Strategy. The Fund uses a passive management (or indexing) approach to track the performance, before fees and expenses, of the Index. The Index is based on a proprietary methodology created by Aztlan Equity Management, LLC (Aztlan) that follows a non-discretionary, rules-based methodology to determine the universe of potential Index components. The Index is owned, calculated, administered, and published by Solactive AG (Solactive). Solactive Aztlan Global Developed Markets SMID Cap Index The Index is comprised of equity securities of companies from the following three developed markets (DM) regions: North America (United States and Canada), Western Europe (Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom), and Asia (Australia, Japan and New Zealand, but … Show more… The Fund uses a passive management (or indexing) approach to track the performance, before fees and expenses, of the Index. The Index is based on a proprietary methodology created by Aztlan Equity Management, LLC (Aztlan) that follows a non-discretionary, rules-based methodology to determine the universe of potential Index components. The Index is owned, calculated, administered, and published by Solactive AG (Solactive). Solactive Aztlan Global Developed Markets SMID Cap Index The Index is comprised of equity securities of companies from the following three developed markets (DM) regions: North America (United States and Canada), Western Europe (Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom), and Asia (Australia, Japan and New Zealand, but excluding Hong Kong and Singapore). Solactive assigns each security to a particular country based on its analysis of multiple factors, including country of incorporation, primary listing, and domicile (See Additional Information About the Global Index in the Funds Prospectus for additional information about the country selection process). The Index includes securities of small- and mid-capitalization companies (SMID-capitalization companies), which are those with market caps between $500 million USD and $15 billion USD at the time of first purchase and as of five weekdays prior to each quarterly rebalance of the Index. The Index includes securities from each of the following ten broad sectors: Materials, Industrials, Consumer Discretionary, Consumer Staples, Health Care (excluding pharmaceutical industry or sub-sector), Energy, Financials, Information Technology, Communication Services, and Utilities. The securities included in the Index will have an average daily traded volume (over the most recent 30-day period) of at least $5 million USD. The Index methodology applies a two-step process to determine the Index constituents. Step 1: On September 30th each year, the initial universe is reduced to 70 potential Index constituents by applying a Stable Quality Factor to the initial universe. The Stable Quality Factor ranks each potential Index constituent in the initial universe by their overall factor scores over the past 12 months based on the methodology below, with the 70 highest scoring companies remaining as potential Index constituents. When measuring estimates or forward metrics, the Index analyzes the consensus mean of industry analysts estimates of the relevant metrics. For each estimate and forward metric, the Index will evaluate each such metric by looking forward for a period of 12 months. When measuring estimates or forward metrics, each equity security of a company in the Index universe is assigned a value for the applicable metric based on a review of the reports that industry analysts publish about the security. Values are assigned based on the consensus of the industry analysts reporting about a particular company. ? Value Factor This factor analyzes a companys trailing earnings yield and estimates of its forward earnings yield. Earnings yield refers to a companys earnings per share for the most recent 12-month period divided by its current market share price. Comparing a companys earnings yield against other companies can provide a measure of whether the companys shares appear correctly valued, underpriced, or overpriced. ? Cashflow Factor This factor analyzes, among other things, a companys dividend history, and estimates of its forward dividends per share. Additionally, estimates of a companys forward free cash flow yield are evaluated. Cash flow refers to the net balance of cash moving into and out of a company, and the term cash flow yield refers to a companys cash flow per share divided by its current per share market price. Cash flow yields provide a measure of how well a company generates cash from its current operations. ? Capital Structure Factor This factor analyzes a companys return on equity (ROE). The Index evaluates a companys trailing ROE over the most recent five-year period, and estimates of the companys future ROE. ? Growth Factor This factor analyzes a companys change in earning per share (EPS) over the most recent three-year period, as well as estimates of the companys future EPS. ? EPS Revisions This factor analyzes revisions to consensus estimates of a companys EPS during the most recent four-week period. ? Price Momentum This factor analyzes the change of a companys stock price over the most recent three-month and one-year periods. Step 2: The Index ranks the 70 remaining potential Index constituents from the annual process, and on a quarterly basis, re-ranks these remaining stocks using the same six equally weighted factors. Each quarter, the top 50 stocks by final factor score are then selected for inclusion in the Index. At the time of each reallocation selection (five days before rebalancing), each Index constituent is equally weighted. However, market movements may change these weights by the time of the rebalance. The Index is rebalanced quarterly. The Funds Investment Strategy The Fund will invest all, or substantially all, of its assets in the component securities that make up the Index (the Index Components). Under normal circumstances, at least 80% of the Funds net assets, plus borrowings for investment purposes, will be invested in equity securities of SMID-capitalization companies incorporated in or that are listed in developed markets. The Fund will generally use a replication strategy to achieve its investment objective, meaning it generally will invest in all of the Index components. However, the Fund may use a representative sampling strategy, meaning it may invest in a sample of the securities in the Index whose risk, return and other characteristics closely resemble the risk, return and other characteristics of the Index as a whole, when Tidal Investments LLC (Tidal or the Adviser), a Tidal Financial Group company, believes it is in the best interests of the Fund (e.g., when replicating the Index involves practical difficulties or substantial costs, an Index constituent becomes temporarily illiquid, unavailable, or less liquid, or as a result of legal restrictions or limitations that apply to the Fund but not to the Index). The Fund may invest in securities or other investments not included in the Index, but which the Adviser believes will help the Fund track the Index. For example, the Fund may invest in securities that are not components of the Index to reflect various corporate actions and other changes to the Index (such as reconstitutions, additions, and deletions). The Fund will invest its assets in investments that are tied economically to at least four countries throughout the world. The Fund considers securities to be tied economically to a country if the issuer is headquartered in the country, generates at least fifty percent of its revenue or profits from operations in the country, or has its primary listing on an exchange located in the country. Show less