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id="xdx_907_eoef--AddlInfoWebsite_c20250101__20251231__oef--ClassAxis__custom--C000215408Member_zjlu5UCBgrHc">www.rparetf.com/rpar</span>. You can also request this information by contacting us at <span id="xdx_906_eoef--AddlInfoPhoneNumber_c20250101__20251231__oef--ClassAxis__custom--C000215408Member_z99y3csP8ry2">(833) 540-0039</span> or by sending an e-mail request to <span id="xdx_90A_eoef--AddlInfoEmail_c20250101__20251231__oef--ClassAxis__custom--C000215408Member_zP6H2nkVnmE7">info@rparetf.com</span>. www.rparetf.com/rpar (833) 540-0039 info@rparetf.com This report describes changes to the Fund that occurred during the reporting period. <p id="xdx_80E_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000215408Member_zvxvpcj4ujXf" 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 past year?</p> <p style="font: normal 10pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0pt 0; 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-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_981_eoef--ClassName_c20250101__20251231__oef--ClassAxis__custom--C000215408Member_zRQ6cim66vjd" 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">RPAR Risk Parity ETF</span></div></td> <td style="border-bottom: black 1pt solid; box-sizing: border-box"> <div id="xdx_985_eoef--ExpensesPaidAmt_c20250101__20251231__oef--ClassAxis__custom--C000215408Member_zxyBZlCAXUYk" 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">$52</span></div></td> <td style="border-bottom: black 1pt solid; box-sizing: border-box"> <div id="xdx_982_eoef--ExpenseRatioPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000215408Member_zQYNhNRboHj6" 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">0.48%</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"><span style="box-sizing: border-box; display: block"></span></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> RPAR Risk Parity ETF 52 0.0048 <p id="xdx_80E_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000215408Member_dU_zhKTC2Ej6hb8" 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_4B4_oef--ClassAxis_custom--C000215408Member_zogoonYF1iH5" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">RPAR Risk Parity ETF - $12,557</div></td> <td id="xdx_4B6_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_zrELtad0ucf5" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">S&amp;P 500^® Total Return Index - $23,699</div></td> <td id="xdx_4B7_oef--BroadBasedIndexAxis_custom--SixtySAndP500Index40BloombergUSAggregateBondIndexMember_zTDOD9ewhBxi" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">60% S&amp;P 500^® Index / 40% Bloomberg U.S. Aggregate Bond Index - $17,462</div></td> <td id="xdx_4B5_oef--BroadBasedIndexAxis_custom--AdvancedResearchRiskParityIndexMember_z75Ql7SHYp04" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Advanced Research Risk Parity Index - $13,271</div></td></tr> <tr id="xdx_43B_c20191212__20191212_eoef--AccmVal_zxAYLpql0doh" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12/12/2019</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> <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_c20191212__20200131_eoef--AccmVal_zkTh3RM0Q1S4" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1/31/2020</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10288</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10200</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10211</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10380</div></td></tr> <tr id="xdx_43B_c20191212__20200229_eoef--AccmVal_zrBrUSwaOHbi" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">2/29/2020</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10276</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9361</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9780</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10322</div></td></tr> <tr id="xdx_430_c20191212__20200331_eoef--AccmVal_zF6X9EXc0LD7" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2020</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9555</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8204</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9032</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9680</div></td></tr> <tr id="xdx_435_c20191212__20200430_eoef--AccmVal_zTOTrf2fPpRc" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">4/30/2020</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10202</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9256</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9791</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10325</div></td></tr> <tr id="xdx_435_c20191212__20200531_eoef--AccmVal_zPt1S4tGy828" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">5/31/2020</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10399</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9697</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10089</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10596</div></td></tr> <tr id="xdx_43E_c20191212__20200630_eoef--AccmVal_zmJPT4p7IFG1" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">6/30/2020</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10610</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9890</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10235</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10816</div></td></tr> <tr id="xdx_434_c20191212__20200731_eoef--AccmVal_z8SlBa6pI4na" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7/31/2020</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11289</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10448</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10642</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11466</div></td></tr> <tr id="xdx_435_c20191212__20200831_eoef--AccmVal_zQEtiGAhj1Q" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8/31/2020</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11380</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11199</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11067</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11648</div></td></tr> <tr id="xdx_432_c20191212__20200930_eoef--AccmVal_zobH7gYt4bYi" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9/30/2020</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11169</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10773</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10812</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11407</div></td></tr> <tr id="xdx_43E_c20191212__20201031_eoef--AccmVal_zTr60POfXZ7c" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10/31/2020</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10939</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10487</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10620</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11191</div></td></tr> <tr id="xdx_438_c20191212__20201130_eoef--AccmVal_znj6XnF1Dlej" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11/30/2020</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11588</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11634</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11360</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11855</div></td></tr> <tr id="xdx_435_c20191212__20201231_eoef--AccmVal_zFl1pXE6uzrf" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12/31/2020</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12014</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12082</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11628</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12335</div></td></tr> <tr id="xdx_43C_c20191212__20210131_eoef--AccmVal_z5eZd2j18qn3" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1/31/2021</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11833</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11960</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11524</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12237</div></td></tr> <tr id="xdx_43C_c20191212__20210228_eoef--AccmVal_z3cDnS6h2fO5" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">2/28/2021</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11577</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12290</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11648</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12042</div></td></tr> <tr id="xdx_438_c20191212__20210331_eoef--AccmVal_z7cHnmG2Gfmd" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2021</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11454</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12828</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11896</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11895</div></td></tr> <tr id="xdx_43C_c20191212__20210430_eoef--AccmVal_zZ5RmSMFE8a9" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">4/30/2021</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11825</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">13512</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12315</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12270</div></td></tr> <tr id="xdx_439_c20191212__20210531_eoef--AccmVal_zzFkyz1Vlk73" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">5/31/2021</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12167</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">13607</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12382</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12640</div></td></tr> <tr id="xdx_43F_c20191212__20210630_eoef--AccmVal_z4dKfYei6mTl" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">6/30/2021</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12398</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">13924</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12591</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12867</div></td></tr> <tr id="xdx_432_c20191212__20210731_eoef--AccmVal_zkTsqCfmxAf9" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7/31/2021</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12671</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">14255</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12826</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">13164</div></td></tr> <tr id="xdx_433_c20191212__20210831_eoef--AccmVal_z20qJBRRVNv" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8/31/2021</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12696</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">14689</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">13051</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">13190</div></td></tr> <tr id="xdx_439_c20191212__20210930_eoef--AccmVal_zoYm3hiMDt99" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9/30/2021</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12297</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">14006</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12641</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12805</div></td></tr> <tr id="xdx_438_c20191212__20211031_eoef--AccmVal_zDujt9d9qTRg" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10/31/2021</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12724</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">14987</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">13171</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">13230</div></td></tr> <tr id="xdx_438_c20191212__20211130_eoef--AccmVal_zf4mUidxt6Cl" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11/30/2021</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12783</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">14883</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">13132</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">13317</div></td></tr> <tr id="xdx_43C_c20191212__20211231_eoef--AccmVal_zCdyyou3NoV1" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12/31/2021</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12948</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">15550</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">13472</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">13487</div></td></tr> <tr id="xdx_437_c20191212__20220131_eoef--AccmVal_zzBqHp3XUGNf" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1/31/2022</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12454</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">14745</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12937</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12987</div></td></tr> <tr id="xdx_430_c20191212__20220228_eoef--AccmVal_zhvz9ItcrWJ6" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">2/28/2022</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12404</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">14304</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12647</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12976</div></td></tr> <tr id="xdx_43F_c20191212__20220331_eoef--AccmVal_z6QuO2yL1sIi" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2022</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12297</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">14835</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12788</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12724</div></td></tr> <tr id="xdx_43E_c20191212__20220430_eoef--AccmVal_zgotYgBGjczd" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">4/30/2022</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11280</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">13541</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11925</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11696</div></td></tr> <tr id="xdx_437_c20191212__20220531_eoef--AccmVal_zsYaFde83w3k" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">5/31/2022</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11102</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">13566</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11969</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11494</div></td></tr> <tr id="xdx_439_c20191212__20220630_eoef--AccmVal_zl896aUyEJnb" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">6/30/2022</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10353</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12446</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11301</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10713</div></td></tr> <tr id="xdx_431_c20191212__20220731_eoef--AccmVal_zjIsh9wCBF74" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7/31/2022</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10938</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">13594</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12037</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11340</div></td></tr> <tr id="xdx_43C_c20191212__20220831_eoef--AccmVal_zFM0YWYAlqa6" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8/31/2022</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10462</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">13040</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11606</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10874</div></td></tr> <tr id="xdx_431_c20191212__20220930_eoef--AccmVal_zz2EtuVwrxTk" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9/30/2022</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9261</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11839</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10764</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9650</div></td></tr> <tr id="xdx_43E_c20191212__20221031_eoef--AccmVal_zxJ1K10fp8Tk" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10/31/2022</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9425</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12797</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11231</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9821</div></td></tr> <tr id="xdx_431_c20191212__20221130_eoef--AccmVal_zHYuIr5hcZva" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11/30/2022</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10190</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">13512</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11773</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10677</div></td></tr> <tr id="xdx_43D_c20191212__20221231_eoef--AccmVal_ztKmSmQXtWJd" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12/31/2022</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9995</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12734</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11345</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10396</div></td></tr> <tr id="xdx_43E_c20191212__20230131_eoef--AccmVal_zMjG9dBabT62" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1/31/2023</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10647</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">13534</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11912</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11087</div></td></tr> <tr id="xdx_436_c20191212__20230228_eoef--AccmVal_zfghUw6kp0nb" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">2/28/2023</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10137</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">13204</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11615</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10575</div></td></tr> <tr id="xdx_434_c20191212__20230331_eoef--AccmVal_ziKGH3IK7NA5" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2023</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10548</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">13688</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11989</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10989</div></td></tr> <tr id="xdx_433_c20191212__20230430_eoef--AccmVal_zgSa0tJb501c" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">4/30/2023</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10567</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">13902</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12130</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11014</div></td></tr> <tr id="xdx_439_c20191212__20230531_eoef--AccmVal_zsEykINuxYx8" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">5/31/2023</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10224</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">13962</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12109</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10670</div></td></tr> <tr id="xdx_435_c20191212__20230630_eoef--AccmVal_zRv3r3hO8oHf" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">6/30/2023</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10444</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">14885</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12571</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10905</div></td></tr> <tr id="xdx_432_c20191212__20230731_eoef--AccmVal_zISjArmxIMgc" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7/31/2023</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10549</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">15363</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12810</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11022</div></td></tr> <tr id="xdx_438_c20191212__20230831_eoef--AccmVal_zp6BDwJ0snF5" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8/31/2023</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10194</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">15119</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12655</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10649</div></td></tr> <tr id="xdx_439_c20191212__20230930_eoef--AccmVal_zZRklggCDPxd" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9/30/2023</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9604</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">14398</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12165</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10039</div></td></tr> <tr id="xdx_433_c20191212__20231031_eoef--AccmVal_z9nzWxzKCrVc" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10/31/2023</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9284</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">14095</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11934</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9673</div></td></tr> <tr id="xdx_430_c20191212__20231130_eoef--AccmVal_zIvpemdZep59" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11/30/2023</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9966</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">15382</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12804</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10413</div></td></tr> <tr id="xdx_43C_c20191212__20231231_eoef--AccmVal_zPmORj4pEI8b" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12/31/2023</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10627</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">16081</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">13349</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11099</div></td></tr> <tr id="xdx_431_c20191212__20240131_eoef--AccmVal_zKogXO0sBga6" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1/31/2024</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10394</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">16351</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">13469</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10898</div></td></tr> <tr id="xdx_43D_c20191212__20240229_eoef--AccmVal_zDUV9zbZ5Qsb" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">2/29/2024</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10347</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">17224</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">13825</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10842</div></td></tr> <tr id="xdx_436_c20191212__20240331_eoef--AccmVal_zbp1DkqP6jb7" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2024</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10712</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">17779</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">14143</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11203</div></td></tr> <tr id="xdx_435_c20191212__20240430_eoef--AccmVal_z7tF2BzS9UZ6" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">4/30/2024</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10314</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">17052</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">13653</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10802</div></td></tr> <tr id="xdx_43A_c20191212__20240531_eoef--AccmVal_zryhwAOodyl9" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">5/31/2024</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10641</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">17898</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">14152</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11173</div></td></tr> <tr id="xdx_43C_c20191212__20240630_eoef--AccmVal_zkuchxd7JUXe" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">6/30/2024</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10749</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">18540</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">14510</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11242</div></td></tr> <tr id="xdx_434_c20191212__20240731_eoef--AccmVal_zl7W6Bula5Ma" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7/31/2024</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11002</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">18766</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">14752</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11562</div></td></tr> <tr id="xdx_436_c20191212__20240831_eoef--AccmVal_z0n0OOuun2Ob" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8/31/2024</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11220</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">19221</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">15051</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11768</div></td></tr> <tr id="xdx_430_c20191212__20240930_eoef--AccmVal_z5GEQzMYJe9i" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9/30/2024</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11563</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">19632</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">15325</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12159</div></td></tr> <tr id="xdx_43D_c20191212__20241031_eoef--AccmVal_zh8SsTeM2Kll" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10/31/2024</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11129</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">19454</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">15089</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11689</div></td></tr> <tr id="xdx_43D_c20191212__20241130_eoef--AccmVal_zZme2MnN8rFa" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11/30/2024</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11219</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">20595</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">15685</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11802</div></td></tr> <tr id="xdx_43D_c20191212__20241231_eoef--AccmVal_zMHzx9MB2BH3" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12/31/2024</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10616</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">20105</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">15358</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11168</div></td></tr> <tr id="xdx_43F_c20191212__20250131_eoef--AccmVal_zE0gn7Oklzld" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1/31/2025</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10865</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">20664</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">15647</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11457</div></td></tr> <tr id="xdx_43D_c20191212__20250228_eoef--AccmVal_zF8JkLvZ4Iy8" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">2/28/2025</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11167</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">20395</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">15662</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11784</div></td></tr> <tr id="xdx_433_c20191212__20250331_eoef--AccmVal_z4eFhYahXlF" 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">11187</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">19246</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">15135</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11783</div></td></tr> <tr id="xdx_43D_c20191212__20250430_eoef--AccmVal_zbLGa6bFQYva" 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">11070</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">19115</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">15097</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11667</div></td></tr> <tr id="xdx_43E_c20191212__20250531_eoef--AccmVal_zD2NMJM9DEH9" 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">11113</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">20318</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">15624</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11717</div></td></tr> <tr id="xdx_434_c20191212__20250630_eoef--AccmVal_zc39SE3V91O8" 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">11503</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">21352</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">16197</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12120</div></td></tr> <tr id="xdx_43A_c20191212__20250731_eoef--AccmVal_zR38GlUdghH6" 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">11474</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">21831</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">16398</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12103</div></td></tr> <tr id="xdx_432_c20191212__20250831_eoef--AccmVal_zenb7wn2dElc" 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">11742</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">22273</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">16676</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12411</div></td></tr> <tr id="xdx_43D_c20191212__20250930_eoef--AccmVal_zDpGnOSviry1" 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">12232</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">23086</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">17114</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12943</div></td></tr> <tr id="xdx_435_c20191212__20251031_eoef--AccmVal_zIQ7ecAoeiu3" 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">12467</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">23627</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">17397</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">13207</div></td></tr> <tr id="xdx_43D_c20191212__20251130_eoef--AccmVal_zz43M588qOGe" 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">12560</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">23685</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">17466</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">13282</div></td></tr> <tr id="xdx_432_c20191212__20251231_eoef--AccmVal_zUEp2n9dvYOh" 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">12557</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">23699</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">17462</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">13271</div></td></tr> </table></div></div><img alt="line" src="qes1gaz1mm0lxwx5.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 10000 10000 10288 10200 10211 10380 10276 9361 9780 10322 9555 8204 9032 9680 10202 9256 9791 10325 10399 9697 10089 10596 10610 9890 10235 10816 11289 10448 10642 11466 11380 11199 11067 11648 11169 10773 10812 11407 10939 10487 10620 11191 11588 11634 11360 11855 12014 12082 11628 12335 11833 11960 11524 12237 11577 12290 11648 12042 11454 12828 11896 11895 11825 13512 12315 12270 12167 13607 12382 12640 12398 13924 12591 12867 12671 14255 12826 13164 12696 14689 13051 13190 12297 14006 12641 12805 12724 14987 13171 13230 12783 14883 13132 13317 12948 15550 13472 13487 12454 14745 12937 12987 12404 14304 12647 12976 12297 14835 12788 12724 11280 13541 11925 11696 11102 13566 11969 11494 10353 12446 11301 10713 10938 13594 12037 11340 10462 13040 11606 10874 9261 11839 10764 9650 9425 12797 11231 9821 10190 13512 11773 10677 9995 12734 11345 10396 10647 13534 11912 11087 10137 13204 11615 10575 10548 13688 11989 10989 10567 13902 12130 11014 10224 13962 12109 10670 10444 14885 12571 10905 10549 15363 12810 11022 10194 15119 12655 10649 9604 14398 12165 10039 9284 14095 11934 9673 9966 15382 12804 10413 10627 16081 13349 11099 10394 16351 13469 10898 10347 17224 13825 10842 10712 17779 14143 11203 10314 17052 13653 10802 10641 17898 14152 11173 10749 18540 14510 11242 11002 18766 14752 11562 11220 19221 15051 11768 11563 19632 15325 12159 11129 19454 15089 11689 11219 20595 15685 11802 10616 20105 15358 11168 10865 20664 15647 11457 11167 20395 15662 11784 11187 19246 15135 11783 11070 19115 15097 11667 11113 20318 15624 11717 11503 21352 16197 12120 11474 21831 16398 12103 11742 22273 16676 12411 12232 23086 17114 12943 12467 23627 17397 13207 12560 23685 17466 13282 12557 23699 17462 13271 <p id="xdx_802_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000215408Member_dU_zMiVDbU5Ap56" 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">Annualized Returns for the</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">Periods 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">1 Year</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">5 Year</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_90A_eoef--PerfInceptionDate_c20250101__20251231__oef--ClassAxis__custom--C000215408Member_zrejlbAK8use">12/12/2019</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">RPAR Risk Parity ETF</span></div></td> <td style="border-bottom: black 1pt solid; box-sizing: border-box"> <div id="xdx_984_eoef--AvgAnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000215408Member_zgLXeH3UWfik" 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">18.28%</span></div></td> <td style="border-bottom: black 1pt solid; box-sizing: border-box"> <div id="xdx_98F_eoef--AvgAnnlRtrPct_c20210101__20251231__oef--ClassAxis__custom--C000215408Member_zV5YJwkqnXOd" 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">0.89%</span></div></td> <td style="border-bottom: black 1pt solid; box-sizing: border-box"> <div id="xdx_98F_eoef--AvgAnnlRtrPct_c20191212__20251231__oef--ClassAxis__custom--C000215408Member_zu5jZy2qY2If" 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">3.83%</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&amp;P 500^® Total Return Index</span></div></td> <td style="border-bottom: black 1pt solid; box-sizing: border-box"> <div id="xdx_98C_eoef--AvgAnnlRtrPct_c20250101__20251231__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zJglmH7HXHGi" 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">17.88%</span></div></td> <td style="border-bottom: black 1pt solid; box-sizing: border-box"> <div id="xdx_98C_eoef--AvgAnnlRtrPct_c20210101__20251231__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zluEtBRqLNbh" 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">14.42%</span></div></td> <td style="border-bottom: black 1pt solid; box-sizing: border-box"> <div id="xdx_989_eoef--AvgAnnlRtrPct_c20191212__20251231__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zqVwLBFhlWVh" 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">15.32%</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">60% S&amp;P 500^® Index /</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">40% Bloomberg U.S.</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">Aggregate Bond Index </span></div></td> <td style="border-bottom: black 1pt solid; box-sizing: border-box"> <div id="xdx_987_eoef--AvgAnnlRtrPct_c20250101__20251231__oef--BroadBasedIndexAxis__custom--SixtySAndP500Index40BloombergUSAggregateBondIndexMember_zhOwgwiaDugc" 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">13.70%</span></div></td> <td style="border-bottom: black 1pt solid; box-sizing: border-box"> <div id="xdx_982_eoef--AvgAnnlRtrPct_c20210101__20251231__oef--BroadBasedIndexAxis__custom--SixtySAndP500Index40BloombergUSAggregateBondIndexMember_zFpqBhx75Tbc" 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">8.47%</span></div></td> <td style="border-bottom: black 1pt solid; box-sizing: border-box"> <div id="xdx_98D_eoef--AvgAnnlRtrPct_c20191212__20251231__oef--BroadBasedIndexAxis__custom--SixtySAndP500Index40BloombergUSAggregateBondIndexMember_z91rZdg1egZ7" 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">9.65%</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">Advanced Research Risk</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">Parity Index</span></div></td> <td style="border-bottom: black 1pt solid; box-sizing: border-box"> <div id="xdx_989_eoef--AvgAnnlRtrPct_c20250101__20251231__oef--BroadBasedIndexAxis__custom--AdvancedResearchRiskParityIndexMember_zqPugh4djZia" 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">18.83%</span></div></td> <td style="border-bottom: black 1pt solid; box-sizing: border-box"> <div id="xdx_98F_eoef--AvgAnnlRtrPct_c20210101__20251231__oef--BroadBasedIndexAxis__custom--AdvancedResearchRiskParityIndexMember_zOtnx06Sa2H3" 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">1.47%</span></div></td> <td style="border-bottom: black 1pt solid; box-sizing: border-box"> <div id="xdx_98D_eoef--AvgAnnlRtrPct_c20191212__20251231__oef--BroadBasedIndexAxis__custom--AdvancedResearchRiskParityIndexMember_zqruiYuTFru2" 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">4.78%</span></div></td></tr> </table></div></div></div> 2019-12-12 0.1828 0.0089 0.0383 0.1788 0.1442 0.1532 0.1370 0.0847 0.0965 0.1883 0.0147 0.0478 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 www.rparetf.com/rpar for more recent performance information. <p id="xdx_800_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000215408Member_dU_zMFyftMiif6b" 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 in the past </b>year<b style="box-sizing: border-box">?</b></p> <div style="font: normal 10pt/normal 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 style="text-align-last: auto; min-height: 81.81px; align-content: center; font-size: 13.33px; box-sizing: border-box; display: block; margin-top: 0pt">The RPAR Risk Parity ETF (“RPAR”) returned 18.28% for the fiscal year ended December 31, 2025, compared to 18.83% for the Advanced Research Risk Parity Index (“RPAR Index”). RPAR seeks to achieve exposures similar to those of the RPAR Index, investing across four major asset classes—global equities, U.S. Treasuries, commodities, and U.S. Treasury Inflation‑Protected Securities (“TIPS”). These markets were selected because each has historically tended to outperform in different economic environments, allowing RPAR to maintain a balanced, diversified profile across growth and inflation regimes.</p></div><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">What Factors Influenced Performance?</p> <p style="font: normal 10pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 49.09px; align-content: center; box-sizing: border-box; color: #4F4F4F; text-indent: 0; display: block">RPAR’s 2025 performance benefited from strong returns across several of its key allocations. Global equities, gold, and commodity‑producer equities were notable contributors, supported by resilient global growth, a weaker U.S. dollar, and increased geopolitical uncertainty that boosted demand for real‑asset exposures. Gold, in particular, delivered exceptionally strong results.</p> <p style="font: normal 10pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 49.09px; align-content: center; box-sizing: border-box; color: #4F4F4F; text-indent: 0; display: block">On the other hand, long‑term U.S. Treasuries and long‑term TIPS produced modestly positive but comparatively muted returns. Yields remained volatile during the year as markets digested shifting expectations for interest‑rate policy and inflation. While rates stabilized later in the year, earlier periods of adjustment tempered the overall contribution from rate‑sensitive assets.</p> <p style="font: normal 10pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 32.72px; align-content: center; box-sizing: border-box; color: #4F4F4F; text-indent: 0; display: block">The combination of strong performance from real assets and equities, partially offset by softer results from U.S. Treasuries and TIPS, ultimately produced a solid outcome for the Fund in 2025.</p> <p id="xdx_803_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000215408Member_zV898BIYQFkh" 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_987_eus-gaap--AssetsNet_iE_pn3n3_c20250101__20251231__oef--ClassAxis__custom--C000215408Member_zBOieCjfuro8" 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">$562,709</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_982_eoef--HoldingsCount_iI_uHoldings_c20251231__oef--ClassAxis__custom--C000215408Member_zFwHi17LT1I8" 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">104</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--C000215408Member_zeuoYozsbr0l" 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">$2,663,737</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_985_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250101__20251231__oef--ClassAxis__custom--C000215408Member_zFf3duCPN8Cb" 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">17%</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> 562709000 104 2663737 0.17 <div id="xdx_80A_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000215408Member_zFMTgb7g8js4" 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: -16pt">What did the Fund invest in?</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> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: bold 13pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 12pt 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">Sector/Security Type Breakdown</p> <p style="font: normal 10pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0pt 0; 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">(% 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">sector</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">Exchange Traded Funds</div></td> <td style="box-sizing: border-box"> <div id="xdx_98A_eoef--PctOfNav_iI_c20251231__oef--ClassAxis__custom--C000215408Member__us-gaap--InvestmentTypeAxis__us-gaap--ExchangeTradedFundsMember_zLueOYIGcQWf" style="box-sizing: border-box; text-align-last: auto">0.355</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">U.S. Treasury Securities </div></td> <td style="box-sizing: border-box"> <div id="xdx_988_eoef--PctOfNav_iI_c20251231__oef--ClassAxis__custom--C000215408Member__us-gaap--InvestmentTypeAxis__us-gaap--USTreasurySecuritiesMember_zGsKe6VJa6zb" style="box-sizing: border-box; text-align-last: auto">0.343</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">U.S. Treasury Bills</div></td> <td style="box-sizing: border-box"> <div id="xdx_985_eoef--PctOfNav_iI_c20251231__oef--ClassAxis__custom--C000215408Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryBillsMember_z7DlvdAH76Sl" style="box-sizing: border-box; text-align-last: auto">0.120</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">Materials </div></td> <td style="box-sizing: border-box"> <div id="xdx_983_eoef--PctOfNav_iI_c20251231__oef--ClassAxis__custom--C000215408Member__oef--IndustrySectorAxis__oef--MaterialsSectorMember_zhV9Os1o8Aml" style="box-sizing: border-box; text-align-last: auto">0.074</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">Oil &amp; Gas </div></td> <td style="box-sizing: border-box"> <div id="xdx_98B_eoef--PctOfNav_iI_c20251231__oef--ClassAxis__custom--C000215408Member__oef--IndustrySectorAxis__custom--OilAndGasSectorMember_zwKIf5by1MY4" style="box-sizing: border-box; text-align-last: auto">0.054</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">Industrial Products</div></td> <td style="box-sizing: border-box"> <div id="xdx_98F_eoef--PctOfNav_iI_c20251231__oef--ClassAxis__custom--C000215408Member__oef--IndustrySectorAxis__oef--IndustrialSectorMember_zeJlvpAy7rb1" style="box-sizing: border-box; text-align-last: auto">0.019</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">Renewable Energy </div></td> <td style="box-sizing: border-box"> <div id="xdx_988_eoef--PctOfNav_iI_c20251231__oef--ClassAxis__custom--C000215408Member__oef--IndustrySectorAxis__custom--RenewableEnergySectorMember_zIJOhzKoOXy8" style="box-sizing: border-box; text-align-last: auto">0.007</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">Utilities </div></td> <td style="box-sizing: border-box"> <div id="xdx_981_eoef--PctOfNav_iI_c20251231__oef--ClassAxis__custom--C000215408Member__oef--IndustrySectorAxis__oef--UtilitiesSectorMember_zREDZ4jdhmse" style="box-sizing: border-box; text-align-last: auto">0.002</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">Consumer Discretionary Products </div></td> <td style="box-sizing: border-box"> <div id="xdx_989_eoef--PctOfNav_iI_c20251231__oef--ClassAxis__custom--C000215408Member__oef--IndustrySectorAxis__oef--ConsumerDiscretionarySectorMember_zMGIcOxcqoJ2" style="box-sizing: border-box; text-align-last: auto">0.001</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">Consumer Staple Products </div></td> <td style="box-sizing: border-box"> <div id="xdx_98D_eoef--PctOfNav_iI_c20251231__oef--ClassAxis__custom--C000215408Member__oef--IndustrySectorAxis__oef--ConsumerStaplesSectorMember_zwnPobURP8g8" style="box-sizing: border-box; text-align-last: auto">0.001</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 &amp; Other*</div></td> <td style="box-sizing: border-box"> <div id="xdx_989_eoef--PctOfNav_iI_c20251231__oef--ClassAxis__custom--C000215408Member__oef--IndustrySectorAxis__custom--CashAndOtherSectorMember_fKg_____zZnbYYeDz8wc" style="box-sizing: border-box; text-align-last: auto">0.024</div></td></tr> </table></div></div><img alt="bar" src="qes403b9h1mlthiwm6.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></div> <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_F04_zN6Dkxipn565" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F1B_zbJ27iincJc7" style="text-align: justify">Includes Futures Contracts</td> </tr></table> </div></div> <p style="font: normal 10pt/normal Gotham Narrow-Light,Arial,Arial; margin: -6pt 0 0pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4F4F4F; text-indent: 0"> </p></div> 0.355 0.343 0.120 0.074 0.054 0.019 0.007 0.002 0.001 0.001 0.024 <div id="xdx_804_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000215408Member_zlwLXINHcU0i" 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 Ten 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 total 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">Vanguard Total Stock Market ETF</span></div></td> <td style="border-bottom: black 1pt solid; box-sizing: border-box"> <div id="xdx_985_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000215408Member__oef--LargestHoldingAxis__custom--VanguardTotalStockMarketETFMember_zL1z8KvoNaBi" 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">12.4</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">U.S. Treasury Bill, 1/29/2026, 3.33%</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--C000215408Member__oef--LargestHoldingAxis__custom--USTreasuryBill1292026333Member_zKayXOzbNDuc" 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">11.9</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">SPDR Gold MiniShares Trust</span></div></td> <td style="border-bottom: black 1pt solid; box-sizing: border-box"> <div id="xdx_989_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000215408Member__oef--LargestHoldingAxis__custom--SPDRGoldMiniSharesTrustMember_zxzYuTM5c5Zi" 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">10.4</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">Vanguard FTSE Emerging</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">Markets ETF</span></div></td> <td style="border-bottom: black 1pt solid; box-sizing: border-box"> <div id="xdx_985_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000215408Member__oef--LargestHoldingAxis__custom--VanguardFTSEEmergingMarketsETFMember_zMmXah93b3U5" 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">7.5</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">Vanguard FTSE Developed</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">Markets ETF</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--C000215408Member__oef--LargestHoldingAxis__custom--VanguardFTSEDevelopedMarketsETFMember_zgXulX028wue" 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">5.1</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">U.S. Treasury Inflation Indexed</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">Bonds 1.38%, 02/15/2044</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--C000215408Member__oef--LargestHoldingAxis__custom--USTreasuryInflationIndexedBonds13802152044Member_zEPzFtBnF4Ud" 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">3.6</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">U.S. Treasury Inflation Indexed</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">Bonds 1.00%, 02/15/2046</span></div></td> <td style="border-bottom: black 1pt solid; box-sizing: border-box"> <div id="xdx_988_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000215408Member__oef--LargestHoldingAxis__custom--USTreasuryInflationIndexedBonds10002152046Member_z2utm9F8KHYd" 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">3.2</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">U.S. Treasury Inflation Indexed</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">Bonds 0.75%, 02/15/2042</span></div></td> <td style="border-bottom: black 1pt solid; box-sizing: border-box"> <div id="xdx_988_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000215408Member__oef--LargestHoldingAxis__custom--USTreasuryInflationIndexedBonds07502152042Member_zf4LaK6Bm3kd" 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">3.2</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">U.S. Treasury Inflation Indexed</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">Bonds 0.75%, 02/15/2045</span></div></td> <td style="border-bottom: black 1pt solid; box-sizing: border-box"> <div id="xdx_98A_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000215408Member__oef--LargestHoldingAxis__custom--USTreasuryInflationIndexedBonds07502152045Member_z1oJiN15SLFj" 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">3.0</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">U.S. Treasury Inflation Indexed</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">Bonds 0.63%, 02/15/2043</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--C000215408Member__oef--LargestHoldingAxis__custom--USTreasuryInflationIndexedBonds06302152043Member_zc2Grwjva7Q7" 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">3.0</span></div></td></tr> </table></div> 0.124 0.119 0.104 0.075 0.051 0.036 0.032 0.032 0.030 0.030 This is a summary of certain changes to the Fund. For more complete information, you may review the Fund's prospectus. <p id="xdx_80A_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000215408Member_dU_zJBqmnOGU35h" 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">How has the Fund Changed?</p> <div style="font: normal 10pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; 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 10pt/10pt Gotham Narrow-Light,Arial,Arial; margin: 0pt 0 8pt; text-align-last: auto; min-height: 26.67px; align-content: center; box-sizing: border-box; color: #4F4F4F; text-indent: 0; display: block"><span style="box-sizing: border-box; font-size: 9pt">Effective <span id="xdx_90D_eoef--MaterialChngDate_c20250101__20251231__oef--ClassAxis__custom--C000215408Member_zdqBK8qIcys3">August 1, 2025</span>, U.S. Bancorp Fund Services, LLC, doing business as Global Fund Services, no longer serves as the Sub-Administrator for each series of Tidal Trust I, including the Fund.</span></p></div></div> 2025-08-01 UPAR Ultra Risk Parity ETF UPAR NYSEArca This <span id="xdx_903_eoef--ShareholderReportAnnualOrSemiAnnual_c20250101__20251231__oef--ClassAxis__custom--C000233167Member_zzlMoENXReGh">annual shareholder report</span> contains important information about the UPAR Ultra Risk Parity 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_907_eoef--AddlInfoWebsite_c20250101__20251231__oef--ClassAxis__custom--C000233167Member_z28zGgYlkRcc">www.rparetf.com/upar</span>. You can also request this information by contacting us at <span id="xdx_906_eoef--AddlInfoPhoneNumber_c20250101__20251231__oef--ClassAxis__custom--C000233167Member_zC4yxOx13USk">(833) 540-0039</span> or by sending an e-mail request to <span id="xdx_90A_eoef--AddlInfoEmail_c20250101__20251231__oef--ClassAxis__custom--C000233167Member_zLwF8wAvR34f">info@rparetf.com</span>. www.rparetf.com/upar (833) 540-0039 info@rparetf.com This report describes changes to the Fund that occurred during the reporting period. <p id="xdx_80E_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000233167Member_zzTSGkm6cfTi" 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 past year?</p> <p style="font: normal 10pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0pt 0; 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-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_981_eoef--ClassName_c20250101__20251231__oef--ClassAxis__custom--C000233167Member_zQcwZaWgypC6" 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">UPAR Ultra Risk Parity ETF</span></div></td> <td style="border-bottom: black 1pt solid; box-sizing: border-box"> <div id="xdx_985_eoef--ExpensesPaidAmt_c20250101__20251231__oef--ClassAxis__custom--C000233167Member_zPzZtjkBo2U8" 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">$72</span></div></td> <td style="border-bottom: black 1pt solid; box-sizing: border-box"> <div id="xdx_982_eoef--ExpenseRatioPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000233167Member_z31fl7ydEr7j" 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">0.64%</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"><span style="box-sizing: border-box; display: block"></span></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> UPAR Ultra Risk Parity ETF 72 0.0064 <p id="xdx_80E_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000233167Member_dU_zmOTJJAsDrB2" 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_4BB_oef--ClassAxis_custom--C000233167Member_zuOS7Op1S7Q5" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">UPAR Ultra Risk Parity ETF - $8,956</div></td> <td id="xdx_4B6_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_zIrVx1NmsPB5" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">S&amp;P 500^® Total Return Index - $15,144</div></td> <td id="xdx_4B6_oef--BroadBasedIndexAxis_custom--AdvancedResearchUltraRiskParityIndexMember_zK8XNmmBqG3" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Advanced Research Ultra Risk Parity Index - $9,209</div></td></tr> <tr id="xdx_43F_c20220103__20220103_eoef--AccmVal_zUXqsnd5JNU" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1/3/2022</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> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10000</div></td></tr> <tr id="xdx_434_c20220103__20220131_eoef--AccmVal_z8RIZXuR4DQ7" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1/31/2022</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9601</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9422</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9648</div></td></tr> <tr id="xdx_437_c20220103__20220228_eoef--AccmVal_zNyXrVARkHoa" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">2/28/2022</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9547</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9140</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9635</div></td></tr> <tr id="xdx_43B_c20220103__20220331_eoef--AccmVal_zWjDgY3ZUOBd" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2022</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9440</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9480</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9372</div></td></tr> <tr id="xdx_438_c20220103__20220430_eoef--AccmVal_zdgxA3DkdZTe" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">4/30/2022</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8332</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8653</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8302</div></td></tr> <tr id="xdx_438_c20220103__20220531_eoef--AccmVal_zaMO599Tnvg3" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">5/31/2022</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8134</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8669</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8089</div></td></tr> <tr id="xdx_434_c20220103__20220630_eoef--AccmVal_zJgROKpwB1K7" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">6/30/2022</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7356</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7953</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7315</div></td></tr> <tr id="xdx_43E_c20220103__20220731_eoef--AccmVal_zbqjhe0Td0Xl" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7/31/2022</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7953</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8687</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7928</div></td></tr> <tr id="xdx_430_c20220103__20220831_eoef--AccmVal_zHj9OV5g4Oh2" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8/31/2022</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7460</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8332</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7462</div></td></tr> <tr id="xdx_433_c20220103__20220930_eoef--AccmVal_zT3oCmtc3Phj" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9/30/2022</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">6247</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7565</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">6279</div></td></tr> <tr id="xdx_43C_c20220103__20221031_eoef--AccmVal_zb52YLABag2i" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10/31/2022</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">6402</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8177</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">6436</div></td></tr> <tr id="xdx_439_c20220103__20221130_eoef--AccmVal_zB6OHN0DCtS8" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11/30/2022</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7159</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8634</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7248</div></td></tr> <tr id="xdx_431_c20220103__20221231_eoef--AccmVal_zW6F6Niomcr1" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12/31/2022</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">6938</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8137</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">6971</div></td></tr> <tr id="xdx_433_c20220103__20230131_eoef--AccmVal_zpQgDscazFce" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1/31/2023</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7585</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8648</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7615</div></td></tr> <tr id="xdx_43A_c20220103__20230228_eoef--AccmVal_zAztL6Ou5PTe" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">2/28/2023</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7067</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8437</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7118</div></td></tr> <tr id="xdx_438_c20220103__20230331_eoef--AccmVal_z0l7GeuwL7j1" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2023</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7454</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8747</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7497</div></td></tr> <tr id="xdx_431_c20220103__20230430_eoef--AccmVal_zMhfXQIhy6xk" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">4/30/2023</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7459</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8884</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7509</div></td></tr> <tr id="xdx_431_c20220103__20230531_eoef--AccmVal_z7WNMLvKv491" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">5/31/2023</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7115</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8922</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7171</div></td></tr> <tr id="xdx_433_c20220103__20230630_eoef--AccmVal_z9aqW5dwcb3" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">6/30/2023</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7317</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9512</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7379</div></td></tr> <tr id="xdx_43A_c20220103__20230731_eoef--AccmVal_ztzbso8sSDg3" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7/31/2023</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7407</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9817</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7476</div></td></tr> <tr id="xdx_435_c20220103__20230831_eoef--AccmVal_zscp2Uzpios7" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8/31/2023</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7045</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9661</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7112</div></td></tr> <tr id="xdx_433_c20220103__20230930_eoef--AccmVal_zpsPjIyRazDc" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9/30/2023</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">6456</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9200</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">6529</div></td></tr> <tr id="xdx_436_c20220103__20231031_eoef--AccmVal_zuc2W0j7Vwv3" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10/31/2023</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">6132</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9007</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">6173</div></td></tr> <tr id="xdx_433_c20220103__20231130_eoef--AccmVal_zE8I31d4axn2" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11/30/2023</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">6782</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9829</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">6852</div></td></tr> <tr id="xdx_43F_c20220103__20231231_eoef--AccmVal_zDk5VApAbXWb" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12/31/2023</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7406</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10276</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7471</div></td></tr> <tr id="xdx_43F_c20220103__20240131_eoef--AccmVal_z41jEsTKRKSl" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1/31/2024</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7168</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10449</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7272</div></td></tr> <tr id="xdx_431_c20220103__20240229_eoef--AccmVal_z0i7OuVoTNL1" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">2/29/2024</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7117</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11007</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7208</div></td></tr> <tr id="xdx_436_c20220103__20240331_eoef--AccmVal_zxdfkD17Fmrc" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2024</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7457</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11361</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7532</div></td></tr> <tr id="xdx_43C_c20220103__20240430_eoef--AccmVal_zTDHheO6CPjl" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">4/30/2024</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7054</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10897</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7144</div></td></tr> <tr id="xdx_43D_c20220103__20240531_eoef--AccmVal_zO7fJJjn9sVk" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">5/31/2024</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7354</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11437</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7476</div></td></tr> <tr id="xdx_432_c20220103__20240630_eoef--AccmVal_zH4vnY242Csc" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">6/30/2024</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7442</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11847</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7527</div></td></tr> <tr id="xdx_43A_c20220103__20240731_eoef--AccmVal_zB59xcDrSSH2" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7/31/2024</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7676</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11992</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7812</div></td></tr> <tr id="xdx_43E_c20220103__20240831_eoef--AccmVal_z1V8ipVd9asf" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8/31/2024</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7870</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12283</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7991</div></td></tr> <tr id="xdx_43A_c20220103__20240930_eoef--AccmVal_z0qUIkqE1Jub" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9/30/2024</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8185</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12545</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8347</div></td></tr> <tr id="xdx_43A_c20220103__20241031_eoef--AccmVal_znsqmpuI3cCk" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10/31/2024</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7744</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12431</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7887</div></td></tr> <tr id="xdx_43E_c20220103__20241130_eoef--AccmVal_zEmviJB8dTXg" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11/30/2024</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7811</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">13161</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7982</div></td></tr> <tr id="xdx_432_c20220103__20241231_eoef--AccmVal_zVpO8yqJiCzb" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12/31/2024</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7200</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12847</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7368</div></td></tr> <tr id="xdx_43D_c20220103__20250131_eoef--AccmVal_zGBQsYMwZyi3" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1/31/2025</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7438</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">13205</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7629</div></td></tr> <tr id="xdx_43D_c20220103__20250228_eoef--AccmVal_zzA9gRRoHTH3" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">2/28/2025</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7728</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">13033</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7928</div></td></tr> <tr id="xdx_433_c20220103__20250331_eoef--AccmVal_zPNDqdvB8Asd" 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">7733</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12298</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7914</div></td></tr> <tr id="xdx_437_c20220103__20250430_eoef--AccmVal_zo9HmZRL6gQb" 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">7608</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12215</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7792</div></td></tr> <tr id="xdx_434_c20220103__20250531_eoef--AccmVal_z9f82RlTuOki" 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">7640</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12984</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7828</div></td></tr> <tr id="xdx_43D_c20220103__20250630_eoef--AccmVal_zITWMiyJCxDi" 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">8010</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">13644</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8193</div></td></tr> <tr id="xdx_436_c20220103__20250731_eoef--AccmVal_zz7isXbpspQ" 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">7968</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">13950</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8164</div></td></tr> <tr id="xdx_439_c20220103__20250831_eoef--AccmVal_zOxgSeH6mTzk" 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">8213</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">14233</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8441</div></td></tr> <tr id="xdx_43E_c20220103__20250930_eoef--AccmVal_zPLISMGUHbhd" 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">8678</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">14752</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8934</div></td></tr> <tr id="xdx_43A_c20220103__20251031_eoef--AccmVal_zyxBYkb5zAIj" 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">8906</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">15098</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9173</div></td></tr> <tr id="xdx_438_c20220103__20251130_eoef--AccmVal_z3msRZsUYs0l" 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">8978</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">15135</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9233</div></td></tr> <tr id="xdx_438_c20220103__20251231_eoef--AccmVal_zDUu8bfYL76g" 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">8956</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">15144</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9209</div></td></tr> </table></div></div><img alt="line" src="qesdjeno1mltx4d5k.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 10000 9601 9422 9648 9547 9140 9635 9440 9480 9372 8332 8653 8302 8134 8669 8089 7356 7953 7315 7953 8687 7928 7460 8332 7462 6247 7565 6279 6402 8177 6436 7159 8634 7248 6938 8137 6971 7585 8648 7615 7067 8437 7118 7454 8747 7497 7459 8884 7509 7115 8922 7171 7317 9512 7379 7407 9817 7476 7045 9661 7112 6456 9200 6529 6132 9007 6173 6782 9829 6852 7406 10276 7471 7168 10449 7272 7117 11007 7208 7457 11361 7532 7054 10897 7144 7354 11437 7476 7442 11847 7527 7676 11992 7812 7870 12283 7991 8185 12545 8347 7744 12431 7887 7811 13161 7982 7200 12847 7368 7438 13205 7629 7728 13033 7928 7733 12298 7914 7608 12215 7792 7640 12984 7828 8010 13644 8193 7968 13950 8164 8213 14233 8441 8678 14752 8934 8906 15098 9173 8978 15135 9233 8956 15144 9209 <p id="xdx_802_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000233167Member_dU_zwQKo47iiIZ8" 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">Annualized Returns for the</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">Periods 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">1 Year</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_90A_eoef--PerfInceptionDate_c20250101__20251231__oef--ClassAxis__custom--C000233167Member_zseCjXFVXS0g">1/3/2022</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">UPAR Ultra Risk Parity ETF</span></div></td> <td style="border-bottom: black 1pt solid; box-sizing: border-box"> <div id="xdx_984_eoef--AvgAnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000233167Member_zZijuD3oBLEa" 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">24.38%</span></div></td> <td style="border-bottom: black 1pt solid; box-sizing: border-box"> <div id="xdx_984_eoef--AvgAnnlRtrPct_c20220103__20251231__oef--ClassAxis__custom--C000233167Member_zVBMSAodW7R" 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">-2.73%</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&amp;P 500^® Total Return Index</span></div></td> <td style="border-bottom: black 1pt solid; box-sizing: border-box"> <div id="xdx_98C_eoef--AvgAnnlRtrPct_c20250101__20251231__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zI4LA2oUP1X1" 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">17.88%</span></div></td> <td style="border-bottom: black 1pt solid; box-sizing: border-box"> <div id="xdx_98D_eoef--AvgAnnlRtrPct_c20220103__20251231__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zyyTYK7bNLn8" 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">10.96%</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">Advanced Research Ultra Risk Parity Index</span></div></td> <td style="border-bottom: black 1pt solid; box-sizing: border-box"> <div id="xdx_987_eoef--AvgAnnlRtrPct_c20250101__20251231__oef--BroadBasedIndexAxis__custom--AdvancedResearchUltraRiskParityIndexMember_zDwnpXIye1G7" 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">24.98%</span></div></td> <td style="border-bottom: black 1pt solid; box-sizing: border-box"> <div id="xdx_989_eoef--AvgAnnlRtrPct_c20220103__20251231__oef--BroadBasedIndexAxis__custom--AdvancedResearchUltraRiskParityIndexMember_zTGxPJwgBI15" 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">-2.04%</span></div></td></tr> </table></div></div></div> 2022-01-03 0.2438 -0.0273 0.1788 0.1096 0.2498 -0.0204 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 www.rparetf.com/upar for more recent performance information. <p id="xdx_800_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000233167Member_dU_zM8qiKy5u2s" 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 in the past </b>year<b style="box-sizing: border-box">?</b></p> <div style="font: normal 10pt/normal 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 style="text-align-last: auto; min-height: 81.81px; align-content: center; font-size: 13.33px; box-sizing: border-box; display: block; margin-top: 0pt">The UPAR Ultra Risk Parity ETF (“UPAR”) returned 24.38% for the fiscal year ended December 31, 2025, compared to 24.98% for the Advanced Research Ultra Risk Parity Index (“UPAR Index”). UPAR seeks to achieve exposures similar to those of the UPAR Index, investing across four major asset classes—global equities, U.S. Treasuries, commodities, and U.S. Treasury Inflation‑Protected Securities (“TIPS”). These markets were selected because each has historically tended to outperform in different economic environments, allowing UPAR to maintain a balanced, diversified profile across growth and inflation regimes.</p></div><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">What Factors Influenced Performance?</p> <p style="font: normal 10pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 49.09px; align-content: center; box-sizing: border-box; color: #4F4F4F; text-indent: 0; display: block">UPAR’s 2025 performance benefited from strong returns across several of its key allocations. Global equities, gold, and commodity‑producer equities were notable contributors, supported by resilient global growth, a weaker U.S. dollar, and increased geopolitical uncertainty that boosted demand for real‑asset exposures. Gold, in particular, delivered exceptionally strong results.</p> <p style="font: normal 10pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 49.09px; align-content: center; box-sizing: border-box; color: #4F4F4F; text-indent: 0; display: block">On the other hand, long‑term U.S. Treasuries and long‑term TIPS produced modestly positive but comparatively muted returns. Yields remained volatile during the year as markets digested shifting expectations for interest‑rate policy and inflation. While rates stabilized later in the year, earlier periods of adjustment tempered the overall contribution from rate‑sensitive assets.</p> <p style="font: normal 10pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 32.72px; align-content: center; box-sizing: border-box; color: #4F4F4F; text-indent: 0; display: block">The combination of strong performance from real assets and equities, partially offset by softer results from U.S. Treasuries and TIPS, ultimately produced a solid outcome for the Fund in 2025.</p> <p id="xdx_803_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000233167Member_ztyUkPa97Nic" 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_987_eus-gaap--AssetsNet_iE_pn3n3_c20250101__20251231__oef--ClassAxis__custom--C000233167Member_zaSwtlJRZ6M4" 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">$63,625</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_982_eoef--HoldingsCount_iI_uHoldings_c20251231__oef--ClassAxis__custom--C000233167Member_z3Yn8ExvhSNa" 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">105</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--C000233167Member_zL4qOvdTPymc" 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">$390,611</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_98F_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250101__20251231__oef--ClassAxis__custom--C000233167Member_zxHa7wX8POr2" 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">24%</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> 63625000 105 390611 0.24 <div id="xdx_80A_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000233167Member_zOCmwDCKBIbg" 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: -16pt">What did the Fund invest in?</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> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: bold 13pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 12pt 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">Sector/Security Type Breakdown</p> <p style="font: normal 10pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0pt 0; 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">(% 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">sector</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">U.S. Treasury Securities</div></td> <td style="box-sizing: border-box"> <div id="xdx_988_eoef--PctOfNav_iI_c20251231__oef--ClassAxis__custom--C000233167Member__us-gaap--InvestmentTypeAxis__us-gaap--USTreasurySecuritiesMember_zEB648SOwqT7" style="box-sizing: border-box; text-align-last: auto">0.481</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">Exchange Traded Funds</div></td> <td style="box-sizing: border-box"> <div id="xdx_98A_eoef--PctOfNav_iI_c20251231__oef--ClassAxis__custom--C000233167Member__us-gaap--InvestmentTypeAxis__us-gaap--ExchangeTradedFundsMember_zJSEnAW1kJGg" style="box-sizing: border-box; text-align-last: auto">0.254</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">Materials </div></td> <td style="box-sizing: border-box"> <div id="xdx_982_eoef--PctOfNav_iI_c20251231__oef--ClassAxis__custom--C000233167Member__oef--IndustrySectorAxis__oef--MaterialsSectorMember_znng8muoLZ4f" style="box-sizing: border-box; text-align-last: auto">0.101</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">Oil &amp; Gas </div></td> <td style="box-sizing: border-box"> <div id="xdx_980_eoef--PctOfNav_iI_c20251231__oef--ClassAxis__custom--C000233167Member__oef--IndustrySectorAxis__custom--OilAndGasSectorMember_zAdGAi3B05Ej" style="box-sizing: border-box; text-align-last: auto">0.075</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">Industrial Products </div></td> <td style="box-sizing: border-box"> <div id="xdx_988_eoef--PctOfNav_iI_c20251231__oef--ClassAxis__custom--C000233167Member__oef--IndustrySectorAxis__oef--IndustrialSectorMember_z4tJsNC0pkza" style="box-sizing: border-box; text-align-last: auto">0.027</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">Renewable Energy</div></td> <td style="box-sizing: border-box"> <div id="xdx_98B_eoef--PctOfNav_iI_c20251231__oef--ClassAxis__custom--C000233167Member__oef--IndustrySectorAxis__custom--RenewableEnergySectorMember_z37BSSWbf3aa" style="box-sizing: border-box; text-align-last: auto">0.011</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">Utilities </div></td> <td style="box-sizing: border-box"> <div id="xdx_981_eoef--PctOfNav_iI_c20251231__oef--ClassAxis__custom--C000233167Member__oef--IndustrySectorAxis__oef--UtilitiesSectorMember_ziv97zmYBXU1" style="box-sizing: border-box; text-align-last: auto">0.003</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">Consumer Discretionary Products </div></td> <td style="box-sizing: border-box"> <div id="xdx_989_eoef--PctOfNav_iI_c20251231__oef--ClassAxis__custom--C000233167Member__oef--IndustrySectorAxis__oef--ConsumerDiscretionarySectorMember_zzeYMVONILyg" style="box-sizing: border-box; text-align-last: auto">0.001</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">Consumer Staple Products </div></td> <td style="box-sizing: border-box"> <div id="xdx_98D_eoef--PctOfNav_iI_c20251231__oef--ClassAxis__custom--C000233167Member__oef--IndustrySectorAxis__oef--ConsumerStaplesSectorMember_zRVhApfFGgOg" style="box-sizing: border-box; text-align-last: auto">0.001</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 &amp; Other*</div></td> <td style="box-sizing: border-box"> <div id="xdx_98E_eoef--PctOfNav_iI_c20251231__oef--ClassAxis__custom--C000233167Member__oef--IndustrySectorAxis__custom--CashAndOtherSectorMember_fKg_____zzH43I5iLvr8" style="box-sizing: border-box; text-align-last: auto">0.046</div></td></tr> </table></div></div><img alt="bar" src="qes403b9h1mlthl83o.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"> <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_F04_zmSxJAEofpq6" style="width: 35pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F17_zexG5J1TV0h6" style="text-align: justify">Includes Futures Contracts</td> </tr></table> </div></div> <p style="font: normal 10pt/normal Gotham Narrow-Light,Arial,Arial; margin: -6pt 0 0pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4F4F4F; text-indent: 0"> </p></div> 0.481 0.254 0.101 0.075 0.027 0.011 0.003 0.001 0.001 0.046 <div id="xdx_806_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000233167Member_zaZRMSdqlC6k" 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 Ten 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 total 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">SPDR Gold MiniShares Trust</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--C000233167Member__oef--LargestHoldingAxis__custom--SPDRGoldMiniSharesTrustMember_zk1qIaUULowf" 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">14.6</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">U.S. Treasury Inflation Indexed</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">Bonds 1.38%, 02/15/2044</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--C000233167Member__oef--LargestHoldingAxis__custom--USTreasuryInflationIndexedBonds13802152044Member_zWABcHuTnVfi" 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">5.0</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">Vanguard FTSE Emerging</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">Markets ETF</span></div></td> <td style="border-bottom: black 1pt solid; box-sizing: border-box"> <div id="xdx_985_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000233167Member__oef--LargestHoldingAxis__custom--VanguardFTSEEmergingMarketsETFMember_zikF3qNP7H3j" 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">5.0</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">U.S. Treasury Inflation Indexed</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">Bonds 1.00%, 02/15/2046</span></div></td> <td style="border-bottom: black 1pt solid; box-sizing: border-box"> <div id="xdx_988_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000233167Member__oef--LargestHoldingAxis__custom--USTreasuryInflationIndexedBonds10002152046Member_zjyPZTsjE8gi" 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">4.5</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">U.S. Treasury Inflation Indexed</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">Bonds 0.75%, 02/15/2042</span></div></td> <td style="border-bottom: black 1pt solid; box-sizing: border-box"> <div id="xdx_988_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000233167Member__oef--LargestHoldingAxis__custom--USTreasuryInflationIndexedBonds07502152042Member_zwS3YfH3uq53" 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">4.4</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">U.S. Treasury Inflation Indexed</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">Bonds 0.75%, 02/15/2045</span></div></td> <td style="border-bottom: black 1pt solid; box-sizing: border-box"> <div id="xdx_98A_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000233167Member__oef--LargestHoldingAxis__custom--USTreasuryInflationIndexedBonds07502152045Member_zxUP0fv17fek" 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">4.3</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">U.S. Treasury Inflation Indexed</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">Bonds 0.63%, 02/15/2043</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--C000233167Member__oef--LargestHoldingAxis__custom--USTreasuryInflationIndexedBonds06302152043Member_zWONhVM6hQd" 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">4.2</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">U.S. Treasury Inflation Indexed</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">Bonds 0.88%, 02/15/2047</span></div></td> <td style="border-bottom: black 1pt solid; box-sizing: border-box"> <div id="xdx_988_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000233167Member__oef--LargestHoldingAxis__custom--USTreasuryInflationIndexedBonds08802152047Member_zUBDnaxJUBDd" 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">3.9</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">U.S. Treasury Inflation Indexed</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">Bonds 1.00%, 02/15/2048</span></div></td> <td style="border-bottom: black 1pt solid; box-sizing: border-box"> <div id="xdx_987_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000233167Member__oef--LargestHoldingAxis__custom--USTreasuryInflationIndexedBonds10002152048Member_z5f1XbbvKoPg" 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">3.7</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">U.S. Treasury Inflation Indexed</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">Bonds 2.13%, 02/15/2041</span></div></td> <td style="border-bottom: black 1pt solid; box-sizing: border-box"> <div id="xdx_987_eoef--PctOfNav_iI_dp_c20251231__oef--ClassAxis__custom--C000233167Member__oef--LargestHoldingAxis__custom--USTreasuryInflationIndexedBonds21302152041Member_zX1YAth62iVf" 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">3.3</span></div></td></tr> </table></div> 0.146 0.050 0.050 0.045 0.044 0.043 0.042 0.039 0.037 0.033 This is a summary of certain changes to the Fund. For more complete information, you may review the Fund's prospectus. <p id="xdx_80B_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000233167Member_zfY1DNgw4hk3" 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">How has the Fund Changed?</p> <div style="font: normal 10pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; 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 10pt/10pt Gotham Narrow-Light,Arial,Arial; margin: 0pt 0 8pt; text-align-last: auto; min-height: 26.67px; align-content: center; box-sizing: border-box; color: #4F4F4F; text-indent: 0; display: block"><span style="box-sizing: border-box; font-size: 9pt">Effective <span id="xdx_90B_eoef--MaterialChngDate_c20250101__20251231__oef--ClassAxis__custom--C000233167Member_z9x6rlF28UQ6">August 1, 2025</span>, U.S. Bancorp Fund Services, LLC, doing business as Global Fund Services, no longer serves as the Sub-Administrator for each series of Tidal Trust I, including the Fund.</span></p></div></div> 2025-08-01 Includes Futures Contracts Includes Futures Contracts