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TIDAL ETF TRUST
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VETZ
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ACADEMY VETERAN IMPACT ETF - FUND SUMMARY
Investment Objective
<p id="xdx_A81_err--ObjectivePrimaryTextBlock_zlKmDovPJcvd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Academy Veteran Impact ETF (the “Fund”)
seeks to generate current income.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
Fees and Expenses of the Fund
<p id="xdx_A8C_err--ExpenseNarrativeTextBlock_zWVWVQg3baf6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This table describes the fees and expenses
that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage
commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment)
0.0035
0.0000
0.0000
0.0035
Expense Example
<p id="xdx_A85_err--ExpenseExampleNarrativeTextBlock_z0z6UB4zGNGg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Example is intended to help you compare
the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the
Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that
your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take
into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher
or lower, based on these assumptions your costs would be:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
36
113
197
443
Portfolio Turnover
<p id="xdx_A8B_err--PortfolioTurnoverTextBlock_z6NHVVb8pb1e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such
as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate
may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which
are not reflected in total annual fund operating expenses or in the Example, affect the Fund’s performance. During the most
recent fiscal year ended July 31, 2024, the Fund’s portfolio turnover rate was <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90C_err--PortfolioTurnoverRate_dp_c20241122__20241122__dei--LegalEntityAxis__custom--S000081291Member_zuAoAfE3IwX4">13</span>% of the average value of its portfolio.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
0.13
Principal Investment Strategies
<p id="xdx_A8A_err--StrategyNarrativeTextBlock_zmal4oo90F0c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true">Under normal circumstances, the Fund
will invest at least 80% of its net assets (plus any borrowings for investment purposes) in fixed income securities which are
backed by pools of loans that Academy Asset Management, LLC (d/b/a Academy Asset Management) (the “Sub-Adviser”) determines
were made to U.S. service members, military veterans, their survivors, or veteran-owned businesses (the “80% Veteran Impact
Policy”). For purposes of the 80% Veteran Impact Policy, the Sub-Adviser determines whether loans are made to U.S. service
members, military veterans, their survivors, or veteran-owned businesses based on identifying codes in relevant loan documentation.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">The relevant GSE (defined below) adds identifying codes to the documentation (based on eligibility
determined by the U.S. Veterans Administration) for mortgage-backed securities (“<span style="text-decoration: underline">MBS</span>”) that are pools of loans
made to U.S. military service members, military veterans, or their survivors. Similarly, Small Business Administration (“SBA”)
loan documentation includes identifying codes if the loans were made to veteran-owned businesses. The Sub-Adviser relies on a third-party
data provider to identify the codes for determining the MBS and pools of SBA loans that meet the foregoing criteria.</td></tr></table>
<p style="margin-top: 0; margin-bottom: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true">The Fund will primarily invest in MBS
that are issued and/or guaranteed by government-sponsored enterprises (each a “<span style="text-decoration: underline">GSE</span>”), such as the Government
National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), and the Federal Home Loan
Mortgage Corporation (Freddie Mac). For purposes of the 80% Veteran Impact Policy, the Fund will only invest in MBS where the
relevant GSE provides a reliable mechanism to determine whether loans included in MBS are made to U.S. service members, military
veterans, or their survivors. See “<i>ADDITIONAL INFORMATION ABOUT THE FUND – Principal Investment Strategies”
</i>in this Prospectus for more information about GSEs that currently provide such a mechanism. The Fund may also invest in government
agency pools of small business loans backed by the SBA.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">SBA and Ginnie Mae securities are generally backed by the full faith and credit of the U.S. Government.
Fannie Mae and Freddie Mac securities are generally backed by the general creditworthiness and reputation of the U.S. government
agency, GSE, or government corporation issuing the security and are not guaranteed by the U.S. Department of the Treasury or backed
by the full faith and credit of the U.S. Government.</td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may purchase MBS through standardized
contracts for future delivery in which the exact mortgage pools to be delivered are not specified until a few days prior to settlement,
referred to as a “to-be-announced transaction” or “TBA transaction.” In a TBA transaction, the buyer and
seller agree upon general trade parameters such as agency, settlement date, par amount and price. The actual pools delivered generally
are determined two days prior to the settlement date and the Fund has the option to either accept delivery or roll into another
TBA transaction. The Fund, pending settlement of such TBA transaction, will invest the assets that would be used to settle the
TBA transaction in high quality, liquid short-term instruments such as U.S. Treasury securities, securities issued by government
agencies, repurchase agreements, and commercial paper.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to its investments in MBS and
pools of SBA loans, the Fund will from time to time also invest in certain other fixed income securities and/or hold cash and cash-equivalents
(such as U.S. treasuries).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will invest only in securities
that are rated investment grade (that is, securities rated Baa3/BBB- or higher), or if unrated, determined to be of comparable
credit quality by the Sub-Adviser. The Fund invests only in U.S. dollar-denominated securities.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may invest its uninvested cash
in affiliated or non-affiliated money market funds. In addition, the Fund may enter into repurchase agreements and reverse repurchase
agreements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Sub-Adviser applies a “bottom
up” approach in choosing investments. This means that the portfolio managers look at securities one at a time to determine
if a security is an attractive investment opportunity and if it is consistent with the Fund’s investment policies.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Sub-Adviser may sell securities if
it believes they no longer meet the Sub-Adviser’s investment criteria, if the Fund needs to raise cash for redemptions or
expenses, or if there are significant changes in the market or economic conditions that may impact the security’s performance.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
Principal Investment Risks
As with any investment, there is a risk that you could lose all or a portion of your investment in the
Fund.
<p id="xdx_A85_err--RiskTextBlock_hrr--RiskAxis__custom--AgencySmallBusinessLoanAndMBSRiskMember_zAtZvdrZlec" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Agency Small Business Loan &
MBS Risk.</b> There is uncertainty as to the current status of many obligations of Fannie Mae or Freddie Mac and other agencies
that are placed under conservatorship of the U.S. Government. Agency-backed securities may be more sensitive to changes in interest
rates than other types of fixed income securities. Movements in interest rates (both increases and decreases) may quickly and
significantly reduce the value of agency-backed securities. Agency-backed securities are subject to fluctuations in yield due
to prepayment rates that may be faster or slower than expected. Agency-backed securities can also be subject to the risk of default
on the underlying small business loans or mortgages, as the case may be. In addition, MBS securities may be subject to extended
settlement periods. If the counterparty to a transaction fails to deliver the securities, the Fund could suffer a loss. Default
or bankruptcy of a counterparty to a transaction would expose the Fund to possible loss. These risks may reduce the Fund’s
returns.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div style="display: none"><span id="xdx_913_exdx--NextElement_zLJKy0HYCQpb"></span></div>
<p id="xdx_A85_err--RiskTextBlock_hrr--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zksy7uNx1hNc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Fixed Income Securities Risk.</b>
Typically, the value of fixed income securities changes inversely with prevailing interest rates. Therefore, a fundamental risk
of fixed income securities is interest rate risk (discussed below), which is the risk that the value of such securities will generally
decline as prevailing interest rates rise, which may cause the Fund’s net asset value to likewise decrease. For example,
while securities with longer maturities and durations tend to produce higher yields, they also tend to be more sensitive to changes
in prevailing interest rates and are therefore more volatile than shorter-term securities and are subject to greater market fluctuations
as a result of changes in interest rates. Investments in fixed income securities with very low or negative interest rates may
diminish the Fund’s yield and performance. Recent and potential future changes in government monetary policy may also affect
the level of interest rates. These changes could cause the Fund’s net asset value to fluctuate or make it more difficult
for the Fund to accurately value its securities. How specific fixed income securities may react to changes in interest rates will
depend on the specific characteristics of each security. Fixed income securities are also subject to credit risk, prepayment risk
(discussed below), valuation risk, extension risk (discussed below), and liquidity risk. Credit risk is the risk that the credit
strength of an issuer of a fixed income security will weaken and/or that the issuer will be unable to make timely principal and
interest payments and that the security may go into default. Prepayment risk is the risk that during periods of falling interest
rates, certain fixed income securities with higher interest rates, such as mortgage- and asset-backed securities, may be prepaid
by their issuers thereby reducing the amount of interest payments. Valuation risk is the risk that one or more of the fixed income
securities in which the Fund invests are priced differently than the value realized upon such security’s sale. In times
of market instability, valuation may be more difficult. Extension risk is the risk that borrowers may pay off their debt obligations
more slowly in times of rising interest rates. Liquidity risk is the risk that fixed income securities may be difficult or impossible
to sell at the time that the portfolio managers would like or at the price the portfolio managers believe the security is currently
worth.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
<div style="display: none"><span id="xdx_915_exdx--NextElement_zP4lTouTkaWa"></span></div>
<p id="xdx_A8E_err--RiskTextBlock_hrr--RiskAxis__custom--InterestRateRiskMember_zyT0JQAW3bf1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Interest Rate Risk.</b> Generally, the
value of fixed income securities will change inversely with changes in interest rates. As interest rates rise, the market value
of fixed income securities tends to decrease. Conversely, as interest rates fall, the market value of fixed income securities tends
to increase. This risk will be greater for long-term securities than for short-term securities. Changes in government intervention
may have adverse effects on investments, volatility, and illiquidity in debt markets. In addition, the interest rates payable on
floating rate securities are not fixed and may fluctuate based upon changes in market rates. The interest rate on a floating rate
security is a variable rate which is tied to another interest rate. Floating rate securities are subject to interest rate risk
and credit risk.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div style="display: none"><span id="xdx_916_exdx--NextElement_znSJugnyUxN6"></span></div>
<p id="xdx_A86_err--RiskTextBlock_hrr--RiskAxis__custom--CounterpartyAndIssuerCreditRiskMember_zWpGko2OeLKc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Counterparty and Issuer Credit Risk.</b>
The financial condition of an issuer of a fixed income security or other instrument or a counterparty to a derivative or other
contract may cause such issuer or counterparty to default, become unable to pay interest or principal due or otherwise fail to
honor its obligations or cause such issuer or counterparty to be perceived (whether by market participants, rating agencies, pricing
services or otherwise) as being in such situations. The value of an investment in the Fund may change quickly and without warning
in response to issuer or counterparty defaults, changes in the credit ratings of the Fund’s portfolio investments and/or
perceptions related thereto.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div style="display: none"><span id="xdx_91D_exdx--NextElement_z8C3lQ1Yaqrf"></span></div>
<p id="xdx_A8F_err--RiskTextBlock_hrr--RiskAxis__custom--NonAgencyMBSRiskMember_zwLSIvpm4IMh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Non-Agency MBS Risk.</b> Non-agency
MBS are subject to heightened risks as compared to agency MBS, including that non-agency MBS are not subject to the same underwriting
requirements for the underlying mortgages that are applicable to those MBS that have a government or government-sponsored entity
guarantee. As a result, the mortgage loans underlying non-agency MBS may, and frequently do, have less favorable collateral, credit
risk, or other underwriting characteristics than government or government-sponsored MBS and have wider variances in a number of
terms including interest rate, term, size, purpose, and borrower characteristics. There may be a limited market for such securities.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div style="display: none"><span id="xdx_917_exdx--NextElement_zVqkGyg00dE"></span></div>
<p id="xdx_A82_err--RiskTextBlock_hrr--RiskAxis__custom--PrepaymentRiskAndExtensionRiskMember_zzji46QpGpm" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Prepayment Risk and Extension Risk.
</b>Many issuers have a right to prepay their fixed income securities. Issuers may be more likely to prepay their securities if
interest rates fall. If this happens, the Fund will not benefit from the rise in the market price of the securities that normally
accompanies a decline in interest rates and will be forced to reinvest prepayment proceeds at a time when yields on securities
available in the market are lower than the yield on prepaid securities. The Fund may also lose any premium it paid on prepaid
securities. If interests rate rise, then issuers may extend the duration of a fixed income security so that it is paid off more
slowly than expected and the value of the security may decline.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div style="display: none"><span id="xdx_913_exdx--NextElement_zCxqOaPZmrq3"></span></div>
<p id="xdx_A8F_err--RiskTextBlock_hrr--RiskAxis__custom--RepurchaseAgreementRiskMember_zJk7GGARRIWh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Repurchase Agreement Risk.</b> Repurchase
agreements may be viewed as loans made by the Fund that are collateralized by the securities subject to repurchase. The Fund’s
investment in repurchase agreements may be subject to market and credit risk with respect to the collateral securing the repurchase
agreements. If the Fund’s counterparty should default on its obligations and the Fund is delayed or prevented from recovering
the collateral, or if the value of the collateral is insufficient, the Fund may realize a loss.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
<div style="display: none"><span id="xdx_915_exdx--NextElement_zJjtEb6g1csg"></span></div>
<p id="xdx_A82_err--RiskTextBlock_hrr--RiskAxis__custom--ReverseRepurchaseAgreementsRiskMember_zkgenEk2XTTl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Reverse Repurchase Agreements Risk.</b>
A reverse repurchase agreement is the sale by the Fund of a debt obligation to a party for a specified price, with the simultaneous
agreement by the Fund to repurchase that debt obligation from that party on a future date at an agreed upon price. Similar to borrowing,
reverse repurchase agreements provide the Fund with cash for investment purposes, which creates leverage and subjects the Fund
to the risks of leverage. Reverse repurchase agreements also involve the risk that the other party may fail to return the securities
in a timely manner or at all. The Fund could lose money if it is unable to recover the securities and the value of collateral held
by the Fund, including the value of the investments made with cash collateral, is less than the value of securities.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div style="display: none"><span id="xdx_910_exdx--NextElement_zBTjwbGe3oMi"></span></div>
<p id="xdx_A81_err--RiskTextBlock_hrr--RiskAxis__custom--TBATransactionsRiskMember_z9ht62qlxaYe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>TBA Transactions Risk.</b> The Fund
may enter into TBA transactions for MBS. There can be no assurance that a security purchased on a forward commitment basis will
ultimately be issued or delivered by the counterparty. During the settlement period, the Fund will still bear the risk of any decline
in the value of the security to be delivered. Because TBA transactions do not require the purchase and sale of identical securities,
the characteristics of the security delivered to the Fund may be less favorable than the security delivered to the dealer. If the
counterparty to a transaction fails to deliver the securities, the Fund could suffer a loss. At the time of its acquisition, a
TBA security may be valued at less than the purchase price.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div style="display: none"><span id="xdx_914_exdx--NextElement_zZnJ4GRPIBi1"></span></div>
<p id="xdx_A81_err--RiskTextBlock_hrr--RiskAxis__custom--ThirdPartyDataRiskMember_zt39BHbNs6Zd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Third-Party Data Risk.</b> The composition
of the Fund’s portfolio is heavily dependent on information and data calculated and published by independent third parties
(“Third-Party Data”). When Third-Party Data proves to be incorrect or incomplete, any decisions made in reliance thereon
may lead to the inclusion or exclusion of securities from the Fund’s portfolio that would have been excluded or included
had the Third-Party Data been correct and complete.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p id="xdx_A8E_err--RiskTextBlock_hrr--RiskAxis__custom--ETFRisksMember_z3gw1jqxqldf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><b>ETF Risks. The Fund is an ETF, and,
as a result of an ETF’s structure, is exposed to the following risks:</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div style="display: none"><span id="xdx_918_exdx--NextElement_zOvNj6UllCf"></span></div>
<div id="xdx_A86_err--RiskTextBlock_hrr--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zGWIg3fibbvd"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><b>◦</b></td><td style="text-align: justify"><i>Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk. </i>The
Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known
as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or
liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount
to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption
orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business
or significantly reduce their business activities and no other entities step forward to perform their functions.</td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<div style="display: none"><span id="xdx_91A_exdx--NextElement_zHPm0XleYP42"></span></div>
<div id="xdx_A8F_err--RiskTextBlock_hrr--RiskAxis__custom--CashRedemptionRiskMember_zZzjPyYKDQpc"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">◦</td><td style="text-align: justify"><i>Cash Redemption Risk</i>. The Fund’s investment strategy may require it to redeem Shares
for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind
certain securities held by the Fund (e.g., fixed income securities that cannot be broken up beyond certain minimum sizes needed
for transfer and settlement). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash
needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized
if it had made a redemption in-kind. As a result, the Fund may have less cash efficiency and pay out higher annual capital gain
distributions to shareholders than if the in-kind redemption process was used.</td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<div style="display: none"><span id="xdx_910_exdx--NextElement_zGhfFZZ58Luf"></span></div>
<div id="xdx_A8E_err--RiskTextBlock_hrr--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zeCfM3262TW6"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">◦</td><td style="text-align: justify"><i>Costs of Buying or Selling Shares. </i>Due to the costs of buying or selling Shares, including
brokerage commissions imposed by brokers and bid-ask spreads, frequent trading of Shares may significantly reduce investment results
and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<div style="display: none"><span id="xdx_912_exdx--NextElement_zh5LAA0rMQuc"></span></div>
<div id="xdx_A8B_err--RiskTextBlock_hrr--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNAVMember_z6MHLXibZo88"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">◦</td><td style="text-align: justify"><i>Shares May Trade at Prices Other Than NAV. </i>As with all ETFs, Shares may be bought and sold
in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s
NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day
(discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market
volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market,
in which case such premiums or discounts may be significant. Because securities held by the Fund may trade on foreign exchanges
that are closed when the Fund’s primary listing exchange is open, the Fund is likely to experience premiums and discounts
greater than those of ETFs holding only domestic securities.</td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<div style="display: none"><span id="xdx_916_exdx--NextElement_zlTfcQcBHDLb"></span></div>
<div id="xdx_A84_err--RiskTextBlock_hrr--RiskAxis__custom--TradingMember_zwlm5UvfEJNj"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">◦</td><td style="text-align: justify"><i>Trading</i>. Although Shares are listed on a national securities exchange, such as the NYSE
Arca, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance
that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares
may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than
Shares. Also, in stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity
in the markets for the Fund’s underlying portfolio holdings. These adverse effects on liquidity for Shares, in turn, could
lead to wider bid/ask spreads and differences between the market price of Shares and the underlying value of those Shares.</td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<div style="display: none"><span id="xdx_91E_exdx--NextElement_z7fve0IkwmJ8"></span></div>
<p id="xdx_A8E_err--RiskTextBlock_hrr--RiskAxis__custom--GeneralMarketRiskMember_zYKyWDnHNV9g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>General Market Risk.</b> Securities
markets and individual securities will increase or decrease in value. Security prices may fluctuate widely over short or extended
periods in response to market or economic news and conditions, and securities markets also tend to move in cycles. If there is
a general decline in the securities markets, it is possible your investment may lose value regardless of the individual results
of the companies in which the Fund invests. The magnitude of up and down price or market fluctuations over time is sometimes referred
to as “volatility,” and it can be significant. In addition, different asset classes and geographic markets may experience
periods of significant correlation with each other. As a result of this correlation, the securities and markets in which the Fund
invests may experience volatility due to market, economic, political or social events and conditions that may not readily appear
to directly relate to such securities, the securities’ issuer or the markets in which they trade.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
<div style="display: none"><span id="xdx_910_exdx--NextElement_znLzMdKVfVCi"></span></div>
<p id="xdx_A81_err--RiskTextBlock_hrr--RiskAxis__custom--ManagementRiskMember_zEQgqJZ8f6mg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Management Risk. </b>The Fund is actively-managed
and may not meet its investment objective based on the Sub-Adviser’s success or failure to implement investment strategies
for the Fund.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div style="display: none"><span id="xdx_917_exdx--NextElement_zNB6sE09NLWl"></span></div>
<p id="xdx_A85_err--RiskTextBlock_hrr--RiskAxis__custom--MoneyMarketFundRiskMember_zEpplOgXk6w" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Money Market Fund Risk.</b> Money market
funds are subject to the risk that they will decline in value due to changes of interest rates. Although each money market fund
in which the Fund may invest seeks to maintain a net asset value of $1.00 per share, there is no assurance that the underlying
fund will be able to do so.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div style="display: none"><span id="xdx_919_exdx--NextElement_z2HRDKOnc6Sl"></span></div>
<p id="xdx_A8A_err--RiskTextBlock_hrr--RiskAxis__custom--NewerFundRiskMember_z3P8HOM4YA0d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Newer Fund Risk</b>. The Fund is
a recently organized management investment company with limited operating history. As a result, prospective investors have a limited
track record or history on which to base their investment decisions. There can be no assurance that the Fund will maintain an
economically viable size.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div style="display: none"><span id="xdx_919_exdx--NextElement_zHOMdrqqoIw8"></span></div>
<p id="xdx_A8B_err--RiskTextBlock_hrr--RiskAxis__custom--RecentMarketEventsRiskMember_zBm9WRoQZUj5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Recent Market Events Risk.</b> U.S.
and international markets have experienced and may continue to experience significant periods of volatility in recent years and
months due to a number of economic, political and global macro factors including uncertainty regarding inflation and central banks’
interest rate increases, the possibility of a national or global recession, trade tensions, political events, the war between
Russia and Ukraine, and significant conflict between Israel and Hamas in the Middle East. As a result of continuing political
tensions and armed conflicts, including the war between Ukraine and Russia, the U.S. and the European Union imposed sanctions
on certain Russian individuals and companies, including certain financial institutions, and have limited certain exports and imports
to and from Russia. The war has contributed to recent market volatility and may continue to do so. <b></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div style="display: none"><span id="xdx_913_exdx--NextElement_zufNK6yRGeK6"></span></div>
<p id="xdx_A80_err--RiskTextBlock_hrr--RiskAxis__custom--SubAdviserRiskMember_zMMoEZ0R36Ne" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Sub-Adviser Risk.</b> The
Sub-Adviser has experienced professionals who have managed investments in the past, but they do not have long-term experience
managing an ETF.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
Performance
<p id="xdx_A86_err--PerformanceNarrativeTextBlock_zImoTcwhMJ7d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90C_err--PerformanceOneYearOrLess_c20241122__20241122__dei--LegalEntityAxis__custom--S000081291Member_zNmKW4i7U691">Performance information for the Fund
is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus.</span> <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90E_err--PerformanceInformationIllustratesVariabilityOfReturns_c20241122__20241122__dei--LegalEntityAxis__custom--S000081291Member_zg91ht0DJI23">When
such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes
in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare
with those of a broad measure of market performance.</span> <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_901_err--PerformancePastDoesNotIndicateFuture_c20241122__20241122__dei--LegalEntityAxis__custom--S000081291Member_zr2w7CfDkk1j">Although past performance of the Fund is no guarantee of how it will perform
in the future, historical performance may give you some indication of the risks of investing in the Fund.</span> Updated performance
information is available on the Fund’s website at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_909_err--PerformanceAvailabilityWebSiteAddress_c20241122__20241122__dei--LegalEntityAxis__custom--S000081291Member_zTLQpebiobXk">www.academyetfs.com</span>.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
Performance information for the Fund
is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus.
When
such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes
in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare
with those of a broad measure of market performance.
Although past performance of the Fund is no guarantee of how it will perform
in the future, historical performance may give you some indication of the risks of investing in the Fund.
www.academyetfs.com