v3.25.2
Annual Fund Operating Expenses
Aug. 26, 2025
Defiance Daily Target 2X Long HIMS ETF [Member]  
Prospectus [Line Items]  
Management Fees (as a percentage of Assets) 1.29% [1]
Distribution and Service (12b-1) Fees 0.00%
Other Expenses (as a percentage of Assets): 0.00% [1],[2]
Expenses (as a percentage of Assets) 1.29% [1],[3]
Defiance Daily Target 2X Long IONQ ETF [Member]  
Prospectus [Line Items]  
Management Fees (as a percentage of Assets) 1.29% [4]
Distribution and Service (12b-1) Fees 0.00%
Other Expenses (as a percentage of Assets): 0.00% [4],[5]
Expenses (as a percentage of Assets) 1.29% [4],[6]
Defiance Daily Target 2X Long RKLB ETF [Member]  
Prospectus [Line Items]  
Management Fees (as a percentage of Assets) 1.29% [7]
Distribution and Service (12b-1) Fees 0.00%
Other Expenses (as a percentage of Assets): 0.00% [7],[8]
Expenses (as a percentage of Assets) 1.29% [7],[9]
Defiance Daily Target 2X Long CVNA ETF [Member]  
Prospectus [Line Items]  
Management Fees (as a percentage of Assets) 1.29% [10]
Distribution and Service (12b-1) Fees 0.00%
Other Expenses (as a percentage of Assets): 0.00% [10],[11]
Expenses (as a percentage of Assets) 1.29% [10],[12]
Defiance Daily Target 2X Long HOOD ETF [Member]  
Prospectus [Line Items]  
Management Fees (as a percentage of Assets) 1.29% [13]
Distribution and Service (12b-1) Fees 0.00%
Other Expenses (as a percentage of Assets): 0.00% [13],[14]
Expenses (as a percentage of Assets) 1.29% [13],[15]
Defiance Daily Target 2X Long VST ETF [Member]  
Prospectus [Line Items]  
Management Fees (as a percentage of Assets) 1.29% [16]
Other Expenses (as a percentage of Assets): 0.00% [16],[17]
Expenses (as a percentage of Assets) 1.29% [16],[18]
Defiance Daily Target 2X Long JPM ETF [Member]  
Prospectus [Line Items]  
Management Fees (as a percentage of Assets) 1.29% [19]
Distribution and Service (12b-1) Fees 0.00%
Other Expenses (as a percentage of Assets): 0.00% [19],[20]
Expenses (as a percentage of Assets) 1.29% [19],[21]
Defiance Daily Target 2X Long PENN ETF [Member]  
Prospectus [Line Items]  
Management Fees (as a percentage of Assets) 1.29% [22]
Distribution and Service (12b-1) Fees 0.00%
Other Expenses (as a percentage of Assets): 0.00% [22],[23]
Expenses (as a percentage of Assets) 1.29% [22],[24]
Defiance Daily Target 2X Long SOUN ETF [Member]  
Prospectus [Line Items]  
Management Fees (as a percentage of Assets) 1.29% [25]
Distribution and Service (12b-1) Fees 0.00%
Other Expenses (as a percentage of Assets): 0.00% [25],[26]
Expenses (as a percentage of Assets) 1.29% [25],[27]
Defiance Daily Target 2X Long MRVL ETF [Member]  
Prospectus [Line Items]  
Management Fees (as a percentage of Assets) 1.29% [28]
Distribution and Service (12b-1) Fees 0.00%
Other Expenses (as a percentage of Assets): 0.00% [28],[29]
Expenses (as a percentage of Assets) 1.29% [28],[30]
Defiance Daily Target 2X Long RGTI ETF [Member]  
Prospectus [Line Items]  
Management Fees (as a percentage of Assets) 1.29% [31]
Distribution and Service (12b-1) Fees 0.00%
Other Expenses (as a percentage of Assets): 0.00% [31],[32]
Expenses (as a percentage of Assets) 1.29% [31],[33]
Defiance Daily Target 2X Long SOFI ETF [Member]  
Prospectus [Line Items]  
Management Fees (as a percentage of Assets) 1.29% [34]
Distribution and Service (12b-1) Fees 0.00% [34]
Other Expenses (as a percentage of Assets): 0.00% [34],[35]
Expenses (as a percentage of Assets) 1.29% [34],[36]
Defiance Daily Target 2X Long GOLD ETF [Member]  
Prospectus [Line Items]  
Management Fees (as a percentage of Assets) 1.29% [37]
Distribution and Service (12b-1) Fees 0.00% [37]
Other Expenses (as a percentage of Assets): 0.00% [37],[38]
Expenses (as a percentage of Assets) 1.29% [37],[39]
Defiance Daily Target 2X Long ORCL ETF [Member]  
Prospectus [Line Items]  
Management Fees (as a percentage of Assets) 1.29% [40]
Distribution and Service (12b-1) Fees 0.00% [40]
Other Expenses (as a percentage of Assets): 0.07% [40],[41]
Expenses (as a percentage of Assets) 1.36% [40],[42]
Defiance Daily Target 2X Long FSLR ETF [Member]  
Prospectus [Line Items]  
Management Fees (as a percentage of Assets) 1.29% [43]
Distribution and Service (12b-1) Fees 0.00% [43]
Other Expenses (as a percentage of Assets): 0.00% [43],[44]
Expenses (as a percentage of Assets) 1.29% [43],[45]
Defiance Daily Target 2X Long DKNG ETF [Member]  
Prospectus [Line Items]  
Management Fees (as a percentage of Assets) 1.29% [46]
Distribution and Service (12b-1) Fees 0.00% [46]
Other Expenses (as a percentage of Assets): 0.00% [46],[47]
Expenses (as a percentage of Assets) 1.29% [46],[48]
DEFIANCE DAILY TARGET 2X LONG RIOT ETF [Member]  
Prospectus [Line Items]  
Management Fees (as a percentage of Assets) 0.95% [49]
Distribution and Service (12b-1) Fees 0.00% [49]
Other Expenses (as a percentage of Assets): 0.00% [49],[50]
Expenses (as a percentage of Assets) 0.95% [49],[51]
DEFIANCE DAILY TARGET 2X LONG CHINA DRAGONS ETF [Member]  
Prospectus [Line Items]  
Management Fees (as a percentage of Assets) 0.95% [52]
Distribution and Service (12b-1) Fees 0.00% [52]
Other Expenses (as a percentage of Assets): 0.00% [52],[53]
Expenses (as a percentage of Assets) 0.95% [52],[54]
DEFIANCE DAILY TARGET 2X LONG SOLAR ETF [Member]  
Prospectus [Line Items]  
Management Fees (as a percentage of Assets) 0.95% [55]
Distribution and Service (12b-1) Fees 0.00% [55]
Other Expenses (as a percentage of Assets): 0.00% [55],[56]
Expenses (as a percentage of Assets) 0.95% [55],[57]
Defiance Daily Target 2X Long LLY ETF [Member]  
Prospectus [Line Items]  
Management Fees (as a percentage of Assets) 1.29% [58]
Distribution and Service (12b-1) Fees 0.00% [58]
Other Expenses (as a percentage of Assets): 0.02% [58]
Acquired Fund Fees and Expenses 0.01% [58],[59]
Expenses (as a percentage of Assets) 1.32% [58],[60]
Defiance Daily Target 2X Long MSTR ETF [Member]  
Prospectus [Line Items]  
Management Fees (as a percentage of Assets) 1.29% [61]
Distribution and Service (12b-1) Fees 0.00% [61]
Other Expenses (as a percentage of Assets): 0.01% [61]
Acquired Fund Fees and Expenses 0.01% [61],[62]
Expenses (as a percentage of Assets) 1.31% [61],[63]
Defiance Daily Target 2X Long NVO ETF [Member]  
Prospectus [Line Items]  
Management Fees (as a percentage of Assets) 1.29% [64]
Distribution and Service (12b-1) Fees 0.00% [64]
Other Expenses (as a percentage of Assets): 0.00% [64],[65]
Acquired Fund Fees and Expenses 0.01% [64],[65],[66]
Expenses (as a percentage of Assets) 1.30% [64],[67]
Defiance Daily Target 2X Long AVGO ETF [Member]  
Prospectus [Line Items]  
Management Fees (as a percentage of Assets) 1.29% [68]
Distribution and Service (12b-1) Fees 0.00% [68]
Other Expenses (as a percentage of Assets): 0.00% [68]
Acquired Fund Fees and Expenses 0.01% [68],[69]
Expenses (as a percentage of Assets) 1.30% [68],[70]
Defiance Daily Target 2X Long SMCI ETF [Member]  
Prospectus [Line Items]  
Management Fees (as a percentage of Assets) 1.29% [71]
Distribution and Service (12b-1) Fees 0.00% [71]
Other Expenses (as a percentage of Assets): 0.13% [71]
Acquired Fund Fees and Expenses 0.01% [71],[72]
Expenses (as a percentage of Assets) 1.43% [71],[73]
Defiance Daily Target 2X Long COPX ETF [Member]  
Prospectus [Line Items]  
Management Fees (as a percentage of Assets) 0.95% [74]
Distribution and Service (12b-1) Fees 0.00% [74]
Other Expenses (as a percentage of Assets): 0.00% [74],[75]
Expenses (as a percentage of Assets) 0.95% [74],[76]
Defiance Daily Target 2X Long AMAT ETF  
Prospectus [Line Items]  
Management Fees (as a percentage of Assets) 1.29% [77]
Distribution and Service (12b-1) Fees 0.00% [77]
Other Expenses (as a percentage of Assets): 0.00% [77],[78]
Expenses (as a percentage of Assets) 1.29% [77],[79]
[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, including broker expenses.
[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.
[4] 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.
[5] Based on estimated amounts for the current fiscal year, including broker expenses.
[6] 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.
[7] 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.
[8] Based on estimated amounts for the current fiscal year, including broker expenses.
[9] 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.
[10] 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.
[11] Based on estimated amounts for the current fiscal year, including broker expenses.
[12] 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.
[13] 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.
[14] Based on estimated amounts for the current fiscal year, including broker expenses.
[15] 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.
[16] 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.
[17] Based on estimated amounts for the current fiscal year, including broker expenses.
[18] 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.
[19] 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.
[20] Based on estimated amounts for the current fiscal year, including broker expenses.
[21] 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.
[22] 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.
[23] Based on estimated amounts for the current fiscal year, including broker expenses.
[24] 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.
[25] 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.
[26] Based on estimated amounts for the current fiscal year, including broker expenses.
[27] 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.
[28] 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.
[29] Based on estimated amounts for the current fiscal year, including broker expenses.
[30] 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.
[31] 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.
[32] Based on estimated amounts for the current fiscal year, including broker expenses.
[33] 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.
[34] 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.
[35] Based on estimated amounts for the current fiscal year.
[36] 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.
[37] 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.
[38] Based on estimated amounts for the current fiscal year.
[39] 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.
[40] 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.
[41] Based on estimated amounts for the current fiscal year.
[42] 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.
[43] 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.
[44] Based on estimated amounts for the current fiscal year.
[45] 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.
[46] 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.
[47] Based on estimated amounts for the current fiscal year.
[48] 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.
[49] 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.
[50] Based on estimated amounts for the current fiscal year.
[51] 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.
[52] 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.
[53] Based on estimated amounts for the current fiscal year.
[54] 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.
[55] 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.
[56] Based on estimated amounts for the current fiscal year.
[57] 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.
[58] 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.
[59] Acquired Fund Fees and Expenses (“AFFE”) are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies. Total Annual Fund Operating Expenses do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude AFFE.
[60] 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.
[61] 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.
[62] Acquired Fund Fees and Expenses (“AFFE”) are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies. Total Annual Fund Operating Expenses do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude AFFE.
[63] 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.
[64] 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.
[65] Based on estimated amounts for the current fiscal year.
[66] Acquired Fund Fees and Expenses (“AFFE”) are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies.
[67] 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.
[68] 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.
[69] Acquired Fund Fees and Expenses (“AFFE”) are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies. Total Annual Fund Operating Expenses do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude AFFE.
[70] 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.
[71] 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.
[72] Acquired Fund Fees and Expenses (“AFFE”) are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies. Total Annual Fund Operating Expenses do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude AFFE.
[73] 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.
[74] 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.
[75] Based on estimated amounts for the current fiscal year.
[76] 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.
[77] 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.
[78] Based on estimated amounts for the current fiscal year.
[79] 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.