If You Invested in VegaShares Trillions ETF (TRIL)

The VegaShares Trillions ETF (TRIL) is an actively managed exchange-traded fund that seeks capital appreciation by investing, directly or synthetically through options and swaps, mainly in global publicly listed companies with a market capitalization of at least USD 1 trillion, which its prospectus calls Trillion Dollar Assets. The fund is listed on the Cboe BZX Exchange and began trading under the symbol TRIL on October 1, 2026. It is registered with the SEC under Tidal Trust IV, with Tidal Investments LLC as investment adviser and Vega Capital Partners, LLC, the firm behind the VegaShares ETFs brand, as sub-adviser.

How the Portfolio Is Built

TRIL takes the BITA Trillion Dollar Cap Index as the baseline for its holdings but does not replicate it. That index is run by BITA, which is not affiliated with the fund or its advisers, and it tracks a selection of global publicly listed companies valued at USD 1 trillion or more, weighting them equally on each monthly selection day. When fewer than five companies qualify, the index adds the next-largest companies, and the trillion-dollar companies together keep at least 80% of its weight.

Vega, as sub-adviser, starts from the index’s components and weights and then decides what to buy and sell using quantitative and fundamental analysis of factors that include revenue exposure, earnings growth potential, free cash flow generation and valuation. It can trade between index rebalances, for example by buying a company that has just passed USD 1 trillion in market value before the index adds it, or by cutting a position when it judges that a company’s outlook or competitive position has weakened, so the fund’s holdings and returns can differ significantly from the index’s.

What the Fund Holds

Under normal circumstances the fund invests at least 80% of its net assets in Trillion Dollar Assets, or in financial instruments such as options or swaps that give indirect exposure to them, and up to 20% can go to equities and depositary receipts outside the index or to cash and cash equivalents. It invests in large-capitalization companies and in foreign securities, directly through ordinary shares listed on global exchanges or indirectly through ADRs, and it may invest in developed and emerging markets. It may also put part of the portfolio into private companies that the sub-adviser identifies as having a market capitalization equivalent to a Trillion Dollar Asset or substantially similar attributes, whether late-stage companies nearing or preparing for an IPO or companies at earlier stages of development. The fund keeps an allocation to cash or U.S. Treasuries as well.

TRIL is classified as non-diversified, which lets it hold larger positions in fewer issuers than a diversified fund could. Where the index is concentrated in one industry the fund expects to be concentrated there too, and its prospectus stated that, as of its date, semiconductors and semiconductor equipment issuers made up a significant portion of the index.

Direct and Synthetic Exposure

The fund can own its holdings outright or replicate their performance synthetically, and it generally chooses the synthetic route to meet the tax requirements that apply to regulated investment companies. Its prospectus says it mainly uses short-dated, in-the-money call options with a month or less to expiry, and it may also enter into swap agreements with financial institutions. The fund holds cash or short-term U.S. Treasury securities as collateral for its derivatives transactions.

Principal Risks

The summary prospectus lists derivatives and counterparty risk, information technology sector risk, exposure to foreign and emerging markets, high portfolio turnover and the risk of privately placed securities among the fund’s principal risks. It also stated that TRIL had no operating history when the summary prospectus was filed, and noted that the sub-adviser was newly registered with the SEC and had limited experience managing an exchange-traded fund regulated under the Investment Company Act of 1940.