Blueprint Chesapeake Multi-Asset Trend ETF (TFPN)

TheBlueprint Chesapeake Multi-Asset Trend ETF (the “Fund”) seeks to preserve capital and generate long-term capital appreciation.

The Fund is an actively-managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing pursuant to a trend following program called the Chesapeake Multi Asset Trend Program (described below). The Chesapeake Multi Asset Trend Program is comprised of two components:  (i)Derivatives Component: The Fund will invest both long and short in futures contracts and futures-related instruments (such as forwards) and spot contracts in global markets across a wide range of asset classes, including equities, fixed income, currencies and commodities. (ii)Equity Component: The Fund will invest in both long and short positions in equity securities.  Inaddition, the Fund invests in cash, short-term U.S. Treasury securities, money market funds, and cash equivalents (the “CashStrategy”). TheFund’s portfolio is managed by sub-advisers Chesapeake Capital Corporation (“Chesapeake”) and Blueprint Fund Management,LLC (“Blueprint”). Chesapeake manages the Fund’s portfolio using the Chesapeake Multi Asset Trend Program, while Blueprintmanages the Cash Strategy. The Fund’s returns mainly arise from the Chesapeake Multi Asset Trend Program. TheFund’s portfolio is usually comprised of 300-500 securities and financial instruments, which the Fund invests in directlyor indirectly via the Subsidiary (described below). The Fund is classified as “non-diversified,” which means the Fundmay invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. TheChesapeake Multi Asset Trend Program - Overview. Chesapeakemanages the Fund’s investments using their proprietary long-term trend following “Chesapeake Multi Asset Trend Program.”This Program generates long and short trade signals based on market indicators such as current prices and moving average prices.Chesapeake’s trade decisions are primarily automated, relying on computer-driven models to identify buying and selling opportunities.The Chesapeake Multi Asset Trend Program, and each of the Derivatives and Equity components, seeks to preserve capital while also seeking to providepositive annual returns.  TheProgram analyzes various market metrics, including price action, market volatility, open interest, and daily trading volume, topredict market opportunities and identify recurring price patterns. The data comes from a wide array of markets, such as U.S.and non-U.S. stock indices, single stocks, ETFs, fixed income futures, currencies, and commodities. Frequent buying and sellingof portfolio holdings may occur to seek to achieve the Fund’s investment objective. The Chesapeake Multi Asset Trend Program will allocateassets to its Derivatives Component and Equity Component based on the Program’s then-current view of risk levels of thewide array of markets. Approximately, one-half of the Fund’s market risk exposure will be through the Program’s DerivativesComponent and the other half through its Equity Component. See“Additional Information About the Fund’s Principal Investment Strategies” for a more complete description of the ChesapeakeMulti Asset Trend Program and its two components. DerivativesComponent Forthe Fund’s Derivatives Component, the Chesapeake Multi Asset Trend Program analyzes multiple market metrics to generate trend-following tradesignals (i.e., investment decisions) for derivatives transactions. Through the Derivatives Component, the Fund will invest bothlong and short in exchange-traded commodity futures contracts, options on futures contracts and commodities; spot and forwardcurrency contracts. As noted above, the Derivatives component seeks to preserve capital while also seeking to provide positiveannual returns. TheFund’s derivatives holdings will relate to fixed-income instruments or fixed-income ETFs, currencies (including up to 2%(notional value) in digital currencies), and commodities (e.g., agricultural products, energies, precious and industrial metals).The Fund does not invest directly in digital currencies; rather the Fund invests in cryptocurrencies only indirectly via exchange-tradedfutures contracts. EquityComponent Forthe Fund’s Equity Component, the Chesapeake Multi Asset Trend Program analyzes a large number of market metrics from a broad range of marketsto generate trend following trade signals to make its long and short investment decisions. As noted above, the Equity Componentseeks to preserve capital while also seeking to provide positive annual returns. Underthe Chesapeake Multi Asset Trend Program, the Fund may take long and short positions of U.S. and non-U.S. equity securities as part ofits broader trend-following program. The Fund’s equity holdings may be 100% long, 100% short, or a mix. Forlong holdings, the Fund may invest in the equity securities of U.S. and foreign issuers (directly or via ADRs) without regardto market capitalization. The Fund will take short positions in small-cap, mid-cap, and large-cap, U.S. equity securities or indices.In addition, a portion of the short sales of the Fund’s Equity Strategy may be accomplished by investing in derivatives.That is, the Fund may effect shorting by selling futures contracts on either large-cap equity securities or indices to seek positivereturns from corresponding price declines. The Fund may do so either directly or indirectly via the Subsidiary. See “AdditionalInformation About the Fund’s Principal Investment Strategies” for a description of shorting securities).  2  CashStrategy Blueprintmanages the Fund’s Cash Strategy, which will principally be used for margin and collaterals purposes for the Fund’sderivatives transactions. The Fund will invest in short-term U.S. Treasury securities (i.e., with a duration of 5 years or less),money market funds, cash, and cash equivalents. CaymanSubsidiary TheFund intends to gain exposure to futures contracts and other derivative instruments either directly or indirectly through a wholly-ownedCayman Islands subsidiary (the “Subsidiary”) that is advised by Tidal Investments LLC (the “Adviser”)and sub-advised by Chesapeake. The Fund may invest up to 25% of its total assets in the Subsidiary, tested at the end of eachfiscal quarter. The Subsidiary will generally invest in futures contracts and other derivative instruments that do not generate“qualifying income” under the source of income test required to qualify as a regulated investment company (“RIC”)under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). Unlike the Fund, the Subsidiarymay invest without limitation in futures contracts and other derivative instruments; however, the Subsidiary will comply withthe same Investment Company Act of 1940, as amended (the “1940 Act”), requirements that are applicable to the Fund’stransactions in derivatives. In addition, the Subsidiary will be subject to the same fundamental investment restrictions and willfollow the same compliance policies and procedures as the Fund. Unlike the Fund, the Subsidiary will not seek to qualify as aRIC under the Code. The Fund is the sole investor in the Subsidiary and does not expect the shares of the Subsidiary to be offeredor sold to other investors. Except as otherwise noted, for the purposes of this Prospectus, references to the Fund’s investmentsinclude the Fund’s indirect investments through the Subsidiary. Thefinancial statements of the Subsidiary will be consolidated with the Fund’s financial statements in the Fund’s Annualand Semi-Annual Reports.