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madison:UnitedStatesTreasuryNoteBondMember 2025-12-31 0001976877 madison:C000243766Member madison:BankOfAmericaCorpMember 2025-12-31 0001976877 madison:C000243766Member madison:MorganStanleyMember 2025-12-31 0001976877 madison:C000243766Member madison:PncFinancialServicesGroupIncMember 2025-12-31 0001976877 madison:C000243766Member madison:MarathonPetroleumCorpMember 2025-12-31 0001976877 madison:C000243766Member madison:FifthThirdBancorpMember 2025-12-31 0001976877 madison:C000243766Member madison:GoldmanSachsGroupIncMember 2025-12-31 0001976877 madison:C000243766Member madison:JPMorganChaseAndCoMember 2025-12-31 iso4217:USD pure madison:Holdings false N-1A 0001976877 N-CSRS Madison ETFs Trust 2025-12-31 Madison Aggregate Bond ETF MAGG NYSE Semi-Annual Shareholder Report This <span id="xdx_904_eoef--ShareholderReportAnnualOrSemiAnnual_c20250701__20251231__oef--ClassAxis__custom--C000243768Member_zSN8cGJHzaEl">semi-annual shareholder report</span> contains important information about the Madison Aggregate Bond ETF for the period of July 1, 2025, to December 31, 2025. semi-annual shareholder report You can find additional information about the Fund at <span id="xdx_901_eoef--AddlInfoWebsite_c20250701__20251231__oef--ClassAxis__custom--C000243768Member_zRGqaYQlcVei">https://www.madisonfunds.com/etfs/documents</span>. You can also request this information by contacting us at <span id="xdx_90A_eoef--AddlInfoPhoneNumber_c20250701__20251231__oef--ClassAxis__custom--C000243768Member_zVjvZaICtMR7">800-767-0300</span>. https://www.madisonfunds.com/etfs/documents 800-767-0300 This report describes certain planned changes to the Fund that occurred after the reporting period. <p id="xdx_809_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000243768Member_dD_zzsrhbOEWAv2" style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.9pt; color: #535456"> </p> <table cellpadding="0" cellspacing="0" style="font: normal 10pt Times New Roman, Times, Serif; color: rgb(83,84,86); margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top"> <td style="border-top: rgb(34,90,168) 1pt solid; border-left: rgb(34,90,168) 1pt solid; padding-top: 5.4pt; padding-bottom: 5.4pt"></td> <td colspan="4" style="border-top: rgb(34,90,168) 1pt solid; padding-top: 5.4pt; padding-bottom: 5.4pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #935123"><b>WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?</b></span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #535456">(based on a hypothetical $10,000 investment)</span></p> <span style="font: 10pt Times New Roman, Times, Serif"></span></td> <td style="border-top: rgb(34,90,168) 1pt solid; padding-top: 5.4pt; padding-bottom: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="border-top: rgb(34,90,168) 1pt solid; border-right: rgb(34,90,168) 1pt solid; padding-top: 5.4pt; padding-bottom: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> </tr> <tr style="vertical-align: top"> <td style="border-left: rgb(34,90,168) 1pt solid; width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="width: 1%; background-color: rgb(225,240,251)"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td><td style="text-align: left; width: 46%; background-color: rgb(225,240,251)"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td><td style="width: 25%; background-color: rgb(225,240,251)"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="width: 25%; background-color: rgb(225,240,251)"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="width: 1%; background-color: rgb(225,240,251)"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="border-right: rgb(34,90,168) 1pt solid; width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: top"> <td style="border-left: rgb(34,90,168) 1pt solid; text-align: center; vertical-align: bottom; padding-bottom: 1pt"><span style="font: normal 10pt Arial, Helvetica, Sans-Serif; color: Black"> </span></td> <td style="background-color: rgb(225,240,251); padding-bottom: 1pt"><span style="font: normal 10pt Arial, Helvetica, Sans-Serif"> </span></td><td style="border-bottom: rgb(34,90,168) 1pt solid; text-align: center; vertical-align: bottom; background-color: rgb(225,240,251); padding-bottom: 1pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20; text-align: left"><span style="font: normal 10pt Arial, Helvetica, Sans-Serif; color: Black"><b>Fund Name </b></span></p> </td><td style="border-bottom: rgb(34,90,168) 1pt solid; text-align: center; vertical-align: bottom; background-color: rgb(225,240,251); padding-bottom: 1pt"><p style="margin: 0pt 0"><span style="font: normal 10pt Arial, Helvetica, Sans-Serif; color: Black">Costs of a $10,000<br/> investment</span></p> </td> <td style="border-bottom: rgb(34,90,168) 1pt solid; text-align: center; vertical-align: bottom; background-color: rgb(225,240,251); padding-bottom: 1pt"><p style="margin: 0pt 0"><span style="font: normal 10pt Arial, Helvetica, Sans-Serif; color: Black">Costs paid as a percentage of</span><span style="font: normal 10pt Arial, Helvetica, Sans-Serif"><br/> <span style="color: Black">a $10,000 investment*</span></span></p> </td> <td style="background-color: rgb(225,240,251); padding-bottom: 1pt"><span style="font: normal 10pt Arial, Helvetica, Sans-Serif"> </span></td> <td style="border-right: rgb(34,90,168) 1pt solid; text-align: center; vertical-align: bottom; padding-bottom: 1pt"><span style="font: normal 10pt Arial, Helvetica, Sans-Serif; color: Black"> </span></td></tr> <tr style="vertical-align: top"> <td style="border-left: rgb(34,90,168) 1pt solid; padding-top: 3pt; padding-bottom: 5.4pt"><span style="font: normal 10pt Arial, Helvetica, Sans-Serif; color: Black"> </span></td> <td style="background-color: rgb(225,240,251); padding-top: 3pt; padding-bottom: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td><td style="text-align: left; background-color: rgb(225,240,251); padding-top: 3pt; padding-bottom: 5.4pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"><span style="font: normal 10pt Arial, Helvetica, Sans-Serif; color: Black"><span id="xdx_902_eoef--FundName_c20250701__20251231__oef--ClassAxis__custom--C000243768Member_zcKjNXxtYS61">Madison Aggregate Bond ETF</span></span></p> </td><td style="background-color: rgb(225,240,251); padding-top: 3pt; padding-bottom: 5.4pt"><p id="xdx_989_eoef--ExpensesPaidAmt_c20250701__20251231__oef--ClassAxis__custom--C000243768Member_zrV7cFrz2PRc" style="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><span style="font: normal 10pt Arial, Helvetica, Sans-Serif; color: Black">$21</span></p> </td> <td style="background-color: rgb(225,240,251); padding-top: 3pt; padding-bottom: 5.4pt"><p id="xdx_984_eoef--ExpenseRatioPct_dp_c20250701__20251231__oef--ClassAxis__custom--C000243768Member_fKg_____zDLa6PQyg1Oi" style="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><span style="font: normal 10pt Arial, Helvetica, Sans-Serif; color: Black">0.40%</span></p> </td> <td style="background-color: rgb(225,240,251); padding-top: 3pt; padding-bottom: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="border-right: rgb(34,90,168) 1pt solid; padding-top: 3pt; padding-bottom: 5.4pt"><span style="font: normal 10pt Arial, Helvetica, Sans-Serif; color: Black"> </span></td></tr> <tr style="background-color: White; vertical-align: top"> <td style="border-bottom: rgb(34,90,168) 1pt solid; border-left: rgb(34,90,168) 1pt solid; padding-top: 3pt; padding-bottom: 5.4pt"> </td> <td style="border-bottom: rgb(34,90,168) 1pt solid; padding-top: 3pt; padding-bottom: 5.4pt"> </td><td style="border-bottom: rgb(34,90,168) 1pt solid; text-align: left; padding-top: 3pt; padding-bottom: 5.4pt"><span id="xdx_F01_zCVMZb1In1j5" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">*</span> <span id="xdx_F1B_zbnFbHzT1EUe" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Annualized</span></td><td style="border-bottom: rgb(34,90,168) 1pt solid; padding-top: 3pt; padding-bottom: 5.4pt"> </td> <td style="border-bottom: rgb(34,90,168) 1pt solid; padding-top: 3pt; padding-bottom: 5.4pt"> </td> <td style="border-bottom: rgb(34,90,168) 1pt solid; padding-top: 3pt; padding-bottom: 5.4pt"> </td> <td style="border-right: rgb(34,90,168) 1pt solid; border-bottom: rgb(34,90,168) 1pt solid; padding-top: 3pt; padding-bottom: 5.4pt"> </td></tr></table> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.9pt; color: #535456"> </p> Madison Aggregate Bond ETF 21 0.0040 <p id="xdx_807_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000243768Member_dD_zpzyH7LMA4o" style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.9pt; color: #535456"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="border-top: rgb(34,90,168) 1pt solid; border-left: rgb(34,90,168) 1pt solid; padding-top: 5pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="border-top: rgb(34,90,168) 1pt solid; border-bottom: rgb(83,84,86) 1pt solid; padding-top: 5pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #935123"><b>KEY FUND STATISTICS</b></span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #535456">(as of December 31, 2025)</span></td> <td style="border-top: rgb(34,90,168) 1pt solid; border-bottom: rgb(83,84,86) 1pt solid; padding-top: 5pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="border-top: rgb(34,90,168) 1pt solid; border-right: rgb(34,90,168) 1pt solid; padding-top: 5pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: top"> <td style="border-left: rgb(34,90,168) 1pt solid; width: 1%; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="border-bottom: rgb(83,84,86) 1pt solid; width: 86%; padding-top: 2pt; padding-bottom: 1pt"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456"><b>Net Assets</b></span></p></td> <td style="border-bottom: rgb(83,84,86) 1pt solid; width: 12%; padding-top: 2pt; padding-bottom: 1pt"><p id="xdx_987_eus-gaap--AssetsNet_iI_c20251231__oef--ClassAxis__custom--C000243768Member_zkswacw1aSGj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #535456"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$64,118,235</span></p></td> <td style="border-right: rgb(34,90,168) 1pt solid; width: 1%; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: top"> <td style="border-left: rgb(34,90,168) 1pt solid; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="border-bottom: rgb(83,84,86) 1pt solid; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456"><b>Number of Holdings</b></span></td> <td id="xdx_987_eoef--HoldingsCount_iI_c20251231__oef--ClassAxis__custom--C000243768Member_zFUMkjxiDKZi" style="border-bottom: rgb(83,84,86) 1pt solid; text-align: right; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">205</span></td> <td style="border-right: rgb(34,90,168) 1pt solid; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: top"> <td style="border-left: rgb(34,90,168) 1pt solid; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="border-bottom: rgb(83,84,86) 1pt solid; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456"><b>Portfolio Turnover</b></span></td> <td id="xdx_98D_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250701__20251231__oef--ClassAxis__custom--C000243768Member_zMW0VwPYil56" style="border-bottom: rgb(83,84,86) 1pt solid; text-align: right; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">5%</span></td> <td style="border-right: rgb(34,90,168) 1pt solid; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: top"> <td style="border-left: rgb(34,90,168) 1pt solid; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="border-bottom: rgb(83,84,86) 1pt solid; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456"><b>Average Credit Quality</b></span></td> <td style="border-bottom: rgb(83,84,86) 1pt solid; text-align: right; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">AA3</span></td> <td style="border-right: rgb(34,90,168) 1pt solid; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: top"> <td style="border-left: rgb(34,90,168) 1pt solid; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="border-bottom: rgb(83,84,86) 1pt solid; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456"><b>Effective Duration</b></span></td> <td style="border-bottom: rgb(83,84,86) 1pt solid; text-align: right; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">5.59 years</span></td> <td style="border-right: rgb(34,90,168) 1pt solid; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: top"> <td style="border-left: rgb(34,90,168) 1pt solid; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="border-bottom: rgb(83,84,86) 1pt solid; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456"><b>30-Day SEC Yield</b></span></td> <td style="border-bottom: rgb(83,84,86) 1pt solid; text-align: right; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">4.29%</span></td> <td style="border-right: rgb(34,90,168) 1pt solid; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: top"> <td style="border-left: rgb(34,90,168) 1pt solid; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="border-bottom: rgb(83,84,86) 1pt solid; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456"><b>Yield to Maturity</b></span></td> <td style="border-bottom: rgb(83,84,86) 1pt solid; text-align: right; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">4.56%</span></td> <td style="border-right: rgb(34,90,168) 1pt solid; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(34,90,168) 1pt solid; border-left: rgb(34,90,168) 1pt solid; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt"> </span></td> <td style="border-bottom: rgb(34,90,168) 1pt solid; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt"> </span></td> <td style="border-bottom: rgb(34,90,168) 1pt solid; text-align: right; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt"> </span></td> <td style="border-right: rgb(34,90,168) 1pt solid; border-bottom: rgb(34,90,168) 1pt solid; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt"> </span></td></tr> </table> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.9pt; color: #535456"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.9pt"> </p> 64118235 205 0.05 <p id="xdx_809_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000243768Member_dD_zOUYBeXtmBD4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #935123"><b>WHAT DID THE FUND INVEST IN?</b></span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #535456">(as of December 31, 2025)</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.9pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.9pt"></p> <div style="position: relative; float: left; width: 48%"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 98%; border-collapse: collapse; margin-left: 10pt"> <tr style="vertical-align: top"> <td style="border-bottom: #848688 1pt solid; width: 88%; padding-top: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(83,84,86)"><b>Security Type</b></span></td> <td style="border-bottom: #848688 1pt solid; width: 12%; padding-top: 0.1pt; padding-right: -0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(83,84,86)"><b>(%)</b></span></td></tr> <tr style="vertical-align: top; background-color: #E0E9F7"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.55pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(83,84,86)">Mortgage-Backed Securities</span></td> <td id="xdx_989_eoef--PctOfNav_iI_c20251231__oef--ClassAxis__custom--C000243768Member__us-gaap--InvestmentTypeAxis__us-gaap--MortgageBackedSecuritiesMember_zdMGl6aRwSm4" style="border-bottom: #848688 1pt solid; padding-top: 1.55pt; padding-right: 2.8pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(83,84,86)">38.6%</span></td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(83,84,86)">Corporate Bonds</span></td> <td id="xdx_982_eoef--PctOfNav_iI_c20251231__oef--ClassAxis__custom--C000243768Member__us-gaap--InvestmentTypeAxis__custom--CorporateBondsMember_zhYeJUPnsnv7" style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-right: 2.8pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(83,84,86)">29.7%</span></td></tr> <tr style="vertical-align: top; background-color: #E0E9F7"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(83,84,86)">U.S. Treasury Securities</span></td> <td id="xdx_98B_eoef--PctOfNav_iI_c20251231__oef--ClassAxis__custom--C000243768Member__us-gaap--InvestmentTypeAxis__us-gaap--USTreasurySecuritiesMember_zsQs8UeVuidd" style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-right: 2.8pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(83,84,86)">22.9%</span></td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(83,84,86)">Collateralized Mortgage Obligations</span></td> <td id="xdx_983_eoef--PctOfNav_iI_c20251231__oef--ClassAxis__custom--C000243768Member__us-gaap--InvestmentTypeAxis__us-gaap--CollateralizedMortgageObligationsMember_zzeIEaIkbnad" style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-right: 2.8pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(83,84,86)">3.9%</span></td></tr> <tr style="vertical-align: top; background-color: #E0E9F7"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(83,84,86)">Asset-Backed Securities</span></td> <td id="xdx_984_eoef--PctOfNav_iI_c20251231__oef--ClassAxis__custom--C000243768Member__us-gaap--InvestmentTypeAxis__us-gaap--AssetBackedSecuritiesMember_zIKyr6T6Bsge" style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-right: 2.8pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(83,84,86)">2.6%</span></td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(83,84,86)">Cash &amp; Other</span></td> <td id="xdx_98B_eoef--PctOfNav_iI_c20251231__oef--ClassAxis__custom--C000243768Member__us-gaap--InvestmentTypeAxis__custom--CashAndOtherMember_zsEpk6SNrZnl" style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-right: 2.8pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(83,84,86)">2.3%</span></td></tr> </table> </div> 0.386 0.297 0.229 0.039 0.026 0.023 <div id="xdx_80B_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000243768Member_dD_zBm34dRBev2g" style="position: relative; float: right; width: 48%"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="border-bottom: #848688 1pt solid; width: 88%; padding-top: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(83,84,86)"><b>Top 10 Issuers</b></span></td> <td style="border-bottom: #848688 1pt solid; width: 12%; padding-top: 0.1pt; padding-right: -0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(83,84,86)"><b>(%)</b></span></td></tr> <tr style="vertical-align: top; background-color: #E0E9F7"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.55pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(83,84,86)">United States Treasury Note/Bond</span></td> <td id="xdx_98D_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000243768Member__oef--LargestHoldingAxis__custom--UnitedStatesTreasuryNoteBondMember_z70vlpVPaR71" style="border-bottom: #848688 1pt solid; padding-top: 1.55pt; padding-right: 2.8pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(83,84,86)">22.9%</span></td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(83,84,86)">Federal National Mortgage Association</span></td> <td id="xdx_983_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000243768Member__oef--LargestHoldingAxis__custom--FederalNationalMortgageAssociationMember_zAORi9s1Hz79" style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-right: 2.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(83,84,86)">22.6%</span></td></tr> <tr style="vertical-align: top; background-color: #E0E9F7"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(83,84,86)">Federal Home Loan Mortgage Corp.</span></td> <td id="xdx_982_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000243768Member__oef--LargestHoldingAxis__custom--FederalHomeLoanMortgageCorpMember_z8S23isJ7Yai" style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-right: 2.8pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(83,84,86)">18.1%</span></td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(83,84,86)">JPMorgan Chase &amp; Co.</span></td> <td id="xdx_981_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000243768Member__oef--LargestHoldingAxis__custom--JPMorganChaseAndCoMember_zLFBJD7ZyFcd" style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-right: 2.8pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(83,84,86)">1.1%</span></td></tr> <tr style="vertical-align: top; background-color: #E0E9F7"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(83,84,86)">Towd Point Mortgage Trust</span></td> <td id="xdx_984_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000243768Member__oef--LargestHoldingAxis__custom--TowdPointMortgageTrustMember_zHpXf2asik13" style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-right: 2.8pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(83,84,86)">1.1%</span></td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(83,84,86)">Citigroup, Inc.</span></td> <td id="xdx_984_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000243768Member__oef--LargestHoldingAxis__custom--CitigroupIncMember_zrdl0mAjfjFf" style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-right: 2.8pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(83,84,86)">0.9%</span></td></tr> <tr style="vertical-align: top; background-color: #E0E9F7"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(83,84,86)">PNC Financial Services Group, Inc.</span></td> <td id="xdx_98D_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000243768Member__oef--LargestHoldingAxis__custom--PncFinancialServicesGroupIncMember_zY6vk3EYFFL1" style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-right: 2.8pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(83,84,86)">0.9%</span></td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(83,84,86)">GE HealthCare Technologies, Inc.</span></td> <td id="xdx_98C_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000243768Member__oef--LargestHoldingAxis__custom--GEHealthCareTechnologiesIncMember_zD5UqGhtgVLj" style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-right: 2.8pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(83,84,86)">0.9%</span></td></tr> <tr style="vertical-align: top; background-color: #E0E9F7"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(83,84,86)">Morgan Stanley</span></td> <td id="xdx_988_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000243768Member__oef--LargestHoldingAxis__custom--MorganStanleyMember_zSHEhI4kLVU8" style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-right: 2.8pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(83,84,86)">0.8%</span></td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(83,84,86)">Wells Fargo &amp; Co.</span></td> <td id="xdx_98E_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000243768Member__oef--LargestHoldingAxis__custom--WellsFargoAndCoMember_zmud4nyR38Vf" style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-right: 2.8pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(83,84,86)">0.9%</span></td></tr> </table> </div><div style="clear: both"></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.9pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.9pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"> </p> 0.229 0.226 0.181 0.011 0.011 0.009 0.009 0.009 0.008 0.009 <p id="xdx_804_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000243768Member_dD_zNhT7cVNzOHj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #935123"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>CHANGES TO INVESTMENT ADVISORY FEE.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #935123"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #535456"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_90C_eoef--MaterialFundChngExpensesTextBlock_c20250701__20251231__oef--ClassAxis__custom--C000243768Member_zaGTMcFNS0pg">Effective as of <span id="xdx_90F_eoef--MaterialChngDate_c20250701__20251231__oef--ClassAxis__custom--C000243768Member_z4uaRtX2V3L2">March 2, 2026</span>, the Fund’s investment advisory fee was reduced from 0.40% to 0.36%.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #535456"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #535456"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This is a summary of certain planned changes to the Fund since December 31, 2025. For more complete information, you may review the Fund’s next prospectus, which we expext to be available by October 31, 2026 at <span id="xdx_90A_eoef--UpdProspectusWebAddress_c20250701__20251231__oef--ClassAxis__custom--C000243768Member_zBQsnMR60cgk">https://www.madisonfunds.com/etfs/documents</span> or upon request at <span id="xdx_906_eoef--UpdProspectusPhoneNumber_c20250701__20251231__oef--ClassAxis__custom--C000243768Member_z3VlW3T1Psql">800-767-0300</span>. </span></p> Effective as of <span id="xdx_90F_eoef--MaterialChngDate_c20250701__20251231__oef--ClassAxis__custom--C000243768Member_z4uaRtX2V3L2">March 2, 2026</span>, the Fund’s investment advisory fee was reduced from 0.40% to 0.36%. 2026-03-02 https://www.madisonfunds.com/etfs/documents 800-767-0300 Madison Covered Call ETF CVRD NYSE This <span id="xdx_906_eoef--ShareholderReportAnnualOrSemiAnnual_c20250701__20251231__oef--ClassAxis__custom--C000243765Member_zxM1eCrKHn3g">semi-annual shareholder report</span> contains important information about the Madison Covered Call ETF for the period of July 1, 2025, to December 31, 2025. semi-annual shareholder report You can find additional information about the Fund at <span id="xdx_901_eoef--AddlInfoWebsite_c20250701__20251231__oef--ClassAxis__custom--C000243765Member_znSn8yIp9ofd">https://www.madisonfunds.com/etfs/#documents</span>. You can also request this information by contacting us at <span id="xdx_90D_eoef--AddlInfoPhoneNumber_c20250701__20251231__oef--ClassAxis__custom--C000243765Member_zrFjVnABK6Rl">800-767-0300</span>. https://www.madisonfunds.com/etfs/#documents 800-767-0300 <p id="xdx_809_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000243765Member_dD_zJah5qEiHNhj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif">  </span></p> <table cellpadding="0" cellspacing="0" style="font: normal 10pt Times New Roman, Times, Serif; color: rgb(83,84,86); margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top"> <td style="border-top: rgb(34,90,168) 1pt solid; border-left: rgb(34,90,168) 1pt solid; padding-top: 5.4pt; padding-bottom: 5.4pt"></td> <td colspan="4" style="border-top: rgb(34,90,168) 1pt solid; padding-top: 5.4pt; padding-bottom: 5.4pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #935123"><b>WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?</b></span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #535456">(based on a hypothetical $10,000 investment)</span></p> <span style="font: 10pt Times New Roman, Times, Serif"></span></td> <td style="border-top: rgb(34,90,168) 1pt solid; padding-top: 5.4pt; padding-bottom: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="border-top: rgb(34,90,168) 1pt solid; border-right: rgb(34,90,168) 1pt solid; padding-top: 5.4pt; padding-bottom: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> </tr> <tr style="vertical-align: top"> <td style="border-left: rgb(34,90,168) 1pt solid; width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="width: 1%; background-color: rgb(225,240,251)"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td><td style="text-align: left; width: 46%; background-color: rgb(225,240,251)"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td><td style="width: 25%; background-color: rgb(225,240,251)"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="width: 25%; background-color: rgb(225,240,251)"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="width: 1%; background-color: rgb(225,240,251)"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="border-right: rgb(34,90,168) 1pt solid; width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: top"> <td style="border-left: rgb(34,90,168) 1pt solid; text-align: center; vertical-align: bottom; padding-bottom: 1pt"><span style="font: normal 10pt Arial, Helvetica, Sans-Serif; color: Black"> </span></td> <td style="background-color: rgb(225,240,251); padding-bottom: 1pt"><span style="font: normal 10pt Arial, Helvetica, Sans-Serif"> </span></td><td style="border-bottom: rgb(34,90,168) 1pt solid; text-align: center; vertical-align: bottom; background-color: rgb(225,240,251); padding-bottom: 1pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20; text-align: left"><span style="font: normal 10pt Arial, Helvetica, Sans-Serif; color: Black"><b>Fund Name </b></span></p> </td><td style="border-bottom: rgb(34,90,168) 1pt solid; text-align: center; vertical-align: bottom; background-color: rgb(225,240,251); padding-bottom: 1pt"><p style="margin: 0pt 0"><span style="font: normal 10pt Arial, Helvetica, Sans-Serif; color: Black">Costs of a $10,000 <br/> investment</span></p> </td> <td style="border-bottom: rgb(34,90,168) 1pt solid; text-align: center; vertical-align: bottom; background-color: rgb(225,240,251); padding-bottom: 1pt"><p style="margin: 0pt 0"><span style="font: normal 10pt Arial, Helvetica, Sans-Serif; color: Black">Costs paid as a percentage of</span><span style="font: normal 10pt Arial, Helvetica, Sans-Serif"><br/> <span style="color: Black">a $10,000 investment*</span></span></p> </td> <td style="background-color: rgb(225,240,251); padding-bottom: 1pt"><span style="font: normal 10pt Arial, Helvetica, Sans-Serif"> </span></td> <td style="border-right: rgb(34,90,168) 1pt solid; text-align: center; vertical-align: bottom; padding-bottom: 1pt"><span style="font: normal 10pt Arial, Helvetica, Sans-Serif; color: Black"> </span></td></tr> <tr style="vertical-align: top"> <td style="border-left: rgb(34,90,168) 1pt solid; padding-top: 3pt; padding-bottom: 5.4pt"><span style="font: normal 10pt Arial, Helvetica, Sans-Serif; color: Black"> </span></td> <td style="background-color: rgb(225,240,251); padding-top: 3pt; padding-bottom: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td><td style="text-align: left; background-color: rgb(225,240,251); padding-top: 3pt; padding-bottom: 5.4pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"><span style="font: normal 10pt Arial, Helvetica, Sans-Serif; color: Black"><span id="xdx_909_eoef--FundName_c20250701__20251231__oef--ClassAxis__custom--C000243765Member_zS6TBDfmbF03">Madison Covered Call ETF</span></span></p> </td><td style="background-color: rgb(225,240,251); padding-top: 3pt; padding-bottom: 5.4pt"><p id="xdx_980_eoef--ExpensesPaidAmt_c20250701__20251231__oef--ClassAxis__custom--C000243765Member_zewk0p2qY9J2" style="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><span style="font: normal 10pt Arial, Helvetica, Sans-Serif; color: Black">$44</span></p> </td> <td style="background-color: rgb(225,240,251); padding-top: 3pt; padding-bottom: 5.4pt"><p id="xdx_980_eoef--ExpenseRatioPct_dp_c20250701__20251231__oef--ClassAxis__custom--C000243765Member_fKg_____zog3JCQKToN3" style="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><span style="font: normal 10pt Arial, Helvetica, Sans-Serif; color: Black">0.85%</span></p> </td> <td style="background-color: rgb(225,240,251); padding-top: 3pt; padding-bottom: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="border-right: rgb(34,90,168) 1pt solid; padding-top: 3pt; padding-bottom: 5.4pt"><span style="font: normal 10pt Arial, Helvetica, Sans-Serif; color: Black"> </span></td></tr> <tr style="background-color: White; vertical-align: top"> <td style="border-bottom: rgb(34,90,168) 1pt solid; border-left: rgb(34,90,168) 1pt solid; padding-top: 3pt; padding-bottom: 5.4pt"> </td> <td style="border-bottom: rgb(34,90,168) 1pt solid; padding-top: 3pt; padding-bottom: 5.4pt"> </td><td style="border-bottom: rgb(34,90,168) 1pt solid; text-align: left; padding-top: 3pt; padding-bottom: 5.4pt"><span id="xdx_F02_zalcfgJqnoV1" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">*</span> <span id="xdx_F1A_zYJACvEciZO5" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Annualized</span></td><td style="border-bottom: rgb(34,90,168) 1pt solid; padding-top: 3pt; padding-bottom: 5.4pt"> </td> <td style="border-bottom: rgb(34,90,168) 1pt solid; padding-top: 3pt; padding-bottom: 5.4pt"> </td> <td style="border-bottom: rgb(34,90,168) 1pt solid; padding-top: 3pt; padding-bottom: 5.4pt"> </td> <td style="border-right: rgb(34,90,168) 1pt solid; border-bottom: rgb(34,90,168) 1pt solid; padding-top: 3pt; padding-bottom: 5.4pt"> </td></tr></table> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.9pt; color: #535456"> </p> Madison Covered Call ETF 44 0.0085 <p id="xdx_804_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000243765Member_dD_zsv3xw5M2Chk" style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.9pt; color: #535456"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="border-top: rgb(34,90,168) 1pt solid; border-left: rgb(34,90,168) 1pt solid; padding-top: 5pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="border-top: rgb(34,90,168) 1pt solid; border-bottom: rgb(83,84,86) 1pt solid; padding-top: 5pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #935123"><b>KEY FUND STATISTICS</b></span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #535456">(as of December 31, 2025)</span></td> <td style="border-top: rgb(34,90,168) 1pt solid; border-bottom: rgb(83,84,86) 1pt solid; padding-top: 5pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="border-top: rgb(34,90,168) 1pt solid; border-right: rgb(34,90,168) 1pt solid; padding-top: 5pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: top"> <td style="border-left: rgb(34,90,168) 1pt solid; width: 1%; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="border-bottom: rgb(83,84,86) 1pt solid; width: 86%; padding-top: 2pt; padding-bottom: 1pt"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456"><b>Net Assets</b></span></p></td> <td style="border-bottom: rgb(83,84,86) 1pt solid; width: 12%; padding-top: 2pt; padding-bottom: 1pt"><p id="xdx_98A_eus-gaap--AssetsNet_iI_c20251231__oef--ClassAxis__custom--C000243765Member_zA55NcACkSEe" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #535456"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$36,006,176</span></p></td> <td style="border-right: rgb(34,90,168) 1pt solid; width: 1%; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: top"> <td style="border-left: rgb(34,90,168) 1pt solid; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="border-bottom: rgb(83,84,86) 1pt solid; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456"><b>Number of Holdings</b></span></td> <td id="xdx_98B_eoef--HoldingsCount_iI_c20251231__oef--ClassAxis__custom--C000243765Member_z8hyRWJWPX4" style="border-bottom: rgb(83,84,86) 1pt solid; text-align: right; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">65</span></td> <td style="border-right: rgb(34,90,168) 1pt solid; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: top"> <td style="border-left: rgb(34,90,168) 1pt solid; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="border-bottom: rgb(83,84,86) 1pt solid; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456"><b>Portfolio Turnover</b></span></td> <td id="xdx_98C_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250701__20251231__oef--ClassAxis__custom--C000243765Member_zzxvkoCICgv3" style="border-bottom: rgb(83,84,86) 1pt solid; text-align: right; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">39%</span></td> <td style="border-right: rgb(34,90,168) 1pt solid; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: top"> <td style="border-left: rgb(34,90,168) 1pt solid; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="border-bottom: rgb(83,84,86) 1pt solid; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456"><b>30-Day SEC Yield</b></span></td> <td style="border-bottom: rgb(83,84,86) 1pt solid; text-align: right; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">1.26%</span></td> <td style="border-right: rgb(34,90,168) 1pt solid; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: top"> <td style="border-left: rgb(34,90,168) 1pt solid; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="border-bottom: rgb(83,84,86) 1pt solid; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456"><b>Distribution Yield</b></span></td> <td style="border-bottom: rgb(83,84,86) 1pt solid; text-align: right; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">8.19%</span></td> <td style="border-right: rgb(34,90,168) 1pt solid; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(34,90,168) 1pt solid; border-left: rgb(34,90,168) 1pt solid; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt"> </span></td> <td style="border-bottom: rgb(34,90,168) 1pt solid; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt"> </span></td> <td style="border-bottom: rgb(34,90,168) 1pt solid; text-align: right; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt"> </span></td> <td style="border-right: rgb(34,90,168) 1pt solid; border-bottom: rgb(34,90,168) 1pt solid; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt"> </span></td></tr> </table> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.9pt; color: #535456"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.9pt"> </p> 36006176 65 0.39 <p id="xdx_809_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000243765Member_dD_zn8ojJuhpXDk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #935123"><b>WHAT DID THE FUND INVEST IN?</b></span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #535456">(as of December 31, 2025)</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.9pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.9pt"></p> <div style="position: relative; float: left; width: 48%"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 98%; border-collapse: collapse; margin-left: 10pt"> <tr style="vertical-align: top"> <td style="border-bottom: #848688 1pt solid; width: 66%; padding-top: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456"><b>Top Sectors</b></span></td> <td style="border-bottom: #848688 1pt solid; width: 34%; padding-top: 0.1pt; padding-right: -0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456"><b>(%)</b></span></td></tr> <tr style="vertical-align: top; background-color: #E0E9F7"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.55pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">Technology</span></td> <td id="xdx_981_eoef--PctOfNav_iI_c20251231__oef--ClassAxis__custom--C000243765Member__oef--IndustrySectorAxis__us-gaap--TechnologySectorMember_z6qeKYgNx8g6" style="border-bottom: #848688 1pt solid; padding-top: 1.55pt; padding-right: 2.8pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">23.2%</span></td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">Financials</span></td> <td id="xdx_983_eoef--PctOfNav_iI_c20251231__oef--ClassAxis__custom--C000243765Member__oef--IndustrySectorAxis__custom--FinancialsSectorMember_z1Iixo6dgLa3" style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-right: 2.8pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">16.7%</span></td></tr> <tr style="vertical-align: top; background-color: #E0E9F7"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">Industrials</span></td> <td id="xdx_98E_eoef--PctOfNav_iI_c20251231__oef--ClassAxis__custom--C000243765Member__oef--IndustrySectorAxis__custom--IndustrialsSectorMember_z3cLUS6GhUK8" style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-right: 2.8pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">10.5%</span></td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">Health Care</span></td> <td id="xdx_987_eoef--PctOfNav_iI_c20251231__oef--ClassAxis__custom--C000243765Member__oef--IndustrySectorAxis__us-gaap--HealthcareSectorMember_zYbE57FSlhHc" style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-right: 2.8pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">9.9%</span></td></tr> <tr style="vertical-align: top; background-color: #E0E9F7"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">Consumer Discretionary</span></td> <td id="xdx_98F_eoef--PctOfNav_iI_c20251231__oef--ClassAxis__custom--C000243765Member__oef--IndustrySectorAxis__oef--ConsumerDiscretionarySectorMember_zuTVkviNMNa3" style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-right: 2.8pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">9.5%</span></td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">Consumer Staples</span></td> <td id="xdx_98D_eoef--PctOfNav_iI_c20251231__oef--ClassAxis__custom--C000243765Member__oef--IndustrySectorAxis__oef--ConsumerStaplesSectorMember_zg0Ed2FCP5Ae" style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-right: 2.8pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">8.1%</span></td></tr> <tr style="vertical-align: top; background-color: #E0E9F7"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">Energy</span></td> <td id="xdx_98D_eoef--PctOfNav_iI_c20251231__oef--ClassAxis__custom--C000243765Member__oef--IndustrySectorAxis__us-gaap--EnergySectorMember_zAoN8LU1Q0G3" style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-right: 2.8pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">6.4%</span></td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">Communications</span></td> <td id="xdx_98C_eoef--PctOfNav_iI_c20251231__oef--ClassAxis__custom--C000243765Member__oef--IndustrySectorAxis__oef--CommunicationsSectorMember_zWgKYDYdnsE1" style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-right: 2.8pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">5.5%</span></td></tr> <tr style="vertical-align: top; background-color: #E0E9F7"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">Utilities</span></td> <td id="xdx_98C_eoef--PctOfNav_iI_c20251231__oef--ClassAxis__custom--C000243765Member__oef--IndustrySectorAxis__oef--UtilitiesSectorMember_zlOlBfjSm1fj" style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-right: 2.8pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">4.3%</span></td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">Cash &amp; Other</span></td> <td id="xdx_985_eoef--PctOfNav_iI_c20251231__oef--ClassAxis__custom--C000243765Member__oef--IndustrySectorAxis__custom--CashAndOtherSectorMember_zfRGI9fzCWS2" style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-right: 2.8pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">5.9%</span></td></tr> </table> </div> 0.232 0.167 0.105 0.099 0.095 0.081 0.064 0.055 0.043 0.059 <div id="xdx_806_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000243765Member_dD_zuKqy7X0eFcb" style="position: relative; float: right; width: 48%"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="border-bottom: #848688 1pt solid; width: 69%; padding-top: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456"><b>Top 10 Issuers</b></span></td> <td style="border-bottom: #848688 1pt solid; width: 31%; padding-top: 0.1pt; padding-right: -0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456"><b>(%)</b></span></td></tr> <tr style="vertical-align: top; background-color: #E0E9F7"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.55pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">Danaher Corp.</span></td> <td id="xdx_98E_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000243765Member__oef--LargestHoldingAxis__custom--DanaherCorpMember_zdIPolQF2xY8" style="border-bottom: #848688 1pt solid; padding-top: 1.55pt; padding-right: 2.8pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">4.5%</span></td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">Microsoft Corp.</span></td> <td id="xdx_987_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000243765Member__oef--LargestHoldingAxis__custom--MicrosoftCorpMember_zzTeQk71uXV" style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-right: 2.8pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">4.3%</span></td></tr> <tr style="vertical-align: top; background-color: #E0E9F7"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">AES Corp.</span></td> <td id="xdx_98A_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000243765Member__oef--LargestHoldingAxis__custom--AESCorpMember_zXB8GdPQm8A6" style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-right: 2.8pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">4.3%</span></td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">Adobe, Inc.</span></td> <td id="xdx_989_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000243765Member__oef--LargestHoldingAxis__custom--AdobeIncMember_zVPB76HKugxl" style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-right: 2.8pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">4.2%</span></td></tr> <tr style="vertical-align: top; background-color: #E0E9F7"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">Accenture PLC</span></td> <td id="xdx_98C_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000243765Member__oef--LargestHoldingAxis__custom--AccenturePLCMember_zBNsPVijbwA6" style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-right: 2.8pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">3.9%</span></td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">Amazon.com, Inc.</span></td> <td id="xdx_989_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000243765Member__oef--LargestHoldingAxis__custom--AmazonDotComIncMember_zUDfLILUYfLl" style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-right: 2.8pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">3.8%</span></td></tr> <tr style="vertical-align: top; background-color: #E0E9F7"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">Lowe’s Cos., Inc.</span></td> <td id="xdx_981_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000243765Member__oef--LargestHoldingAxis__custom--LowesCosInc.Member_zHqyc9883iM4" style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-right: 2.8pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">3.6%</span></td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">Agilent Technologies, Inc.</span></td> <td id="xdx_988_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000243765Member__oef--LargestHoldingAxis__custom--AgilentTechnologiesIncMember_zwTGVI1heFE8" style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-right: 2.8pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">3.5%</span></td></tr> <tr style="vertical-align: top; background-color: #E0E9F7"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">Microchip Technology, Inc.</span></td> <td id="xdx_985_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000243765Member__oef--LargestHoldingAxis__custom--MicrochipTechnologyIncMember_zqAabnJrYPQ8" style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-right: 2.8pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">3.5%</span></td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">Visa, Inc.</span></td> <td id="xdx_98A_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000243765Member__oef--LargestHoldingAxis__custom--VisaIncMember_zXA65m7CP5Ka" style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-right: 2.8pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">3.3%</span></td></tr> </table> </div><div style="clear: both"></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.9pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.9pt"></p> 0.045 0.043 0.043 0.042 0.039 0.038 0.036 0.035 0.035 0.033 Madison Dividend Value ETF DIVL NYSE This <span id="xdx_905_eoef--ShareholderReportAnnualOrSemiAnnual_c20250701__20251231__oef--ClassAxis__custom--C000243767Member_zXgRulpAsySe">semi-annual shareholder report</span> contains important information about the Madison Dividend Value ETF for the period of July 1, 2025, to December 31, 2025. semi-annual shareholder report You can find additional information about the Fund at <span id="xdx_90C_eoef--AddlInfoWebsite_c20250701__20251231__oef--ClassAxis__custom--C000243767Member_zqsa67wOYo6g">https://www.madisonfunds.com/etfs/#documents</span>. You can also request this information by contacting us at <span id="xdx_900_eoef--AddlInfoPhoneNumber_c20250701__20251231__oef--ClassAxis__custom--C000243767Member_zBne7eSXxxYf">800-767-0300</span>. https://www.madisonfunds.com/etfs/#documents 800-767-0300 <p id="xdx_809_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000243767Member_dD_zDVQ4dKcYRb9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif">  </span></p> <table cellpadding="0" cellspacing="0" style="font: normal 10pt Times New Roman, Times, Serif; color: rgb(83,84,86); margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top"> <td style="border-top: rgb(34,90,168) 1pt solid; border-left: rgb(34,90,168) 1pt solid; padding-top: 5.4pt; padding-bottom: 5.4pt"></td> <td colspan="4" style="border-top: rgb(34,90,168) 1pt solid; padding-top: 5.4pt; padding-bottom: 5.4pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #935123"><b>WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?</b></span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #535456">(based on a hypothetical $10,000 investment)</span></p> <span style="font: 10pt Times New Roman, Times, Serif"></span></td> <td style="border-top: rgb(34,90,168) 1pt solid; padding-top: 5.4pt; padding-bottom: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="border-top: rgb(34,90,168) 1pt solid; border-right: rgb(34,90,168) 1pt solid; padding-top: 5.4pt; padding-bottom: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> </tr> <tr style="vertical-align: top"> <td style="border-left: rgb(34,90,168) 1pt solid; width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="width: 1%; background-color: rgb(225,240,251)"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td><td style="text-align: left; width: 46%; background-color: rgb(225,240,251)"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td><td style="width: 25%; background-color: rgb(225,240,251)"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="width: 25%; background-color: rgb(225,240,251)"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="width: 1%; background-color: rgb(225,240,251)"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="border-right: rgb(34,90,168) 1pt solid; width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: top"> <td style="border-left: rgb(34,90,168) 1pt solid; text-align: center; vertical-align: bottom; padding-bottom: 1pt"><span style="font: normal 10pt Arial, Helvetica, Sans-Serif; color: Black"> </span></td> <td style="background-color: rgb(225,240,251); padding-bottom: 1pt"><span style="font: normal 10pt Arial, Helvetica, Sans-Serif"> </span></td><td style="border-bottom: rgb(34,90,168) 1pt solid; text-align: center; vertical-align: bottom; background-color: rgb(225,240,251); padding-bottom: 1pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20; text-align: left"><span style="font: normal 10pt Arial, Helvetica, Sans-Serif; color: Black"><b>Fund Name </b></span></p> </td><td style="border-bottom: rgb(34,90,168) 1pt solid; text-align: center; vertical-align: bottom; background-color: rgb(225,240,251); padding-bottom: 1pt"><p style="margin: 0pt 0"><span style="font: normal 10pt Arial, Helvetica, Sans-Serif; color: Black">Costs of a $10,000<br/> investment</span></p> </td> <td style="border-bottom: rgb(34,90,168) 1pt solid; text-align: center; vertical-align: bottom; background-color: rgb(225,240,251); padding-bottom: 1pt"><p style="margin: 0pt 0"><span style="font: normal 10pt Arial, Helvetica, Sans-Serif; color: Black">Costs paid as a percentage of</span><span style="font: normal 10pt Arial, Helvetica, Sans-Serif"><br/> <span style="color: Black">a $10,000 investment*</span></span></p> </td> <td style="background-color: rgb(225,240,251); padding-bottom: 1pt"><span style="font: normal 10pt Arial, Helvetica, Sans-Serif"> </span></td> <td style="border-right: rgb(34,90,168) 1pt solid; text-align: center; vertical-align: bottom; padding-bottom: 1pt"><span style="font: normal 10pt Arial, Helvetica, Sans-Serif; color: Black"> </span></td></tr> <tr style="vertical-align: top"> <td style="border-left: rgb(34,90,168) 1pt solid; padding-top: 3pt; padding-bottom: 5.4pt"><span style="font: normal 10pt Arial, Helvetica, Sans-Serif; color: Black"> </span></td> <td style="background-color: rgb(225,240,251); padding-top: 3pt; padding-bottom: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td><td style="text-align: left; background-color: rgb(225,240,251); padding-top: 3pt; padding-bottom: 5.4pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"><span style="font: normal 10pt Arial, Helvetica, Sans-Serif; color: Black"><span id="xdx_90A_eoef--FundName_c20250701__20251231__oef--ClassAxis__custom--C000243767Member_zLil0X0ir8Cd">Madison Dividend Value ETF</span></span></p> </td><td style="background-color: rgb(225,240,251); padding-top: 3pt; padding-bottom: 5.4pt"><p id="xdx_986_eoef--ExpensesPaidAmt_c20250701__20251231__oef--ClassAxis__custom--C000243767Member_zmn3pBPwwwV9" style="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><span style="font: normal 10pt Arial, Helvetica, Sans-Serif; color: Black">$33</span></p> </td> <td style="background-color: rgb(225,240,251); padding-top: 3pt; padding-bottom: 5.4pt"><p id="xdx_983_eoef--ExpenseRatioPct_dp_c20250701__20251231__oef--ClassAxis__custom--C000243767Member_fKg_____zOAYiKthTGY7" style="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><span style="font: normal 10pt Arial, Helvetica, Sans-Serif; color: Black">0.65%</span></p> </td> <td style="background-color: rgb(225,240,251); padding-top: 3pt; padding-bottom: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="border-right: rgb(34,90,168) 1pt solid; padding-top: 3pt; padding-bottom: 5.4pt"><span style="font: normal 10pt Arial, Helvetica, Sans-Serif; color: Black"> </span></td></tr> <tr style="background-color: White; vertical-align: top"> <td style="border-bottom: rgb(34,90,168) 1pt solid; border-left: rgb(34,90,168) 1pt solid; padding-top: 3pt; padding-bottom: 5.4pt"> </td> <td style="border-bottom: rgb(34,90,168) 1pt solid; padding-top: 3pt; padding-bottom: 5.4pt"> </td><td style="border-bottom: rgb(34,90,168) 1pt solid; text-align: left; padding-top: 3pt; padding-bottom: 5.4pt"><span id="xdx_F01_ziATsrjXGFTk" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">*</span> <span id="xdx_F11_zCQq0CbRDoBd" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Annualized</span></td><td style="border-bottom: rgb(34,90,168) 1pt solid; padding-top: 3pt; padding-bottom: 5.4pt"> </td> <td style="border-bottom: rgb(34,90,168) 1pt solid; padding-top: 3pt; padding-bottom: 5.4pt"> </td> <td style="border-bottom: rgb(34,90,168) 1pt solid; padding-top: 3pt; padding-bottom: 5.4pt"> </td> <td style="border-right: rgb(34,90,168) 1pt solid; border-bottom: rgb(34,90,168) 1pt solid; padding-top: 3pt; padding-bottom: 5.4pt"> </td></tr></table> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.9pt; color: #535456"> </p> Madison Dividend Value ETF 33 0.0065 <p id="xdx_805_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000243767Member_dD_zE204FssuLGj" style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.9pt; color: #535456"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="border-top: rgb(34,90,168) 1pt solid; border-left: rgb(34,90,168) 1pt solid; padding-top: 5pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="border-top: rgb(34,90,168) 1pt solid; border-bottom: rgb(83,84,86) 1pt solid; padding-top: 5pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #935123"><b>KEY FUND STATISTICS</b></span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #535456">(as of December 31, 2025)</span></td> <td style="border-top: rgb(34,90,168) 1pt solid; border-bottom: rgb(83,84,86) 1pt solid; padding-top: 5pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="border-top: rgb(34,90,168) 1pt solid; border-right: rgb(34,90,168) 1pt solid; padding-top: 5pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: top"> <td style="border-left: rgb(34,90,168) 1pt solid; width: 1%; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="border-bottom: rgb(83,84,86) 1pt solid; width: 86%; padding-top: 2pt; padding-bottom: 1pt"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456"><b>Net Assets</b></span></p></td> <td style="border-bottom: rgb(83,84,86) 1pt solid; width: 12%; padding-top: 2pt; padding-bottom: 1pt"><p id="xdx_987_eus-gaap--AssetsNet_iI_c20251231__oef--ClassAxis__custom--C000243767Member_zL9YsXhrQ9m8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #535456"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$61,239,180</span></p></td> <td style="border-right: rgb(34,90,168) 1pt solid; width: 1%; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: top"> <td style="border-left: rgb(34,90,168) 1pt solid; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="border-bottom: rgb(83,84,86) 1pt solid; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456"><b>Number of Holdings</b></span></td> <td id="xdx_988_eoef--HoldingsCount_iI_c20251231__oef--ClassAxis__custom--C000243767Member_zBpopD70ILI3" style="border-bottom: rgb(83,84,86) 1pt solid; text-align: right; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">37</span></td> <td style="border-right: rgb(34,90,168) 1pt solid; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: top"> <td style="border-left: rgb(34,90,168) 1pt solid; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="border-bottom: rgb(83,84,86) 1pt solid; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456"><b>Portfolio Turnover</b></span></td> <td id="xdx_98C_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250701__20251231__oef--ClassAxis__custom--C000243767Member_zyPhUfnYNmR3" style="border-bottom: rgb(83,84,86) 1pt solid; text-align: right; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">37%</span></td> <td style="border-right: rgb(34,90,168) 1pt solid; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: top"> <td style="border-left: rgb(34,90,168) 1pt solid; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="border-bottom: rgb(83,84,86) 1pt solid; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456"><b>30-Day SEC Yield</b></span></td> <td style="border-bottom: rgb(83,84,86) 1pt solid; text-align: right; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">1.83%</span></td> <td style="border-right: rgb(34,90,168) 1pt solid; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: top"> <td style="border-left: rgb(34,90,168) 1pt solid; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="border-bottom: rgb(83,84,86) 1pt solid; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456"><b>Distribution Yield</b></span></td> <td style="border-bottom: rgb(83,84,86) 1pt solid; text-align: right; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">3.23%</span></td> <td style="border-right: rgb(34,90,168) 1pt solid; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(34,90,168) 1pt solid; border-left: rgb(34,90,168) 1pt solid; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt"> </span></td> <td style="border-bottom: rgb(34,90,168) 1pt solid; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt"> </span></td> <td style="border-bottom: rgb(34,90,168) 1pt solid; text-align: right; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt"> </span></td> <td style="border-right: rgb(34,90,168) 1pt solid; border-bottom: rgb(34,90,168) 1pt solid; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt"> </span></td></tr> </table> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.9pt; color: #535456"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.9pt"> </p> 61239180 37 0.37 <p id="xdx_809_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000243767Member_dD_zblvZPPSDPO3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #935123"><b>WHAT DID THE FUND INVEST IN?</b></span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #535456">(as of December 31, 2025)</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.9pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.9pt"></p> <div style="position: relative; float: left; width: 48%"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="border-bottom: #848688 1pt solid; width: 66%; padding-top: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456"><b>Top Sectors</b></span></td> <td style="border-bottom: #848688 1pt solid; width: 34%; padding-top: 0.1pt; padding-right: -0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456"><b>(%)</b></span></td></tr> <tr style="vertical-align: top; background-color: #E0E9F7"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.55pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">Financials</span></td> <td id="xdx_98D_eoef--PctOfNav_iI_c20251231__oef--ClassAxis__custom--C000243767Member__oef--IndustrySectorAxis__custom--FinancialsSectorMember_zo9iGA4eXTRg" style="border-bottom: #848688 1pt solid; padding-top: 1.55pt; padding-right: 2.8pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">22.4%</span></td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">Industrials</span></td> <td id="xdx_98E_eoef--PctOfNav_iI_c20251231__oef--ClassAxis__custom--C000243767Member__oef--IndustrySectorAxis__custom--IndustrialsSectorMember_zH4Asf0giVl1" style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-right: 2.8pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">21.9%</span></td></tr> <tr style="vertical-align: top; background-color: #E0E9F7"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">Health Care</span></td> <td id="xdx_98C_eoef--PctOfNav_iI_c20251231__oef--ClassAxis__custom--C000243767Member__oef--IndustrySectorAxis__us-gaap--HealthcareSectorMember_zEkEJMnONlQ8" style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-right: 2.8pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">14.4%</span></td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">Energy</span></td> <td id="xdx_98B_eoef--PctOfNav_iI_c20251231__oef--ClassAxis__custom--C000243767Member__oef--IndustrySectorAxis__us-gaap--EnergySectorMember_ztycelgh68m9" style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-right: 2.8pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">10.4%</span></td></tr> <tr style="vertical-align: top; background-color: #E0E9F7"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">Consumer Discretionary</span></td> <td id="xdx_988_eoef--PctOfNav_iI_c20251231__oef--ClassAxis__custom--C000243767Member__oef--IndustrySectorAxis__oef--ConsumerDiscretionarySectorMember_zjiV10IOtZr8" style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-right: 2.8pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">9.6%</span></td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">Technology</span></td> <td id="xdx_988_eoef--PctOfNav_iI_c20251231__oef--ClassAxis__custom--C000243767Member__oef--IndustrySectorAxis__us-gaap--TechnologySectorMember_zzqI5SljdZe1" style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-right: 2.8pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">7.5%</span></td></tr> <tr style="vertical-align: top; background-color: #E0E9F7"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">Consumer Staples</span></td> <td id="xdx_98A_eoef--PctOfNav_iI_c20251231__oef--ClassAxis__custom--C000243767Member__oef--IndustrySectorAxis__oef--ConsumerStaplesSectorMember_zRjrYj9lSmXg" style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-right: 2.8pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">4.1%</span></td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">Utilities</span></td> <td id="xdx_987_eoef--PctOfNav_iI_c20251231__oef--ClassAxis__custom--C000243767Member__oef--IndustrySectorAxis__oef--UtilitiesSectorMember_zwzRQymdYzMi" style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-right: 2.8pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">4.0%</span></td></tr> <tr style="vertical-align: top; background-color: #E0E9F7"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">Materials</span></td> <td id="xdx_98F_eoef--PctOfNav_iI_c20251231__oef--ClassAxis__custom--C000243767Member__oef--IndustrySectorAxis__oef--MaterialsSectorMember_zF1Scj9zCiEk" style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-right: 2.8pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">3.6%</span></td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">Cash &amp; Other</span></td> <td id="xdx_986_eoef--PctOfNav_iI_c20251231__oef--ClassAxis__custom--C000243767Member__oef--IndustrySectorAxis__custom--CashAndOtherSectorMember_zqTUDPkzwYCc" style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-right: 2.8pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">2.1%</span></td></tr> </table> </div> 0.224 0.219 0.144 0.104 0.096 0.075 0.041 0.040 0.036 0.021 <div id="xdx_809_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000243767Member_dD_zfDpFl3cgXzl" style="position: relative; float: right; width: 48%"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="border-bottom: #848688 1pt solid; width: 70%; padding-top: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456"><b>Top 10 Issuers</b></span></td> <td style="border-bottom: #848688 1pt solid; width: 30%; padding-top: 0.1pt; padding-right: -0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456"><b>(%)</b></span></td></tr> <tr style="vertical-align: top; background-color: #E0E9F7"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.55pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">Johnson &amp; Johnson</span></td> <td id="xdx_988_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000243767Member__oef--LargestHoldingAxis__custom--JohnsonAndJohnsonMember_z6mTZdzxOlMh" style="border-bottom: #848688 1pt solid; padding-top: 1.55pt; padding-right: 2.85pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">4.7%</span></td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">Bank of America Corp.</span></td> <td id="xdx_98F_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000243767Member__oef--LargestHoldingAxis__custom--BankOfAmericaCorpMember_zkjbcEADWAOk" style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-right: 2.85pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">4.5%</span></td></tr> <tr style="vertical-align: top; background-color: #E0E9F7"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">Chevron Corp.</span></td> <td id="xdx_988_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000243767Member__oef--LargestHoldingAxis__custom--ChevronCorpMember_zRT4mout1TJ4" style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-right: 2.85pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">4.1%</span></td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">Exxon Mobil Corp.</span></td> <td id="xdx_98F_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000243767Member__oef--LargestHoldingAxis__custom--ExxonMobilCorpMember_zxor36rJGw7f" style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-right: 2.85pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">4.1%</span></td></tr> <tr style="vertical-align: top; background-color: #E0E9F7"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">NextEra Energy, Inc.</span></td> <td id="xdx_98B_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000243767Member__oef--LargestHoldingAxis__custom--NextEraEnergyIncMember_zmshM58sLzfh" style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-right: 2.85pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">4.0%</span></td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">CME Group, Inc.</span></td> <td id="xdx_986_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000243767Member__oef--LargestHoldingAxis__custom--CMEGroupIncMember_zI1Ivcv9mi44" style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-right: 2.85pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">3.8%</span></td></tr> <tr style="vertical-align: top; background-color: #E0E9F7"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">Morgan Stanley</span></td> <td id="xdx_983_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000243767Member__oef--LargestHoldingAxis__custom--MorganStanleyMember_zWC5XopIG1q3" style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-right: 2.85pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">3.7%</span></td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">Blackrock, Inc.</span></td> <td id="xdx_98A_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000243767Member__oef--LargestHoldingAxis__custom--BlackrockIncMember_zEjWQWfx0HQh" style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-right: 2.85pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">3.7%</span></td></tr> <tr style="vertical-align: top; background-color: #E0E9F7"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">AbbVie, Inc.</span></td> <td id="xdx_988_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000243767Member__oef--LargestHoldingAxis__custom--AbbVieIncMember_zhns9jefpLIc" style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-right: 2.85pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">3.4%</span></td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">Honeywell International, Inc.</span></td> <td id="xdx_987_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000243767Member__oef--LargestHoldingAxis__custom--HoneywellInternationalIncMember_znAGC6PMQz1i" style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-right: 2.85pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">3.4%</span></td></tr> </table> </div><div style="clear: both"></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.9pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.9pt"></p> 0.047 0.045 0.041 0.041 0.040 0.038 0.037 0.037 0.034 0.034 Madison Short-Term Strategic Income ETF MSTI NYSE This <span id="xdx_906_eoef--ShareholderReportAnnualOrSemiAnnual_c20250701__20251231__oef--ClassAxis__custom--C000243766Member_znYw6WvWflOg">semi-annual shareholder report</span> contains important information about the Madison Short-Term Strategic Income ETF for the period of July 1, 2025, to December 31, 2025. semi-annual shareholder report https://www.madisonfunds.com/etfs/#documents 800-767-0300 This report describes certain planned changes to the Fund that occurred after the reporting period. <p id="xdx_809_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000243766Member_dD_zaqxnS2UL441" style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.9pt; color: #535456"> </p> <table cellpadding="0" cellspacing="0" style="font: normal 10pt Times New Roman, Times, Serif; color: rgb(83,84,86); margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top"> <td style="border-top: rgb(34,90,168) 1pt solid; border-left: rgb(34,90,168) 1pt solid; padding-top: 5.4pt; padding-bottom: 5.4pt"></td> <td colspan="4" style="border-top: rgb(34,90,168) 1pt solid; padding-top: 5.4pt; padding-bottom: 5.4pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #935123"><b>WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?</b></span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #535456">(based on a hypothetical $10,000 investment)</span></p> <span style="font: 10pt Times New Roman, Times, Serif"></span></td> <td style="border-top: rgb(34,90,168) 1pt solid; padding-top: 5.4pt; padding-bottom: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="border-top: rgb(34,90,168) 1pt solid; border-right: rgb(34,90,168) 1pt solid; padding-top: 5.4pt; padding-bottom: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> </tr> <tr style="vertical-align: top"> <td style="border-left: rgb(34,90,168) 1pt solid; width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="width: 1%; background-color: rgb(225,240,251)"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td><td style="text-align: left; width: 46%; background-color: rgb(225,240,251)"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td><td style="width: 25%; background-color: rgb(225,240,251)"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="width: 25%; background-color: rgb(225,240,251)"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="width: 1%; background-color: rgb(225,240,251)"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="border-right: rgb(34,90,168) 1pt solid; width: 1%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: top"> <td style="border-left: rgb(34,90,168) 1pt solid; text-align: center; vertical-align: bottom; padding-bottom: 1pt"><span style="font: normal 10pt Arial, Helvetica, Sans-Serif; color: Black"> </span></td> <td style="background-color: rgb(225,240,251); padding-bottom: 1pt"><span style="font: normal 10pt Arial, Helvetica, Sans-Serif"> </span></td><td style="border-bottom: rgb(34,90,168) 1pt solid; text-align: center; vertical-align: bottom; background-color: rgb(225,240,251); padding-bottom: 1pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20; text-align: left"><span style="font: normal 10pt Arial, Helvetica, Sans-Serif; color: Black"><b>Fund Name </b></span></p> </td><td style="border-bottom: rgb(34,90,168) 1pt solid; text-align: center; vertical-align: bottom; background-color: rgb(225,240,251); padding-bottom: 1pt"><p style="margin: 0pt 0"><span style="font: normal 10pt Arial, Helvetica, Sans-Serif; color: Black">Costs of a $10,000 <br/> investment</span></p> </td> <td style="border-bottom: rgb(34,90,168) 1pt solid; text-align: center; vertical-align: bottom; background-color: rgb(225,240,251); padding-bottom: 1pt"><p style="margin: 0pt 0"><span style="font: normal 10pt Arial, Helvetica, Sans-Serif; color: Black">Costs paid as a percentage of</span><span style="font: normal 10pt Arial, Helvetica, Sans-Serif"><br/> <span style="color: Black">a $10,000 investment*</span></span></p> </td> <td style="background-color: rgb(225,240,251); padding-bottom: 1pt"><span style="font: normal 10pt Arial, Helvetica, Sans-Serif"> </span></td> <td style="border-right: rgb(34,90,168) 1pt solid; text-align: center; vertical-align: bottom; padding-bottom: 1pt"><span style="font: normal 10pt Arial, Helvetica, Sans-Serif; color: Black"> </span></td></tr> <tr style="vertical-align: top"> <td style="border-left: rgb(34,90,168) 1pt solid; padding-top: 3pt; padding-bottom: 5.4pt"><span style="font: normal 10pt Arial, Helvetica, Sans-Serif; color: Black"> </span></td> <td style="background-color: rgb(225,240,251); padding-top: 3pt; padding-bottom: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td><td style="text-align: left; background-color: rgb(225,240,251); padding-top: 3pt; padding-bottom: 5.4pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"><span style="font: normal 10pt Arial, Helvetica, Sans-Serif; color: Black"><span id="xdx_906_eoef--FundName_c20250701__20251231__oef--ClassAxis__custom--C000243766Member_zv0Kk1gBCCSa">Madison Short-Term Strategic Income ETF</span></span></p> </td><td style="background-color: rgb(225,240,251); padding-top: 3pt; padding-bottom: 5.4pt"><p id="xdx_985_eoef--ExpensesPaidAmt_c20250701__20251231__oef--ClassAxis__custom--C000243766Member_zcq8l72fKHL2" style="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><span style="font: normal 10pt Arial, Helvetica, Sans-Serif; color: Black">$20</span></p> </td> <td style="background-color: rgb(225,240,251); padding-top: 3pt; padding-bottom: 5.4pt"><p id="xdx_98C_eoef--ExpenseRatioPct_dp_c20250701__20251231__oef--ClassAxis__custom--C000243766Member_fKg_____z820IleSEiYk" style="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><span style="font: normal 10pt Arial, Helvetica, Sans-Serif; color: Black">0.40%</span></p> </td> <td style="background-color: rgb(225,240,251); padding-top: 3pt; padding-bottom: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="border-right: rgb(34,90,168) 1pt solid; padding-top: 3pt; padding-bottom: 5.4pt"><span style="font: normal 10pt Arial, Helvetica, Sans-Serif; color: Black"> </span></td></tr> <tr style="background-color: White; vertical-align: top"> <td style="border-bottom: rgb(34,90,168) 1pt solid; border-left: rgb(34,90,168) 1pt solid; padding-top: 3pt; padding-bottom: 5.4pt"> </td> <td style="border-bottom: rgb(34,90,168) 1pt solid; padding-top: 3pt; padding-bottom: 5.4pt"> </td><td style="border-bottom: rgb(34,90,168) 1pt solid; text-align: left; padding-top: 3pt; padding-bottom: 5.4pt"><span id="xdx_F05_zhLoa2jQIipb" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">*</span> <span id="xdx_F12_z4dMgbItRmUc" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Annualized</span></td><td style="border-bottom: rgb(34,90,168) 1pt solid; padding-top: 3pt; padding-bottom: 5.4pt"> </td> <td style="border-bottom: rgb(34,90,168) 1pt solid; padding-top: 3pt; padding-bottom: 5.4pt"> </td> <td style="border-bottom: rgb(34,90,168) 1pt solid; padding-top: 3pt; padding-bottom: 5.4pt"> </td> <td style="border-right: rgb(34,90,168) 1pt solid; border-bottom: rgb(34,90,168) 1pt solid; padding-top: 3pt; padding-bottom: 5.4pt"> </td></tr></table> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.9pt; color: #535456"> </p> Madison Short-Term Strategic Income ETF 20 0.0040 <p id="xdx_80A_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000243766Member_dD_zoPfdmThO2o" style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.9pt; color: #535456"> </p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.9pt; color: #535456"></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="border-top: rgb(34,90,168) 1pt solid; border-left: rgb(34,90,168) 1pt solid; padding-top: 5pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="border-top: rgb(34,90,168) 1pt solid; border-bottom: rgb(83,84,86) 1pt solid; padding-top: 5pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #935123"><b>KEY FUND STATISTICS</b></span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #535456">(as of December 31, 2025)</span></td> <td style="border-top: rgb(34,90,168) 1pt solid; border-bottom: rgb(83,84,86) 1pt solid; padding-top: 5pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="border-top: rgb(34,90,168) 1pt solid; border-right: rgb(34,90,168) 1pt solid; padding-top: 5pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: top"> <td style="border-left: rgb(34,90,168) 1pt solid; width: 1%; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="border-bottom: rgb(83,84,86) 1pt solid; width: 86%; padding-top: 2pt; padding-bottom: 1pt"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456"><b>Net Assets</b></span></p></td> <td style="border-bottom: rgb(83,84,86) 1pt solid; width: 12%; padding-top: 2pt; padding-bottom: 1pt"><p id="xdx_981_eus-gaap--AssetsNet_iI_c20251231__oef--ClassAxis__custom--C000243766Member_zigmCtqpCMyl" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right; color: #535456"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$62,570,432</span></p></td> <td style="border-right: rgb(34,90,168) 1pt solid; width: 1%; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: top"> <td style="border-left: rgb(34,90,168) 1pt solid; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="border-bottom: rgb(83,84,86) 1pt solid; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456"><b>Number of Holdings</b></span></td> <td id="xdx_989_eoef--HoldingsCount_iI_c20251231__oef--ClassAxis__custom--C000243766Member_zj4ED9DRgIBf" style="border-bottom: rgb(83,84,86) 1pt solid; text-align: right; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">97</span></td> <td style="border-right: rgb(34,90,168) 1pt solid; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: top"> <td style="border-left: rgb(34,90,168) 1pt solid; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="border-bottom: rgb(83,84,86) 1pt solid; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456"><b>Portfolio Turnover</b></span></td> <td id="xdx_984_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250701__20251231__oef--ClassAxis__custom--C000243766Member_zHSXuDHkPxX3" style="border-bottom: rgb(83,84,86) 1pt solid; text-align: right; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">6%</span></td> <td style="border-right: rgb(34,90,168) 1pt solid; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: top"> <td style="border-left: rgb(34,90,168) 1pt solid; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="border-bottom: rgb(83,84,86) 1pt solid; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456"><b>Average Credit Quality</b></span></td> <td style="border-bottom: rgb(83,84,86) 1pt solid; text-align: right; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">BAA1</span></td> <td style="border-right: rgb(34,90,168) 1pt solid; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: top"> <td style="border-left: rgb(34,90,168) 1pt solid; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="border-bottom: rgb(83,84,86) 1pt solid; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456"><b>Effective Duration</b></span></td> <td style="border-bottom: rgb(83,84,86) 1pt solid; text-align: right; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">2.30 years</span></td> <td style="border-right: rgb(34,90,168) 1pt solid; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: top"> <td style="border-left: rgb(34,90,168) 1pt solid; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="border-bottom: rgb(83,84,86) 1pt solid; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456"><b>30-Day SEC Yield</b></span></td> <td style="border-bottom: rgb(83,84,86) 1pt solid; text-align: right; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">4.24%</span></td> <td style="border-right: rgb(34,90,168) 1pt solid; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: top"> <td style="border-left: rgb(34,90,168) 1pt solid; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td> <td style="border-bottom: rgb(83,84,86) 1pt solid; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456"><b>Yield to Maturity</b></span></td> <td style="border-bottom: rgb(83,84,86) 1pt solid; text-align: right; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">4.52%</span></td> <td style="border-right: rgb(34,90,168) 1pt solid; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(34,90,168) 1pt solid; border-left: rgb(34,90,168) 1pt solid; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt"> </span></td> <td style="border-bottom: rgb(34,90,168) 1pt solid; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt"> </span></td> <td style="border-bottom: rgb(34,90,168) 1pt solid; text-align: right; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt"> </span></td> <td style="border-right: rgb(34,90,168) 1pt solid; border-bottom: rgb(34,90,168) 1pt solid; padding-top: 2pt; padding-bottom: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt"> </span></td></tr> </table> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.9pt; color: #535456"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.9pt"> </p> 62570432 97 0.06 <p id="xdx_809_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000243766Member_dD_zt0sm2J7rh2d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #935123"><b>WHAT DID THE FUND INVEST IN?</b></span> <span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #535456">(as of December 31, 2025)</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.9pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.9pt"></p> <div style="position: relative; float: left; width: 48%"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 98%; border-collapse: collapse; margin-left: 10pt"> <tr style="vertical-align: top"> <td style="border-bottom: #848688 1pt solid; width: 66%; padding-top: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456"><b>Top Sectors</b></span></td> <td style="border-bottom: #848688 1pt solid; width: 34%; padding-top: 0.1pt; padding-right: -0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456"><b>(%)</b></span></td></tr> <tr style="vertical-align: top; background-color: #E0E9F7"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.55pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">Financials</span></td> <td id="xdx_98E_eoef--PctOfNav_iI_c20251231__oef--ClassAxis__custom--C000243766Member__oef--IndustrySectorAxis__custom--FinancialsSectorMember_zZNXC4Qlv7U2" style="border-bottom: #848688 1pt solid; padding-top: 1.55pt; padding-right: 2.8pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">28.3%</span></td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">Mortgage Securities</span></td> <td id="xdx_98E_eoef--PctOfNav_iI_c20251231__oef--ClassAxis__custom--C000243766Member__oef--IndustrySectorAxis__custom--MortgageSecuritiesSectorMember_zLVaKmJFmc3f" style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-right: 2.8pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">24.6%</span></td></tr> <tr style="vertical-align: top; background-color: #E0E9F7"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">Energy</span></td> <td id="xdx_985_eoef--PctOfNav_iI_c20251231__oef--ClassAxis__custom--C000243766Member__oef--IndustrySectorAxis__us-gaap--EnergySectorMember_zDgTfAjKI21k" style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-right: 2.8pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">9.4%</span></td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">Technology</span></td> <td id="xdx_989_eoef--PctOfNav_iI_c20251231__oef--ClassAxis__custom--C000243766Member__oef--IndustrySectorAxis__us-gaap--TechnologySectorMember_zY7Suc2TqDNh" style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-right: 2.8pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">5.0%</span></td></tr> <tr style="vertical-align: top; background-color: #E0E9F7"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">Industrials</span></td> <td id="xdx_98C_eoef--PctOfNav_iI_c20251231__oef--ClassAxis__custom--C000243766Member__oef--IndustrySectorAxis__custom--IndustrialsSectorMember_zxYGsTpbv02h" style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-right: 2.8pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">4.9%</span></td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">Asset Backed Securities</span></td> <td id="xdx_98D_eoef--PctOfNav_iI_c20251231__oef--ClassAxis__custom--C000243766Member__oef--IndustrySectorAxis__custom--AssetBackedSecuritiesSectorMember_zFclQpVuSRV6" style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-right: 2.8pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">4.3%</span></td></tr> <tr style="vertical-align: top; background-color: #E0E9F7"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">Government</span></td> <td id="xdx_98E_eoef--PctOfNav_iI_c20251231__oef--ClassAxis__custom--C000243766Member__oef--IndustrySectorAxis__us-gaap--GovernmentSectorMember_zuur95nHYC1f" style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-right: 2.8pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">3.5%</span></td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">Consumer Staples</span></td> <td id="xdx_982_eoef--PctOfNav_iI_c20251231__oef--ClassAxis__custom--C000243766Member__oef--IndustrySectorAxis__oef--ConsumerStaplesSectorMember_zy2e0chzyOXi" style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-right: 2.8pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">3.1%</span></td></tr> <tr style="vertical-align: top; background-color: #E0E9F7"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">Health Care</span></td> <td id="xdx_986_eoef--PctOfNav_iI_c20251231__oef--ClassAxis__custom--C000243766Member__oef--IndustrySectorAxis__us-gaap--HealthcareSectorMember_z4E4qi8N1Lbk" style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-right: 2.8pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">2.9%</span></td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">Cash &amp; Other</span></td> <td id="xdx_98E_eoef--PctOfNav_iI_c20251231__oef--ClassAxis__custom--C000243766Member__oef--IndustrySectorAxis__custom--CashAndOtherSectorMember_zdzXkMHkfQOk" style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-right: 2.8pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">14.0%</span></td></tr> </table> </div> 0.283 0.246 0.094 0.050 0.049 0.043 0.035 0.031 0.029 0.140 <div id="xdx_801_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000243766Member_dD_zpfR09OhZ4pk" style="position: relative; float: right; width: 48%"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="border-bottom: #848688 1pt solid; width: 79%; padding-top: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456"><b>Top 10 Issuers</b></span></td> <td style="border-bottom: #848688 1pt solid; width: 21%; padding-top: 0.1pt; padding-right: -0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456"><b>(%)</b></span></td></tr> <tr style="vertical-align: top; background-color: #E0E9F7"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.55pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">Federal National Mortgage Association</span></td> <td id="xdx_983_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000243766Member__oef--LargestHoldingAxis__custom--FederalNationalMortgageAssociationMember_zrNaCIdq9Loi" style="border-bottom: #848688 1pt solid; padding-top: 1.55pt; padding-right: 2.8pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">14.6%</span></td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">Federal Home Loan Mortgage Corp.</span></td> <td id="xdx_980_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000243766Member__oef--LargestHoldingAxis__custom--FederalHomeLoanMortgageCorpMember_zViinvZBC9d1" style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-right: 2.8pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">7.1%</span></td></tr> <tr style="vertical-align: top; background-color: #E0E9F7"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">United States Treasury Note/Bond</span></td> <td id="xdx_98A_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000243766Member__oef--LargestHoldingAxis__custom--UnitedStatesTreasuryNoteBondMember_zOZ0J3AwyOvg" style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-right: 2.8pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">3.5%</span></td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">Bank of America Corp.</span></td> <td id="xdx_98E_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000243766Member__oef--LargestHoldingAxis__custom--BankOfAmericaCorpMember_zL87U1PsEn9a" style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-right: 2.8pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">2.6%</span></td></tr> <tr style="vertical-align: top; background-color: #E0E9F7"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">Morgan Stanley</span></td> <td id="xdx_985_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000243766Member__oef--LargestHoldingAxis__custom--MorganStanleyMember_z3QAMXoPVtb7" style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-right: 2.8pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">2.5%</span></td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">PNC Financial Services Group, Inc.</span></td> <td id="xdx_98B_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000243766Member__oef--LargestHoldingAxis__custom--PncFinancialServicesGroupIncMember_zpljhe6Puwia" style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-right: 2.8pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">2.1%</span></td></tr> <tr style="vertical-align: top; background-color: #E0E9F7"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">Marathon Petroleum Corp.</span></td> <td id="xdx_985_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000243766Member__oef--LargestHoldingAxis__custom--MarathonPetroleumCorpMember_z7LGLKLeE4k3" style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-right: 2.8pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">2.1%</span></td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">Fifth Third Bancorp</span></td> <td id="xdx_983_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000243766Member__oef--LargestHoldingAxis__custom--FifthThirdBancorpMember_ztSd1iaEm0Pk" style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-right: 2.8pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">2.1%</span></td></tr> <tr style="vertical-align: top; background-color: #E0E9F7"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">Goldman Sachs Group, Inc.</span></td> <td id="xdx_989_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000243766Member__oef--LargestHoldingAxis__custom--GoldmanSachsGroupIncMember_z08YxRGakaK9" style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-right: 2.8pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">2.0%</span></td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-left: 2.95pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">JPMorgan Chase &amp; Co.</span></td> <td id="xdx_983_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000243766Member__oef--LargestHoldingAxis__custom--JPMorganChaseAndCoMember_z1ZfwXFrXpZb" style="border-bottom: #848688 1pt solid; padding-top: 1.45pt; padding-right: 2.8pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #535456">2.0%</span></td></tr> </table> </div><div style="clear: both"></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.9pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.9pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"> </p> 0.146 0.071 0.035 0.026 0.025 0.021 0.021 0.021 0.020 0.020 <p id="xdx_804_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000243766Member_dD_zEqgSCopMqS" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #935123"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>CHANGES TO INVESTMENT ADVISORY FEE.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #935123"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #535456"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_908_eoef--MaterialFundChngExpensesTextBlock_c20250701__20251231__oef--ClassAxis__custom--C000243766Member_zIAiWKBQgRq1">Effective as of <span id="xdx_90C_eoef--MaterialChngDate_c20250701__20251231__oef--ClassAxis__custom--C000243766Member_zXe7GwAZtmz2">March 2, 2026</span>, the Fund’s investment advisory fee was reduced from 0.40% to 0.36%.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #535456"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #535456"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This is a summary of certain planned changes to the Fund since December 31, 2025. For more complete information, you may review the Fund’s next prospectus, which we expext to be available by October 31, 2026 at <span id="xdx_90D_eoef--UpdProspectusWebAddress_c20250701__20251231__oef--ClassAxis__custom--C000243766Member_zkrPjiXWPCUa">https://www.madisonfunds.com/etfs/#documents</span> or upon request at <span id="xdx_90B_eoef--UpdProspectusPhoneNumber_c20250701__20251231__oef--ClassAxis__custom--C000243766Member_zJrL9YjvYHth">800-767-0300</span>. </span></p> Effective as of <span id="xdx_90C_eoef--MaterialChngDate_c20250701__20251231__oef--ClassAxis__custom--C000243766Member_zXe7GwAZtmz2">March 2, 2026</span>, the Fund’s investment advisory fee was reduced from 0.40% to 0.36%. 2026-03-02 https://www.madisonfunds.com/etfs/#documents 800-767-0300 Annualized Annualized Annualized Annualized