Strategy. The Fund is an actively managed exchange-traded fund (ETF) that seeks long-term capital appreciation. As a fund of funds, it invests its assets in shares of other ETFs and, to a limited extent, other exchange traded products (ETPs). The Fund primarily invests in affiliated ETFs managed by Tidal Investments LLC (the Adviser), but it may also invest in unaffiliated ETFs and ETPs (collectively, Underlying ETFs). The Fund will not invest in ETFs that are also structured as fund-of-funds or in ETFs that invest more than 10 percent of their assets in other investment companies and private funds. FIRE Philosophy The FIRE (Financial Independence, Retire Early) movement encourages individuals to achieve financial independence by aggressively saving and investing, often with the … Show more… The Fund is an actively managed exchange-traded fund (ETF) that seeks long-term capital appreciation. As a fund of funds, it invests its assets in shares of other ETFs and, to a limited extent, other exchange traded products (ETPs). The Fund primarily invests in affiliated ETFs managed by Tidal Investments LLC (the Adviser), but it may also invest in unaffiliated ETFs and ETPs (collectively, Underlying ETFs). The Fund will not invest in ETFs that are also structured as fund-of-funds or in ETFs that invest more than 10 percent of their assets in other investment companies and private funds. FIRE Philosophy The FIRE (Financial Independence, Retire Early) movement encourages individuals to achieve financial independence by aggressively saving and investing, often with the goal of retiring early. Participants typically aim to reduce expenses and accumulate substantial wealth through a combination of disciplined saving, investing in growth-oriented assets, and maximizing returns over time. The movement promotes a long-term approach to financial freedom, allowing individuals to retire or pursue other life goals at an earlier stage than traditional retirement timelines. The Wealth Accumulation (Foundational) phase focuses on building a strong financial foundation through disciplined wealth building strategies. It emphasizes strategies such as reducing expenses, increasing income, and maximizing contributions to retirement accounts. The primary objective is to seek to grow assets significantly through aggressive saving and investing. The Fund designed for this phase targets long-term capital appreciation, offering a diversified mix of stocks, bonds, and other growth-oriented investments. The goal is to capitalize on compounding returns and sustained market growth over time. Strategy Overview The Adviser allocates the Funds portfolio equally among four baskets of Underlying ETFs designed to track the behavior of four distinct economic regimes. Each regime generally represents approximately 25% of the Funds portfolio. The four regimes are: ? Prosperity , which will generally be comprised of Underlying ETFs that invest primarily in equity securities. In addition, this basket will invest in Underlying ETFs that are managed using option-based strategies, designed to seek to enhance income, manage risk, or hedge against downside exposure. While options are the primary derivative, the Underlying ETFs may use other derivative instruments. These Underlying ETFs maintain significant equity exposure, aligning with the baskets equity focus, while the use of derivatives adds strategies to potentially enhance returns or reduce volatility. ? Recession , which will generally be comprised of Underlying ETFs that are: ? Low-volatility ETFs (ETFs that aim to reduce risk and provide stable returns); ? Long-short ETFs (ETFs that take both long and short positions to seek to profit from market fluctuations); and ? Alternative ETFs (ETFs that focus on providing uncorrelated returns to the overall market). In addition, this basket will invest in Underlying ETFs that primarily hold cash equivalents. ? Inflation , which will generally be comprised of Underlying ETFs that primarily invest in: ? Commodities (physical goods and raw materials, including digital assets); ? Real estate (properties and real estate investment trusts); and ? Other inflation beneficiaries (assets that tend to increase in value during inflationary periods). In addition, this basket will invest in Underlying ETFs that use managed futures investment strategies (e.g., strategies that involve trading futures contracts to seek to capitalize on market trends). ? Deflation , which will generally be comprised of Underlying ETFs that invest primarily in fixed income securities and bonds. In addition, this basket will be comprised of Underlying ETFs that are deflation beneficiaries (assets that tend to increase in value during deflationary periods). The Adviser uses the following steps to select Underlying ETFs for each of the four baskets: 1. Asset Class Benchmarks : The Adviser has selected the following ETFs noted below to represent the asset class benchmarks for each of the four regimes. The Adviser uses them to analyze the Underlying ETFs relative performance and correlation for each regime. ? Prosperity : U.S. equities (Vanguard Total US Equity ETF). ? Recession : Gold (GLD SPDR Gold Shares ETF) ? Inflation : Short-term treasuries (iShares 1 to 3 Treasury Bond ETF) ? Deflation : Aggregate bonds (iShares Core US Aggregate Bond ETF) 2. Select Holdings : The Adviser selects the Underlying ETFs for each regime using a rigorous qualitative and quantitative evaluation process. This process considers factors such as active share (the percentage of an Underlying ETFs holdings that differs from its benchmark index), active management process (for actively managed ETFs, the approach and strategies used by the Underlying ETFs portfolio managers to seek to achieve the ETFs investment objective), index methodology (for passively managed ETFs, the rules and criteria used to construct the index that the ETF tracks), and tax impacts (effects on after-tax returns). The Adviser will primarily select affiliated ETFs. It will select unaffiliated ETFs if it determines that there is not an appropriate affiliated ETF in which to invest the Funds assets. 3. Optimize : The Adviser evaluates the Underlying ETFs based on price-to-earnings ratios (valuation measure), sales (revenue figures), return on equity (profitability measure), yield (income return), and credit quality (creditworthiness of issuers) to optimize the construction of each baskets portfolio. On a daily basis, the Adviser evaluates each of the Underlying ETFs, considering their performance track record, investment philosophy, and performance consistency and adjusts the Funds portfolio in an effort to seek to produce optimal results for the Fund. The Adviser utilizes proprietary software to monitor specific metrics for each basket component in the Funds portfolio. If any of these metrics move outside predetermined target ranges, the Funds portfolio managers may adjust the Funds portfolio by reallocating assets within the existing basket or replacing a basket component with an alternative Underlying ETF. For example, the software will identify if an equity ETFs valuation metrics, such as price-to-earnings (P/E) ratio or sector exposure, exceed the target range. The portfolio managers will use this information to evaluate whether reallocating to another equity ETF with more favorable characteristics is appropriate. Similarly, for inflation-sensitive assets, the software analyzes historical performance and correlation to inflationary environments. If, for example, an Underlying ETF demonstrates weaker-than-expected performance in these conditions, the portfolio managers may replace it with one they believe is better positioned to perform in an inflationary environment. Portfolio Construction The Fund will typically hold between 10 and 25 Underlying ETFs. The Fund may invest in both actively managed and passively managed Underlying ETFs. The Fund will distribute income, if any, on an annual basis. The Funds portfolio will be rebalanced to the 25% target allocations whenever the Fund adds a new Underlying ETF, removes an existing Underlying ETF, or substitutes Underlying ETFs within its portfolio. Additionally, the Funds portfolio managers will adjust the Funds allocations to restore the 25% target allocations if any basket exceeds 30% of the Funds total value. The Fund is classified as non-diversified under the 1940 Act, which means that it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. Underlying ETF Exposures In pursuing the Funds investment objective across the four regimes, the Fund may invest in Underlying ETFs that invest in a range of securities and financial instruments and that are managed using various strategies. The Underlying ETFs may invest in derivative instruments, take short positions, and use leverage, each of which carries its own risks. In addition, the Fund may invest in 1933 Act registered ETPs that provide exposure to traditional commodities (like gold or oil). In addition to more traditional Underlying ETFs that invest in portfolios of stocks or bonds, the Fund may invest in: ? Commodity ETFs These Underlying ETFs seek exposure to certain commodities, such as gold or oil. Exposures are typically achieved through derivative instruments, such as futures contracts. ? As part of the Funds investment in commodity ETFs, the Fund may invest in 1940 Act-registered Underlying ETFs that seek exposure to digital assets, such as Bitcoin, and may also include income as an objective. Exposures are primarily achieved through derivative instruments, such as futures contracts, or indirectly via investments in companies involved in blockchain technology. Neither the Fund nor any Underlying ETF invests directly in digital assets. The Fund will allocate no more than ten percent of its total assets to Underlying ETFs that provide digital asset exposure. ? Multi-Asset ETFs These Underlying ETFs seek exposure to multiple asset classes using various securities and derivative instruments, including options, futures and swaps. ? Long/Short ETFs These Underlying ETFs hold a portfolio of both long and short positions. Short positions involve the use of leverage. Show less