*The ATAC Rotation Fund (Investor) inception date is 9-10-12. The ATAC Rotation Fund (Institutional) inception date it 3-26-18.

Investor Class:
Gross Expense Ratio (Investor): 2.06%
Net Expense Ratio^: 1.94%
Investor pays the 1.94% expense ratio.

Institutional Class:
Gross Expense Ratio: 1.82%
Net Expense Ratio: 1.70%
Investor pays the 1.70% expense ratio.

Tidal Investments, LLC (the “Adviser”) has contractually agreed to waive a portion or all of its management fees and reimburse Fund expenses, in order to ensure that Total Annual Fund Operating Expenses (excluding certain expenses such as taxes, leverage interest, interest expense, dividends paid on short sales, brokerage commissions, AFFE, or extraordinary expenses) do not exceed 1.74% of the average daily net assets of the Fund’s Investor Class shares and do not exceed 1.49% of the average daily net assets of the Fund’s Institutional Class shares. Fees waived and expenses paid by the Adviser may be recouped by the Adviser for a period of 36 months following the month during which such fee waiver and expense payment was made if such recoupment can be achieved without exceeding the expense limit in effect at the time the fee waiver and expense payment occurred and the expense limit in place at the time of recoupment. The Operating Expenses Limitation Agreement is indefinite, but cannot be terminated through at least December 29, 2023. Thereafter, the agreement may be terminated at any time upon 60 days’ written notice by the Trust’s Board of Trustees (the “Board”) or the Adviser, with the consent of the Board. Investment performance reflects fee waivers in effect. In the absence of such waivers, total returns would be reduced.

**Performance shown for the periods prior to the inception of the Institutional Class is based on the performance for the Investor Class shares, adjusted for the lower expenses applicable to the Institutional Class.