0001924868 2025-01-01 2025-12-31 0001924868 lays:C000257857Member 2025-01-01 2025-12-31 0001924868 lays:C000257857Member 2025-03-05 2025-03-05 0001924868 lays:SAndP500TotalReturnIndexMember 2025-03-05 2025-03-05 0001924868 lays:C000257857Member 2025-03-05 2025-03-31 0001924868 lays:SAndP500TotalReturnIndexMember 2025-03-05 2025-03-31 0001924868 lays:C000257857Member 2025-03-05 2025-04-30 0001924868 lays:SAndP500TotalReturnIndexMember 2025-03-05 2025-04-30 0001924868 lays:C000257857Member 2025-03-05 2025-05-31 0001924868 lays:SAndP500TotalReturnIndexMember 2025-03-05 2025-05-31 0001924868 lays:C000257857Member 2025-03-05 2025-06-30 0001924868 lays:SAndP500TotalReturnIndexMember 2025-03-05 2025-06-30 0001924868 lays:C000257857Member 2025-03-05 2025-07-31 0001924868 lays:SAndP500TotalReturnIndexMember 2025-03-05 2025-07-31 0001924868 lays:C000257857Member 2025-03-05 2025-08-31 0001924868 lays:SAndP500TotalReturnIndexMember 2025-03-05 2025-08-31 0001924868 lays:C000257857Member 2025-03-05 2025-09-30 0001924868 lays:SAndP500TotalReturnIndexMember 2025-03-05 2025-09-30 0001924868 lays:C000257857Member 2025-03-05 2025-10-31 0001924868 lays:SAndP500TotalReturnIndexMember 2025-03-05 2025-10-31 0001924868 lays:C000257857Member 2025-03-05 2025-11-30 0001924868 lays:SAndP500TotalReturnIndexMember 2025-03-05 2025-11-30 0001924868 lays:C000257857Member 2025-03-05 2025-12-31 0001924868 lays:SAndP500TotalReturnIndexMember 2025-03-05 2025-12-31 0001924868 lays:C000257857Member 2025-12-31 0001924868 us-gaap:CashAndCashEquivalentsMember lays:C000257857Member 2025-12-31 0001924868 lays:TotalReturnSwapContractsMember lays:C000257857Member 2025-12-31 0001924868 lays:C000257857Member lays:AdvancedMicroDevicesIncSwapMember 2025-12-31 0001924868 lays:C000257857Member lays:NvidiaCorpSwapMember 2025-12-31 0001924868 lays:C000257857Member lays:FirstAmericanGovernmentObligationsFundClassX3Point67PercentMember 2025-12-31 0001924868 lays:C000257857Member lays:UnitedStatesTreasuryBillsMember 2025-12-31 iso4217:USD pure lays:Holdings false N-1A 0001924868 N-CSR Tidal Trust II 2025-12-31 annual shareholder report STKd 100% NVDA & 100% AMD ETF LAYS NASDAQ This <span id="xdx_907_eoef--ShareholderReportAnnualOrSemiAnnual_c20250101__20251231__oef--ClassAxis__custom--C000257857Member_zjj8wzArX348">annual shareholder report</span> contains important information about the STKd 100% NVDA & 100% AMD ETF (the "Fund") for the period January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the Fund at <span id="xdx_901_eoef--AddlInfoWebsite_c20250101__20251231__oef--ClassAxis__custom--C000257857Member_zWIuYvt1iZFa">https://quantifyfunds.com/singlestocketfpairs/lays/</span>. You can also request this information by contacting us at <span id="xdx_90A_eoef--AddlInfoPhoneNumber_c20250101__20251231__oef--ClassAxis__custom--C000257857Member_z2HwLpOzYL41">(844) 713-1220</span> or by writing to the STKd 100% NVDA & 100% AMD ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201‑0701. https://quantifyfunds.com/singlestocketfpairs/lays/ (844) 713-1220 <p id="xdx_80F_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000257857Member_dU_zwBTtI96UIBk" style="font: bold 11pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0pt 0; text-align-last: auto; display: block; min-height: 17.27px; align-content: center; box-sizing: border-box; color: #231F20; font-weight: bold; text-indent: 0">What were the Fund costs for the period?</p> <p style="font: normal 10pt/8pt Gotham Narrow-Light,Arial,Arial; margin: 0pt 0 3pt; text-align-last: auto; display: block; min-height: 11.57px; align-content: center; box-sizing: border-box; color: #4F4F4F; text-indent: 0"><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: normal"><span style="box-sizing: border-box; font-size: 9pt">(based on a hypothetical $10,000 investment)</span></span></p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0px"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse"> <tr style="box-sizing: border-box; display: table-row; height: auto"> <th style="border-bottom: #4F4F4F 1.4pt solid; box-sizing: border-box"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231F20; font-weight: bold; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Name</span></div></th> <th style="border-bottom: #4F4F4F 1.4pt solid; box-sizing: border-box"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231F20; font-weight: bold; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs of a $10,000 investment</span></div></th> <th style="border-bottom: #4F4F4F 1.4pt solid; box-sizing: border-box"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231F20; font-weight: bold; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span></div></th></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: black 1pt solid; box-sizing: border-box"> <div id="xdx_986_eoef--FundName_c20250101__20251231__oef--ClassAxis__custom--C000257857Member_zgE8q29dqaZ9" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4F4F4F; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">STKd 100% NVDA & 100% AMD ETF</span></div></td> <td style="border-bottom: black 1pt solid; box-sizing: border-box"> <div id="xdx_980_eoef--ExpensesPaidAmt_c20250101__20251231__oef--ClassAxis__custom--C000257857Member_zlzB5MafVfPi" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4F4F4F; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$191</span></div></td> <td style="border-bottom: black 1pt solid; box-sizing: border-box"> <div id="xdx_98E_eoef--ExpenseRatioPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000257857Member_zECym3w7vcob" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4F4F4F; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">1.29%</span></div></td></tr> </table></div></div></div> <div style="font: normal 8pt Gotham Narrow-Light,Arial,Arial; margin: 3pt 0 4pt; box-sizing: border-box; text-align-last: auto; color: #4F4F4F; text-indent: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <p style="font: normal 8pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 4pt; text-align-last: auto; min-height: 11.81px; align-content: center; box-sizing: border-box; color: #4F4F4F; text-indent: 0; display: block"><span id="xdx_90F_eoef--ExpensesShortPeriodFnTextBlock_c20250101__20251231__oef--ClassAxis__custom--C000257857Member_zIH4S1K9bMmd">The Fund commenced operations on March 5, 2025. Expenses for a full reporting period would be higher than the figures shown.</span></p></div></div> <p style="box-sizing: border-box; text-align-last: auto; display: block; font-family: Times New Roman, Times, serif; line-height: normal; color: #000"> </p> STKd 100% NVDA & 100% AMD ETF 191 0.0129 The Fund commenced operations on March 5, 2025. Expenses for a full reporting period would be higher than the figures shown. <p id="xdx_802_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000257857Member_dU_zWTwi8pYZVb3" style="font: bold 18pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0 0 0pt; text-align-last: auto; display: block; min-height: 28.18px; align-content: center; box-sizing: border-box; color: #231F20; font-weight: bold; text-indent: 0; text-align: center">Cumulative Performance</p> <p style="font: normal 8pt/normal Gotham Narrow-Light,Arial,Arial; margin: -3pt 0 0pt; text-align-last: auto; display: block; min-height: 11.81px; align-content: center; box-sizing: border-box; color: #4F4F4F; text-indent: 0; text-align: center">(Initial Investment of $10,000)</p> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0px"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box; display: table-row"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Date</div></td> <td id="xdx_4BD_oef--ClassAxis_custom--C000257857Member_zRuaFeIaSxKa" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">STKd 100% NVDA & 100% AMD ETF - $25,703</div></td> <td id="xdx_4B4_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_zpNiNzTPsDsh" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">S&P 500<sup>®</sup> Total Return Index - $11,841</div></td></tr> <tr id="xdx_432_c20250305__20250305_eoef--AccmVal_zRoRNDNvtuWh" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/5/2025</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10000</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10000</div></td></tr> <tr id="xdx_43E_c20250305__20250331_eoef--AccmVal_zqeteBttmiTd" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2025</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9123</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9616</div></td></tr> <tr id="xdx_439_c20250305__20250430_eoef--AccmVal_zEKkH3mtc6j6" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">4/30/2025</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7991</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9551</div></td></tr> <tr id="xdx_430_c20250305__20250531_eoef--AccmVal_z0AYGjOMNAyg" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">5/31/2025</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11044</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10152</div></td></tr> <tr id="xdx_43A_c20250305__20250630_eoef--AccmVal_zUIu7utZTVyh" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">6/30/2025</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">16238</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10668</div></td></tr> <tr id="xdx_43C_c20250305__20250731_eoef--AccmVal_zLrs9M1KLA46" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7/31/2025</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">22268</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10907</div></td></tr> <tr id="xdx_43D_c20250305__20250831_eoef--AccmVal_z61WKSZ6AJWk" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8/31/2025</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">19773</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11129</div></td></tr> <tr id="xdx_43D_c20250305__20250930_eoef--AccmVal_z8hR0Nvrwmef" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9/30/2025</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">20755</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11535</div></td></tr> <tr id="xdx_43A_c20250305__20251031_eoef--AccmVal_z9XVsxEWep59" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10/31/2025</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">34960</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11805</div></td></tr> <tr id="xdx_43B_c20250305__20251130_eoef--AccmVal_z6FTCzK5IhKd" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11/30/2025</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">25236</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11834</div></td></tr> <tr id="xdx_43E_c20250305__20251231_eoef--AccmVal_z4eSW75XZUFl" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12/31/2025</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">25703</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11841</div></td></tr> </table></div></div><img alt="line" src="qes1gaz1mm10c98i.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/></div> <div style="font: normal 8pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4F4F4F; text-indent: 0"><span style="box-sizing: border-box; display: block"></span></div> 10000 10000 9123 9616 7991 9551 11044 10152 16238 10668 22268 10907 19773 11129 20755 11535 34960 11805 25236 11834 25703 11841 <div id="xdx_804_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000257857Member_dU_zQQkJcKuZXic" style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: bold 18pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 28.18px; align-content: center; box-sizing: border-box; color: #231F20; font-weight: bold; text-indent: 0; text-align: center">Annual Performance</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0px"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse"> <tr style="box-sizing: border-box; display: table-row; height: auto"> <th style="border-bottom: #4F4F4F 1.4pt solid; box-sizing: border-box"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231F20; font-weight: bold; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Returns for the Period</span></div> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231F20; font-weight: bold; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Ended December 31, 2025</span></div></th> <th style="border-bottom: #4F4F4F 1.4pt solid; box-sizing: border-box"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231F20; font-weight: bold; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Since Inception</span></div> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231F20; font-weight: bold; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_900_eoef--PerfInceptionDate_c20250101__20251231__oef--ClassAxis__custom--C000257857Member_zR6PkY8CVCh7">03/05/2025</span></span></div></th></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: black 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4F4F4F; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">STKd 100% NVDA & 100% AMD ETF - at NAV</span></div></td> <td style="border-bottom: black 1pt solid; box-sizing: border-box"> <div id="xdx_98D_eoef--AvgAnnlRtrPct_c20250305__20251231__oef--ClassAxis__custom--C000257857Member_zZkQyzRJ2MO5" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4F4F4F; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">157.03%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: black 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4F4F4F; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">S&P 500<sup>®</sup> Total Return Index</span></div></td> <td style="border-bottom: black 1pt solid; box-sizing: border-box"> <div id="xdx_988_eoef--AvgAnnlRtrPct_c20250305__20251231__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zb7DEJCDVgO2" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4F4F4F; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">18.41%</span></div></td></tr> </table></div></div></div> <div style="font: normal 8pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; color: #4F4F4F; text-indent: 0"> <div style="box-sizing: border-box; text-align-last: auto"><span style="box-sizing: border-box; display: block"></span></div></div></div> 2025-03-05 1.5703 0.1841 The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit https://quantifyfunds.com/singlestocketfpairs/lays/ for more recent performance information. <p id="xdx_803_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000257857Member_dU_zRNTrpyHDKdh" style="font: bold 11pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0 0 3pt; text-align-last: auto; display: block; min-height: 17.27px; align-content: center; box-sizing: border-box; color: #231F20; font-weight: bold; text-indent: 0"><b style="box-sizing: border-box">How did the Fund perform last year and what affected its performance?</b></p> <p style="font: normal 10pt/10pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 5pt; text-align-last: auto; display: block; min-height: 53.35px; align-content: center; box-sizing: border-box; color: #4F4F4F; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">During the period ended December 31, 2025, LAYS delivered returns that were driven primarily by continued strength in large-cap U.S. semiconductor equities. The Fund’s performance reflected its structure, which provided full, stacked exposure to both NVIDIA (NVDA) and Advanced Micro Devices (AMD), two companies that were at the center of the ongoing expansion in artificial intelligence, data center investment, and advanced computing.</span></p> <p style="font: normal 10pt/10pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 5pt; text-align-last: auto; display: block; min-height: 40.01px; align-content: center; box-sizing: border-box; color: #4F4F4F; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">Both NVDA and AMD experienced periods of elevated volatility throughout the year, largely tied to macroeconomic uncertainty, interest rate expectations, and valuation sensitivity within high-growth technology stocks. Despite these fluctuations, demand for AI-related hardware and infrastructure remained a key driver of earnings growth and investor sentiment across the semiconductor sector during the period.</span></p> <p style="font: normal 10pt/10pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 5pt; text-align-last: auto; display: block; min-height: 26.67px; align-content: center; box-sizing: border-box; color: #4F4F4F; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">LAYS performed as expected compared to a benchmark consisting of AMDL and NVDL (both 2x leveraged ETFs with swap exposure on AMD and NVDA, respectively).</span></p><p style="font: bold 11pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0 0 3pt; text-align-last: auto; display: block; min-height: 17.27px; align-content: center; box-sizing: border-box; color: #231F20; font-weight: bold; text-indent: 0"><b style="box-sizing: border-box">What Factors Influenced Performance</b></p> <p style="font: normal 10pt/10pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 66.69px; align-content: center; box-sizing: border-box; color: #4F4F4F; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">Key factors influencing the Fund’s performance during the period included, (1) earnings growth and guidance from NVDA and AMD related to AI acceleration, data center demand, and enterprise adoption, (2) equity market volatility, particularly within growth and technology stocks, driven by monetary policy expectations and broader macroeconomic developments, (3) investor appetite for concentrated AI exposure, which supported valuation multiples for leading semiconductor companies during periods of market optimism, and (4) single-stock concentration risk, as the Fund maintained full exposure to two underlying equities rather than a diversified basket of issuers.</span></p> <p id="xdx_803_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000257857Member_dU_zhjWXQ5WrmRl" style="font: bold 13pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20.9px; align-content: center; box-sizing: border-box; color: #231F20; font-weight: bold; text-indent: 0">Key Fund Statistics</p> <p style="font: normal 10pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 16.36px; align-content: center; box-sizing: border-box; color: #4F4F4F; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt">December 31, 2025</span><span style="box-sizing: border-box; font-size: 9pt">)</span></p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0px"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse"> <tr style="box-sizing: border-box; display: table-row; height: auto"> <td style="border-bottom: black 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4F4F4F; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span></div></td> <td style="border-bottom: black 1pt solid; box-sizing: border-box"> <div id="xdx_981_eus-gaap--AssetsNet_iI_pn3n3_c20251231__oef--ClassAxis__custom--C000257857Member_zlFd8U1Hly7g" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4F4F4F; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$4,562</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: black 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4F4F4F; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span></div></td> <td style="border-bottom: black 1pt solid; box-sizing: border-box"> <div id="xdx_980_eoef--HoldingsCount_iI_uHoldings_c20251231__oef--ClassAxis__custom--C000257857Member_zxcKXZgFf4Wh" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4F4F4F; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: black 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4F4F4F; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Total Advisory Fee</span></div></td> <td style="border-bottom: black 1pt solid; box-sizing: border-box"> <div id="xdx_98A_eoef--AdvisoryFeesPaidAmt_c20250101__20251231__oef--ClassAxis__custom--C000257857Member_zNaOI1EewKy2" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4F4F4F; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$35,890</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: black 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4F4F4F; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Portfolio Turnover Rate</span></div></td> <td style="border-bottom: black 1pt solid; box-sizing: border-box"> <div id="xdx_983_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250101__20251231__oef--ClassAxis__custom--C000257857Member_zqwsZUyWvFtl" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4F4F4F; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0%</span></div></td></tr> </table></div></div></div> <div style="font: normal 8pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; color: #4F4F4F; text-indent: 0"> <div style="box-sizing: border-box; text-align-last: auto"><span style="box-sizing: border-box; display: block"></span></div></div>

4562000

4 35890

<div id="xdx_803_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000257857Member_dU_zo9EEOepLjmd" style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: bold 18pt/normal Gotham Narrow-Bold,Arial,Arial; text-align-last: auto; display: block; min-height: 28.18px; align-content: center; box-sizing: border-box; color: #231F20; font-weight: bold; margin-left: 0; text-indent: 0; margin-right: 0; margin-top: -12pt">What did the Fund invest in?</p> <p style="font: normal 10pt/5pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 16pt; text-align-last: auto; display: block; min-height: 7.57px; align-content: center; box-sizing: border-box; color: #4F4F4F; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt">December 31, 2025</span><span style="box-sizing: border-box; font-size: 9pt">)</span></p></div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: bold 13pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 8pt 0 0pt; text-align-last: auto; display: block; min-height: 20.9px; align-content: center; box-sizing: border-box; color: #231F20; font-weight: bold; text-indent: 0">Security Type - Investments</p> <p style="font: normal 10pt/7pt Gotham Narrow-Light,Arial,Arial; margin: 0pt 0 4pt; text-align-last: auto; display: block; min-height: 9.33px; align-content: center; box-sizing: border-box; color: #4F4F4F; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of total net assets)</span></p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0px"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box; display: table-row"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">s</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Cash & Cash Equivalents</div></td> <td style="box-sizing: border-box"> <div id="xdx_98C_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000257857Member__us-gaap--InvestmentTypeAxis__us-gaap--CashAndCashEquivalentsMember_zGDbBi93JCCk" style="box-sizing: border-box; text-align-last: auto">100.0%</div></td></tr> </table></div></div><img alt="bar" src="qes1iy8111ml6wwug8.jpg" style="box-sizing: border-box; width: 100%; height: auto"/></div> <p style="font: bold 13pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 4pt 0 0pt; text-align-last: auto; display: block; min-height: 20.9px; align-content: center; box-sizing: border-box; color: #231F20; font-weight: bold; text-indent: 0">Security Type - Other Financial Instruments</p> <p style="font: normal 10pt/7pt Gotham Narrow-Light,Arial,Arial; margin: 0pt 0 0pt 0pt; text-align-last: auto; display: block; min-height: 9.33px; align-content: center; box-sizing: border-box; color: #4F4F4F; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of total net assets)</span></p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0px"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box; display: table-row"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">s</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Total Return Swaps</div></td> <td style="box-sizing: border-box"> <div id="xdx_985_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000257857Member__us-gaap--InvestmentTypeAxis__custom--TotalReturnSwapContractsMember_zBjdY9B0Xm3j" style="box-sizing: border-box; text-align-last: auto">48.6%</div></td></tr> </table></div></div><img alt="bar" src="qes403b9h1mltl0b5l.jpg" style="box-sizing: border-box; width: 100%; height: auto"/></div> <div style="font: normal 8pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; color: #4F4F4F; text-indent: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <p style="font: normal 8pt Gotham Narrow-Light,Arial,Arial; margin: -24pt 0 4pt; text-align-last: auto; min-height: 47.27px; align-content: center; box-sizing: border-box; color: #4F4F4F; text-indent: 0; display: block">Percentages are based on total net assets. Cash & Cash Equivalents represents cash, short-term investments and other assets in excess of liabilities. Percentages for swap contracts are based unrealized appreciation (depreciation).</p></div></div></div> 1.000 0.486 <div id="xdx_80E_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000257857Member_dU_z0SL1PdlwG3g" style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse"> <tr style="box-sizing: border-box; display: table-row; height: auto"> <th style="border-bottom: #4F4F4F 1.4pt solid; box-sizing: border-box"> <div style="font: bold 13pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231F20; font-weight: bold; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Top Holdings</span></div></th> <th style="border-bottom: #4F4F4F 1.4pt solid; box-sizing: border-box"> <div style="font: bold 13pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231F20; font-weight: bold; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">(% of Net Assets) </span></div></th></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: black 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4F4F4F; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Advanced Micro Devices, Inc. Swap</span></div></td> <td style="border-bottom: black 1pt solid; box-sizing: border-box"> <div id="xdx_983_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000257857Member__oef--LargestHoldingAxis__custom--AdvancedMicroDevicesIncSwapMember_fKg_____zqqKmHd1KFE6" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4F4F4F; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">39.5*</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: black 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4F4F4F; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">NVIDIA Corp. Swap</span></div></td> <td style="border-bottom: black 1pt solid; box-sizing: border-box"> <div id="xdx_98F_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000257857Member__oef--LargestHoldingAxis__custom--NvidiaCorpSwapMember_fKg_____zD1GgRxRSBb1" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4F4F4F; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">9.1*</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: black 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4F4F4F; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">First American Government</span></div> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4F4F4F; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Obligations Fund - Class X, 3.67%</span></div></td> <td style="border-bottom: black 1pt solid; box-sizing: border-box"> <div id="xdx_981_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000257857Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX3Point67PercentMember_zPzMI7XMzCN3" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4F4F4F; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.7</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: black 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4F4F4F; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">United States Treasury Bills</span></div></td> <td style="border-bottom: black 1pt solid; box-sizing: border-box"> <div id="xdx_98E_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000257857Member__oef--LargestHoldingAxis__custom--UnitedStatesTreasuryBillsMember_zedghKo7FA28" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4F4F4F; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.7</span></div></td></tr> </table></div><div style="font: normal 8pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 0pt; box-sizing: border-box; text-align-last: auto; color: #4F4F4F; text-indent: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table cellpadding="0" cellspacing="0" style="font: normal 8pt Gotham Narrow-Light,Arial,Arial; color: #4F4F4F; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F06_zXGY1rPJkxQk" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F10_zAfFWVmSfxmi" style="text-align: justify">Percentages for swap contracts are based unrealized appreciation (depreciation).</td> </tr></table> <p id="xdx_A9C_zsgfJ1Dt06Dj" style="margin-top: 0; margin-bottom: 0"> </p> </div></div> <p style="font: normal 10pt/0pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4F4F4F; text-indent: 0"> </p><div style="margin: 0pt 0pt 5pt; padding: 8pt; grid-column: 1 / 4; grid-row: 3 / 4; box-sizing: border-box; text-align-last: auto; width: 567.5pt; height: auto; background-color: #ffffff"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: bold 11pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 37.27px; align-content: center; box-sizing: border-box; color: #231F20; font-weight: bold; text-indent: 0">For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://quantifyfunds.com/singlestocketfpairs/lays/<span style="box-sizing: border-box; font-family: Gotham Narrow-Medium,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 12pt">.</span></span></p></div></div></div> 0.395 0.091 0.007 0.007 <p id="xdx_80C_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000257857Member_dU_z36sKqYBqGs6" style="font: bold 10pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 16.36px; align-content: center; box-sizing: border-box; color: #231F20; font-weight: bold; text-indent: 0"><b style="box-sizing: border-box">How has the Fund changed?</b></p> <p style="font: normal 10pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0pt 0pt 8pt; text-align-last: auto; display: block; min-height: 32.72px; align-content: center; box-sizing: border-box; color: #4F4F4F; text-indent: 0pt">Effective <span id="xdx_906_eoef--MaterialChngDate_c20250101__20251231__oef--ClassAxis__custom--C000257857Member_z59hiSauingi">September 19, 2025</span>, the Fund updated its distribution frequency and now intends to pay out dividends and interest income, if any, quarterly.</p> 2025-09-19 Percentages for swap contracts are based unrealized appreciation (depreciation).