RSST

Important Disclosures Investors should consider the investment objectives, risks, charges, and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Fund, please click here. Read the prospectus or summary prospectus carefully before investing. Investments involve risk. Principal loss is possible. Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value. Brokerage commissions may apply and would reduce returns.

Definitions:

Bloomberg Short Treasury US Total Return Index is an index that covers US Treasury Bills between 1-3 months in maturity. Bloomberg US Aggregate Bond Index is an index that covers the broad U.S. investment grade, US dollar-denominated, fixed-rate taxable bond market. MSCI ACWI Net Total Return USD Index is a benchmark representing global equity performance, tracking large and mid-cap stocks across 23 developed and 24 emerging markets. It covers ~85% of the global investable equity set, with performance calculated in USD, net of dividend withholding taxes. MSCI EAFE Net Total Return USD Index measures the equity performance of developed markets outside of North America, specifically covering Europe, Australasia, and the Far East. It tracks large and mid-cap stocks, covering roughly 85% of each country's free-float adjusted market capitalization, with returns calculated in USD, net of dividend withholding taxes. Société Générale Trend Index is designed to track the largest trend following commodity trading advisors (“CTAs”) in the managed futures space net of underlying fees. The index does not represent the entire universe of all CTAs. Actual rates of return may be significantly different and more volatile than those of the index. FTSE 100 is a stock market index of the 100 largest companies listed on the London Stock Exchange by market value, representing the large‑cap U.K. equity market. Nikkei 225 is a stock market index that tracks 225 large, liquid, publicly traded companies listed on the Tokyo Stock Exchange, representing Japan’s blue‑chip equity market. Eurostoxx (Euro STOXX 50) is a stock market index of 50 leading blue‑chip companies from countries in the euro area, representing the core eurozone equity market. Dax index is a stock market index that tracks major blue‑chip companies listed on the Frankfurt Stock Exchange, representing the German large‑cap equity market. Mini S&P 500 is an equity index futures contract on the S&P 500 giving exposure to the 500 largest U.S. companies. Mini NASDAQ is an equity index futures contract giving exposure to the 100 largest non-financial companies listed on Nasdaq. TX60 is an equity index futures contract on the S&P/TSX 60 giving exposure to 60 of the largest large-cap Canadian companies listed on the TSX. The S&P 500 Total Return Index (SPTR2) is a total return index that reflects both changes in the prices of stocks in the S&P 500 Index as well as the reinvestment of the dividend income from its underlying stocks. The S&P Composite 1500 (SP1500TR) combines three leading indices, the S&P 500, the S&P MidCap 400, and the S&P SmallCap 600, to cover approximately 90% of U.S. market capitalization. The Bloomberg US Aggregate Index (LBUSTRUU) is a broad-based flagship benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. Portable alpha is the practice of obtaining a portfolio's market exposure through capital-efficient instruments like futures or swaps, freeing the underlying capital to be invested in return streams that are largely independent of that market exposure.

Derivatives Risk. Derivatives are instruments, such as futures contracts, whose value is derived from that of other assets, rates, or indices. The use of derivatives for non-hedging purposes may be considered to carry more risk than other types of investments. Cayman Subsidiary Risk. By investing in the Fund’s Cayman Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary’s investments. The futures contracts and other investments held by the Subsidiary are subject to the same economic risks that apply to similar investments if held directly by the Fund. The Subsidiary is not registered under the 1940 Act, and, unless otherwise noted in the Fund’s Prospectus, is not subject to all the investor protections of the 1940 Act. Bond Risks. The Fund will be subject to bond and fixed income risks through its investments in U.S. Treasury securities, broad-based bond ETFs, and investments in U.S. Treasury and fixed income futures contracts. Changes in interest rates generally will cause the value of fixed-income and bond instruments held by Fund (or underlying ETFs) to vary inversely to such changes. Commodity Risk. Investing in physical commodities is speculative and can be extremely volatile. Commodity-Linked Derivatives Tax Risk. The tax treatment of commodity-linked derivative instruments may be adversely affected by changes in legislation, regulations, or other legally binding authority. As a registered investment company (RIC), the Fund must derive at least 90% of its gross income each taxable year from certain qualifying sources of income under the Internal Revenue Code. If, as a result of any adverse future legislation, U.S. Treasury regulations, and/or guidance issued by the Internal Revenue Service, the income of the Fund from certain commodity-linked derivatives, including income from the Fund’s investments in the Subsidiary, were treated as non-qualifying income, the Fund may fail to qualify as RIC and/or be subject to federal income tax at the Fund level. The uncertainty surrounding the treatment of certain derivative instruments under the qualification tests for a RIC may limit the Fund’s use of such derivative instruments. Commodity Pool Regulatory Risk. The Fund’s investment exposure to futures instruments will cause it to be deemed to be a commodity pool, thereby subjecting the Fund to regulation under the Commodity Exchange Act and the Commodity Futures Trading Commission rules. Because the Fund is subject to additional laws, regulations, and enforcement policies, it may have increased compliance costs which may affect the operations and performance of the Fund. Credit Risk: Credit risk refers to the possibility that the issuer of a security will not be able to make principal and interest payments when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. Currency Risk: Currency risk is the risk that changes in currency exchange rates will negatively affect securities denominated in, and/or receiving revenues in, foreign currencies. The liquidity and trading value of foreign currencies could be affected by global economic factors, such as inflation, interest rate levels, and trade balances among countries, as well as the actions of sovereign governments and central banks. Foreign and Emerging Markets Risk. Foreign and emerging market investing involves currency, political and economic risk. Leverage Risk: As part of the Fund’s principal investment strategy, the Fund will make investments in futures contracts to gain long and short exposure across four major asset classes (commodities, currencies, fixed income, and equities). These derivative instruments provide the economic effect of financial leverage by creating additional investment exposure to the underlying instrument, as well as the potential for greater loss. Non-Diversification Risk. The Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in fewer issuers than diversified funds. Underlying ETFs Risk. The Fund will incur higher and duplicative expenses because it invests in bond ETFs. The Fund may also suffer losses due to the investment practices of the underlying bond ETFs. New Fund Risk. The Fund is a recently organized management investment company with a limited operating history. Management Investment Adviser Tidal Investments LLC serves as investment adviser to the Fund and the Subsidiary. Investment Sub-Advisers Newfound Research LLC serves as investment sub-adviser to the Fund. ReSolve Asset Management Inc. serves as a non-discretionary investment sub-adviser to the Fund and the Subsidiary. Futures Advisor ReSolve Asset Management SEZC (Cayman) serves as futures advisor to the Fund and the Subsidiary. Distributor Foreside Fund Services, LLC is the distributor for the Fund. Foreside is not related to Tidal, Newfound, or RAM.