \n

⁽¹⁾	The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses.
⁽²⁾	Based on estimated amounts for the current fiscal year.
⁽³⁾	The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.

Expense\nExample

\n\n \n \n\n \n \n\n \n \n

1\n Year	3\n Years

$133	$415

Portfolio\nTurnover

Principal\nInvestment Strategies

For\nexamples of a hypothetical investment in the Fund, see the section in the Fund’s Prospectus titled “Additional\nInformation About the Fund – Principal Investment Strategies.”

The\nFund is classified as “non-diversified” under the 1940 Act. The Fund’s investment strategy is expected to result\nin a high annual portfolio turnover rate.

Eightco\nHoldings, Inc. (“ORBS”)

Eightco\nHoldings, Inc. is a company focused on developing consumer, enterprise, and gaming authentication solutions and operates Forever\n8, an e-commerce inventory management business acquired in October 2022 that currently serves as its sole revenue-generating operating\nsegment. Forever 8 provides funding solutions and inventory management services for e-commerce businesses. In September 2025,\nORBS adopted a Digital Asset Treasury Strategy under which it allocates capital to digital assets, including Worldcoin, and investments\nin frontier technology companies, with the stated goal of supporting its digital identity and Proof of Human verification initiatives\naligned with its three authentication pillars. Incorporated in 2021, ORBS is a U.S. company headquartered in Easton, PA.

Common\nstock of ORBS is listed on The Nasdaq Stock Market LLC (the “NASDAQ”) under the ticker symbol ORBS. Per ORBS’s most recent 10-K filing, as\nof June 30, 2025, the aggregate market value of the common stock of the registrant held by non-affiliates was $3.77 million based\non the closing price of the registrant’s common stock.

ORBS\nis registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to\nor filed with the SEC by ORBS pursuant to the Exchange Act can be located by reference to SEC file number 001-41033 through the\nSEC’s website at www.sec.gov. In addition, information regarding ORBS may be obtained from other sources including, but\nnot limited to, press releases, newspaper articles and other publicly disseminated documents.

This\ndocument relates only to the securities offered hereby and does not relate to the shares of ORBS or other securities of ORBS.\nThe Fund has derived all disclosures contained in this document regarding ORBS from the publicly available documents. None of\nthe Fund, Tidal Trust V (the “Trust”), or the Adviser, or their respective affiliates has participated in the preparation\nof such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to ORBS.\nNone of the Fund, the Trust, or the Adviser, or their respective affiliates makes any representation that such publicly available\ndocuments or any other publicly available information regarding ORBS is accurate or complete. Furthermore, the Fund cannot give\nany assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness\nof the publicly available documents described above) that would affect the trading price of ORBS (and therefore the share price\nof the Fund at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the\ndisclosure of or failure to disclose material future events concerning ORBS could affect the value received with respect to the\nsecurities and therefore the value of the securities.

None\nof the Fund, the Trust, the Adviser, or their respective affiliates makes any representation to you as to the performance of ORBS.

NONE\nOF THE FUND, TIDAL TRUST V, OR TIDAL INVESTMENTS LLC IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH ORBS. THE FUND WAS NOT DEVELOPED\nOR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, ORBS.

Moreover,\nORBS has not participated in the development of the Fund’s investment strategy. ORBS does not select or approve the Fund’s\nportfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. ORBS does not provide\nany assurances, guarantees, or representations regarding the Fund or its performance. Nothing herein shall be construed as an\noffer of any security by ORBS.

None\nof the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by ORBS\nor its affiliates. All rights in the trademarks are reserved by their respective owners.

Principal\nInvestment Risks

Each\nrisk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which\nit appears.

ORBS\nRisks. The Fund invests in swap contracts and options that are based on the share price of ORBS. This subjects the Fund to\ncertain of the same risks as if it owned shares of ORBS, even though it does not. By virtue of the Fund’s investments in\nswap contracts and options that are based on the value of ORBS, the Fund may also be subject to the following risks:

\n\n \n \n \n

●

Indirect Investment\n in ORBS Risk. ORBS is not affiliated with the Trust, the Fund, or the Adviser, or their respective affiliates and is not\n involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that\n might affect the value of Shares. Investors in the Fund will not have voting rights or influence over the management of ORBS\n but will be exposed to the performance of ORBS (the Underlying Security). Investors will also not have the right to receive\n dividends or other distributions from ORBS, but will remain subject to price fluctuations and other risks associated with\n ownership of the Underlying Security.

\n\n \n \n \n

●

ORBS Trading\n Risk. The trading price of ORBS may be subject to volatility and could experience wide fluctuations due to various factors.\n Short sellers may also influence ORBS’s trading activity, contributing to market instability. Public perception and\n external factors beyond the company’s control may influence ORBS’s stock price disproportionately. Additionally,\n following periods of market volatility, companies have faced securities class action litigation. Any adverse judgment or future\n stockholder litigation could result in substantial costs and divert management’s attention and resources. In the event\n of a trading halt, delisting, or significant disruption in the market for ORBS’s shares, the Fund may experience difficulty\n entering, modifying, or liquidating its exposures. These conditions could impair the Fund’s ability to achieve its investment\n objective, result in significant tracking error, or, in extreme cases, force the Fund to liquidate entirely.

\n\n \n \n \n

●

ORBS Performance\n Risk. ORBS may fail to meet its publicly announced guidelines or other expectations about its business, which could cause\n the price of ORBS to decline. Correctly identifying key factors affecting business conditions and predicting future events\n is inherently an uncertain process, and the guidance ORBS provides may not ultimately be accurate. If ORBS’s guidance\n is not accurate or varies from actual results due to its inability to meet the assumptions or the impact on its financial\n performance that could occur as a result of various risks and uncertainties, the market value of common stock issued by ORBS\n could decline significantly.

\n\n \n \n \n

●

Broadline Retail\n Industry Risk. Companies in the broadline retail industry, including those operating through internet platforms and direct\n marketing channels, are subject to fluctuating consumer demand and intense competition, which may compel them to reduce profit\n margins to remain competitive. Unlike traditional brick-and-mortar retailers, online retailers and marketplaces often assume\n shipping costs or must pass such costs on to consumers, which can adversely affect profitability. In addition, companies in\n this industry are more exposed to cybersecurity risks due to their reliance on digital platforms to process, store, and transmit\n large volumes of data, including personal customer information, and are subject to increasing government regulation and oversight.\n A failure to prevent or mitigate data breaches or other security incidents could result in the loss or misuse of sensitive\n information, harm brand reputation, subject companies to litigation or regulatory scrutiny, and negatively impact financial\n performance.

\n\n \n \n \n \n \n\n \n \n \n \n \n \n \n\n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n

Estimated\n Returns of 200% or Two Times \n Performance of the Underlying Security

Underlying\n Security Performance	One\n Year Volatility Rate
One\n Year \n Underlying \n Security		2X\n Times \n (200%) the \n One Year \n Performance	10%	25%	50%	75%	100%
-60%		-120%	-84.2%	-85.0%	-87.5%	-90.9%	-94.1%
-50%		-100%	-75.2%	-76.5%	-80.5%	-85.8%	-90.8%
-40%		-80%	-64.4%	-66.2%	-72.0%	-79.5%	-86.8%
-30%		-60%	-51.5%	-54.0%	-61.8%	-72.1%	-82.0%
-20%		-40%	-36.6%	-39.9%	-50.2%	-63.5%	-76.5%
-10%		-20%	-19.8%	-23.9%	-36.9%	-53.8%	-70.2%
0%		0%	-1.0%	-6.1%	-22.1%	-43.0%	-63.2%
10%		20%	19.8%	13.7%	-5.8%	-31.1%	-55.5%
20%		40%	42.6%	35.3%	12.1%	-18.0%	-47.0%
30%		60%	67.3%	58.8%	31.6%	-3.7%	-37.8%
40%		80%	94.0%	84.1%	52.6%	11.7%	-27.9%
50%		100%	122.8%	111.4%	75.2%	28.2%	-17.2%
60%		120%	153.5%	140.5%	99.4%	45.9%	-5.8%

The\nUnderlying Security’s annualized historical volatility rate for the period from November 26, 2024 (the earliest date available)\nto September 30, 2026 was 290.08%. The Underlying Security’s highest volatility rate for any one calendar year during this\nperiod was 379.71%. The Underlying Security’s annualized performance during this period was -20.83%. Historical Underlying\nSecurity volatility and performance are not indications of what Underlying Security volatility and performance will be in the\nfuture.

In\naddition, the Fund’s investments in derivatives are subject to the following risks:

100

ETF\nRisks

101

102

Performance

103

Management

Investment\nAdviser: Tidal Investments LLC serves as investment adviser to the Fund.

Portfolio\nManagers:

The\nfollowing individuals are jointly and primarily responsible for the day-to-day management of the Fund.

Christopher\nP. Mullen, Portfolio Manager for the Adviser, has been a portfolio manager of the Fund since its inception in 2026.

Brett\nJohnson, Portfolio Manager for the Adviser, has been a portfolio manager of the Fund since its inception in 2026.

Purchase\nand Sale of Shares

Tax\nInformation

Financial\nIntermediary Compensation

104

SUMMARY\nINFORMATION

DEFIANCE\nDAILY TARGET 2X LONG QTEX ETF – FUND SUMMARY

Important\nInformation About the Fund

The\nDefiance Daily Target 2X Long QTEX ETF (the “Fund”) seeks daily leveraged investment results of two times (200%) the\ndaily percentage change in the share price of Qtrex Quantum Ltd. (NASDAQ: QTEX) (the “Underlying Security” or “QTEX”).\nBecause the Fund seeks daily leveraged investment results, it is very different from most other exchange-traded funds. It is also\nriskier than alternatives that do not use leverage.

Investment\nObjective

The\nFund seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price\nof Qtrex Quantum Ltd. (NASDAQ: QTEX). The Fund does not seek to achieve its stated investment objective for a period other than\na single trading day.

Fees\nand Expenses of the Fund

\n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n

Annual Fund Operating Expenses^(1)\n(expenses that you pay each year as a percentage of the value of your investment)
Management Fee	1.29	%
Distribution and Service (12b-1) Fees	None
Other Expenses⁽²⁾ (broker interest)	0.02	%
Total Annual Fund Operating Expenses⁽³⁾	1.31	%

\n\n \n \n\n \n \n\n \n \n

⁽¹⁾	The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses.
⁽²⁾	Based on estimated amounts for the current fiscal year.
⁽³⁾	The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.

105

Expense\nExample

\n\n \n \n\n \n \n\n \n \n

1\n Year	3\n Years

$133	$415

Portfolio\nTurnover

Principal\nInvestment Strategies

For\nexamples of a hypothetical investment in the Fund, see the section in the Fund’s Prospectus titled “Additional\nInformation About the Fund – Principal Investment Strategies.”

106

The\nFund is classified as “non-diversified” under the 1940 Act. The Fund’s investment strategy is expected to result\nin a high annual portfolio turnover rate.

Qtrex\nQuantum Ltd. (“QTEX”)

Qtrex\nQuantum Ltd. is a technology company that develops advanced connectivity and electronic solutions for quantum computing and other\nadvanced hardware markets. Since April 2026, QTEX has been developing high-density, thermally optimized quantum connectivity\nsolutions for defense, aerospace, missile, space, and other mission-critical applications. QTEX also continues to develop its\nmedical technology portfolio, including its respiratory support and blood monitoring platforms, and is working to monetize parts of\nits medical business. QTEX was formerly known as Inspira Technologies Oxy B.H.N. Ltd. and changed its name to Qtrex Quantum Ltd. in\nMay 2026. QTEX was incorporated in 2018 in Israel and is headquartered in Israel; QTEX is subject to the jurisdiction and the\nlaws of Israel.

Effective\nMay 20, 2026, QTEX is listed on The Nasdaq Stock Market LLC (the “NASDAQ”) under the ticker symbol QTEX. Prior to\nthe commencement of trading on May 20, 2026, QTEX’s ordinary shares were listed on NASDAQ under the ticker symbol IINN.\nPer its most recent 20-F filing, QTEX had 35,949,247 ordinary shares outstanding as of December 31, 2025.

QTEX\nis a foreign private issuer registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).\nInformation provided to or filed with the SEC by QTEX pursuant to the Exchange Act can be located by reference to SEC file number\n001-40303 through the SEC’s website at www.sec.gov. In addition, information regarding QTEX may be obtained from other sources\nincluding, but not limited to, press releases, newspaper articles and other publicly disseminated documents.

This\ndocument relates only to the securities offered hereby and does not relate to the shares of QTEX or other securities of QTEX.\nThe Fund has derived all disclosures contained in this document regarding QTEX from the publicly available documents. None of\nthe Fund, Tidal Trust V (the “Trust”), or the Adviser, or their respective affiliates has participated in the preparation\nof such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to QTEX.\nNone of the Fund, the Trust, or the Adviser, or their respective affiliates makes any representation that such publicly available\ndocuments or any other publicly available information regarding QTEX is accurate or complete. Furthermore, the Fund cannot give\nany assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness\nof the publicly available documents described above) that would affect the trading price of QTEX (and therefore the share price\nof the Fund at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the\ndisclosure of or failure to disclose material future events concerning QTEX could affect the value received with respect to the\nsecurities and therefore the value of the securities.

None\nof the Fund, the Trust, the Adviser, or their respective affiliates makes any representation to you as to the performance of QTEX.

NONE\nOF THE FUND, TIDAL TRUST V, OR TIDAL INVESTMENTS LLC IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH QTEX. THE FUND WAS NOT DEVELOPED\nOR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, QTEX.

107

Moreover,\nQTEX has not participated in the development of the Fund’s investment strategy. QTEX does not select or approve the Fund’s\nportfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. QTEX does not provide\nany assurances, guarantees, or representations regarding the Fund or its performance. Nothing herein shall be construed as an\noffer of any security by QTEX.

None\nof the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by QTEX\nor its affiliates. All rights in the trademarks are reserved by their respective owners.

Principal\nInvestment Risks

Each\nrisk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which\nit appears.

QTEX\nRisks. The Fund invests in swap contracts and options that are based on the share price of QTEX. This subjects the Fund to\ncertain of the same risks as if it owned shares of QTEX, even though it does not. By virtue of the Fund’s investments in\nswap contracts and options that are based on the value of QTEX, the Fund may also be subject to the following risks:

\n\n \n \n \n

●

Indirect Investment\n in QTEX Risk. QTEX is not affiliated with the Trust, the Fund, or the Adviser, or their respective affiliates and is not\n involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that\n might affect the value of Shares. Investors in the Fund will not have voting rights or influence over the management of QTEX\n but will be exposed to the performance of QTEX (the Underlying Security). Investors will also not have the right to receive\n dividends or other distributions from QTEX, but will remain subject to price fluctuations and other risks associated with\n ownership of the Underlying Security.

\n\n \n \n \n

●

QTEX Trading\n Risk. The trading price of QTEX may be subject to volatility and could experience wide fluctuations due to various factors.\n Short sellers may also influence QTEX’s trading activity, contributing to market instability. Public perception and\n external factors beyond the company’s control may influence QTEX’s stock price disproportionately. Additionally,\n following periods of market volatility, companies have faced securities class action litigation. Any adverse judgment or future\n stockholder litigation could result in substantial costs and divert management’s attention and resources. In the event\n of a trading halt, delisting, or significant disruption in the market for QTEX’s shares, the Fund may experience difficulty\n entering, modifying, or liquidating its exposures. These conditions could impair the Fund’s ability to achieve its investment\n objective, result in significant tracking error, or, in extreme cases, force the Fund to liquidate entirely.

\n\n \n \n \n

●

QTEX Performance\n Risk. QTEX may fail to meet its publicly announced guidelines or other expectations about its business, which could cause\n the price of QTEX to decline. Correctly identifying key factors affecting business conditions and predicting future events\n is inherently an uncertain process, and the guidance QTEX provides may not ultimately be accurate. If QTEX’s guidance\n is not accurate or varies from actual results due to its inability to meet the assumptions or the impact on its financial\n performance that could occur as a result of various risks and uncertainties, the market value of ordinary shares issued\n by QTEX could decline significantly.

\n\n \n \n \n

●

Health\n Care Equipment and Supplies Industry Risk. Companies in the health care equipment and supplies industry are likely\n to react similarly to legislative or regulatory changes, adverse market conditions and/or increased competition affecting\n their market segment. Due to the rapid pace of technological development, there is the risk that the products and services\n developed by these companies may become rapidly obsolete or have relatively short product cycles. There is also the risk\n that the products and services offered by these companies will not meet expectations or even reach the marketplace.

108

109

\n\n \n \n \n \n \n\n \n \n \n \n \n \n \n\n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n

Estimated\n Returns of 200% or Two Times \n Performance of the Underlying Security

Underlying\n Security Performance	One\n Year Volatility Rate
One\n Year \n Underlying \n Security		2X\n Times \n (200%) the \n One Year \n Performance	10%	25%	50%	75%	100%
-60%		-120%	-84.2%	-85.0%	-87.5%	-90.9%	-94.1%
-50%		-100%	-75.2%	-76.5%	-80.5%	-85.8%	-90.8%
-40%		-80%	-64.4%	-66.2%	-72.0%	-79.5%	-86.8%
-30%		-60%	-51.5%	-54.0%	-61.8%	-72.1%	-82.0%
-20%		-40%	-36.6%	-39.9%	-50.2%	-63.5%	-76.5%
-10%		-20%	-19.8%	-23.9%	-36.9%	-53.8%	-70.2%
0%		0%	-1.0%	-6.1%	-22.1%	-43.0%	-63.2%
10%		20%	19.8%	13.7%	-5.8%	-31.1%	-55.5%
20%		40%	42.6%	35.3%	12.1%	-18.0%	-47.0%
30%		60%	67.3%	58.8%	31.6%	-3.7%	-37.8%
40%		80%	94.0%	84.1%	52.6%	11.7%	-27.9%
50%		100%	122.8%	111.4%	75.2%	28.2%	-17.2%
60%		120%	153.5%	140.5%	99.4%	45.9%	-5.8%

The\nUnderlying Security’s annualized historical volatility rate for the period from September 30, 2021 to September 30, 2026\nwas 137.21%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 207.43%.\nThe Underlying Security’s annualized performance during this period was -23.93%. Historical Underlying Security volatility\nand performance are not indications of what Underlying Security volatility and performance will be in the future.

110

In\naddition, the Fund’s investments in derivatives are subject to the following risks:

111

ETF\nRisks

112

113

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Performance

Management

Investment\nAdviser: Tidal Investments LLC serves as investment adviser to the Fund.

Portfolio\nManagers:

The\nfollowing individuals are jointly and primarily responsible for the day-to-day management of the Fund.

Christopher\nP. Mullen, Portfolio Manager for the Adviser, has been a portfolio manager of the Fund since its inception in 2026.

Brett\nJohnson, Portfolio Manager for the Adviser, has been a portfolio manager of the Fund since its inception in 2026.

Purchase\nand Sale of Shares

Tax\nInformation

Financial\nIntermediary Compensation

ADDITIONAL\nINFORMATION ABOUT THE FUNDS

Investment\nObjectives

The\ninvestment objective of each Fund is to seek daily investment results, before fees and expenses, of two times (200%) the daily\npercentage change in the share price of its Underlying Security.

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An\ninvestment objective is fundamental if it cannot be changed without the consent of the holders of a majority of the outstanding\nShares. The Fund’s investment objective has not been adopted as a fundamental investment policy and therefore the Fund’s\ninvestment objective may be changed without the consent of that Fund’s shareholders upon approval by the Board of Trustees\n(the “Board”) of Tidal Trust V (the “Trust”) and at least 60 days’ written notice to shareholders.

Each\nFund has adopted a policy to have at least 80% exposure to financial instruments with economic characteristics that should perform\n2X the daily performance of its Underlying Security’s shares. Each Fund’s 80% policy is non-fundamental and can be\nchanged without shareholder approval. However, Fund shareholders would be given at least 60 days’ notice prior to any such\nchange. To the extent swaps are used to meet the Fund’s 80% policy, the notional value of the swaps will be used when determining\nthe Fund’s compliance.

Each\nFund engages in transactions with counterparties, which may include subsidiaries of public companies. Investors should be aware\nthat a Fund may not have recourse to the parent company for obligations of such counterparties. Consequently, a Fund is exposed\nto the credit risk of these counterparties, and their inability to meet the terms of their agreements could result in financial\nloss to the Fund.

Each\nFund seeks to provide a return of up to two times the daily performance of the share price of its Underlying Security.

No\nFund attempts to, and no Fund should be expected to, achieve this daily percentage change for periods other than a single day.\nEach Fund rebalances its implied exposure on a daily basis, increasing exposure to the Underlying Security in response to that\nday’s gains or reducing exposure to the Underlying Security in response to that day’s losses.

The\nexposure to the Underlying Security received by an investor who purchases a Fund intra-day will differ from such Fund’s\nstated daily investment objective by an amount determined by the movement of such Underlying Security from its share price at\nthe end of the prior day. If the Underlying Security’s share price moves in a direction favorable to the Fund between the\nclose of the market on one trading day through the time on the next trading day when the investor purchases Fund Shares, the investor\nwill receive less exposure to the Underlying Security than the Fund’s stated daily investment objective. Conversely, if\nthe Underlying Security’s share price moves in a direction adverse to the Fund, the investor will receive more exposure\nto the Underlying Security than the Fund’s stated daily investment objective.

As\nused in this Prospectus, the terms “daily,” “day,” and “trading day,” mean the period from\nthe regular close of the markets on one trading day to the regular close of the markets on the next trading day.

Each\nFund is designed as a short-term trading vehicle. The Funds are intended to be used by investors who intend to actively monitor\nand manage their portfolios.

Shares\nof each Fund upon commencement of operations will be listed and traded on the Exchange, where the market prices for the Shares\nmay be different from the intra-day value of the Shares disseminated by the Exchange and from their NAV. Unlike conventional mutual\nfunds, Shares are not individually redeemable directly with the applicable Fund. Rather, each Fund issues and redeems Shares on\na continuous basis at NAV only in large blocks of Shares called “Creation Units.” Creation Units of the Funds are\nissued and redeemed for cash. As a result, retail investors generally will not be able to purchase or redeem Shares directly from,\nor with, a Fund. Most retail investors will purchase or sell Shares in the secondary market through a broker.

The\nFunds are not suitable for all investors. In particular, the Funds are not suitable for investors with longer-term investment\nobjectives. Each Fund is designed to be utilized only by sophisticated investors, such as traders and active investors employing\ndynamic strategies. Such investors are expected to monitor and manage their portfolios frequently. Investors in the Funds should:\n(a) understand the consequences of seeking daily leveraged investment results; (b) understand the risks associated with the use\nof leverage; and (c) intend to actively monitor and manage their investments. Investors who do not understand the Funds or do\nnot intend to actively manage their funds and monitor their investments should not buy any Fund.

There\nis no assurance that any Fund will achieve its investment objective and an investment in any Fund could lose a substantial amount\nof money over a short period of time. No single fund is a complete investment program.

Principal\nInvestment Strategies

In\norder to achieve each Fund’s investment objective, the Adviser invests in a manner that is designed to correspond to two\ntimes (200%) the daily performance of the share price of such Fund’s Underlying Security.

Each\nFund attempts to achieve its investment objective by investing a substantial amount of its assets in financial instruments that\nprovide exposure to its Underlying Security, such as swap agreements. At the end of each trading day, it is expected that for\nthe 2X leveraged exposure each Fund seeks, the swap notional exposure against the Underlying Security will be approximately equal\nto two times the Fund’s NAV.

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To\nachieve a swap notional exposure equal two times a Fund’s NAV at the end of each trading day, the Adviser will adjust the\nswap notional exposure daily by sending orders to the swap provider(s) for execution at close. Such transactions will result in\ntrading fees to be paid by the Fund.

Each\nFund will enter into swap agreements with major financial institutions for a specified period ranging from one day to more than\none year whereby the respective Fund and the global financial institution will agree to exchange the return earned or realized\non the underlying security. The gross returns to be exchanged or “swapped” between the parties are calculated with\nrespect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing\nthe underlying security. Each trading day, the Adviser adjusts each Fund’s exposure to its underlying security consistent\nwith the Fund’s daily leveraged investment objective. The impact of market movements during the day determines whether the\nportfolio needs to be repositioned. If the share price of the underlying security has risen on a given day, the value of the Fund’s\nnet assets should rise, meaning its exposure will typically need to be increased. Conversely, if the share price of the underlying\nsecurity has fallen on a given day, the value of the Fund’s net assets should fall, meaning its exposure will typically\nneed to be reduced.

The\ntime and manner in which a Fund rebalances its portfolio may vary from day to day at the sole discretion of the Adviser depending\nupon market conditions and other circumstances. Generally, at or near the close of the market at each trading day, each Fund will\nposition its portfolio to seek to ensure that the Fund’s exposure to its underlying security is consistent with its stated\ninvestment objective. Each Fund reviews its notional exposure under each of its swap agreements, which reflects the extent of\nthe Fund’s total investment exposure under the swap, to seek to ensure that the Fund’s exposure is in-line with its\nstated investment objective. The gross returns to be exchanged are calculated with respect to the notional amount and the underlying\nsecurity share price returns to which the swap is linked. Swaps are typically closed out on a net basis. Thus, while the notional\namount reflects a Fund’s total investment exposure under the swap, the net amount is the Fund’s current obligations\n(or rights) under the swap. That is the amount to be paid or received under the agreement based on the relative values of the\npositions held by each party to the agreement. If for any reason a Fund is unable to rebalance all or a portion of its portfolio,\nor if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent\nwith the Fund’s investment objective. As a result, a Fund may be more or less exposed to leverage risk than if it had been\nproperly rebalanced and may not achieve its investment objective. To the extent that a Fund needs to “roll” its swap\npositions (i.e., enter into new swap positions with a later expiration date as the current positions approach expiration), it\ncould be subjected to increased costs, which could negatively impact the Fund’s performance.

Additionally,\nto complement each Fund’s primary strategy of using swap agreements to achieve leveraged exposure, a Fund may employ listed\noptions contracts as an additional tool to generate leverage on an as-needed basis. By incorporating listed options, such as call\noptions, a Fund can gain leveraged exposure to the Underlying Security without relying solely on swaps. This flexibility allows\nthe Fund to adjust its leverage strategy in response to market conditions, liquidity constraints, or other factors that may impact\nthe availability or pricing of swap agreements. The use of options may help the Fund meet its daily investment objective more\neffectively under varying market conditions.

Each\nFund will hold assets to serve as collateral for such Fund’s swap agreements. For those collateral holdings, each Fund may\ninvest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds;\n(3) short term bond ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory\nnotes issued by businesses that are rated investment grade or of comparable quality.

The\nEffects of Fees and Expenses on the Return of the Fund for a Single Trading Day

To\ncreate the necessary exposure, the Funds will enter into one or more swap agreements with financial institutions. The Funds will\nincur borrowing costs associated with the use of swaps. For instance, if an Underlying Security returns 1% on a given day, the\ngross expected return of applicable 2X Fund would be 2%, but the net expected return, which factors in the cost of financing the\nportfolio and the impact of operating expenses, would be lower.

The\nFunds may have difficulty in achieving their daily leveraged investment objective due to fees, expenses, transaction costs, income\nitems, accounting standards, significant purchase and redemption activity by respective Fund shareholders and/or disruptions or\na temporary lack of liquidity in the markets for the securities held by such Fund.

A\nFund will be subject to regulatory constraints relating to level of value at risk that a Fund may incur through its derivative\nportfolio.

An\nexchange or market may close or issue trading halts on specific securities, or the ability to buy or sell certain securities or\nfinancial instruments may be restricted, which may result in a Fund being unable to buy or sell certain securities or financial\ninstruments. In such circumstances, such Fund may be unable to rebalance its portfolio, may be unable to accurately price its\ninvestments and/or may incur substantial trading losses.

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If\na Fund is unable to obtain sufficient exposure to its Underlying Security due to the limited availability of necessary investments\nor financial instruments, such Fund could, among other things, fail to meet its daily investment objective or experience increased\ntransaction fees. Under such circumstances, the Fund could trade at significant bid-ask spreads, premiums or discounts to its\nNAV and could experience substantial redemptions.

A\nCautionary Note to Investors Regarding Dramatic Underlying Security Movement. The Adviser will not attempt to position each\nFund’s portfolio to ensure that a Fund does not gain or lose more than maximum percentage of its NAV on a given day. A Fund\ncould lose an amount greater than its net assets in the event of a movement of an Underlying Security’s share price in excess\nof 50% in a direction adverse to the Fund (meaning a loss in the value of the Underlying Security). As a result, the risk of\ntotal loss exists.

If\nan Underlying Security’s share price has a dramatic loss that causes a material decline in a Fund’s net assets, the\nterms of the Fund’s swap agreements may permit the counterparty to immediately close out the swap transaction. In that event,\na Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve exposure consistent with a\nFund’s investment objective. This may prevent a Fund from achieving its investment objective, even if the Underlying Security\nlater reverses all or a portion the move, and result in significant losses.

Examples

Examples\nof the Impact of Daily Compounding. Because each Fund’s exposure to the applicable Underlying Security’s share\nprice is repositioned on a daily basis, for a holding period longer than one day, the pursuit of the daily investment objective\nwill result in daily compounding for each Fund. This means that the return of the applicable Underlying Security’s share\nprice over a period of time greater than one day multiplied by the Fund’s daily investment objective (e.g., 200% of such\nreturn) generally will not equal such Fund’s performance over that same period. As a consequence, investors should not plan\nto hold shares of a Fund unmonitored for periods longer than a single trading day. This deviation increases with higher volatility\nin the applicable Underlying Security’s share price and longer holding periods. Further, the return for investors that invest\nfor periods less than a full trading day or for a period different than a trading day will not be the product of the return of\nsuch Fund’s stated daily leveraged investment objective and the performance of the applicable Underlying Security’s\nshare price for the full trading day. The actual exposure will largely be a function of the performance of the applicable Underlying\nSecurity’s share price from the end of the prior trading day. The examples assume a full daily leveraged amount of exactly\n2X to the applicable Underlying Security’s share price.

Consider\nthe following examples (each of which assumes the investor purchases and sells shares at NAV):

Example\nA

Amy\nis considering investments in two Funds, Funds A and B. Fund A is an ETF which seeks (before fees and expenses) to match the performance\nof the hypothetical underlying security’s share price. Fund B is a leveraged ETF and seeks daily leveraged investment results\n(before fees and expenses) that correspond to 200% of the daily performance of the hypothetical underlying security’s share\nprice.

On\nDay 1, the hypothetical underlying security’s share price increases in value from $100 to $105, a gain of 5%. On Day 2,\nthe hypothetical underlying security’s share price declines from $105 back to $100, a loss of 4.76%. In the aggregate, the\nshare price of the hypothetical underlying security has not moved.

An\ninvestment in Fund A would be expected to gain 5% on Day 1 and lose 4.76% on Day 2, returning the investment to its original value.\nThe following example assumes a $100 investment in Fund A when the hypothetical underlying security’s share price is $100:

\n\n \n \n \n \n\n \n \n \n \n\n \n \n \n \n\n \n \n \n \n

Day	Underlying\n Security Share Price	Underlying\n Security \n Performance	Value\n of Fund A Investment
			$100.00
1	$105.00	5.00%	$105.00
2	$100.00	-4.76%	$100.00

The\nsame $100 investment in Fund B would be expected to gain 10% on Day 1 (200% of 5%) but decline 9.52% on Day 2.

\n\n \n \n \n \n\n \n \n \n \n\n \n \n \n \n\n \n \n \n \n

Day	Underlying\n Security Performance	200%\n of Underlying Security \n Performance	Value\n of Fund B Investment
			$100.00
1	5.00%	10.0%	$110.00
2	-4.76%	-9.52%	$99.52

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Although\nthe percentage decline in Fund B is smaller on Day 2 than the percentage gain on Day 1, the loss is applied to a higher principal\namount, so the investment in Fund B experiences a loss even when the share price of the underlying security for the two-day period\nhas not declined (these calculations do not include the charges for fund fees and expenses).

As\nyou can see, an investment in Fund B has additional risks due to the effects of leverage and compounding.

An\ninvestor who purchases shares of a Fund intra-day will generally receive more, or less, than the applicable exposure to the underlying\nsecurity’s share price from that point until the end of the trading day. The actual exposure will be largely a function\nof the performance of the underlying security from the end of the prior trading day. If a Fund’s shares are held for a period\nlonger than a single trading day, the Fund’s performance is likely to deviate from the respective multiple return of the\nunderlying security’s performance for the longer period. This deviation will increase with higher underlying security volatility\nand longer holding periods.

Examples\nof the Impact of Volatility of an Underlying Security. Each Fund rebalances its portfolio on a daily basis, increasing exposure\nin response to that day’s gains or reducing exposure in response to that day’s losses. Daily rebalancing will typically\ncause a Fund to lose money if the Underlying Security’s shares experience volatility. A volatility rate is a statistical\nmeasure of the magnitude of fluctuations in the underlying security’s share price returns over a defined period. For periods\nlonger than a trading day, volatility in the performance of the Underlying Security shares from day to day is the primary cause\nof any disparity between a Fund’s actual returns and the returns of the share of the Underlying Security for such period.\nVolatility causes such disparity because it exacerbates the effects of compounding on a Fund’s returns. In addition, the\neffects of volatility are magnified in the Funds due to leverage. Consider the following three examples that demonstrate the effect\nof volatility on a hypothetical fund (each of which assumes the investor purchases and sells shares at NAV):

Example\n1 – Underlying Security Experiences Low Volatility

Amy\ninvests $10.00 in a Hypothetical 2X Fund at the close of trading on Day 1. During Day 2, the hypothetical underlying security’s\nshare price rises from 100 to 102, a 2% gain. Amy’s investment rises 4% to $10.40. Amy holds her investment through the\nclose of trading on Day 3, during which the hypothetical underlying security’s share price rises from 102 to 104, a gain\nof 1.96%. Amy’s investment rises to $10.81, a gain during Day 3 of 3.92%. For the two-day period since Amy invested in the\nHypothetical 2X Fund, the hypothetical underlying security gained 4% although Amy’s investment increased by 8.1%. Because\nthe hypothetical underlying security’s shares continued to trend upwards with low volatility, Amy’s return closely\ncorrelates to the 200% return of the return of the hypothetical underlying security’s shares for the period.

Example\n2 – Underlying Security Experiences High Volatility

Now\nAmy invests $10.00 in a Hypothetical 2X Fund after the close of trading on Day 1. During Day 2, the hypothetical underlying security’s\nshare price rises from 100 to 102, a 2% gain, and Amy’s investment rises 4% to $10.40. Amy continues to hold her investment\nthrough the end of Day 3, during which the hypothetical underlying security’s shares decline from 102 to 98, a loss of 3.92%.\nAmy’s investment declines by 7.84%, from $10.40 to $9.58. For the two-day period since Amy invested in the Hypothetical\n2X Fund, the hypothetical underlying security lost 2% while Amy’s investment decreased from $10 to $9.58, a 4.2% loss. The\nvolatility of the hypothetical underlying security’s shares affected the correlation between the hypothetical underlying\nsecurity’s return for the two-day period and Amy’s return. In this situation, Amy lost more than two times the return\nof the hypothetical underlying security.

Example\n3 – Intra-day Investment with Volatility

Examples\n1 and 2 assumed that Amy purchased the Hypothetical 2X Fund at the close of trading on Day 1 and sold her investment at the close\nof trading on a subsequent day. However, if she made an investment intra-day, she would have received notional exposure to the\nunderlying security’s shares determined by the performance of the underlying security’s shares from the end of the\nprior trading day until her time of purchase on the next trading day.

Consider\nthe following example.

Amy\ninvests $10.00 in a Hypothetical 2X Fund at 11 a.m. on Day 2. From the close of trading on Day 1 until 11 a.m. on Day 2, the hypothetical\nunderlying security’s share price moved from 100 to 102, a 2% gain. In light of that gain, the Hypothetical 2X Fund beta\nat the point at which Amy invests is 196%. During the remainder of Day 2, the hypothetical underlying security’s share price\nrises from 102 to 110, a gain of 7.84%, and Amy’s investment rises 15.4% (which is the hypothetical underlying security\ngain of 7.84% multiplied by the 196% beta that she received) to $11.54. Amy continues to hold her investment through the close\nof trading on Day 3, during which the hypothetical underlying security’s share price declines from 110 to 90, a loss of\n18.18%. Amy’s investment declines by 36.4%, from $11.54 to $7.34. For the period of Amy’s investment, the hypothetical\nunderlying security’s share price declined from 102 to 90, a loss of 11.76%, while Amy’s investment decreased from\n$10.00 to $7.34, a 27% loss. The volatility of the hypothetical underlying security’s shares affected the correlation between\nthe hypothetical underlying security’s return for the period and Amy’s return. In this situation, Amy lost more than\ntwo times the return of the hypothetical underlying security. Amy was also hurt because she missed the first 2% move of the hypothetical\nunderlying security and had a beta of 196% for the remainder of Day 2.

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Market\nVolatility. The Funds seek to provide a return which is two times the daily performance of the applicable Underlying Security’s\nshare price. The Funds do not attempt to, and should not be expected to, provide returns which are two times the return of the\napplicable Underlying Security’s share price for periods other than a single day. The Funds rebalance their respective portfolios\non a daily basis, increasing exposure in response to that day’s gains or reducing exposure in response to that day’s\nlosses.

Daily\nrebalancing will impair each Fund’s performance if its Underlying Security’s shares experience volatility. For instance,\na Fund would be expected to lose 4% (as shown in Table 1 below) if its Underlying Security’s shares provided no return over\na one-year period and experienced annualized volatility of 20%. If an Underlying Security’s shares’ annualized volatility\nwere to rise to 40%, the hypothetical loss for a one-year period for the applicable Fund widens to approximately -15%.

\n\n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n

Table\n 1
Volatility	Fund
Range	Loss
10%	-1%
20%	-4%
30%	-9%
40%	-15%
50%	-23%
60%	-33%
70%	-47%
80%	-55%
90%	-76%
100%	-84%

Note\nthat at higher volatility levels, there is a chance of a complete loss of Fund assets even if the share price of the applicable\nUnderlying Security is flat. For instance, if annualized volatility of an Underlying Security’s shares were 90%, the\napplicable Fund would be expected to lose 76%, even if the underlying security returned 0% for the year.

Table\n2 shows the annualized historical volatility rate for each Underlying Security’s shares over the periods noted.

Since\nmarket volatility has negative implications for the Funds which rebalance daily, investors should be sure to monitor and manage\ntheir investments in the Funds particularly in volatile markets. The negative implications of volatility in Table 1 can be combined\nwith the recent volatility ranges of the shares of the Underlying Securities in Table 2 to give investors some sense of the risks\nof holding the Funds for longer periods. Historical volatility and performance for the Underlying Securities are not likely indicative\nof future volatility and performance.

Table\n2 – Historic Volatility of the Underlying Securities

\n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n

Underlying\n Security Name/Ticker	Historical\n Volatility Rate	Period
AmpliTech\n Group, Inc. (NASDAQ: AMPG)	102.75%	09/30/2021-09/30/2026
Boost\n Run Inc. (NASDAQ: BRUN)	135.07%	05/11/2026-09/30/2026
FuelCell\n Energy, Inc. (NASDAQ: FCEL)	146.03%	09/30/2021-09/30/2026
Deep\n Fission, Inc. (NASDAQ: FISN)	106.54%	06/18/2026-09/30/2026
Fortinet,\n Inc. (NASDAQ: FTNT)	45.20%	09/30/2021-09/30/2026
Gorilla\n Technology Group, Inc. (NASDAQ: GRRR)	141.56%	07/14/2022-09/30/2026
LightPath\n Technologies, Inc. (NASDAQ: LPTH)	75.66%	09/30/2021-09/30/2026
Syntec\n Optics Holdings, Inc. (NASDAQ: OPTX)	134.71%	01/26/2022-09/30/2026
Eightco\n Holdings, Inc. (NASDAQ: ORBS)	290.08%	11/26/2024-09/30/2026
Qtrex\n Quantum Ltd. (NASDAQ: QTEX)	137.21%	09/30/2021-09/30/2026

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The\nProjected Returns of the Funds for Intra-Day Purchases. Because each Fund rebalances its portfolio once daily, an investor\nwho purchases Shares intra-day will likely have more, or less, than 200% investment exposure to the share price of the applicable\nUnderlying Security. The exposure to the applicable Underlying Security’s shares received by an investor who purchases the\nFund intra-day will differ from the Fund’s stated daily investment objective (e.g., 200%) by an amount determined by the\nmovement of the applicable Underlying Security’s from its share price at the end of the prior day. If the Underlying Security’s\nshare price moves in a direction favorable to the applicable Fund between the close of the market on one trading day through the\ntime on the next trading day when the investor purchases Fund shares, the investor will receive less exposure to such Underlying\nSecurity than the stated Fund’s daily investment objective (e.g., 200%). Conversely, if an Underlying Security’s shares\nmove in a direction adverse to the funds, the investor will receive more exposure to such Underlying Security than the stated\nfund daily leveraged investment objective (e.g., 200%).

Table\n3 below indicates the hypothetical exposure to the share price of the underlying security that an intra-day purchase of the Hypothetical\n2X Fund would be expected to provide based upon the movement in the share price of the underlying security from the close of the\nmarket on the prior trading day. Such exposure holds until a subsequent sale on that same trading day or until the close of the\nmarket on that trading day. For instance, if the underlying security’s share price has moved 5% in a direction favorable\nto a Hypothetical 2X Fund, the investor would receive exposure to the performance of the underlying security from that point until\nthe investor sells later that day or the end of the day equal to approximately 191% of the investor’s investment.

Conversely,\nif the underlying security’s share price moves 5% in a direction unfavorable to the Hypothetical 2X Fund, an investor at\nthat point would receive exposure to the performance of the underlying security from that point until the investor sells later\nthat day or the end of the day equal to approximately 211% of the investor’s investment.

The\ntable below includes a range of hypothetical underlying security share price moves from 20% to -20% and the corresponding exposure\nfor the Hypothetical 2X Fund. Movement of the share price of an underlying security beyond the range noted below will result in\nexposure further from the Hypothetical 2X Fund’s daily investment objective.

Table\n3

\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n

Underlying \n Security \n \n Share\nPrice Move	Resulting\n Exposure for \n Hypothetical 2X Fund
-20%	267%
-15%	243%
-10%	225%
-5%	211%
0%	200%
5%	191%
10%	183%
15%	177%
20%	171%

The\nProjected Returns of the Funds for Periods Other Than a Single Trading Day. Each Fund seeks leveraged investment results on\na daily basis — from the close of regular trading on one trading day to the close on the next trading day — which\nshould not be equated with seeking an investment objective for any other period. For instance, if an Underlying Security’s\nshares gain 10% for a week, the applicable Fund should not be expected to provide a return of 20% for the week even if it meets\nits daily investment objective throughout the week. This is true because of the financing charges noted above but also because\nthe pursuit of daily goals may result in daily compounding, which means that the return of the applicable Underlying Security\nover a period of time greater than one day multiplied by such Fund’s daily investment objective (e.g., 200%) will not generally\nequal the Fund’s performance over that same period. In addition, the effects of compounding become greater the longer shares\nof a Fund are held beyond a single trading day.

The\nfollowing tables set out a range of hypothetical daily performances during a given 10 trading days for a Hypothetical 2X Fund\ncompared to the underlying security and demonstrate how changes in the underlying security’s hypothetical performance would\ncompare to the performance of a Hypothetical 2X Fund for a trading day and cumulatively up to, and including, the entire 10 trading\nday period. The charts are based on a hypothetical $100 investment in hypothetical funds at NAV over a 10-trading day period and\ndo not reflect fees or expenses of any kind.

Table\n4 – The Underlying Security Lacks a Clear Trend

Underlying\n Security	Hypothetical\n 2X Fund
	NAV	Daily \n Performance	Cumulative \n Performance	NAV	Daily \n Performance	Cumulative \n Performance
	$100.00			$100.00
Day\n 1	$105.00	5.00%	5.00%	$110.00	10.00%	10.00%
Day\n 2	$110.00	4.76%	10.00%	$120.48	9.52%	20.47%
Day\n 3	$100.00	-9.09%	0.00%	$\n 98.57	-18.18%	-1.43%
Day\n 4	$90.00	-10.00%	-10.00%	$\n 78.86	-20.00%	-21.14%
Day\n 5	$85.00	-5.56%	-15.00%	$\n 70.10	-11.12%	-29.91%
Day\n 6	$100.00	17.65%	0.00%	$\n 94.83	35.30%	-5.17%
Day\n 7	$95.00	-5.00%	-5.00%	$\n 85.35	-10.00%	-14.65%
Day\n 8	$100.00	5.26%	0.00%	$\n 94.34	10.52%	-5.68%
Day\n 9	$105.00	5.00%	5.00%	$103.77	10.00%	3.76%
Day\n 10	$100.00	-4.76%	0.00%	$\n 93.89	-9.52%	-6.12%

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The\ncumulative performance of the hypothetical underlying security’s shares in Table 4 is 0% for 10 trading days. The return\nof the Hypothetical 2X Fund for the 10-trading day period is -6.12%. The volatility of the underlying security’s performance\nand lack of a clear trend results in performance for the Hypothetical 2X Fund for the period which bears little relationship to\nthe performance of the underlying security for the 10-trading day period.

Table\n5 – The Underlying Security Rises in a Clear Trend

Underlying\n Security	Hypothetical\n 2X Fund
	NAV	Daily \n Performance	Cumulative \n Performance	NAV	Daily \n Performance	Cumulative \n Performance
	$100.00			$100.00
Day\n 1	$102.00	2.00%	2.00%	$104.00	4.00%	4.00%
Day\n 2	$104.00	1.96%	4.00%	$108.08	3.92%	8.08%
Day\n 3	$106.00	1.92%	6.00%	$112.24	3.84%	12.23%
Day\n 4	$108.00	1.89%	8.00%	$116.47	3.78%	16.47%
Day\n 5	$110.00	1.85%	10.00%	$120.78	3.70%	20.78%
Day\n 6	$112.00	1.82%	12.00%	$125.18	3.64%	25.17%
Day\n 7	$114.00	1.79%	14.00%	$129.65	3.58%	29.66%
Day\n 8	$116.00	1.75%	16.00%	$134.20	3.50%	34.19%
Day\n 9	$118.00	1.72%	18.00%	$138.82	3.44%	38.81%
Day\n 10	$120.00	1.69%	20.00%	$143.53	3.38%	43.50%

The\ncumulative performance of the underlying security’s share price in Table 5 is 20% for 10 trading days. The return of the\nHypothetical 2X Fund for the 10-trading day period is 43.50%. In this case, because of the positive underlying security trend,\nthe Hypothetical 2X Fund’s gain is greater than 200% of the underlying security’s share price gain for the 10-trading\nday period.

Table\n6 – The Underlying Security Declines in a Clear Trend

Underlying\n Security	Hypothetical\n 2X Fund
	NAV	Daily \n Performance	Cumulative \n Performance	NAV	Daily \n Performance	Cumulative \n Performance
	$100.00			$100.00
Day\n 1	$98.00	-2.00%	-2.00%	$\n 96.00	-4.00%	-4.00%
Day\n 2	$96.00	-2.04%	-4.00%	$\n 92.08	-4.08%	-7.92%
Day\n 3	$94.00	-2.08%	-6.00%	$\n 88.24	-4.16%	-11.75%
Day\n 4	$92.00	-2.13%	-8.00%	$\n 84.49	-4.26%	-15.51%
Day\n 5	$90.00	-2.17%	-10.00%	$\n 80.82	-4.34%	-19.17%
Day\n 6	$88.00	-2.22%	-12.00%	$\n 77.22	-4.44%	-22.76%
Day\n 7	$86.00	-2.27%	-14.00%	$\n 73.71	-4.54%	-26.27%
Day\n 8	$84.00	-2.33%	-16.00%	$\n 70.29	-4.66%	-29.71%
Day\n 9	$82.00	-2.38%	-18.00%	$\n 66.94	-4.76%	-33.05%
Day\n 10	$80.00	-2.44%	-20.00%	$\n 63.67	-4.88%	-36.32%

The\ncumulative performance of the underlying security’s share price in Table 6 is -20% for 10 trading days. The return of the\nHypothetical 2X Fund for the 10-trading day period is -36.32%. In this case, because of the negative hypothetical underlying security’s\nshare price trend, the Hypothetical 2X Fund’s loss is less than 200% of the hypothetical underlying security’s decline\nfor the 10-trading day period.

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Manager\nof Managers Structure

Although\nthe Funds are not currently sub-advised, the Funds and the Adviser have received exemptive relief from the SEC permitting the\nAdviser (subject to certain conditions and the approval of the Board) to change or select new unaffiliated sub-advisers without\nobtaining shareholder approval. The relief also permits the Adviser to materially amend the terms of agreements with an unaffiliated\nsub-adviser (including an increase in the fee paid by the Adviser to the unaffiliated sub-adviser (and not paid by the Fund))\nor to continue the employment of an unaffiliated sub-adviser after an event that would otherwise cause the automatic termination\nof services with Board approval, but without shareholder approval. Shareholders will be notified of any unaffiliated sub-adviser\nchanges. The Adviser has the ultimate responsibility, subject to oversight by the Board, to oversee a sub-adviser and recommend\ntheir hiring, termination and replacement. The exemptive relief applies to sub-advisers that are either wholly-owned by the Adviser\nor its parent company, as well as to unaffiliated sub-advisers, including those whose affiliation arises solely from their sub-advisory\nrelationship.

Investments\nby Registered Investment Companies

Section\n12(d)(1) of the 1940 Act restricts investments by investment companies in the securities of other investment companies. However,\nregistered investment companies are permitted to invest in other investment companies beyond the limits set forth in Section 12(d)(1)\nin rules under the 1940 Act, subject to certain conditions. Each Fund may rely on Rule 12d1-4 of the 1940 Act, which provides\nan exemption from Section 12(d)(1) that allows the Fund to invest beyond the limits set forth in Section 12(d)(1) if the Fund\nsatisfies certain conditions specified in Rule 12d1-4.

Principal\nRisks of Investing in the Funds

There\ncan be no assurance that the Funds will achieve their respective investment objectives. The following information is in addition\nto, and should be read along with, the description of each Fund’s principal investment risks in the section titled “Fund\nSummary— Principal Investment Risks” above. Following the underlying security risks, the Funds’ remaining principal\nrisks are presented in alphabetical order to facilitate finding particular risks and comparing them with those of other funds.\nEach risk summarized below is considered a “principal risk” of investing in the Funds, regardless of the order in\nwhich it appears.

UNDERLYING\nSECURITY RISKS

AMPG\nRisks. The Fund invests in swap contracts and options that are based on the share price of AMPG. This subjects the Fund to\ncertain of the same risks as if it owned shares of AMPG, even though it does not. By virtue of the Fund’s investments in\nswap contracts and options that are based on the value of AMPG, the Fund may also be subject to the following risks:

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Indirect Investment\n in AMPG Risk. AMPG is not affiliated with the Trust, the Fund, or the Adviser, or their respective affiliates and is not\n involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that\n might affect the value of Shares. Investors in the Fund will not have voting rights or influence over the management of AMPG\n but will be exposed to the performance of AMPG (the Underlying Security). Investors will also not have the right to receive\n dividends or other distributions from AMPG, but will remain subject to price fluctuations and other risks associated with\n ownership of the Underlying Security.

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AMPG Trading\n Risk. The trading price of AMPG may be subject to volatility and could experience wide fluctuations due to various factors.\n Short sellers may also influence AMPG’s trading activity, contributing to market instability. Public perception and\n external factors beyond the company’s control may influence AMPG’s stock price disproportionately. Additionally,\n following periods of market volatility, companies have faced securities class action litigation. Any adverse judgment or future\n stockholder litigation could result in substantial costs and divert management’s attention and resources. In the event\n of a trading halt, delisting, or significant disruption in the market for AMPG’s shares, the Fund may experience difficulty\n entering, modifying, or liquidating its exposures. These conditions could impair the Fund’s ability to achieve its investment\n objective, result in significant tracking error, or, in extreme cases, force the Fund to liquidate entirely.

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AMPG Performance\n Risk. AMPG may fail to meet its publicly announced guidelines or other expectations about its business, which could cause\n the price of AMPG to decline. Correctly identifying key factors affecting business conditions and predicting future events\n is inherently an uncertain process, and the guidance AMPG provides may not ultimately be accurate. If AMPG’s guidance\n is not accurate or varies from actual results due to its inability to meet the assumptions or the impact on its financial\n performance that could occur as a result of various risks and uncertainties, the market value of common stock issued by AMPG\n could decline significantly.

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Electrical Equipment\n Industry Risk. The electrical equipment industry can be significantly affected by general economic trends, including employment,\n economic growth, interest rates, and changes in commodity prices. Electrical equipment companies are subject to the risks\n of technical obsolescence, and their profitability may be affected by government regulation and spending, import controls\n and worldwide competition. Companies in these industries also can be adversely affected by liability for environmental damage,\n depletion of resources, and mandated expenditures for safety and pollution control. These factors may result in a material\n adverse impact on the Fund’s portfolio securities and the performance of the Fund.

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Independent\n Power and Renewable Electricity Producers Industry Risk. This industry includes companies involved in the generation\n and sale of electricity from independent power plants and renewable energy facilities such as solar, wind, hydroelectric,\n and battery storage. The industry is highly competitive and influenced by factors such as electricity demand, energy prices,\n and technological advancements. The prices of securities of companies in this industry may fluctuate widely due to general\n economic conditions, changes in energy market dynamics, and regulatory developments. Companies in this industry are subject\n to risks related to fuel supply and costs, renewable energy resource availability, and transmission infrastructure constraints.\n Additionally, the industry may be affected by legislative or regulatory changes, including renewable energy incentives, environmental\n standards, and carbon emission requirements. Operational risks, such as equipment failures, weather-related disruptions, and\n cybersecurity threats, can also have a significant impact on companies in this sector.

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Indirect Investment\n in FTNT Risk. FTNT is not affiliated with the Trust, the Fund, or the Adviser, or their respective affiliates and is not\n involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that\n might affect the value of Shares. Investors in the Fund will not have voting rights or influence over the management of FTNT\n but will be exposed to the performance of FTNT (the Underlying Security). Investors will also not have the right to receive\n dividends or other distributions from FTNT, but will remain subject to price fluctuations and other risks associated with\n ownership of the Underlying Security.

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Software Industry\n Risk. The software industry can be significantly affected by intense competition, aggressive pricing, technological innovations,\n and product obsolescence. Companies in the software industry are subject to significant competitive pressures, such as aggressive\n pricing, new market entrants, competition for market share, short product cycles due to an accelerated rate of technological\n developments and the potential for limited earnings and/or falling profit margins. These companies also face the risks that\n new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete.\n These factors can affect the profitability of these companies and, as a result, the value of their securities. Also, patent\n protection is integral to the success of many companies in this industry, and profitability can be affected materially by,\n among other things, the cost of obtaining (or failing to obtain) patent approvals, the cost of litigating patent infringement\n and the loss of patent protection for products (which significantly increases pricing pressures and can materially reduce\n profitability with respect to such products). In addition, many software companies have limited operating histories. Prices\n of these companies’ securities historically have been more volatile than other securities, especially over the short\n term. Companies in the application software industry, in particular, also may be negatively affected by the decline or fluctuation\n of subscription renewal rates for their products and services, dependence on cloud providers, the production of upgrades,\n and regional differences in adoption rates and regulatory environments, which may have an adverse effect on profit margins.

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Software\n Industry Risks. The software industry can be significantly affected by intense competition, aggressive pricing, technological\n innovations, and product obsolescence. Companies in the software industry are subject to significant competitive pressures,\n such as aggressive pricing, new market entrants, competition for market share, short product cycles due to an accelerated\n rate of technological developments and the potential for limited earnings and/or falling profit margins. These companies also\n face the risks that new services, equipment or technologies will not be accepted by consumers and businesses or will become\n rapidly obsolete. These factors can affect the profitability of these companies and, as a result, the value of their securities.\n Also, patent protection is integral to the success of many companies in this industry, and profitability can be affected materially\n by, among other things, the cost of obtaining (or failing to obtain) patent approvals, the cost of litigating patent infringement\n and the loss of patent protection for products (which significantly increases pricing pressures and can materially reduce\n profitability with respect to such products). In addition, many software companies have limited operating histories. Prices\n of these companies’ securities historically have been more volatile than other securities, especially over the short\n term. Companies in the application software industry, in particular, also may be negatively affected by the decline or fluctuation\n of subscription renewal rates for their products and services, dependence on cloud providers, the production of upgrades,\n and regional differences in adoption rates and regulatory environments, which may have an adverse effect on profit margins.

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Electronic\n Equipment, Instruments and Components Industry Risk. Companies in the electronic equipment, instruments, and components\n industry face risks posed by geopolitical tensions such as trade wars, sanctions, and export controls, which can disrupt the\n flow of critical components, raw materials, and advanced technologies. Such disruptions may lead to shortages, longer lead\n times, and increased costs. Geopolitical events can also destabilize key manufacturing regions. Such companies may also be\n heavily dependent on a single or a few suppliers for components which increases their vulnerability to unforeseeable events\n like natural disasters, factory fires, equipment breakdowns, or labor strikes. Limited production capacity for key components\n like semiconductors and potential scarcities of critical minerals (e.g., lithium) can cause production delays and cost increases.\n Congestion at ports, container shortages, and rising shipping costs can hinder timely delivery of components. Components can\n become obsolete during a product’s lifecycle, leading to project delays and additional costs. Fluctuations in consumer\n and industry demand for electronic products can lead to rapid shifts in the market, making production forecasting challenging\n and potentially resulting in excess inventory or missed sales opportunities. Rapid technological changes, including advancements\n in artificial intelligence (AI), 5G (i.e., referring to fifth generation cellular technology) and electric vehicles, for example,\n while driving growth also require continuous innovation and investment for companies to remain competitive in a highly competitive\n industry. Additionally, technological advancements are critical for maintaining competitiveness in this sector, but the high\n cost and uncertain outcomes of research and development efforts may pose financial risks. Companies in this industry face\n heightened cybersecurity risks due to the sensitive nature of their technologies, and breaches can lead to operational disruptions,\n reputational damage, and regulatory scrutiny.

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Regulatory\n and Compliance Risk. Companies in the electronic equipment, instruments, and components industry face risks posed by varying\n trade policies, tariffs, and export controls which can create compliance burdens and impact profitability, especially for\n companies manufacturing in or sourcing from specific regions. Stricter rules related to cybersecurity and data protection\n for connected devices require manufacturers to invest in secure product development. Increasing focus on eco-friendly design,\n energy efficiency, and recyclability mandates adherence to new environmental regulations, potentially incurring additional\n costs for material substitution, testing, and redesign of equipment and components.

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Indirect Investment\n in ORBS Risk. ORBS is not affiliated with the Trust, the Fund, or the Adviser, or their respective affiliates and is not\n involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that\n might affect the value of Shares. Investors in the Fund will not have voting rights or influence over the management of ORBS\n but will be exposed to the performance of ORBS (the Underlying Security). Investors will also not have the right to receive\n dividends or other distributions from ORBS, but will remain subject to price fluctuations and other risks associated with\n ownership of the Underlying Security.

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Broadline\n Retail Industry Risk. Companies in the broadline retail industry, including those operating through internet platforms\n and direct marketing channels, are subject to fluctuating consumer demand and intense competition, which may compel them to\n reduce profit margins to remain competitive. Unlike traditional brick-and-mortar retailers, online retailers and marketplaces\n often assume shipping costs or must pass such costs on to consumers, which can adversely affect profitability. In addition,\n companies in this industry are more exposed to cybersecurity risks due to their reliance on digital platforms to process,\n store, and transmit large volumes of data, including personal customer information, and are subject to increasing government\n regulation and oversight. A failure to prevent or mitigate data breaches or other security incidents could result in the loss\n or misuse of sensitive information, harm brand reputation, subject companies to litigation or regulatory scrutiny, and negatively\n impact financial performance.

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	●	Indirect Investment\n in QTEX Risk. QTEX is not affiliated with the Trust, the Fund, or the Adviser, or their respective affiliates and is not\n involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that\n might affect the value of Shares. Investors in the Fund will not have voting rights or influence over the management of QTEX\n but will be exposed to the performance of QTEX (the Underlying Security). Investors will also not have the right to receive\n dividends or other distributions from QTEX, but will remain subject to price fluctuations and other risks associated with\n ownership of the Underlying Security.

	●	QTEX Trading\n Risk. The trading price of QTEX may be subject to volatility and could experience wide fluctuations due to various factors.\n Short sellers may also influence QTEX’s trading activity, contributing to market instability. Public perception and\n external factors beyond the company’s control may influence QTEX’s stock price disproportionately. Additionally,\n following periods of market volatility, companies have faced securities class action litigation. Any adverse judgment or future\n stockholder litigation could result in substantial costs and divert management’s attention and resources. In the event\n of a trading halt, delisting, or significant disruption in the market for QTEX’s shares, the Fund may experience difficulty\n entering, modifying, or liquidating its exposures. These conditions could impair the Fund’s ability to achieve its investment\n objective, result in significant tracking error, or, in extreme cases, force the Fund to liquidate entirely.

	●	QTEX Performance\n Risk. QTEX may fail to meet its publicly announced guidelines or other expectations about its business, which could cause\n the price of QTEX to decline. Correctly identifying key factors affecting business conditions and predicting future events\n is inherently an uncertain process, and the guidance QTEX provides may not ultimately be accurate. If QTEX’s guidance\n is not accurate or varies from actual results due to its inability to meet the assumptions or the impact on its financial\n performance that could occur as a result of various risks and uncertainties, the market value of ordinary shares issued by\n QTEX could decline significantly.

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	●	Health Care Equipment\n and Supplies Industry Risk. Companies in the health care equipment and supplies industry are likely to react similarly\n to legislative or regulatory changes, adverse market conditions and/or increased competition affecting their market segment.\n Due to the rapid pace of technological development, there is the risk that the products and services developed by these companies\n may become rapidly obsolete or have relatively short product cycles. There is also the risk that the products and services\n offered by these companies will not meet expectations or even reach the marketplace.

ADDITIONAL\nRISKS

Compounding\nand Market Volatility Risk. Each Fund has a daily leveraged investment objective and a Fund’s performance for periods\ngreater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to\ndiffer from two times (200%) the Underlying Security’s performance, before a Fund’s management fee and other expenses.\nCompounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns and\nthat rebalance daily. For each Fund aiming to replicate two times the daily performance of its Underlying Security, if adverse\ndaily performance of the Underlying Security reduces the amount of a shareholder’s investment, any further adverse daily\nperformance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior\nadverse performance. Equally, however, if favorable daily performance of the Underlying Security increases the amount of a shareholder’s\ninvestment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment\nhas increased.

The\neffect of compounding becomes more pronounced as an Underlying Security’s volatility and the holding period increase. The\nimpact of compounding will impact each shareholder differently depending on the period of time an investment in a Fund is held\nand the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.

The\nchart below provides examples of how an Underlying Security’s volatility could affect the corresponding Fund’s performance.\nThe chart illustrates the impact of two factors that affect a Fund’s performance – its Underlying Security’s\nvolatility and performance. The Underlying Security’s performance shows the percentage change in the share price of the\nUnderlying Security over the specified time period, while the Underlying Security’s volatility is a statistical measure\nof the magnitude of fluctuations in the returns during that time period. As illustrated below, even if the Underlying Security’s\nperformance over two equal time periods is identical, different Underlying Security volatility (i.e., in magnitude of fluctuations\nin the value of the Underlying Security) during the two time periods could result in drastically different Fund performance for\nthe two time periods because of compounding daily returns during the time periods.

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As\nshown in the chart below, a Fund would be expected to lose 6.1% if there was no change in the share price of the Underlying Security\nover a one-year period during which the Underlying Security experienced annualized volatility of 25%. If the Underlying Security’s\nannualized volatility were to rise to 75%, the hypothetical loss for a one-year period would widen to approximately -43%. At higher\nranges of volatility, there is a chance of a significant loss of value in the Fund, even if there were no change in the share\nprice of the Underlying Security. For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would\nbe expected to lose 63.2% of its value, even if the cumulative Underlying Security change in the share price of the Underlying\nSecurity for the year was 0%.

Areas\nshaded red (or dark gray) represent those scenarios where a Fund can be expected to return less than two times (200%) the performance\nof its Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to\nreturn more than two times (200%) the performance of its Underlying Security. A Fund’s actual performance may be significantly\nbetter or worse than the performance shown below as a result of any of the factors discussed above or in the “Daily Correlation/Tracking\nRisk” below.

Estimated\n Returns of 200% or Two Times \n Performance of the Underlying Security

Underlying\n Security Performance	One\n Year Volatility Rate
One\n Year \n Underlying \n Security		2X\n Times \n (200%) the \n One Year \n Performance	10%	25%	50%	75%	100%
-60%		-120%	-84.2%	-85.0%	-87.5%	-90.9%	-94.1%
-50%		-100%	-75.2%	-76.5%	-80.5%	-85.8%	-90.8%
-40%		-80%	-64.4%	-66.2%	-72.0%	-79.5%	-86.8%
-30%		-60%	-51.5%	-54.0%	-61.8%	-72.1%	-82.0%
-20%		-40%	-36.6%	-39.9%	-50.2%	-63.5%	-76.5%
-10%		-20%	-19.8%	-23.9%	-36.9%	-53.8%	-70.2%
0%		0%	-1.0%	-6.1%	-22.1%	-43.0%	-63.2%
10%		20%	19.8%	13.7%	-5.8%	-31.1%	-55.5%
20%		40%	42.6%	35.3%	12.1%	-18.0%	-47.0%
30%		60%	67.3%	58.8%	31.6%	-3.7%	-37.8%
40%		80%	94.0%	84.1%	52.6%	11.7%	-27.9%
50%		100%	122.8%	111.4%	75.2%	28.2%	-17.2%
60%		120%	153.5%	140.5%	99.4%	45.9%	-5.8%

Each\nUnderlying Security’s annualized historical volatility rate for the periods noted was as shown in the table below. Also,\neach Underlying Security’s highest volatility rate for any one calendar year during this period was as shown in the applicable\nFund’s summary section above and volatility for a shorter period of time may have been substantially higher. The Underlying\nSecurity’s annualized performance during this period was as shown in the applicable Fund’s summary section above.\nHistorical Underlying Security volatility and performance are not indications of what Underlying Security volatility and performance\nwill be in the future.

\n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n

\n Underlying Security Name/Ticker	Historical\n Volatility Rate	Period
AmpliTech\n Group, Inc. (NASDAQ: AMPG)	102.75%	09/30/2021-09/30/2026
Boost\n Run Inc. (NASDAQ: BRUN)	135.07%	05/11/2026-09/30/2026
FuelCell\n Energy, Inc. (NASDAQ: FCEL)	146.03%	09/30/2021-09/30/2026
Deep\n Fission, Inc. (NASDAQ: FISN)	106.54%	06/18/2026-09/30/2026
Fortinet,\n Inc. (NASDAQ: FTNT)	45.20%	09/30/2021-09/30/2026
Gorilla\n Technology Group, Inc. (NASDAQ: GRRR)	141.56%	07/14/2022-09/30/2026
LightPath\n Technologies, Inc. (NASDAQ: LPTH)	75.66%	09/30/2021-09/30/2026
Syntec\n Optics Holdings, Inc. (NASDAQ: OPTX)	134.71%	01/26/2022-09/30/2026
Eightco\n Holdings, Inc. (NASDAQ: ORBS)	290.08%	11/26/2024-09/30/2026
Qtrex\n Quantum Ltd. (NASDAQ: QTEX)	137.21%	09/30/2021-09/30/2026

Counterparty\nRisk. To the extent contemplated by its investment strategy, the Funds may use derivative instruments, such as options\ncontracts, swap agreements and other derivative instruments, and is therefore subject to counterparty risk. The Funds may enter into\nderivatives transactions either through an exchange or clearing house or directly with a bank, broker-dealer or other counterparty.\nWith respect to derivatives transactions that are not centrally cleared, including certain swap agreements and other\nover-the-counter derivatives, the Funds are subject to the risk that a counterparty will be unwilling or unable to perform its\nobligations, including due to bankruptcy, insolvency, financial distress, operational failure or other default. If a counterparty\ndefaults, a Fund may lose the expected benefit of the transaction, experience delays or costs in recovering collateral or other\namounts owed to it, and be required to enter into replacement transactions on less favorable terms, if at all. Transactions in some types of derivatives, including certain options and swaps, are required to be centrally cleared (\"cleared derivatives\").\nIn a transaction involving cleared derivatives, the Fund's counterparty is a clearing house rather than a bank or broker. Since the Fund\nis not a member of clearing houses and only members of a clearing house (\"clearing members\") can participate directly in the clearing\nhouse, the Fund will hold cleared derivatives through accounts at clearing members. In cleared\nderivatives positions, the Fund will make payments (including margin payments) to and receive payments from a clearing house through\nits accounts at clearing members. Customer funds held at a clearing organization in connection with cleared derivatives are held in\na commingled omnibus account and are not identified in the name of the clearing member’s individual customers. As a result,\nassets deposited by the Fund with any clearing member as margin for cleared derivatives may, in certain circumstances, be used to\nsatisfy losses of other clients of the Fund’s clearing member. In addition, although clearing members guarantee performance of\ntheir clients’ obligations to the clearing house, there is a risk that the assets of the Fund might not be fully protected in\nthe event of the clearing member’s bankruptcy, as the Fund would be limited to recovering only a pro rata share of all\navailable funds segregated on behalf of the clearing member’s customers for the relevant account class. The Funds are also\nsubject to the risk that a limited number of clearing members are willing to transact on the Funds' behalf, which heightens the\nrisks associated with a clearing member's default. If a clearing member defaults, the Funds could lose some or all of the benefits\nof a transaction entered into by the Funds through the clearing member. If the Funds cannot find a clearing member to transact on\nthe Funds' behalf, the Funds may be unable to effectively implement their investment strategies.

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Daily\nCorrelation/Tracking Risk. There is no guarantee that a Fund will achieve a high degree of leveraged correlation to the Underlying\nSecurity and therefore achieve its daily leveraged investment objective. To achieve a high degree of leveraged correlation with\nthe Underlying Security, each Fund seeks to rebalance its portfolio daily to keep exposure consistent with its daily leveraged\ninvestment objective. The possibility of a Fund being materially over- or under-exposed to its Underlying Security increases on\ndays when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and\nextreme volatility will also adversely affect a Fund’s ability to adjust exposure to the required levels. If there is a\nsignificant intra-day market event and/or the Underlying Security experiences a significant increase or decline, a Fund may not\nmeet its investment objective, be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts,\nor widened bid-ask spreads.

Each\nFund may have difficulty achieving its daily leveraged investment objective due to fees, expenses, transaction costs, financing\ncosts related to the use of derivatives, investments in ETFs, directly or indirectly, income items, valuation methodology, accounting\nstandards and disruptions or illiquidity in the markets for the securities or derivatives held by the Fund. Each Fund may be subject\nto large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to its Underlying\nSecurity. Each Fund may take or refrain from taking positions to improve the tax efficiency or to comply with various regulatory\nrestrictions, either of which may negatively impact the Fund’s leveraged correlation to the Underlying Security.

Derivatives\nRisk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks,\nbonds, or funds (including ETFs), interest rates or indexes. Each Fund’s investments in derivatives may pose risks in addition\nto, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related\nto the market, leverage, imperfect daily correlations with underlying investments or the Fund’s other portfolio holdings,\nhigher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives\nis a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio\nsecurities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities.\nWhen a Fund uses derivatives, there may be imperfect correlation between the share price of its Underlying Security and the derivative,\nwhich may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment,\nthe use of derivatives may expose the Fund to losses in excess of those amounts initially invested.

Each\nFund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative\nportfolio. To the extent a Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is\nnecessary to make adjustments to the Fund’s investment strategy, including the desired daily leveraged performance for the\nFund.

In\naddition, each Fund’s investments in derivatives are subject to the following risks:

Swap\nAgreements. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks\ndifferent from those associated with ordinary portfolio securities transactions. Whether a Fund will be successful in using swap\nagreements to achieve its investment goal depends on the ability of the Adviser to structure such swap agreements in accordance\nwith the Fund’s investment objective and to identify counterparties for those swap agreements. If the Adviser is unable\nto enter into swap agreements that provide leveraged exposure to the relevant Underlying Security, the corresponding Fund may\nnot meet its stated investment objective. Additionally, any financing, borrowing or other costs associated with using swap transactions\nmay also have the effect of lowering a Fund’s return.

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The\nswap agreements in which each Fund invests are generally traded in the over-the-counter market, which generally has less transparency\nthan exchange-traded derivatives instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials\nin rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments. The\ngross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change\nin value of a particular dollar amount invested in a basket of securities.

If\nan Underlying Security has a dramatic move that causes a material decline in the corresponding Fund’s net assets, the terms\nof a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the swap transaction\nwith the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve\nexposure consistent with the Fund’s investment objective. This may prevent the Fund from achieving its leveraged investment\nobjective, even if its Underlying Security later reverses all or a portion of its movement.

ETF\nRisks

Authorized\nParticipants, Market Makers, and Liquidity Providers Concentration Risk. Each Fund has a limited number of financial institutions\nthat are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”).\nIn addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either\nof the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business\nor otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services;\nor (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other\nentities step forward to perform their functions.

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Cash\nRedemption Risk. Each Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash\nas part of its redemption proceeds. For example, a Fund may not be able to redeem in-kind certain securities held by the Fund\n(e.g., derivative instruments). In such a case, a Fund may be required to sell or unwind portfolio investments to obtain the cash\nneeded to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized\nif it had made a redemption in-kind. As a result, a Fund may pay out higher annual capital gain distributions than if the in-kind\nredemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital\ngains taxes. The costs associated with cash redemptions may include brokerage costs that the Fund may not have incurred if it\nhad made the redemptions in-kind. These costs could be imposed on a Fund, decreasing its NAV, to the extent these costs are not\noffset by a transaction fee payable by an authorized participant.

Trading.\nAlthough Shares are listed on a national securities exchange, such as the Exchange, and may be traded on U.S. exchanges other\nthan the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed\nmarket conditions, the liquidity of Shares may begin to mirror the liquidity of a Fund’s underlying portfolio holdings,\nwhich can be significantly less liquid than Shares. This adverse effect on liquidity for a Fund’s shares may lead to wider\nbid-ask spreads and differences between the market price of the Fund’s shares and the underlying value of the shares.

Liquidity\nRisk. In certain circumstances, such as the disruption of the orderly markets for the financial instruments in which a Fund\ninvests, the Fund might not be able to acquire or dispose of certain holdings quickly or at prices that represent true market\nvalue in the judgment of the Adviser. Markets for the financial instruments in which a Fund invests may be disrupted by a number\nof events, including but not limited to economic crises, health crises, natural disasters, excessive volatility, new legislation,\nor regulatory changes inside or outside of the U.S. These situations may have an impact on the liquidity of the Fund’s own\nshares.

Fixed\nIncome Securities Risk. When a Fund invests in fixed income securities, the value of your investment in that Fund will fluctuate\nwith changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned\nby the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in\nresponse to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default),\nextension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected),\nand prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect\nthe value of a particular investment by a Fund, possibly causing the Fund’s Share price and total return to be reduced and\nfluctuate more than other types of investments.

High\nPortfolio Turnover Risk. Daily rebalancing of each Fund’s holdings pursuant to its daily investment objective causes\na much greater number of portfolio transactions when compared to most ETFs. Additionally, active market trading of each Fund’s\nShares on exchanges (such as the Exchange), could cause more frequent creation and redemption activities, which could increase\nthe number of portfolio transactions. Frequent and active trading may lead to higher transaction costs because of increased broker\ncommissions resulting from such transactions. In addition, there is the possibility of significantly increased short-term capital\ngains (which will be taxable to shareholders as ordinary income when distributed to them). Each Fund calculates portfolio turnover\nwithout including the short-term cash instruments or derivative transactions that comprise the majority of the Fund’s trading.\nAs such, if a Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would\nbe significantly higher.

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Intra-Day\nInvestment Risk. Each Fund seeks investment results from the close of the market on a given trading day until the close of\nthe market on the subsequent trading day. The exact exposure of an investment in a Fund intraday in the secondary market is a\nfunction of the difference between the share price of its Underlying Security at the market close on the first trading day and\nthe share price of the Underlying Security at the time of purchase. If the share price of the Underlying Security rises, the Fund’s\nnet assets will rise by approximately twice the amount as the Fund’s exposure. Conversely, if the share price of the Underlying\nSecurity declines, the Fund’s net assets will decline by approximately two times the amount as the Fund’s exposure.\nThus, an investor that purchases Shares intra-day may experience performance that is greater than, or less than, the Fund’s\nstated leveraged performance of the Underlying Security.

If\nthere is a significant intra-day market event and/or the securities of the Underlying Security experience a significant increase\nor decrease, a Fund may not meet its investment objective or rebalance its portfolio appropriately.

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Leverage\nRisk. Each Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market\nconditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in a Fund is\nexposed to the risk that a decline in the daily performance of its Underlying Security will be magnified. This means that an investment\nin a Fund will be reduced by an amount equal to 2% for every 1% daily decline in the share prices of the Underlying Security,\nnot including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could\ntheoretically lose an amount greater than its net assets in the event the share price of the Underlying Security declines more\nthan 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the\nUnderlying Security’s share price.

Liquidity\nRisk. Some securities held by a Fund may be difficult to sell or be illiquid, particularly during times of market turmoil.\nMarkets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic\ncrisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid\nsecurities may be difficult to value, especially in changing or volatile markets. If a Fund is forced to sell an illiquid security\nat an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent a Fund\nfrom limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that\na security that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Funds.

Money\nMarket Instrument Risk. Each Fund may use a variety of money market instruments for cash management purposes, including money\nmarket funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities\nagrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk\nrelated to the collateral securing the repurchase agreement. Money market instruments may lose money.

New\nFund Risk. Each Fund is a recently organized management investment company with no operating history. As a result, prospective\ninvestors do not have any (or only a limited) track record or history on which to base their investment decisions.

Non-Diversification\nRisk. Because each Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities\nof 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\ninvestment in a single issuer or a smaller number of issuers could cause a Fund’s overall value to decline to a greater\ndegree than if the Fund held a more diversified portfolio. This may increase a Fund’s volatility and cause the performance\nof a relatively smaller number of issuers to have a greater impact on the Fund’s performance.

Operational\nRisk. Each Fund is subject to risks arising from various operational factors, including, but not limited to, human error,\nprocessing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed\nor inadequate processes and technology or systems failures. Each Fund relies on third-parties for a range of services, including\ncustody. Any delay or failure relating to engaging or maintaining such service providers may affect a Fund’s ability to\nmeet its investment objective. Although the Funds and the Funds’ investment advisor seek to reduce these operational risks\nthrough controls and procedures, there is no way to completely protect against such risks.

Rebalancing\nRisk. If for any reason a Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio\nis rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective.\nIn these instances, the Fund may have investment exposure to its Underlying Security that is significantly greater or less than\nits stated investment objective. As a result, a Fund may be exposed to leverage risk because it had not been properly rebalanced\nand may not achieve its investment objective.

Single\nIssuer Risk. Issuer-specific attributes may cause an investment in a Fund to be more volatile than a traditional pooled investment\nwhich diversifies risk or the market generally. The value of each Fund, which focuses on an individual security, may be more volatile\nthan a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled\ninvestment or the market as a whole. Additionally, each Fund will seek to employ its investment strategy as it relates to the\nunderlying issuer regardless of whether there are significant corporate actions such as restructurings, enforcement activity,\nor acquisitions or periods of adverse market, economic, or other conditions and will not seek to take temporary defensive positions\nduring such periods.

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Tax\nRisk. Each Fund intends to elect and to qualify each year to be treated as a regulated investment company (a “RIC”)\nunder Subchapter M of the Internal Revenue Code of 1986, as amended (“Code”). As a RIC, a Fund will not be subject\nto U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to Shareholders,\nprovided that it satisfies certain requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain\nrelief provisions are not available, the Fund’s taxable income will be subject to tax at the Fund level and to a further\ntax at the shareholder level when such income is distributed. To comply with the asset diversification test applicable to a RIC,\neach Fund will attempt to ensure that the value of swap contracts and options on shares of a single issuer does not exceed 25%\nof the Fund’s value at the close of any quarter. If the value of swap contracts and options on shares of a single issuer\nwere to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure\nsuch lack of compliance. If a Fund fails to timely cure, it may no longer be eligible to be treated as a RIC. In order to qualify\nfor the favorable tax treatment generally available to regulated investment companies, a Fund must satisfy certain diversification\nand other requirements. In particular, each Fund generally may not acquire a security if, as a result of the acquisition, more\nthan 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested\nmore than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the\nFund. The application of these requirements to certain investments (including swaps) that may be entered into by the Funds is\nunclear. The IRS has never definitively stated how assets such as swaps or futures or forward contracts should be valued for purposes\nof these diversification tests. The better view is that such contracts should be valued for these purposes at the amount for which\na Fund could settle them, and not the full value of any reference security. In addition, the application of these requirements\nto a Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the\nperformance of the stock of a single issuer. If a Fund were to fail to qualify as a regulated investment company, it would be\ntaxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund\nin computing its taxable income.

Tracking\nError Risk. Tracking error is the divergence of a Fund’s performance from that of its investment objective which aims\nto replicate two times the daily percentage change in the price of its Underlying Security. Tracking error may occur for a number\nof reasons. Tracking error may occur because of transaction costs, a Fund’s holding of cash, differences in accrual of dividends,\nbeing under- or overexposed to the Underlying Security or the need to meet new or existing regulatory requirements. Tracking error\nrisk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. Each Fund\nmay be required to deviate from its investment objectives, and therefore experience tracking error, as a result of market restrictions\nor other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and\nits affiliates.

Trading\nHalt Risk. Although each Underlying Security’s shares are listed for trading on an exchange, there can be no assurance\nthat an active trading market for such shares will be available at all times and the Exchange may halt trading of such shares\nin certain circumstances. A halt in trading in an Underlying Security’s shares is expected, in turn, to result in a halt\nin the trading in the corresponding Fund’s Shares. Trading in an Underlying Security’s and/or the corresponding Fund’s\nShares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in\nthe Underlying Security’s and/or Fund’s Shares inadvisable. In addition, trading in each Underlying Security’s\nand/or Fund’s Shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange\n“circuit breaker” rules. In the event of a trading halt for an extended period of time, the relevant Fund may be unable\nto execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.

U.S.\nGovernment and U.S. Agency Obligations Risk. Each Fund may invest in securities issued by the U.S. government or its agencies\nor instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the\nU.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government\nobligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing\nagency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing\nor guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no\nassurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored\nenterprises) where it is not obligated to do so.

PORTFOLIO\nHOLDINGS

Information\nabout each Fund’s daily portfolio holdings is, or will be, available on the Funds’ website at www.defianceetfs.com.

A\ncomplete description of each Fund’s policies and procedures with respect to the disclosure of a Fund’s portfolio holdings\nis available in the Funds’ Statement of Additional Information (“SAI”).

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MANAGEMENT

Investment\nAdviser

Tidal\nInvestments LLC (“Tidal” or the “Adviser”), a Tidal Financial Group company, located at 234 West Florida\nStreet, Suite 700, Milwaukee, Wisconsin 53204, is an SEC registered investment adviser and a Delaware limited liability company.\nTidal was founded in March 2012 and is dedicated to understanding, researching and managing assets within the expanding ETF universe.\nAs of September 30, 2026, Tidal had assets under management of approximately $62.8 billion and served as the investment\nadviser or sub-adviser for 443 registered funds.

Tidal\nserves as investment adviser to the Funds and has overall responsibility for the general management and administration of the\nFunds pursuant to an investment advisory agreement with the Trust, on behalf of each Fund (the “Advisory Agreement”).\nThe Adviser is responsible for the day-to-day management of the Funds’ portfolios, including determining the securities\nand financial instruments purchased and sold by each Fund and trading portfolio securities and financial instruments for each\nFund, subject to the supervision of the Board. The Adviser also arranges for sub-advisory, transfer agency, custody, fund administration,\nand all other related services necessary for the Fund to operate. For the services provided to the Funds, each Fund pays the Adviser\na unitary management fee of 1.29%, which is calculated daily and paid monthly, at an annual rate based on such Fund’s average\ndaily net assets.

Under\nthe Advisory Agreement, in exchange for a single unitary management fee from the Fund, the Adviser has agreed to pay all expenses\nincurred by such Fund (except for advisory fees and sub-advisory fees, as the case may be) except for interest charges on any\nborrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and\nother expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund\nfees and expenses, accrued deferred tax liability, distribution fees and expenses paid by a Fund under any distribution plan adopted\npursuant to Rule 12b-1 under the 1940 Act, and litigation expenses, and other non-routine or extraordinary expenses (collectively,\nthe “Excluded Expenses”).

Advisory\nAgreement

A\ndiscussion regarding the basis for the Board’s approval of each Fund’s Investment Advisory Agreement will be available\nin the Funds’ Semi-Annual Certified Shareholder report to shareholders on Form N-CSR for the period ended December 31, 2026.

Portfolio\nManagers

The\nfollowing individuals (each, a “Portfolio Manager”) have served as portfolio manager of each Fund since inception.\nEach of Mr. Mullen and Mr. Johnson is jointly and primarily responsible for the day-to-day management of each Fund.

Christopher\nP. Mullen, Portfolio Manager for the Adviser

Christopher\nP. Mullen serves as Portfolio Manager at the Adviser, having joined the firm in January 2024. From September 2019 to December\n2023, he was a Portfolio Manager at Vest Financial LLC, where he managed exchange-traded funds, mutual funds and retirement fund\nportfolios. Mr. Mullen previously served as a Senior Portfolio Analyst at ProShares Advisors LLC from September 2016 until September\n2019. Prior to that, Mr. Mullen served as associate portfolio manager at USCF Investments LLC from February 2013 to September\n2016. Mr. Mullen received a Master of Business Administration from the University of Maryland. He also holds a dual bachelor’s\ndegree in global politics and history from Marquette University.

Brett\nJohnson, Portfolio Manager for the Adviser

Mr.\nJohnson serves as VP of Trading for the Adviser, having joined the Adviser in June 2025. From January 2020 through June 2025,\nMr. Johnson previously served as Director of Trading at ZEGA Financial, LLC (“ZEGA”). Prior to ZEGA, Mr. Johnson held\nroles as a Margin Desk Manager and Trade Desk Manager with TD Ameritrade and Charles Schwab, specializing in equity and options\ntrading. With over 20 years of experience, Mr. Johnson holds a degree from the University of Illinois at Urbana-Champaign.

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The\nFunds’ SAI provides additional information about the portfolio managers’ compensation structure, other accounts that\neach portfolio manager manages, and the portfolio managers’ ownership of Shares.

Fund\nSponsor

The\nAdviser has entered into a fund sponsorship agreement with Defiance ETFs, LLC (“Defiance”) pursuant to which Defiance\nis a sponsor to the Funds. Under these arrangements, Defiance has agreed to provide financial support (as described below) to\nthe Funds. Every month, unitary management fees for the Funds are calculated and paid to the Adviser, and the Adviser retains\na portion of the unitary management fees from the Funds.

In\nreturn for its financial support for the Funds, the Adviser has agreed to pay Defiance a portion of any remaining profits generated\nby the unitary management fee for the Funds. If the amount of the unitary management fees for a Fund exceeds the Fund’s\noperating expenses and the Adviser-retained amount, that excess amount is considered “remaining profit.” In that case,\nthe Adviser will pay a portion of the remaining profits to Defiance.

Further,\nif the amount of the unitary management fee for a Fund is less than the Fund’s operating expenses and the Adviser-retained\namount, Defiance is obligated to reimburse the Adviser for a portion of the shortfall.

HOW\nTO BUY AND SELL SHARES

Each\nFund issues and redeems Shares only in Creation Units at the NAV per share next determined after receipt of an order from an AP.\nOnly APs may acquire Shares directly from a Fund, and only APs may tender their Shares for redemption directly to the Funds, at\nNAV. APs must be a member or participant of a clearing agency registered with the SEC and must execute a Participant Agreement\nthat has been agreed to by the Distributor (defined below), and that has been accepted by a Fund’s transfer agent, with\nrespect to purchases and redemptions of Creation Units. Once created, Shares trade in the secondary market in quantities less\nthan a Creation Unit.

In\norder to purchase Creation Units of a Fund, an AP must generally deposit a designated portfolio of equity securities (the “Deposit\nSecurities”) and/or a designated amount of U.S. cash. Purchases and redemptions of Creation Units primarily with cash, rather\nthan through in-kind delivery of portfolio securities, may cause the Funds to incur certain costs. These costs could include brokerage\ncosts or taxable gains or losses that it might not have incurred if it had made redemption in-kind. These costs could be imposed\non a Fund, and thus decrease the Fund’s NAV, to the extent that the costs are not offset by a transaction fee payable by\nan AP.

Most\ninvestors buy and sell Shares in secondary market transactions through brokers. Individual Shares are listed for trading on the\nsecondary market on the Exchange and can be bought and sold throughout the trading day like other publicly traded securities.

When\nbuying or selling Shares through a broker, you will incur customary brokerage commissions and charges, and you may pay some or\nall of the spread between the bid and the offer price in the secondary market on each leg of a round trip (purchase and sale)\ntransaction. In addition, because secondary market transactions occur at market prices, you may pay more than NAV when you buy\nShares, and receive less than NAV when you sell those Shares.

Book\nEntry

Shares\nare held in book-entry form, which means that no stock certificates are issued. The Depository Trust Company (“DTC”)\nor its nominee is the record owner of all outstanding Shares.

Investors\nowning Shares are beneficial owners as shown on the records of DTC or its participants. DTC serves as the securities depository\nfor all Shares. DTC’s participants include securities brokers and dealers, banks, trust companies, clearing corporations\nand other institutions that directly or indirectly maintain a custodial relationship with DTC. As a beneficial owner of Shares,\nyou are not entitled to receive physical delivery of stock certificates or to have Shares registered in your name, and you are\nnot considered a registered owner of Shares. Therefore, to exercise any right as an owner of Shares, you must rely upon the procedures\nof DTC and its participants. These procedures are the same as those that apply to any other securities that you hold in book-entry\nor “street name” through your brokerage account.

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Frequent\nPurchases and Redemptions of Shares

None\nof the Funds impose any restrictions on the frequency of purchases and redemptions of Shares. In determining not to approve a\nwritten, established policy, the Board evaluated the risks of market timing activities by a Fund’s shareholders. Purchases\nand redemptions by APs, who are the only parties that may purchase or redeem Shares directly with a Fund, are an essential part\nof the ETF process and help keep Share trading prices in line with the NAV. As such, the Funds accommodate frequent purchases\nand redemptions by APs. However, the Board has also determined that frequent purchases and redemptions for cash may increase tracking\nerror and portfolio transaction costs and may lead to the realization of capital gains. To minimize these potential consequences\nof frequent purchases and redemptions, each Fund employs fair value pricing and may impose transaction fees on purchases and redemptions\nof Creation Units to cover the custodial and other costs incurred by such Fund in effecting trades. In addition, the Funds and\nthe Adviser reserve the right to reject any purchase order at any time.

Determination\nof Net Asset Value

Each\nFund’s NAV is calculated as of the scheduled close of regular trading on the New York Stock Exchange (“NYSE”),\ngenerally 4:00 p.m. Eastern Time, each day the NYSE is open for regular business. The NAV for the Funds is calculated by dividing\nsuch Fund’s net assets by its Shares outstanding.

In\ncalculating its NAV, each Fund generally values its assets on the basis of market quotations, last sale prices, or estimates of\nvalue furnished by a pricing service or brokers who make markets in such instruments. If such information is not available for\na security or other assets held by a Fund or is determined to be unreliable, the security will be valued at fair value estimates\nunder guidelines established by the Adviser (as described below).

Exchange-traded\noptions are valued at the composite mean price, calculated as the average of the highest bid and lowest ask prices across the\nexchanges on which the option is principally traded. Additionally, the Funds value swap agreements based on the nature of the\nunderlying reference asset or index. The Funds may use the closing price of the underlying reference asset, as provided by independent\npricing services, or evaluated prices generated by pricing vendors’ models.

Fair\nValue Pricing

The\nBoard has designated the Adviser as the “valuation designee” for the Funds under Rule 2a-5 of the 1940 Act, subject\nto its oversight. The Adviser has adopted procedures and methodologies, which have been approved by the Board, to fair value Fund\ninvestments whose market prices are not “readily available” or are deemed to be unreliable. For example, such circumstances\nmay arise when: (i) an investment has been delisted or has had its trading halted or suspended; (ii) an investment’s primary\npricing source is unable or unwilling to provide a price; (iii) an investment’s primary trading market is closed during\nregular market hours; or (iv) an investment’s value is materially affected by events occurring after the close of the investment’s\nprimary trading market. Generally, when fair valuing an investment, the Adviser will take into account all reasonably available\ninformation that may be relevant to a particular valuation including, but not limited to, fundamental analytical data regarding\nthe issuer, information relating to the issuer’s business, recent trades or offers of the investment, general and/or specific\nmarket conditions, and the specific facts giving rise to the need to fair value the investment. Fair value determinations are\nmade in good faith and in accordance with the fair value methodologies included in the Adviser’s valuation procedures. The\nAdviser will fair value Fund investments whose market prices are not “readily available” or are deemed to be unreliable.\nDue to the subjective and variable nature of fair value pricing, there can be no assurance that the Adviser will be able to obtain\nthe fair value assigned to the investment upon the sale of such investment.

Delivery\nof Shareholder Documents – Householding

Householding\nis an option available to certain investors of the Funds. Householding is a method of delivery, based on the preference of the\nindividual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same\naddress, even if their accounts are registered under different names. Householding for the Funds is available through certain\nbroker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder\ndocuments, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding\nstatus, please contact your broker-dealer.

DIVIDENDS,\nDISTRIBUTIONS, AND TAXES

Dividends\nand Distributions

Each\nFund intends to pay out dividends and interest income, if any, annually, and distribute any net realized capital gains to its\nshareholders at least annually.

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The\nFunds will declare and pay income and capital gain distributions, if any, in cash. Distributions in cash may be reinvested automatically\nin additional whole Shares only if the broker through whom you purchased Shares makes such option available. Your broker is responsible\nfor distributing the income and capital gain distributions to you.

Taxes

The\nfollowing discussion is a summary of some important U.S. federal income tax considerations generally applicable to investments\nin the Funds. Your investment in a Fund may have other tax implications. Please consult your tax advisor about the tax consequences\nof an investment in Shares, including the possible application of foreign, state, and local tax laws.

Each\nFund intends to qualify each year for treatment as a regulated investment company (a “RIC”) under the Internal Revenue\nCode of 1986, as amended. If it meets certain minimum distribution requirements, a RIC is not subject to tax at the fund level\non income and gains from investments that are timely distributed to shareholders. However, a Fund’s failure to qualify as\na RIC or to meet minimum distribution requirements would result (if certain relief provisions were not available) in fund-level\ntaxation and, consequently, a reduction in income available for distribution to shareholders.

Unless\nyour investment in Shares is made through a tax-exempt entity or tax-advantaged account, such as an IRA plan, you need to be aware\nof the possible tax consequences when a Fund makes distributions, when you sell your Shares listed on the Exchange, and when you\npurchase or redeem Creation Units (institutional investors only).

The\nfollowing general discussion of certain U.S. federal income tax consequences is based on provisions of the Code and the regulations\nissued thereunder as in effect on the date of this Prospectus. New legislation, as well as administrative changes or court decisions,\nmay significantly change the conclusions expressed herein, and may have a retroactive effect with respect to the transactions\ncontemplated herein.

Taxes\non Distributions. For federal income tax purposes, distributions of net investment income are generally taxable to shareholders\nas ordinary income or qualified dividend income. Taxes on distributions of net capital gains (if any) are determined by how long\nthe Fund owned the investments that generated them, rather than how long a shareholder has owned their Shares. Sales of assets\nheld by a Fund for more than one year generally result in long-term capital gains and losses, and sales of assets held by such\nFund for one year or less generally result in short-term capital gains and losses. Distributions of a Fund’s net capital\ngain (the excess of net long-term capital gains over net short-term capital losses) that are reported by such Fund as capital\ngain dividends (“Capital Gain Dividends”) will be taxable to shareholders as long-term capital gains. Distributions\nof short-term capital gain will generally be taxable to shareholders as ordinary income. Dividends and distributions are generally\ntaxable to you whether you receive them in cash or reinvest them in additional Shares.

Distributions\nreported by a Fund as “qualified dividend income” are generally taxed to non-corporate shareholders at rates applicable\nto long-term capital gains, provided certain holding period and other requirements are met. “Qualified dividend income”\ngenerally is income derived from dividends paid by U.S. corporations or certain foreign corporations that are either incorporated\nin a U.S. possession or eligible for tax benefits under certain U.S. income tax treaties. In addition, dividends that a Fund receives\nin respect of stock of certain foreign corporations may be qualified dividend income if that stock is readily tradable on an established\nU.S. securities market. Due to the nature of the Funds’ principal investment strategies as described above, the Funds may\nhave only a limited amount of or no qualified dividend income to distribute. Corporate shareholders may be entitled to a dividends-received\ndeduction for the portion of dividends they receive from a Fund that are attributable to dividends received by such Fund from\nU.S. corporations, subject to certain limitations. Given the investment strategies of the Funds, it is unlikely that any dividends\npaid by a Fund will be qualified dividends or be eligible for the corporate dividends paid deduction.

Shortly\nafter the close of each calendar year, you will be informed of the character of any distributions received from a Fund.

In\naddition to the federal income tax, certain individuals, trusts, and estates may be subject to a Net Investment Income (“NII”)\ntax of 3.8%. The NII tax is imposed on the lesser of: (i) a taxpayer’s investment income, net of deductions properly allocable\nto such income; or (ii) the amount by which such taxpayer’s modified adjusted gross income exceeds certain thresholds ($250,000\nfor married individuals filing jointly, $200,000 for unmarried individuals and $125,000 for married individuals filing separately).\nEach Fund’s distributions are includable in a shareholder’s investment income for purposes of this NII tax. In addition,\nany capital gain realized by a shareholder upon a sale or redemption of shares of a Fund is includable in such shareholder’s\ninvestment income for purposes of this NII tax.

In\ngeneral, your distributions are subject to federal income tax for the year in which they are paid. Certain distributions paid\nin January, however, may be treated as paid on December 31 of the prior year. Distributions are generally taxable to you even\nif they are paid from income or gains earned by a Fund before your investment (and thus were included in the Shares’ NAV\nwhen you purchased your Shares).

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You\nmay wish to avoid investing in a Fund shortly before a dividend or other distribution, because such a distribution will generally\nbe taxable even though it may economically represent a return of a portion of your investment.

If\nyou are neither a resident nor a citizen of the United States or if you are a foreign entity, distributions (other than Capital\nGain Dividends) paid to you by a Fund will generally be subject to a U.S. withholding tax at the rate of 30%, unless a lower treaty\nrate applies. The Funds may, under certain circumstances, report all or a portion of a dividend as an “interest-related\ndividend” or a “short-term capital gain dividend,” which would generally be exempt from this 30% U.S. withholding\ntax, provided certain other requirements are met.

Under\nthe Foreign Account Tax Compliance Act (“FATCA”), the Funds may be required to withhold a generally nonrefundable\n30% tax on distributions of net taxable income paid to (A) certain “foreign financial institutions” unless such foreign\nfinancial institution agrees to verify, monitor, and report to the Internal Revenue Service (“IRS”) the identity of\ncertain of its account-holders, among other items (or unless such entity is otherwise deemed compliant under the terms of an intergovernmental\nagreement between the United States and the foreign financial institution’s country of residence), and (B) certain “non-financial\nforeign entities” unless such entity certifies to the Fund that it does not have any substantial U.S. owners or provides\nthe name, address, and taxpayer identification number of each substantial U.S. owner, among other items. This FATCA withholding\ntax could also affect a Fund’s return on its investments in foreign securities or affect a shareholder’s return if\nthe shareholder holds its Fund shares through a foreign intermediary. You are urged to consult your tax adviser regarding the\napplication of this FATCA withholding tax to your investment in a Fund and the potential certification, compliance, due diligence,\nreporting, and withholding obligations to which you may become subject in order to avoid this withholding tax.

Each\nFund (or a financial intermediary, such as a broker, through which a shareholder owns Shares) generally is required to withhold\nand remit to the U.S. Treasury a percentage of the taxable distributions and sale or redemption proceeds paid to any shareholder\nwho fails to properly furnish a correct taxpayer identification number, who has underreported dividend or interest income, or\nwho fails to certify that they are not subject to such withholding.

Taxes\nWhen Shares are Sold on the Exchange

Any\ncapital gain or loss realized upon a sale of Shares generally is treated as a long-term capital gain or loss if Shares have been\nheld for more than one year and as a short-term capital gain or loss if Shares have been held for one year or less. However, any\ncapital loss on a sale of Shares held for six months or less is treated as long-term capital loss to the extent of Capital Gain\nDividends paid with respect to such Shares. Any loss realized on a sale will be disallowed to the extent Shares of a Fund are\nacquired, including through reinvestment of dividends, within a 61-day period beginning 30 days before and ending 30 days after\nthe sale of substantially identical Shares.

Taxes\non Purchases and Redemptions of Creation Units

An\nAP having the U.S. dollar as its functional currency for U.S. federal income tax purposes who exchanges securities for Creation\nUnits generally recognizes a gain or a loss. The gain or loss will be equal to the difference between the value of the Creation\nUnits at the time of the exchange and the exchanging AP’s aggregate basis in the securities delivered plus the amount of\nany cash paid for the Creation Units. An AP who exchanges Creation Units for securities will generally recognize a gain or loss\nequal to the difference between the exchanging AP’s basis in the Creation Units and the aggregate U.S. dollar market value\nof the securities received, plus any cash received for such Creation Units. The IRS may assert, however, that a loss that is realized\nupon an exchange of securities for Creation Units may not be currently deducted under the rules governing “wash sales”\n(for an AP who does not mark-to-market their holdings) or on the basis that there has been no significant change in economic position.\nPersons exchanging securities should consult their own tax advisor with respect to whether wash sale rules apply and when a loss\nmight be deductible.

Any\ncapital gain or loss realized upon redemption of Creation Units is generally treated as long-term capital gain or loss if Shares\ncomprising the Creation Units have been held for more than one year and as a short-term capital gain or loss if such Shares have\nbeen held for one year or less.

The\nFunds may include a payment of cash in addition to, or in place of, the delivery of a basket of securities upon the redemption\nof Creation Units. The Funds may sell portfolio securities to obtain the cash needed to distribute redemption proceeds. This may\ncause the Funds to recognize investment income and/or capital gains or losses that they might not have recognized if they had\ncompletely satisfied the redemption in-kind. As a result, the Funds may be less tax efficient if they include such a cash payment\nin the proceeds paid upon the redemption of Creation Units.

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Important\nTax Considerations When Purchasing Fund Shares

If\nyou are investing through a taxable account, you should carefully consider the timing of your investment relative to a Fund’s\ndistribution schedule. Purchasing Fund shares shortly before a distribution may increase your tax liability, a situation commonly\nreferred to as “buying a dividend.”

When\na Fund makes a distribution, its share price typically drops by an amount roughly equal to the distribution. As a hypothetical\nexample, if you invest $5,000 to purchase 250 shares at $20 per share on December 15, and a Fund pays a $1 per share distribution\non December 16, the share price would adjust to $19 (ignoring market fluctuations). Although your total investment value remains\n$5,000 (250 shares × $19 in share value plus 250 shares × $1 distribution), you would owe taxes on the $250 distribution,\neven if you reinvest the distribution rather than receiving it in cash.

Distributions\nare taxable to shareholders even if they are paid from income or gains realized by a Fund before you invested, and even if they\nwere reflected in the purchase price of the shares. Consequently, you may incur taxes on income or gains that accrued before your\ninvestment, without corresponding benefit.

Unless\nyou are investing through a tax-advantaged account, such as an IRA or an employer-sponsored retirement plan, you may wish to avoid\npurchasing Fund shares shortly before a distribution. You can minimize the potential tax impact by reviewing the relevant Fund’s\ndistribution schedule prior to investing. When available, information about the Fund’s distribution schedule can be found\non the Funds’ website at www.defianceetfs.com.

The\nforegoing discussion summarizes some of the possible consequences under current federal tax law of an investment in the Funds.\nIt is not a substitute for personal tax advice. You also may be subject to foreign, state and local tax on Fund distributions\nand sales of Shares. Consult your personal tax advisor about the potential tax consequences of an investment in Shares under all\napplicable tax laws. For more information, please see the section entitled “Federal Income Taxes” in the SAI.

DISTRIBUTION

Foreside\nFund Services, LLC, a wholly owned subsidiary of Foreside Financial Group (dba ACA Group), (the “Distributor”), the\nFunds’ distributor, is a broker-dealer registered with the SEC. The Distributor distributes Creation Units for each Fund\non an agency basis and does not maintain a secondary market in Shares. The Distributor has no role in determining the policies\nof the Funds or the securities that are purchased or sold by the Funds. The Distributor’s principal address is 190 Middle\nStreet, Suite 301, Portland, Maine 04101.

The\nBoard has adopted a Distribution (Rule 12b-1) Plan (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act. In accordance\nwith the Plan, the Funds are authorized to pay an amount up to 0.25% of its average daily net assets each year to pay distribution\nfees for the sale and distribution of its Shares.

No\nRule 12b-1 fees are currently paid by the Funds, and there are no plans to impose these fees. However, in the event Rule 12b-1\nfees are charged in the future, because the fees are paid out of assets of the respective Fund on an ongoing basis, over time\nthese fees will increase the cost of your investment and may cost you more than certain other types of sales charges.

PREMIUM/DISCOUNT\nINFORMATION

When\navailable, information regarding how often Shares of the Funds traded on the Exchange at a price above (i.e., at a premium) or\nbelow (i.e., at a discount) the NAV of such Fund can be found on the Funds’ website at www.defianceetfs.com.

When\navailable, information regarding the number of days in the prior six months that a Fund failed to provide the sought after leveraged\nreturns (subject to a de minimis threshold) as well as the highest positive and negative variances during the period can be found\non the Funds’ website at www.defianceetfs.com.

ADDITIONAL\nNOTICES

Shares\nare not sponsored, endorsed, or promoted by the Exchange. The Exchange is not responsible for, nor has it participated in the\ndetermination of, the timing, prices, or quantities of Shares to be issued, nor in the determination or calculation of the equation\nby which Shares are redeemable. The Exchange has no obligation or liability to owners of Shares in connection with the administration,\nmarketing, or trading of Shares.

Without\nlimiting any of the foregoing, in no event shall the Exchange have any liability for any lost profits or indirect, punitive, special,\nor consequential damages even if notified of the possibility thereof.

The\nAdviser and the Funds make no representation or warranty, express or implied, to the owners of Shares or any member of the public\nregarding the advisability of investing in securities generally or in any Fund particularly.

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The\nAgreement and Declaration of Trust (“Declaration of Trust”) provides a detailed process for the bringing of derivative\nor direct actions by shareholders in order to permit legitimate inquiries and claims while avoiding the time, expense, distraction,\nand other harm that can be caused to a Fund or its shareholders as a result of spurious shareholder demands and derivative actions.\nPrior to bringing a derivative action, a demand by three unrelated shareholders must first be made on a Fund’s Trustees.\nThe Declaration of Trust details various information, certifications, undertakings and acknowledgments that must be included in\nthe demand. Following receipt of the demand, the trustees have a period of 90 days, which may be extended by an additional 60\ndays, to consider the demand. If a majority of the Trustees who are considered independent for the purposes of considering the\ndemand determine that maintaining the suit would not be in the best interests of the Fund, the Trustees are required to reject\nthe demand and the complaining shareholders may not proceed with the derivative action unless the shareholders are able to sustain\nthe burden of proof to a court that the decision of the Trustees not to pursue the requested action was not a good faith exercise\nof their business judgment on behalf of the Fund. The Declaration of Trust further provides that shareholders owning Shares representing\nno less than a majority of a Fund’s outstanding shares must join in bringing the derivative action. If a demand is rejected,\nthe complaining shareholders will be responsible for the costs and expenses (including attorneys’ fees) incurred by the\nFund in connection with the consideration of the demand, if a court determines that the demand was made without reasonable cause\nor for an improper purpose. If a derivative action is brought in violation of the Declaration of Trust, the shareholders bringing\nthe action may be responsible for the Fund’s costs, including attorneys’ fees, if a court determines that the action\nwas brought without reasonable cause or for an improper purpose. The Declaration of Trust provides that no shareholder may bring\na direct action claiming injury as a shareholder of the Trust, or any Fund, where the matters alleged (if true) would give rise\nto a claim by the Trust or by the Trust on behalf of a Fund, unless the shareholder has suffered an injury distinct from that\nsuffered by the shareholders of the Trust, or the Fund, generally. Under the Declaration of Trust, a shareholder bringing a direct\nclaim must be a shareholder of the Fund with respect to which the direct action is brought at the time of the injury complained\nof or have acquired the shares afterwards by operation of law from a person who was a shareholder at that time. The Declaration\nof Trust further provides that a Fund shall be responsible for payment of attorneys’ fees and legal expenses incurred by\na complaining shareholder only if required by law, and any attorneys’ fees that the Fund is obligated to pay shall be calculated\nusing reasonable hourly rates. These provisions do not apply to claims brought under the federal securities laws.

The\nDeclaration of Trust also requires that actions by shareholders against a Fund be brought exclusively in a federal or state court\nlocated within the State of Delaware. This provision will not apply to claims brought under the federal securities laws. Limiting\nshareholders’ ability to bring actions only in courts located in Delaware may cause shareholders economic hardship to litigate\nthe action in those courts, including paying for travel expenses of witnesses and counsel, requiring the retention of local counsel,\nand may limit shareholders’ ability to bring a claim in a judicial forum that shareholders find favorable for disputes,\nwhich may discourage such actions.

FINANCIAL\nHIGHLIGHTS

This\nsection would ordinarily include Financial Highlights. The Financial Highlights table is intended to help you understand the performance\nof the Funds for their periods of operations. Because the Funds have not yet completed their initial fiscal period as of the date\nof this Prospectus, no Financial Highlights are shown.

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Defiance\nETFs

\n\n \n \n \n \n\n \n \n \n \n\n \n \n \n \n\n \n \n \n \n

Adviser	Tidal\n Investments LLC \n 234 West Florida Street, Suite 700 \n Milwaukee, Wisconsin 53204	Administrator	Tidal\n ETF Services LLC \n 234 West Florida Street, Suite 700 \n Milwaukee, Wisconsin 53204
Distributor	Foreside\n Fund Services, LLC \n \n 190\n Middle Street, Suite 301 \n \n Portland,\n Maine 04101	Fund\n Accountant and \n Transfer Agent	U.S.\n Bancorp Fund Services, LLC, \n doing business as U.S. Bank Global Fund Services \n 615 East Michigan Street \n Milwaukee, Wisconsin 53202
Legal\n Counsel	Troutman\n Pepper Locke LLP \n 3000 Two Logan Square \n Eighteenth and Arch Streets \n Philadelphia, Pennsylvania 19103	Custodian	U.S.\n Bank National Association \n 1555 North Rivercenter Dr. \n Milwaukee, Wisconsin 53212
Independent\n \n Registered Public \n Accounting Firm	Cohen\n & Company, Ltd. \n \n 1835\n Market Street, Suite 310 \n \n Philadelphia,\n Pennsylvania 19103

Investors\nmay find more information about the Funds in the following documents:

Statement\nof Additional Information: The Funds’ SAI provides additional details about the investments of each Fund and certain\nother additional information. A current SAI dated October 13, 2026, as supplemented from time to time, is on file with the SEC\nand is herein incorporated by reference into this Prospectus. It is legally considered a part of this Prospectus.

Annual/Semi-Annual\nReports: Additional information about the Funds’ investments will be available in the Funds’ annual and semi-annual\nreports to shareholders and in Form N-CSR. In the annual Certified Shareholder Report on Form N-CSR you will find a discussion\nof the market conditions and investment strategies that significantly affected each Fund’s performance after the first fiscal\nyear each Fund is in operation. In Form N-CSR, you will find each Fund’s annual and semi-annual financial statements.

When\navailable, you can obtain free copies of these documents, request other information, or make general inquiries about each Fund\nby contacting the Funds at the Defiance ETFs, c/o U.S. Bank Global Fund Services PO Box 219252 Kansas City, Missouri 64121-9252\nor calling (833) 333-9383.

Shareholder\nreports, each Fund’s current Prospectus and SAI and other information about each Fund will be available:

\n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n

	●	Free of charge from the SEC’s EDGAR database\n on the SEC’s website at http://www.sec.gov; or

	●	Free of charge from the Fund’s Internet\n website at www.defianceetfs.com; or

	●	For a fee, by e-mail request to publicinfo@sec.gov.

(SEC\nInvestment Company Act File No. 811-24116)

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$\"\"$

Defiance Daily Target 2X Long BRUN\nETF (BRU)

Defiance Daily Target 2X Long FCEL\nETF (FCE)

Defiance Daily Target 2X Long GRRR\nETF (GRR)

Defiance Daily Target 2X Long LPTH\nETF (LPT)

Defiance Daily Target 2X Long OPTX\nETF (OPL)

Defiance Daily Target 2X Long ORBS\nETF (ORB)

Defiance Daily Target 2X Long QTEX\nETF (QTE)

listed on The\nNasdaq Stock Market LLC

Defiance Daily Target 2X Long AMPG\nETF (APGL)

Defiance Daily Target 2X Long FISN\nETF (FISL)

Defiance Daily Target 2X Long FTNT\nETF (FTNX)

listed on Nasdaq\nTexas, LLC

STATEMENT OF ADDITIONAL INFORMATION

October 13, 2026

This Statement of Additional Information\n(“SAI”) is not a prospectus and should be read in conjunction with the Prospectus for the Defiance\nDaily Target 2X Long AMPG ETF, Defiance Daily Target 2X Long BRUN ETF, Defiance Daily Target 2X Long FCEL ETF, Defiance Daily Target\n2X Long FISN ETF, Defiance Daily Target 2X Long FTNT ETF, Defiance Daily Target 2X Long GRRR ETF, Defiance Daily Target 2X Long\nLPTH ETF, Defiance Daily Target 2X Long OPTX ETF, Defiance Daily Target 2X Long ORBS ETF, and Defiance Daily Target 2X Long QTEX\nETF (each a “Fund” and collectively the “Funds”), each a series of Tidal Trust V (the “Trust”),\ndated October 13, 2026, as may be supplemented from time to time (the “Prospectus”). Capitalized terms used in this\nSAI that are not defined have the same meaning as in the Prospectus, unless otherwise noted. A copy of the Prospectus may be obtained\nwithout charge, by calling the Funds at (833) 333-9383, visiting www.defianceetfs.com, or writing to the Defiance ETFs, c/o U.S.\nBank Global Fund Services, P.O. Box 219252, Kansas City, Missouri 64121-9252.

Each Fund’s audited financial statements\nfor the most recent fiscal year (when available) will be incorporated into this SAI by reference to such Fund’s most recent\nannual Certified Shareholder Report on Form N-CSR (File No. 811-24116). When available, a copy of each Fund’s annual Certified\nShareholder Report may be obtained at no charge by contacting the Funds at the address or phone number noted above.

TABLE OF CONTENTS

	Page
General Information about the Trust	1
Additional Information about Investment Objectives, Policies, and Related Risks	1
Description of Permitted Investments	5
Investment Restrictions	22
Exchange Listing and Trading	23
Management of the Trust	23
Principal Shareholders, Control Persons and Management Ownership	28
Codes of Ethics	28
Proxy Voting Policies	28
Investment Adviser	29
Portfolio Managers	29
The Distributor	30
Administrator	32
Transfer Agent and Fund Accountant	32
Custodian	32
Legal Counsel	32
Independent Registered Public Accounting Firm	32
Portfolio Holdings Disclosure Policies and Procedures	32
Description of Shares	33
Limitation of Trustees’ Liability	33
Brokerage Transactions	33
Portfolio Turnover Rate	35
Book Entry Only System	35
Purchase and Redemption of Shares in Creation Units	36
Determination of Net Asset Value	41
Dividends and Distributions	42
Federal Income Taxes	42
Financial Statements	48

GENERAL INFORMATION ABOUT THE TRUST

The Trust is an open-end management\ninvestment company consisting of multiple series, including the Funds. This SAI relates to the\nFunds. The Trust was organized as a Delaware statutory trust on April 29, 2025. The Trust is registered with the U.S. Securities\nand Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (together with the rules and regulations\nadopted thereunder, as amended, the “1940 Act”), as an open-end management investment company and the offering of each\nFund’s shares (“Shares”) is registered under the Securities Act of 1933, as amended (the “Securities Act”).\nThe Trust is governed by its Board of Trustees (the “Board”). Tidal Investments LLC (“Tidal” or the “Adviser”),\na Tidal Financial Group company, serves as investment adviser to each Fund.

Each\nFund offers and issues Shares at its net asset value (“NAV”) only in aggregations of a specified number of Shares (each,\na “Creation Unit”). The Funds generally offer and issue Shares in exchange for a basket of securities (“Deposit\nSecurities”) together with the deposit of a specified cash payment (“Cash Component”). The Trust reserves the\nright to permit or require the substitution of a “cash in lieu” amount (“Deposit Cash”) to be added to the\nCash Component to replace any Deposit Security. Shares of the Funds (except Defiance Daily Target 2X Long AMPG ETF, Defiance Daily\nTarget 2X Long FISN ETF, and Defiance Daily Target 2X Long FTNT ETF) are each listed on The\nNasdaq Stock Market LLC (the “Exchange”). Shares of the Defiance Daily Target 2X Long AMPG ETF, Defiance Daily\nTarget 2X Long FISN ETF, and Defiance Daily Target 2X Long FTNT ETF are each listed on Nasdaq\nTexas, LLC (the “Exchange”). Shares of the Funds trade on their respective Exchange at market prices that may\ndiffer from the Shares’ respective NAV. Shares are also redeemable only in Creation Unit aggregations, primarily for a basket\nof Deposit Securities together with a Cash Component. As a practical matter, only institutions or large investors, known as\n“Authorized Participants” or “APs,” purchase or redeem Creation Units. Except when aggregated in Creation\nUnits, Shares are not individually redeemable.

Shares may be issued in advance of receipt\nof Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least\nequal to a specified percentage of the value of the missing Deposit Securities, as set forth in the Participant Agreement (as defined\nbelow). The Trust may impose a transaction fee for each creation or redemption. In all cases, such fees will be limited in accordance\nwith the requirements of the SEC applicable to management investment companies offering redeemable securities. As in the case of\nother publicly traded securities, brokers’ commissions on transactions in the secondary market will be based on negotiated\ncommission rates at customary levels.

ADDITIONAL INFORMATION ABOUT INVESTMENT\nOBJECTIVES, POLICIES, AND RELATED RISKS

Each Fund’s investment objective\nand principal investment strategies are described in the Prospectus. The information included in this SAI supplements, and should\nbe read in conjunction with, the Prospectus. For a description of certain permitted investments, see “Description of Permitted\nInvestments” in this SAI.

With respect to a Fund’s investments,\nunless otherwise noted, if a percentage limitation on investment is adhered to at the time of investment or contract, a subsequent\nincrease or decrease as a result of market movement or redemption will not result in a violation of such investment limitation.

Non-Diversification

Each Fund is classified as a non-diversified\ninvestment company under the 1940 Act’s diversification requirements. A “non-diversified” classification means\nthat the Funds are not limited by the 1940 Act’s diversification requirements with regard to the percentage of its assets\nthat may be invested in the securities of a single issuer. This means that a Fund may invest a greater portion of its assets in\nthe securities of a single issuer or a small number of issuers than if it was a diversified fund, and therefore, those issuers\nmay constitute a greater portion of such Fund’s portfolio. This may have an adverse effect on the Fund’s performance\nor subject its Shares to greater price volatility than more diversified investment companies. Moreover, in pursuing its objective,\na Fund may hold the securities of a single issuer in an amount exceeding 10% of the value of the outstanding securities of the\nissuer, subject to restrictions imposed by the Internal Revenue Code of 1986, as amended (the “Code”).

Although the Funds are non-diversified\nfor purposes of the 1940 Act, each Fund intends to maintain the required level of diversification and otherwise conduct its operations\nso as to qualify as a regulated investment company (“RIC”) for purposes of the Code, and to relieve such Fund of any\nliability for federal income tax to the extent that their earnings are distributed to shareholders. Compliance with the diversification\nrequirements of the Code may limit the investment flexibility of a Fund and may make it less likely that such Fund will meet its\ninvestment objectives. See “Federal Income Taxes” in this SAI for further discussion.

General Risks

The value of a Fund’s portfolio\nsecurities may fluctuate with changes in the financial condition of an issuer or counterparty, changes in specific economic or\npolitical conditions that affect a particular security or issuer and changes in general economic or political conditions. An investor\nin a Fund could lose money over short or long periods of time.

There can be no guarantee that a liquid\nmarket for the securities held by a Fund will be maintained. The existence of a liquid trading market for certain securities may\ndepend on whether dealers will make a market in such securities. There can be no assurance that a market will be made or maintained\nor that any such market will be or remain liquid. The price at which securities may be sold and the value of Shares will be adversely\naffected if trading markets for the Fund’s portfolio securities are limited or absent, or if bid-ask spreads are wide.

Cyber Security Risk. Investment\ncompanies, such as the Funds, and their service providers may be subject to operational and information security risks resulting\nfrom cyber attacks. Cyber attacks include, among other behaviors, stealing or corrupting data maintained online or digitally, denial\nof service attacks on websites, the unauthorized release of confidential information or various other forms of cyber security breaches.\nCyber attacks affecting the Funds or the Adviser, Custodian (defined below), Transfer Agent (defined below), intermediaries and\nother third-party service providers may adversely impact the Funds. For instance, cyber attacks may interfere with the processing\nof shareholder transactions, impact each Fund’s ability to calculate its NAV, cause the release of private shareholder information\nor confidential company information, impede trading, subject the Funds to regulatory fines or financial losses, and cause reputational\ndamage. The Funds may also incur additional costs for cyber security risk management purposes. Similar types of cyber security\nrisks are also present for issuers of securities in which a Fund invests, which could result in material adverse consequences for\nsuch issuers, and may cause a Fund’s investment in such portfolio companies to lose value.

Special Considerations and Risks

The Funds each seek to provide daily\ninvestment results that, before fees and expenses, provide two times the daily percentage change of an underlying security,\nmeaning such results that correspond to approximately 2X times (200%) the daily performance of its corresponding underlying\nsecurity, each as shown in the following table (each, an “Underlying Security”):

\n\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n

Fund Name	Underlying\n Security
Defiance\n Daily Target 2X Long AMPG ETF	AmpliTech\n Group, Inc. (NASDAQ: AMPG)
Defiance\n Daily Target 2X Long BRUN ETF	Boost\n Run, Inc. (NASDAQ: BRUN)
Defiance\n Daily Target 2X Long FCEL ETF	FuelCell\n Energy, Inc. (NASDAQ: FCEL)
Defiance\n Daily Target 2X Long FISN ETF	Deep\n Fission, Inc. (NASDAQ: FISN)
Defiance\n Daily Target 2X Long FTNT ETF	Fortinet,\n Inc. (NASDAQ: FTNT)
Defiance\n Daily Target 2X Long GRRR ETF	Gorilla\n Technology Group, Inc. (NASDAQ: GRRR)
Defiance\n Daily Target 2X Long LPTH ETF	LightPath\n Technologies, Inc. (NASDAQ: LPTH)
Defiance\n Daily Target 2X Long OPTX ETF	Syntec\n Optics Holdings, Inc. (NASDAQ: OPTX)
Defiance\n Daily Target 2X Long ORBS ETF	Eightco\n Holdings, Inc. (NASDAQ: ORBS)
Defiance\n Daily Target 2X Long QTEX ETF	Qtrex\n Quantum Ltd. (NASDAQ: QTEX)

Daily Correlation/Tracking Risk. There\nis no guarantee that the Fund will achieve a high degree of leveraged correlation to the Underlying Security and therefore achieve\nits daily leveraged investment objective. To achieve a high degree of leveraged correlation with the Underlying Security, the Fund\nseeks to rebalance its portfolio daily to keep exposure consistent with its daily leveraged investment objective. The possibility\nof the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is\nvolatile near the close of the trading day. Market disruptions, regulatory restrictions and extreme volatility will also adversely\naffect the Fund’s ability to adjust exposure to the required levels. If there is a significant intra-day market event and/or\nthe Underlying Security experiences a significant increase or decline, the Fund may not meet its investment objective, be able\nto rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads.

The Fund may have difficulty achieving\nits daily leveraged investment objective due to fees, expenses, transaction costs, financing costs related to the use of derivatives,\ninvestments in ETFs, directly or indirectly, income items, valuation methodology, accounting standards and disruptions or illiquidity\nin the markets for the securities or derivatives held by the Fund. The Fund may be subject to large movements of assets into and\nout of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. The Fund may take or\nrefrain from taking positions to improve the tax efficiency or to comply with various regulatory restrictions, either of which\nmay negatively impact the Fund’s leveraged correlation to the Underlying Security.

Special Note Regarding the Daily Correlation\nRisks of the Funds. As discussed in the Prospectus, each Fund is “leveraged” in the sense that it has an investment\nobjective to match 200% of the performance of its Underlying Security on a given day. Each Fund is subject to all of the correlation\nrisks described in the Prospectus.

In addition, there is a special form of\ncorrelation risk that derives from each Fund’s use of leverage, which is that for periods greater than one day, the use of\nleverage tends to cause the performance of a Fund to be either greater than, or less than, 200% of the performance of its Underlying\nSecurity.

Each Fund’s return for periods longer\nthan one day is primarily (but not solely) a function of the following:

\n\n \n \n \n

Performance of its Underlying Security;

\n\n \n \n \n

Volatility of its Underlying Security;

\n\n \n \n \n

Financing rates associated with leverage;

\n\n \n \n \n

Other Fund expenses;

\n\n \n \n \n

Dividends paid by companies in the applicable Underlying Security; and

\n\n \n \n \n

Period of time.

Fund performance for periods greater than\none single day can be estimated given any set of assumptions for the following factors: a) the Underlying Security volatility;\nb) the Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other\nFund expenses. The chart shows estimated Fund returns for a number of combinations of Underlying Security volatility and Underlying\nSecurity performance over a one-year period. Performance shown in the chart assumes that: (i) there were no Fund expenses; (ii)\nborrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected\nthe estimated returns would be different than those shown. Particularly during periods of higher Underlying Security volatility,\ncompounding will cause results for periods longer than a trading day to vary from two times (200%) the performance of the Underlying\nSecurity.

As shown in the chart below, the Fund would\nbe expected to lose 6.1% if there was no change in the share price of the Underlying Security over a one-year period during which\nthe Underlying Security experienced annualized volatility of 25%. If the Underlying Security’s annualized volatility were\nto rise to 75%, the hypothetical loss for a one-year period would widen to approximately -43%. At higher ranges of volatility,\nthere is a chance of a significant loss of value in the Fund, even if there were no change in the share price of the Underlying\nSecurity. For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2%\nof its value, even if the cumulative Underlying Security change in the share price of the Underlying Security for the year was\n0%.

Areas shaded red (or dark gray) represent\nthose scenarios where the Fund can be expected to return less than two times (200%) the performance of the Underlying Security\nand those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than two times (200%)\nthe performance of the Underlying Security. The Fund’s actual performance may be significantly better or worse than the performance\nshown below as a result of any of the factors discussed above or in the “Daily Correlation/Tracking Risk” above.

The table below is intended to underscore\nthe fact that the Funds are each designed as a short-term trading vehicle for investors who intend to actively monitor and manage\ntheir portfolios. It is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor\nand manage their portfolios. For additional information regarding correlation and volatility risk for the Fund, see “Compounding\nand Market Volatility Risk” in the Prospectus.

Estimated Returns of 200% or Two Times

Performance of the Underlying Security

\n\n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n

Underlying Security Performance	One Year Volatility Rate
One Year \nUnderlying \nSecurity		2X Times \n(200%) the \nOne Year \nPerformance	10%	25%	50%	75%	100%
-60%		-120%	-84.2%	-85.0%	-87.5%	-90.9%	-94.1%
-50%		-100%	-75.2%	-76.5%	-80.5%	-85.8%	-90.8%
-40%		-80%	-64.4%	-66.2%	-72.0%	-79.5%	-86.8%
-30%		-60%	-51.5%	-54.0%	-61.8%	-72.1%	-82.0%
-20%		-40%	-36.6%	-39.9%	-50.2%	-63.5%	-76.5%
-10%		-20%	-19.8%	-23.9%	-36.9%	-53.8%	-70.2%
0%		0%	-1.0%	-6.1%	-22.1%	-43.0%	-63.2%
10%		20%	19.8%	13.7%	-5.8%	-31.1%	-55.5%
20%		40%	42.6%	35.3%	12.1%	-18.0%	-47.0%
30%		60%	67.3%	58.8%	31.6%	-3.7%	-37.8%
40%		80%	94.0%	84.1%	52.6%	11.7%	-27.9%
50%		100%	122.8%	111.4%	75.2%	28.2%	-17.2%
60%		120%	153.5%	140.5%	99.4%	45.9%	-5.8%

DESCRIPTION OF PERMITTED INVESTMENTS

The following are descriptions of the permitted\ninvestments and investment practices and associated risk factors. The Funds will invest in, or be exposed to, any of the following\ninstruments or engage in any of the following investment practices only if such investment or activity is consistent with such\nFund’s investment objective and permitted by such Fund’s stated investment policies. In addition, certain of the techniques\nand investments discussed in this SAI are not principal strategies of the Funds as disclosed in the Prospectus, and while such\ntechniques and investments are permissible for a Fund to utilize, such Fund is not required to utilize such non-principal techniques\nor investments.

Borrowing

A Fund may borrow to the extent permitted\nby the 1940 Act. Under the 1940 Act, a Fund may borrow up to one-third (1/3) of its total assets. The Funds will borrow money only\nfor short-term or emergency purposes. Such borrowing is not for investment purposes and will be repaid by the applicable Fund promptly.\nBorrowing will tend to exaggerate the effect on NAV of any increase or decrease in the market value of a Fund’s portfolio.\nMoney borrowed will be subject to interest costs that may or may not be recovered by earnings on the securities purchased. The\nFunds also may be required to maintain minimum average balances in connection with a borrowing or to pay a commitment or other\nfee to maintain a line of credit; either of these requirements would increase the cost of borrowing over the stated interest rate.

Derivative Instruments

Generally, derivatives are financial instruments\nwhose value depends on or is derived from, the value of one or more underlying assets, reference rates, or indices or other market\nfactors (a “reference instrument”) and may relate to stocks, bonds, interest rates, credit, currencies, commodities\nor related indices. Derivative instruments can provide an efficient means to gain or reduce exposure to the value of a reference\ninstrument without actually owning or selling the instrument. Some common types of derivatives include options, futures, forwards\nand swaps.

Derivative instruments may be used to modify\nthe effective duration of a Fund’s portfolio investments. Derivative instruments may also be used for “hedging,”\nwhich means that they may be used when the Adviser seeks to protect a Fund’s investments from a decline in value resulting\nfrom changes to interest rates, market prices, currency fluctuations, or other market factors. Derivative instruments may also\nbe used for other purposes, including to seek to increase liquidity, provide efficient portfolio management, broaden investment\nopportunities (including taking short or negative positions), implement a tax or cash management strategy, gain exposure to a particular\nsecurity or segment of the market and/or enhance total return. However derivative instruments are used, their successful use is\nnot assured and will depend upon, among other factors, the Adviser’s ability to gauge relevant market movements.

Derivative instruments may be used for\nthe purpose of direct hedging. Direct hedging means that the transaction must be intended to reduce a specific risk exposure of\na portfolio security or its denominated currency and must also be directly related to such security or currency. Each Fund’s\nuse of derivative instruments may be limited from time to time by policies adopted by the Board or the Adviser.

SEC Rule 18f-4 (“Rule 18f-4”\nor the “Derivatives Rule”) regulates the ability of a Fund to enter into derivative transactions and other leveraged\ntransactions. The Derivatives Rule defines the term “derivatives” to include short sales and forward contracts, such\nas TBA transactions, in addition to instruments traditionally classified as derivatives, such as swaps, futures, and options. Rule\n18f-4 also regulates other types of leveraged transactions, such as reverse repurchase transactions and transactions deemed to\nbe “similar to” reverse repurchase transactions, such as certain securities lending transactions in connection with\nwhich a Fund obtains leverage. Among other things, under Rule 18f-4, a Fund is prohibited from entering into these derivatives\ntransactions except in reliance on the provisions of the Derivatives Rule. The Derivatives Rule establishes limits on the derivatives\ntransactions that a Fund may enter into based on the value-at-risk (“VaR”) of the Fund inclusive of derivatives. A\nFund will generally satisfy the limits under the Rule if the VaR of its portfolio (inclusive of derivatives transactions) does\nnot exceed 200% of the VaR of its “designated reference portfolio.” The “designated reference portfolio”\nis a representative unleveraged index or a Fund’s own portfolio absent derivatives holdings, as determined by such Fund’s\nderivatives risk manager. This limits test is referred to as the “Relative VaR Test.” If a Fund determines that the\nRelative VaR Test is not appropriate in light of its strategy, subject to specified conditions, the Fund may instead comply with\nthe “Absolute VaR Test.” A Fund will satisfy the Absolute VaR Test if the VaR of its portfolio does not exceed 20%\nof the value of the Fund’s net assets.

In addition, among other requirements,\nRule 18f-4 requires a Fund to establish a derivatives risk management program, appoint a derivatives risk manager, and carry out\nenhanced reporting to the Board, the SEC and the public regarding a Fund’s derivatives activities. These new requirements\nwill apply unless a Fund qualifies as a “limited derivatives user,” which the Derivatives Rule defines as a fund that\nlimits its derivatives exposure to 10% of its net assets. It is possible that the limits and compliance costs imposed by the Derivatives\nRule may adversely affect a Fund’s performance, efficiency in implementing its strategy, liquidity and/or ability to pursue\nits investment objectives and may increase the cost of such Fund’s investments and cost of doing business, which could adversely\naffect investors.

Futures contracts. Generally, a\nfutures contract is a standard binding agreement to buy or sell a specified quantity of an underlying reference instrument, such\nas a specific security, currency or commodity, at a specified price at a specified later date. A “sale” of a futures\ncontract means the acquisition of a contractual obligation to deliver the underlying reference instrument called for by the contract\nat a specified price on a specified date. A “purchase” of a futures contract means the acquisition of a contractual\nobligation to acquire the underlying reference instrument called for by the contract at a specified price on a specified date.\nThe purchase or sale of a futures contract will allow a Fund to increase or decrease its exposure to the underlying reference instrument\nwithout having to buy the actual instrument.

The underlying reference instruments to\nwhich futures contracts may relate include non-U.S. currencies, interest rates, stock and bond indices, and debt securities, including\nU.S. government debt obligations. In most cases the contractual obligation under a futures contract may be offset, or “closed\nout,” before the settlement date so that the parties do not have to make or take delivery. The closing out of a contractual\nobligation is usually accomplished by buying or selling, as the case may be, an identical, offsetting futures contract. This transaction,\nwhich is effected through a member of an exchange, cancels the obligation to make or take delivery of the underlying instrument\nor asset. Although some futures contracts by their terms require the actual delivery or acquisition of the underlying instrument\nor asset, some require cash settlement.

Futures contracts may be bought and sold\non U.S. and non-U.S. exchanges. Futures contracts in the U.S. have been designed by exchanges that have been designated “contract\nmarkets” by the Commodity Futures Trading Commission (“CFTC”) and must be executed through a futures commission\nmerchant (“FCM”), which is a brokerage firm that is a member of the relevant contract market. Each exchange guarantees\nperformance of the contracts as between the clearing members of the exchange, thereby reducing the risk of counterparty default.\nFutures contracts may also be entered into on certain exempt markets, including exempt boards of trade and electronic trading facilities,\navailable to certain market participants. Because all transactions in the futures market are made, offset or fulfilled by an FCM\nthrough a clearinghouse associated with the exchange on which the contracts are traded, a Fund will incur brokerage fees when it\nbuys or sells futures contracts.

The Funds generally buy and sell futures\ncontracts only on contract markets (including exchanges or boards of trade) where there appears to be an active market for the\nfutures contracts, but there is no assurance that an active market will exist for any particular contract or at any particular\ntime. An active market makes it more likely that futures contracts will be liquid and bought and sold at competitive market prices.\nIn addition, many of the futures contracts available may be relatively new instruments without a significant trading history. As\na result, there can be no assurance that an active market will develop or continue to exist.

When a Fund enters into a futures contract,\nit must deliver to an account controlled by the FCM (that has been selected by the Fund), an amount referred to as “initial\nmargin” that is typically calculated as an amount equal to the volatility in market value of a contract over a fixed period.\nInitial margin requirements are determined by the respective exchanges on which the futures contracts are traded and the FCM. Thereafter,\na “variation margin” amount may be required to be paid by the Fund or received by the Fund in accordance with margin\ncontrols set for such accounts, depending upon changes in the marked-to market value of the futures contract. The account is marked-to\nmarket daily and the variation margin is monitored by the Adviser and Custodian (defined below) on a daily basis. When the futures\ncontract is closed out, if the Fund has a loss equal to or greater than the margin amount, the margin amount is paid to the FCM\nalong with any loss in excess of the margin amount. If the Fund has a loss of less than the margin amount, the excess margin is\nreturned to the Fund. If the Fund has a gain, the full margin amount and the amount of the gain is paid to the Fund.

Some futures contracts provide for the\ndelivery of securities that are different than those that are specified in the contract. For a futures contract for delivery of\ndebt securities, on the settlement date of the contract, adjustments to the contract can be made to recognize differences in value\narising from the delivery of debt securities with a different interest rate from that of the particular debt securities that were\nspecified in the contract. In some cases, securities called for by a futures contract may not have been issued when the contract\nwas written.

Risks of futures contracts. A Fund’s\nuse of futures contracts is subject to the risks associated with derivative instruments generally. In addition, a purchase or sale\nof a futures contract may result in losses to a Fund in excess of the amount that the Fund delivered as initial margin. Because\nof the relatively low margin deposits required, futures trading involves a high degree of leverage; as a result, a relatively small\nprice movement in a futures contract may result in immediate and substantial loss, or gain, to the Fund. In addition, if a Fund\nhas insufficient cash to meet daily variation margin requirements or close out a futures position, it may have to sell securities\nfrom its portfolio at a time when it may be disadvantageous to do so. Adverse market movements could cause the Fund to experience\nsubstantial losses on an investment in a futures contract.

There is a risk of loss by the Funds of\nthe initial and variation margin deposits in the event of bankruptcy of the FCM with which the Funds have an open position in a\nfutures contract. The assets of a Fund may not be fully protected in the event of the bankruptcy of the FCM or central counterparty\nbecause the Fund might be limited to recovering only a pro rata share of all available funds and margin segregated on behalf of\nan FCM’s customers. If the FCM does not provide accurate reporting, a Fund is also subject to the risk that the FCM could\nuse the Fund’s assets, which are held in an omnibus account with assets belonging to the FCM’s other customers, to\nsatisfy its own financial obligations or the payment obligations of another customer to the central counterparty.

A Fund may not be able to properly hedge\nor effect its strategy when a liquid market is unavailable for the futures contract the Fund wishes to close, which may at times\noccur. In addition, when futures contracts are used for hedging, there may be an imperfect correlation between movements in the\nprices of the underlying reference instrument on which the futures contract is based and movements in the prices of the assets\nsought to be hedged.

If the Adviser’s investment judgment\nabout the general direction of market prices or interest or currency exchange rates is incorrect, a Fund’s overall performance\nwill be poorer than if it had not entered into a futures contract. For example, if a Fund has purchased futures to hedge against\nthe possibility of an increase in interest rates that would adversely affect the price of bonds held in its portfolio and interest\nrates instead decrease, the Fund will lose part or all of the benefit of the increased value of the bonds which it has hedged.\nThis is because its losses in its futures positions will offset some or all of its gains from the increased value of the bonds.

The difference (called the “spread”)\nbetween prices in the cash market for the purchase and sale of the underlying reference instrument and the prices in the futures\nmarket is subject to fluctuations and distortions due to differences in the nature of those two markets. First, all participants\nin the futures market are subject to initial deposit and variation margin requirements. Rather than meeting additional variation\nmargin requirements, investors may close futures contracts through offsetting transactions that could distort the normal pricing\nspread between the cash and futures markets. Second, the liquidity of the futures markets depends on participants entering into\noffsetting transactions rather than making or taking delivery of the underlying instrument. To the extent participants decide to\nmake or take delivery, liquidity in the futures market could be reduced, resulting in pricing distortion. Third, from the point\nof view of speculators, the margin deposit requirements that apply in the futures market are less onerous than similar margin requirements\nin the securities market. Therefore, increased participation by speculators in the futures market may cause temporary price distortions.\nWhen such distortions occur, a correct forecast of general trends in the price of an underlying reference instrument by the Adviser\nmay still not necessarily result in a profitable transaction.

Futures contracts that are traded on non-U.S.\nexchanges may not be as liquid as those purchased on CFTC-designated contract markets. In addition, non-U.S. futures contracts\nmay be subject to varied regulatory oversight. The price of any non-U.S. futures contract and, therefore, the potential profit\nand loss thereon, may be affected by any change in the non-U.S. exchange rate between the time a particular order is placed and\nthe time it is liquidated, offset or exercised.

The CFTC and the various exchanges have\nestablished limits referred to as “speculative position limits” on the maximum net long or net short position that\nany person, such as a Fund, may hold or control in a particular futures contract. Trading limits are also imposed on the maximum\nnumber of contracts that any person may trade on a particular trading day. An exchange may order the liquidation of positions found\nto be in violation of these limits and it may impose other sanctions or restrictions. The regulation of futures, as well as other\nderivatives, is a rapidly changing area of law. For more information, see “Developing government regulation of derivatives”\nbelow.

Futures exchanges may also limit the amount\nof fluctuation permitted in certain futures contract prices during a single trading day. This daily limit establishes the maximum\namount that the price of a futures contract may vary either up or down from the previous day’s settlement price. Once the\ndaily limit has been reached in a futures contract subject to the limit, no more trades may be made on that day at a price beyond\nthat limit. The daily limit governs only price movements during a particular trading day and does not limit potential losses because\nthe limit may prevent the liquidation of unfavorable positions. For example, futures prices have occasionally moved to the daily\nlimit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of positions and subjecting\nsome holders of futures contracts to substantial losses.

Options on futures contracts. Options\non futures contracts trade on the same contract markets as the underlying futures contract. When a Fund buys an option, it pays\na premium for the right, but does not have the obligation, to purchase (call) or sell (put) a futures contract at a set price (the\nexercise price). The purchase of a call or put option on a futures contract, whereby a Fund has the right to purchase or sell,\nrespectively, a particular futures contract, is similar in some respects to the purchase of a call or put option on an individual\nsecurity or currency. Depending on the premium paid for the option compared to either the price of the futures contract upon which\nit is based or the price of the underlying reference instrument, the option may be less risky than direct ownership of the futures\ncontract or the underlying reference instrument. For example, a Fund could purchase a call option on a long futures contract when\nseeking to hedge against an increase in the market value of the underlying reference instrument, such as appreciation in the value\nof a non-U.S. currency against the U.S. dollar.

The seller (writer) of an option becomes\ncontractually obligated to take the opposite futures position if the buyer of the option exercises its rights to the futures position\nspecified in the option. In return for the premium paid by the buyer, the seller assumes the risk of taking a possibly adverse\nfutures position. In addition, the seller will be required to post and maintain initial and variation margin with the FCM. One\ngoal of selling (writing) options on futures may be to receive the premium paid by the option buyer. For more general information\nabout the mechanics of purchasing and writing options, see “Options” below.

Risks of options on futures contracts.\nA Fund’s use of options on futures contracts are subject to the risks related to derivative instruments generally. In addition,\nthe amount of risk a Fund assumes when it purchases an option on a futures contract is the premium paid for the option plus related\ntransaction costs. The purchase of an option also entails the risk that changes in the value of the underlying futures contract\nwill not be fully reflected in the value of the option purchased. The seller (writer) of an option on a futures contract is subject\nto the risk of having to take a possibly adverse futures position if the purchaser of the option exercises its rights. If the seller\nwere required to take such a position, it could bear substantial losses. An option writer has potentially unlimited economic risk\nbecause its potential loss, except to the extent offset by the premium received, is equal to the amount the option is “in-the-money”\nat the expiration date. A call option is in-the-money if the value of the underlying futures contract exceeds the exercise price\nof the option. A put option is in-the-money if the exercise price of the option exceeds the value of the underlying futures contract.

Options. An option is a contract\nthat gives the purchaser of the option, in return for the premium paid, the right to buy an underlying reference instrument, such\nas a specified security, currency, index, or other instrument, from the writer of the option (in the case of a call option), or\nto sell a specified reference instrument to the writer of the option (in the case of a put option) at a designated price during\nthe term of the option. The premium paid by the buyer of an option will reflect, among other things, the relationship of the exercise\nprice to the market price and the volatility of the underlying reference instrument, the remaining term of the option, supply,\ndemand, interest rates and/or currency exchange rates. An American style put or call option may be exercised at any time during\nthe option period while a European style put or call option may be exercised only upon expiration or during a fixed period prior\nthereto. Put and call options are traded on national securities exchanges and in the OTC market.

Options traded on national securities exchanges\nare within the jurisdiction of the SEC or other appropriate national securities regulator, as are securities traded on such exchanges.\nAs a result, many of the protections provided to traders on organized exchanges will be available with respect to such transactions.\nIn particular, all option positions entered into on a national securities exchange in the United States are cleared and guaranteed\nby the Options Clearing Corporation, thereby reducing the risk of counterparty default. Furthermore, a liquid secondary market\nin options traded on a national securities exchange may be more readily available than in the OTC market, potentially permitting\na Fund to liquidate open positions at a profit prior to exercise or expiration, or to limit losses in the event of adverse market\nmovements. There is no assurance, however, that higher than anticipated trading activity or other unforeseen events might not temporarily\nrender the capabilities of the Options Clearing Corporation inadequate, and thereby result in the exchange instituting special\nprocedures which may interfere with the timely execution of a Fund’s orders to close out open options positions.

Purchasing call and put options.\nAs the buyer of a call option, a Fund has a right to buy the underlying reference instrument (e.g., a currency or security) at\nthe exercise price at any time during the option period (for American style options). The Funds may enter into closing sale transactions\nwith respect to call options, exercise them, or permit them to expire. For example, a Fund may buy call options on underlying reference\ninstruments that it intends to buy with the goal of limiting the risk of a substantial increase in their market price before the\npurchase is effected. Unless the price of the underlying reference instrument changes sufficiently, a call option purchased by\na Fund may expire without any value to the Fund, in which case such Fund would experience a loss to the extent of the premium paid\nfor the option plus related transaction costs.

As the buyer of a put option, a Fund has\nthe right to sell the underlying reference instrument at the exercise price at any time during the option period (for American\nstyle options). Like a call option, the Funds may enter into closing sale transactions with respect to put options, exercise them\nor permit them to expire. A Fund may buy a put option on an underlying reference instrument owned by the Fund (a protective put)\nas a hedging technique in an attempt to protect against an anticipated decline in the market value of the underlying reference\ninstrument. Such hedge protection is provided only during the life of the put option when the Fund, as the buyer of the put option,\nis able to sell the underlying reference instrument at the put exercise price, regardless of any decline in the underlying instrument’s\nmarket price. The Funds may also seek to offset a decline in the value of the underlying reference instrument through appreciation\nin the value of the put option. A put option may also be purchased with the intent of protecting unrealized appreciation of an\ninstrument when the Adviser deems it desirable to continue to hold the instrument because of tax or other considerations. The premium\npaid for the put option and any transaction costs would reduce any short-term capital gain that may be available for distribution\nwhen the instrument is eventually sold. Buying put options at a time when the buyer does not own the underlying reference instrument\nallows the buyer to benefit from a decline in the market price of the underlying reference instrument, which generally increases\nthe value of the put option.

If a put option was not terminated in a\nclosing sale transaction when it has remaining value, and if the market price of the underlying reference instrument remains equal\nto or greater than the exercise price during the life of the put option, the buyer would not make any gain upon exercise of the\noption and would experience a loss to the extent of the premium paid for the option plus related transaction costs. In order for\nthe purchase of a put option to be profitable, the market price of the underlying reference instrument must decline sufficiently\nbelow the exercise price to cover the premium and transaction costs.

Writing call and put options. Writing\noptions may permit the writer to generate additional income in the form of the premium received for writing the option. The writer\nof an option may have no control over when the underlying reference instruments must be sold (in the case of a call option) or\npurchased (in the case of a put option) because the writer may be notified of exercise at any time prior to the expiration of the\noption (for American style options). In general, though, options are infrequently exercised prior to expiration. Whether or not\nan option expires unexercised, the writer retains the amount of the premium. Writing “covered” call options means that\nthe writer owns the underlying reference instrument that is subject to the call option. Call options may also be written on reference\ninstruments that the writer does not own.

If a Fund writes a covered call option,\nany underlying reference instruments that are held by the Fund and are subject to the call option will be earmarked on the books\nof such Fund as segregated to satisfy its obligations under the option. A Fund will be unable to sell the underlying reference\ninstruments that are subject to the written call option until it either effects a closing transaction with respect to the written\ncall, or otherwise satisfies the conditions for release of the underlying reference instruments from segregation.

As the writer of a covered call option,\na Fund gives up the potential for capital appreciation above the exercise price of the option should the underlying reference instrument\nrise in value. If the value of the underlying reference instrument rises above the exercise price of the call option, the reference\ninstrument will likely be “called away,” requiring a Fund to sell the underlying instrument at the exercise price.\nIn that case, the Fund will sell the underlying reference instrument to the option buyer for less than its market value, and such\nFund will experience a loss (which will be offset by the premium received by the Fund as the writer of such option). If a call\noption expires unexercised, the Fund will realize a gain in the amount of the premium received. If the market price of the underlying\nreference instrument decreases, the call option will not be exercised and the Fund will be able to use the amount of the premium\nreceived to hedge against the loss in value of the underlying reference instrument. The exercise price of a call option will be\nchosen based upon the expected price movement of the underlying reference instrument. The exercise price of a call option may be\nbelow, equal to (at-the-money), or above the current value of the underlying reference instrument at the time the option is written.

As the writer of a put option, a Fund has\na risk of loss should the underlying reference instrument decline in value. If the value of the underlying reference instrument\ndeclines below the exercise price of the put option and the put option is exercised, the Fund, as the writer of the put option,\nwill be required to buy the instrument at the exercise price, which will exceed the market value of the underlying reference instrument\nat that time. A Fund will incur a loss to the extent that the current market value of the underlying reference instrument is less\nthan the exercise price of the put option. However, the loss will be offset in part by the premium received from the buyer of the\nput. If a put option written by a Fund expires unexercised, such Fund will realize a gain in the amount of the premium received.

Closing out options (exchange-traded\noptions). If the writer of an option wants to terminate its obligation, the writer may effect a “closing purchase transaction”\nby buying an option of the same series as the option previously written. The effect of the purchase is that the clearing corporation\nwill cancel the option writer’s position. However, a writer may not effect a closing purchase transaction after being notified\nof the exercise of an option. Likewise, the buyer of an option may recover all or a portion of the premium that it paid by effecting\na “closing sale transaction” by selling an option of the same series as the option previously purchased and receiving\na premium on the sale. There is no guarantee that either a closing purchase or a closing sale transaction may be made at a time\ndesired by a Fund. Closing transactions allow a Fund to terminate its positions in written and purchased options. A Fund will\nrealize a profit from a closing transaction if the price of the transaction is less than the premium received from writing the\noriginal option (in the case of written options) or is more than the premium paid by the Fund to buy the option (in the case of\npurchased options). For example, increases in the market price of a call option sold by a Fund will generally reflect increases\nin the market price of the underlying reference instrument. As a result, any loss resulting from a closing transaction on a written\ncall option is likely to be offset in whole or in part by appreciation of the underlying instrument owned by the Fund.

Over-the-counter options. Like exchange-traded\noptions, OTC options give the holder the right to buy from the writer, in the case of OTC call options, or sell to the writer,\nin the case of OTC put options, an underlying reference instrument at a stated exercise price. OTC options, however, differ from\nexchange-traded options in certain material respects.

OTC options are arranged directly with\ndealers and not with a clearing corporation or exchange. Consequently, there is a risk of non-performance by the dealer, including\nbecause of the dealer’s bankruptcy or insolvency. While the Funds use only counterparties, such as dealers, that meet its\ncredit quality standards, in unusual or extreme market conditions, a counterparty’s creditworthiness and ability to perform\nmay deteriorate rapidly, and the availability of suitable replacement counterparties may become limited. Because there is no exchange,\npricing is typically done based on information from market makers or other dealers. OTC options are available for a greater variety\nof underlying reference instruments and in a wider range of expiration dates and exercise prices than exchange-traded options.

There can be no assurance that a continuous\nliquid secondary market will exist for any particular OTC option at any specific time. The Funds may be able to realize the value\nof an OTC option it has purchased only by exercising it or entering into a closing sale transaction with the dealer that issued\nit. When a Fund writes an OTC option, it generally can close out that option prior to its expiration only by entering into a closing\npurchase transaction with the dealer with which such Fund originally wrote the option. A Fund may suffer a loss if it is not able\nto exercise (in the case of a purchased option) or enter into a closing sale transaction on a timely basis.

The staff of the SEC has taken the position\nthat purchased OTC options on securities are considered illiquid securities. Pending a change in the staff’s position, the\nFunds will treat such OTC options on securities as illiquid and subject to such Fund’s limitation on illiquid securities.

Interest rate caps. An interest\nrate cap is a type of OTC option. The buyer of an interest rate cap pays a premium to the seller in exchange for payments at set\nintervals for which a floating interest rate exceeds an agreed upon interest rate. The floating interest rate may be tied to a\nreference rate, a long-term swap rate or other benchmark. The amount of each payment is determined by reference to a specified\n“notional” amount of money. Interest rate caps do not involve the delivery of securities, other underlying instruments,\nor principal amounts. Accordingly, barring counterparty risk, the risk of loss to the purchaser of an interest rate cap is limited\nto the amount of the premium paid.

An interest rate cap can be used to increase\nor decrease exposure to various interest rates, including to hedge interest rate risk. By purchasing an interest rate cap, the\nbuyer of the cap can benefit from rising interest rates while limiting its downside risk to the amount of the premium paid. If\na Fund buys an interest rate cap and the Adviser is correct at predicting the direction of interest rates, the interest rate cap\nwill increase in value. But if the Adviser is incorrect at predicting the direction, the interest rate cap will expire worthless.

By writing (selling) an interest rate cap,\nthe seller of the cap can benefit by receiving a premium in exchange for assuming an obligation to make payments at set intervals\nfor which a floating interest rate exceeds an agreed upon interest rate. If interest rates rise above the agreed upon cap, the\nseller’s obligation to make payments may result in losses in excess of the premium received.

Correctly predicting the value of an interest\nrate cap requires an understanding of the referenced interest rate, and a Fund bears the risk that the Adviser will not correctly\nforecast future market events, such as interest rate movements. Interest rate caps also involve the risks associated with derivative\ninstruments generally, as described herein, including the risks associated with OTC options.

Risks of options. The Funds’\noptions investments involve certain risks, including general risks related to derivative instruments. There can be no assurance\nthat a liquid secondary market on an exchange will exist for any particular option, or at any particular time, and the Funds may\nhave difficulty effecting closing transactions in particular options. Therefore, a Fund would have to exercise the options it purchased\nin order to realize any profit, thus taking or making delivery of the underlying reference instrument when not desired. A Fund\ncould then incur transaction costs upon the sale of the underlying reference instruments. Similarly, when a Fund cannot affect\na closing transaction with respect to a put option it wrote, and the buyer exercises, such Fund would be required to take delivery\nand would incur transaction costs upon the sale of the underlying reference instruments purchased. If a Fund, as a covered call\noption writer, is unable to affect a closing purchase transaction in a secondary market, it will not be able to sell the underlying\nreference instrument until the option expires, it delivers the underlying instrument upon exercise, or it segregates enough liquid\nassets to purchase the underlying reference instrument at the marked-to-market price during the term of the option. When trading\noptions on non-U.S. exchanges or in the OTC market, many of the protections afforded to exchange participants will not be available.\nFor example, there may be no daily price fluctuation limits, and adverse market movements could therefore continue to an unlimited\nextent over an indefinite period of time.

The effectiveness of an options strategy\nfor hedging depends on the degree to which price movements in the underlying reference instruments correlate with price movements\nin the relevant portion of the Fund’s portfolio that is being hedged. In addition, a Fund bears the risk that the prices\nof its portfolio investments will not move in the same amount as the option it has purchased or sold for hedging purposes, or\nthat there may be a negative correlation that would result in a loss on both the investments and the option. If the Adviser is\nnot successful in using options in managing a Fund’s investments, such Fund’s performance will be worse than if the\nAdviser did not employ such strategies.

Swaps. Generally, swap agreements\nare contracts between a Fund and another party (the swap counterparty) involving the exchange of payments on specified terms over\nperiods ranging from a few days to multiple years. A swap agreement may be negotiated bilaterally and traded OTC between the two\nparties (for an uncleared swap) or, in some instances, must be transacted through an FCM and cleared through a clearinghouse that\nserves as a central counterparty (for a cleared swap). In a basic swap transaction, a Fund agrees with the swap counterparty to\nexchange the returns (or differentials in rates of return) and/or cash flows earned or realized on a particular “notional\namount” or value of predetermined underlying reference instruments. The notional amount is the set dollar or other value\nselected by the parties to use as the basis on which to calculate the obligations that the parties to a swap agreement have agreed\nto exchange. The parties typically do not actually exchange the notional amount. Instead, they agree to exchange the returns that\nwould be earned or realized if the notional amount were invested in given investments or at given interest rates. Examples of returns\nthat may be exchanged in a swap agreement are those of a particular security, a particular fixed or variable interest rate, a particular\nnon-U.S. currency, or a “basket” of securities representing a particular index. Swaps can also be based on credit and\nother events.

The Funds will generally enter into swap\nagreements on a net basis, which means that the two payment streams that are to be made by a Fund and its counterparty with respect\nto a particular swap agreement are netted out, with such Fund receiving or paying, as the case may be, only the net difference\nin the two payments. A Fund’s obligations (or rights) under a swap agreement that is entered into on a net basis will generally\nbe the net amount to be paid or received under the agreement based on the relative values of the obligations of each party upon\ntermination of the agreement or at set valuation dates. A Fund will accrue its obligations under a swap agreement daily (offset\nby any amounts the counterparty owes such Fund). If the swap agreement does not provide for that type of netting, the full amount\nof the Fund’s obligations will be accrued on a daily basis.

Comprehensive swaps regulation.\nThe Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Dodd-Frank Act”) and related regulatory\ndevelopments imposed comprehensive regulatory requirements on swaps and swap market participants. The regulatory framework includes:\n(1) registration and regulation of swap dealers and major swap participants; (2) requiring central clearing and execution of standardized\nswaps; (3) imposing margin requirements on swap transactions; (4) regulating and monitoring swap transactions through position\nlimits and large trader reporting requirements; and (5) imposing record keeping and centralized and public reporting requirements,\non an anonymous basis, for most swaps. The CFTC is responsible for the regulation of most swaps. The SEC has jurisdiction over\na small segment of the market referred to as “security-based swaps,” which includes swaps on single securities or credits,\nor narrow-based indices of securities or credits.

Uncleared swaps. In an uncleared\nswap, the swap counterparty is typically a brokerage firm, bank or other financial institution. The Funds customarily enter into\nuncleared swaps based on the standard terms and conditions of an International Swaps and Derivatives Association (“ISDA”)\nMaster Agreement. ISDA is a voluntary industry association of participants in the over-the-counter derivatives markets that has\ndeveloped standardized contracts used by such participants that have agreed to be bound by such standardized contracts. In the\nevent that one party to a swap transaction defaults and the transaction is terminated prior to its scheduled termination date,\none of the parties may be required to make an early termination payment to the other. An early termination payment may be payable\nby either the defaulting or non-defaulting party, depending upon which of them is “in-the-money” with respect to the\nswap at the time of its termination. Early termination payments may be calculated in various ways, but are intended to approximate\nthe amount the “in-the-money” party would have to pay to replace the swap as of the date of its termination.

During the term of an uncleared swap, a\nFund is required to pledge to the swap counterparty, from time to time, an amount of cash and/or other assets equal to the total\nnet amount (if any) that would be payable by such Fund to the counterparty if all outstanding swaps between the parties were terminated\non the date in question, including any early termination payments (“variation margin”). Periodically, changes in the\namount pledged are made to recognize changes in value of the contract resulting from, among other things, interest on the notional\nvalue of the contract, market value changes in the underlying investment, and/or dividends paid by the issuer of the underlying\ninstrument. Likewise, the counterparty will be required to pledge cash or other assets to cover its obligations to the Fund. However,\nthe amount pledged may not always be equal to or more than the amount due to the other party. Therefore, if a counterparty defaults\nin its obligations to a Fund, the amount pledged by the counterparty and available to such Fund may not be sufficient to cover\nall the amounts due to the Fund and the Fund may sustain a loss.

Currently, the Funds do not intend to typically\nprovide initial margin in connection with uncleared swaps. However, rules requiring initial margin for uncleared swaps have been\nadopted and are being phased in over time. When these rules take effect, if a Fund is deemed to have material swaps exposure under\napplicable swap regulations, the Fund will be required to post initial margin in addition to variation margin.

Cleared swaps. Certain standardized\nswaps are subject to mandatory central clearing and exchange-trading. The Dodd-Frank Act and implementing rules will ultimately\nrequire the clearing and exchange-trading of many swaps. Mandatory exchange-trading and clearing will occur on a phased-in basis\nbased on the type of market participant, CFTC approval of contracts for central clearing and public trading facilities making such\ncleared swaps available to trade. To date, the CFTC has designated only certain of the most common types of credit default index\nswaps and interest rate swaps as subject to mandatory clearing and certain public trading facilities have made certain of those\ncleared swaps available to trade, but it is expected that additional categories of swaps will in the future be designated as subject\nto mandatory clearing and trade execution requirements. Central clearing is intended to reduce counterparty credit risk and increase\nliquidity, but central clearing does not eliminate these risks and may involve additional costs and risks not involved with uncleared\nswaps. See “Risks of cleared swaps” below.

In a cleared swap, a Fund’s ultimate\ncounterparty is a central clearinghouse rather than a brokerage firm, bank or other financial institution. Cleared swaps are submitted\nfor clearing through each party’s FCM, which must be a member of the clearinghouse that serves as the central counterparty.\nTransactions executed on a swap execution facility (“SEF”) may increase market transparency and liquidity but may require\na Fund to incur increased expenses to access the same types of swaps that it has used in the past. When a Fund enters into a cleared\nswap, it must deliver to the central counterparty (via the FCM) an amount referred to as “initial margin.” Initial\nmargin requirements are determined by the central counterparty, and are typically calculated as an amount equal to the volatility\nin market value of the cleared swap over a fixed period, but an FCM may require additional initial margin above the amount required\nby the central counterparty. During the term of the swap agreement, a “variation margin” amount may also be required\nto be paid by a Fund or may be received by a Fund in accordance with margin controls set for such accounts. If the value of a Fund’s\ncleared swap declines, the Fund will be required to make additional “variation margin” payments to the FCM to settle\nthe change in value. Conversely, if the market value of a Fund’s position increases, the FCM will post additional “variation\nmargin” to the Fund’s account. At the conclusion of the term of the swap agreement, if a Fund has a loss equal to or\ngreater than the margin amount, the margin amount is paid to the FCM along with any loss in excess of the margin amount. If the\nFund has a loss of less than the margin amount, the excess margin is returned to the Fund. If the Fund has a gain, the full margin\namount and the amount of the gain is paid to the Fund.

Credit default swaps. The “buyer”\nof protection in a credit default swap agreement is obligated to pay the “seller” a periodic stream of payments over\nthe term of the agreement in return for a payment by the “seller” that is contingent upon the occurrence of a credit\nevent with respect to a specific underlying reference debt obligation (whether as a single debt instrument or as part of an index\nof debt instruments). The contingent payment by the seller generally is the face amount of the debt obligation, in return for the\nbuyer’s obligation to make periodic cash payments and deliver in physical form the reference debt obligation or a cash payment\nequal to the then-current market value of that debt obligation at the time of the credit event. If no credit event occurs, the\nseller would receive a fixed rate of income throughout the term of the contract, while the buyer would lose the amount of its payments\nand recover nothing. The buyer is also subject to the risk that the seller will not satisfy its contingent payment obligation,\nif and when due.

Purchasing protection through a credit\ndefault swap may be used to attempt to hedge against a decline in the value of debt security or securities due to a credit event.\nThe seller of protection under a credit default swap receives periodic payments from the buyer but is exposed to the risk that\nthe value of the reference debt obligation declines due to a credit event and that it will have to pay the face amount of the reference\nobligation to the buyer. Selling protection under a credit default swap may also permit the seller to gain exposure that is similar\nto owning the reference debt obligation directly. As the seller of protection, a Fund would effectively add leverage to its portfolio\nbecause, in addition to its total assets, such Fund would be subject to the risk that there would be a credit event and the Fund\nwould have to make a substantial payment in the future.

Generally, a credit event means bankruptcy,\nfailure to timely pay interest or principal, obligation acceleration or default, or repudiation or restructuring of the reference\ndebt obligation. There may be disputes between the buyer or seller of a credit default swap agreement or within the swaps market\nas a whole as to whether or not a credit event has occurred or what the payout should be which could result in litigation. In some\ninstances where there is a dispute in the credit default swap market, a regional Determinations Committee set up by ISDA may make\nan official binding determination regarding the existence of credit events with respect to the reference debt obligation of a credit\ndefault swap agreement or, in the case of a credit default swap on an index, with respect to a component of the index underlying\nthe credit default swap agreement. In the case of a credit default swap on an index, the existence of a credit event is determined\naccording to the index methodology, which may in turn refer to determinations made by ISDA’s Determinations Committees with\nrespect to particular components of the index.

ISDA’s Determinations Committees\nare comprised principally of dealers in the OTC derivatives markets which may have a conflicting interest in the determination\nregarding the existence of a particular credit event. In addition, in the sovereign debt market, a credit default swap agreement\nmay not provide the protection generally anticipated because the government issuer of the sovereign debt instruments may be able\nto restructure or renegotiate the debt in such a manner as to avoid triggering a credit event. Moreover, (1) sovereign debt obligations\nmay not incorporate common, commercially acceptable provisions, such as collective action clauses, or (2) the negotiated restructuring\nof the sovereign debt may be deemed non-mandatory on all holders. As a result, the determination committee might then not be able\nto determine, or may be able to avoid having to determine, that a credit event under the credit default agreement has occurred.

For these and other reasons, the buyer\nof protection in a credit default swap agreement is subject to the risk that certain occurrences, such as particular restructuring\nevents affecting the value of the underlying reference debt obligation, or the restructuring of sovereign debt, may not be deemed\ncredit events under the credit default swap agreement. Therefore, if the credit default swap was purchased as a hedge or to take\nadvantage of an anticipated increase in the value of credit protection for the underlying reference obligation, it may not provide\nany hedging benefit or otherwise increase in value as anticipated. Similarly, the seller of protection in a credit default swap\nagreement is subject to the risk that certain occurrences may be deemed to be credit events under the credit default swap agreement,\neven if these occurrences do not adversely impact the value or creditworthiness of the underlying reference debt obligation.

Interest rate swaps. An interest\nrate swap is an agreement between two parties to exchange interest rate payment obligations. Typically, one party’s obligation\nis based on an interest rate fixed to maturity while the other party’s obligation is based on an interest rate that changes\nin accordance with changes in a designated benchmark (for example, Secured Overnight Financing Rate (SOFR), prime rate, commercial\npaper rate, or other benchmarks). Alternatively, both payment obligations may be based on an interest rate that changes in accordance\nwith changes in a designated benchmark (also known as a “basis swap”). In a basis swap, the rates may be based on different\nbenchmarks (for example, SOFR versus commercial paper) or on different terms of the same benchmark (for example, one-month SOFR\nversus three-month SOFR). Each party’s payment obligation under an interest rate swap is determined by reference to a specified\n“notional” amount of money. Therefore, interest rate swaps generally do not involve the delivery of securities, other\nunderlying instruments, or principal amounts; rather they entail the exchange of cash payments based on the application of the\ndesignated interest rates to the notional amount. Accordingly, barring swap counterparty or FCM default, the risk of loss in an\ninterest rate swap is limited to the net amount of interest payments that a Fund is obligated to make or receive (as applicable),\nas well as any early termination payment payable by or to such Fund upon early termination of the swap.

By swapping fixed interest rate payments\nfor floating payments, an interest rate swap can be used to increase or decrease a Fund’s exposure to various interest rates,\nincluding to hedge interest rate risk. Interest rate swaps are generally used to permit the party seeking a floating rate obligation\nthe opportunity to acquire such obligation at a rate lower than is directly available in the credit markets, while permitting the\nparty desiring a fixed-rate obligation the opportunity to acquire such a fixed-rate obligation, also frequently at a rate lower\nthan is directly available in the credit markets. The success of such a transaction depends in large part on the availability of\nfixed-rate obligations at interest (or coupon) rates low enough to cover the costs involved. Similarly, a basis swap can be used\nto increase or decrease a Fund’s exposure to various interest rates, including to hedge against or speculate on the spread\nbetween the two indexes, or to manage duration. An interest rate swap transaction is affected by change in interest rates, which,\nin turn, may affect the prepayment rate of any underlying debt obligations upon which the interest rate swap is based.

Inflation index swaps. An inflation\nindex swap is a contract between two parties, whereby one party makes payments based on the cumulative percentage increase in an\nindex that serves as a measure of inflation (typically, the Consumer Price Index) and the other party makes a regular payment based\non a compounded fixed rate. Each party’s payment obligation under the swap is determined by reference to a specified “notional”\namount of money. Typically, an inflation index swap has payment obligations netted and exchanged upon maturity. The value of an\ninflation index swap is expected to change in response to changes in the rate of inflation. If inflation increases at a faster\nrate than anticipated at the time the swap is entered into, the swap will increase in value. Similarly, if inflation increases\nat a rate slower than anticipated at the time the swap is entered into, the swap will decrease in value.

Equity total return swaps. A total\nreturn swap (also sometimes referred to as a synthetic equity swap or “contract for difference” when written with respect\nto an equity security or basket of equity securities) is an agreement between two parties under which the parties agree to make\npayments to each other so as to replicate the economic consequences that would apply had a purchase or short sale of the underlying\nreference instrument or index thereof taken place. For example, one party agrees to pay the other party the total return earned\nor realized on the notional amount of an underlying equity security and any dividends declared with respect to that equity security.\nIn return the other party makes payments, typically at a floating rate, calculated based on the notional amount.

Options on swap agreements. An option\non a swap agreement generally is an OTC option (see the discussion above on OTC options) that gives the buyer of the option the\nright, but not the obligation, in return for payment of a premium to the seller, to enter into a previously negotiated swap agreement,\nor to extend, terminate or otherwise modify the terms of an existing swap agreement. The writer (seller) of an option on a swap\nagreement receives premium payments from the buyer and, in exchange, becomes obligated to enter into or modify an underlying swap\nagreement upon the exercise of the option by the buyer. When a Fund purchases an option on a swap agreement, it risks losing only\nthe amount of the premium it has paid should it decide to let the option expire unexercised, plus any related transaction costs.

There can be no assurance that a liquid\nsecondary market will exist for any particular option on a swap agreement, or at any particular time, and a Fund may have difficulty\naffecting closing transactions in particular options on swap agreements. Therefore, such Fund may have to exercise the options\nthat it purchases in order to realize any profit and take delivery of the underlying swap agreement. The Fund could then incur\ntransaction costs upon the sale or closing out of the underlying swap agreement. In the event that the option on a swap is exercised,\nthe counterparty for such option would be the same counterparty with whom the Fund entered into the underlying swap.

However, if a Fund writes (sells) an option\non a swap agreement, such Fund is bound by the terms of the underlying swap agreement upon exercise of the option by the buyer,\nwhich may result in losses to the Fund in excess of the premium it received. Options on swap agreements involve the risks associated\nwith derivative instruments generally, as described above, as well as the additional risks associated with both options and swaps\ngenerally.

Options on swap agreements are considered\nto be swaps for purposes of CFTC regulation. Although they are traded OTC, the CFTC may in the future designate certain options\non swaps as subject to mandatory clearing. For more information, see “Cleared swaps” and “Risks of cleared swaps.”

An option on an interest rate swap (also\nsometimes referred to as a “swaption”) is a contract that gives the purchaser the right, but not the obligation, in\nreturn for payment of a premium, to enter into a new interest rate swap. A pay fixed option on an interest rate swap gives the\nbuyer the right to establish a position in an interest rate swap where the buyer will pay (and the writer will receive) the fixed-rate\ncash flows and receive (and the writer will pay) the floating-rate cash flows. In general, most options on interest rate swaps\nare “European” exercise, which means that they can only be exercised at the end of the option term. Depending on the\nmovement of interest rates between the time of purchase and expiration, the value of the underlying interest rate swap and therefore\nalso the value of the option on the interest rate swap will change.

An option on a credit default swap is a\ncontract that gives the buyer the right (but not the obligation), in return for payment of a premium to the option seller, to enter\ninto a new credit default swap on a reference entity at a predetermined spread on a future date. This spread is the price at which\nthe contract is executed (the option strike price). Similar to a put option, in a payer option on a credit default swap, the option\nbuyer pays a premium to the option seller for the right, but not the obligation, to buy credit protection on a reference entity\n(e.g., a particular portfolio security) at a predetermined spread on a future date. Similar to a call option, in a receiver option\non a credit default swap the option buyer pays a premium for the right, but not the obligation to sell credit default swap protection\non a reference entity or index. Depending on the movement of market spreads with respect to the particular referenced debt securities\nbetween the time of purchase and expiration of the option, the value of the underlying credit default swap and therefore the value\nof the option will change. Options on credit default swaps currently are traded OTC and the specific terms of each option on a\ncredit default swap are negotiated directly with the counterparty.

Commodity-linked total return swaps.\nA commodity-linked total return swap is an agreement between two parties under which the parties agree to exchange a fixed return\nor interest rate on the notional amount of the swap for the return of a particular commodities index, commodity contract or basket\nof commodity contracts as if such notional amount had been invested in such index, commodity contract or basket of commodity contracts.\nFor example, one party agrees to pay the other party the return on a particular index multiplied by the notional amount of the\nswap. In return, the other party makes periodic payments, such as at a floating interest rate, calculated based on such notional\namount. If the commodity swap is for one period, a Fund may pay a fixed fee, established at the outset of the swap. However, if\nthe term of the commodity swap is more than one period, with interim swap payments, a Fund may pay an adjustable or floating fee.\nWith a “floating” rate, the fee may be pegged to a base rate, such as the SOFR, and is adjusted each period. Therefore,\nif interest rates increase over the term of the swap contract, a Fund may be required to pay a higher fee at each swap reset date.

Risks of swaps generally. The\nuse of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those\nassociated with ordinary portfolio securities transactions. Whether the Funds will be successful in using swap agreements to achieve\ntheir investment goals depends on the ability of the Adviser correctly to predict which types of investments are likely to produce\ngreater returns. If the Adviser, in using swap agreements, is incorrect in its forecasts of market values, interest rates, inflation,\ncurrency exchange rates or other applicable factors, the investment performance of a Fund will be less than its performance would\nhave been if it had not used the swap agreements.

The risk of loss to a Fund for swap transactions\nthat are entered into on a net basis depends on which party is obligated to pay the net amount to the other party. If the counterparty\nis obligated to pay the net amount to a Fund, the risk of loss to the Fund is loss of the entire amount that the Fund is entitled\nto receive. If a Fund is obligated to pay the net amount, the Fund’s risk of loss is generally limited to that net amount.\nIf the swap agreement involves the exchange of the entire principal value of a security, the entire principal value of that security\nis subject to the risk that the other party to the swap will default on its contractual delivery obligations. In addition, a Fund’s\nrisk of loss also includes any margin at risk in the event of default by the counterparty (in an uncleared swap) or the central\ncounterparty or FCM (in a cleared swap), plus any transaction costs.

Because bilateral swap agreements are structured\nas two-party contracts and may have terms of greater than seven days, these swaps may be considered to be illiquid and, therefore,\nsubject to a Fund’s limitation on investments in illiquid securities. If a swap transaction is particularly large or if the\nrelevant market is illiquid, the Fund may not be able to establish or liquidate a position at an advantageous time or price, which\nmay result in significant losses. Participants in the swap markets are not required to make continuous markets in the swap contracts\nthey trade. Participants could refuse to quote prices for swap contracts or quote prices with an unusually widespread between the\nprice at which they are prepared to buy and the price at which they are prepared to sell. Some swap agreements entail complex terms\nand may require a greater degree of subjectivity in their valuation. However, the swap markets have grown substantially in recent\nyears, with a large number of financial institutions acting both as principals and agents, utilizing standardized swap documentation.\nAs a result, the swap markets have become increasingly liquid. In addition, central clearing and the trading of cleared swaps on\npublic facilities are intended to increase liquidity. The Adviser, under the supervision of the Board, is responsible for determining\nand monitoring the liquidity of the Funds’ swap transactions.

Rules adopted under the Dodd-Frank Act\nrequire centralized reporting of detailed information about many swaps, whether cleared or uncleared. This information is available\nto regulators and also, to a more limited extent and on an anonymous basis, to the public. Reporting of swap data is intended to\nresult in greater market transparency. This may be beneficial to funds that use swaps in their trading strategies. However, public\nreporting imposes additional recordkeeping burdens on these funds, and the safeguards established to protect anonymity are not\nyet tested and may not provide protection of the funds’ identities as intended.

Certain U.S. Internal Revenue Service (“IRS”)\npositions may limit each Fund’s ability to use swap agreements in a desired tax strategy. It is possible that developments\nin the swap markets and/or the laws relating to swap agreements, including potential government regulation, could adversely affect\na Fund’s ability to benefit from using swap agreements, or could have adverse tax consequences. For more information about\npotentially changing regulation, see “Developing government regulation of derivatives” below.

Risks of uncleared swaps. Uncleared\nswaps are typically executed bilaterally with a swap dealer rather than traded on exchanges. As a result, swap participants may\nnot be as protected as participants on organized exchanges. Performance of a swap agreement is the responsibility only of the swap\ncounterparty and not of any exchange or clearinghouse. As a result, a Fund is subject to the risk that a counterparty will be unable\nor will refuse to perform under such agreement, including because of the counterparty’s bankruptcy or insolvency. A Fund\nrisks the loss of the accrued but unpaid amounts under a swap agreement, which could be substantial, in the event of a default,\ninsolvency or bankruptcy by a swap counterparty. In such an event, the Fund will have contractual remedies pursuant to the swap\nagreements, but bankruptcy and insolvency laws could affect such Fund’s rights as a creditor. If the counterparty’s\ncreditworthiness declines, the value of a swap agreement would likely decline, potentially resulting in losses. In unusual or extreme\nmarket conditions, a counterparty’s creditworthiness and ability to perform may deteriorate rapidly, and the availability\nof suitable replacement counterparties may become limited.

Risks of cleared swaps. As noted\nabove, under recent financial reforms, certain types of swaps are, and others eventually are expected to be, required to be cleared\nthrough a central counterparty, which may affect counterparty risk and other risks faced by the Funds.

Central clearing is designed to reduce\ncounterparty credit risk and increase liquidity compared to uncleared swaps because central clearing interposes the central clearinghouse\nas the counterparty to each participant’s swap, but it does not eliminate those risks completely. There is also a risk of\nloss by a Fund of the initial and variation margin deposits in the event of bankruptcy of the FCM with which the Fund has an open\nposition, or the central counterparty in a swap contract. The assets of a Fund may not be fully protected in the event of the bankruptcy\nof the FCM or central counterparty because the Fund might be limited to recovering only a pro rata share of all available funds\nand margin segregated on behalf of an FCM’s customers. If the FCM does not provide accurate reporting, the Funds are also\nsubject to the risk that the FCM could use such Fund’s assets, which are held in an omnibus account with assets belonging\nto the FCM’s other customers, to satisfy its own financial obligations or the payment obligations of another customer to\nthe central counterparty. Credit risk of cleared swap participants is concentrated in a few clearinghouses, and the consequences\nof insolvency of a clearinghouse are not clear.

With cleared swaps, a Fund may not be able\nto obtain as favorable terms as it would be able to negotiate for a bilateral, uncleared swap. In addition, an FCM may unilaterally\namend the terms of its agreement with a Fund, which may include the imposition of position limits or additional margin requirements\nwith respect to the Fund’s investment in certain types of swaps. Central counterparties and FCMs can require termination\nof existing cleared swap transactions upon the occurrence of certain events, and can also require increases in margin above the\nmargin that is required at the initiation of the swap agreement.

Finally, the Funds are subject to the risk\nthat, after entering into a cleared swap with an executing broker, no FCM or central counterparty is willing or able to clear the\ntransaction. In such an event, a Fund may be required to break the trade and make an early termination payment to the executing\nbroker.

Combined transactions. Each Fund\nmay enter into multiple derivative instruments, and any combination of derivative instruments as part of a single or combined strategy\n(a “Combined Transaction”) when the Adviser believes it is in the best interests of the Fund to do so. A Combined Transaction\nwill usually contain elements of risk that are present in each of its component transactions.

Although Combined Transactions are normally\nentered into based on the Adviser’s judgment that the combined strategies will reduce risk or otherwise more effectively\nachieve the desired portfolio management goal(s), it is possible that the combination will instead increase such risks or hinder\nachievement of the portfolio management objective.

Equity Securities

Equity securities, such as the common stocks\nof an issuer, are subject to stock market fluctuations and therefore may experience volatile changes in value as market conditions,\nconsumer sentiment or the financial condition of the issuers change. A decrease in value of the equity securities in a Fund’s\nportfolio may also cause the value of such Fund’s Shares to decline.

An investment in a Fund should be made\nwith an understanding of the risks inherent in an investment in equity securities, including the risk that the financial condition\nof issuers may become impaired or that the general condition of the stock market may deteriorate (either of which may cause a decrease\nin the value of a Fund’s portfolio securities and therefore a decrease in the value of Shares of such Fund). Common stocks\nare susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence and\nperceptions change. These investor perceptions are based on various and unpredictable factors, including expectations regarding\ngovernment, economic, monetary and fiscal policies; inflation and interest rates; economic expansion or contraction; and global\nor regional political, economic or banking crises.

Types of Equity Securities:

Common Stocks. Common stocks represent\nunits of ownership in a company. Common stocks usually carry voting rights and earn dividends. Unlike preferred stocks, which are\ndescribed below, dividends on common stocks are not fixed but are declared at the discretion of the company’s board of directors.

Holders of common stocks incur more risk\nthan holders of preferred stocks and debt obligations because common stockholders, as owners of the issuer, generally have inferior\nrights to receive payments from the issuer in comparison with the rights of creditors or holders of debt obligations or preferred\nstocks. Further, unlike debt securities, which typically have a stated principal amount payable at maturity (whose value, however,\nis subject to market fluctuations prior thereto), or preferred stocks, which typically have a liquidation preference and which\nmay have stated optional or mandatory redemption provisions, common stocks have neither a fixed principal amount nor a maturity.\nCommon stock values are subject to market fluctuations as long as the common stock remains outstanding.

Preferred Stocks. Preferred stocks\nare also units of ownership in a company. Preferred stocks normally have preference over common stock in the payment of dividends\nand the liquidation of the company. However, in all other respects, preferred stocks are subordinated to the liabilities of the\nissuer. Unlike common stocks, preferred stocks are generally not entitled to vote on corporate matters. Types of preferred stocks\ninclude adjustable-rate preferred stock, fixed dividend preferred stock, perpetual preferred stock, and sinking fund preferred\nstock.

Tracking Stocks. A tracking stock\nis a separate class of common stock whose value is linked to a specific business unit or operating division within a larger company\nand which is designed to “track” the performance of such business unit or division. The tracking stock may pay dividends\nto shareholders independent of the parent company. The parent company, rather than the business unit or division, generally is\nthe issuer of tracking stock. However, holders of the tracking stock may not have the same rights as holders of the company’s\ncommon stock.

Generally, the market values of preferred\nstock with a fixed dividend rate and no conversion element vary inversely with interest rates and perceived credit risk.

Rights and Warrants. A right is\na privilege granted to existing shareholders of a corporation to subscribe to shares of a new issue of common stock before it is\nissued. Rights normally have a short life of usually two to four weeks, are freely transferable and entitle the holder to buy the\nnew common stock at a lower price than the public offering price. Warrants are securities that are usually issued together with\na debt security or preferred stock and that give the holder the right to buy a proportionate amount of common stock at a specified\nprice. Warrants are freely transferable and are traded on major exchanges. Unlike rights, warrants normally have a life that is\nmeasured in years and entitles the holder to buy common stock of a company at a price that is usually higher than the market price\nat the time the warrant is issued. Corporations often issue warrants to make the accompanying debt security more attractive.

An investment in warrants and rights may\nentail greater risks than certain other types of investments. Generally, rights and warrants do not carry the right to receive\ndividends or exercise voting rights with respect to the underlying securities, and they do not represent any rights in the assets\nof the issuer. In addition, their value does not necessarily change with the value of the underlying securities, and they cease\nto have value if they are not exercised on or before their expiration date. Investing in rights and warrants increases the potential\nprofit or loss to be realized from the investment as compared with investing the same amount in the underlying securities.

Smaller Companies. The securities\nof small- and mid-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments\nthan securities of larger-capitalization companies. The securities of small- and mid-capitalization companies generally trade in\nlower volumes and are subject to greater and more unpredictable price changes than larger capitalization stocks or the stock market\nas a whole. Some small- or mid-capitalization companies have limited product lines, markets, and financial and managerial resources\nand tend to concentrate on fewer geographical markets relative to larger capitalization companies. There is typically less publicly\navailable information concerning small- and mid-capitalization companies than for larger, more established companies. Small- and\nmid-capitalization companies also may be particularly sensitive to changes in interest rates, government regulation, borrowing\ncosts, and earnings.

When-Issued Securities. A when-issued\nsecurity is one whose terms are available and for which a market exists, but which has not been issued. When a Fund engages in\nwhen-issued transactions, it relies on the other party to consummate the sale. If the other party fails to complete the sale, a\nFund may miss the opportunity to obtain the security at a favorable price or yield.

When purchasing a security on a when-issued\nbasis, a Fund assumes the rights and risks of ownership of the security, including the risk of price and yield changes. At the\ntime of settlement, the value of the security may be more or less than the purchase price. The yield available in the market when\nthe delivery takes place also may be higher than those obtained in the transaction itself. Because a Fund does not pay for the\nsecurity until the delivery date, these risks are in addition to the risks associated with its other investments. Rule 18f-4 under\nthe 1940 Act permits a Fund to invest in securities on a when-issued or forward-settling basis, or with a non-standard settlement\ncycle, notwithstanding the limitation on the issuance of senior securities in Section 18 of the 1940 Act, provided that the Fund\nintends to physically settle the transaction and the transaction will settle within 35 days of its trade date (the Delayed-Settlement\nSecurities Provision). A when-issued, forward-settling, or non-standard settlement cycle security that does not satisfy the Delayed-Settlement\nSecurities Provision is treated as a derivatives transaction under Rule 18f-4.

Foreign Securities

The Funds may invest directly in foreign\nsecurities or have indirect exposure to foreign securities. Investing in securities of foreign companies and countries involves\ncertain considerations and risks that are not typically associated with investing in U.S. government securities and securities\nof domestic companies. There may be less publicly available information about a foreign issuer than a domestic one, and foreign\ncompanies are not generally subject to uniform accounting, auditing and financial standards, and requirements comparable to those\napplicable to U.S. companies. There may also be less government supervision and regulation of foreign securities exchanges, brokers,\nand listed companies than exists in the United States. Interest and dividends paid by foreign issuers as well as gains or proceeds\nrealized from the sale or other disposition of foreign securities may be subject to withholding and other foreign taxes, which\nmay decrease the net return on such investments as compared to dividends and interest paid to the Funds by domestic companies or\nthe U.S. government. There may be the possibility of expropriations, seizure or nationalization of foreign deposits, the imposition\nof economic sanctions, confiscatory taxation, political, economic or social instability, or diplomatic developments that could\naffect assets of the Funds held in foreign countries. The establishment of exchange controls or other foreign governmental laws\nor restrictions could adversely affect the payment of obligations. In addition, investing in foreign securities will generally\nresult in higher commissions than investing in similar domestic securities.

Decreases in the value of currencies of\nthe foreign countries in which a Fund may invest relative to the U.S. dollar will result in a corresponding decrease in the U.S.\ndollar value of such Fund’s assets denominated in those currencies (and possibly a corresponding increase in the amount of\nsecurities required to be liquidated to meet distribution requirements). Conversely, increases in the value of currencies of the\nforeign countries in which a Fund invests relative to the U.S. dollar will result in a corresponding increase in the U.S. dollar\nvalue of such Fund’s assets (and possibly a corresponding decrease in the amount of securities to be liquidated).

Investing in emerging markets can have\nmore risk than investing in developed foreign markets. The risks of investing in these markets may be exacerbated relative to investments\nin foreign markets. Governments of developing and emerging market countries may be more unstable as compared to more developed\ncountries. Developing and emerging market countries may have less developed securities markets or exchanges, and legal and accounting\nsystems. It may be more difficult to sell securities at acceptable prices and security prices may be more volatile than in countries\nwith more mature markets. Currency values may fluctuate more in developing or emerging markets. Developing or emerging market countries\nmay be more likely to impose government restrictions, including confiscatory taxation, expropriation or nationalization of a company’s\nassets, and restrictions on foreign ownership of local companies. In addition, emerging markets may impose restrictions on a Fund’s\nability to repatriate investment income or capital and, thus, may adversely affect the operations of the Funds. Certain emerging\nmarkets may impose constraints on currency exchange and some currencies in emerging markets may have been devalued significantly\nagainst the U.S. dollar. For these and other reasons, the prices of securities in emerging markets can fluctuate more significantly\nthan the prices of securities of companies in developed countries. The less developed the country, the greater effect these risks\nmay have on the Funds.

Foreign Currencies

Although the Funds\nintend to only hold investments denominated in U.S. dollars, each Fund may have indirect exposure to foreign currency fluctuations.\nA Fund’s net asset value could decline if a relevant foreign currency depreciates against the U.S. dollar or if there are\ndelays or limits on the repatriation of such currency. Currency exchange rates can be very volatile and can change quickly and\nunpredictably. As a result, a Fund’s net asset value may change without warning, which could have a significant negative\nimpact on such Fund.

Depositary Receipts

To the extent the Funds invest in stocks\nof foreign corporations, a Fund’s investment in securities of foreign companies may be in the form of depositary receipts\nor other securities convertible into securities of foreign issuers. American Depositary Receipts (“ADRs”) are dollar-denominated\nreceipts representing interests in the securities of a foreign issuer, which securities may not necessarily be denominated in the\nsame currency as the securities into which they may be converted. ADRs are receipts typically issued by U.S. banks and trust companies\nwhich evidence ownership of underlying securities issued by a foreign corporation. Generally, ADRs in registered form are designed\nfor use in domestic securities markets and are traded on exchanges or over-the-counter in the United States.

Global Depositary Receipts (“GDRs”),\nEuropean Depositary Receipts (“EDRs”), and International Depositary Receipts (“IDRs”) are similar to ADRs\nin that they are certificates evidencing ownership of shares of a foreign issuer; however, GDRs, EDRs, and IDRs may be issued in\nbearer form and denominated in other currencies and are generally designed for use in specific or multiple securities markets outside\nthe U.S. EDRs, for example, are designed for use in European securities markets, while GDRs are designed for use throughout the\nworld. Depositary receipts will not necessarily be denominated in the same currency as their underlying securities.

The Funds will not invest in any unlisted\ndepositary receipts or any depositary receipt that is deemed to be illiquid or for which pricing information is not readily available.\nIn addition, all depositary receipts generally must be sponsored. However, the Funds may invest in unsponsored depositary receipts\nunder certain limited circumstances. The issuers of unsponsored depositary receipts are not obligated to disclose material information\nin the United States and, therefore, there may be less information available regarding such issuers and there may not be a correlation\nbetween such information and the value of the depositary receipts.

Illiquid and Restricted Investments

Pursuant to Rule 22e-4 under the 1940 Act,\neach Fund may not acquire any “illiquid investment” if, immediately after the acquisition, such Fund would have invested\nmore than 15% of its net assets in illiquid investments that are assets. An “illiquid investment” is any investment\nthat the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without\nthe sale or disposition significantly changing the market value of the investment. Each Fund has implemented a liquidity risk management\nprogram and related procedures to identify illiquid investments pursuant to Rule 22e-4. The 15% limit is observed continuously.

Each Fund may purchase certain restricted\nsecurities that can be resold to institutional investors and which may be determined not to be illiquid investments pursuant to\nthe Fund’s liquidity risk management program. In many cases, those securities are traded in the institutional market under\nRule 144A under the 1933 Act and are called Rule 144A securities.

Investments in illiquid investments involve\nmore risks than investments in similar securities that are readily marketable. Illiquid investments may trade at a discount from\ncomparable, more liquid investments. Investment of a Fund’s assets in illiquid investments may restrict the ability of such\nFund to dispose of its investments in a timely fashion and for a fair price as well as its ability to take advantage of market\nopportunities. The risks associated with illiquidity will be particularly acute where a Fund’s operations require cash, such\nas when the Fund has net redemptions, and could result in the Fund borrowing to meet short-term cash requirements or incurring\nlosses on the sale of illiquid investments.

Illiquid investments are often restricted\nsecurities sold in private placement transactions between issuers and their purchasers and may be neither listed on an exchange\nnor traded in other established markets. In many cases, the privately placed securities may not be freely transferable under the\nlaws of the applicable jurisdiction or due to contractual restrictions on resale. To the extent privately placed securities may\nbe resold in privately negotiated transactions, the prices realized from the sales could be less than those originally paid by\na Fund or less than the fair value of the securities. In addition, issuers whose securities are not publicly traded may not be\nsubject to the disclosure and other investor protection requirements that may be applicable if their securities were publicly traded.\nIf any privately placed securities held by a Fund are required to be registered under the securities laws of one or more jurisdictions\nbefore being resold, such Fund may be required to bear the expenses of registration. Private placement investments may involve\ninvestments in smaller, less seasoned issuers, which may involve greater risks than investments in more established companies.\nThese issuers may have limited product lines, markets or financial resources, or they may be dependent on a limited management\ngroup. In making investments in private placement securities, a Fund may obtain access to material non-public information, which\nmay restrict such Fund’s ability to conduct transactions in those securities.

Investment Company Securities

The Funds may invest in the securities\nof other investment companies, including money market funds and ETFs, subject to applicable limitations under Section 12(d)(1)\nof the 1940 Act. Investing in another pooled vehicle exposes the Funds to all the risks of that pooled vehicle. The Funds generally\nmay purchase or redeem, without limitation, shares of any affiliated or unaffiliated money market mutual funds, including unregistered\nmoney market funds, so long as a Fund does not pay a sales load or service fee in connection with the purchase, sale, or redemption\nor if such fees are paid, the Adviser waives its management fee in an amount necessary to offset the amounts paid.

If a Fund invests in and, thus, is a shareholder\nof, another investment company, such Fund’s shareholders will indirectly bear the Fund’s proportionate share of the\nfees and expenses paid by such other investment company, including advisory fees, in addition to both the management fees payable\ndirectly by the Fund to the Adviser and the other expenses that the Fund bears directly in connection with its own operations.

Pursuant to Section 12(d)(1), each Fund\nmay invest in the securities of another investment company (the “acquired company”) provided that such Fund, immediately\nafter such purchase or acquisition, does not own in the aggregate: (i) more than 3% of the total outstanding voting stock of the\nacquired company; (ii) securities issued by the acquired company having an aggregate value in excess of 5% of the value of the\ntotal assets of the Fund; or (iii) securities issued by the acquired company and all other investment companies (other than treasury\nstock of the Fund) having an aggregate value in excess of 10% of the value of the total assets of the Fund. To the extent allowed\nby law or regulation, each Fund may invest its assets in securities of investment companies that are money market funds in excess\nof the limits discussed above.

The Funds may rely on Section 12(d)(1)(F)\nand Rule 12d1-3 of the 1940 Act, which provide an exemption from Section 12(d)(1) that allows a Fund to invest all of its assets\nin other registered funds, including ETFs, if, among other conditions: (1) the Fund, together with its affiliates, acquires no\nmore than three percent of the outstanding voting stock of any acquired fund; and (2) the sales load charged on Shares is no greater\nthan the limits set forth in Rule 2830 of the Conduct Rules of the Financial Industry Regulatory Authority, Inc. (“FINRA”).

Money Market Funds

The Funds may invest in underlying money\nmarket funds that either seek to maintain a stable $1 NAV (“stable NAV money market funds”) or that have a share price\nthat fluctuates (“variable NAV market funds”). Although an underlying stable NAV money market fund seeks to maintain\na stable $1 NAV, it is possible for the Funds to lose money by investing in such a money market fund. Because the share price of\nan underlying variable NAV market fund will fluctuate, when the Funds sells the shares it owns they may be worth more or less than\nwhat the Funds originally paid for them. In addition, neither type of money market fund is designed to offer capital appreciation.\nCertain underlying money market funds may impose a fee upon the sale of shares or may temporarily suspend the ability to sell shares\nif such fund’s liquidity falls below required minimums.

Other Short-Term Instruments

The Funds may invest in short-term instruments,\nincluding money market instruments, on an ongoing basis to provide liquidity or for other reasons. Money market instruments are\ngenerally short-term investments that may include but are not limited to: (i) shares of money market funds; (ii) obligations issued\nor guaranteed by the U.S. government, its agencies or instrumentalities (including government-sponsored enterprises); (iii) negotiable\ncertificates of deposit (“CDs”), bankers’ acceptances, fixed time deposits and other obligations of U.S. and\nforeign banks (including foreign branches) and similar institutions; (iv) commercial paper rated at the date of purchase “Prime-1”\nby Moody’s Investors Service or “A-1” by Standard & Poor’s Financial Services or, if unrated, of comparable\nquality as determined by the Adviser; (v) non-convertible corporate debt securities (e.g., bonds and debentures) with remaining\nmaturities at the date of purchase of not more than 397 days and that satisfy the rating requirements set forth in Rule 2a-7 under\nthe 1940 Act; and (vi) short-term U.S. dollar denominated obligations of foreign banks (including U.S. branches) that, in the opinion\nof the Adviser, are of comparable quality to obligations of U.S. banks which may be purchased by a Fund. Any of these instruments\nmay be purchased on a current or a forward-settled basis. Time deposits are non-negotiable deposits maintained in banking institutions\nfor specified periods of time at stated interest rates. Bankers’ acceptances are time drafts drawn on commercial banks by\nborrowers, usually in connection with international transactions.

Securities Lending

If approved by the Board, each Fund may\nlend portfolio securities to certain creditworthy borrowers. The borrowers provide collateral that is maintained in an amount at\nleast equal to the current value of the securities loaned. A Fund may terminate a loan at any time and obtain the return of the\nsecurities loaned. A Fund receives the value of any interest or cash or non-cash distributions paid on the securities that it lends.\nDistributions received on loaned securities in lieu of dividend payments (i.e., substitute payments) would not be considered qualified\ndividend income.

With respect to loans that are collateralized\nby cash, the borrower will be entitled to receive a fee based on the amount of cash collateral. A Fund is compensated by the difference\nbetween the amount earned on the reinvestment of cash collateral and the fee paid to the borrower. In the case of collateral other\nthan cash, the Fund is compensated by a fee paid by the borrower equal to a percentage of the value of the loaned securities. Any\ncash collateral may be reinvested in certain short-term instruments either directly on behalf of a Fund or through one or more\njoint accounts or money market funds, which may include those managed by the Adviser.

Each Fund may pay a portion of the interest\nor fees earned from securities lending to a borrower as described above, and to one or more securities lending agents approved\nby the Board who administer the lending program for each Fund in accordance with guidelines approved by the Board. In such capacity,\nthe lending agent causes the delivery of loaned securities from a Fund to borrowers, arranges for the return of loaned securities\nto such Fund at the termination of a loan, requests deposit of collateral, monitors the daily value of the loaned securities and\ncollateral, requests that borrowers add to the collateral when required by the loan agreements, and provides recordkeeping and\naccounting services necessary for the operation of the program.

Securities lending involves exposure to\ncertain risks, including operational risk (i.e., the risk of losses resulting from problems in the settlement and accounting process),\n“gap” risk (i.e., the risk of a mismatch between the return on cash collateral reinvestments and the fees a Fund has\nagreed to pay a borrower), and credit, legal, counterparty and market risk. In the event a borrower does not return a Fund’s\nsecurities as agreed, such Fund may experience losses if the proceeds received from liquidating the collateral do not at least\nequal the value of the loaned security at the time the collateral is liquidated plus the transaction costs incurred in purchasing\nreplacement securities.

Repurchase Agreements

Each Fund may invest in repurchase agreements\nwith commercial banks, brokers or dealers to generate income from its excess cash balances. A repurchase agreement is an agreement\nunder which a Fund acquires a financial instrument (e.g., a security issued by the U.S. government or an agency thereof, a banker’s\nacceptance or a certificate of deposit) from a seller, subject to resale to the seller at an agreed upon price and date (normally,\nthe next Business Day). A “Business Day” is any day on which the New York Stock Exchange (“NYSE”) is open\nfor regular trading. A repurchase agreement may be considered a loan collateralized by securities. The resale price reflects an\nagreed upon interest rate effective for the period the instrument is held by a Fund and is unrelated to the interest rate on the\nunderlying instrument.

In these repurchase agreement transactions,\nthe securities acquired by a Fund (including accrued interest earned thereon) must have a total value in excess of the value of\nthe repurchase agreement and are held by the Fund’s custodian bank until repurchased. No more than an aggregate of 15% of\na Fund’s net assets will be invested in illiquid securities, including repurchase agreements having maturities longer than\nseven days and securities subject to legal or contractual restrictions on resale, or for which there are no readily available market\nquotations.

The use of repurchase agreements involves\ncertain risks. For example, if the other party to the agreement defaults on its obligation to repurchase the underlying security\nat a time when the value of the security has declined, a Fund may incur a loss upon disposition of the security. If the other party\nto the agreement becomes insolvent and subject to liquidation or reorganization under the U.S. Bankruptcy Code or other laws, a\ncourt may determine that the underlying security is collateral for a loan by the Fund not within the control of such Fund and,\ntherefore, the Fund may not be able to substantiate its interest in the underlying security and may be deemed an unsecured creditor\nof the other party to the agreement.

U.S. Government Securities

The Funds may invest in U.S. government\nsecurities. Securities issued or guaranteed by the U.S. government or its agencies or instrumentalities include U.S. Treasury securities,\nwhich are backed by the full faith and credit of the U.S. Treasury and which differ only in their interest rates, maturities, and\ntimes of issuance. U.S. Treasury bills have initial maturities of one-year or less; U.S. Treasury notes have initial maturities\nof one to ten years; and U.S. Treasury bonds generally have initial maturities of greater than ten years. Certain U.S. government\nsecurities are issued or guaranteed by agencies or instrumentalities of the U.S. government including, but not limited to, obligations\nof U.S. government agencies or instrumentalities such as the Federal National Mortgage Association (FNMA), the Government National\nMortgage Association (GNMA), the Small Business Administration, the Federal Farm Credit Administration, the Federal Home Loan Banks,\nBanks for Cooperatives (including the Central Bank for Cooperatives), the Federal Land Banks, the Federal Intermediate Credit Banks,\nthe Tennessee Valley Authority, the Export-Import Bank of the United States, the Commodity Credit Corporation, the Federal Financing\nBank, the Student Loan Marketing Association, the National Credit Union Administration and the Federal Agricultural Mortgage Corporation\n(Farmer Mac).

Some obligations issued or guaranteed by\nU.S. government agencies and instrumentalities, including, for example, GNMA pass-through certificates, are supported by the full\nfaith and credit of the U.S. Treasury. Other obligations issued by or guaranteed by federal agencies, such as those securities\nissued by the FNMA, are supported by the discretionary authority of the U.S. government to purchase certain obligations of the\nfederal agency, while other obligations issued by or guaranteed by federal agencies, such as those of the Federal Home Loan Banks,\nare supported by the right of the issuer to borrow from the U.S. Treasury, while the U.S. government provides financial support\nto such U.S. government-sponsored federal agencies, no assurance can be given that the U.S. government will always do so, since\nthe U.S. government is not so obligated by law. U.S. Treasury notes and bonds typically pay coupon interest semi-annually and repay\nthe principal at maturity.

On September 7, 2008, the U.S. Treasury\nannounced a federal takeover of the FNMA and the Federal Home Loan Mortgage Corporation (“Freddie Mac”), placing the\ntwo federal instrumentalities in conservatorship. Under the takeover, the U.S. Treasury agreed to acquire $1 billion of senior\npreferred stock of each instrumentality and obtained warrants for the purchase of common stock of each instrumentality (the “Senior\nPreferred Stock Purchase Agreement” or “Agreement”). Under the Agreement, the U.S. Treasury pledged to provide\nup to $200 billion per instrumentality as needed, including the contribution of cash capital to the instrumentalities in the event\ntheir liabilities exceed their assets. This was intended to ensure that the instrumentalities maintain a positive net worth and\nmeet their financial obligations, preventing mandatory triggering of receivership. As a result of this Agreement, the investments\nof holders, including the Funds, of mortgage-backed securities and other obligations issued by the FNMA and Freddie Mac are currently\nprotected. The Agreement has been amended several times since September 7, 2008, both formally and through letter agreements. The\nmost recent letter agreement dated January 14, 2021, stated the U.S. Treasury’s commitment to begin to establish a timeline\nand process to terminate the conservatorship. If the conservatorship is terminated, the investments of holders, including the Funds,\nof mortgage-backed securities and other obligations issued by Fannie Mae and Freddie Mac will no longer have the protection of\nthe U.S. Treasury.

The total public debt of the United States\nas a percentage of gross domestic product has grown rapidly since the beginning of the 2008–2009 financial downturn. Although\nhigh debt levels do not necessarily indicate or cause economic problems, they may create certain systemic risks if sound debt management\npractices are not implemented. A high national debt can raise concerns that the U.S. government will not be able to make principal\nor interest payments when they are due. This increase has also necessitated the need for the U.S. Congress to negotiate adjustments\nto the statutory debt limit to increase the cap on the amount the U.S. government is permitted to borrow to meet its existing obligations\nand finance current budget deficits. In August 2011, S&P lowered its long-term sovereign credit rating of the U.S. from AAA\nto AA+ with a downgrade from stable outlook to negative outlook. S&P subsequently raised the negative outlook to stable outlook\nin June 2013, but retained the lower AA+ rating and it has not been upgraded as of the date of this SAI. In explaining the downgrade\nat that time, S&P cited, among other reasons, controversy over raising the statutory debt limit and growth in public spending.\nAny controversy or ongoing uncertainty regarding the statutory debt ceiling negotiations may impact the U.S. long-term sovereign\ncredit rating and may cause market uncertainty. As a result, market prices and yields of securities supported by the full faith\nand credit of the U.S. government may be adversely affected.

Tax Risks

As with any investment, you should consider\nhow your investment in Shares will be taxed. The tax information in the Prospectus and this SAI is provided as general information.\nYou should consult your own tax professional about the tax consequences of an investment in Shares.

Unless your investment in Shares is made\nthrough a tax-exempt entity or tax-deferred retirement account, such as an individual retirement account, you need to be aware\nof the possible tax consequences when a Fund makes distributions or you sell Shares.

INVESTMENT RESTRICTIONS

The Trust has adopted the following investment\nrestrictions as fundamental policies with respect to the Funds. These restrictions cannot be changed with respect to a Fund without\nthe approval of the holders of a majority of such Fund’s outstanding voting securities. For the purposes of the 1940 Act,\na “majority of outstanding shares” means the vote of the lesser of: (1) 67% or more of the voting securities of the\nFund present at the meeting if the holders of more than 50% of the Fund’s outstanding voting securities are present or represented\nby proxy; or (2) more than 50% of the outstanding voting securities of the Fund.

Except with the approval of a majority\nof the outstanding voting securities, each Fund may not:

\n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n

	1.	Borrow money or issue senior securities (as defined under the 1940 Act), except to the extent permitted under the 1940 Act.

	2.	Make loans, except to the extent permitted under the 1940 Act.

	3.	Purchase or sell real estate unless acquired as a result of ownership of securities or other instruments, except to the extent permitted under the 1940 Act. This shall not prevent the Fund from investing in securities or other instruments backed by real estate, real estate investment trusts (“REITs”) or securities of companies engaged in the real estate business.

	4.	Purchase or sell commodities unless acquired as a result of ownership of securities or other instruments, except to the extent permitted under the 1940 Act. This shall not prevent the Fund from purchasing or selling options and futures contracts or from investing in securities or other instruments backed by physical commodities.

	5.	Underwrite securities issued by other persons, except to the extent permitted under the 1940 Act.

	6.	Concentrate its investments (i.e., hold more than 25% of its total assets) in any industry or group of related industries except that the Fund will have economic exposure that is concentrated in the industry assigned to its Underlying Security. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by securities of the U.S. government (including its agencies and instrumentalities), registered investment companies and tax-exempt securities of state or municipal governments and their political subdivisions, are not considered to be issued by members of any industry.

In determining its compliance with the\nfundamental investment restriction on concentration, a Fund will look through to the underlying holdings of any investment company\nthat publicly publishes its underlying holdings on a daily basis. In addition, if an underlying investment company does not publish\nits holdings daily but has a policy to concentrate or has otherwise disclosed that it is concentrated in a particular industry\nor group of related industries, the Fund will consider such investment company as being invested in such industry or group of related\nindustries. Additionally, in determining its compliance with the fundamental investment restriction on concentration, the Funds\nwill look through to the user or use of private activity municipal bonds to determine their industry.

For purposes of applying the limitation\nset forth in the concentration policy set forth above, a Fund may use the Standard Industrial Classification (SIC) Codes, North\nAmerican Industry Classification System (NAICS) Codes, MSCI Global Industry Classification System, FTSE/Dow Jones Industry Classification\nBenchmark (ICB) system, or any other reasonable industry classification system (including systems developed by the Adviser) to\nidentify each industry. A Fund’s method applying the limitations in the above concentration policy, including the classification\nlevels used, may differ from those of the Trust’s other series.

If a percentage limitation is adhered to\nat the time of investment or contract, a later increase or decrease in percentage resulting from any change in value or total or\nnet assets will not result in a violation of such restriction, except that the percentage limitations with respect to the borrowing\nof money and illiquid investments will be observed continuously.

EXCHANGE LISTING AND TRADING

Shares are listed for trading and trade\nthroughout the day on the Exchange.

There can be no assurance that a Fund will\ncontinue to meet the requirements of the Exchange necessary to maintain the listing of Shares. The Exchange may, but is not required\nto, remove Shares of a Fund from the listing under any of the following circumstances: (1) the Exchange becomes aware that the\nFund is no longer eligible to operate in reliance on Rule 6c-11 of the Investment Company Act of 1940; (2) the Fund no longer complies\nwith the Exchange’s requirements for Shares; or (3) such other event shall occur or condition shall exist that, in the opinion\nof the Exchange, makes further dealings on the Exchange inadvisable. The Exchange will remove Shares of a Fund from listing and\ntrading upon termination of such Fund.

The Trust reserves the right to adjust\nthe price levels of Shares in the future to help maintain convenient trading ranges for investors. Any adjustments would be accomplished\nthrough stock splits or reverse stock splits, which would have no effect on the net assets of the Fund.

MANAGEMENT OF THE TRUST

Board Responsibilities. The Board\noversees the management and operations of the Trust. Like all registered investment companies, the day-to-day management and operation\nof the Trust is the responsibility of the various service providers to the Trust, such as the Adviser, the Distributor, the Administrator,\nthe Custodian, and the Transfer Agent, each of whom is discussed in greater detail in this Statement of Additional Information.\nThe Board has appointed various senior employees of the Administrator as officers of the Trust, with responsibility to monitor\nand report to the Board on the Trust’s operations. In conducting this oversight, the Board receives regular reports from\nthese officers and the service providers. For example, the Treasurer reports as to financial reporting matters and the President\nreports as to matters relating to the Trust’s operations. In addition, the Adviser provides regular reports on the investment\nstrategy and performance of the Funds. The Board has appointed a Chief Compliance Officer who administers the Trust’s compliance\nprogram and regularly reports to the Board as to compliance matters. These reports are provided as part of formal “Board\nMeetings” which are typically held quarterly, in person, and involve the Board’s review of recent operations. In addition,\nvarious members of the Board also meet with management in less formal settings, between formal “Board Meetings,” to\ndiscuss various topics. In all cases, however, the role of the Board and of any individual Trustee is one of oversight and not\nof management of the day-to-day affairs of the Trust and its oversight role does not make the Board a guarantor of the Trust’s\ninvestments, operations or activities.

As part of its oversight function, the\nBoard receives and reviews various risk management reports and discusses these matters with appropriate management and other personnel.\nBecause risk management is a broad concept comprised of many elements (e.g., investment risk, issuer and counterparty risk, compliance\nrisk, operational risks, business continuity risks, etc.), the oversight of different types of risks is handled in different ways.\nFor example, the Board meets regularly with the CCO to discuss compliance and operational risks and the Audit Committee meets with\nthe Trust’s independent public accounting firm to discuss, among other things, the internal control structure of the Trust’s\nfinancial reporting function.

The full Board also receives reports from\nthe Adviser as to investment risks of the Funds. In addition to these reports, from time to time the full Board receives reports\nfrom the Administrator and the Adviser as to enterprise risk management.

The Board recognizes that not all risks\nthat may affect the Funds can be identified and/or quantified, that it may not be practical or cost-effective to eliminate or mitigate\ncertain risks, that it may be necessary to bear certain risks (such as investment-related risks) to achieve each Fund’s goals,\nand that the processes, procedures, and controls employed to address certain risks may be limited in their effectiveness. Moreover,\nreports received by the Board as to risk management matters are typically summaries of the relevant information. Most of each Fund’s\ninvestment management and business affairs are carried out by or through the Adviser, and other service providers, each of which\nhas an independent interest in risk management but whose policies and the methods by which one or more risk management functions\nare carried out may differ from a Fund’s and each other’s in the setting of priorities, the resources available, or\nthe effectiveness of relevant controls. As a result of the foregoing and other factors, the Board’s ability to monitor and\nmanage risk, as a practical matter, is subject to limitations.

Members of the Board. There are\nfour members of the Board, three of whom are not interested persons of the Trust, as that term is defined in the 1940 Act (the\n“Independent Trustees”). Mr. Eric W. Falkeis serves as Chairman of the Board and is an interested person of the Trust.

The Board is composed of a majority (75\npercent) of Independent Trustees. The Board has determined its leadership structure is appropriate given the specific characteristics\nand circumstances of the Trust, even though there is no Lead Independent Trustee. The Trust made this determination in consideration\nof, among other things, the fact that the Independent Trustees of the Trust constitute a majority of the Board, the amount of assets\nunder management in the Trust, and the number of funds overseen by the Board. The Board also believes that its leadership structure\nfacilitates the orderly and efficient flow of information to the Independent Trustees from Fund management.

Additional information about each Trustee\nof the Trust is set forth below. The address of each Trustee of the Trust is c/o Tidal Trust V, 234 West Florida Street, Suite\n700, Milwaukee, Wisconsin 53204.

\n\n\n \n \n \n \n \n \n\n \n \n \n \n \n \n\n \n \n \n \n \n \n\n \n \n \n \n \n \n\n \n \n \n \n \n \n\n \n \n \n \n \n \n\n \n \n \n \n \n \n\n

Name\n and Year of Birth	Position\n \n Held with \n the Trust	Term\n of Office \n and Length of \n Time Served⁽¹⁾	Principal\n \n Occupation(s) \n During Past 5 \n Years	Number\n of \n Portfolios in \n Fund \n Complex⁽²⁾ \n Overseen by \n Trustee	Other\n Directorships Held \n by Trustee During Past 5 \n Years
Independent\n Trustees ⁽³⁾
John\n Hagist \n Born: 1971	Trustee	Indefinite\n term; since 2026	Partner,\n Northview Park Holdings, LLC (since 2020).	48	N/A
Michelle\n McDonough \n Born: 1980	Trustee	Indefinite\n term; since 2026	Chief\n Operating Officer, Trillium Asset Management LLC (2010 to 2024)	543	Trillium\n Asset Management, LLC (2020 to 2024); Trustee of Tidal Trust II (since 2022).
David\n Norris \n Born: 1976	Trustee	Indefinite\n term; since 2026	Consulting\n work with Rubin Brown, CPA services (since 2024); Consulting work with RedRidge Diligence Services (2023 to 2024); Chief Operating\n Officer, RedRidge Diligence Services (2011 to 2023)	543	Trustee\n of Tidal Trust II (since 2022).
Interested\n Trustee
Eric\n W. Falkeis ⁽⁴⁾ \n Born: 1973	Trustee\n and Chairman	Trustee\n since 2025, Indefinite term; and Chairman, since 2025, Indefinite term	Chief\n Operating Officer, Tidal Investments LLC (since 2023); Chief Executive Officer, Tidal ETF Services LLC (since 2018).	765 \n	Independent\n Director, Muzinich Direct Lending Income Fund, Inc. (since 2023); Independent Director, Muzinich BDC, Inc. (since 2019); Trustee,\n Professionally Managed Portfolios (27 series) (since 2011); Trustee and Chairman of Tidal Trust I (since 2018); Trustee and\n Chairman of Tidal Trust II (since 2022): Trustee and Chairman of Tidal Trust III (since 2025); Trustee and Chairman of Tidal\n Trust IV (since 2025).

\n\n \n \n\n \n \n\n \n \n\n \n \n

⁽¹⁾	The Trustees have designated a mandatory retirement age of 78, such that each Trustee, serving as such on the date he or she reaches the age of 78, shall submit his or her resignation not later than the last day of the calendar year in which his or her 78^thbirthday occurs.
⁽²⁾	The group of Funds sponsored by Tidal and managed by the Adviser or its affiliates, including Tidal Trust I, Tidal Trust II, Tidal Trust III, Tidal Trust IV and the Trust (Tidal Trust V).
⁽³⁾	None of the Independent Trustees of the Trust are “interested persons” of the Trust as defined under the 1940 Act.
⁽⁴⁾	Mr. Falkeis is considered an “interested person” of the Trust due to his positions as Chairman of the Trust and Chief Executive Officer of Tidal ETF Services LLC, a Tidal Financial Group company and an affiliate of the Adviser.

Individual Trustee Qualifications

The Board believes that each of the\nTrustees has the qualifications, experience, attributes and skills (“Trustee Attributes”) appropriate to their service\nas Trustees of the Trust in light of the Trust’s business and structure. Each of the Trustees has substantial business and\nprofessional backgrounds that indicate they have the ability to critically review, evaluate and assess information provided to\nthem. Certain of these business and professional experiences are set forth in detail in the table above. The Board annually conducts\na ‘self-assessment’ wherein the effectiveness of the Board and individual Trustees is reviewed.

In addition to the information provided\nin the table above, below is certain additional information concerning each particular Trustee and certain of their Trustee Attributes.\nThe information provided below, and in the table above, is not all-inclusive. Many Trustee Attributes involve intangible elements,\nsuch as intelligence, integrity, work ethic, the ability to work together, the ability to communicate effectively, the ability\nto exercise judgment, the ability to ask incisive questions, and commitment to shareholder interests. In conducting its annual\nself-assessment, the Board has determined that the Trustees have the appropriate attributes and experience to serve effectively\nas Trustees of the Trust.

The Board has concluded that Mr. Hagist\nshould serve as a Trustee because of his substantial financial services experience, including his extensive experience with financial,\naccounting, investment, and asset valuation matters through his position as a Principal at Northview Capital and as Chief Financial\nOfficer of Winternitz Industrial Auctioneers & Appraisers. Mr. Hagist has over 25 years of corporate financial experience.\nMr. Hagist’s experience, qualifications, attributes, or skills on an individual basis and in combination with those of the\nother Trustees led to the Board’s conclusion that he possesses the requisite skills and attributes as a Trustee to carry\nout oversight responsibilities with respect to the Trust.

The Board has concluded that Ms. McDonough\nshould serve as a Trustee because of her substantial financial services experience, including experience with operations, compliance,\nIT, service provider oversight and management. For over a decade, Ms. McDonough served as COO of Trillium Asset Management and\nin that capacity oversaw all non-investment functions for the firm. Ms. McDonough’s experience, qualifications, attributes,\nor skills, on an individual basis and in combination with those of the other Trustees, led to the Board’s conclusion that\nshe possesses the requisite skills and attributes as a Trustee to carry out oversight responsibilities with respect to the Trust.

The Board has concluded that Mr. Norris\nshould serve as a Trustee because of his substantial experience across a multitude of industries and operated businesses. Mr. Norris’\nbusiness operation experience consists of capital raising, business development, investor relations, strategic planning, treasury\nmanagement, deal execution, restructuring, and oversight of back-office functions. Mr. Norris serves as the Trust’s Audit\nCommittee Financial Expert. Mr. Norris’ experience, qualifications, attributes, or skills, on an individual basis and in\ncombination with those of the other Trustees, led to the Board’s conclusion that he possesses the requisite skills and attributes\nas a Trustee to carry out oversight responsibilities with respect to the Trust.

The Board has concluded that Mr. Falkeis\nshould serve as a Trustee because of his substantial investment company experience and his experience with financial, accounting,\ninvestment, and regulatory matters through his former position as Senior Vice President and Chief Financial Officer (and other\npositions) of U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Global Fund Services”),\na full service provider to ETFs, mutual funds, and alternative investment products, from 1997 to 2013, as well as a Trustee and\nChairman of the Tidal Trust I, from 2018 to present, Trustee and Chairman of Tidal Trust II, from 2022 to present Trustee and Chairman\nof Tidal Trust III, from 2025 to present, Trustee and Chairman of Tidal Trust IV, from 2025 to present, and Trustee and Chairman\nof Tidal Trust V, from 2025 to present. In addition, he has experience consulting with investment advisors regarding the legal\nstructure of mutual funds, distribution channel analysis, and actual distribution of those funds. Mr. Falkeis also has substantial\nmanagerial, operational, technological, and risk oversight related experience through his former position as Chief Operating Officer\nof the advisers to the Direxion mutual fund and ETF complex. Mr. Falkeis’ experience, qualifications, attributes, or skills\non an individual basis and in combination with those of the other Trustees led to the Board’s conclusion that he possesses\nthe requisite skills and attributes as a Trustee to carry out oversight responsibilities with respect to the Trust.

Board Committees. The Board has\nestablished the following standing committees of the Board:

Audit Committee. The Board has\na standing Audit Committee that is composed of each of the Independent Trustees of the Trust and is chaired by an Independent Trustee.\nMr. Hagist is chair of the Audit Committee, and he presides at the Audit Committee meetings, participates in formulating agendas\nfor Audit Committee meetings, and coordinates with management to serve as a liaison between the Independent Trustees and management\non matters within the scope of responsibilities of the Audit Committee as set forth in its Board-approved written charter. The\nprincipal responsibilities of the Audit Committee include overseeing the Trust’s accounting and financial reporting policies\nand practices and its internal controls; overseeing the quality, objectivity and integrity of the Trust’s financial statements\nand the independent audits thereof; monitoring the independent auditor’s qualifications, independence, and performance; acting\nas a liaison between the Trust’s independent auditors and the full Board; pre-approving all auditing services to be performed\nfor the Trust; reviewing the compensation and overseeing the work of the independent auditor (including resolution of disagreements\nbetween management and the independent auditor regarding financial reporting) for the purpose of preparing or issuing an audit\nreport or related work; pre-approving all permitted non-audit services (including the fees and terms thereof) to be performed for\nthe Trust; pre-approving all permitted non-audit services to be performed for any investment adviser to the Trust by any of the\nTrust’s independent auditors if the engagement relates directly to the operations and financial reporting of the Trust; meeting\nwith the Trust’s independent auditors as necessary to (1) review the arrangement for and scope of the annual audits and any\nspecial audits, (2) discuss any matters of concern relating to the Fund’s financial statements, (3) consider the independent\nauditors’ comments with respect to the Trust’s financial policies, procedures and internal accounting controls and\nTrust management’s responses thereto, and (4) review the form of opinion the independent auditors propose to render to the\nBoard and the Fund’s shareholders; discussing with management and the independent auditor significant financial reporting\nissues and judgments made in connection with the preparation of the Fund’s financial statements; and reviewing and discussing\nreports from the independent auditors on (1) all critical accounting policies and practices to be used, (2) all alternative treatments\nwithin generally accepted accounting principles for policies and practices related to material items that have been discussed with\nmanagement, (3) other material written communications between the independent auditor and management, including any management\nletter, schedule of unadjusted differences, or management representation letter, and (4) all non-audit services provided to any\nentity in the Trust that were not pre-approved by the Committee; and reviewing disclosures made to the Committee by the Trust’s\nprincipal executive officer and principal accounting officer during their certification process for the Fund’s Form N-CSR.\nAs of the date of this SAI, the Audit Committee has met one time with respect to the Funds.

The Audit Committee also serves as the\nQualified Legal Compliance Committee (“QLCC”) for the Trust for the purpose of compliance with Rules 205.2(k) and 205.3(c)\nof the Code of Federal Regulations, regarding alternative reporting procedures for attorneys retained or employed by an issuer\nwho appear and practice before the SEC on behalf of the issuer (the “issuer attorneys”). An issuer attorney who becomes\naware of evidence of a material violation by the Trust, or by any officer, director, employee, or agent of the Trust, may report\nevidence of such material violation to the QLCC as an alternative to the reporting requirements of Rule 205.3(b) (which requires\nreporting to the chief legal officer and potentially escalating further to other entities). As of the date of this SAI, the QLCC\nhas not met with respect to the Trust.

Nominating and Governance Committee.\nThe Board has a standing Nominating and Governance Committee that is composed of each of the Independent Trustees of the Trust.\nThe Nominating and Governance Committee operates under a written charter approved by the Board. The Nominating and Governance Committee\nis responsible for seeking and reviewing candidates for consideration as nominees for Trustees as is considered necessary from\ntime to time and meets only as necessary. The Nominating and Governance Committee generally will not consider nominees recommended\nby shareholders. The Nominating and Governance Committee is also responsible for, among other things, reviewing and making recommendations\nregarding Independent Trustee compensation and the Trustees’ annual “self-assessment.” Ms. McDonough is\nthe chair of the Nominating and Governance Committee. The Nominating Committee meets periodically, as necessary, but at least annually.\nBecause the Funds have not yet commenced operations, the Nominating and Governance Committee has not yet met or taken any action\nwith respect to the Funds as of the date of the SAI.

Principal Officers of the Trust

The officers of the Trust conduct and supervise\nits daily business. The address of each officer of the Trust is c/o Tidal Trust V, 234 West Florida Street, Suite 700, Milwaukee,\nWisconsin 53204, unless otherwise indicated. Additional information about the Trust’s officers is as follows:

\n\n\n \n \n \n \n\n \n \n \n \n\n \n \n \n \n\n \n \n \n \n\n \n \n \n \n\n

Name\n and \n Year of Birth	Position(s)\n Held \n with the Trust	Term\n of Office and Length \n of Time Served¹	Principal\n Occupation(s) \n During Past 5 Years
Joel\n L. Weiss \n Born: 1963	President\n and Principal Executive Officer	Indefinite\n term; since 2026	Senior\n Vice President of Board Management of Tidal ETF Services LLC since August 2025; President of JW Fund Management LLC from June\n 2016 to July 2025; Vice President and Managing Director of BNY Mellon Investment Servicing (US) Inc. and predecessor firms\n from 1993 to June 2016
William\n H. Woolverton, Esq. \n Born: 1951	Chief\n Compliance Officer and AML Compliance Officer	Indefinite\n term; \n since 2025	Chief\n Compliance Officer (since 2023), Compliance Adviser (2022 to 2023), Tidal Investments LLC; Senior Compliance Adviser, ACA\n Global (2020 to 2023); Director, Hadron Specialty Insurance Company (since 2023) Operating Partner, Altamont Capital Partners\n (private equity firm) (since 2021).
Aaron\n J. Perkovich \n Born: 1973	Treasurer,\n Principal Financial Officer, and Principal Accounting Officer	Indefinite\n term; since 2025	Senior\n Vice President of Fund Administration (since 2024), Head of Fund Administration (2023 to 2024), Fund Administration Manager\n (2022 to 2023), Tidal ETF Services LLC; Assistant Director Investments, Mason Street Advisors, LLC (2021 to 2022); Vice President,\n U.S. Bancorp Fund Services, LLC (2006 to 2021).
Lissa\n M. Richter \n Born: 1979	Vice\n President and Secretary	Indefinite\n term; since 2025	Vice\n President of Fund Governance and Compliance (since 2024), ETF Regulatory Manager, Tidal ETF Services LLC (2021 to 2024).

¹The Officers hold office until\nthe next annual meeting of the Board of Trustees and until their successors have been elected and qualified.

Trustee Ownership of Shares. Each\nFund is required to show the dollar amount ranges of each Trustee’s “beneficial ownership” of Shares and each\nother series of the Trust as of the end of the most recently completed calendar year. Dollar amount ranges disclosed are established\nby the SEC. “Beneficial ownership” is determined in accordance with Rule 16a-1(a)(2) under the Securities Exchange\nAct of 1934, as amended (the “1934 Act”).

As of the date of this SAI, the Funds had\nnot yet commenced operations and no Shares were outstanding.

Board Compensation.

Each Independent Trustee receives $5,000\npayable for each regular and special meeting attended and allocated among the funds in the Tidal Trust V Fund Complex. The Independent\nTrustees also receive reimbursement for travel and other out-of-pocket expenses incurred in connection with serving as a Trustee.\nThe Trust has no pension or retirement plan.

The following table shows the compensation\nestimated to be earned by each Trustee for the Funds’ current fiscal year ending June 30, 2027. Independent Trustee\nfees are an obligation of the Trust and are paid by the Adviser, as are other Trust expenses. The Trust pays the Adviser a unitary\nfee which the Adviser uses to pay Trust expenses. Trustee compensation shown below does not include reimbursed out-of-pocket expenses\nin connection with attendance at meetings.

\n\n\n \n \n \n\n \n\n \n \n \n\n \n\n \n \n \n\n \n \n \n\n \n \n \n\n

Name	Estimated\n Aggregate Compensation \n From the Funds	Estimated\n Total Compensation From Fund \n Complex Paid to Trustees⁽¹⁾
Interested\n Trustee
Eric\n W. Falkeis	$0	$0
Independent\n Trustees
John\n Hagist	$0	$15,000
Michelle\n McDonough	$0	$15,000
David\n Norris	$0	$15,000

\n\n \n \n \n

⁽¹⁾

Compensation is based on estimated amounts for the fiscal year ending June 30, 2027.

PRINCIPAL SHAREHOLDERS, CONTROL PERSONS\nAND MANAGEMENT OWNERSHIP

A principal shareholder is any person who\nowns of record or beneficially 5% or more of the outstanding Shares. A control person is a shareholder that owns beneficially or\nthrough controlled companies more than 25% of the voting securities of a company or acknowledges the existence of control. Shareholders\nowning voting securities in excess of 25% may determine the outcome of any matter affecting and voted on by shareholders of the\nFunds.

As of the date of this SAI, the Funds had\nnot yet commenced operations and no Shares were outstanding.

CODES OF ETHICS

The Trust and the Adviser have each adopted\ncodes of ethics pursuant to Rule 17j-1 of the 1940 Act. These codes of ethics are designed to prevent affiliated persons of the\nTrust and the Adviser from engaging in deceptive, manipulative or fraudulent activities in connection with securities held or to\nbe acquired by a Fund (which may also be held by persons subject to the codes of ethics). Each code of ethics permits personnel\nsubject to that code of ethics to invest in securities for their personal investment accounts, subject to certain limitations,\nincluding limitations related to securities that may be purchased or held by the Funds. The Distributor (as defined below) relies\non the principal underwriters exception under Rule 17j-1(c)(3), specifically where the Distributor is not affiliated with the Trust\nor the Adviser and no officer, director, or general partner of the Distributor serves as an officer, director, or general partner\nof the Trust or the Adviser.

There can be no assurance that the codes\nof ethics will be effective in preventing such activities. Each code of ethics may be found at the SEC’s website at www.sec.gov.

PROXY VOTING POLICIES

The Funds have each delegated proxy voting\nresponsibilities to the Adviser, subject to the Board’s oversight. In delegating proxy responsibilities, the Board has directed\nthat proxies be voted consistent with each Fund’s and its shareholders’ best interests and in compliance with all applicable\nproxy voting rules and regulations. The Adviser has adopted proxy voting policies and guidelines for this purpose (“Proxy\nVoting Policies”), which have been adopted by the Trust as the policies and procedures that will be used when voting proxies\non behalf of the Funds.

In the absence of a conflict of interest,\nthe Adviser will generally vote “for” routine proposals, such as the election of directors, approval of auditors, and\namendments or revisions to corporate documents to eliminate outdated or unnecessary provisions. Unusual or disputed proposals will\nbe reviewed and voted on a case-by-case basis. The Proxy Voting Policies address, among other things, material conflicts of interest\nthat may arise between the interests of each Fund and the interests of the Adviser. The Proxy Voting Policies will ensure that\nall issues brought to shareholders are analyzed in light of the Adviser’s fiduciary responsibilities.

The Trust’s Chief Compliance Officer\nis responsible for monitoring the effectiveness of the Proxy Voting Policies.

When available, information on how the\nFunds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 will be available (1)\nwithout charge, upon request, by calling (833) 333-9383, (2) on the Funds’ website at www.defianceetfs.com, or (3) on the\nSEC’s website at www.sec.gov.

INVESTMENT ADVISER

Tidal Investments LLC, a Tidal Financial\nGroup company, 234 West Florida Street, Suite 700, Milwaukee, Wisconsin 53204, serves as investment adviser to each Fund and has\noverall responsibility for the general management and administration of each Fund.

Pursuant to the Investment Advisory\nAgreement (the “Advisory Agreement”), the Adviser provides investment advice to each Fund and oversees the day-to-day\noperations of each Fund, subject to the direction and oversight of the Board. The Adviser is responsible for the day-to-day management\nof each Fund’s portfolio, including determining the securities and financial instruments purchased and sold by each Fund.\nThe Adviser is responsible for trading portfolio securities and financial instruments for each Fund, including selecting broker-dealers\nto execute purchase and sale transactions. Under the Advisory Agreement, the Adviser is also responsible for arranging transfer\nagency, custody, fund administration and accounting, and other related services necessary for each Fund to operate. The Adviser\nadministers each Fund’s business affairs, provides office facilities and equipment and certain clerical, bookkeeping, and\nadministrative services. Under the Advisory Agreement, in exchange for a single unitary management fee from each Fund, the Adviser\nhas agreed to pay all expenses incurred by such Fund except for the Excluded Expenses, as defined in the Prospectus. For services\nprovided to the Funds, each Fund pays the Adviser a unitary management fee at an annual rate of 1.29%, which is calculated daily\nand paid monthly based on the Fund’s average daily net assets.

The Advisory Agreement with respect to\nthe Funds will continue in force for an initial period of two years. Thereafter, the Advisory Agreement will be renewable from\nyear to year with respect to each Fund, so long as its continuance is approved at least annually (1) by the vote, cast in person\n(or in another manner permitted by the 1940 Act or pursuant to exemptive relief therefrom) at a meeting called for that purpose,\nof a majority of those Trustees who are not “interested persons” of the Adviser or the Trust; and (2) by the majority\nvote of either the full Board or the vote of a majority of the outstanding Shares. The Advisory Agreement automatically terminates\non assignment and is terminable on a 60-day written notice either by the Trust or the Adviser.

The Adviser shall not be liable to the\nTrust or any shareholder for anything done or omitted by it, except acts or omissions involving willful misfeasance, bad faith,\ngross negligence, or reckless disregard of the duties imposed upon it by its agreement with the Trust or for any losses that may\nbe sustained in the purchase, holding, or sale of any security.

The\nFunds will disclose fees paid to the Adviser pursuant to the Advisory Agreement following completion of their initial fiscal year.

PORTFOLIO MANAGERS

The\nFunds are managed by Christopher P. Mullen and Brett Johnson, each a Portfolio Manager for the Adviser.

Other Accounts. In addition to\nthe Funds, the portfolio managers managed the following other accounts as of September 30, 2026.

Christopher P. Mullen, Portfolio\nManager for the Adviser

\n\n\n \n \n \n \n \n\n \n \n \n \n \n\n \n \n \n \n \n\n \n \n \n \n \n\n

Type\n of Accounts	Total\n Number of \n Accounts	Total\n Assets of \n Accounts \n (in millions)	Total\n Number of \n Accounts Subject to \n a Performance- \n Based Fee	Total\n Assets of \n Accounts Subject to \n a Performance- \n Based Fee \n (in millions)
Registered\n Investment Companies	97	$ 6,078.02	0	$0
Other\n Pooled Investment Vehicles	0	$0	0	$0
Other\n Accounts	0	$0	0	$0

Brett Johnson, Portfolio Manager\nfor the Adviser

\n\n\n \n \n \n \n \n\n \n \n \n \n \n\n \n \n \n \n \n\n \n \n \n \n \n\n

Type\n of Accounts	Total\nNumber of \n Accounts	Total\nAssets of \n Accounts \n(in millions)	Total\n Number of \n Accounts Subject to \n a Performance- \n Based Fee	Total\nAssets of \nAccounts Subject to \na Performance- \nBased Fee \n (in millions)
Registered\n Investment Companies	8	$ 128.53	0	$0
Other\n Pooled Investment Vehicles	0	$0	0	$0
Other\n Accounts	0	$0	0	$0

Portfolio Manager Fund Ownership.\nThe Funds are required to show the dollar range of each portfolio manager’s “beneficial ownership” of Shares\nas of the end of the most recently completed fiscal year. The dollar amount ranges disclosed are established by the SEC. “Beneficial\nownership” is determined in accordance with Rule 16a-1(a)(2) under the 1934 Act. As of the date of this SAI, the Funds had\nnot yet commenced operations and no Shares were owned by the portfolio managers.

Portfolio Manager Compensation.

Each portfolio manager of the Adviser is\ncompensated by the Adviser with a base salary and discretionary bonus based on the financial performance and profitability of the\nAdviser and not based on the performance of the Funds. To the extent a portfolio manager is an equity owner of the Adviser, such\nportfolio manager may benefit indirectly from the revenue generated by the Funds’ Advisory Agreement with the Adviser.

Description of Material Conflicts of\nInterest. The portfolio managers’ management of “other accounts” may give rise to potential conflicts\nof interest in connection with their management of the Funds’ investments, on the one hand, and the investments of the other\naccounts, on the other. The other accounts may have similar investment objectives or strategies as the Funds. A potential conflict\nof interest may arise as a result, whereby a portfolio manager could favor one account over another. Another potential conflict\ncould include a portfolio manager’s knowledge about the size, timing, and possible market impact of trades by a Fund, whereby\na portfolio manager could use this information to the advantage of other accounts and to the disadvantage of any Fund. For instance,\nthe portfolio managers may receive fees from certain accounts that are higher than the fees received from the Funds, or receive\na performance-based fee on certain accounts. In those instances, a portfolio manager has an incentive to favor the higher and/or\nperformance-based fee accounts over the Funds. To mitigate these conflicts, the Adviser has established policies and procedures\nto ensure that the purchase and sale of securities among all accounts the firm manages are fairly and equitably allocated.

THE DISTRIBUTOR

The Trust and Foreside Fund Services, LLC,\na wholly owned subsidiary of Foreside Financial Group (dba ACA Group), (the “Distributor”) are parties to a distribution\nagreement (“Distribution Agreement”), whereby the Distributor acts as principal underwriter for the Fund and distributes\nShares on a best efforts basis. Shares are continuously offered for sale by the Distributor only in Creation Units. The Distributor\nwill not distribute Shares in amounts less than a Creation Unit and does not maintain a secondary market in Shares. The principal\nbusiness address of the Distributor is 190 Middle Street, Suite 301, Portland, ME 04101.

Under the Distribution Agreement, the Distributor,\nas agent for the Trust, will review orders for the purchase and redemption of Creation Units, provided that any subscriptions and\norders will not be binding on the Trust until accepted by the Trust. The Distributor is a broker-dealer registered under the 1934\nAct and a member of FINRA.

The Distributor may also enter into agreements\nwith securities dealers (“Soliciting Dealers”) who will solicit purchases of Creation Units of Shares. Such Soliciting\nDealers may also be Authorized Participants (as discussed in “Procedures for Purchase of Creation Units” below) or\nDTC participants (as defined below).

The Distribution Agreement will continue\nfor two years from its effective date and is renewable annually thereafter. The continuance of the Distribution Agreement must\nbe specifically approved at least annually (1) by the vote of the Trustees or by a vote of the shareholders of each Fund and (2)\nby the vote of a majority of the Independent Trustees who have no direct or indirect financial interest in the operations of the\nDistribution Agreement or any related agreement, cast in person (or in another manner permitted by the 1940 Act or pursuant to\nexemptive relief therefrom) at a meeting called for the purpose of voting on such approval. The Distribution Agreement is terminable\nwithout penalty by the Trust on 60 days’ written notice when authorized either by majority vote of its outstanding voting\nShares or by a vote of a majority of its Board (including a majority of the Independent Trustees), or by the Distributor on 60\ndays’ written notice, and will automatically terminate in the event of its assignment. The Distribution Agreement provides\nthat, in the absence of willful misfeasance, bad faith, or gross negligence on the part of the Distributor, or reckless disregard\nby it of its obligations thereunder, the Distributor shall not be liable for any action or failure to act in accordance with its\nduties thereunder.

The Funds are new and have not incurred\nany underwriting commissions and the Distributor has not received any amounts as of the date of this SAI.

Intermediary Compensation.\nThe Adviser or their affiliates, out of their own resources and not out of Fund assets (i.e., without additional cost to each Fund\nor its shareholders), may pay certain broker dealers, banks and other financial intermediaries (“Intermediaries”) for\ncertain activities related to the Funds, including participation in activities that are designed to make Intermediaries more knowledgeable\nabout exchange traded products, including the Funds, or for other activities, such as marketing and educational training or support.\nThese arrangements are not financed by the Funds and, thus, do not result in increased Fund expenses. They are not reflected in\nthe fees and expenses listed in the fees and expenses sections of the Funds’ Prospectus and they do not change the price\npaid by investors for the purchase of Shares or the amount received by a shareholder as proceeds from the redemption of Shares.

Such compensation may be paid to Intermediaries\nthat provide services to the Funds, including marketing and education support (such as through conferences, webinars and printed\ncommunications). The Adviser will periodically assess the advisability of continuing to make these payments. Payments to an Intermediary\nmay be significant to the Intermediary, and amounts that Intermediaries pay to your adviser, broker or other investment professional,\nif any, may also be significant to such adviser, broker or investment professional. Because an Intermediary may make decisions\nabout what investment options it will make available or recommend, and what services to provide in connection with various products,\nbased on payments it receives or is eligible to receive, such payments create conflicts of interest between the Intermediary and\nits clients. For example, these financial incentives may cause the Intermediary to recommend a Fund over other investments. The\nsame conflict of interest exists with respect to your financial adviser, broker or investment professional if they receive similar\npayments from their Intermediary firm.

Intermediary information is current only\nas of the date of this SAI. Please contact your adviser, broker or other investment professional for more information regarding\nany payments his or her Intermediary firm may receive. Any payments made by the Adviser or their affiliates to an Intermediary\nmay create the incentive for an Intermediary to encourage customers to buy Shares.

If you have any additional questions, please\ncall (833) 333-9383.

Distribution (Rule 12b-1) Plan.\nThe Trust has adopted a Distribution (Rule 12b-1) Plan (the “Plan”) in accordance with the provisions of Rule 12b-1\nunder the 1940 Act. No payments pursuant to the Plan are expected to be made during the twelve (12) month period from the date\nof this SAI. Rule 12b-1 fees to be paid by a Fund under the Plan may only be imposed after approval by the Board.

Continuance of the Plan must be approved\nannually by a majority of the Trustees of the Trust and by a majority of the Trustees who are not interested persons (as defined\nin the 1940 Act) of the Trust and have no direct or indirect financial interest in the Plan or in any agreements related to the\nPlan (“Independent Trustees”). None of the Independent Trustees have a direct or indirect financial interest in the\nPlan or any agreements related to the Plan. The Plan may be continued from year-to-year only if the Board, including a majority\nof the Independent Trustees, concludes at least annually that continuation of the Plan is likely to benefit shareholders. The Board\nhas determined that the Plan is likely to benefit the Funds by providing an incentive for brokers, dealers, and other financial\nintermediaries to engage in sales and marketing efforts on behalf of the Funds and to provide enhanced services to shareholders.\nThe Board also determined that the Plan may enhance the Funds’ ability to sell shares and access important distribution channels.

The Plan requires that quarterly written\nreports of amounts spent under the Plan and the purposes of such expenditures be furnished to and reviewed by the Trustees. The\nPlan may not be amended to increase materially the amount that may be spent thereunder without approval by a majority of the outstanding\nShares. All material amendments of the Plan will require approval by a majority of the Trustees of the Trust and of the Independent\nTrustees.

The Plan provides that each Fund pays the\nDistributor an annual fee of up to a maximum of 0.25% of the average daily net assets of the Shares. Under the Plan, the Distributor\nmay make payments pursuant to written agreements to financial institutions and intermediaries such as banks, savings and loan associations,\nand insurance companies including, without limit, investment counselors, broker-dealers, and the Distributor’s affiliates\nand subsidiaries (collectively, “Agents”) as compensation for services and reimbursement of expenses incurred in connection\nwith distribution assistance. The Plan is characterized as a compensation plan since the distribution fee will be paid to the Distributor\nwithout regard to the distribution expenses incurred by the Distributor or the amount of payments made to other financial institutions\nand intermediaries. The Trust intends to operate the Plan in accordance with its terms and with FINRA rules concerning sales charges.

Under the Plan, subject to the limitations\nof applicable law and regulations, each Fund is authorized to compensate the Distributor up to the maximum amount to finance any\nactivity primarily intended to result in the sale of Creation Units of the Fund or for providing, or arranging for others to provide,\nshareholder services and for the maintenance of shareholder accounts. Such activities may include, but are not limited to: (1)\ndelivering copies of the Fund’s then current reports, prospectuses, notices, and similar materials, to prospective purchasers\nof Creation Units; (2) marketing and promotional services, including advertising; (3) paying the costs of and compensating others,\nincluding Authorized Participants with whom the Distributor has entered into written Authorized Participant Agreements, for performing\nshareholder servicing on behalf of the Fund; (4) compensating certain Authorized Participants for providing assistance in distributing\nthe Creation Units of the Fund, including the travel and communication expenses and salaries and/or commissions of sales personnel\nin connection with the distribution of the Creation Units of the Fund; (5) payments to financial institutions and intermediaries\nsuch as banks, savings and loan associations, insurance companies, and investment counselors, broker-dealers, mutual fund supermarkets,\nand the affiliates and subsidiaries of the Trust’s service providers as compensation for services or reimbursement of expenses\nincurred in connection with distribution assistance; (6) facilitating communications with beneficial owners of Shares, including\nthe cost of providing, or paying others to provide, services to beneficial owners of Shares, including, but not limited to, assistance\nin answering inquiries related to Shareholder accounts; and (7) such other services and obligations as are set forth in the Distribution\nAgreement.

ADMINISTRATOR

Tidal ETF Services LLC (the “Administrator”),\na Tidal Financial Group company and an affiliate of the Adviser, serves as the Funds’ administrator. The Administrator is\nlocated at 234 West Florida Street, Suite 700, Milwaukee, Wisconsin 53204. Pursuant to a Fund Administration Servicing Agreement\nbetween the Trust and the Administrator, the Administrator provides the Trust with, or arranges for, administrative, compliance,\nand management services (other than investment advisory services) to be provided to the Trust and the Board. Pursuant to the Fund\nAdministration Servicing Agreement, officers or employees of the Administrator serve as the Trust’s principal executive officer,\nprincipal financial officer, and chief compliance officer, the Administrator coordinates the payment of Fund-related expenses,\nand the Administrator manages the Trust’s relationships with its various service providers. As compensation for the services\nit provides, the Administrator receives a fee based on the Funds’ average daily net assets, subject to a minimum annual fee.\nThe Administrator also is entitled to certain out-of-pocket expenses for the services mentioned above.

The Funds are new, and the Administrator\nhas not received any fees for administrative services to the Funds as of the date of this SAI.

TRANSFER AGENT AND FUND ACCOUNTANT

Global Fund Services, located at 615 East\nMichigan Street, Milwaukee, Wisconsin 53202, serves as the Funds’ transfer agent and fund accountant.

Pursuant to a Transfer Agent/Fund Accounting\nServicing Agreement between the Trust and Global Fund Services, Global Fund Services provides transfer agency and fund accounting\nservices to the Fund. In this capacity, Global Fund Services does not have any responsibility or authority for the management of\nthe Fund, the determination of investment policy, or for any matter pertaining to the distribution of Shares. As compensation for\nthe transfer agency and fund accounting services, the Adviser pays Global Fund Services a fee based on the Fund’s average\ndaily net assets, subject to a minimum annual fee. Global Fund Services also is entitled to certain out-of-pocket expenses for\nthe services mentioned above, including pricing expenses.

The Funds are new, and Global Fund Services\nhas not received any fees for transfer agency services or fund accounting services to the Funds as of the date of this SAI.

CUSTODIAN

Pursuant to a Custody Agreement, U.S. Bank\nNational Association (“U.S. Bank”), 1555 North Rivercenter Drive, Milwaukee, Wisconsin 53212, serves as the custodian\n(the “Custodian”) of each Fund’s assets. U.S. Bank is the parent company of Global Fund Services. The Custodian\nholds and administers the assets in the Funds’ portfolios. Pursuant to the Custody Agreement, the Custodian receives an annual\nfee from the Adviser based on the Trust’s total average daily net assets, subject to a minimum annual fee, and certain settlement\ncharges. The Custodian also is entitled to certain out-of-pocket expenses.

LEGAL COUNSEL

Troutman Pepper Locke LLP, 3000 Two Logan Square, Eighteenth\nand Arch Streets, Philadelphia, Pennsylvania 19103, serves as legal counsel for the Trust and the Independent Trustees.

INDEPENDENT REGISTERED PUBLIC ACCOUNTING\nFIRM

Cohen & Company, Ltd., located at\n1835 Market Street, Suite 310, Philadelphia, Pennsylvania 19103, serves as the independent registered public accounting firm for\nthe Funds, providing services which include auditing the annual financial statements for the Funds. Cohen & Co Advisory, LLC\nan affiliate of Cohen & Company, Ltd., provides tax services as requested.

PORTFOLIO HOLDINGS DISCLOSURE POLICIES\nAND PROCEDURES

The Board has adopted a policy regarding\nthe disclosure of information about each Fund’s security holdings. Each Fund’s entire portfolio holdings are publicly\ndisseminated each day the Funds are open for business and through financial reporting and news services including publicly available\ninternet web sites. In addition, the composition of the Deposit Securities is publicly disseminated daily prior to the opening\nof the Exchange via the National Securities Clearing Corporation (“NSCC”).

DESCRIPTION OF SHARES

The Declaration of Trust (“Declaration\nof Trust”) authorizes the issuance of an unlimited number of funds and shares. Each share represents an equal proportionate\ninterest in the Fund with each other share. Shares are entitled upon liquidation to a pro rata share in the net assets of the Fund.\nShareholders have no preemptive rights. The Declaration of Trust provides that the Trustees may create additional series or classes\nof shares. All consideration received by the Trust for shares of any additional funds and all assets in which such consideration\nis invested would belong to that fund and would be subject to the liabilities related thereto. Share certificates representing\nShares will not be issued. Shares, when issued, are fully paid and non-assessable.

Each Share has one vote with respect to\nmatters upon which a shareholder vote is required, consistent with the requirements of the 1940 Act and the rules promulgated thereunder.\nShares of all funds in the Trust vote together as a single class, except that if the matter being voted on affects only a particular\nfund it will be voted on only by that fund and if a matter affects a particular fund differently from other funds, that fund will\nvote separately on such matter. As a Delaware statutory trust, the Trust is not required, and does not intend, to hold annual meetings\nof shareholders. Approval of shareholders will be sought, however, for certain changes in the operation of the Trust and for the\nelection of Trustees under certain circumstances.

Under the Declaration of Trust, the Trustees\nhave the power to liquidate the Fund without shareholder approval. While the Trustees have no present intention of exercising this\npower, they may do so if the Fund fails to reach a viable size within a reasonable amount of time or for such other reasons as\nmay be determined by the Board.

LIMITATION OF TRUSTEES’ LIABILITY

The Declaration of Trust provides that\na Trustee shall be liable only for his or her own willful misfeasance, bad faith, gross negligence, or reckless disregard of the\nduties involved in the conduct of the office of Trustee, and shall not be liable for errors of judgment or mistakes of fact or\nlaw. The Declaration of Trust also provides that the Trust shall indemnify each person who is, or has been, a Trustee or officer\nof the Trust, and upon the due approval of the Trustees, each person who is, or has been an employee or agent of the Trust, and,\nupon due approval of the Trustees, any person who is serving or has served at the Trust’s request as a director, officer,\npartner, trustee, employee, agent, or fiduciary of another organization with respect to any alleged acts or omissions while acting\nwithin the scope of a Trustee’s service in such a position. However, nothing in the Declaration of Trust shall protect or\nindemnify a Trustee against any liability for a Trustee’s willful misfeasance, bad faith, gross negligence, or reckless disregard\nof the duties involved in the conduct of the office of Trustee. Nothing contained in this section attempts to disclaim a Trustee’s\nindividual liability in any manner inconsistent with the federal securities laws.

BROKERAGE TRANSACTIONS

The policy of the Trust regarding purchases\nand sales of securities for a Fund is that primary consideration will be given to obtaining the most favorable prices and efficient\nexecutions of transactions. Consistent with this policy, when securities transactions are effected on a stock exchange, the Trust’s\npolicy is to pay commissions which are considered fair and reasonable without necessarily determining that the lowest possible\ncommissions are paid in all circumstances. The Trust believes that a requirement always to seek the lowest possible commission\ncost could impede effective portfolio management and preclude a Fund and the Adviser, from obtaining a high quality of brokerage\nand research services. In seeking to determine the reasonableness of brokerage commissions paid in any transaction, the Adviser\nwill rely upon its experience and knowledge regarding commissions generally charged by various brokers and on its judgment in evaluating\nthe brokerage services received from the broker effecting the transaction. Such determinations are necessarily subjective and imprecise,\nas in most cases, an exact dollar value for those services is not ascertainable. The Trust has adopted policies and procedures\nthat prohibit the consideration of sales of Shares as a factor in the selection of a broker or dealer to execute its portfolio\ntransactions.

The Adviser owes a fiduciary duty to its\nclients to seek to provide best execution on trades effected. In selecting a broker/dealer for each specific transaction, the Adviser\nchooses the broker/dealer deemed most capable of providing the services necessary to obtain the most favorable execution. “Best\nexecution” is generally understood to mean the most favorable cost or net proceeds reasonably obtainable under the circumstances.\nThe full range of brokerage services applicable to a particular transaction may be considered when making this judgment, which\nmay include, but is not limited to liquidity, price, commission, timing, aggregated trades, capable floor brokers or traders, competent\nblock trading coverage, ability to position, capital strength and stability, reliable and accurate communications and settlement\nprocessing, use of automation, knowledge of other buyers or sellers, arbitrage skills, administrative ability, underwriting, and\nprovision of information on a particular security or market in which the transaction is to occur. The specific criteria will vary\ndepending upon the nature of the transaction, the market in which it is executed, and the extent to which it is possible to select\nfrom among multiple broker/ dealers. The Adviser will also use electronic crossing networks (“ECNs”) when appropriate.

Subject to the foregoing policies, brokers\nor dealers selected to execute a Fund’s portfolio transactions may include such Fund’s Authorized Participants (as\ndiscussed in “Purchase and Redemption of Shares in Creation Units — Procedures for Purchase of Creation Units”\nbelow) or their affiliates. An Authorized Participant or its affiliates may be selected to execute a Fund’s portfolio transactions\nin conjunction with an all-cash Creation Unit order or an order including “cash-in-lieu” (as described below under\n“Purchase and Redemption of Shares in Creation Units”), so long as such selection is in keeping with the foregoing\npolicies. As described below under “Purchase and Redemption of Shares in Creation Units — Creation Transaction Fee”\nand “ — Redemption Transaction Fee”, a Fund may determine to not charge a variable fee on certain orders when\nthe Adviser has determined that doing so is in the best interests of a Fund’s shareholders, even if the decision to not charge\na variable fee could be viewed as benefiting the Authorized Participant or its affiliate selected to execute such Fund’s\nportfolio transactions in connection with such orders.

The Adviser may use a Fund’s assets\nfor, or participate in, third-party soft dollar arrangements, in addition to receiving proprietary research from various full-service\nbrokers, the cost of which is bundled with the cost of the broker’s execution services. The Adviser does not “pay up”\nfor the value of any such proprietary research. Section 28(e) of the 1934 Act permits the Adviser under certain circumstances,\nto cause a Fund to pay a broker or dealer a commission for effecting a transaction in excess of the amount of commission another\nbroker or dealer would have charged for effecting the transaction in recognition of the value of brokerage and research services\nprovided by the broker or dealer. The Adviser may receive a variety of research services and information on many topics, which\nit can use in connection with its management responsibilities with respect to the various accounts over which it exercises investment\ndiscretion or otherwise provides investment advice. The research services may include qualifying order management systems, portfolio\nattribution and monitoring services, and computer software and access charges which are directly related to investment research.

Accordingly, a Fund may pay a broker commission\nhigher than the lowest available in recognition of the broker’s provision of such services to the Adviser, but only if the\nAdviser determines the total commission (including the soft dollar benefit) is comparable to the best commission rate that could\nbe expected to be received from other brokers. The amount of soft dollar benefits received depends on the amount of brokerage transactions\neffected with the brokers. A conflict of interest exists because there is an incentive to (1) cause clients to pay a higher commission\nthan the firm might otherwise be able to negotiate, (2) cause clients to engage in more securities transactions than would otherwise\nbe optimal, and (3) only recommend brokers that provide soft dollar benefits.

The Adviser faces a potential conflict\nof interest when it uses client trades to obtain brokerage or research services. This conflict exists because the Adviser can use\nthe brokerage or research services to manage client accounts without paying cash for such services, which reduces the Adviser’s\nexpenses to the extent that the Adviser would have purchased such products had they not been provided by brokers. Section 28(e)\npermits the Adviser to use brokerage or research services for the benefit of any account it manages. Certain accounts managed by\nthe Adviser may generate soft dollars used to purchase brokerage or research services that ultimately benefit other accounts managed\nby the Adviser effectively cross subsidizing the other accounts managed by the Adviser that benefit directly from the product.\nThe Adviser may not necessarily use all of the brokerage or research services in connection with managing a Fund whose trades generated\nthe soft dollars used to purchase such products.

The Adviser is responsible, subject to\noversight by the Board, for placing orders on behalf of each Fund for the purchase or sale of portfolio securities. If purchases\nor sales of portfolio securities of a Fund and one or more other investment companies or clients supervised by the Adviser are\nconsidered at or about the same time, transactions in such securities are allocated among the several investment companies and\nclients in a manner deemed equitable and consistent with its fiduciary obligations to all by the Adviser. In some cases, this procedure\ncould have a detrimental effect on the price or volume of the security so far as the Funds are concerned. However, in other cases,\nit is possible that the ability to participate in volume transactions and to negotiate lower brokerage commissions will be beneficial\nto the Funds. The primary consideration is prompt execution of orders at the most favorable net price.

The Funds may deal with affiliates in principal\ntransactions to the extent permitted by exemptive order or applicable rule or regulation.

The Funds are new and have not paid any\nbrokerage commissions as of the date of this SAI.

Brokerage with Fund Affiliates.\nThe Funds may execute brokerage or other agency transactions through registered broker-dealer affiliates of the Funds or the Adviser\nfor a commission in conformity with the 1940 Act, the 1934 Act and rules promulgated by the SEC. These rules require that commissions\npaid to the affiliate by the Funds for exchange transactions not exceed “usual and customary” brokerage commissions.\nThe rules define “usual and customary” commissions to include amounts which are “reasonable and fair compared\nto the commission, fee or other remuneration received or to be received by other brokers in connection with comparable transactions\ninvolving similar securities being purchased or sold on a securities exchange during a comparable period of time.” The Trustees,\nincluding those who are not “interested persons” of the Funds, have adopted procedures for evaluating the reasonableness\nof commissions paid to affiliates and review these procedures periodically.

The Funds are required to identify the\nsecurities of their “regular brokers or dealers” that the Fund has acquired during its most recent fiscal year. The\nFunds are new and did not own equity securities of its regular broker-dealers or their parent companies as of the date of this\nSAI.

Directed Brokerage. The Funds are\nnew and did not pay any commissions on brokerage transactions directed to brokers pursuant to an agreement or understanding whereby\nthe broker provides research or other brokerage services to the Adviser.

Securities of “Regular Broker-Dealers.”\nThe Funds are required to identify any securities of its “regular brokers and dealers” (as such term is defined in\nthe 1940 Act) that it may hold at the close of its most recent fiscal year. “Regular brokers or dealers” of the Funds\nare the ten brokers or dealers that, during the most recent fiscal year: (i) received the greatest dollar amounts of brokerage\ncommissions from the Fund’s portfolio transactions; (ii) engaged as principal in the largest dollar amounts of portfolio\ntransactions of the Fund; or (iii) sold the largest dollar amounts of Shares.

The Funds are new and did not own equity\nsecurities of its regular broker-dealers or their parent companies as of the date of this SAI.

PORTFOLIO TURNOVER RATE

A portfolio turnover rate is, in summary,\nthe percentage computed by dividing the lesser of a Fund’s purchases or sales of securities (excluding short-term securities\nand securities transferred in-kind) by the average market value of such Fund. A rate of 100% indicates that the equivalent of all\nof the Fund’s assets have been sold and reinvested in a year. High portfolio turnover may affect the amount, timing and character\nof distributions, and, as a result, may increase the amount of taxes payable by shareholders. Higher portfolio turnover also results\nin higher transaction costs. To the extent that net short-term capital gains are realized by a Fund, any distributions resulting\nfrom such gains are considered ordinary income for federal income tax purposes.

The Funds are new and do not have a portfolio\nturnover rate to report as of the date of this SAI.

BOOK ENTRY ONLY SYSTEM

The Depository Trust Company (“DTC”)\nacts as securities depositary for Shares. Shares are represented by securities registered in the name of DTC or its nominee, Cede\n& Co., and deposited with, or on behalf of, DTC. Except in limited circumstances set forth below, certificates will not be\nissued for Shares.

DTC is a limited-purpose trust company\nthat was created to hold securities of its participants (the “DTC Participants”) and to facilitate the clearance and\nsettlement of securities transactions among the DTC Participants in such securities through electronic book-entry changes in accounts\nof the DTC Participants, thereby eliminating the need for physical movement of securities certificates. DTC Participants include\nsecurities brokers and dealers, banks, trust companies, clearing corporations and certain other organizations, some of whom (and/or\ntheir representatives) own DTC. More specifically, DTC is owned by a number of its DTC Participants and by the NYSE and FINRA.\nAccess to the DTC system is also available to others such as banks, brokers, dealers, and trust companies that clear through or\nmaintain a custodial relationship with a DTC Participant, either directly or indirectly (the “Indirect Participants”).

Beneficial ownership of Shares is limited\nto DTC Participants, Indirect Participants, and persons holding interests through DTC Participants and Indirect Participants. Ownership\nof beneficial interests in Shares (owners of such beneficial interests are referred to in this SAI as “Beneficial Owners”)\nis shown on, and the transfer of ownership is effected only through, records maintained by DTC (with respect to DTC Participants)\nand on the records of DTC Participants (with respect to Indirect Participants and Beneficial Owners that are not DTC Participants).\nBeneficial Owners will receive from or through the DTC Participant a written confirmation relating to their purchase of Shares.\nThe Trust recognizes DTC or its nominee as the record owner of all Shares for all purposes. Beneficial Owners of Shares are not\nentitled to have Shares registered in their names, and will not receive or be entitled to physical delivery of Share certificates.\nEach Beneficial Owner must rely on the procedures of DTC and any DTC Participant and/or Indirect Participant through which such\nBeneficial Owner holds its interests, to exercise any rights of a holder of Shares.

Conveyance of all notices, statements,\nand other communications to Beneficial Owners is effected as follows. DTC will make available to the Trust upon request and for\na fee a listing of Shares held by each DTC Participant. The Trust shall obtain from each such DTC Participant the number of Beneficial\nOwners holding Shares, directly or indirectly, through such DTC Participant. The Trust shall provide each such DTC Participant\nwith copies of such notice, statement, or other communication, in such form, number and at such place as such DTC Participant may\nreasonably request, in order that such notice, statement or communication may be transmitted by such DTC Participant, directly\nor indirectly, to such Beneficial Owners. In addition, the Trust shall pay to each such DTC Participant a fair and reasonable amount\nas reimbursement for the expenses attendant to such transmittal, all subject to applicable statutory and regulatory requirements.

Share distributions shall be made to DTC\nor its nominee, Cede & Co., as the registered holder of all Shares. DTC or its nominee, upon receipt of any such distributions,\nshall credit immediately DTC Participants’ accounts with payments in amounts proportionate to their respective beneficial\ninterests in the Funds as shown on the records of DTC or its nominee. Payments by DTC Participants to Indirect Participants and\nBeneficial Owners of Shares held through such DTC Participants will be governed by standing instructions and customary practices,\nas is now the case with securities held for the accounts of customers in bearer form or registered in a “street name,”\nand will be the responsibility of such DTC Participants.

The Trust has no responsibility or liability\nfor any aspect of the records relating to or notices to Beneficial Owners, or payments made on account of beneficial ownership\ninterests in Shares, or for maintaining, supervising, or reviewing any records relating to such beneficial ownership interests,\nor for any other aspect of the relationship between DTC and the DTC Participants or the relationship between such DTC Participants\nand the Indirect Participants and Beneficial Owners owning through such DTC Participants.

DTC may determine to discontinue providing\nits service with respect to a Fund at any time by giving reasonable notice to the Fund and discharging its responsibilities with\nrespect thereto under applicable law. Under such circumstances, the Fund shall act either to find a replacement for DTC to perform\nits functions at a comparable cost or, if such replacement is unavailable, to issue and deliver printed certificates representing\nownership of Shares, unless the Trust makes other arrangements with respect thereto satisfactory to the Exchange.

PURCHASE AND REDEMPTION OF SHARES IN\nCREATION UNITS

The Trust issues and redeems Shares only\nin Creation Units on a continuous basis through the Transfer Agent, without a sales load (but subject to transaction fees, if applicable),\nat their NAV per share next determined after receipt of an order, on any Business Day, in proper form pursuant to the terms of\nthe Authorized Participant Agreement (“Participant Agreement”). The NAV of Shares is calculated each Business Day as\nof the scheduled close of regular trading on the NYSE, generally 4:00 p.m., Eastern Time. The Funds will not issue fractional Creation\nUnits. A “Business Day” is any day on which the NYSE is open for regular trading.

Placement of Creation or Redemption\nOrders. All orders to purchase or redeem Creation Units are to be governed according to the applicable Participant Agreement\nthat each Authorized Participant has executed. In general, all orders to purchase or redeem Creation Units must be received by\nthe transfer agent in the proper form required by the Participant Agreement no later than the closing time of the regular trading\nsession of the NYSE (ordinarily 4:00 p.m. Eastern Time) on each day the NYSE is open for business (the “Closing Time”)\nin order for the purchase or redemption of Creation Units to be effected based on the NAV of shares of a Fund as next determined\non such date after receipt of the order in proper form. At its discretion, a Fund may require an Authorized Participant to submit\nan order to purchase or redeem Creation Units earlier in the day, or the prior Business Day, including in circumstances in which\nan applicable market for a security included in the creation or redemption basket closes earlier than usual, or in such other circumstances\nas the Fund may determine and disclose to Authorized Participants. In general, any Fund Deposit (as defined below) or Additional\nCash Deposit (as also defined below) corresponding to the placement of an order to purchase Creation Units must be transferred\nand delivered to the Custodian by no later than 2 p.m. Eastern Time for a Fund on the contractual settlement date (or such other\ntime as specified by the Trust and disclosed to Authorized Participants) (in each instance, the “Deposit Deadline”).

Fund Deposit. The consideration\nfor purchase of a Creation Unit of a Fund generally consists of the in-kind deposit of a designated portfolio of securities (the\n“Deposit Securities”) per each Creation Unit and the Cash Component (defined below), computed as described below. Notwithstanding\nthe foregoing, the Trust reserves the right to permit or require the substitution of a “cash in lieu” amount (“Deposit\nCash”) to be added to the Cash Component to replace any Deposit Security. When accepting purchases of Creation Units for\nall or a portion of Deposit Cash, a Fund may incur additional costs associated with the acquisition of Deposit Securities that\nwould otherwise be provided by an in-kind purchaser.

Together, the Deposit Securities or Deposit\nCash, as applicable, and the Cash Component constitute the “Fund Deposit,” which represents the minimum initial and\nsubsequent investment amount for a Creation Unit of a Fund. The “Cash Component” is an amount equal to the difference\nbetween the NAV of Shares (per Creation Unit) and the value of the Deposit Securities or Deposit Cash, as applicable. If the Cash\nComponent is a positive number (i.e., the NAV per Creation Unit exceeds the value of the Deposit Securities or Deposit Cash, as\napplicable), the Cash Component shall be such positive amount. If the Cash Component is a negative number (i.e., the NAV per Creation\nUnit is less than the value of the Deposit Securities or Deposit Cash, as applicable), the Cash Component shall be such negative\namount and the creator will be entitled to receive cash in an amount equal to the Cash Component. The Cash Component serves the\nfunction of compensating for any differences between the NAV per Creation Unit and the value of the Deposit Securities or Deposit\nCash, as applicable. Computation of the Cash Component excludes any stamp duty or other similar fees and expenses payable upon\ntransfer of beneficial ownership of the Deposit Securities, if applicable, which shall be the sole responsibility of the Authorized\nParticipant (as defined below).

Each Fund, through NSCC, make available\non each Business Day, prior to the opening of business on the Exchange (currently 9:30 a.m., Eastern Time), the list of the names\nand the required number of Shares of each Deposit Security or the required amount of Deposit Cash, as applicable, to be included\nin the current Fund Deposit (based on information at the end of the previous Business Day) for the Fund. Such Fund Deposit is subject\nto any applicable adjustments as described below, to effect purchases of Creation Units of the applicable Fund until such time\nas the next-announced composition of the Deposit Securities or the required amount of Deposit Cash, as applicable, is made available.

The identity and number of Shares of the\nDeposit Securities or the amount of Deposit Cash, as applicable, required for the Fund Deposit for a Fund may change from time\nto time.

Cash Purchase. The Trust may at\nits discretion permit full or partial cash purchases of Creation Units of a Fund. When full or partial cash purchases of Creation\nUnits are available or specified for a Fund, they will be effected in essentially the same manner as in-kind purchases thereof.\nIn the case of a full or partial cash purchase, the Authorized Participant must pay the cash equivalent of the Deposit Securities\nit would otherwise be required to provide through an in-kind purchase, plus the same Cash Component required to be paid by an in-kind\npurchaser together with a creation transaction fee and non-standard charges, as may be applicable.

Procedures for Purchase of Creation\nUnits. To be eligible to place orders with the Transfer Agent to purchase a Creation Unit of a Fund, an entity must be (i)\na “Participating Party” (i.e., a broker-dealer or other participant in the clearing process through the Continuous\nNet Settlement System of the NSCC (the “Clearing Process”)), a clearing agency that is registered with the SEC; or\n(ii) a DTC Participant (see “Book Entry Only System”). In addition, each Participating Party or DTC Participant (each,\nan “Authorized Participant”) must execute a Participant Agreement with respect to purchases and redemptions of Creation\nUnits. Each Authorized Participant will agree, pursuant to the terms of a Participant Agreement, on behalf of itself or any investor\non whose behalf it will act, to certain conditions, including that it will pay to the Trust, an amount of cash sufficient to pay\nthe Cash Component together with the creation transaction fee (described below), if applicable, and any other applicable fees and\ntaxes.

All orders to purchase Shares directly\nfrom a Fund must be placed for one or more Creation Units and in the manner and by the time set forth in the Participant Agreement\nand/or applicable order form. The order cut-off time for orders to purchase Creation Units is generally the Closing Time, which\ntime may be modified by the Fund from time-to-time by amendment to the Participant Agreement and/or applicable order form or as\nnoted under “Placement of Creation or Redemption Orders.” The date on which an order to purchase Creation Units (or\nan order to redeem Creation Units, as set forth below) is received and accepted is referred to as the “Order Placement Date.”

An Authorized Participant may require an\ninvestor to make certain representations or enter into agreements with respect to the order (e.g., to provide for payments\nof cash, when required). Investors should be aware that their particular broker may not have executed a Participant Agreement and\nthat, therefore, orders to purchase Shares directly from a Fund in Creation Units must be placed by the investor’s broker\nthrough an Authorized Participant that has executed a Participant Agreement. In such cases there may be additional charges to such\ninvestor. At any given time, there may be only a limited number of broker-dealers that have executed a Participant Agreement and\nonly a small number of such Authorized Participants may have international capabilities.

On days when the Exchange closes earlier\nthan normal, each Fund may require orders to create Creation Units to be placed earlier in the day. In addition, if a market or\nmarkets on which a Fund’s investments are primarily traded is closed, the Fund will also generally not accept orders on such\nday(s). Orders must be transmitted by an Authorized Participant by telephone or other transmission method acceptable to the Transfer\nAgent pursuant to procedures set forth in the Participant Agreement and in accordance with the applicable order form. On behalf\nof a Fund, the Transfer Agent will notify the Custodian of such order. The Custodian will then provide such information to the\nappropriate local sub-custodian(s). Those placing orders through an Authorized Participant should allow sufficient time to permit\nproper submission of the purchase order to the Transfer Agent by the cut-off time on such Business Day. Economic or market disruptions\nor changes, or telephone or other communication failure may impede the ability to reach the Transfer Agent or an Authorized Participant.

Fund Deposits must be delivered by an Authorized\nParticipant through the Federal Reserve System (for cash) or through DTC (for corporate securities), through a subcustody agent\n(for foreign securities) and/or through such other arrangements allowed by the Trust or its agents. With respect to foreign Deposit\nSecurities, the Custodian shall cause the subcustodian of a Fund to maintain an account into which the Authorized Participant shall\ndeliver, on behalf of itself or the party on whose behalf it is acting, such Deposit Securities (or Deposit Cash for all or a part\nof such securities, as permitted or required), with any appropriate adjustments as advised by the Trust. Foreign Deposit Securities\nmust be delivered to an account maintained at the applicable local subcustodian. A Fund Deposit transfer must be ordered by the\nAuthorized Participant in a timely fashion to ensure the delivery of the requisite number of Deposit Securities or Deposit Cash,\nas applicable, to the account of the applicable Fund or its agents by no later than the Deposit Deadline. If the applicable Fund\nor its agents do not receive all of the Deposit Securities, or the required Deposit Cash in lieu thereof, by such time, then the\norder may be deemed rejected and the Authorized Participant shall be liable to the Fund for losses, if any, resulting therefrom.\nAll questions as to the number of Deposit Securities or Deposit Cash to be delivered, as applicable, and the validity, form and\neligibility (including time of receipt) for the deposit of any tendered securities or cash, as applicable, will be determined by\nthe Trust, whose determination shall be final and binding. The amount of cash represented by the Cash Component must be transferred\ndirectly to the Custodian through the Federal Reserve Bank wire transfer system in a timely manner to be received by the Custodian\nno later than the contractual settlement date. If the Cash Component and the Deposit Securities or Deposit Cash, as applicable,\nare not received by the Custodian in a timely manner by the contractual settlement date, the creation order may be cancelled. Upon\nwritten notice to the Transfer Agent, such canceled order may be resubmitted the following Business Day using a Fund Deposit as\nnewly constituted to reflect the then current NAV of such Fund.

The order shall be deemed to be received\non the Business Day on which the order is placed provided that the order is placed in proper form prior to the applicable cut-off\ntime and the federal funds in the appropriate amount are deposited by with the Custodian by no later than the Deposit Deadline.\nIf the order is not placed in proper form as required, or federal funds in the appropriate amount are not received by the Deposit\nDeadline, then the order may be deemed to be rejected and the Authorized Participant shall be liable to the applicable Fund for\nlosses, if any, resulting therefrom. A creation request is in “proper form” if all procedures set forth in the Participant\nAgreement, order form and this SAI are properly followed.

Issuance of a Creation Unit. Except\nas provided in this SAI, Creation Units will not be issued until the transfer of good title to the Trust of the Deposit Securities\nor payment of Deposit Cash, as applicable, and the payment of the Cash Component have been completed. When the required Deposit\nSecurities (or the cash value thereof) have been delivered to the account of the Custodian (or sub-custodian, as applicable), the\nTransfer Agent and the Adviser shall be notified of such delivery, and the Trust will issue and cause the delivery of the Creation\nUnits. The typical settlement date for each transaction will be within one day of the transaction (commonly referred to as “T+1”),\nunless the Fund and Authorized Participant agree to a different timeline for settlement or the transaction is exempt from the requirements\nof Rule 15c6-1 under the 1934 Act. Due to the schedule of holidays in certain countries, however, the delivery of Shares may take\nlonger than one Business Day following the day on which the purchase order is received. In such cases, the local market settlement\nprocedures will not commence until the end of local holiday periods. The Authorized Participant shall be liable to the Funds for\nlosses, if any, resulting from unsettled orders.

Creation Units may be purchased in advance\nof receipt by the Trust of all or a portion of the applicable Deposit Securities as described below. In these circumstances, the\ninitial deposit will have a value greater than the NAV of the Shares on the date the order is placed in proper form since, in addition\nto available Deposit Securities, cash must be deposited in an amount equal to the sum of (i) the Cash Component, plus (ii) an additional\namount of cash equal to a percentage of the value as set forth in the Participant Agreement, of the undelivered Deposit Securities\n(the “Additional Cash Deposit”), which shall be maintained in a separate non-interest bearing collateral account. The\nAuthorized Participant must deposit with the Custodian the Additional Cash Deposit, as applicable, by the Deposit Deadline. If\nthe applicable Fund or its agents do not receive the Additional Cash Deposit in the appropriate amount, by such time, then the\norder may be deemed rejected and the Authorized Participant shall be liable to the applicable Fund for losses, if any, resulting\ntherefrom. An additional amount of cash shall be required to be deposited with the Trust, pending delivery of the missing Deposit\nSecurities to the extent necessary to maintain the Additional Cash Deposit with the Trust in an amount at least equal to the applicable\npercentage, as set forth in the Participant Agreement, of the daily market value of the missing Deposit Securities. The Participant\nAgreement will permit the Trust to buy the missing Deposit Securities at any time. Authorized Participants will be liable to the\nTrust for the costs incurred by the Trust in connection with any such purchases. These costs will be deemed to include the amount\nby which the actual purchase price of the Deposit Securities exceeds the value of such Deposit Securities on the day the purchase\norder was deemed received by the Transfer Agent plus the brokerage and related transaction costs associated with such purchases.\nThe Trust will return any unused portion of the Additional Cash Deposit once all of the missing Deposit Securities have been properly\nreceived by the Custodian or purchased by the Trust and deposited into the Trust. In addition, a transaction fee, as described\nbelow under “Creation Transaction Fee,” may be charged. The delivery of Creation Units so created generally will occur\nno later than the contractual settlement date.

Acceptance of Orders of Creation Units.\nThe Trust reserves the right to reject an order for Creation Units transmitted to it by the Transfer Agent with respect to a Fund\nincluding, without limitation, if (a) the order is not in proper form; (b) the Deposit Securities or Deposit Cash, as applicable,\ndelivered by the Authorized Participant are not as disseminated through the facilities of the NSCC for that date by the Custodian;\n(c) the investor(s), upon obtaining Shares ordered, would own 80% or more of the currently outstanding Shares of the Fund; (d)\nthe acceptance of the Fund Deposit would, in the opinion of counsel, be unlawful; (e) the acceptance or receipt of the order for\na Creation Unit would, in the opinion of counsel to the Trust, be unlawful; or (f) in the event that circumstances outside the\ncontrol of the Trust, the Custodian, the Transfer Agent and/or the Adviser make it for all practical purposes not feasible to process\norders for Creation Units.

Examples of such circumstances include\nacts of God; public service or utility problems such as fires, floods, extreme weather conditions and power outages resulting in\ntelephone, telecopy and computer failures; market conditions or activities causing trading halts; systems failures involving computer\nor other information systems affecting the Trust, the Distributor, the Custodian, a sub-custodian, the Transfer Agent, DTC, NSCC,\nFederal Reserve System, or any other participant in the creation process, and other extraordinary events. The Transfer Agent shall\nnotify a prospective creator of a Creation Unit and/or the Authorized Participant acting on behalf of the creator of a Creation\nUnit of its rejection of the order of such person. The Trust, the Transfer Agent, the Custodian, any sub-custodian and the Distributor\nare under no duty, however, to give notification of any defects or irregularities in the delivery of Fund Deposits nor shall either\nof them incur any liability for the failure to give any such notification. The Trust, the Transfer Agent, the Custodian and the\nDistributor shall not be liable for the rejection of any purchase order for Creation Units.

All questions as to the number of Shares\nof each security in the Deposit Securities and the validity form, eligibility and acceptance for deposit of any securities to be\ndelivered shall be determined by the Trust, and the Trust’s determination shall be final and binding.

Notwithstanding the Trust’s ability\nto reject an order for creation units, the Trust will only do so in a manner consistent with any current or future SEC rulemaking\nor guidance relating thereto; provided that, no such suspension of the issuance of creation units will be done in a manner that\nimpairs the arbitrage mechanism for investors.

Creation Transaction Fee. A fixed\npurchase (i.e., creation) transaction fee, payable to the Custodian, may be imposed for the transfer and other transaction costs\nassociated with the purchase of Creation Units (“Creation Order Costs”). The standard fixed creation transaction fee\nfor each Fund, regardless of the number of Creation Units created in the transaction, can be found in the table below. Each Fund\nmay adjust the standard fixed creation transaction fee from time to time. The fixed creation fee may be waived on certain orders\nif the Custodian has determined to waive some or all of the Creation Order Costs associated with the order or another party, such\nas the Adviser, has agreed to pay such fee.

In addition, a variable fee, payable\nto the Funds, of up to the maximum percentage listed in the table below of the value of the Creation Units subject to the transaction\nmay be imposed for cash purchases, non-standard orders, or partial cash purchases of Creation Units. The variable charge is primarily\ndesigned to cover additional costs (e.g., brokerage, taxes) involved with buying the securities with cash. Each Fund may determine\nto not charge a variable fee on certain orders when the Adviser has determined that doing so is in the best interests of Fund shareholders.\n

\n\n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n

Name of Fund	Fixed Creation \n Transaction Fee	Maximum Variable \n Transaction Fee
Defiance Daily Target 2X Long AMPG ETF	$300	2%
Defiance Daily Target 2X Long BRUN ETF	$300	2%
Defiance Daily Target 2X Long FCEL ETF	$300	2%
Defiance Daily Target 2X Long FISN ETF	$300	2%
Defiance Daily Target 2X Long FTNT ETF	$300	2%
Defiance Daily Target 2X Long GRRR ETF	$300	2%
Defiance Daily Target 2X Long LPTH ETF	$300	2%
Defiance Daily Target 2X Long OPTX ETF	$300	2%
Defiance Daily Target 2X Long ORBS ETF	$300	2%
Defiance Daily Target 2X Long QTEX ETF	$300	2%

Investors who use the services of a broker\nor other such intermediary may be charged a fee for such services. Investors are responsible for the fixed costs of transferring\nthe Fund Securities (defined below) from the Trust to their account or on their order.

Risks of Purchasing Creation Units.\nThere are certain legal risks unique to investors purchasing Creation Units directly from a Fund. Because Shares may be issued\non an ongoing basis, a “distribution” of Shares could be occurring at any time. Certain activities that a shareholder\nperforms as a dealer could, depending on the circumstances, result in the shareholder being deemed a participant in the distribution\nin a manner that could render the shareholder a statutory underwriter and subject to the prospectus delivery and liability provisions\nof the Securities Act. For example, a shareholder could be deemed a statutory underwriter if it purchases Creation Units from a\nFund, breaks them down into the constituent Shares, and sells those Shares directly to customers, or if a shareholder chooses to\ncouple the creation of a supply of new Shares with an active selling effort involving solicitation of secondary-market demand for\nShares. Whether a person is an underwriter depends upon all of the facts and circumstances pertaining to that person’s activities,\nand the examples mentioned here should not be considered a complete description of all the activities that could cause you to be\ndeemed an underwriter.

Dealers who are not “underwriters”\nbut are participating in a distribution (as opposed to engaging in ordinary secondary-market transactions), and thus dealing with\nShares as part of an “unsold allotment” within the meaning of Section 4(a)(3)(C) of the Securities Act, will be unable\nto take advantage of the prospectus delivery exemption provided by Section 4(a)(3) of the Securities Act.

Redemption. Shares may be redeemed\nonly in Creation Units at their NAV next determined after receipt of a redemption request in proper form by the Funds through the\nTransfer Agent and only on a Business Day. EXCEPT UPON LIQUIDATION OF A FUND, THE FUND WILL NOT REDEEM SHARES IN AMOUNTS LESS THAN\nCREATION UNITS. Investors must accumulate enough Shares in the secondary market to constitute a Creation Unit to have such Shares\nredeemed by the Trust. There can be no assurance, however, that there will be sufficient liquidity in the public trading market\nat any time to permit assembly of a Creation Unit. Investors should expect to incur brokerage and other costs in connection with\nassembling a sufficient number of Shares to constitute a redeemable Creation Unit.

With respect to each Fund, the Custodian,\nthrough the NSCC, makes available prior to the opening of business on the Exchange (currently 9:30 a.m., Eastern Time) on each\nBusiness Day, the list of the names and Share quantities of each Fund’s portfolio securities that will be applicable (subject\nto possible amendment or correction) to redemption requests received in proper form (as defined below) on that day (“Fund\nSecurities”). Fund Securities received on redemption may not be identical to Deposit Securities.

Redemption proceeds for a Creation Unit\nare paid either in-kind or in cash, or combination thereof, as determined by the Trust. With respect to in-kind redemptions of\nthe Funds, redemption proceeds for a Creation Unit will consist of Fund Securities—as announced by the Custodian on the Business\nDay of the request for redemption received in proper form plus cash in an amount equal to the difference between the NAV of Shares\nbeing redeemed, as next determined after a receipt of a request in proper form, and the value of the Fund Securities (the “Cash\nRedemption Amount”), less a fixed redemption transaction fee, as applicable, as set forth below. If the Fund Securities have\na value greater than the NAV of Shares, a compensating cash payment equal to the differential is required to be made by or through\nan Authorized Participant by the redeeming shareholder. Notwithstanding the foregoing, at the Trust’s discretion, an Authorized\nParticipant may receive the corresponding cash value of the securities in lieu of the in-kind securities value representing one\nor more Fund Securities.

The typical settlement date for each redemption\ntransaction will be within one day of the transaction (or T+1), unless the Fund and Authorized Participant agree to a different\ntimeline for settlement or the transaction is exempt from the requirements of Rule 15c6-1 under the 1934 Act. Due to the schedule\nof holidays in certain countries, however, the receipt of redemption proceeds may take longer than one Business Day following the\nday on which the purchase order is received. In such cases, the local market settlement procedures will not commence until the\nend of local holiday periods.

Redemption Transaction Fee. A fixed\nredemption transaction fee, payable to the Custodian, may be imposed for the transfer and other transaction costs associated with\nthe redemption of Creation Units (“Redemption Order Costs”). The standard fixed redemption transaction fee for a Fund,\nregardless of the number of Creation Units redeemed in the transaction, can be found in the table below. Each Fund may adjust the\nredemption transaction fee from time to time. The fixed redemption fee may be waived on certain orders if the Custodian has determined\nto waive some or all of the Redemption Order Costs associated with the order or another party, such as the Adviser, has agreed\nto pay such fee.

In addition, a variable fee, payable\nto each Fund, of up to the maximum percentage listed in the table below of the value of the Creation Units subject to the transaction\nmay be imposed for cash redemptions, non-standard orders, or partial cash redemptions (when cash redemptions are available) of\nCreation Units. The variable charge is primarily designed to cover additional costs (e.g., brokerage, taxes) involved with selling\nportfolio securities to satisfy a cash redemption. Each Fund may determine to not charge a variable fee on certain orders when\nthe Adviser has determined that doing so is in the best interests of Fund shareholders.

\n\n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n

Name of Fund	Fixed Redemption \n Transaction Fee	Maximum Variable \n Transaction Fee
Defiance Daily Target 2X Long AMPG ETF	$300	2%
Defiance Daily Target 2X Long BRUN ETF	$300	2%
Defiance Daily Target 2X Long FCEL ETF	$300	2%
Defiance Daily Target 2X Long FISN ETF	$300	2%
Defiance Daily Target 2X Long FTNT ETF	$300	2%
Defiance Daily Target 2X Long GRRR ETF	$300	2%
Defiance Daily Target 2X Long LPTH ETF	$300	2%
Defiance Daily Target 2X Long OPTX ETF	$300	2%
Defiance Daily Target 2X Long ORBS ETF	$300	2%
Defiance Daily Target 2X Long QTEX ETF	$300	2%

Procedures for Redemption of Creation\nUnits. Orders to redeem Creation Units must generally be submitted in proper form to the Transfer Agent prior to the Closing\nTime, subject to the Fund’s right to require an earlier submission as indicated under “Placement of Creation or Redemption\nOrders.” A redemption request is considered to be in “proper form” if (i) an Authorized Participant has transferred\nor caused to be transferred to the Trust’s Transfer Agent the Creation Unit(s) being redeemed through the book-entry system\nof DTC so as to be effective by the time as set forth in the Participant Agreement and (ii) a request in form satisfactory to the\nTrust is received by the Transfer Agent from the Authorized Participant on behalf of itself or another redeeming investor within\nthe time periods specified in the Participant Agreement. If the Transfer Agent does not receive the investor’s Shares through\nDTC’s facilities by the times and pursuant to the other terms and conditions set forth in the Participant Agreement, the\nredemption request shall be rejected.

The Authorized Participant must transmit\nthe request for redemption, in the form required by the Trust, to the Transfer Agent in accordance with procedures set forth in\nthe Authorized Participant Agreement. Investors should be aware that their particular broker may not have executed an Authorized\nParticipant Agreement, and that, therefore, requests to redeem Creation Units may have to be placed by the investor’s broker\nthrough an Authorized Participant who has executed an Authorized Participant Agreement. Investors making a redemption request should\nbe aware that such request must be in the form specified by such Authorized Participant. Investors making a request to redeem Creation\nUnits should allow sufficient time to permit proper submission of the request by an Authorized Participant and transfer of the\nShares to the Trust’s Transfer Agent; such investors should allow for the additional time that may be required to effect\nredemptions through their banks, brokers or other financial intermediaries if such intermediaries are not Authorized Participants.

Additional Redemption Procedures.\nIn connection with taking delivery of Shares of Fund Securities upon redemption of Creation Units, a redeeming shareholder or Authorized\nParticipant acting on behalf of such Shareholder must maintain appropriate custody arrangements with a qualified broker-dealer,\nbank, or other custody providers in each jurisdiction in which any of the Fund Securities are customarily traded, to which account\nsuch Fund Securities will be delivered. Deliveries of redemption proceeds will generally be made by the next Business Day following\nthe trade date, as discussed above.

The Trust may in its discretion exercise\nits option cause a Fund to redeem such Shares in cash, and the redeeming investor will be required to receive its redemption proceeds\nin cash. In addition, an investor may request a redemption in cash that the applicable Fund may, in its sole discretion, permit.\nIn either case, the investor will receive a cash payment equal to the NAV of its Shares based on the NAV of Shares of such Fund\nnext determined after the redemption request is received in proper form (minus a redemption transaction fee, if applicable, and\nadditional charge for requested cash redemptions specified above, to offset the Trust’s brokerage and other transaction costs\nassociated with the disposition of Fund Securities). A Fund may also, in its sole discretion, upon request of a shareholder, provide\nsuch redeemer a portfolio of securities that differs from the exact composition of the Fund Securities but does not differ in NAV.

Redemptions of Shares for Fund Securities\nwill be subject to compliance with applicable federal and state securities laws and each Fund (whether or not it otherwise permits\ncash redemptions) reserves the right to redeem Creation Units for cash to the extent that the Trust could not lawfully deliver\nspecific Fund Securities upon redemptions or could not do so without first registering the Fund Securities under such laws. An\nAuthorized Participant or an investor for which it is acting subject to a legal restriction with respect to a particular security\nincluded in the Fund Securities applicable to the redemption of Creation Units may be paid an equivalent amount of cash. The Authorized\nParticipant may request the redeeming investor of the Shares to complete an order form or to enter into agreements with respect\nto such matters as compensating cash payment. Further, an Authorized Participant that is not a “qualified institutional buyer,”\n(“QIB”) as such term is defined under Rule 144A of the Securities Act, will not be able to receive Fund Securities\nthat are restricted securities eligible for resale under Rule 144A. An Authorized Participant may be required by the Trust to provide\na written confirmation with respect to QIB status to receive Fund Securities.

The right of redemption may be suspended\nor the date of payment postponed with respect to a Fund (1) for any period during which the Exchange is closed (other than customary\nweekend and holiday closings); (2) for any period during which trading on the Exchange is suspended or restricted; (3) for any\nperiod during which an emergency exists as a result of which disposal of the Shares of the Fund or determination of the NAV of\nthe Shares is not reasonably practicable; or (4) in such other circumstance as is permitted by the SEC.

DETERMINATION OF NET ASSET VALUE

NAV per Share for each Fund is computed\nby dividing the value of the net assets of such Fund (i.e., the value of its total assets, less total liabilities) by the total\nnumber of Shares outstanding, rounded to the nearest cent. Expenses and fees, including the management fees, are accrued daily\nand taken into account for the purpose of determining NAV. The NAV of each Fund is calculated by Global Fund Services and determined\nat the scheduled close of the regular trading session on the NYSE (ordinarily 4:00 p.m., Eastern Time) on each day that the NYSE\nis open, provided that fixed-income assets may be valued as of the announced closing time for trading in fixed-income instruments\non any day that the Securities Industry and Financial Markets Association (“SIFMA”) announces an early closing time.

In calculating a Fund’s NAV per\nShare, the Fund’s investments are generally valued using market valuations. A market valuation generally means a valuation\n(1) obtained from an exchange, a pricing service, or a major market maker (or dealer), (2) based on a price quotation or other\nequivalent indication of value supplied by an exchange, a pricing service, or a major market maker (or dealer) or (3) based on\namortized cost. In the case of shares of other funds that are not traded on an exchange, a market valuation means such fund’s\npublished NAV per share. The Fund may use various pricing services, or discontinue the use of any pricing service, as approved\nby the Board from time to time. A price obtained from a pricing service based on such pricing service’s valuation matrix\nmay be considered a market valuation. Any assets or liabilities denominated in currencies other than the U.S. dollar are converted\ninto U.S. dollars at the current market rates on the date of valuation as quoted by one or more sources.

Each Fund values swap agreements based\non the nature of the underlying reference asset or index. Each Fund may use the closing price of the underlying reference asset,\nas provided by independent pricing services, or evaluated prices generated by pricing vendors’ models. Each Fund values exchange-traded\noptions at the composite mean price, calculated as the average of the highest bid and lowest ask prices across the exchanges on\nwhich the option is principally traded.

When market prices are not “readily\navailable” or are deemed to be unreliable, consistent with Rule 2a-5 under the 1940 Act, the Trust and the Adviser have adopted\nprocedures and methodologies wherein the Adviser, serving as the Fund’s Valuation Designee (as defined in Rule 2a-5), determines\nthe fair value of Fund investments.

DIVIDENDS AND DISTRIBUTIONS

The following information supplements and\nshould be read in conjunction with the section in the Prospectus entitled “Dividends, Distributions, and Taxes.”

General Policies. Each Fund seeks\nto pay out dividends and interest income, if any, annually, and distribute any net realized capital gains to its shareholders at\nleast annually.

Each Fund will declare and pay income and\ncapital gain distributions, if any, in cash. Distributions of net realized capital gains, if any, generally are declared and paid\nonce a year, but the Fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal\nRevenue Code of 1986, as amended, (the “Code”), in all events in a manner consistent with the provisions of the 1940\nAct.

Dividends and other distributions on Shares\nare distributed, as described below, on a pro rata basis to Beneficial Owners of such Shares. Dividend payments are made through\nDTC Participants and Indirect Participants to Beneficial Owners then of record with proceeds received from the Trust.

Each Fund makes additional distributions\nto the extent necessary (1) to distribute the entire annual taxable income of the Fund, plus any net capital gains and (2) to avoid\nimposition of the excise tax imposed by Section 4982 of the Code. Management of the Trust reserves the right to declare special\ndividends if, in its reasonable discretion, such action is necessary or advisable to preserve the Fund’s eligibility for\ntreatment as a RIC or to avoid imposition of income or excise taxes on undistributed income at the Fund level.

Dividend Reinvestment Service. The\nTrust will not make the DTC book-entry dividend reinvestment service available for use by Beneficial Owners for reinvestment of\ntheir cash proceeds, but certain individual broker-dealers may make available the DTC book-entry Dividend Reinvestment Service\nfor use by Beneficial Owners of the applicable Fund through DTC Participants for reinvestment of their dividend distributions.\nInvestors should contact their brokers to ascertain the availability and description of these services. Beneficial Owners should\nbe aware that each broker may require investors to adhere to specific procedures and timetables to participate in the dividend\nreinvestment service and investors should ascertain from their brokers such necessary details. If this service is available and\nused, dividend distributions of both income and realized gains will be automatically reinvested in additional whole Shares of the\napplicable Fund issued by the Trust of such Fund at NAV per Share. Distributions reinvested in additional Shares will nevertheless\nbe taxable to Beneficial Owners acquiring such additional Shares to the same extent as if such distributions had been received\nin cash.

FEDERAL INCOME TAXES

The following is only a summary of certain\nU.S. federal income tax considerations generally affecting the Funds and their respective shareholders that supplements the discussion\nin the Prospectus. No attempt is made to present a comprehensive explanation of the federal, state, local or foreign tax treatment\nof the Funds or their respective shareholders, and the discussion here and in the Prospectus is not intended to be a substitute\nfor careful tax planning.

The following general discussion of certain\nU.S. federal income tax consequences is based on provisions of the Code and the regulations issued thereunder as in effect on the\ndate of this SAI. New legislation, as well as administrative changes or court decisions, may significantly change the conclusions\nexpressed herein, and may have a retroactive effect with respect to the transactions contemplated herein.

The tax legislation commonly referred to\nas the Tax Cuts and Jobs Act (the “Tax Act”) made significant changes to the U.S. federal income tax rules for taxation\nof individuals and corporations, generally effective for taxable years beginning after December 31, 2017. Many of the changes applicable\nto individuals are temporary and would apply only to taxable years before January 1, 2026. There were only minor changes with respect\nto the specific rules applicable to RICs, such as the Funds. The Tax Act, however, also made numerous other changes to the tax\nrules that may affect shareholders and the Funds. Subsequent legislation has modified certain changes to the U.S. federal income\ntax rules made by the Tax Act which may, in addition, affect shareholders and the Funds. You are urged to consult with your own\ntax advisor regarding how this legislation affects your investment in a Fund.

Shareholders are urged to consult their\nown tax advisers regarding the application of the provisions of tax law described in this SAI in light of the particular tax situations\nof the shareholders and regarding specific questions as to federal, state, local, or foreign taxes.

Taxation of the Funds. Each Fund\nwill elect and intends to qualify each year to be treated as a RIC under the Code. As such, each Fund should not be subject to\nfederal income taxes on its net investment income and capital gains, if any, to the extent that it timely distributes such income\nand capital gains to its shareholders. Generally, to be taxed as a RIC, a Fund must distribute in each taxable year at least 90%\nof its net investment income for the taxable year, which includes, among other items, dividends, interest, net short-term capital\ngain and net foreign currency gain, less expenses, as well as 90% of its net tax-exempt interest income, if any (the “Distribution\nRequirement”) and also must meet several additional requirements. Among these requirements are the following: (i) at least\n90% of the Fund’s gross income each taxable year must be derived from dividends, interest, payments with respect to certain\nsecurities loans, gains from the sale or other disposition of stock, securities or foreign currencies, or other income derived\nwith respect to its business of investing in such stock, securities or foreign currencies, and net income derived from interests\nin qualified publicly traded partnerships (the “Qualifying Income Requirement”); and (ii) at the end of each quarter\nof the Fund’s taxable year, the Fund’s assets must be diversified so that (a) at least 50% of the value of the Fund’s\ntotal assets is represented by cash and cash items, U.S. government securities, securities of other RICs, and other securities,\nwith such other securities limited, in respect to any one issuer, to an amount not greater in value than 5% of the value of the\nFund’s total assets and to not more than 10% of the outstanding voting securities of such issuer, and (b) not more than 25%\nof the value of its total assets is invested in the securities (other than U.S. government securities or securities of other RICs)\nof any one issuer, the securities (other than securities of other RICs) of two or more issuers which the Fund controls and which\nare engaged in the same, similar, or related trades or businesses, or the securities of one or more qualified publicly traded partnerships\n(the “Diversification Requirement”).

For purposes of the Diversification Requirement,\nexchange-traded options on a single security are, and swap contracts on a single security very likely are, treated as issued by\nthe issuer of the underlying security, and not by the counter party, exchange or clearing house which legally issues the swap contract\nor option. Thus, such swap contracts and options on a single security are treated as issued by a single issuer. Each Fund will\nmonitor its investments so that the value of swap contracts and options on shares of a single issuer does not exceed 25% of the\nFund’s value at the close of any quarter, and that its holdings will not be concentrated to the extent that the Fund fails\nthe 50% test at the close of any quarter. There is no assurance that the Fund will be able to satisfy the Diversification Requirement.\nIn some cases, identification of the issuer (or issuers) is uncertain under current law, and an adverse determination or future\nguidance by the IRS with respect to issuer identification for a particular type of investment may adversely affect the Fund’s\nability to meet the Diversification Test.

To the extent a Fund makes investments\nthat may generate income that is not qualifying income, including certain derivatives, such Fund will seek to restrict the resulting\nincome from such investments so that the Fund’s non-qualifying income does not exceed 10% of its gross income.

Although each Fund intends to distribute\nsubstantially all of its net investment income and may distribute its capital gains for any taxable year, a Fund will be subject\nto federal income taxation to the extent any such income or gains are not distributed. Each Fund is treated as a separate corporation\nfor federal income tax purposes. Each Fund therefore is considered to be a separate entity in determining its treatment under the\nrules for RICs described herein. The requirements (other than certain organizational requirements) for qualifying RIC status are\ndetermined at the Fund level rather than at the Trust level.

If a Fund fails to satisfy the Qualifying\nIncome Requirement or the Diversification Requirement in any taxable year, the Fund may be eligible for relief provisions if the\nfailures are due to reasonable cause and not willful neglect and if a penalty tax is paid with respect to each failure to satisfy\nthe applicable requirements. Additionally, relief is provided for certain de minimis failures of the Diversification Requirement\nwhere a Fund corrects the failure within a specified period of time. To be eligible for the relief provisions with respect to a\nfailure to meet the Diversification Requirement, a Fund may be required to dispose of certain assets. If these relief provisions\nwere not available to a Fund and it were to fail to qualify for treatment as a RIC for a taxable year, all of its taxable income\nwould be subject to tax at regular corporate rates without any deduction for distributions to shareholders, and its distributions\n(including capital gains distributions) generally would be taxable to the shareholders of the applicable Fund as ordinary income\ndividends, subject to the dividends received deduction for corporate shareholders and the lower tax rates on qualified dividend\nincome received by noncorporate shareholders, subject to certain limitations. To requalify for treatment as a RIC in a subsequent\ntaxable year, the Fund would be required to satisfy the RIC qualification requirements for that year and to distribute any earnings\nand profits from any year in which the Fund failed to qualify for tax treatment as a RIC. If the Fund failed to qualify as a RIC\nfor a period greater than two taxable years, it would generally be required to pay a fund-level tax on certain net built in gains\nrecognized with respect to certain of its assets upon disposition of such assets within five years of qualifying as a RIC in a\nsubsequent year. The Board reserves the right not to maintain the qualification of a Fund for treatment as a RIC if it determines\nsuch course of action to be beneficial to shareholders. If a Fund determines that it will not qualify as a RIC, the Fund will establish\nprocedures to reflect the anticipated tax liability in such Fund’s NAV.

Each Fund may elect to treat part or all\nof any “qualified late year loss” as if it had been incurred in the succeeding taxable year in determining the Fund’s\ntaxable income, net capital gain, net short-term capital gain, and earnings and profits. The effect of this election is to treat\nany such “qualified late year loss” as if it had been incurred in the succeeding taxable year in characterizing Fund\ndistributions for any calendar year. A “qualified late year loss” generally includes net capital loss, net long-term\ncapital loss, or net short-term capital loss incurred after October 31 of the current taxable year, subject to special rules in\nthe event the Fund makes an election under Section 4982(e)(4) of the Code, (commonly referred to as “post-October losses”),\nand certain other late-year losses.

Capital losses in excess of capital gains\n(“net capital losses”) are not permitted to be deducted against a RIC’s net investment income. Instead, for U.S.\nfederal income tax purposes, potentially subject to certain limitations, the Fund may carry a net capital loss from any taxable\nyear forward indefinitely to offset its capital gains, if any, in years following the year of the loss. To the extent subsequent\ncapital gains are offset by such losses, they will not result in U.S. federal income tax liability to the Fund and may not be distributed\nas capital gains to its shareholders. Generally, the Fund may not carry forward any losses other than net capital losses. The carryover\nof capital losses may be limited under the general loss limitation rules if the Fund experiences an ownership change as defined\nin the Code.

Each Fund will be subject to a nondeductible\n4% federal excise tax on certain undistributed income if it does not distribute to its shareholders in each calendar year an amount\nat least equal to 98% of its ordinary income for the calendar year plus 98.2% of its capital gain net income for either the one-year\nperiod ending on October 31 of that year, or, if the Fund makes an election under Section 4982(e)(4) of the Code, the Fund’s\nfiscal year, subject to an increase for any shortfall in the prior year’s distribution. Each Fund intends to declare and\ndistribute dividends and distributions in the amounts and at the times necessary to avoid the application of the excise tax, but\ncan make no assurances that all such tax liability will be eliminated.

Each Fund intends to distribute substantially\nall of its net investment income and net capital gain to shareholders for each taxable year. If a Fund meets the Distribution Requirement\nbut retains some or all of its income or gains, it will be subject to federal income tax at regular corporate rates to the extent\nany such income or gains are not distributed. The Fund may elect to designate certain amounts retained as undistributed net capital\ngain as deemed distributions in a notice to its shareholders, who (i) will be required to include in income for U.S. federal income\ntax purposes, as long-term capital gain, their proportionate shares of the undistributed amount so designated, (ii) will be entitled\nto credit their proportionate shares of the income tax paid by the Fund on that undistributed amount against their federal income\ntax liabilities and to claim refunds to the extent such credits exceed their tax liabilities, and (iii) will be entitled to increase\ntheir tax basis, for federal income tax purposes, in their Shares by an amount equal to the excess of the amount of undistributed\nnet capital gain included in their respective income over their respective income tax credits.

Taxation of Shareholders – Distributions.\nEach Fund intends to distribute to its shareholders substantially all of its investment company taxable income (computed without\nregard to the deduction for dividends paid), its net tax-exempt income, if any, and any net capital gain (net long-term capital\ngains in excess of net short-term capital losses, taking into account any capital loss carryforwards). The distribution of investment\ncompany taxable income (as so computed) and net capital gain will be taxable to Fund shareholders regardless of whether the shareholders\nreceive these distributions in cash or reinvest them in additional Shares.

Each Fund (or your broker) will report\nto shareholders annually the amounts of dividends paid from ordinary income, the amount of distributions of net capital gain, the\nportion of dividends which may qualify for the dividends received deduction for corporate shareholders, and the portion of dividends\nwhich may qualify for treatment as qualified dividend income, which is taxable to non-corporate shareholders at long-term capital\ngain rates.

Distributions from a Fund’s net capital\ngain will be taxable to shareholders at long-term capital gains rates, regardless of how long shareholders have held their Shares.\nDistributions may be subject to state and local taxes.

Qualified dividend income includes, in\ngeneral, subject to certain holding period and other requirements, dividend income from taxable domestic corporations and certain\n“qualified foreign corporations.” Subject to certain limitations, “qualified foreign corporations” include\nthose incorporated in territories of the United States, those incorporated in certain countries with comprehensive tax treaties\nwith the United States, and other foreign corporations if the stock with respect to which the dividends are paid is readily tradable\non an established securities market in the United States. Dividends received by a Fund from an ETF or an underlying fund taxable\nas a RIC or a REIT may be treated as qualified dividend income generally only to the extent so reported by such ETF, underlying\nfund or REIT. If 95% or more of a Fund’s gross income (calculated without taking into account net capital gain derived from\nsales or other dispositions of stock or securities) consists of qualified dividend income, the Fund may report all distributions\nof such income as qualified dividend income.

Fund dividends will not be treated as qualified\ndividend income if such Fund does not meet certain holding period and other requirements with respect to dividend paying stocks\nin its portfolio, or the shareholder does not meet certain holding period and other requirements with respect to the Shares on\nwhich the dividends were paid. Distributions by a Fund of its net short-term capital gains will be taxable to shareholders as ordinary\nincome. Given the investment strategies of the Funds, it is unlikely that any dividends paid by the Funds will be qualified dividends\nor be eligible for the corporate dividends paid deduction.

In the case of corporate shareholders,\ncertain dividends received by a Fund from U.S. corporations (generally, dividends received by the Fund in respect of any share\nof stock (1) with a tax holding period of at least 46 days during the 91-day period beginning on the date that is 45 days before\nthe date on which the stock becomes ex-dividend as to that dividend and (2) that is held in an unleveraged position) and distributed\nand appropriately so reported by the Fund may be eligible for the 50% dividends-received deduction. Certain preferred stock must\nhave a holding period of at least 91 days during the 181-day period beginning on the date that is 90 days before the date on which\nthe stock becomes ex-dividend as to that dividend to be eligible. Capital gain dividends distributed to a Fund from other RICs\nare not eligible for the dividends-received deduction. To qualify for the deduction, corporate shareholders must meet the minimum\nholding period requirement stated above with respect to their Shares, taking into account any holding period reductions from certain\nhedging or other transactions or positions that diminish their risk of loss with respect to their Shares, and, if they borrow to\nacquire or otherwise incur debt attributable to Shares, they may be denied a portion of the dividends-received deduction with respect\nto those Shares.

Although dividends generally will be treated\nas distributed when paid, any dividend declared by a Fund in October, November or December and payable to shareholders of record\nin such a month that is paid during the following January will be treated for U.S. federal income tax purposes as received by shareholders\non December 31 of the calendar year in which it was declared.

In addition to the federal income tax,\ncertain individuals, trusts and estates may be subject to a Net Investment Income (“NII”) tax of 3.8%. The NII tax\nis imposed on the lesser of: (i) a taxpayer’s investment income, net of deductions properly allocable to such income; or\n(ii) the amount by which such taxpayer’s modified adjusted gross income exceeds certain thresholds ($250,000 for married\nindividuals filing jointly, $200,000 for unmarried individuals and $125,000 for married individuals filing separately). Each Fund’s\ndistributions are includable in a shareholder’s investment income for purposes of this NII tax. In addition, any capital\ngain realized by a shareholder upon a sale or redemption of Fund shares is includable in such shareholder’s investment income\nfor purposes of this NII tax.

Shareholders who have not held Shares for\na full year should be aware that the Funds may report and distribute, as ordinary dividends or capital gain dividends, a percentage\nof income that is not equal to the percentage of such Fund’s ordinary income or net capital gain, respectively, actually\nearned during the applicable shareholder’s period of investment in the Fund. A taxable shareholder may wish to avoid investing\nin a Fund shortly before a dividend or other distribution, because the distribution will generally be taxable to the shareholder\neven though it may economically represent a return of a portion of the shareholder’s investment.

To the extent that a Fund makes a distribution\nof income received by the Fund in lieu of dividends (a “substitute payment”) with respect to securities on loan pursuant\nto a securities lending transaction, such income will not constitute qualified dividend income to individual shareholders and will\nnot be eligible for the dividends received deduction for corporate shareholders.

If a Fund’s distributions exceed\nits earnings and profits, all or a portion of the distributions made for a taxable year may be recharacterized as a return of capital\nto shareholders. A return of capital distribution will generally not be taxable, but will reduce each shareholder’s cost\nbasis in the Fund and result in a higher capital gain or lower capital loss when the Shares on which the distribution was received\nare sold. After a shareholder’s basis in the Shares has been reduced to zero, distributions in excess of earnings and profits\nwill be treated as gain from the sale of the shareholder’s Shares.

Taxation of Shareholders – Sale\nof Shares. A sale or redemption of Shares may give rise to a gain or loss. In general, any gain or loss realized upon a taxable\ndisposition of Shares will be treated as long-term capital gain or loss if Shares have been held for more than 12 months. Otherwise,\nthe gain or loss on the taxable disposition of Shares will generally be treated as short-term capital gain or loss. Any loss realized\nupon a taxable disposition of Shares held for six months or less will be treated as long-term capital loss, rather than short-term\ncapital loss, to the extent of any amounts treated as distributions to the shareholder of long-term capital gain with respect to\nsuch Shares (including any amounts credited to the shareholder as undistributed capital gains). All or a portion of any loss realized\nupon a taxable disposition of Shares may be disallowed if substantially identical Shares are acquired (through the reinvestment\nof dividends or otherwise) within a 61-day period beginning 30 days before and ending 30 days after the disposition. In such a\ncase, the basis of the newly acquired Shares will be adjusted to reflect the disallowed loss.

The cost basis of Shares acquired by purchase\nwill generally be based on the amount paid for Shares and then may be subsequently adjusted for other applicable transactions as\nrequired by the Code. The difference between the selling price and the cost basis of Shares generally determines the amount of\nthe capital gain or loss realized on the sale of Shares. Contact the broker through whom you purchased your Shares to obtain information\nwith respect to the available cost basis reporting methods and elections for your account.

An Authorized Participant who exchanges\nsecurities for Creation Units generally will recognize a gain or a loss. The gain or loss will be equal to the difference between\nthe market value of the Creation Units at the time and the sum of the exchanger’s aggregate basis in the securities surrendered\nplus the amount of cash paid for such Creation Units. A person who redeems Creation Units will generally recognize a gain or loss\nequal to the difference between the exchanger’s basis in the Creation Units and the sum of the aggregate market value of\nany securities received plus the amount of any cash received for such Creation Units. The Internal Revenue Service (“IRS”),\nhowever, may assert that a loss realized upon an exchange of securities for Creation Units cannot currently be deducted under the\nrules governing “wash sales” (for a person, who does not mark-to-market its portfolio) or on the basis that there has\nbeen no significant change in economic position.

Any capital gain or loss realized upon\nthe creation of Creation Units will generally be treated as long-term capital gain or loss if the securities exchanged for such\nCreation Units have been held for more than one year. Any capital gain or loss realized upon the redemption of Creation Units will\ngenerally be treated as long-term capital gain or loss if the Shares composing the Creation Units have been held for more than\none year. Otherwise, such capital gains or losses will generally be treated as short-term capital gains or losses. Any loss upon\na redemption of Creation Units held for six months or less may be treated as long-term capital loss to the extent of any amounts\ntreated as distributions to the applicable Authorized Participant of long-term capital gain with respect to the Creation Units\n(including any amounts credited to the Authorized Participant as undistributed capital gains).

The Trust, on behalf of each Fund, has\nthe right to reject an order for Creation Units if the purchaser (or a group of purchasers) would, upon obtaining the Creation\nUnits so ordered, own 80% or more of the outstanding Shares and if, pursuant to Section 351 of the Code, the Fund would have a\nbasis in the deposit securities different from the market value of such securities on the date of deposit. The Trust also has the\nright to require the provision of information necessary to determine beneficial Share ownership for purposes of the 80% determination.\nIf the Fund does issue Creation Units to a purchaser (or a group of purchasers) that would, upon obtaining the Creation Units so\nordered, own 80% or more of the outstanding Shares, the purchaser (or a group of purchasers) will not recognize gain or loss upon\nthe exchange of securities for Creation Units.

Persons purchasing or redeeming Creation\nUnits should consult their own tax advisers with respect to the tax treatment of any creation or redemption transaction and whether\nthe wash sales rule applies and when a loss may be deductible.

Taxation of Fund Investments. Certain\nof each Fund’s investments may be subject to complex provisions of the Code (including provisions relating to hedging transactions,\nstraddles, integrated transactions, foreign currency contracts, forward foreign currency contracts, and notional principal contracts)\nthat, among other things, may affect the Fund’s ability to qualify as a RIC, affect the character of gains and losses realized\nby the Fund (e.g., may affect whether gains or losses are ordinary or capital), accelerate recognition of income to the Fund and\ndefer losses. These rules could therefore affect the character, amount and timing of distributions to shareholders. These provisions\nalso may require the Funds to mark to market certain types of positions in its portfolio (i.e., treat them as if they were closed\nout) which may cause a Fund to recognize income without the Fund receiving cash with which to make distributions in amounts sufficient\nto enable the Fund to satisfy the RIC distribution requirements for avoiding fund-level income and excise taxes. Each Fund intends\nto monitor its transactions, intends to make appropriate tax elections, and intends to make appropriate entries in its books and\nrecords to mitigate the effect of these rules and preserve its qualification for treatment as a RIC. To the extent a Fund invests\nin an underlying fund that is taxable as a RIC, the rules applicable to the tax treatment of complex securities will also apply\nto the underlying funds that also invest in such complex securities and investments. In addition, because the tax rules applicable\nto such instruments may be uncertain under current law, an adverse determination or future IRS guidance with respect to these rules\n(which determination or guidance could be retroactive) may affect whether the Fund has made sufficient distributions and otherwise\nsatisfied the relevant requirements to maintain its qualification as a RIC and avoid a Fund-level tax.

Backup Withholding. Each Fund will\nbe required in certain cases to withhold (as “backup withholding”) on amounts payable to any shareholder who (1) fails\nto provide a correct taxpayer identification number certified under penalty of perjury; (2) is subject to backup withholding by\nthe IRS for failure to properly report all payments of interest or dividends; (3) fails to provide a certified statement that it\nis not subject to “backup withholding;” or (4) fails to provide a certified statement that it is a U.S. person (including\na U.S. resident alien). The backup withholding rate is at a rate set under Section 3406 of the Code. Backup withholding is not\nan additional tax and any amounts withheld may be credited against the shareholder’s ultimate U.S. federal income tax liability.\nBackup withholding will not be applied to payments that have been subject to the 30% withholding tax on shareholders who are neither\ncitizens nor permanent residents of the United States.

Non-U.S. Shareholders. Any non-U.S.\ninvestors in a Fund may be subject to U.S. withholding and estate tax and are encouraged to consult their tax advisors prior to\ninvesting in the Fund. Foreign shareholders (i.e., nonresident alien individuals and foreign corporations, partnerships, trusts\nand estates) are generally subject to a U.S. withholding tax at the rate of 30% (or a lower tax treaty rate) on distributions derived\nfrom taxable ordinary income. A Fund may, under certain circumstances, report all or a portion of a dividend as an “interest-related\ndividend” or a “short-term capital gain dividend,” which would generally be exempt from this 30% U.S. withholding\ntax, provided certain other requirements are met. Short-term capital gain dividends received by a nonresident alien individual\nwho is present in the U.S. for a period or periods aggregating 183 days or more during the taxable year are not exempt from this\n30% withholding tax. Gains realized by foreign shareholders from the sale or other disposition of Shares generally are not subject\nto U.S. taxation, unless the recipient is an individual who is physically present in the U.S. for 183 days or more per year (based\non a formula that factors in presence in the U.S. during the two preceding years as well). Foreign shareholders who fail to provide\nan applicable IRS form may be subject to backup withholding on certain payments from the Fund. Backup withholding will not be applied\nto payments that are subject to the 30% (or lower applicable treaty rate) withholding tax described in this paragraph. Different\ntax consequences may result if the foreign shareholder is engaged in a trade or business within the United States. In addition,\nthe tax consequences to a foreign shareholder entitled to claim the benefits of a tax treaty may be different than those described\nabove.

Under the Foreign Account Tax Compliance\nAct (“FATCA”), the Funds may be required to withhold a generally nonrefundable 30% tax on distributions of net investment\nincome paid to (a) certain “foreign financial institutions” unless such foreign financial institution agrees to verify,\nmonitor, and report to the IRS the identity of certain of its account holders, among other items (or unless such entity is otherwise\ndeemed compliant under the terms of an intergovernmental agreement between the United States and the foreign financial institution’s\ncountry of residence), and (b) certain “non-financial foreign entities” unless such entity certifies to the Fund that\nit does not have any substantial U.S. owners or provides the name, address, and taxpayer identification number of each substantial\nU.S. owner, among other items. This FATCA withholding tax could also affect a Fund’s return on its investments in foreign\nsecurities or affect a shareholder’s return if the shareholder holds its Fund shares through a foreign intermediary. You\nare urged to consult your tax adviser regarding the application of this FATCA withholding tax to your investment in a Fund and\nthe potential certification, compliance, due diligence, reporting, and withholding obligations to which you may become subject\nin order to avoid this withholding tax.

For foreign shareholders to qualify for\nan exemption from backup withholding, described above, the foreign shareholder must comply with special certification and filing\nrequirements. Foreign shareholders in a Fund should consult their tax advisors in this regard.

Tax-Exempt Shareholders. Certain\ntax-exempt shareholders, including qualified pension plans, individual retirement accounts, salary deferral arrangements, 401(k)\nplans, and other tax-exempt entities, generally are exempt from federal income taxation, except with respect to their unrelated\nbusiness taxable income (“UBTI”). Tax-exempt entities are generally not permitted to offset losses from one unrelated\ntrade or business against the income or gain of another unrelated trade or business. Certain net losses incurred prior to January\n1, 2018 are permitted to offset gain and income created by an unrelated trade or business, if otherwise available. Under current\nlaw, each Fund generally serves to block UBTI from being realized by its tax-exempt shareholders with respect to their shares of\nFund income. However, notwithstanding the foregoing, tax-exempt shareholders could realize UBTI by virtue of their investment in\nthe Funds if, for example, (1) such Fund invests in residual interests of Real Estate Mortgage Investment Conduits (“REMICs”),\n(2) such Fund invests in a REIT that is a taxable mortgage pool (“TMP”) or that has a subsidiary that is a TMP or that\ninvests in the residual interest of a REMIC, or (3) Shares in such Fund constitute debt-financed property in the hands of the tax-exempt\nshareholders within the meaning of section 514(b) of the Code. Charitable remainder trusts are subject to special rules and should\nconsult their tax advisers. The IRS has issued guidance with respect to these issues and prospective shareholders, especially charitable\nremainder trusts, are strongly encouraged to consult with their tax advisers regarding these issues.

Certain Potential Tax Reporting Requirements.\nUnder U.S. Treasury regulations, if a shareholder recognizes a loss on disposition of the Shares of $2 million or more for an individual\nshareholder or $10 million or more for a corporate shareholder (or certain greater amounts over a combination of years), the shareholder\nmust file with the IRS a disclosure statement on IRS Form 8886. Direct shareholders of portfolio securities are in many cases excepted\nfrom this reporting requirement, but under current guidance, shareholders of a RIC are not excepted. Significant penalties may\nbe imposed for the failure to comply with the reporting requirements. The fact that a loss is reportable under these regulations\ndoes not affect the legal determination of whether the taxpayer’s treatment of the loss is proper. Shareholders should consult\ntheir tax advisors to determine the applicability of these regulations in light of their individual circumstances.

Other Issues. In those states which\nhave income tax laws, the tax treatment of the Funds and of shareholders of the Funds with respect to distributions by the Funds\nmay differ from federal tax treatment.

FINANCIAL STATEMENTS

Financial statements and annual reports\nwill be available after the Funds have completed a fiscal year of operations. When available, you may request a copy of each Fund’s\nannual Certified Shareholder Report at no charge by calling (833) 333-9383 or through the Funds’ website at www.defianceetfs.com.

TIDAL\nTRUST V

PART\nC: OTHER INFORMATION

Item\n28. Exhibits

Exhibit\n \n No.	Description\n of Exhibit
(a)	(i)	Certificate\n of Trust of Tidal Trust V (the “Trust“ or the “Registrant“), previously filed with the Trust’s\n registration statement on Form N-1A on August 22, 2025, is hereby incorporated by reference.
	(ii)	Registrant’s\n Declaration of Trust, previously filed with the Trust’s registration statement on Form N-1A on August 22, 2025,\n is hereby incorporated by reference.
	(iii)	Organizational\n Documents for Defiance Compute Cayman Subsidiary (for Defiance Compute ETF)
		(1)	Investment\n Advisory Agreement, previously filed with Post-Effective Amendment No. 29 on Form N-1A on August 5, 2026 and is incorporated\n herein by reference.
		(2)	Memorandum\n and Articles of Association, previously filed with Post-Effective Amendment No. 29 on Form N-1A on August 5, 2026 and\n is incorporated herein by reference.
		(3)	Certificate\n of Incorporation, previously filed with Post-Effective Amendment No. 29 on Form N-1A on August 5, 2026 and is incorporated\n herein by reference.
		(4)	Tax\n Undertaking, previously filed with Post-Effective Amendment No. 29 on Form N-1A on August 5, 2026 and is incorporated\n herein by reference.
		(5)	Form\n Of Private Investment Company Custodian Agreement, previously filed with Post-Effective Amendment No. 29 on Form N-1A\n on August 5, 2026 and is incorporated herein by reference.
	(iv)	Organizational\n Documents for Defiance BWET Cayman Subsidiary (for Defiance Daily Target 2X Long BWET ETF)
		(1)\n Investment Advisory Agreement – to be filed by subsequent amendment.
		(2)\n Memorandum and Articles of Association – to be filed by subsequent amendment.
		(3)\n Certificate of Incorporation – to be filed by subsequent amendment.
		(4)\n Tax Undertaking – to be filed by subsequent amendment.
		(5)\n Private Investment Company Custodian Agreement – to be filed by subsequent amendment.
(b)		Registrant’s\n By-Laws, previously filed with the Trust’s registration statement on Form N-1A on August 22, 2025, is hereby incorporated\n by reference.
(c)		Instruments\n Defining Rights of Security Holders – See relevant portions of Declaration of Trust and By-Laws.
(d)	(i)	Investment\n Advisory Agreement between the Trust and Tidal Investments LLC, previously filed with Pre-Effective Amendment No. 1 on\n Form N-1A on March 27, 2026, is incorporated herein by reference.
	(ii)	Investment\n Advisory Agreement to add the Defiance Compute ETF, Defiance Global Foundries ETF, Defiance Korea AI ETF, and Defiance Small\n Modular Reactor ETF, previously filed with Post-Effective Amendment No. 29 on Form N-1A on August 5, 2026 and is incorporated\n herein by reference.
		(1)\n First Amendment to Investment Advisory\n Agreement to add the Defiance China Memory ETF, Defiance China Semiconductor ETF, Defiance CoinDesk 5 Equal Weight ETF, Defiance\n Helium and Strategic Gases ETF, Defiance Korea Semiconductor ETF, Defiance KSM Israel 120 ETF, and Defiance Photonics ETF,\n previously filed with Post-Effective Amendment No. 43 on Form N-1A on August 21, 2026 and is incorporated herein by reference.
		(2)\n Second Amendment to Investment Advisory\n Agreement to add Defiance S&P Accelerator ETF, Defiance Europe AI Leaders ETF, Defiance Japan AI Leaders ETF, Defiance\n Taiwan AI Leaders ETF, Defiance Global Robotics Top 10 ETF, Defiance Korea Robotics Top 10 ETF, Defiance Latin America Top\n 10 ETF, Defiance Long/Short Space Economy vs. Legacy Communications ETF and Defiance Long/Short AI Compute vs. Legacy Software\n ETF, previously filed with Post-Effective Amendment No. 60 on Form N-1A on September 15, 2026 and is incorporated herein\n by reference.
		(3)\n Third Amendment to Investment Advisory\n Agreement to add Defiance 2X Daily Long Photonics ETF, Defiance Daily Target 2X Long AMPG ETF, Defiance Daily Target 2X Long\n BRUN ETF, Defiance Daily Target 2X Long FCEL ETF, Defiance Daily Target 2X Long FISN ETF, Defiance Daily Target 2X Long FTNT\n ETF, Defiance Daily Target 2X Long GRRR ETF, Defiance Daily Target 2X Long LPTH ETF, Defiance Daily Target 2X Long OPTX ETF,\n Defiance Daily Target 2X Long ORBS ETF, and Defiance Daily Target 2X Long QTEX ETF, Defiance Daily Target 2X Long HQ ETF,\n Defiance Daily Target 2X Long JBL ETF, Defiance Daily Target 2X Long MXL ETF, Defiance Daily Target 2X Long P ETF, Defiance\n Daily Target 2X Long STM ETF, Defiance Daily Target 2X Long SYM ETF, Defiance Daily Target 2X Long SIMO ETF, Defiance Daily\n Target 2X Long PLPC ETF, Defiance Daily Target 2X Long AMSC ETF, Defiance Daily Target 2X Long CAMT ETF, Defiance Daily Target\n 2X Long PENG ETF, Defiance Daily Target 2X Long NTNX ETF, Defiance Daily Target 2X Long RXT ETF, Defiance Daily Target 2X\n Long SHAZ ETF, Defiance Daily Target 2X Long Kioxia ETF, Defiance Daily Target 2X Long HYPE ETF, Defiance Pure Memory\n Daily 2X Strategy ETF, Defiance Daily Target 2X Long [NANO] ETF, Defiance Daily Target 2X Long Pasqal ETF, Defiance Daily\n Target 2X Long [AGLT] ETF, Defiance Brazil Sovereign Debt ETF and Defiance AI Infrastructure Bond ETF, previously filed\n with Post-Effective Amendment No. 70 on Form N-1A on September 30, 2026 and is incorporated herein by reference.

C-1

\n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n

		(4)\n Fourth Amendment to Investment Advisory Agreement to add Defiance Daily Target 2X Long Samsung ETF – to be filed\n by subsequent amendment.
		(5) Fifth Amendment\n to Investment Advisory Agreement to add Defiance 2X AAOI Hourly Reset ETF, Defiance 2X AMD Hourly Reset ETF, Defiance 2X DRAM\n Hourly Reset ETF, Defiance 2X GOOG Hourly Reset ETF, Defiance 2X META Hourly Reset ETF, Defiance 2X MRVL Hourly Reset ETF,\n Defiance 2X MSFT Hourly Reset ETF, Defiance 2X MU Hourly Reset ETF, Defiance 2X NBIS Hourly Reset ETF, Defiance 2X NVDA Hourly\n Reset ETF, Defiance 2X PLTR Hourly Reset ETF, Defiance 2X SKHY Hourly Reset ETF, Defiance 2X SNDK Hourly Reset ETF, Defiance\n 2X SPCX Hourly Reset ETF, Defiance 2X TSLA Hourly Reset ETF, and Defiance 2X TSM Hourly Reset ETF – to be filed by\n subsequent amendment.
		(6) Sixth Amendment\n to Investment Advisory Agreement to add Defiance Pre-IPO Leaders ETF – to be filed by subsequent amendment.
		(7) Seventh Amendment\n to Investment Advisory Agreement to add Defiance Daily Target 2X Long BWET ETF – to be filed by subsequent amendment.
		(8) Eighth Amendment\n to Investment Advisory Agreement to add Defiance China Quantum ETF - to be filed by subsequent amendment.
(e)	(i)	Distribution\n Agreement between the Trust and Foreside Fund Services, LLC (adding Defiance Compute ETF, Defiance Korea AI ETF, Defiance\n Small Modular Reactor ETF and Defiance Global Foundries ETF), previously filed with Post-Effective Amendment No. 29 on\n Form N-1A on August 5, 2026 and is incorporated herein by reference.
		(1) First\n Amendment to the Distribution Agreement (Defiance China Memory ETF, Defiance China Semiconductor ETF, Defiance CoinDesk 5\n Equal Weight ETF, Defiance Helium and Strategic Gases ETF, Defiance Korea Semiconductor ETF, Defiance KSM Israel 120 ETF,\n and Defiance Photonics ETF), previously filed with Post-Effective Amendment No. 51 on Form N-1A on August 28, 2026 and\n is incorporated herein by reference.
		(2) Second\n Amendment to the Distribution Agreement (adding Defiance S&P Accelerator ETF, Defiance Europe AI Leaders ETF, Defiance\n Japan AI Leaders ETF, Defiance Taiwan AI Leaders ETF, Defiance Global Robotics Top 10 ETF, Defiance Korea Robotics Top 10\n ETF, Defiance Latin America Top 10 ETF, Defiance Long/Short Space Economy vs. Legacy Communications ETF and Defiance Long/Short\n AI Compute vs. Legacy Software ETF), previously filed with Post-Effective Amendment No. 60 on Form N-1A on September 15,\n 2026 and is incorporated herein by reference.
		(3) Third\n Amendment to the Distribution Agreement (adding Defiance 2X Daily Long Photonics ETF, Defiance Daily Target 2X Long AMPG ETF,\n Defiance Daily Target 2X Long BRUN ETF, Defiance Daily Target 2X Long FCEL ETF, Defiance Daily Target 2X Long FISN ETF, Defiance\n Daily Target 2X Long FTNT ETF, Defiance Daily Target 2X Long GRRR ETF, Defiance Daily Target 2X Long LPTH ETF, Defiance Daily\n Target 2X Long OPTX ETF, Defiance Daily Target 2X Long ORBS ETF, and Defiance Daily Target 2X Long QTEX ETF, Defiance Daily\n Target 2X Long HQ ETF, Defiance Daily Target 2X Long JBL ETF, Defiance Daily Target 2X Long MXL ETF, Defiance Daily Target\n 2X Long P ETF, Defiance Daily Target 2X Long STM ETF, Defiance Daily Target 2X Long SYM ETF, Defiance Daily Target 2X Long\n SIMO ETF, Defiance Daily Target 2X Long PLPC ETF, Defiance Daily Target 2X Long AMSC ETF, Defiance Daily Target 2X Long CAMT\n ETF, Defiance Daily Target 2X Long PENG ETF, Defiance Daily Target 2X Long NTNX ETF, Defiance Daily Target 2X Long RXT ETF,\n Defiance Daily Target 2X Long SHAZ ETF, Defiance Daily Target 2X Long Kioxia ETF, Defiance Daily Target 2X Long HYPE\n ETF, Defiance Pure Memory Daily 2X Strategy ETF, Defiance Daily Target 2X Long [NANO] ETF, Defiance Daily Target 2X Long Pasqal\n ETF, Defiance Daily Target 2X Long [AGLT] ETF, Defiance Brazil Sovereign Debt ETF and Defiance AI Infrastructure Bond ETF),\n previously filed with Post-Effective Amendment No. 74 on Form N-1A on October 2, 2026 and is incorporated herein by reference.
		(4) Fourth Amendment\n to the Distribution Agreement (adding Defiance Daily Target 2X Long Samsung ETF) – to be filed by subsequent amendment.
		(5) Fifth Amendment\n to Distribution Agreement (adding Defiance 2X AAOI Hourly Reset ETF, Defiance 2X AMD Hourly Reset ETF, Defiance 2X DRAM Hourly\n Reset ETF, Defiance 2X GOOG Hourly Reset ETF, Defiance 2X META Hourly Reset ETF, Defiance 2X MRVL Hourly Reset ETF, Defiance\n 2X MSFT Hourly Reset ETF, Defiance 2X MU Hourly Reset ETF, Defiance 2X NBIS Hourly Reset ETF, Defiance 2X NVDA Hourly Reset\n ETF, Defiance 2X PLTR Hourly Reset ETF, Defiance 2X SKHY Hourly Reset ETF, Defiance 2X SNDK Hourly Reset ETF, Defiance 2X\n SPCX Hourly Reset ETF, Defiance 2X TSLA Hourly Reset ETF, and Defiance 2X TSM Hourly Reset ETF) – to be filed by\n subsequent amendment.
		(6) Sixth Amendment\n to the Distribution Agreement (adding Defiance Pre-IPO Leaders ETF) – to be filed by subsequent amendment.
		(7) Seventh Amendment\n to the Distribution Agreement (adding Defiance Daily Target 2X Long BWET ETF) – to be filed by subsequent amendment.
		(8) Eighth Amendment\n to the Distribution Agreement (adding Defiance China Quantum ETF) - to be filed by subsequent amendment.
	(ii)	Distribution Agreement\n between the Trust and Ultimus Fund Distributors, LLC & Northern Lights Distributors, LLC – to be filed by subsequent\n amendment.
	(iii)	Form of Authorized\n Participant Agreement – to be filed by subsequent amendment.

C-2

\n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n

(f)		Not applicable.
(g)		Custodian\n Agreement between the Trust and U.S. Bank National Association, previously filed with Pre-Effective Amendment No. 1 on\n Form N-1A on March 27, 2026, is incorporated herein by reference.
		(1)\n First Amendment to the Custodian\n Agreement (adding Defiance Compute ETF, Defiance Korea AI ETF, Defiance Small Modular Reactor ETF and Defiance Global Foundries\n ETF), previously filed with Post-Effective Amendment No. 29 on Form N-1A on August 5, 2026 and is incorporated herein\n by reference.
		(2) Second\n Amendment to the Custodian Agreement (adding Defiance China Memory ETF, Defiance China Semiconductor ETF, Defiance CoinDesk\n 5 Equal Weight ETF, Defiance Helium and Strategic Gases ETF, Defiance Korea Semiconductor ETF, Defiance KSM Israel 120 ETF,\n and Defiance Photonics ETF), previously filed with Post-Effective Amendment No. 53 on Form N-1A on September 3, 2026 and\n is incorporated herein by reference.
		(3) Third\n Amendment to the Custodian Agreement (adding Defiance S&P Accelerator ETF, Defiance Europe AI Leaders ETF, Defiance Japan\n AI Leaders ETF, Defiance Taiwan AI Leaders ETF, Defiance Global Robotics Top 10 ETF, Defiance Korea Robotics Top 10 ETF, Defiance\n Latin America Top 10 ETF, Defiance Long/Short Space Economy vs. Legacy Communications ETF and Defiance Long/Short AI Compute\n vs. Legacy Software ETF), previously filed with Post-Effective Amendment No. 60 on Form N-1A on September 15, 2026 and\n is incorporated herein by reference.
		(4) Fourth\n Amendment to the Custodian Agreement (adding Defiance 2X Daily Long Photonics ETF, Defiance Daily Target 2X Long AMPG ETF,\n Defiance Daily Target 2X Long BRUN ETF, Defiance Daily Target 2X Long FCEL ETF, Defiance Daily Target 2X Long FISN ETF, Defiance\n Daily Target 2X Long FTNT ETF, Defiance Daily Target 2X Long GRRR ETF, Defiance Daily Target 2X Long LPTH ETF, Defiance Daily\n Target 2X Long OPTX ETF, Defiance Daily Target 2X Long ORBS ETF, and Defiance Daily Target 2X Long QTEX ETF, Defiance Daily\n Target 2X Long HQ ETF, Defiance Daily Target 2X Long JBL ETF, Defiance Daily Target 2X Long MXL ETF, Defiance Daily Target\n 2X Long P ETF, Defiance Daily Target 2X Long STM ETF, Defiance Daily Target 2X Long SYM ETF, Defiance Daily Target 2X Long\n SIMO ETF, Defiance Daily Target 2X Long PLPC ETF, Defiance Daily Target 2X Long AMSC ETF, Defiance Daily Target 2X Long CAMT\n ETF, Defiance Daily Target 2X Long PENG ETF, Defiance Daily Target 2X Long NTNX ETF, Defiance Daily Target 2X Long RXT ETF,\n Defiance Daily Target 2X Long SHAZ ETF, Defiance Daily Target 2X Long Kioxia ETF, Defiance Daily Target 2X Long\n HYPE ETF, Defiance Pure Memory Daily 2X Strategy ETF, Defiance Daily Target 2X Long [NANO] ETF, Defiance Daily Target 2X Long\n Pasqal ETF, Defiance Daily Target 2X Long [AGLT] ETF, Defiance Brazil Sovereign Debt ETF and Defiance AI Infrastructure Bond\n ETF), previously filed with Post-Effective Amendment No. 74 on Form N-1A on October 2, 2026 and is incorporated herein\n by reference.
		(5) Fifth Amendment\n to the Custodian Agreement (adding Defiance Daily Target 2X Long Samsung ETF) – to be filed by subsequent amendment.
		(6) Sixth Amendment\n to the Custodian Agreement (adding Defiance 2X AAOI Hourly Reset ETF, Defiance 2X AMD Hourly Reset ETF, Defiance 2X DRAM Hourly\n Reset ETF, Defiance 2X GOOG Hourly Reset ETF, Defiance 2X META Hourly Reset ETF, Defiance 2X MRVL Hourly Reset ETF, Defiance\n 2X MSFT Hourly Reset ETF, Defiance 2X MU Hourly Reset ETF, Defiance 2X NBIS Hourly Reset ETF, Defiance 2X NVDA Hourly Reset\n ETF, Defiance 2X PLTR Hourly Reset ETF, Defiance 2X SKHY Hourly Reset ETF, Defiance 2X SNDK Hourly Reset ETF, Defiance 2X\n SPCX Hourly Reset ETF, Defiance 2X TSLA Hourly Reset ETF, and Defiance 2X TSM Hourly Reset ETF) – to be filed by\n subsequent amendment.
		(7) Seventh Amendment\n to the Custodian Agreement (adding Defiance Pre-IPO Leaders ETF) – to be filed by subsequent amendment.
		(8) Eighth Amendment\n to the Custodian Agreement (adding Defiance Daily Target 2X Long BWET ETF) – to be filed by subsequent amendment.
		(9) Ninth Amendment\n to the Custodian Agreement (adding Defiance China Quantum ETF) - to be filed by subsequent amendment.
(h)	(i)	Fund\n Administration Servicing Agreement between the Trust and Tidal ETF Services LLC, previously filed with Pre-Effective Amendment\n No. 1 on Form N-1A on March 27, 2026, is incorporated herein by reference.
		(1) First\n Amendment to the Fund Administration Servicing Agreement (adding Defiance Compute ETF, Defiance Korea AI ETF, Defiance Small\n Modular Reactor ETF and Defiance Global Foundries ETF), previously filed with Post-Effective Amendment No. 29 on Form\n N-1A on August 5, 2026 and is incorporated herein by reference.
		(2) Second\n Amendment to the Fund Administration Servicing Agreement (adding Defiance China Memory ETF, Defiance China Semiconductor ETF,\n Defiance CoinDesk 5 Equal Weight ETF, Defiance Helium and Strategic Gases ETF, Defiance Korea Semiconductor ETF, Defiance\n KSM Israel 120 ETF, and Defiance Photonics ETF), previously filed with Post-Effective Amendment No. 51 on Form N-1A on\n August 28, 2026 and is incorporated herein by reference.
		(3) Third\n Amendment to the Fund Administration Servicing Agreement (adding Defiance S&P Accelerator ETF, Defiance Europe AI Leaders\n ETF, Defiance Japan AI Leaders ETF, Defiance Taiwan AI Leaders ETF, Defiance Global Robotics Top 10 ETF, Defiance Korea Robotics\n Top 10 ETF, Defiance Latin America Top 10 ETF, Defiance Long/Short Space Economy vs. Legacy Communications ETF and Defiance\n Long/Short AI Compute vs. Legacy Software ETF), previously filed with Post-Effective Amendment No. 60 on Form N-1A on\n September 15, 2026 and is incorporated herein by reference.

C-3

\n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n

		(4) Fourth\n Amendment to the Fund Administration Servicing Agreement (adding Defiance 2X Daily Long Photonics ETF, Defiance Daily Target\n 2X Long AMPG ETF, Defiance Daily Target 2X Long BRUN ETF, Defiance Daily Target 2X Long FCEL ETF, Defiance Daily Target 2X\n Long FISN ETF, Defiance Daily Target 2X Long FTNT ETF, Defiance Daily Target 2X Long GRRR ETF, Defiance Daily Target 2X Long\n LPTH ETF, Defiance Daily Target 2X Long OPTX ETF, Defiance Daily Target 2X Long ORBS ETF, and Defiance Daily Target 2X Long\n QTEX ETF, Defiance Daily Target 2X Long HQ ETF, Defiance Daily Target 2X Long JBL ETF, Defiance Daily Target 2X Long MXL ETF,\n Defiance Daily Target 2X Long P ETF, Defiance Daily Target 2X Long STM ETF, Defiance Daily Target 2X Long SYM ETF, Defiance\n Daily Target 2X Long SIMO ETF, Defiance Daily Target 2X Long PLPC ETF, Defiance Daily Target 2X Long AMSC ETF, Defiance Daily\n Target 2X Long CAMT ETF, Defiance Daily Target 2X Long PENG ETF, Defiance Daily Target 2X Long NTNX ETF, Defiance Daily Target\n 2X Long RXT ETF, Defiance Daily Target 2X Long SHAZ ETF, Defiance Daily Target 2X Long Kioxia ETF, Defiance Daily\n Target 2X Long HYPE ETF, Defiance Pure Memory Daily 2X Strategy ETF, Defiance Daily Target 2X Long [NANO] ETF, Defiance Daily\n Target 2X Long Pasqal ETF, Defiance Daily Target 2X Long [AGLT] ETF, Defiance Brazil Sovereign Debt ETF and Defiance AI Infrastructure\n Bond ETF), previously filed with Post-Effective Amendment No. 70 on Form N-1A on September 30, 2026 and is incorporated\n herein by reference.
		(5)\n Fifth Amendment to the Fund Administration Servicing Agreement (adding Defiance Daily Target 2X Long Samsung ETF) –\n to be filed by subsequent amendment.
		(6) Sixth Amendment\n to the Fund Administration Servicing Agreement (adding Defiance 2X AAOI Hourly Reset ETF, Defiance 2X AMD Hourly Reset ETF,\n Defiance 2X DRAM Hourly Reset ETF, Defiance 2X GOOG Hourly Reset ETF, Defiance 2X META Hourly Reset ETF, Defiance 2X MRVL\n Hourly Reset ETF, Defiance 2X MSFT Hourly Reset ETF, Defiance 2X MU Hourly Reset ETF, Defiance 2X NBIS Hourly Reset ETF, Defiance\n 2X NVDA Hourly Reset ETF, Defiance 2X PLTR Hourly Reset ETF, Defiance 2X SKHY Hourly Reset ETF, Defiance 2X SNDK Hourly Reset\n ETF, Defiance 2X SPCX Hourly Reset ETF, Defiance 2X TSLA Hourly Reset ETF, and Defiance 2X TSM Hourly Reset ETF) – to\n be filed by subsequent amendment.
		(7) Seventh Amendment\n to the Fund Administration Servicing Agreement (adding Defiance Pre-IPO Leaders ETF) – to be filed by subsequent\n amendment.
		(8) Eighth Amendment\n to the Fund Administration Servicing Agreement (adding Defiance Daily Target 2X Long BWET ETF) – to be filed by subsequent\n amendment.
		(9) Ninth Amendment\n to the Fund Administration Servicing Agreement (adding Defiance China Quantum ETF) - to be filed by subsequent\n amendment.
	(ii)	Fund\n Accounting Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC d/b/a U.S. Bank Global Fund Services,\n previously filed with Pre-Effective Amendment No. 1 on Form N-1A on March 27, 2026, is incorporated herein by reference.
		(1)\n First Amendment to the Fund Accounting Servicing Agreement (adding Defiance Compute ETF, Defiance Korea AI ETF, Defiance Small\n Modular Reactor ETF and Defiance Global Foundries ETF), previously filed with Post-Effective Amendment No. 29 on Form\n N-1A on August 5, 2026 and is incorporated herein by reference.
		(2)\n Second Amendment to the Fund Accounting Servicing Agreement (adding Defiance China Memory ETF, Defiance China Semiconductor\n ETF, Defiance CoinDesk 5 Equal Weight ETF, Defiance Helium and Strategic Gases ETF, Defiance Korea Semiconductor ETF, Defiance\n KSM Israel 120 ETF, and Defiance Photonics ETF), previously filed with Post-Effective Amendment No. 53 on Form N-1A on\n September 3, 2026 and is incorporated herein by reference.
		(3) Third\n Amendment to the Fund Accounting Servicing Agreement (adding Defiance S&P Accelerator ETF, Defiance Europe AI Leaders\n ETF, Defiance Japan AI Leaders ETF, Defiance Taiwan AI Leaders ETF, Defiance Global Robotics Top 10 ETF, Defiance Korea Robotics\n Top 10 ETF, Defiance Latin America Top 10 ETF, Defiance Long/Short Space Economy vs.\n Legacy Communications ETF and Defiance Long/Short AI Compute vs. Legacy Software\n ETF), previously filed with Post-Effective Amendment No. 60 on Form N-1A on September 15, 2026 and is incorporated\n herein by reference.
		(4) Fourth\n Amendment to the Fund Accounting Servicing Agreement (adding Defiance 2X Daily Long Photonics ETF, Defiance Daily Target 2X\n Long AMPG ETF, Defiance Daily Target 2X Long BRUN ETF, Defiance Daily Target 2X Long FCEL ETF, Defiance Daily Target 2X Long\n FISN ETF, Defiance Daily Target 2X Long FTNT ETF, Defiance Daily Target 2X Long GRRR ETF, Defiance Daily Target 2X Long LPTH\n ETF, Defiance Daily Target 2X Long OPTX ETF, Defiance Daily Target 2X Long ORBS ETF, and Defiance Daily Target 2X Long QTEX\n ETF, Defiance Daily Target 2X Long HQ ETF, Defiance Daily Target 2X Long JBL ETF, Defiance Daily Target 2X Long MXL ETF, Defiance\n Daily Target 2X Long P ETF, Defiance Daily Target 2X Long STM ETF, Defiance Daily Target 2X Long SYM ETF, Defiance Daily Target\n 2X Long SIMO ETF, Defiance Daily Target 2X Long PLPC ETF, Defiance Daily Target 2X Long AMSC ETF, Defiance Daily Target 2X\n Long CAMT ETF, Defiance Daily Target 2X Long PENG ETF, Defiance Daily Target 2X Long NTNX ETF, Defiance Daily Target 2X Long\n RXT ETF, Defiance Daily Target 2X Long SHAZ ETF, Defiance Daily Target 2X Long Kioxia ETF, Defiance Daily Target\n 2X Long HYPE ETF, Defiance Pure Memory Daily 2X Strategy ETF, Defiance Daily Target 2X Long [NANO] ETF, Defiance Daily Target\n 2X Long Pasqal ETF, Defiance Daily Target 2X Long [AGLT] ETF, Defiance Brazil Sovereign Debt ETF and Defiance AI Infrastructure\n Bond ETF), previously filed with Post-Effective Amendment No. 74 on Form N-1A on October 2, 2026 and is incorporated herein\n by reference.

C-4

\n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n

		(5)\n Fifth Amendment to the Fund Accounting Servicing Agreement (adding Defiance Daily Target 2X Long Samsung ETF) – to\n be filed by subsequent amendment.
		(6) Sixth Amendment\n to the Fund Accounting Servicing Agreement (adding Defiance 2X AAOI Hourly Reset ETF, Defiance 2X AMD Hourly Reset ETF, Defiance\n 2X DRAM Hourly Reset ETF, Defiance 2X GOOG Hourly Reset ETF, Defiance 2X META Hourly Reset ETF, Defiance 2X MRVL Hourly Reset\n ETF, Defiance 2X MSFT Hourly Reset ETF, Defiance 2X MU Hourly Reset ETF, Defiance 2X NBIS Hourly Reset ETF, Defiance 2X NVDA\n Hourly Reset ETF, Defiance 2X PLTR Hourly Reset ETF, Defiance 2X SKHY Hourly Reset ETF, Defiance 2X SNDK Hourly Reset ETF,\n Defiance 2X SPCX Hourly Reset ETF, Defiance 2X TSLA Hourly Reset ETF, and Defiance 2X TSM Hourly Reset ETF) – to\n be filed by subsequent amendment.
		(7) Seventh Amendment\n to the Fund Accounting Servicing Agreement (adding Defiance Pre-IPO Leaders ETF) – to be filed by subsequent amendment.
		(8) Eighth Amendment\n to the Fund Accounting Servicing Agreement (adding Defiance Daily Target 2X Long BWET ETF) – to be filed by subsequent\n amendment.
		(9) Ninth Amendment\n to the Fund Accounting Servicing Agreement (adding Defiance China Quantum ETF) - to be filed by subsequent amendment.
	(iii)	Transfer\n Agent Agreement between the Trust and U.S. Bancorp Fund Services, LLC d/b/a U.S. Bank Global Fund Services, previously\n filed with Pre-Effective Amendment No. 1 on Form N-1A on March 27, 2026, is incorporated herein by reference.
		(1) First\n Amendment to the Transfer Agent Agreement (adding Defiance Compute ETF, Defiance Korea AI ETF, Defiance Small Modular Reactor\n ETF and Defiance Global Foundries ETF), previously filed with Post-Effective Amendment No. 29 on Form N-1A on August 5,\n 2026 and is incorporated herein by reference.
		(2) Second\n Amendment to the Transfer Agent Agreement (adding Defiance China Memory ETF, Defiance China Semiconductor ETF, Defiance CoinDesk\n 5 Equal Weight ETF, Defiance Helium and Strategic Gases ETF, Defiance Korea Semiconductor ETF, Defiance KSM Israel 120 ETF,\n and Defiance Photonics ETF), previously filed with Post-Effective Amendment No. 53 on Form N-1A on September 3, 2026 and\n is incorporated herein by reference.
		(3) Third\n Amendment to the Transfer Agent Agreement (adding Defiance S&P Accelerator ETF, Defiance Europe AI Leaders ETF, Defiance\n Japan AI Leaders ETF, Defiance Taiwan AI Leaders ETF, Defiance Global Robotics Top 10 ETF, Defiance Korea Robotics Top 10\n ETF, Defiance Latin America Top 10 ETF, Defiance Long/Short Space Economy vs. Legacy\n Communications ETF and Defiance Long/Short AI Compute vs. Legacy Software ETF),\n previously filed with Post-Effective Amendment No. 60 on Form N-1A on September 15, 2026 and is incorporated herein by reference.
		(4) Fourth\n Amendment to the Transfer Agent Agreement (adding Defiance 2X Daily Long Photonics ETF, Defiance Daily Target 2X Long AMPG\n ETF, Defiance Daily Target 2X Long BRUN ETF, Defiance Daily Target 2X Long FCEL ETF, Defiance Daily Target 2X Long FISN ETF,\n Defiance Daily Target 2X Long FTNT ETF, Defiance Daily Target 2X Long GRRR ETF, Defiance Daily Target 2X Long LPTH ETF, Defiance\n Daily Target 2X Long OPTX ETF, Defiance Daily Target 2X Long ORBS ETF, and Defiance Daily Target 2X Long QTEX ETF, Defiance\n Daily Target 2X Long HQ ETF, Defiance Daily Target 2X Long JBL ETF, Defiance Daily Target 2X Long MXL ETF, Defiance Daily\n Target 2X Long P ETF, Defiance Daily Target 2X Long STM ETF, Defiance Daily Target 2X Long SYM ETF, Defiance Daily Target\n 2X Long SIMO ETF, Defiance Daily Target 2X Long PLPC ETF, Defiance Daily Target 2X Long AMSC ETF, Defiance Daily Target 2X\n Long CAMT ETF, Defiance Daily Target 2X Long PENG ETF, Defiance Daily Target 2X Long NTNX ETF, Defiance Daily Target 2X Long\n RXT ETF, Defiance Daily Target 2X Long SHAZ ETF, Defiance Daily Target 2X Long Kioxia ETF, Defiance Daily Target\n 2X Long HYPE ETF, Defiance Pure Memory Daily 2X Strategy ETF, Defiance Daily Target 2X Long [NANO] ETF, Defiance Daily Target\n 2X Long Pasqal ETF, Defiance Daily Target 2X Long [AGLT] ETF, Defiance Brazil Sovereign Debt ETF and Defiance AI Infrastructure\n Bond ETF), previously filed with Post-Effective Amendment No. 74 on Form N-1A on October 2, 2026 and is incorporated herein\n by reference.
		(5) Fifth Amendment\n to the Transfer Agent Agreement (adding Defiance Daily Target 2X Long Samsung ETF) – to be filed by subsequent amendment.
		(6) Sixth Amendment\n to the Transfer Agent Agreement (adding Defiance 2X AAOI Hourly Reset ETF, Defiance 2X AMD Hourly Reset ETF, Defiance 2X DRAM\n Hourly Reset ETF, Defiance 2X GOOG Hourly Reset ETF, Defiance 2X META Hourly Reset ETF, Defiance 2X MRVL Hourly Reset ETF,\n Defiance 2X MSFT Hourly Reset ETF, Defiance 2X MU Hourly Reset ETF, Defiance 2X NBIS Hourly Reset ETF, Defiance 2X NVDA Hourly\n Reset ETF, Defiance 2X PLTR Hourly Reset ETF, Defiance 2X SKHY Hourly Reset ETF, Defiance 2X SNDK Hourly Reset ETF, Defiance\n 2X SPCX Hourly Reset ETF, Defiance 2X TSLA Hourly Reset ETF, and Defiance 2X TSM Hourly Reset ETF) – to be filed\n by subsequent amendment.
		(7) Seventh Amendment\n to the Transfer Agent Agreement (adding Defiance Pre-IPO Leaders ETF) – to be filed by subsequent amendment.
		(8) Eighth Amendment\n to the Transfer Agent Agreement (adding Defiance Daily Target 2X Long BWET ETF) – to be filed by subsequent amendment.
		(9) Ninth Amendment\n to the Transfer Agent Agreement (adding Defiance China Quantum ETF) - to be filed by subsequent amendment.

C-5

	(iv)	Powers\n of Attorney, previously filed with Post-Effective Amendment No. 12 on Form N-1A on June 8, 2026, is incorporated herein\n by reference.
(i)	(i)	Opinion and Consent\n of Counsel (for Robotaxi ETF) – to be filed by subsequent amendment.
	(ii)	Opinion\n and Consent of Counsel (for Defiance Daily Target 2X Long HQ ETF, Defiance Daily Target 2X Long JBL ETF, Defiance Daily Target\n 2X Long MXL ETF, Defiance Daily Target 2X Long P ETF, Defiance Daily Target 2X Long STM ETF, and Defiance Daily Target 2X\n Long SYM ETF), previously filed with Post-Effective Amendment No. 72 on Form N-1A on October 1, 2026, is incorporated\n herein by reference.
	(iii)	Opinion\n and Consent of Counsel (for Defiance Compute ETF), previously filed with Post-Effective Amendment No. 29 on Form N-1A\n on August 5, 2026 and is incorporated herein by reference.
	(iv)	Opinion\n and Consent of Counsel (for Defiance Pure Memory Daily 2X Strategy ETF), previously filed with Post-Effective Amendment\n No. 70 on Form N-1A on September 30, 2026 and is incorporated herein by reference.
	(v)	Opinion\n and Consent of Counsel (for Defiance Korea AI ETF, Defiance Korea Semiconductor ETF and Defiance China Semiconductor ETF),\n previously filed with Post-Effective Amendment No. 43 on Form N-1A on August 21, 2026 and is incorporated herein by reference.
	(vi)	Opinion\n and Consent of Counsel (for Defiance Small Modular Reactor ETF), previously filed with Post-Effective Amendment No. 30\n on Form N-1A on August 5, 2026 and is incorporated herein by reference.
	(vii)	Opinion\n and Consent of Counsel (for Defiance Daily Target 2X Long SIMO ETF, Defiance Daily Target 2X Long PLPC ETF, Defiance Daily\n Target 2X Long AMSC ETF, Defiance Daily Target 2X Long CAMT ETF, Defiance Daily Target 2X Long PENG ETF, Defiance Daily Target\n 2X Long NTNX ETF, Defiance Daily Target 2X Long RXT ETF, and Defiance Daily Target 2X Long SHAZ ETF), previously filed\n with Post-Effective Amendment No. 73 on Form N-1A on October 1, 2026 and is incorporated herein by reference.
	(viii)	Opinion\n and Consent of Counsel (for Defiance KSM Israel 120 ETF and Defiance CoinDesk 5 Equal Weight ETF), previously filed with\n Post-Effective Amendment No. 46 on Form N-1A on August 24, 2026 and is incorporated herein by reference.
	(ix)	Opinion\n and Consent of Counsel (for Defiance Helium and Strategic Gases ETF), previously filed with Post-Effective Amendment No.\n 69 on Form N-1A on September 25, 2026 and is incorporated herein by reference.
	(x)	Opinion\n and Consent of Counsel (for Defiance 2X Daily Long Photonics ETF), previously filed with Post-Effective Amendment\n No. 77 on Form N-1A on October 9, 2026 and is incorporated herein by reference.
	(xi)	Opinion\n and Consent of Counsel (for Defiance Global Foundries ETF), previously filed with Post-Effective Amendment No. 50 on Form\n N-1A on August 28, 2026 and is incorporated herein by reference.
	(xii)	Opinion and Consent\n of Counsel (for Defiance Daily Target 2X Long Kioxia ETF) – to be filed by subsequent amendment.
	(xiii)	Opinion\n and Consent of Counsel (for Defiance Photonics ETF), previously filed with Post-Effective Amendment No. 53 on Form N-1A\n on September 3, 2026 and is incorporated herein by reference.
	(xiv)	Opinion and Consent of Counsel (for Defiance Daily Target 2X Long AMPG ETF, Defiance Daily Target 2X Long BRUN ETF, Defiance Daily Target 2X Long FCEL ETF, Defiance Daily Target 2X Long FISN ETF, Defiance Daily Target 2X Long FTNT ETF, Defiance Daily Target 2X Long GRRR ETF, Defiance Daily Target 2X Long LPTH ETF, Defiance Daily Target 2X Long OPTX ETF, Defiance Daily Target 2X Long ORBS ETF, and Defiance Daily Target 2X Long QTEX ETF) – filed herewith.
	(xv)	Opinion\n and Consent of Counsel (for Defiance China Memory ETF), previously filed with Post-Effective Amendment No. 51 on Form\n N-1A on August 28, 2026 and is incorporated herein by reference.
	(xvi)	Opinion and Consent\n of Counsel (for Defiance Daily Target 2X Long HYPE ETF) – to be filed by subsequent amendment.
	(xvii)	Opinion\n and Consent of Counsel (for Defiance S&P Accelerator ETF), previously filed with Post-Effective Amendment No. 64 on\n Form N-1A on September 17, 2026 and is incorporated herein by reference.
	(xviii)	Opinion\n and Consent of Counsel (for Defiance Europe AI Leaders ETF, Defiance Japan AI Leaders ETF, Defiance Taiwan AI Leaders ETF,\n Defiance Global Robotics Top 10 ETF, Defiance Korea Robotics Top 10 ETF, and Defiance Latin America Top 10 ETF), previously\n filed with Post-Effective Amendment No. 74 on Form N-1A on October 2, 2026 and is incorporated herein by reference.
	(xix)	Opinion\n and Consent of Counsel (for Defiance Long/Short Space Economy vs. Legacy Communications ETF and Defiance Long/Short AI Compute\n vs. Legacy Software ETF), previously filed with Post-Effective Amendment No. 60 on Form N-1A on September 15, 2026 and\n is incorporated herein by reference.
	(xx)	Opinion and Consent\n of Counsel (for Defiance Daily Target 2X Long [NANO] ETF) – to be filed by subsequent amendment.
	(xxi)	Opinion\n and Consent of Counsel (for Defiance Daily Target 2X Long Pasqal ETF), previously filed with Post-Effective Amendment\n No. 76 on Form N-1A on October 9, 2026 and is incorporated herein by reference.
	(xxii)	Opinion and Consent\n of Counsel (for Defiance Daily Target 2X Long [AGLT] ETF) – to be filed by subsequent amendment.

C-6

\n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n

	(xxiii)	Opinion\n and Consent of Counsel (for Defiance Daily Target 2X Long Samsung ETF) – to be filed by subsequent amendment.
	(xxiv)	Opinion and Consent\n of Counsel (for Defiance AI Infrastructure Bond ETF) – to be filed by subsequent amendment.
	(xxv)	Opinion and Consent\n of Counsel (for Defiance China Quantum ETF) – to be filed by subsequent amendment.
	(xxvi)	Opinion and Consent\n of Counsel (for Defiance Brazil Sovereign Debt ETF) – to be filed by subsequent amendment.
	(xxvii)	Opinion and Consent\n of Counsel (for Defiance 2X AAOI Hourly Reset ETF, Defiance 2X AMD Hourly Reset ETF, Defiance 2X DRAM Hourly Reset ETF, Defiance\n 2X GOOG Hourly Reset ETF, Defiance 2X META Hourly Reset ETF, Defiance 2X MRVL Hourly Reset ETF, Defiance 2X MSFT Hourly Reset\n ETF, Defiance 2X MU Hourly Reset ETF, Defiance 2X NBIS Hourly Reset ETF, Defiance 2X NVDA Hourly Reset ETF, Defiance 2X PLTR\n Hourly Reset ETF, Defiance 2X SKHY Hourly Reset ETF, Defiance 2X SNDK Hourly Reset ETF, Defiance 2X SPCX Hourly Reset ETF,\n Defiance 2X TSLA Hourly Reset ETF, and Defiance 2X TSM Hourly Reset ETF) – to be filed by subsequent amendment.
	(xxviii)	Opinion and Consent\n of Counsel (for Defiance Pre-IPO Leaders ETF) – to be filed by subsequent amendment.
	(xxix)	Opinion and Consent\n of Counsel (for Defiance Daily Target 2X Long BWET ETF) – to be filed by subsequent amendment.
(j)		Not Applicable.
(k)		Not applicable.
(l)	(i)	Subscription Agreement\n – to be filed by subsequent amendment.
	(ii)	Letter of Representations\n between the Trust and Depository Trust Company – to be filed by subsequent amendment.
(m)		Amended\n and Restated Rule 12b-1 Plan, previously filed with Post-Effective Amendment No. 70 on Form N-1A on September 30, 2026\n and is incorporated herein by reference.
(n)		Not applicable.
(o)		Reserved.
(p)	(i)	Code\n of Ethics for Tidal Trust V, previously filed with the Trust’s registration statement on Form N-1A on August 22,\n 2025, is hereby incorporated by reference.
	(ii)	Code\n of Ethics for Tidal Investments LLC, previously filed with the Trust’s registration statement on Form N-1A on August\n 22, 2025, is hereby incorporated by reference.
	(iii)	Code of Ethics for\n Distributor – not applicable per Rule 17j-1(c)(3).

Item\n29. Persons Controlled by or Under Common Control with Registrant

No\nperson is directly or indirectly controlled by or under common control with the Registrant.

Item\n30. Indemnification

Reference\nis made to Article VII of the Registrant’s Declaration of Trust. The general effect of this provision is to indemnify the\nTrustees, officers, employees and other agents of the Trust who are parties pursuant to any proceeding by reason of their actions\nperformed in their scope of service on behalf of the Trust.

Pursuant\nto Rule 484 under the Securities Act of 1933, as amended (the “Securities Act“), the Registrant furnishes the following\nundertaking: “Insofar as indemnification for liability arising under the Securities Act of 1933 may be permitted to trustees,\nofficers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been\nadvised that, in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed\nin the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities\n(other than the payment by the Registrant of expenses incurred or paid by a trustee, officer or controlling person of the Registrant\nin the successful defense of any action, suit or proceeding) is asserted by such trustee, officer or controlling person in connection\nwith the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by\ncontrolling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against\npublic policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.“

Item\n31. Business and Other Connections of Investment Adviser

This\nItem incorporates by reference each investment adviser’s Uniform Application for Investment Adviser Registration (Form ADV)\non file with the SEC, as listed below. Each Form ADV may be obtained, free of charge, at the SEC’s website at www.adviserinfo.sec.gov.\nAdditional information as to any other business, profession, vocation or employment of a substantial nature engaged in by each\nofficer and director of the below-listed investment advisers is included in the Trust’s Statement of Additional Information.

\n\n \n \n\n \n \n

Investment\n Adviser	SEC\n File No.
Tidal Investments\n LLC	801-76857

C-7

Item\n32. Principal Underwriters

\n\n \n \n

(i)(a)

Foreside\n Fund Services, LLC (the “Distributor“) serves as principal underwriter for the following investment companies\n registered under the Investment Company Act of 1940, as amended:

\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n

1.	AB Active ETFs, Inc.
2.	ABS Long/Short Strategies Fund
3.	ActivePassive Core Bond ETF, Series of Trust\n for Professional Managers
4.	ActivePassive Intermediate Municipal Bond ETF,\n Series of Trust for Professional Managers
5.	ActivePassive International Equity ETF, Series\n of Trust for Professional Managers
6.	ActivePassive U.S. Equity ETF, Series of Trust\n for Professional Managers
7.	AdvisorShares Trust
8.	AFA Private Credit Fund
9.	AGF Investments Trust
10.	AIM ETF Products Trust
11.	Alexis Practical Tactical ETF, Series of Listed\n Funds Trust
12.	AlphaCentric Prime Meridian Income Fund
13.	Alternative Strategies Income Fund
14.	American Century ETF Trust
15.	AMG ETF Trust
16.	Amplify ETF Trust
17.	Applied Finance Dividend Fund, Series of World\n Funds Trust
18.	Applied Finance Explorer Fund, Series of World\n Funds Trust
19.	Applied Finance Select Fund, Series of World\n Funds Trust
20.	Ardian Access LLC
21.	ARK ETF Trust
22.	ARK Venture Fund
23.	Bitwise Funds Trust
24.	BondBloxx ETF Trust
25.	Bramshill Multi-Strategy Income Fund, Series\n of Investment Managers Series Trust
26.	Bridgeway Funds, Inc.
27.	Brinker Capital Destinations Trust
28.	Brookfield Real Assets Income Fund Inc.
29.	Build Funds Trust
30.	Calamos Convertible and High Income Fund
31.	Calamos Convertible Opportunities and Income\n Fund
32.	Calamos Dynamic Convertible and Income Fund
33.	Calamos Global Dynamic Income Fund
34.	Calamos Global Total Return Fund
35.	Calamos Strategic Total Return Fund
36.	Carlyle Tactical Private Credit Fund
37.	Cascade Private Capital Fund
38.	Catalyst/Perini Strategic Income Fund
39.	CBRE Global Real Estate Income Fund
40.	Cliffwater Corporate Lending Fund
41.	Cliffwater Enhanced Lending Fund
42.	Coatue Innovative Strategies Fund
43.	Cohen & Steers ETF Trust
44.	Convergence Long/Short Equity ETF, Series of\n Trust for Professional Managers
45.	Curasset Capital Management Core Bond Fund,\n Series of World Funds Trust
46.	Curasset Capital Management Limited Term Income\n Fund, Series of World Funds Trust
47.	CYBER HORNET S&P 500^®and\n Bitcoin 75/25 Strategy ETF, Series of CYBER HORNET Trust
48.	Davis Fundamental ETF Trust
49.	Defiance Autism Impact ETF, Series of ETF Series\n Solutions
50.	Defiance BMNR Option Income ETF, Series of ETF\n Series Solutions
51.	Defiance Connective Technologies ETF, Series\n of ETF Series Solutions
52.	Defiance Drone and Modern Warfare ETF, Series\n of ETF Series Solutions
53.	Defiance Quantum ETF, Series of ETF Series Solutions
54.	Defiance Retail Kings ETF, Series of ETF Series\n Solutions

C-8

\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n

55.	Defiance US 100 Tech AI Moat\n ETF, Series of ETF Series Solutions
56.	Defiance US 100 Tech Ex Software ETF, Series\n of ETF Series Solutions
57.	Denali Structured Return Strategy Fund
58.	Dodge & Cox Funds
59.	DoubleLine ETF Trust
60.	DoubleLine Income Solutions Fund
61.	DoubleLine Opportunistic Credit Fund
62.	DoubleLine Yield Opportunities Fund
63.	DriveWealth ETF Trust
64.	EIP Investment Trust
65.	Ellington Income Opportunities Fund
66.	ETF Opportunities Trust
67.	Exchange Listed Funds Trust
68.	Exchange Place Advisors Trust
69.	FIS Trust
70.	FlexShares Trust
71.	Fortuna Hedged Bitcoin ETF, Series of Listed\n Funds Trust
72.	Forum Funds
73.	Forum Funds II
74.	Forum Real Estate Income Fund
75.	GMO ETF Trust
76.	GoldenTree Opportunistic Credit Fund
77.	Gramercy Emerging Markets Debt Fund, Series\n of Investment Managers Series Trust
78.	Grayscale Funds Trust
79.	Guinness Atkinson Funds
80.	Harbor ETF Trust
81.	Harris Oakmark ETF Trust
82.	Hawaiian Tax-Free Trust
83.	Horizon Kinetics Blockchain Development ETF,\n Series of Listed Funds Trust
84.	Horizon Kinetics Energy and Remediation ETF,\n Series of Listed Funds Trust
85.	Horizon Kinetics Inflation Beneficiaries ETF,\n Series of Listed Funds Trust
86.	Horizon Kinetics Japan Owner Operator ETF, Series\n of Listed Funds Trust
87.	Horizon Kinetics Medical ETF, Series of Listed\n Funds Trust
88.	Horizon Kinetics SPAC Active ETF, Series of\n Listed Funds Trust
89.	Horizon Kinetics Texas ETF, Series of Listed\n Funds Trust
90.	Innovator ETFs Trust
91.	Ironwood Institutional Multi-Strategy Fund LLC
92.	Ironwood Multi-Strategy Fund LLC
93.	Jensen Quality Growth ETF, Series of Trust for\n Professional Managers
94.	John Hancock Exchange-Traded Fund Trust
95.	Kurv ETF Trust
96.	Lazard Active ETF Trust
97.	LDR High Income Realty Fund, Series of World\n Funds Trust
98.	Lone Peak Value Fund, Series of World Funds\n Trust
99.	Mairs & Power Balanced Fund, Series of Trust\n for Professional Managers
100.	Mairs & Power Fund, Series of Trust for\n Professional Managers
101.	Mairs & Power Minnesota Municipal Bond ETF,\n Series of Trust for Professional Managers
102.	Mairs & Power Small Cap Fund, Series of\n Trust for Professional Managers
103.	Manor Investment Funds
104.	Milliman Funds Trust
105.	MoA Funds Corporation
106.	Moerus Worldwide Fund, Series of Northern Lights\n Fund Trust IV
107.	Morgan Stanley ETF Trust
108.	Morgan Stanley Pathway Large Cap Equity ETF,\n Series of Morgan Stanley Pathway Funds
109.	Morgan Stanley Pathway Small-Mid Cap Equity\n ETF, Series of Morgan Stanley Pathway Funds
110.	Morningstar Funds Trust
111.	NEOS ETF Trust
112.	Niagara Income Opportunities Fund
113.	NXG Cushing^® Midstream Energy\n Fund
114.	NXG NextGen Infrastructure Income Fund

C-9

\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n

115.	OTG Latin American Fund, Series of World Funds\n Trust
116.	Overlay Shares Core Bond ETF, Series of Listed\n Funds Trust
117.	Overlay Shares Enhanced Equity Fund, Series\n of Listed Funds Trust
118.	Overlay Shares Foreign Equity ETF, Series of\n Listed Funds Trust
119.	Overlay Shares Hedged Equity Fund, Series of\n Listed Funds Trust
120.	Overlay Shares Hedged Large Cap Equity ETF,\n Series of Listed Funds Trust
121.	Overlay Shares Large Cap Equity ETF, Series\n of Listed Funds Trust
122.	Overlay Shares Municipal Bond ETF, Series of\n Listed Funds Trust
123.	Overlay Shares Short Term Bond ETF, Series of\n Listed Funds Trust
124.	Overlay Shares Small Cap Equity ETF, Series\n of Listed Funds Trust
125.	Palmer Square Funds Trust
126.	Palmer Square Opportunistic Income Fund
127.	Partners Group Private Income Opportunities,\n LLC
128.	Philotimo Focused Growth and Income Fund, Series\n of World Funds Trust
129.	Plan Investment Fund, Inc.
130.	Point Bridge America First ETF, Series of ETF\n Series Solutions
131.	Precidian ETFs Trust
132.	Rareview 2X Bull Cryptocurrency & Precious\n Metals ETF, Series of Collaborative Investment Series Trust
133.	Rareview Dynamic Fixed Income ETF, Series of\n Collaborative Investment Series Trust
134.	Rareview Systematic Equity ETF, Series of Collaborative\n Investment Series Trust
135.	Rareview Tax Advantaged Income ETF, Series of\n Collaborative Investment Series Trust
136.	Rareview Total Return Bond ETF, Series of Collaborative\n Investment Series Trust
137.	Renaissance Capital Greenwich Funds
138.	REX ETF Trust
139.	Reynolds Funds, Inc.
140.	RMB Investors Trust
141.	Robinson Opportunistic Income Fund, Series of\n Investment Managers Series Trust
142.	Robinson Tax Advantaged Income Fund, Series\n of Investment Managers Series Trust
143.	Roundhill Ball Metaverse ETF, Series of Listed\n Funds Trust
144.	Roundhill Cannabis ETF, Series of Listed Funds\n Trust
145.	Roundhill ETF Trust
146.	Roundhill Magnificent Seven ETF, Series of Listed\n Funds Trust
147.	Roundhill Sports Betting & iGaming ETF,\n Series of Listed Funds Trust
148.	Roundhill Video Games ETF, Series of Listed\n Funds Trust
149.	Rule One Fund, Series of World Funds Trust
150.	Russell Investments Exchange Traded Funds
151.	Securian AM Real Asset Income Fund, Series of\n Investment Managers Series Trust
152.	Six Circles Trust
153.	Sound Shore Fund, Inc.
154.	SP Funds Trust
155.	Sparrow Funds
156.	Spear Alpha ETF, Series of Listed Funds Trust
157.	STF Tactical Growth & Income ETF, Series\n of Listed Funds Trust
158.	STF Tactical Growth ETF, Series of Listed Funds\n Trust
159.	Strategic Trust
160.	Strategy Shares
161.	Swan Hedged Equity US Large Cap ETF, Series\n of Listed Funds Trust
162.	Tekla World Healthcare Fund
163.	Tema ETF Trust
164.	The 2023 ETF Series Trust
165.	The Community Development Fund
166.	The Cook & Bynum Fund, Series of World Funds\n Trust
167.	The Private Shares Fund
168.	The SPAC and New Issue ETF, Series of Collaborative\n Investment Series Trust
169.	Third Avenue Trust
170.	Third Avenue Variable Series Trust
171.	Tidal Trust I
172.	Tidal Trust II
173.	Tidal Trust III
174.	Tidal Trust IV

C-10

175.	TIFF Investment Program
176.	Timothy Plan Free Cash Flow ETF, Series of The\n Timothy Plan
177.	Timothy Plan Free Cash Flow Growth ETF, Series\n of The Timothy Plan
178.	Timothy Plan High Dividend Stock ETF, Series\n of The Timothy Plan
179.	Timothy Plan Fixed Income ETF, Series of The\n Timothy Plan
180.	Timothy Plan International ETF, Series of The\n Timothy Plan
181.	Timothy Plan US Large/Mid Cap Core ETF, Series\n of The Timothy Plan
182.	Timothy Plan US Small Cap Core ETF, Series of\n The Timothy Plan
183.	Total Fund Solution
184.	Touchstone ETF Trust
185.	Trailmark Series Trust
186.	T-Rex 2X Inverse Bitcoin Daily Target ETF, Series\n of World Funds Trust
187.	T-Rex 2X Long Bitcoin Daily Target ETF, Series\n of World Funds Trust
188.	T-Rex 2X Long Ether Daily Target ETF
189.	U.S. Global Investors Funds
190.	Union Street Partners Value Fund, Series of\n World Funds Trust
191.	Vest Bitcoin Strategy Managed Volatility Fund,\n Series of World Funds Trust
192.	Vest S&P 500^® Dividend Aristocrats\n Target Income Fund, Series of World Funds Trust
193.	Vest US Large Cap 10% Buffer Strategies Fund,\n Series of World Funds Trust
194.	Vest US Large Cap 20% Buffer Strategies Fund,\n Series of World Funds Trust
195.	Virtus Stone Harbor Emerging Markets Income\n Fund
196.	Volatility Shares Trust
197.	WEBs ETF Trust
198.	Wedbush Series Trust
199.	Wellington Global Multi-Strategy Fund
200.	Wilshire Mutual Funds, Inc.
201.	Wilshire Variable Insurance Trust
202.	WisdomTree Trust

\n\n \n \n

(i)(b)

The\n following are the Officers and Manager of the Distributor, the Registrant’s underwriter. The Distributor’s main\n business address is 190 Middle Street, Suite 301, Portland, Maine 04101.

\n\n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n

Name	Address	Position\n with Underwriter	Position\n \n with \n Registrant

Teresa Cowan	190 Middle Street, Suite 301 \n Portland, ME 04101	President/Manager	None
Chris Lanza	190 Middle Street, Suite 301 \n Portland, ME 04101	Vice President	None
Kate Macchia	190 Middle Street, Suite 301 \n Portland, ME 04101	Vice President	None
Alicia Strout	190 Middle Street, Suite 301 \n Portland, ME 04101	Vice President and Chief Compliance Officer	None
Gabriel E. Edelman	190 Middle Street, Suite 301 \n Portland, ME 04101	Secretary	None
Susan L. LaFond	190 Middle Street, Suite 301 \n Portland, ME 04101	Treasurer	None
Weston Sommers	190 Middle Street, Suite 301 \n Portland, ME 04101	Financial and Operations Principal and Chief\n Financial Officer	None

\n\n \n \n

(i)(c)

Not\n applicable.

\n\n \n \n

(ii)(a)

Ultimus\n Fund Distributors, LLC & Northern Lights Distributors, LLC (the “Distributor“) serves as principal underwriter\n for the following investment companies registered under the Investment Company Act of 1940, as amended:

\n\n \n\n \n\n \n\n \n

ABS\n Global Investments - NLD

Absolute Capital\n Mgmt - NLD

Absolute Investment\n Adv - NLD

Absolute Investment\n Adv - UFD

C-11

Adler Asset Management,\n LLC - UFD

AlphaCentric Advisors\n - NLD

Altegris Investments\n - NLD

Anchor Capital Mgmt\n Grp - NLD

Anfield Capital\n Mgmt - NLD

Astor Investment\n Mgmt - NLD

AthenaInvest Advisors\n - NLD

Atlas U.S. Tactical\n Income Fund - NLD

Bain Capital Public\n Equity - NLD

Ballast Asset Mgmt\n - NLD

Beacon Capital -\n NLD

Beacon Pointe -\n UFD

Belmont Capital\n Group - UFD

Biondo Investment\n Adv - NLD

Blueprint Fund Management\n - UFD

Booster Asset Management\n - UFD

Boyar Asset Mgmt\n - NLD

Boyd Watterson Asset\n Mgmt - NLD

Bradley, Foster\n & Sargent, Inc. - UFD

Brighton Jones -\n UFD

Brookstone ETF (FormulaFolio)\n - NLD

Bruce Funds - UFD

BTS Asset Mgmt -\n NLD

Canterbury Investment\n Management - UFD

Cantor Fitzgerald\n Infrastructure - UFD

Cantor Select -\n UFD

Cary Street Partners\n (Fairlead) - NLD

Catalyst Capital\n Advisors - NLD

CAZ Investments\n - UFD

Centerstone Advisors\n - NLD

Ceros Financial\n Services NSCC - UFD

Changing Parameters\n - NLD

Channel Investment\n Partners - UFD

Channing Capital\n Management - UFD

Chesapeake Growth\n Fund - UFD

CIM Capital IC -\n NLD

Clark Capital Mgmt\n Group - NLD

CM Advisors Fixed\n Income Fund - UFD

Commonwealth International\n Series Trust - UFD

Conestoga Capital\n Advisors - UFD

Connors Investor\n Services - UFD

Copeland Capital\n Mgmt - NLD

Counterpoint (ETF)\n - NLD

Counterpoint Mutual\n Funds - NLD

Crawford Investment\n Counsel, Inc. - UFD

Cutler Investment\n Counsel - UFD

Cyber Hornet (OneFund)\n - UFD

Dana Investment\n Advisors - UFD

Davenport &\n Company LLC - UFD

David Lerner Associates,\n Inc. - UFD

DCM Advisors, LLC\n (f.k.a. Copley) - UFD

Dean Capital Management\n - UFD

Dearborn Cap Mgmt\n (Grant Park) - NLD

DGI Investment Trust\n - NLD

Donoghue Forlines\n LLC - NLD

Donoghue Forlines\n LLC (VIT) - NLD

EBS Asset Management\n - UFD

Edge Capital [Group/Partners]\n (Blue Current) - UFD

Edgemoor Investment\n Advisors - UFD

Efficient Capital\n Management - UFD

C-12

Empiric Advisors\n - NLD

Eventide Asset Mgmt\n - NLD

Evolutionary Tree\n Capital Management - UFD

Fairway Capital\n Management - UFD

Finance Authority\n of Maine (FAME 529) - NLD

First Associated\n Inv Adv (Teberg) - NLD

First Manhattan\n Co - NLD

Fisher Investments\n Institutional Group (FIIG) - UFD

Fisher Tactical\n Multi-Purpose Fund - UFD

Flat Rock Core Income\n Fund - UFD

Flat Rock Enhanced\n Income Fd - UFD

Flat Rock Opportunity\n Fund - UFD

Fort Pitt Capital\n (Kovitz) - UFD

Fulcrum Asset Mgmt\n - NLD

Fuller & Thaler\n Asset Management, Inc - UFD

Future Fund - NLD

Gator Capital Management\n - UFD

GGM Wealth Adv -\n NLD

Grandeur Peak Global\n Adv - NLD

Guardian Capital\n LP - UFD

Hamilton Capital\n - UFD

Hirtle Callahan\n - UFD

Hodges Capital Mgmt\n - NLD

Holbrook Holdings,\n Inc. - NLD

Horizon Capital\n Mgmt (Issachar) - NLD

Howard Capital (ETF)\n - NLD

Howard Capital Mgmt\n - NLD

Hudson Valley Investment\n Advisors - UFD

Hull Tactical (HTAA)\n - NLD

Humankind Investments\n LLC - NLD

Hunter Perkins Capital\n Mgmt - NLD

Hussman Strategic\n Advisors, Inc. - UFD

Hypatia Capital\n - NLD

IC - FDFA Customer\n in UFD

iCapital Markets\n (NSCC) - UFD

Innealta Capital\n - NLD

Invenomic Capital\n Mgmt - NLD

IronHorse Capital\n - NLD

JAG Capital Mgmt\n - NLD

James Investment\n Research - UFD

Johnson Investment\n Counsel - UFD

Kempner Capital\n Management - UFD

Kingsview Wealth\n Mgmt - NLD

KKM Financial (ETF)\n - NLD

Kovitz IGP (Al Frank)\n - NLD

Kovitz IGP (ETF)\n - NLD

Ladenburg Thalmann\n Asset Management NSCC - UFD

Leavell Investment\n Management - UFD

LGM Capital Mgmt\n - NLD

Lind Capital Partners\n - UFD

Long Short Advisors,\n LLC - UFD

Longboard Asset\n Mgmt - NLD

Lowe, Brockenbrough\n & Co. - UFD

Main Mgmt ETF -\n NLD

Main Mgmt Fund -\n NLD

Marshfield Associates\n - UFD

Morton Wealth (M83)\n - UFD

New Age Alpha (VIT)\n - UFD

New Age Alpha Advisors\n - UFD

Nia Impact Capital\n - UFD

C-13

Nightview Capital\n - NLD

North Country Inv\n Adv - NLD

North Star Investment\n Mgmt - NLD

Oak Associates,\n Ltd. - UFD

Oak Harvest Inv\n Svcs - UFD

Ocean Park Asset\n Mgmt (ETF) - NLD

Ocean Park Asset\n Mgmt (Sierra/Wright) - NLD

Oelschlager (Towpath)\n - UFD

OneAscent Cap. (C.E./Interval)\n - UFD

OneAscent Financial\n Services (ETF) - NLD

Orrell Capital Mgmt\n (OCM) - NLD

Pacific Financial\n (PFG - RiskPro) - NLD

Papp Investment\n Trust - UFD

Pathstone (WOA)\n - NLD

Peachtree Alternative\n Strategies Fund - UFD

PeakShares - NLD

Pekin Singer Strauss\n Asset Management, Inc. - UFD

Persimmon Capital\n Mgmt - NLD

Pinnacle Family\n Advisors - NLD

PlanRock (ETF) -\n NLD

Princeton Fund -\n NLD

Princeton Private\n - NLD

Private College\n 529 Plan (PC529) - NLD

Q3 Asset Management\n - UFD

Q3 Asset Mgmt Corp\n (ETF) - NLD

Quantum Advisors\n Pvt Ltd - UFD

Rational Advisors\n - NLD

Recurrent Inv Adv\n - NLD

Redwood Inv Mgmt\n [Fund] - NLD

Redwood Investment\n Mgmt [ETF] - NLD

Reflection Asset\n Mgmt (Sphere) - UFD

Regan Capital -\n NLD

Regents Park Funds\n - NLD

RESQ Investment\n Partners - NLD

Reynders, McVeigh\n Capital Mgmt - UFD

SB Auer Funds, LLC\n - UFD

Schwartz Investment\n Counsel, Inc. - UFD

Segall Bryant &\n Hamill - UFD

Segall Bryant &\n Hamill (ETF) - NLD

Slow Capital - UFD

SMI Advisory Services,\n LLC - UFD

Standpoint Asset\n Management - UFD

Sterling Capital\n Mgmt - NLD

Sterling Capital\n Mgmt (CST) - NLD

Stonebridge Cap\n Adv - NLD

Summitry, LLC -\n UFD

Swan Capital Mgmt\n - NLD

Swan Capital Mgmt\n (ETF) - NLD

Texas Capital Bank\n PWA (ETF) - NLD

Texas Capital Bank\n PWA (MF) - NLD

The Investment House\n LLC - UFD

Toews Corporation\n - NLD

Toews Corporation\n (ETF) - NLD

Tributary Capital\n Mgmt - NLD

Tuttle Capital (Cramer)\n - NLD

USA Mutuals Advisors,\n Inc - NLD

VELA Investment\n Management - UFD

Volumetric Advisers\n Inc - UFD

Wavelength Capital\n Management - UFD

Waycross Partners,\n LLC - UFD

C-14

\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n

Wellesley Inv Adv\n (Miller) - NLD

WesBanco Inv Dept\n (WesMark) - UFD

Westwood Management\n - UFD

Westwood Mgmt (ETF)

XDUS Fund Advisor

Yorktown Management\n & Research

Zacks Inv Mgmt (ETF)

Zacks Inv Mgmt (MF)

(ii)(b)      The\nfollowing are the Officers and Manager of the Distributor, the Registrant’s underwriter. The Distributor’s main business\naddress is 225 Pictoria Drive, Cincinnati, OH 45246.

\n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n

Kevin Guerette	President	225 Pictoria Drive, Cincinnati,\n OH 45246
Steve Preston	Chief Compliance Officer	225 Pictoria Drive, Cincinnati, OH 45246
William Strait	General Counsel, Secretary	4221 North 203rd Street, Elkhorn, NE 68022
Gregory Evans	Financial Operations Principal	225 Pictoria Drive, Cincinnati, OH 45246
Jason Stevens	Chief Technology Officer	225 Pictoria Drive, Cincinnati, OH 45246
Gary Danahy	Assistant Chief Compliance Officer	4221 North 203rd Street, Elkhorn, NE 68022

\n\n \n \n

(ii)(c)

Not applicable.

Item\n33. Location of Accounts and Records

The\nbooks and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 are maintained at the following\nlocations:

\n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n

Records Relating to:		Are located at:
Registrant’s Fund Administrator		Tidal ETF Services LLC \n 234 West Florida Street, Suite 700 \n Milwaukee, Wisconsin 53204

Registrant’s Fund Accountant and Transfer\n Agent		U.S. Bancorp Fund Services, LLC, \n doing business as U.S. Bank Global Fund Services  \n P.O. Box 219252 \n Kansas City, Missouri 64121-9252

Registrant’s Custodian		U.S. Bank National Association \n 1555 N. Rivercenter Dr. \n Milwaukee, Wisconsin 53212

Registrant’s Principal Underwriters		Foreside Fund Services, LLC \n 190 Middle Street, Suite 301 \n Portland, Maine 04101

		Ultimus Fund Distributors, LLC & \n Northern Lights Distributors, LLC \n 225 Pictoria Drive, Suite 450 \n Cincinnati, Ohio 45246

Registrant’s Investment Adviser		Tidal Investments LLC \n 234 West Florida Street, Suite 700 \n Milwaukee, Wisconsin 53204

Item\n34. Management Services

Not\napplicable.

Item\n35. Undertakings

Not\napplicable.

C-15

SIGNATURES

Pursuant\nto the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant\ncertifies that it meets all requirements for effectiveness of this Post-Effective Amendment\nNo. 79 to its Registration Statement on Form N-1A under Rule 485(b) under the Securities Act and has duly caused this Post-Effective\nAmendment No. 79 to its Registration Statement on Form N-1A to be signed on its behalf by the undersigned, duly authorized, in\nthe City of Milwaukee, State of Wisconsin, on October 13, 2026.

\n\n \n \n \n\n \n \n \n\n \n \n \n\n \n \n \n

	Tidal Trust V

	/s/ Joel\n Weiss
	Joel Weiss \n President and Principal Executive Officer

Pursuant\nto the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed below by the following\npersons in the capacities indicated on October 13, 2026.

Signature		Title

/s/\n Eric W. Falkeis		Trustee
Eric W. Falkeis

/s/\n John Hagist*		Trustee
John Hagist

/s/\n Michelle McDonough*		Trustee
Michelle McDonough

/s/\n David Norris*		Trustee
David Norris

/s/\n Aaron Perkovich		Treasurer (principal financial officer and principal\n accounting officer)
Aaron Perkovich

*By:	/s/ Joel\n Weiss
	Joel Weiss, Attorney in Fact \n By Power of Attorney

C-16

Exhibit\nIndex

\n\n \n \n\n \n \n

Exhibit No.	Description
(i)(xiv)	Opinion\n and Consent of Counsel

C-17

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