GammaRoad's GMMA will stop trading on Nov. 18 and liquidate

Tidal Trust III's GammaRoad Market Navigation ETF, GMMA, will stop trading on NYSE Arca at the close on Nov. 18, 2026, and then liquidate. The trust said so in a supplement dated Nov. 3 to the summary prospectus, prospectus and statement of additional information, each dated Dec. 29, 2025.

Holders can sell on the exchange through that close. Brokerage charges may apply. After that close, through Nov. 20, the supplement says a sale may be possible only to certain broker-dealers, and it does not assure a market.

On or about Nov. 18 through Nov. 20, which the supplement calls the liquidation date, holders who have not sold get cash in proportion to their shares.

In those days the fund will raise cash and will no longer pursue its investment objective.

The net asset value used for the payment reflects the cost of selling the portfolio, so that cost reduces the cash holders receive. The payment can include accrued capital gains and dividends, and it is subject to any required withholding. The fund then terminates.

The supplement says those proceeds generally should be treated as received in exchange for shares, a taxable event that can produce a capital gain or loss. It tells holders to speak with a tax adviser.

Tidal Investments, the adviser, told the board its view of the fund.

"The Fund could not conduct its business and operations in a viable manner over the long term due to the Fund's inability to garner sufficient assets to offset the ongoing operational costs."

The board decided to liquidate.

The fund began operations on Sept. 16, 2024. Its summary prospectus dated Dec. 29, 2025 says it seeks capital appreciation by generally tracking the MarketVector-GammaRoad U.S. Equity Strategy Index.

Howard Capital Management and GraniteShares fees

New summary prospectuses filed Nov. 2 changed the annual cost in the fee table for two Howard Capital Management funds and one GraniteShares fund. The management fee did not change.

The higher total on the two Defender funds is acquired-fund fees, the indirect cost of other funds the ETFs hold. In the prospectus dated Nov. 1, 2025, those costs were 0.12% for QQH and 0.13% for LGH. The new summaries put them at 0.15% and 0.16%. Other expenses moved the other way, to 0.08% from 0.09% for QQH and to 0.09% from 0.10% for LGH.

SMCL shows net annual fund operating expenses of 1.40%. The summary estimates the indirect cost of investing in swaps, kept out of that table, at 1.45% for the fiscal year ending June 30, 2027.

GraniteShares Advisors has agreed to keep annual operating expenses from exceeding 1.50%, exclusive of interest, brokerage, swap fees and certain other costs, through Dec. 31, 2027. The summary dated Oct. 24, 2025 had the same agreement through Dec. 31, 2026. Only the board can end the new agreement sooner.

John Hancock's credit ETF and a new XFUNDS fund

John Hancock Exchange-Traded Fund Trust's post-effective amendment for the John Hancock Multi Asset Credit ETF, JLMC, became effective Nov. 2. It covers only this fund. The prospectus dated Nov. 2 says the fund had not commenced operations as of that date, and the statement of additional information puts the start at on or about Dec. 8, 2026.

The prospectus sets a management fee of 0.50% and total annual operating expenses of 0.74%, with other expenses estimated for the first year. After a contractual reimbursement, the total is 0.39%. That agreement expires July 31, 2028.

John Hancock Investment Management is the adviser, and CQS (US) is the subadviser. The fund seeks a high level of current income, with capital appreciation as a secondary objective, and will invest at least 80% of its net assets in credit-related investments.

Tidal Trust II's XFUNDS Value Income ETF, VTVX, is newly organized. Its summary prospectus dated Nov. 3 shows total annual operating expenses of 0.75%, equal to the management fee, with other expenses estimated at 0.00%. Tidal Investments is the adviser. Shares traded on Nov. 3.