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. 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 percent 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 percent target allocations if any basket exceeds 30 percent of the Funds total value.