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N-1A
TIDAL TRUST III
2026-04-30
The
BeeHive ETF
- FUND SUMMARY
Investment
Objective
<p id="xdx_A83_eoef--ObjectivePrimaryTextBlock_znIVBumRzMcg" style="font: 10pt Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">The
Fund’s investment objective is to seek capital appreciation.</p>
Fees
and Expenses of the Fund
<p id="xdx_A81_eoef--ExpenseNarrativeTextBlock_zN1X9mZfnWg3" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">This
table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <span style="box-sizing: border-box; font-family: Times New Roman; font-weight: bold; font-weight: 700">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.</span></p>
Annual
Fund Operating Expenses¹ (expenses that you pay each year as a percentage of the value
of your investment)
<div id="xdx_A8D_eoef--AnnualFundOperatingExpensesTableTextBlock_zviqPsfuWRB6"></div>
<table id="xdx_A53_dU_zxZfJqczbjGj" style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses">
<tr style="display: none; visibility: hidden; box-sizing: border-box; height: auto">
<td style="box-sizing: border-box; height: auto"> </td>
<td id="xdx_495_20260424__20260424__oef--ClassAxis__custom--C000254761Member_z239tRLZJ6D1" style="box-sizing: border-box; height: auto"> <sup id="xdx_F5E_z9PtDR3yfJQ2" style="display: none; visibility: hidden">¹</sup></td>
</tr>
<tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zCeCxyfkk164" style="box-sizing: border-box; height: auto">
<td style="box-sizing: border-box; height: auto">
<div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Management
Fee</span></div>
</td>
<td style="box-sizing: border-box; height: auto">
<div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.84%</span></div>
</td>
</tr>
<tr id="xdx_40B_eoef--DistributionAndService12b1FeesOverAssets_dpn_zApShspKmfvd" style="box-sizing: border-box; height: auto">
<td style="box-sizing: border-box; height: auto">
<div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Distribution
and Service (12b-1) Fees</span></div>
</td>
<td style="box-sizing: border-box; height: auto">
<div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">None</span></div>
</td>
</tr>
<tr id="xdx_40D_eoef--OtherExpensesOverAssets_dpn_zNWjmfSgTDHk" style="box-sizing: border-box; height: auto">
<td style="box-sizing: border-box; height: auto">
<div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Other
Expenses </span></div>
</td>
<td style="box-sizing: border-box; height: auto; border-bottom-style: solid; border-bottom-width: 0.5pt">
<div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.00%</span></div>
</td>
</tr>
<tr id="xdx_407_eoef--ExpensesOverAssets_dpn_zZRlPGM3eYDf" style="box-sizing: border-box; height: auto">
<td style="box-sizing: border-box; height: auto; font-weight: 700">
<div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Total
Annual Fund Operating Expenses</span></div>
</td>
<td style="box-sizing: border-box; height: auto; border-bottom-style: double; border-bottom-width: 3pt">
<div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.84%</span></div>
</td>
</tr>
</table>
<div style="font: 8pt Times New Roman,Times,serif; margin: 4pt 0 8pt; box-sizing: border-box; text-align-last: auto; color: #000; text-align: justify; text-indent: 0">
<table cellpadding="0" cellspacing="0" style="font: 8pt Times New Roman,Times,serif;color: #000; margin-top: 0; margin-bottom: 6pt; width: 100%">
<tr style="vertical-align: top; text-align: justify">
<td id="xdx_F0B_zW2qBrwh073e" style="width: 15pt; text-align: right">¹</td>
<td style="width: 5pt"></td>
<td id="xdx_F17_zfV4MbcNRGs4" style="text-align: justify">
The Fund’s investment adviser, Tidal Investments LLC (“Tidal” or the “Adviser”),
a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all of the Fund’s expenses, except for the following:
advisory and sub-advisory fees, interest charges on any borrowings, 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”), litigation expenses, and other
non-routine or extraordinary expenses.
</td>
</tr>
</table>
</div>
0.0084
0
0.0000
0.0084
Expense
Example
<p id="xdx_A89_eoef--ExpenseExampleNarrativeTextBlock_zm0vTQ5Sadbd" style="font: 10pt Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; min-height: 80px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">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 or hold 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>
<div id="xdx_A8F_eoef--ExpenseExampleWithRedemptionTableTextBlock_zHO1UrtheRXh"></div>
<table id="xdx_A5C_dU_zI6C5Rsr3Xpe" style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Expense Example">
<tr style="box-sizing: border-box; height: auto; vertical-align: bottom">
<th id="xdx_48E_eoef--ExpenseExampleYear01_zfD93ltYYVx4" style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box">
<div style="font: bold 8pt Times New Roman; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; font-weight: 700; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">1
Year</span></div>
</th>
<th id="xdx_483_eoef--ExpenseExampleYear03_z1ocnHjdxyB6" style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box">
<div style="font: bold 8pt Times New Roman; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; font-weight: 700; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">3
Years</span></div>
</th>
<th id="xdx_48E_eoef--ExpenseExampleYear05_zC0mTo2E7ikc" style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box">
<div style="font: bold 8pt Times New Roman; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; font-weight: 700; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">5
Years</span></div>
</th>
<th id="xdx_48D_eoef--ExpenseExampleYear10_zn5HERi12GM5" style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box">
<div style="font: bold 8pt Times New Roman; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; font-weight: 700; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">10
Years</span></div>
</th>
</tr>
<tr id="xdx_41B_oef--ClassAxis_custom--C000254761Member_za9fIjXMKep8" style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$86</span></div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$268</span></div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$466</span></div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$1,037</span></div>
</td>
</tr>
</table>
86
268
466
1037
Portfolio
Turnover
<p id="xdx_A8B_eoef--PortfolioTurnoverTextBlock_zTsn0iUH4sT8" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt;text-align-last: auto; display: block; min-height: 80px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">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 expense example above, affect the Fund’s
performance. For the most recent fiscal year, the Fund’s and Predecessor Fund’s (defined below) portfolio turnover rate was
<span id="xdx_908_eoef--PortfolioTurnoverRate_dp_c20260424__20260424__dei--LegalEntityAxis__custom--S000088484Member_zz6HDqKPYMa3">31</span>% of the average value of its portfolio.
</p>
0.31
Principal
Investment Strategies
<p id="xdx_A81_eoef--StrategyNarrativeTextBlock_gRBSNTB-HSTHQX_zUKSibZjffZh" style="font: 10pt Times New Roman,Times,serif; margin: 0 0 7pt; text-align-last: auto; min-height: 128px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">Under
normal market conditions, the Fund primarily invests in equity securities of domestic companies with large and mid-sized market capitalizations.
The Fund’s sub-adviser, Cannell & Spears LLC (the “Sub-Adviser”) defines (1) companies with large market capitalizations
as those companies with market capitalizations of more than $80 billion and (2) companies with mid-sized market capitalizations as those
companies with market capitalizations of at least $9 billion but not more than $80 billion. Equity securities in which the Fund invests
on a principal basis include common stock and sponsored and unsponsored American Depositary Receipts (“ADRs”). The Fund may
also invest in foreign securities and equity securities of domestic companies with small market capitalizations (defined by the Sub-Adviser
as those companies with market capitalizations of less than $9 billion). In addition, the Fund may invest in domestic fixed-income securities,
including high-yield securities (or “junk bonds”).</p>
<p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 7pt; box-sizing: border-box; text-align-last: auto; color: #000; text-align: justify; text-indent: 0; display: block"></p>
<p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 7pt;text-align-last: justify; min-height: 96px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">The
Sub-Adviser seeks to generate superior long-term capital appreciation through a focused portfolio of companies that the Sub-Adviser believes
to have dynamic businesses with leading and defensible market positions (i.e., companies that are well established and expected to maintain
their market leading status). The management philosophy of the Sub-Adviser emphasizes specific security selection rather than asset allocation.
The Sub-Adviser looks for investments that it believes (i) offer favorable asymmetric expected-return profiles (i.e., return profiles
where it is expected that there is greater performance upside than downside) over the coming three-year period, and (ii) possess competitive
advantages over alternative investment opportunities. The Fund’s investments in any one</p>
<p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 7pt; text-align-last: auto; counter-increment: unset; counter-reset: unset; min-height: 32px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">sector
may exceed 25% of its net assets. As of December 31, 2025, over 25% of the Fund’s assets were invested in securities within the
information technology sector.</p>
<p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 7pt; text-align-last: auto; min-height: 80px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">The
Sub-Adviser conducts proprietary fundamental research to develop an understanding of a business and its position within its industry.
This proprietary fundamental research takes into account many factors including industry structure and trends, historical financial results,
company presentations and expectations of future financial performance. Consideration is also given to technical studies, such as moving
averages, support and resistance lines, and volume, which help inform trading decisions and risk management. In this process, the Sub-Adviser
analyzes company filings and communicates with company management and industry analysts.</p>
<p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 7pt; text-align-last: auto; min-height: 64px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">Fund
holdings are continuously monitored to seek to ensure that the initial rationale for investment remains. If it is determined that the
initial reason for investment is no longer valid, the Sub-Adviser may sell the holding. A Fund holding may also be sold if the valuation
exceeds a target, if valuation appears inconsistent with industry comparables or if other investments with higher expected returns become
available. Under normal circumstances, the Fund’s portfolio is generally comprised of between 30 and 50 holdings.</p>
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_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--FocusedPortfolioRiskMember_zK1Qf0ct7fMf" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman; font-weight: bold; font-weight: 700">Focused
Portfolio Risk. </span>The Fund will hold a relatively focused portfolio that may contain securities of fewer issuers than the portfolios
of other ETFs. Holding a relatively concentrated portfolio may increase the risk that the value of the Fund could go down because of the
poor performance of one or a few investments.</p>
<p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityMarketRisksMember_zJTn1QWbAPc2" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt;text-align-last: auto; display: block; min-height: 80px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman; font-weight: bold; font-weight: 700">Equity
Market Risks.</span><b style="box-sizing: border-box"> </b>By virtue of the Fund’s investments in equity securities, the Fund is
exposed to common stocks which subject the Fund to equity market risk. Common stocks are generally exposed to greater risk than other
types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive
payment from specific issuers. Equity securities may experience sudden, unpredictable drops in value or long periods of decline in value.
This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, or sectors
in which the Fund invests.</p>
<p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorRisksMember_zV5fwpdXTTH6" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 7pt;text-align-last: auto; display: block; min-height: 64px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman; font-weight: bold; font-weight: 700">Sector
Risks. </span>The Sub-Adviser’s investment selection process may result in the allocation of more of the Fund’s investments
to a particular sector or sectors in the market. If the Fund invests a significant portion of its total assets in a certain sector or
certain sectors, its investment portfolio will be more susceptible to the financial, economic, business, and political developments that
affect those sectors than a fund that is more diversified.</p>
<div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--InformationTechnologySectorRiskMember_zUfNSRnfuX2c"></div>
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<p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; display: block; color: #000; text-align: justify; text-indent: 0"> </p>
<p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; display: block; color: #000; text-align: justify; text-indent: 0"> </p>
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<div style="box-sizing: border-box; text-align-last: auto; display: table; width: 100%; height: 100%; overflow: hidden">
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<p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">●</p>
<p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; display: block; color: #000; text-align: justify; text-indent: 0"> </p>
</div>
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</div>
<p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 176px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman; font-weight: bold; font-weight: 700">Information
Technology Sector Risk. </span>The information technology sector includes companies engaged in internet software and services, technology
hardware and storage peripherals, electronic equipment instruments and components, and semiconductors and semiconductor equipment, among
other things. Information technology companies face intense competition, both domestically and internationally, which may have an adverse
effect on profit margins. Information technology companies may have limited product lines, markets, financial resources or personnel.
The products of information technology companies may face rapid product obsolescence due to technological developments and frequent new
product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Failure to introduce
new products, develop and maintain a loyal customer base, or achieve general market acceptance for their products could have a material
adverse effect on a company’s business. Companies in the information technology sector are heavily dependent on intellectual property
and the loss of patent, copyright and trademark protections may adversely affect the profitability of these companies.</p>
<p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zK9lCiqSpGJk" style="font: 10pt/normal Times New Roman,Times,serif; margin: -3pt 0 8pt; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman; font-weight: bold; font-weight: 700">Foreign
Securities Risk.</span><b style="box-sizing: border-box"> </b>Investments in securities or other instruments of non-U.S. issuers involve
certain risks not involved in domestic investments and may experience more rapid and extreme changes in value than investments in securities
of U.S. companies. Financial markets in foreign countries often are not as developed, efficient, or liquid as financial markets in the
United States, and therefore,
the prices of non-U.S. securities and instruments can be more volatile. In addition, the Fund will be subject to risks associated with
adverse political and economic developments in foreign countries, which may include the imposition of economic sanctions. Generally, there
is less readily available and reliable information about non-U.S. issuers due to less rigorous disclosure or accounting standards and
regulatory practices.</p>
<p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptRiskMember_gRBRTB-ZHODH_zHuC5sc25GL1" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: justify; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman; font-weight: bold; font-weight: 700">Depositary
Receipt Risk. </span>Depositary receipts involve risks similar to those associated with investments in foreign securities and certain
additional risks. Depositary receipts listed on U.S. exchanges are issued by banks or trust companies and entitle the holder to all dividends
and capital gains that are paid out on the underlying foreign shares (“Underlying Shares”). When the Fund invests in</p>
<p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 80px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">depositary
receipts as a substitute for an investment directly in the Underlying Shares, the Fund is exposed to the risk that the depositary receipts
may not provide a return that corresponds precisely with that of the Underlying Shares. The Fund may invest in unsponsored depositary
receipts. The issuers of unsponsored depositary receipts are not obligated to disclose material information in the United States and,
therefore, there may be less information available regarding such issuers and there may not be a correlation between such information
and the value of the depositary receipts.</p>
<p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeRisksMember_znMSYksLsoxb" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 112px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><b style="box-sizing: border-box">Fi</b><span style="box-sizing: border-box; font-family: Times New Roman; font-weight: bold; font-weight: 700">xed
Income Risks. </span>The prices of fixed income securities respond to economic developments, particularly interest rate changes, as well
as to changes in an issuer’s credit rating or market perceptions about the creditworthiness of an issuer. In general, the market
price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term
securities. Changes in government intervention may have adverse effects on investments, volatility, and illiquidity in debt markets. 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.</p>
<div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditRisksMember_zRfk094yO4mf"></div>
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<p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; display: block; color: #000; text-align: justify; text-indent: 0"> </p>
<p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; display: block; color: #000; text-align: justify; text-indent: 0"> </p>
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<div style="box-sizing: border-box; text-align-last: auto; height: 71pt; overflow: hidden">
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<p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">●</p>
</div>
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</div>
<p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 96px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman; font-weight: bold; font-weight: 700">Credit
Risk. </span>Bonds are subject to credit risk. Credit risk refers to the possibility that the issuer or guarantor of a security will be
unable and/or unwilling to make timely interest payments and/or repay the principal on its debt or to otherwise honor its obligations
and/or default completely. Bonds are subject to varying degrees of credit risk, depending on the issuer’s financial condition and
on the terms of the securities, which may be reflected in credit ratings. There is a possibility that the credit rating of a bond may
be downgraded after purchase or the perception of an issuer’s credit worthiness may decline, which may adversely affect the value
of the security.</p>
<div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldSecuritiesJunkBondsRiskMember_zuhjVlatKomf"></div>
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<p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">●</p>
<p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; display: block; color: #000; text-align: justify; text-indent: 0"> </p>
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<p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 96px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman; font-weight: bold; font-weight: 700">High
Yield Securities (Junk Bonds) Risk. </span><span style="box-sizing: border-box; font-family: Times New Roman; font-weight: bold; font-weight: 700"></span>High-yield
bonds are considered speculative investments and are issued by entities that may be undergoing restructuring, are smaller or less creditworthy,
or are more heavily indebted than other issuers. These bonds carry a greater risk of income and principal loss compared to higher-rated
securities and are considered speculative. Their prices are more likely to react to adverse economic changes than higher-rated securities.
During economic downturns or significant increases in interest rates, issuers of high-yield bonds may face financial difficulties, impacting
their ability to meet payment obligations or secure additional financing.</p>
<div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestRatesRiskMember_zISsZmNY4bn5"></div>
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<p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-indent: 0; text-align: justify">●</p>
</div>
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<p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 96px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman; font-weight: bold; font-weight: 700">Interest
Rate Risk. </span>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. 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 id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRisksMember_zg83Zbc1Jc7h" style="font: bold 10pt/normal Times New Roman; margin: 4pt 0 8pt; text-align-last: auto; display: block; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: left; font-weight: 700; text-indent: 0; break-after: avoid"><b style="box-sizing: border-box">ETF
Risks.</b></p>
<p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zdP38A05WKcl" style="font: 10pt/12pt Times New Roman,Times,serif; margin: 0 0 8pt 32pt; text-align-last: auto; display: block; min-height: 112px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; break-after: avoid; text-indent: -16pt">●
<span style="box-sizing: border-box; font-family: Times New Roman; font-style: italic; font-weight: 400">Authorized Participants,
Market Makers, and Liquidity Providers Concentration Risk.</span><i style="box-sizing: border-box"> </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.</p>
<p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zGp3Px6yHRJi" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt 32pt; text-align-last: auto; display: block; min-height: 112px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: -16pt">●
<span style="box-sizing: border-box; font-family: Times New Roman; font-style: italic; font-weight: 400">Costs of Buying or
Selling Shares. </span>Buying or selling Shares involves certain costs, including brokerage commissions, other charges imposed by brokers,
and bid-ask spreads. The bid-ask spread represents the difference between the price at which an investor is willing to buy Shares and
the price at which an investor is willing to sell Shares. The spread varies over time based on the Shares’ trading volume and market
liquidity. The spread is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading
volume and market liquidity. Due to the costs of buying or selling Shares, frequent trading of Shares may reduce investment results and
an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</p>
<p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNAVMember_zy9mo480cAD2" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt 32pt; text-align-last: auto; display: block; min-height: 96px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: -16pt">●
<span style="box-sizing: border-box; font-family: Times New Roman; font-style: italic; font-weight: 400">Shares May Trade at
Prices Other Than NAV. </span>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.</p>
<p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_z0iFh9jZPWt6" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt 32pt;text-align-last: auto; display: block; min-height: 64px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: -16pt">●
<span style="box-sizing: border-box; font-family: Times New Roman; font-style: italic; font-weight: 400"> Trading.</span><i style="box-sizing: border-box">
</i>Although Shares are listed for trading on a national securities exchange, such as The Nasdaq Stock Market, LLC (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 and the liquidity of the Fund’s portfolio holdings
may deteriorate.
</p>
<p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--CapitalGainsRiskMember_z2N0XGdVIDBi" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 96px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman; font-weight: bold; font-weight: 700">Capital
Gains Risk.</span><b style="box-sizing: border-box"> </b>The sale of securities held in the Fund’s portfolio may generate capital
gains if the value of a security sold has appreciated since the time of the Predecessor Fund’s or Fund’s initial investment.
There can be no guarantee that the Fund will not distribute such capital gains. Shareholders that are investing through a taxable account
should consider the embedded gains or losses of the Fund, which are disclosed in the most recent annual and semi-annual report. A new
shareholder could be subject to taxes on a distribution it receives from the Fund that was earned when it was not a shareholder. This
risk is mitigated by the Fund’s ETF structure since ETFs generally experience fewer portfolio transactions than mutual funds.</p>
<p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_zqEl1L3SqiFf" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt;text-align-last: auto; display: block; min-height: 512px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman; font-weight: bold; font-weight: 700">Economic
and Market Risk.</span><b style="box-sizing: border-box"> </b>The Fund is subject to the risk that the securities markets will move down,
sometimes rapidly and unpredictably, based on overall economic conditions and other factors, which may negatively affect the Fund’s
performance. Factors that affect markets in general, including geopolitical, regulatory, market and economic developments and other developments
that impact specific economic sectors, industries, companies and segments of the market, could adversely impact the Fund’s investments
and lead to a decline in the value of your investment in the Fund. Geopolitical and other events, including tensions, war, and open conflict
between nations could affect the economies of many countries including the United States. Trade disputes, pandemics, public health crises,
natural disasters, cybersecurity incidents, and related events have led, and in the future may continue to lead, to instability in world
economies and markets generally and reduced liquidity in equity, credit and fixed income markets, which may disrupt economies and markets
and adversely affect the value of your investment. The imposition by the U.S. of tariffs on goods imported from foreign countries and
reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets.
In addition, policy changes by the U.S. government, the U.S. Federal Reserve and/or foreign governments, and political and economic changes
within the U.S. and abroad, such as inflation, changes in interest rates, recessions, changes in the U.S. presidential administration
and Congress, the U.S. government’s inability at times to agree on a long-term budget and deficit reduction plan, the threat of
a federal government shutdown, threats not to increase the federal government’s debt limit which could result in a default on the
government’s obligations, and the shutdown of certain financial institutions, may cause increased volatility in financial markets,
affect investor and consumer confidence and adversely impact the broader financial markets and economy, perhaps suddenly and to a significant
degree. Slowing global economic growth, the rise in protectionist trade policies, inflationary pressures, changes to some major international
trade agreements, the imposition of tariffs, risks associated with trade agreements between countries and regions, including the U.S.
and other foreign nations, political or economic dysfunction within some countries or regions, including the U.S., and dramatic changes
in consumer sentiment and commodity and currency prices could affect the economies and markets of many nations, including the U.S., in
ways that cannot necessarily be foreseen at the present time and may create significant market volatility. In 2022 the Federal Reserve
and certain foreign central banks began to increase interest rates to address rising inflation. The Federal Reserve and certain foreign
central banks subsequently started to lower interest rates in September 2024, though economic or other factors, such as inflation, could
lead to the Federal Reserve stopping or reversing these changes. It is difficult to accurately predict the pace at which interest rates
might change, the timing, frequency or magnitude of any such changes in interest rates, or when such changes might stop or again reverse
course. Unexpected changes in interest rates could lead to significant market volatility or reduce liquidity in certain sectors of the
market. Market disruptions have caused, and may continue to cause, broad changes in market value, negative public perceptions concerning
these developments, and adverse investor sentiment or publicity. Changes in value may be temporary or may last for extended periods. Regulators
in the U.S. have adopted a number of changes to regulations affecting markets and issuers, some of which apply to the Fund. Due to the
broad scope of the regulations being adopted, certain of these changes, which may be revised or rescinded, could limit the Fund’s
ability to pursue its investment strategies or make certain investments, may make it more costly for it to operate, or adversely impact
performance.</p>
<p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zvO0Ju1Le815" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt;text-align-last: auto; display: block; min-height: 32px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; break-inside: avoid"><span style="box-sizing: border-box; font-family: Times New Roman; font-weight: bold; font-weight: 700">Management
Risk.</span><b style="box-sizing: border-box"> </b>The Fund is actively-managed and may not meet its investment objective based
on the portfolio managers success or failure in implementing the Fund’s investment strategies.</p>
<p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketCapitalizationRiskMember_zmofe42gqo76" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt;text-align-last: auto; display: block; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; break-after: avoid"><span style="box-sizing: border-box; font-family: Times New Roman; font-weight: bold; font-weight: 700">Market
Capitalization Risk.</span></p>
<div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationInvestingMember_zT8v5i8diK0l"></div>
<div style="box-sizing: border-box; text-align-last: auto; height: 54pt; overflow: hidden">
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<div style="box-sizing: border-box; text-align-last: auto; height: 100%; width: 100%; display: table-cell">
<p style="font: 700 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; display: block; color: #000; text-align: left; text-indent: 0"> </p>
<p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; display: block; color: #000; text-align: justify; text-indent: 0"> </p>
<p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; display: block; color: #000; text-align: justify; text-indent: 0"> </p>
</div>
</div>
</div>
<div style="box-sizing: border-box; text-align-last: auto; height: 54pt; overflow: hidden">
<div style="box-sizing: border-box; text-align-last: auto; display: table; width: 100%; height: 100%; overflow: hidden">
<div style="box-sizing: border-box; text-align-last: auto; height: 100%; width: 100%; display: table-cell">
<p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">●</p>
<p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; display: block; color: #000; text-align: justify; text-indent: 0"> </p>
</div>
</div>
</div>
<p style="font: 10pt/12pt Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 64px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman; font-style: italic; font-weight: 400">Large-Capitalization
Investing. </span>The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore
subject to slower growth during times of economic expansion. Large-capitalization companies may also be unable to respond quickly to new
competitive challenges, such as changes in technology and consumer tastes.</p>
<div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidCapitalizationInvestingMember_zrHawmlKjv3a"></div>
<div style="box-sizing: border-box; text-align-last: auto; height: 54pt; overflow: hidden">
<div style="box-sizing: border-box; text-align-last: auto; display: table; width: 100%; height: 100%; overflow: hidden">
<div style="box-sizing: border-box; text-align-last: auto; height: 100%; width: 100%; display: table-cell">
<p style="font: 700 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; display: block; color: #000; text-align: left; text-indent: 0"> </p>
<p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; display: block; color: #000; text-align: justify; text-indent: 0"> </p>
<p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; display: block; color: #000; text-align: justify; text-indent: 0"> </p>
</div>
</div>
</div>
<div style="box-sizing: border-box; text-align-last: auto; height: 54pt; overflow: hidden">
<div style="box-sizing: border-box; text-align-last: auto; display: table; width: 100%; height: 100%; overflow: hidden">
<div style="box-sizing: border-box; text-align-last: auto; height: 100%; width: 100%; display: table-cell">
<p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">●</p>
<p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; display: block; color: #000; text-align: justify; text-indent: 0"> </p>
</div>
</div>
</div>
<p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 64px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman; font-style: italic; font-weight: 400">Mid-Capitalization
Investing.</span> The securities of mid-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic
developments than securities of large-capitalization companies. The securities of mid-capitalization companies generally trade in lower
volumes and are subject to greater and more unpredictable price changes than large-capitalization stocks or the stock market as a whole.</p>
<div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallCapitalizationInvestingMember_zUG9XXMKg8gd"></div>
<div style="box-sizing: border-box; text-align-last: auto; height: 60pt; overflow: hidden">
<div style="box-sizing: border-box; text-align-last: auto; display: table; width: 100%; height: 100%; overflow: hidden">
<div style="box-sizing: border-box; text-align-last: auto; height: 100%; width: 100%; display: table-cell">
<p style="font: 700 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; display: block; color: #000; text-align: left; text-indent: 0"> </p>
<p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; display: block; color: #000; text-align: justify; text-indent: 0"> </p>
<p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; display: block; color: #000; text-align: justify; text-indent: 0"> </p>
</div>
</div>
</div>
<div style="box-sizing: border-box; text-align-last: auto; height: 60pt; overflow: hidden">
<div style="box-sizing: border-box; text-align-last: auto; display: table; width: 100%; height: 100%; overflow: hidden">
<div style="box-sizing: border-box; text-align-last: auto; height: 100%; width: 100%; display: table-cell">
<p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">●</p>
<p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; display: block; color: #000; text-align: justify; text-indent: 0"> </p>
</div>
</div>
</div>
<p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 80px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman; font-style: italic; font-weight: 400">Small-Capitalization
Investing. </span>The securities of small-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic
developments than securities of large- or mid-capitalization companies. The securities of small-capitalization companies generally trade
in lower volumes and are subject to greater and more unpredictable price changes than large- or mid-capitalization stocks or the stock
market as a whole. There is typically less publicly available information concerning smaller-capitalization companies than for larger,
more established companies.</p>
<p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_z2fEogUCuNW1" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt;text-align-last: auto; display: block; min-height: 96px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman; font-weight: bold; font-weight: 700">Operational
Risk.</span><b style="box-sizing: border-box"> </b>The Fund is subject to risks arising from various operational factors, including,
but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or
other third parties, failed or inadequate processes and technology or systems failures. The Fund relies on third parties for a range of
services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s
ability to meet its investment objective. Although the Fund, the Adviser, and the Sub-Adviser seek to reduce these operational risks through
controls and procedures, there is no way to completely protect against such risks.</p>
Performance
<p id="xdx_A84_eoef--PerformanceNarrativeTextBlock_zugqTEfIRAqf" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 80px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span id="xdx_902_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260424__20260424__dei--LegalEntityAxis__custom--S000088484Member_zJqi8QHOXIc7">The
following bar chart and table provide some indication of the risks of investing in the Fund.</span> The Fund adopted the performance of The BeeHive
Fund (the “Predecessor Fund”), a mutual fund series of Forum Funds, as the result of a reorganization of the Predecessor Fund
into the Fund after the market close on December 13, 2024 (the “Reorganization”). Prior to the Reorganization, the Fund had
not yet commenced operations. The Sub-Adviser served as the investment adviser to the Predecessor Fund. The returns shown for periods
ending prior to the Reorganization are those of the Predecessor Fund</p>
<p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">The
following bar chart shows changes in the Fund’s and Predecessor Fund’s performance from year to year. The table shows how
the Fund’s and Predecessor Fund’s average annual returns for 1-year, 5-years and 10-years compare with those of broad measures
of market performance.</p>
<p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt;text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span id="xdx_900_eoef--PerformancePastDoesNotIndicateFuture_c20260424__20260424__dei--LegalEntityAxis__custom--S000088484Member_znQ7CXJP7qS6">The
Fund’s and Predecessor Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will
perform in the future.</span> If the Predecessor Fund had been structured as an ETF its performance may have differed. You can obtain updated
performance information at <span id="xdx_90B_eoef--PerformanceAvailabilityWebSiteAddress_c20260424__20260424__dei--LegalEntityAxis__custom--S000088484Member_z45C5MyXrD21">www.thebeehiveetf.com.</span></p>
The
following bar chart and table provide some indication of the risks of investing in the Fund.
The
Fund’s and Predecessor Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will
perform in the future.
www.thebeehiveetf.com.
0.0611
0.1107
-0.1098
0.3628
0.1559
0.208
-0.1902
0.2075
0.1041
0.1438
<div id="xdx_A8B_eoef--BarChartTableTextBlock_zNF6lNfug5Yk"></div><img alt="vertical-bar" src="qes7nle171mnx9tflq.jpg" style="box-sizing: border-box; width: 100%; height: auto"/>
<p id="xdx_A8A_eoef--BarChartClosingTextBlock_z5M8TjJavrVf" style="font: 10pt Times New Roman,Times,serif; margin: 0 0 8pt;text-align-last: auto; min-height: 32px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">During
the period shown, the <span id="xdx_90B_eoef--HighestQuarterlyReturnLabel_c20260424__20260424__dei--LegalEntityAxis__custom--S000088484Member_zQwqGDSfPVW6">highest return</span> for a quarter was <span id="xdx_90B_eoef--BarChartHighestQuarterlyReturn_dp_c20260424__20260424__dei--LegalEntityAxis__custom--S000088484Member_zDNb16nZqGCa">17.02</span>% for the quarter ended <span id="xdx_90F_eoef--BarChartHighestQuarterlyReturnDate_dd_c20260424__20260424__dei--LegalEntityAxis__custom--S000088484Member_zOLIp3lezZyh">March 31, 2019</span>, and the <span id="xdx_90C_eoef--LowestQuarterlyReturnLabel_c20260424__20260424__dei--LegalEntityAxis__custom--S000088484Member_zuMJScJHkwAh">lowest return</span> was <span id="xdx_903_eoef--BarChartLowestQuarterlyReturn_dp_c20260424__20260424__dei--LegalEntityAxis__custom--S000088484Member_zQrVVQcVYQb2">-19.35</span>%
for the quarter ended <span id="xdx_90B_eoef--BarChartLowestQuarterlyReturnDate_dd_c20260424__20260424__dei--LegalEntityAxis__custom--S000088484Member_z9l8wqOcDr6c">March 31, 2020</span>.</p>
<p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 8pt;text-align-last: auto; min-height: 32px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">The
performance information shown above is based on a calendar year. The Fund’s<span id="xdx_90F_eoef--YearToDateReturnLabel_c20260424__20260424__dei--LegalEntityAxis__custom--S000088484Member_zk17pSrBnOBi"> year-to-date return</span> for the period ended <span id="xdx_90F_eoef--BarChartYearToDateReturnDate_dd_c20260424__20260424__dei--LegalEntityAxis__custom--S000088484Member_z8aFJTSaykM5">March 31, 2026</span>
was <span id="xdx_90E_eoef--BarChartYearToDateReturn_dp_c20260424__20260424__dei--LegalEntityAxis__custom--S000088484Member_zHEGyAZWPlS4">-6.10</span>%.</p>
highest return
0.1702
2019-03-31
lowest return
-0.1935
2020-03-31
year-to-date return
2026-03-31
-0.0610
Average
Annual Total ReturnsFor
the Period Ended December 31, 2025
<div id="xdx_A8F_eoef--PerformanceTableTextBlock_zJb63tFy3Sll"></div>
<table id="xdx_A5A_dU_zPlHDjo3Mp91" style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns">
<tr style="box-sizing: border-box; height: auto; vertical-align: bottom">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box">
<div style="font: bold 8pt Times New Roman; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; font-weight: 700; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"></span></div>
</th>
<th id="xdx_499_20250101__20251231_zUqC4SVB57hh" style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box">
<div style="font: bold 8pt Times New Roman; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-align: center; font-weight: 700; text-indent: 0"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">1
Year</span></div>
</th>
<th id="xdx_497_20210101__20251231_z6O9Pqo65v09" style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box">
<div style="font: bold 8pt Times New Roman; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-align: center; font-weight: 700; text-indent: 0"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">5
Years</span></div>
</th>
<th id="xdx_49F_20160101__20251231_zdtnSU8wUOSk" style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box">
<div style="font: bold 8pt Times New Roman; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-align: center; font-weight: 700; text-indent: 0"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">10
Years</span></div>
</th>
</tr>
<tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000254761Member_zskM4yuixoze" style="box-sizing: border-box; height: auto">
<td style="box-sizing: border-box; height: auto">
<div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Return
Before Taxes</span></div>
</td>
<td style="box-sizing: border-box; height: auto">
<div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">14.38%</span></div>
</td>
<td style="box-sizing: border-box; height: auto">
<div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">8.32%</span></div>
</td>
<td style="box-sizing: border-box; height: auto">
<div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">9.44%</span></div>
</td>
</tr>
<tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000254761Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zmbVWrsFoIIk" style="box-sizing: border-box; height: auto">
<td style="box-sizing: border-box; height: auto">
<div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Return
After Taxes on Distributions</span></div>
</td>
<td style="box-sizing: border-box; height: auto">
<div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">14.28%</span></div>
</td>
<td style="box-sizing: border-box; height: auto">
<div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">7.76%</span></div>
</td>
<td style="box-sizing: border-box; height: auto">
<div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">8.76%</span></div>
</td>
</tr>
<tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000254761Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zw7lj7MCAGC5" style="box-sizing: border-box; height: auto">
<td style="box-sizing: border-box; height: auto">
<div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Return
After Taxes on Distributions and Sale of Shares</span></div>
</td>
<td style="box-sizing: border-box; height: auto">
<div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">8.58%</span></div>
</td>
<td style="box-sizing: border-box; height: auto">
<div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">6.47%</span></div>
</td>
<td style="box-sizing: border-box; height: auto">
<div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">7.56%</span></div>
</td>
</tr>
<tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zk48hy9m5mDh" style="box-sizing: border-box; height: auto">
<td style="box-sizing: border-box; height: auto">
<div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">S&P
500® Index</span></div>
<div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_906_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260424__20260424__dei--LegalEntityAxis__custom--S000088484Member_zt6Bg05os4Ac">(reflects
no deduction for fees, expenses, or taxes)</span><sup id="xdx_F4C_zrMPAIL93Zq">¹</sup></span></div>
</td>
<td style="box-sizing: border-box; height: auto">
<div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">17.88%</span></div>
</td>
<td style="box-sizing: border-box; height: auto">
<div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">14.42%</span></div>
</td>
<td style="box-sizing: border-box; height: auto">
<div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">14.82%</span></div>
</td>
</tr>
<tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500EqualweightIndexMember_zWXjLhsYahZe" style="box-sizing: border-box; height: auto">
<td style="box-sizing: border-box; height: auto">
<div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">S&P
500® Equal Weight Index</span></div>
<div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">(reflects
no deduction for fees, expenses, or taxes)<sup id="xdx_F4D_z1dQyIunplwd">²</sup></span></div>
</td>
<td style="box-sizing: border-box; height: auto">
<div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">11.43%</span></div>
</td>
<td style="box-sizing: border-box; height: auto">
<div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">10.47%</span></div>
</td>
<td style="box-sizing: border-box; height: auto">
<div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">11.71%</span></div>
</td>
</tr>
</table>
<div style="font: 8pt Times New Roman,Times,serif; margin: 8pt 0; box-sizing: border-box; text-align-last: auto; color: #000; text-align: justify; text-indent: 0; break-after: avoid">
<table cellpadding="0" cellspacing="0" style="font: 8pt Times New Roman,Times,serif;color: #000; margin-top: 0; margin-bottom: 6pt; width: 100%">
<tr style="vertical-align: top; text-align: justify">
<td id="xdx_F0B_zBfvgXBkRGBc" style="width: 15pt; text-align: right">¹</td>
<td style="width: 5pt"></td>
<td id="xdx_F13_zaTR1HfoQArf" style="text-align: justify">
The S&P 500<sup>®</sup> Index is a broad-based, unmanaged measure of changes in
stock market conditions based on the average performance of stocks of 500 large U.S. companies.
</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 8pt Times New Roman,Times,serif;color: #000; margin-top: 0; margin-bottom: 6pt; width: 100%">
<tr style="vertical-align: top; text-align: justify">
<td id="xdx_F05_zthNHoBseQI1" style="width: 15pt; text-align: right">²</td>
<td style="width: 5pt"></td>
<td id="xdx_F11_zRKL9PGAQ2qk" style="text-align: justify">
The S&P 500<sup>®</sup> Equal Weight Index is the equal-weight version of the S&P
500<sup>®</sup> Index. The index includes the same constituents as the capitalization weighted S&P 500<sup>®</sup> Index,
but each company is weighted equally.
</td>
</tr>
</table>
</div>
0.1438
0.0832
0.0944
0.1428
0.0776
0.0876
0.0858
0.0647
0.0756
(reflects
no deduction for fees, expenses, or taxes)
0.1788
0.1442
0.1482
0.1143
0.1047
0.1171
<p id="xdx_A82_eoef--PerformanceTableClosingTextBlock_zGzrp1O2xXAi" style="font: 10pt/normal Times New Roman,Times,serif; margin: 8pt 0; text-align-last: auto; display: block; min-height: 64px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; break-after: avoid"><span id="xdx_906_eoef--PerformanceTableUsesHighestFederalRate_c20260424__20260424__dei--LegalEntityAxis__custom--S000088484Member_zdWL4dQFn8F3">After-tax
returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table
above and do not reflect the impact of state and local taxes.</span> Actual after-tax returns depend on an investor’s tax situation and
may differ from those shown. <span id="xdx_90E_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260424__20260424__dei--LegalEntityAxis__custom--S000088484Member_zrASdjOkFMW2">After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred or other
tax-advantaged arrangements such as an individual retirement account (“IRA”).</span></p>
After-tax
returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table
above and do not reflect the impact of state and local taxes.
After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred or other
tax-advantaged arrangements such as an individual retirement account (“IRA”).