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Before investing you should carefully consider each Fund’s investment objectives, risks, charges and expenses. This and other information is in the prospectus and summary prospectus available on this website. Please read the prospectus and summary prospectus carefully before you invest.

For standardized performance, risks and holdings go to: www.subversiveetfs.com/nanc, www.subversiveetfs.com/gop. www.subversiveetfs.com/xxsp, and www.subversiveetf.com/xxqq.
As of 03.21.2025, KRUZ changed its ticker to GOP

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. Performance current to the most recent month-end can be obtained by calling (877-291-4040).

Risks: There are risks associated with investing in the Funds, including possible loss of principal. The evaluations and assumptions of Tidal Investments LLC (the “Adviser”) regarding issuers, securities, and other factors may not successfully achieve the Funds’ investment objectives given actual market conditions. Foreign investing involves currency, political and economic risks. Investments in emerging markets, real estate, currency, fixed income and alternative investments include additional risks. Dividends are not guaranteed and a company currently paying dividends may cease paying dividends at any time. Diversification does not eliminate the risk of experiencing investment losses.

There are limited number of institutional investors that are authorized to purchase and redeem shares from the Funds; there are additional costs of buying or selling shares; shares of the Funds may be bought and sold in the secondary market at market prices; it is possible legislation or regulation could be enacted that limits, restricts, or prevents Congresspeople and/or their spouses from trading; there is a delay given the STOCK act, within 30 days of purchasing the security; equity securities in the Funds may experience sudden, unpredictable drops in value or long periods of decline in value; the Funds may invest in securities of small- and mid-capitalization companies and thus be more volatile given Congresspeople’s trading patterns; there is likely a high portfolio turnover rate which may subject to higher tax liability; and the Funds are recently organized with limited operating histories.

Please see each Fund’s prospectus for discussion of pertinent risks.

The Subversive Congressional Democrats Trading ETF, Subversive Congressional Republicans Trading ETF, Subversive S&P 500 Redacted ETF, and Subversive Growth 100 Redacted are distributed by Foreside Fund Services, LLC (Foreside). Foreside is not affiliated with Tidal Investments LLC.

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