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def:C000244588Member def:SAndP500IndexExpiration12182026ExercisePrice60000Member 2026-02-28 0001924868 def:C000244588Member def:FirstAmericanGovernmentObligationsFundClassX360PercentageMember 2026-02-28 0001924868 def:C000244588Member def:SAndP500IndexExpiration03022026ExercisePrice687888Member 2026-02-28 0001924868 def:C000244588Member def:SAndP500IndexExpiration03022026ExercisePrice689608Member 2026-02-28 iso4217:USD pure def:Holdings false N-1A 0001924868 N-CSRS Tidal Trust II 2026-02-28 Semi-annual shareholder report Defiance AI & Power Infrastructure ETF AIPO NASDAQ This <span id="xdx_90C_eoef--ShareholderReportAnnualOrSemiAnnual_c20250901__20260228__oef--ClassAxis__custom--C000257147Member_zRYiXgu7whVd">semi-annual shareholder report</span> contains important information about the Defiance AI &amp; Power Infrastructure ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. semi-annual shareholder report You can find additional information about the Fund at <span id="xdx_903_eoef--AddlInfoWebsite_c20250901__20260228__oef--ClassAxis__custom--C000257147Member_zn4Kd8OvPVwk">www.defianceetfs.com/aipo</span>. You can also request this information by contacting us at <span id="xdx_90B_eoef--AddlInfoPhoneNumber_c20250901__20260228__oef--ClassAxis__custom--C000257147Member_zciR7Uv1Uw2h">(833) 333-9383</span> or by writing to the Defiance AI &amp; Power Infrastructure ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201‑0701. www.defianceetfs.com/aipo (833) 333-9383 <p id="xdx_803_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000257147Member_dU_zNsxDEmNcp4c" style="font: bold 11pt/11pt Gotham Narrow-Bold,Arial,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 29.34px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What were the Fund costs for the past six months?<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial,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: 0"> <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; 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; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Class 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; 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; 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 $10,000 investment</span></div></th></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_901_eoef--ClassName_c20250901__20260228__oef--ClassAxis__custom--C000257147Member_zzHCYRvbn4Hb">Defiance AI &amp; Power Infrastructure ETF</span></span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$<span id="xdx_90E_eoef--ExpensesPaidAmt_c20250901__20260228__oef--ClassAxis__custom--C000257147Member_zK4mfgtlkmn5">48</span></span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div 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"><span id="xdx_90B_eoef--ExpenseRatioPct_pid_dp_uRatio_c20250901__20260228__oef--ClassAxis__custom--C000257147Member_fKg_____zEDh7q4VKo3h">0.69</span>%*</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-align: left; text-indent: 0"> <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 style="width: 15pt; text-align: right"><b id="xdx_F0D_zpwlKWQtAfld">*</b></td><td style="width: 5pt"></td><td style="text-align: justify"><b id="xdx_F10_zXGavsosJkcg">Costs paid as a percentage of a $10,000 investment is an annualized figure.</b></td> </tr></table> </div> <p style="font: 16px/normal Times New Roman,Times,serif; text-align-last: auto; display: block; color: #000; min-height: 18px; align-content: center; box-sizing: border-box"> </p> Defiance AI & Power Infrastructure ETF 48 0.0069 <p id="xdx_806_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000257147Member_dU_ziWSqNYEDCz6" style="font: bold 13pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: normal 10pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt">February 28, 2026</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: 0"> <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; height: auto"> <td style="border-bottom: #4f4f4f 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: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_982_eus-gaap--AssetsNet_iE_pn3n3_c20250901__20260228__oef--ClassAxis__custom--C000257147Member_zCQpPv3lSLT9" 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">$234,308</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 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: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_988_eoef--HoldingsCount_iE_uHoldings_c20250901__20260228__oef--ClassAxis__custom--C000257147Member_zoXwdPob1jG4" 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">58</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 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: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_984_eoef--AdvisoryFeesPaidAmt_c20250901__20260228__oef--ClassAxis__custom--C000257147Member_zCsN1UTEs9Td" 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">$347,015</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 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</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div 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"><span id="xdx_90D_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20250901__20260228__oef--ClassAxis__custom--C000257147Member_zAQyewDXAESg">11</span>%</span></div></td></tr> </table></div></div></div> 234308000 58 347015 0.11 <p id="xdx_809_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000257147Member_dU_zHtSyaGm8uj4" style="font: bold 13pt/13pt Gotham Narrow-Bold,Arial,Arial; margin: 9pt 0 0; text-align-last: auto; display: block; min-height: 17.32px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Sectors - Investments</p> <p style="font: normal 10pt/9pt Gotham Narrow-Light,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 12px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; 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">(% of Total Net Assets)</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: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <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">Industrial</div></td> <td style="box-sizing: border-box"> <div id="xdx_987_eoef--PctOfNav_iI_pid_uRatio_c20260228__oef--ClassAxis__custom--C000257147Member__oef--IndustrySectorAxis__oef--IndustrialSectorMember_zkkhUb9jhML9" style="box-sizing: border-box; text-align-last: auto">48.3%</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_983_eoef--PctOfNav_iI_pid_uRatio_c20260228__oef--ClassAxis__custom--C000257147Member__oef--IndustrySectorAxis__oef--UtilitiesSectorMember_zfR5Bo79olHi" style="box-sizing: border-box; text-align-last: auto">15.2%</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">Technology</div></td> <td style="box-sizing: border-box"> <div id="xdx_983_eoef--PctOfNav_iI_pid_uRatio_c20260228__oef--ClassAxis__custom--C000257147Member__oef--IndustrySectorAxis__us-gaap--TechnologySectorMember_zZlN4ov997bf" style="box-sizing: border-box; text-align-last: auto">13.8%</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, Non-cyclical</div></td> <td style="box-sizing: border-box"> <div id="xdx_98E_eoef--PctOfNav_iI_pid_uRatio_c20260228__oef--ClassAxis__custom--C000257147Member__oef--IndustrySectorAxis__custom--ConsumerNoncyclicalSectorMember_zWMSz7IAZxG" style="box-sizing: border-box; text-align-last: auto">8.8%</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">Basic Materials</div></td> <td style="box-sizing: border-box"> <div id="xdx_985_eoef--PctOfNav_iI_pid_uRatio_c20260228__oef--ClassAxis__custom--C000257147Member__oef--IndustrySectorAxis__custom--BasicMaterialsSectorMember_zpi1nGSDIc71" style="box-sizing: border-box; text-align-last: auto">8.6%</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">Financial</div></td> <td style="box-sizing: border-box"> <div id="xdx_989_eoef--PctOfNav_iI_pid_uRatio_c20260228__oef--ClassAxis__custom--C000257147Member__oef--IndustrySectorAxis__custom--FinancialSectorMember_z2o4j1hMLbTb" style="box-sizing: border-box; text-align-last: auto">3.3%</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">Energy</div></td> <td style="box-sizing: border-box"> <div id="xdx_98D_eoef--PctOfNav_iI_pid_uRatio_c20260228__oef--ClassAxis__custom--C000257147Member__oef--IndustrySectorAxis__us-gaap--EnergySectorMember_zBC6bwA6k6M4" style="box-sizing: border-box; text-align-last: auto">1.4%</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">Communications</div></td> <td style="box-sizing: border-box"> <div id="xdx_985_eoef--PctOfNav_iI_pid_uRatio_c20260228__oef--ClassAxis__custom--C000257147Member__oef--IndustrySectorAxis__oef--CommunicationsSectorMember_z5ctQwjGflG4" style="box-sizing: border-box; text-align-last: auto">0.5%</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 Equivalents</div></td> <td style="box-sizing: border-box"> <div id="xdx_988_eoef--PctOfNav_iI_pid_uRatio_c20260228__oef--ClassAxis__custom--C000257147Member__oef--IndustrySectorAxis__us-gaap--CashEquivalentsMember_zswQhA10oJV6" style="box-sizing: border-box; text-align-last: auto">0.1%</div></td></tr> </table></div></div><img alt="bar" src="qes1lw51mo0hwvqs.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-align: left; text-indent: 0"> <p style="font: normal 8pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 4pt; text-align-last: auto; min-height: 26px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">Percentages are based on total net assets. Cash Equivalents represents short-term investments and liabilities in excess of other assets.</p></div> 0.483 0.152 0.138 0.088 0.086 0.033 0.014 0.005 0.001 <div id="xdx_80D_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000257147Member_dU_zfNX0H766fce" style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: bold 18pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">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: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt">February 28, 2026</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"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <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; 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; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Top Holdings</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: bold 13pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">(% of Net Assets)</span></div></th></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 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">Quanta Services, Inc.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_985_eoef--PctOfNav_iI_pid_dp_uRatio_c20260228__oef--ClassAxis__custom--C000257147Member__oef--LargestHoldingAxis__custom--QuantaServicesIncMember_zBvWzADJQLK1" 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">8.8</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 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">GE Vernova, Inc.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260228__oef--ClassAxis__custom--C000257147Member__oef--LargestHoldingAxis__custom--GEVernovaIncMember_z2qkEQEjwnL2" 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">8.8</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 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">Vertiv Holdings Co. - Class A</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_980_eoef--PctOfNav_iI_pid_dp_uRatio_c20260228__oef--ClassAxis__custom--C000257147Member__oef--LargestHoldingAxis__custom--VertivHoldingsCoClassAMember_zuxtOT9vfadh" 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">8.4</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 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">Eaton Corp. PLC</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98B_eoef--PctOfNav_iI_pid_dp_uRatio_c20260228__oef--ClassAxis__custom--C000257147Member__oef--LargestHoldingAxis__custom--EatonCorpPLCMember_z4UfrSTuZVI" 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">7.7</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 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">Cameco Corp.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_988_eoef--PctOfNav_iI_pid_dp_uRatio_c20260228__oef--ClassAxis__custom--C000257147Member__oef--LargestHoldingAxis__custom--CamecoCorpMember_zpaRqE5P4Yg6" 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">5.6</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">NVIDIA Corp.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_987_eoef--PctOfNav_iI_pid_dp_uRatio_c20260228__oef--ClassAxis__custom--C000257147Member__oef--LargestHoldingAxis__custom--NVIDIACorporationMember_z9iI9ytPtCy8" 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">3.5</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 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">Bloom Energy Corp. - Class A</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_980_eoef--PctOfNav_iI_pid_dp_uRatio_c20260228__oef--ClassAxis__custom--C000257147Member__oef--LargestHoldingAxis__custom--BloomEnergyCorpClassAMember_z1onokDTLj8d" 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">3.4</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 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">Constellation Energy Corp.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260228__oef--ClassAxis__custom--C000257147Member__oef--LargestHoldingAxis__custom--ConstellationEnergyCorpMember_z47esTH274z" 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">3.1</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 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">Broadcom, Inc.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_986_eoef--PctOfNav_iI_pid_dp_uRatio_c20260228__oef--ClassAxis__custom--C000257147Member__oef--LargestHoldingAxis__custom--BroadcomIncMember_zt1aqOJmmdFe" 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">2.8</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 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">Hubbell, Inc.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260228__oef--ClassAxis__custom--C000257147Member__oef--LargestHoldingAxis__custom--HubbellIncMember_z4lXitOGiCPa" 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">2.6</span></div></td></tr> </table></div></div></div></div> 0.088 0.088 0.084 0.077 0.056 0.035 0.034 0.031 0.028 0.026 Defiance Gold Enhanced Options Income ETF GLDY NASDAQ This <span id="xdx_909_eoef--ShareholderReportAnnualOrSemiAnnual_c20250901__20260228__oef--ClassAxis__custom--C000249316Member_zKZogvFqJIt3">semi-annual shareholder report</span> contains important information about the Defiance Gold Enhanced Options Income ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. semi-annual shareholder report You can find additional information about the Fund at <span id="xdx_90D_eoef--AddlInfoWebsite_c20250901__20260228__oef--ClassAxis__custom--C000249316Member_zfxC7I70naFa">www.defianceetfs.com/gldy</span>. You can also request this information by contacting us at <span id="xdx_906_eoef--AddlInfoPhoneNumber_c20250901__20260228__oef--ClassAxis__custom--C000249316Member_zYiFRhDMZsej">(833) 333-9383</span> or by writing to the Defiance Gold Enhanced Options Income ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201‑0701. www.defianceetfs.com/gldy (833) 333-9383 <p id="xdx_803_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000249316Member_dU_zIrAEmHim965" style="font: bold 11pt/11pt Gotham Narrow-Bold,Arial,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 29.34px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What were the Fund costs for the past six months?<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial,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: 0"> <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; 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; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Class 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; 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; 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 $10,000 investment</span></div></th></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_908_eoef--ClassName_c20250901__20260228__oef--ClassAxis__custom--C000249316Member_z0woyCJnNHh">Defiance Gold Enhanced Options Income ETF</span></span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$<span id="xdx_90F_eoef--ExpensesPaidAmt_c20250901__20260228__oef--ClassAxis__custom--C000249316Member_z80dSmI8cnB9">101</span></span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div 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"><span id="xdx_900_eoef--ExpenseRatioPct_pid_dp_uRatio_c20250901__20260228__oef--ClassAxis__custom--C000249316Member_fKg_____zSxdPAvSz003">0.99</span>%*</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-align: left; text-indent: 0"> <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_F05_zr9m16EQ0apf" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F19_zJ9tqBo7vjmh" style="text-align: justify">Costs paid as a percentage of a $10,000 investment is an annualized figure.</td> </tr></table> </div> <p style="font: 16px/normal Times New Roman,Times,serif; text-align-last: auto; display: block; color: #000; min-height: 18px; align-content: center; box-sizing: border-box"> </p> Defiance Gold Enhanced Options Income ETF 101 0.0099 <p id="xdx_806_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000249316Member_dU_zioElRuNY2b3" style="font: bold 13pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: normal 10pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt">February 28, 2026</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: 0"> <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; height: auto"> <td style="border-bottom: #4f4f4f 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: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_983_eus-gaap--AssetsNet_iE_pn3n3_c20250901__20260228__oef--ClassAxis__custom--C000249316Member_zuXyD6HQ0MYa" 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">$40,129</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 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: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_982_eoef--HoldingsCount_iE_uHoldings_c20250901__20260228__oef--ClassAxis__custom--C000249316Member_zEBgFKAycFZ2" 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</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 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: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98E_eoef--AdvisoryFeesPaidAmt_c20250901__20260228__oef--ClassAxis__custom--C000249316Member_z2TzRQAetHz4" 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">$147,936</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 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</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div 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"><span id="xdx_909_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20250901__20260228__oef--ClassAxis__custom--C000249316Member_zAQWXa9mcGK6">0</span>%</span></div></td></tr> </table></div></div></div> 40129000 10 147936 0 <p id="xdx_809_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000249316Member_dU_zS5a20laVMqk" style="font: bold 13pt/13pt Gotham Narrow-Bold,Arial,Arial; margin: 9pt 0 0; text-align-last: auto; display: block; min-height: 34.65px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments &amp; Other Financial Instruments</p> <p style="font: normal 10pt/9pt Gotham Narrow-Light,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 12px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; 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">(% of Total Net Assets)</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: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <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 Bills</div></td> <td style="box-sizing: border-box"> <div id="xdx_985_eoef--PctOfNav_iI_pid_uRatio_c20260228__oef--ClassAxis__custom--C000249316Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryBillsMember_zKiUD0gDXFWk" style="box-sizing: border-box; text-align-last: auto">59.8%</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 Equivalents</div></td> <td style="box-sizing: border-box"> <div id="xdx_98C_eoef--PctOfNav_iI_pid_uRatio_c20260228__oef--ClassAxis__custom--C000249316Member__us-gaap--InvestmentTypeAxis__us-gaap--CashEquivalentsMember_zft2pCLrOhh6" style="box-sizing: border-box; text-align-last: auto">40.2%</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">Written Options</div></td> <td style="box-sizing: border-box"> <div id="xdx_98B_eoef--PctOfNav_iI_pid_uRatio_c20260228__oef--ClassAxis__custom--C000249316Member__us-gaap--InvestmentTypeAxis__custom--WrittenOptionsMember_zIln8ZbUVzZg" style="box-sizing: border-box; text-align-last: auto">-1.5%</div></td></tr> </table></div></div><img alt="bar" src="qes1lw51mo0il31w.jpg" style="box-sizing: border-box; width: 100%; height: auto"/></div> <p style="font: normal 8pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 26px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages are stated as a percent of net assets. Cash Equivalents represents short-term investments and other assets in excess of liabilities.</p> 0.598 0.402 -0.015 <div id="xdx_805_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000249316Member_dU_zsqT5BqRXGN1" style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: bold 18pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">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: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt">February 28, 2026</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"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <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; 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; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Top Holdings</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: bold 13pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">(% of Net Assets)</span></div></th></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">United States Treasury Bills</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98B_eoef--PctOfNav_iI_pid_dp_uRatio_c20260228__oef--ClassAxis__custom--C000249316Member__oef--LargestHoldingAxis__custom--UnitedStatesTreasuryBillsMember_zleJRGoIDk7d" 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">59.8</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">First American Government Obligations Fund - Class X, 3.60%</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98D_eoef--PctOfNav_iI_pid_dp_uRatio_c20260228__oef--ClassAxis__custom--C000249316Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX3Point60PercentMember_zzotViW3sxT3" 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">26.3</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 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 Shares, Expiration: 03/02/2026; Exercise Price: $4879.00</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_983_eoef--PctOfNav_iI_pid_dp_uRatio_c20260228__oef--ClassAxis__custom--C000249316Member__oef--LargestHoldingAxis__custom--SpdrGoldSharesExpiration03022026ExercisePrice4879Member_zig2W6dBawv9" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.6</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 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 Shares, Expiration: 03/02/2026; Exercise Price: $488.00</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_986_eoef--PctOfNav_iI_pid_dp_uRatio_c20260228__oef--ClassAxis__custom--C000249316Member__oef--LargestHoldingAxis__custom--SpdrGoldSharesExpiration03022026ExercisePrice488Member_zKvbFew3guq9" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.5</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 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 Shares, Expiration: 03/02/2026; Exercise Price: $487.00</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98D_eoef--PctOfNav_iI_pid_dp_uRatio_c20260228__oef--ClassAxis__custom--C000249316Member__oef--LargestHoldingAxis__custom--SpdrGoldSharesExpiration03022026ExercisePrice487Member_zxq6ZmKvRSUi" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.4</span></div></td></tr> </table></div></div></div></div> 0.598 0.263 -0.006 -0.005 -0.004 Defiance Large Cap ex-Mag 7 ETF XMAG NASDAQ This <span id="xdx_90C_eoef--ShareholderReportAnnualOrSemiAnnual_c20250901__20260228__oef--ClassAxis__custom--C000254517Member_zUzwsnbiakm5">semi-annual shareholder report</span> contains important information about the Defiance Large Cap ex-Mag 7 ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. semi-annual shareholder report You can find additional information about the Fund at <span id="xdx_903_eoef--AddlInfoWebsite_c20250901__20260228__oef--ClassAxis__custom--C000254517Member_zuTsiU6iW1Z1">www.defianceetfs.com/xmag</span>. You can also request this information by contacting us at <span id="xdx_90B_eoef--AddlInfoPhoneNumber_c20250901__20260228__oef--ClassAxis__custom--C000254517Member_zUV5ESWX8NZ7">(833) 333-9383</span> or by writing to the Defiance Large Cap ex-Mag 7 ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201‑0701. www.defianceetfs.com/xmag (833) 333-9383 <p id="xdx_803_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000254517Member_dU_zA0CPuzA6QCf" style="font: bold 11pt/11pt Gotham Narrow-Bold,Arial,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 29.34px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What were the Fund costs for the past six months?<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial,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: 0"> <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; 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; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Class 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; 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; 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 $10,000 investment</span></div></th></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_901_eoef--ClassName_c20250901__20260228__oef--ClassAxis__custom--C000254517Member_zmapd6kPbNnc">Defiance Large Cap Ex-mag 7 ETF</span></span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$<span id="xdx_90E_eoef--ExpensesPaidAmt_c20250901__20260228__oef--ClassAxis__custom--C000254517Member_zhSiXrskop9h">50</span></span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div 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"><span id="xdx_90B_eoef--ExpenseRatioPct_pid_dp_uRatio_c20250901__20260228__oef--ClassAxis__custom--C000254517Member_fKg_____zhJcr6YuqWGd">0.35</span>%*</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-align: left; text-indent: 0"> <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_F0D_zMGew6VVDwy3" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F1C_zlqHl9bl0h72" style="text-align: justify">Costs paid as a percentage of a $10,000 investment is an annualized figure.</td> </tr></table> </div> <p style="font: 16px/normal Times New Roman,Times,serif; text-align-last: auto; display: block; color: #000; min-height: 18px; align-content: center; box-sizing: border-box"> </p> Defiance Large Cap Ex-mag 7 ETF 50 0.0035 <p id="xdx_806_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000254517Member_dU_zKN3Jkk6gYYb" style="font: bold 13pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: normal 10pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt">February 28, 2026</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: 0"> <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; height: auto"> <td style="border-bottom: #4f4f4f 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: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_982_eus-gaap--AssetsNet_iE_pn3n3_c20250901__20260228__oef--ClassAxis__custom--C000254517Member_zsVr720S3akk" 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">$141,947</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 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: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_988_eoef--HoldingsCount_iE_uHoldings_c20250901__20260228__oef--ClassAxis__custom--C000254517Member_zrEA3BiP61gd" 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">492</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 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: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_984_eoef--AdvisoryFeesPaidAmt_c20250901__20260228__oef--ClassAxis__custom--C000254517Member_zYbUonNF95W2" 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">$136,831</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 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</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div 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"><span id="xdx_90D_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20250901__20260228__oef--ClassAxis__custom--C000254517Member_zggwLdyc0Mnh">1</span>%</span></div></td></tr> </table></div></div></div> 141947000 492 136831 0.01 <p id="xdx_809_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000254517Member_dU_zuwOpasPsyId" style="font: bold 13pt/13pt Gotham Narrow-Bold,Arial,Arial; margin: 9pt 0 0; text-align-last: auto; display: block; min-height: 17.32px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Sector - Investments</p> <p style="font: normal 10pt/9pt Gotham Narrow-Light,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 12px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; 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">(% of Total Net Assets)</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: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <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">Consumer, Non-cyclical</div></td> <td style="box-sizing: border-box"> <div id="xdx_98E_eoef--PctOfNav_iI_pid_uRatio_c20260228__oef--ClassAxis__custom--C000254517Member__oef--IndustrySectorAxis__custom--ConsumerNoncyclicalSectorMember_zX16wecWOVo7" style="box-sizing: border-box; text-align-last: auto">21.3%</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">Financial</div></td> <td style="box-sizing: border-box"> <div id="xdx_989_eoef--PctOfNav_iI_pid_uRatio_c20260228__oef--ClassAxis__custom--C000254517Member__oef--IndustrySectorAxis__custom--FinancialSectorMember_zdvgxViDjJ94" style="box-sizing: border-box; text-align-last: auto">19.4%</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">Technology</div></td> <td style="box-sizing: border-box"> <div id="xdx_983_eoef--PctOfNav_iI_pid_uRatio_c20260228__oef--ClassAxis__custom--C000254517Member__oef--IndustrySectorAxis__us-gaap--TechnologySectorMember_zVqEy5jM7Lwi" style="box-sizing: border-box; text-align-last: auto">17.6%</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</div></td> <td style="box-sizing: border-box"> <div id="xdx_987_eoef--PctOfNav_iI_pid_uRatio_c20260228__oef--ClassAxis__custom--C000254517Member__oef--IndustrySectorAxis__oef--IndustrialSectorMember_zQNyYu5r5Erj" style="box-sizing: border-box; text-align-last: auto">12.6%</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, Cyclical</div></td> <td style="box-sizing: border-box"> <div id="xdx_98A_eoef--PctOfNav_iI_pid_uRatio_c20260228__oef--ClassAxis__custom--C000254517Member__oef--IndustrySectorAxis__custom--ConsumerCyclicalSectorMember_zj3oHN5CD3I9" style="box-sizing: border-box; text-align-last: auto">9.3%</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">Communications</div></td> <td style="box-sizing: border-box"> <div id="xdx_985_eoef--PctOfNav_iI_pid_uRatio_c20260228__oef--ClassAxis__custom--C000254517Member__oef--IndustrySectorAxis__oef--CommunicationsSectorMember_zMavdJ3znLf5" style="box-sizing: border-box; text-align-last: auto">7.5%</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">Energy</div></td> <td style="box-sizing: border-box"> <div id="xdx_982_eoef--PctOfNav_iI_pid_uRatio_c20260228__oef--ClassAxis__custom--C000254517Member__oef--IndustrySectorAxis__us-gaap--EnergySectorMember_zb9dlt87t6e" style="box-sizing: border-box; text-align-last: auto">5.3%</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_98A_eoef--PctOfNav_iI_pid_uRatio_c20260228__oef--ClassAxis__custom--C000254517Member__oef--IndustrySectorAxis__oef--UtilitiesSectorMember_zrrnlzhQnRtb" style="box-sizing: border-box; text-align-last: auto">3.5%</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">Basic Materials</div></td> <td style="box-sizing: border-box"> <div id="xdx_980_eoef--PctOfNav_iI_pid_uRatio_c20260228__oef--ClassAxis__custom--C000254517Member__oef--IndustrySectorAxis__custom--BasicMaterialsSectorMember_zJAkJCHRR3Ph" style="box-sizing: border-box; text-align-last: auto">2.5%</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 Equivalents</div></td> <td style="box-sizing: border-box"> <div id="xdx_988_eoef--PctOfNav_iI_pid_uRatio_c20260228__oef--ClassAxis__custom--C000254517Member__oef--IndustrySectorAxis__us-gaap--CashEquivalentsMember_z9vHZHQyTh5c" style="box-sizing: border-box; text-align-last: auto">1.0%</div></td></tr> </table></div></div><img alt="bar" src="qes18e3up1mnqcmmkf.jpg" style="box-sizing: border-box; width: 100%; height: auto"/></div> <p style="font: normal 8pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 26px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages are stated as a percent of net assets. Cash Equivalents represents short-term investments and other assets in excess of liabilities.</p> 0.213 0.194 0.176 0.126 0.093 0.075 0.053 0.035 0.025 0.010 <div id="xdx_80D_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000254517Member_dU_z0YpnQuZ0lIb" style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: bold 18pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">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: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt">February 28, 2026</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"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <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; 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; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Top Holdings</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: bold 13pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">(% of Net Assets)</span></div></th></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 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">Broadcom, Inc.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_986_eoef--PctOfNav_iI_pid_dp_uRatio_c20260228__oef--ClassAxis__custom--C000254517Member__oef--LargestHoldingAxis__custom--BroadcomIncMember_z1uGWKAs542d" 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: #4f4f4f 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">Eli Lilly &amp; Co.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260228__oef--ClassAxis__custom--C000254517Member__oef--LargestHoldingAxis__custom--EliLillyAndCoMember_zxBDRn7EU5b" 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">2.2</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 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">JPMorgan Chase &amp; Co.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260228__oef--ClassAxis__custom--C000254517Member__oef--LargestHoldingAxis__custom--JPMorganChaseAndCoMember_zcbF0RSDp0c7" 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">2.0</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 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">Berkshire Hathaway, Inc. - Class B</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98F_eoef--PctOfNav_iI_pid_dp_uRatio_c20260228__oef--ClassAxis__custom--C000254517Member__oef--LargestHoldingAxis__custom--BerkshireHathawayIncClassBMember_zgA7O9ENENVf" 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">1.7</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 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">Exxon Mobil Corp.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_985_eoef--PctOfNav_iI_pid_dp_uRatio_c20260228__oef--ClassAxis__custom--C000254517Member__oef--LargestHoldingAxis__custom--ExxonMobilCorpMember_zLd9J9Bl5d5" 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">1.6</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 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">Johnson &amp; Johnson</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98A_eoef--PctOfNav_iI_pid_dp_uRatio_c20260228__oef--ClassAxis__custom--C000254517Member__oef--LargestHoldingAxis__custom--JohnsonAndJohnsonMember_zLlaPtsnAsAh" 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">1.5</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 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">Walmart, Inc.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98E_eoef--PctOfNav_iI_pid_dp_uRatio_c20260228__oef--ClassAxis__custom--C000254517Member__oef--LargestHoldingAxis__custom--WalmartIncMember_zdkvN4AoOVmc" 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">1.4</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 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">Visa, Inc. - Class A</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98B_eoef--PctOfNav_iI_pid_dp_uRatio_c20260228__oef--ClassAxis__custom--C000254517Member__oef--LargestHoldingAxis__custom--VisaIncClassAMember_zskjzjs5O9P7" 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">1.3</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 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">Micron Technology, Inc.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_985_eoef--PctOfNav_iI_pid_dp_uRatio_c20260228__oef--ClassAxis__custom--C000254517Member__oef--LargestHoldingAxis__custom--MicronTechnologyIncMember_zlOCFHygQ13j" 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">1.2</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 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">Costco Wholesale Corp.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_988_eoef--PctOfNav_iI_pid_dp_uRatio_c20260228__oef--ClassAxis__custom--C000254517Member__oef--LargestHoldingAxis__custom--CostcoWholesaleCorpMember_zso1n530Oopf" 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">1.1</span></div></td></tr> </table></div></div></div></div> 0.037 0.022 0.020 0.017 0.016 0.015 0.014 0.013 0.012 0.011 Defiance Nasdaq 100 Income Target ETF QQQT NASDAQ This <span id="xdx_90C_eoef--ShareholderReportAnnualOrSemiAnnual_c20250901__20260228__oef--ClassAxis__custom--C000248449Member_zwSSt1G7GXpc">semi-annual shareholder report</span> contains important information about the Defiance Nasdaq 100 Income Target ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. semi-annual shareholder report You can find additional information about the Fund at <span id="xdx_903_eoef--AddlInfoWebsite_c20250901__20260228__oef--ClassAxis__custom--C000248449Member_zzmknEC5Mtd5">www.defianceetfs.com/qqqt</span>. You can also request this information by contacting us at <span id="xdx_90B_eoef--AddlInfoPhoneNumber_c20250901__20260228__oef--ClassAxis__custom--C000248449Member_zob0uPmq2nij">(833) 333-9383</span> or by writing to the Defiance Nasdaq 100 Income Target ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201‑0701. www.defianceetfs.com/qqqt (833) 333-9383 <p id="xdx_803_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000248449Member_dU_zWE0GNsgY1ni" style="font: bold 11pt/11pt Gotham Narrow-Bold,Arial,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 29.34px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What were the Fund costs for the past six months?<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial,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: 0"> <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; 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; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Class 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; 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; 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 $10,000 investment</span></div></th></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_901_eoef--ClassName_c20250901__20260228__oef--ClassAxis__custom--C000248449Member_zlP2Jvews4og">Defiance Nasdaq 100 Income Target ETF</span></span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$<span id="xdx_90E_eoef--ExpensesPaidAmt_c20250901__20260228__oef--ClassAxis__custom--C000248449Member_zC1uNI1Dzjs6">44</span></span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div 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"><span id="xdx_90B_eoef--ExpenseRatioPct_pid_dp_uRatio_c20250901__20260228__oef--ClassAxis__custom--C000248449Member_fKg_____zYeethY7d2ia">0.87</span>%*</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-align: left; text-indent: 0"> <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_F0A_zXfnE0m3VlYb" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F1E_zf06kUmCaE99" style="text-align: justify">Costs paid as a percentage of a $10,000 investment is an annualized figure.</td> </tr></table> </div> <p style="font: 16px/normal Times New Roman,Times,serif; text-align-last: auto; display: block; color: #000; min-height: 18px; align-content: center; box-sizing: border-box"> </p> Defiance Nasdaq 100 Income Target ETF 44 0.0087 <p id="xdx_806_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000248449Member_dU_zCIALPCWzWS5" style="font: bold 13pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: normal 10pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt">February 28, 2026</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: 0"> <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; height: auto"> <td style="border-bottom: #4f4f4f 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: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_982_eus-gaap--AssetsNet_iE_pn3n3_c20250901__20260228__oef--ClassAxis__custom--C000248449Member_zRa285lwOjR6" 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">$36,665</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 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: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_988_eoef--HoldingsCount_iE_uHoldings_c20250901__20260228__oef--ClassAxis__custom--C000248449Member_zFnsFJurhK53" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 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: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_984_eoef--AdvisoryFeesPaidAmt_c20250901__20260228__oef--ClassAxis__custom--C000248449Member_znRl0yoqFtAk" 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">$144,924</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 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</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div 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"><span id="xdx_90D_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20250901__20260228__oef--ClassAxis__custom--C000248449Member_z3l6A9rySVcf">17</span>%</span></div></td></tr> </table></div></div></div> 36665000 4 144924 0.17 <p id="xdx_809_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000248449Member_dU_zgL5Qygy7Syj" style="font: bold 13pt/13pt Gotham Narrow-Bold,Arial,Arial; margin: 9pt 0 0; text-align-last: auto; display: block; min-height: 34.65px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments &amp; Other Financial Instruments</p> <p style="font: normal 10pt/9pt Gotham Narrow-Light,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 12px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; 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">(% of Total Net Assets)</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: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <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_980_eoef--PctOfNav_iI_pid_uRatio_c20260228__oef--ClassAxis__custom--C000248449Member__us-gaap--InvestmentTypeAxis__us-gaap--ExchangeTradedFundsMember_zwGMyZ5hEKUe" style="box-sizing: border-box; text-align-last: auto">97.9%</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 Equivalents</div></td> <td style="box-sizing: border-box"> <div id="xdx_982_eoef--PctOfNav_iI_pid_uRatio_c20260228__oef--ClassAxis__custom--C000248449Member__us-gaap--InvestmentTypeAxis__us-gaap--CashEquivalentsMember_zdgrVnvcfW3a" style="box-sizing: border-box; text-align-last: auto">1.7%</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">Purchased Options</div></td> <td style="box-sizing: border-box"> <div id="xdx_98F_eoef--PctOfNav_iI_pid_uRatio_c20260228__oef--ClassAxis__custom--C000248449Member__us-gaap--InvestmentTypeAxis__custom--PurchasedOptionsMember_zMiXsW1NNz06" style="box-sizing: border-box; text-align-last: auto">0.4%</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">Written Options</div></td> <td style="box-sizing: border-box"> <div id="xdx_98C_eoef--PctOfNav_iI_pid_uRatio_c20260228__oef--ClassAxis__custom--C000248449Member__us-gaap--InvestmentTypeAxis__custom--WrittenOptionsMember_zuVTotUjAPvl" style="box-sizing: border-box; text-align-last: auto">-0.5%</div></td></tr> </table></div></div><img alt="bar" src="qes1lw51mo0ixzs6.jpg" style="box-sizing: border-box; width: 100%; height: auto"/></div> <p style="font: normal 8pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 26px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages are stated as a percent of net assets. Cash Equivalents represents short-term investments and other assets in excess of liabilities.</p> 0.979 0.017 0.004 -0.005 <div id="xdx_80D_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000248449Member_dU_zRwytyewXLrk" style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: bold 18pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">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: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt">February 28, 2026</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"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <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; 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; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Top Holdings</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: bold 13pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">(% of Net Assets)</span></div></th></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 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">Invesco QQQ Trust Series 1</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_987_eoef--PctOfNav_iI_pid_dp_uRatio_c20260228__oef--ClassAxis__custom--C000248449Member__oef--LargestHoldingAxis__custom--InvescoQQQTrustSeries1Member_zLJb9DvFm2Mb" 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">97.9</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 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">Nasdaq 100 Index, Expiration: 03/02/2026; Exercise Price: $24,950.00</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_985_eoef--PctOfNav_iI_pid_dp_uRatio_c20260228__oef--ClassAxis__custom--C000248449Member__oef--LargestHoldingAxis__custom--Nasdaq100IndexExpiration03022026ExercisePrice2495000Member_zlq4g7Twce5h" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.5</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 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">Nasdaq 100 Index, Expiration: 03/02/2026; Exercise Price: $24,990.00</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_989_eoef--PctOfNav_iI_pid_dp_uRatio_c20260228__oef--ClassAxis__custom--C000248449Member__oef--LargestHoldingAxis__custom--Nasdaq100IndexExpiration03022026ExercisePrice2499000Member_zQKAsZ0e1AUc" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.4</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">First American Government Obligations Fund - Class X, 3.60%</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260228__oef--ClassAxis__custom--C000248449Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX360PercentageMember_zLDBWnAajK2a" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.4</span></div></td></tr> </table></div></div></div></div> 0.979 -0.005 0.004 0.004 Defiance Nasdaq 100 LightningSpread Income ETF QLDY NASDAQ This <span id="xdx_90C_eoef--ShareholderReportAnnualOrSemiAnnual_c20250901__20260228__oef--ClassAxis__custom--C000259957Member_z9asBgjyrMk1">semi-annual shareholder report</span> contains important information about the Defiance Nasdaq 100 LightningSpread Income ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. semi-annual shareholder report You can find additional information about the Fund at <span id="xdx_903_eoef--AddlInfoWebsite_c20250901__20260228__oef--ClassAxis__custom--C000259957Member_zeHUd5sdP2k9">www.defianceetfs.com/qldy</span>. You can also request this information by contacting us at <span id="xdx_90B_eoef--AddlInfoPhoneNumber_c20250901__20260228__oef--ClassAxis__custom--C000259957Member_zNzUljtWQlK4">(833) 333-9383</span> or by writing to the Defiance Nasdaq 100 LightningSpread Income ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201‑0701. www.defianceetfs.com/qldy (833) 333-9383 <p id="xdx_803_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000259957Member_dU_zwzV8KI95GB2" style="font: bold 11pt/11pt Gotham Narrow-Bold,Arial,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 29.34px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What were the Fund costs for the past six months?<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial,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: 0"> <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; 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; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Class 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; 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; 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 $10,000 investment</span></div></th></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_901_eoef--ClassName_c20250901__20260228__oef--ClassAxis__custom--C000259957Member_z3vnSDxo8IFd">Defiance Nasdaq 100 LightningSpread Income ETF</span></span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$<span id="xdx_90E_eoef--ExpensesPaidAmt_c20250901__20260228__oef--ClassAxis__custom--C000259957Member_zSK7Iuq4BhP">52</span></span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div 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"><span id="xdx_90B_eoef--ExpenseRatioPct_pid_dp_uRatio_c20250901__20260228__oef--ClassAxis__custom--C000259957Member_fKg_____zOtJf2nSMLz1">1.03</span>%*</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-align: left; text-indent: 0"> <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_F03_zvhujR5kus0g" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F11_zv7qXNXltlsa" style="text-align: justify">Costs paid as a percentage of a $10,000 investment is an annualized figure.</td> </tr></table> </div> <p style="font: 16px/normal Times New Roman,Times,serif; text-align-last: auto; display: block; color: #000; min-height: 18px; align-content: center; box-sizing: border-box"> </p> Defiance Nasdaq 100 LightningSpread Income ETF 52 0.0103 <p id="xdx_806_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000259957Member_dU_zcTJEy7ziuai" style="font: bold 13pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: normal 10pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt">February 28, 2026</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: 0"> <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; height: auto"> <td style="border-bottom: #4f4f4f 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: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_982_eus-gaap--AssetsNet_iE_pn3n3_c20250901__20260228__oef--ClassAxis__custom--C000259957Member_zTmEh7CZFxfb" 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">$30,177</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 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: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_988_eoef--HoldingsCount_iE_uHoldings_c20250901__20260228__oef--ClassAxis__custom--C000259957Member_zA6PLbPGURLa" 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">6</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 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: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_984_eoef--AdvisoryFeesPaidAmt_c20250901__20260228__oef--ClassAxis__custom--C000259957Member_zqQUlm6fwH21" 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">$106,469</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 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</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div 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"><span id="xdx_90D_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20250901__20260228__oef--ClassAxis__custom--C000259957Member_zdjBupQXSIe6">0</span>%</span></div></td></tr> </table></div></div></div> 30177000 6 106469 0 <p id="xdx_809_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000259957Member_dU_zwixgvCwTQsf" style="font: bold 13pt/13pt Gotham Narrow-Bold,Arial,Arial; margin: 9pt 0 0; text-align-last: auto; display: block; min-height: 34.65px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments &amp; Other Financial Instruments</p> <p style="font: normal 10pt/9pt Gotham Narrow-Light,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 12px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; 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">(% of Total Net Assets)</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: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <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">Purchased Options</div></td> <td style="box-sizing: border-box"> <div id="xdx_98B_eoef--PctOfNav_iI_pid_uRatio_c20260228__oef--ClassAxis__custom--C000259957Member__us-gaap--InvestmentTypeAxis__custom--PurchasedOptionsMember_zwUYl4jPCYv4" style="box-sizing: border-box; text-align-last: auto">91.8%</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 Equivalents</div></td> <td style="box-sizing: border-box"> <div id="xdx_98B_eoef--PctOfNav_iI_pid_uRatio_c20260228__oef--ClassAxis__custom--C000259957Member__us-gaap--InvestmentTypeAxis__us-gaap--CashEquivalentsMember_zZHuG69C7Yoc" style="box-sizing: border-box; text-align-last: auto">7.3%</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_pid_uRatio_c20260228__oef--ClassAxis__custom--C000259957Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryBillsMember_zIEUJ4fM8fwb" style="box-sizing: border-box; text-align-last: auto">0.9%</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">Written Options</div></td> <td style="box-sizing: border-box"> <div id="xdx_983_eoef--PctOfNav_iI_pid_uRatio_c20260228__oef--ClassAxis__custom--C000259957Member__us-gaap--InvestmentTypeAxis__custom--WrittenOptionsMember_zmrTqcNRPHv4" style="box-sizing: border-box; text-align-last: auto">-0.3%</div></td></tr> </table></div></div><img alt="bar" src="qesx0tl1mo0j8470.jpg" style="box-sizing: border-box; width: 100%; height: auto"/></div> <p style="font: normal 8pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 26px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages are stated as a percent of net assets. Cash Equivalents represents short-term investments and other assets in excess of liabilities.</p> 0.918 0.073 0.009 -0.003 <div id="xdx_80D_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000259957Member_dU_z634QGPCD2eh" style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: bold 18pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">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: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt">February 28, 2026</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"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <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; 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; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Top Holdings</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: bold 13pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">(% of Net Assets)</span></div></th></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 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">Nasdaq 100 Index, Expiration: 12/18/2026; Exercise Price: $2,001.44</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98F_eoef--PctOfNav_iI_pid_dp_uRatio_c20260228__oef--ClassAxis__custom--C000259957Member__oef--LargestHoldingAxis__custom--Nasdaq100IndexExpiration12182026ExercisePrice200144Member_zrLNBsk5XRr" 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">91.6</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">First American Government Obligations Fund - Class X, 3.60%</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_986_eoef--PctOfNav_iI_pid_dp_uRatio_c20260228__oef--ClassAxis__custom--C000259957Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX360PercentageMember_zd90vMUcSFW1" 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">5.2</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">United States Treasury Bills</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260228__oef--ClassAxis__custom--C000259957Member__oef--LargestHoldingAxis__custom--UnitedStatesTreasuryBillsMember_zKqJc9yTvSO8" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.9</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 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">Nasdaq 100 Index, Expiration: 03/02/2026; Exercise Price: $24,960.00</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_987_eoef--PctOfNav_iI_pid_dp_uRatio_c20260228__oef--ClassAxis__custom--C000259957Member__oef--LargestHoldingAxis__custom--Nasdaq100IndexExpiration03022026ExercisePrice2496000Member_zC4sR3kUIR51" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.3</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 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">Nasdaq 100 Index, Expiration: 03/02/2026; Exercise Price: $24,830.00</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260228__oef--ClassAxis__custom--C000259957Member__oef--LargestHoldingAxis__custom--Nasdaq100IndexExpiration03022026ExercisePrice2483000Member_zc0vo5NIL0Kj" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.2</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 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">Nasdaq 100 Index, Expiration: 12/18/2026; Exercise Price: $10.44</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260228__oef--ClassAxis__custom--C000259957Member__oef--LargestHoldingAxis__custom--Nasdaq100IndexExpiration12182026ExercisePrice1044Member_zBtld7iYTWrb" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.1</span></div></td></tr> </table></div></div></div></div> 0.916 0.052 0.009 -0.003 0.002 0.001 Defiance Nasdaq 100 Weekly Distributions ETF QQQY NASDAQ This <span id="xdx_90C_eoef--ShareholderReportAnnualOrSemiAnnual_c20250901__20260228__oef--ClassAxis__custom--C000244586Member_zZOYQTRRBXbc">semi-annual shareholder report</span> contains important information about the Defiance Nasdaq 100 Weekly Distributions ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. semi-annual shareholder report You can find additional information about the Fund at <span id="xdx_903_eoef--AddlInfoWebsite_c20250901__20260228__oef--ClassAxis__custom--C000244586Member_zPCo9zzQYOnd">www.defianceetfs.com/qqqy</span>. You can also request this information by contacting us at <span id="xdx_90B_eoef--AddlInfoPhoneNumber_c20250901__20260228__oef--ClassAxis__custom--C000244586Member_zHtuhqbwtAXl">(833) 333-9383</span> or by writing to the Defiance Nasdaq 100 Weekly Distributions ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201‑0701. www.defianceetfs.com/qqqy (833) 333-9383 <p id="xdx_803_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000244586Member_dU_z1dyPHfJRG42" style="font: bold 11pt/11pt Gotham Narrow-Bold,Arial,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 29.34px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What were the Fund costs for the past six months?<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial,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: 0"> <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; 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; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Class 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; 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; 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 $10,000 investment</span></div></th></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_901_eoef--ClassName_c20250901__20260228__oef--ClassAxis__custom--C000244586Member_zeF16lGP6lxf">Defiance Nasdaq 100 Weekly Distribution ETF</span></span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$<span id="xdx_90E_eoef--ExpensesPaidAmt_c20250901__20260228__oef--ClassAxis__custom--C000244586Member_zERHPEIss0g5">51</span></span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div 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"><span id="xdx_90B_eoef--ExpenseRatioPct_pid_dp_uRatio_c20250901__20260228__oef--ClassAxis__custom--C000244586Member_fKg_____z0rZikJGZVZh">1.00</span>%*</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-align: left; text-indent: 0"> <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_F0D_zWzdJWJUx2he" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F10_zIkqUCToaZt1" style="text-align: justify">Costs paid as a percentage of a $10,000 investment is an annualized figure.</td> </tr></table> </div> <p style="font: 16px/normal Times New Roman,Times,serif; text-align-last: auto; display: block; color: #000; min-height: 18px; align-content: center; box-sizing: border-box"> </p> Defiance Nasdaq 100 Weekly Distribution ETF 51 0.0100 <p id="xdx_806_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000244586Member_dU_z7VWN95KDgN9" style="font: bold 13pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: normal 10pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt">February 28, 2026</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: 0"> <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; height: auto"> <td style="border-bottom: #4f4f4f 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: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_982_eus-gaap--AssetsNet_iE_pn3n3_c20250901__20260228__oef--ClassAxis__custom--C000244586Member_zLD394Ae8jf3" 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">$176,936</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 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: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_988_eoef--HoldingsCount_iE_uHoldings_c20250901__20260228__oef--ClassAxis__custom--C000244586Member_zT9ZZuehHiab" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 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: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_984_eoef--AdvisoryFeesPaidAmt_c20250901__20260228__oef--ClassAxis__custom--C000244586Member_zbLBXs9k30bc" 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">$963,505</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 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</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div 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"><span id="xdx_90D_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20250901__20260228__oef--ClassAxis__custom--C000244586Member_zgD0IZ1bwBS9">50</span>%</span></div></td></tr> </table></div></div></div> 176936000 4 963505 0.50 <p id="xdx_809_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000244586Member_dU_zoLfCwYXbpB9" style="font: bold 13pt/13pt Gotham Narrow-Bold,Arial,Arial; margin: 9pt 0 0; text-align-last: auto; display: block; min-height: 34.65px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments &amp; Other Financial Instruments</p> <p style="font: normal 10pt/9pt Gotham Narrow-Light,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 12px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; 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">(% of Total Net Assets)</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: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <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">Purchased Options</div></td> <td style="box-sizing: border-box"> <div id="xdx_98F_eoef--PctOfNav_iI_pid_uRatio_c20260228__oef--ClassAxis__custom--C000244586Member__us-gaap--InvestmentTypeAxis__custom--PurchasedOptionsMember_zkXb51y9ZZo6" style="box-sizing: border-box; text-align-last: auto">100.9%</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 Equivalents</div></td> <td style="box-sizing: border-box"> <div id="xdx_987_eoef--PctOfNav_iI_pid_uRatio_c20260228__oef--ClassAxis__custom--C000244586Member__us-gaap--InvestmentTypeAxis__us-gaap--CashEquivalentsMember_zOvVE9WYGjue" style="box-sizing: border-box; text-align-last: auto">-0.9%</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">Written Options</div></td> <td style="box-sizing: border-box"> <div id="xdx_984_eoef--PctOfNav_iI_pid_uRatio_c20260228__oef--ClassAxis__custom--C000244586Member__us-gaap--InvestmentTypeAxis__custom--WrittenOptionsMember_zJaxWN926qx9" style="box-sizing: border-box; text-align-last: auto">-0.7%</div></td></tr> </table></div></div><img alt="bar" src="qesx0tl1mo0jf0xf.jpg" style="box-sizing: border-box; width: 100%; height: auto"/></div> <p style="font: normal 8pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 26px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages are stated as a percent of net assets. Cash Equivalents represents short-term investments and liabilities in excess of other assets.</p> 1.009 -0.009 -0.007 <div id="xdx_80D_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000244586Member_dU_zjL04KHqmEOd" style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: bold 18pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">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: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt">February 28, 2026</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"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <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; 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; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Top Holdings</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: bold 13pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">(% of Net Assets)</span></div></th></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 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">Nasdaq 100 Index, Expiration: 12/18/2026; Exercise Price: $1,000.34</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98F_eoef--PctOfNav_iI_pid_dp_uRatio_c20260228__oef--ClassAxis__custom--C000244586Member__oef--LargestHoldingAxis__custom--Nasdaq100IndexExpiration12182026ExercisePrice100034Member_zctB6EBkzy7f" 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">100.4</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 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">Nasdaq 100 Index, Expiration: 03/02/2026; Exercise Price: $24,960.04</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_988_eoef--PctOfNav_iI_pid_dp_uRatio_c20260228__oef--ClassAxis__custom--C000244586Member__oef--LargestHoldingAxis__custom--Nasdaq100IndexExpiration03022026ExercisePrice2496004Member_zZpKhZNoCrz5" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.7</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 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">Nasdaq 100 Index, Expiration: 03/02/2026; Exercise Price: $25,022.44</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260228__oef--ClassAxis__custom--C000244586Member__oef--LargestHoldingAxis__custom--Nasdaq100IndexExpiration03022026ExercisePrice2502244Member_zlXhM2Uu2le5" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.5</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">First American Government Obligations Fund - Class X, 3.60%</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260228__oef--ClassAxis__custom--C000244586Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX360PercentageMember_zdOkVUL3pI04" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.2</span></div></td></tr> </table></div></div></div></div> 1.004 -0.007 0.005 0.002 <p id="xdx_800_eoef--MaterialChngDescriptionTextBlock_hoef--ClassAxis__custom--C000244586Member_dU_z3ulxJr3hYx5" style="font: bold 10pt/normal Gotham Narrow-Bold,Arial,Arial; margin: -8pt 0 0; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Material Fund Changes</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-align: left; text-indent: 0"> <p style="font: normal 10pt/11pt Gotham Narrow-Light,Arial,Arial; margin: 0; text-align-last: auto; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block"><span style="box-sizing: border-box; font-size: 10pt">On <span id="xdx_904_eoef--MaterialChngDate_c20250901__20260228__oef--ClassAxis__custom--C000244586Member_zLksaFTLIPf7">December 17, 2025</span>:</span></p> <p style="font: normal 10pt/11pt Gotham Narrow-Light,Arial,Arial; margin: 0; text-align-last: auto; min-height: 29.34px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block"><span style="box-sizing: border-box; font-size: 10pt">- <span id="xdx_906_eoef--MaterialFundChngNameTextBlock_c20250901__20260228__oef--ClassAxis__custom--C000244586Member_z61solVdCes1">The Fund changed its name from Defiance Nasdaq 100 Enhanced Options &amp; 0DTE Income ETF to Defiance Nasdaq 100 Weekly Distribution ETF.</span></span></p> <p style="font: normal 10pt/11pt Gotham Narrow-Light,Arial,Arial; margin: 0; text-align-last: auto; min-height: 44.01px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block"><span style="box-sizing: border-box; font-size: 10pt">- <span id="xdx_904_eoef--MaterialFundChngStrategiesTextBlock_c20250901__20260228__oef--ClassAxis__custom--C000244586Member_zX4AP1Z1tF23">The Fund's principal investment strategy was updated to providing current income by maintaining long exposure to its reference index and selling a daily call option spread on that inxdex. The Fund will target an annual cash distribution level of approximately 30%</span>.</span></p> <p style="font: normal 10pt/11pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block"><span style="box-sizing: border-box; font-size: 10pt">- <span id="xdx_90B_eoef--MaterialFundChngObjectivesTextBlock_c20250901__20260228__oef--ClassAxis__custom--C000244586Member_zUQ3gvFk8Ikf">The Fund's investment objective was updated to the following to remove a limit from potential investment gain.</span></span></p></div> 2025-12-17 The Fund changed its name from Defiance Nasdaq 100 Enhanced Options &amp; 0DTE Income ETF to Defiance Nasdaq 100 Weekly Distribution ETF. The Fund's principal investment strategy was updated to providing current income by maintaining long exposure to its reference index and selling a daily call option spread on that inxdex. The Fund will target an annual cash distribution level of approximately 30% The Fund's investment objective was updated to the following to remove a limit from potential investment gain. Defiance Oil Enhanced Options Income ETF USOY NASDAQ This <span id="xdx_90C_eoef--ShareholderReportAnnualOrSemiAnnual_c20250901__20260228__oef--ClassAxis__custom--C000249317Member_z7KUHYFQXh02">semi-annual shareholder report</span> contains important information about the Defiance Oil Enhanced Options Income ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. semi-annual shareholder report You can find additional information about the Fund at <span id="xdx_903_eoef--AddlInfoWebsite_c20250901__20260228__oef--ClassAxis__custom--C000249317Member_zhwdTXmzblid">www.defianceetfs.com/usoy</span>. You can also request this information by contacting us at <span id="xdx_90B_eoef--AddlInfoPhoneNumber_c20250901__20260228__oef--ClassAxis__custom--C000249317Member_zKepCjGuBpae">(833) 333-9383</span> or by writing to the Defiance Oil Enhanced Options Income ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201‑0701. www.defianceetfs.com/usoy (833) 333-9383 <p id="xdx_803_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000249317Member_dU_zsHNwk3qotWa" style="font: bold 11pt/11pt Gotham Narrow-Bold,Arial,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 29.34px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What were the Fund costs for the past six months?<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial,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: 0"> <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; 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; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Class 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; 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; 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 $10,000 investment</span></div></th></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_901_eoef--ClassName_c20250901__20260228__oef--ClassAxis__custom--C000249317Member_za9HjNTmscFa">Defiance Oil Enhanced Options Income ETF</span></span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$<span id="xdx_90E_eoef--ExpensesPaidAmt_c20250901__20260228__oef--ClassAxis__custom--C000249317Member_zQlGtxWtrTad">53</span></span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div 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"><span id="xdx_90B_eoef--ExpenseRatioPct_pid_dp_uRatio_c20250901__20260228__oef--ClassAxis__custom--C000249317Member_fKg_____zZnEDkQ5izk2">1.02</span>%*</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-align: left; text-indent: 0"> <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_F03_zZUBZkQednF3" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F1B_z8cd96S15js" style="text-align: justify">Costs paid as a percentage of a $10,000 investment is an annualized figure.</td> </tr></table> </div> <p style="font: 16px/normal Times New Roman,Times,serif; text-align-last: auto; display: block; color: #000; min-height: 18px; align-content: center; box-sizing: border-box"> </p> Defiance Oil Enhanced Options Income ETF 53 0.0102 <p id="xdx_806_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000249317Member_dU_zKQIHILKQdJc" style="font: bold 13pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: normal 10pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt">February 28, 2026</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: 0"> <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; height: auto"> <td style="border-bottom: #4f4f4f 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: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_982_eus-gaap--AssetsNet_iE_pn3n3_c20250901__20260228__oef--ClassAxis__custom--C000249317Member_z2oDjRfkV1Ag" 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">$51,536</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 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: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_988_eoef--HoldingsCount_iE_uHoldings_c20250901__20260228__oef--ClassAxis__custom--C000249317Member_zY466npLt7la" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">9</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 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: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_984_eoef--AdvisoryFeesPaidAmt_c20250901__20260228__oef--ClassAxis__custom--C000249317Member_za5FJXhVS3p8" 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">$238,630</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 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</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div 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"><span id="xdx_90D_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20250901__20260228__oef--ClassAxis__custom--C000249317Member_zph6p40itLzj">0</span>%</span></div></td></tr> </table></div></div></div> 51536000 9 238630 0 <p id="xdx_809_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000249317Member_dU_zxJotmcHYun2" style="font: bold 13pt/13pt Gotham Narrow-Bold,Arial,Arial; margin: 9pt 0 0; text-align-last: auto; display: block; min-height: 34.65px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments &amp; Other Financial Instruments</p> <p style="font: normal 10pt/9pt Gotham Narrow-Light,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 12px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; 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">(% of Total Net Assets)</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: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <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 Bills</div></td> <td style="box-sizing: border-box"> <div id="xdx_982_eoef--PctOfNav_iI_pid_uRatio_c20260228__oef--ClassAxis__custom--C000249317Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryBillsMember_zgTOKRqsA1j4" style="box-sizing: border-box; text-align-last: auto">76.5%</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 Equivalents</div></td> <td style="box-sizing: border-box"> <div id="xdx_98D_eoef--PctOfNav_iI_pid_uRatio_c20260228__oef--ClassAxis__custom--C000249317Member__us-gaap--InvestmentTypeAxis__us-gaap--CashEquivalentsMember_zwfBR99YpA48" style="box-sizing: border-box; text-align-last: auto">13.5%</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">Written Options</div></td> <td style="box-sizing: border-box"> <div id="xdx_98B_eoef--PctOfNav_iI_pid_uRatio_c20260228__oef--ClassAxis__custom--C000249317Member__us-gaap--InvestmentTypeAxis__custom--WrittenOptionsMember_zhmOFcZDYH3f" style="box-sizing: border-box; text-align-last: auto">-3.2%</div></td></tr> </table></div></div><img alt="bar" src="qes1w1mo1mzhib.jpg" style="box-sizing: border-box; width: 100%; height: auto"/></div> <p style="font: normal 8pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 26px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages are stated as a percent of net assets. Cash Equivalents represents short-term investments and other assets in excess of liabilities.</p> 0.765 0.135 -0.032 <div id="xdx_80D_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000249317Member_dU_zLkXuXtdqJyh" style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: bold 18pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">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: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt">February 28, 2026</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"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <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; 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; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Top Holdings</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: bold 13pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">(% of Net Assets)</span></div></th></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">United States Treasury Bills</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260228__oef--ClassAxis__custom--C000249317Member__oef--LargestHoldingAxis__custom--UnitedStatesTreasuryBillsMember_zX2WeoP052Xj" 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">76.5</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">First American Government Obligations Fund - Class X, 4.22%</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98F_eoef--PctOfNav_iI_pid_dp_uRatio_c20260228__oef--ClassAxis__custom--C000249317Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX422PercentageMember_zNz6f8FKjImc" 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">17.5</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">United States Oil Fund LP, Expiration: 03/04/2026; Exercise Price: $82.00</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260228__oef--ClassAxis__custom--C000249317Member__oef--LargestHoldingAxis__custom--UnitedStatesOilFundLPExpiration03042026ExercisePrice8200Member_zg3EYfdSRiV4" 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">-1.8</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">United States Oil Fund LP, Expiration: 03/04/2026; Exercise Price: $81.00</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_988_eoef--PctOfNav_iI_pid_dp_uRatio_c20260228__oef--ClassAxis__custom--C000249317Member__oef--LargestHoldingAxis__custom--UnitedStatesOilFundLPExpiration03042026ExercisePrice8100Member_zQGkdmzgLGBa" 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">-1.3</span></div></td></tr> </table></div></div></div></div> 0.765 0.175 -0.018 -0.013 Defiance R2000 Weekly Distributions ETF IWMY NYSEArca This <span id="xdx_90C_eoef--ShareholderReportAnnualOrSemiAnnual_c20250901__20260228__oef--ClassAxis__custom--C000244587Member_z9Q2wvSFKW6g">semi-annual shareholder report</span> contains important information about the Defiance R2000 Weekly Distributions ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. semi-annual shareholder report You can find additional information about the Fund at <span id="xdx_903_eoef--AddlInfoWebsite_c20250901__20260228__oef--ClassAxis__custom--C000244587Member_z19mvMjj3iLj">www.defianceetfs.com/iwmy</span>. You can also request this information by contacting us at <span id="xdx_90B_eoef--AddlInfoPhoneNumber_c20250901__20260228__oef--ClassAxis__custom--C000244587Member_zWKGguJxW2I2">(833) 333-9383</span> or by writing to the Defiance R2000 Weekly Distributions ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201‑0701. www.defianceetfs.com/iwmy (833) 333-9383 <p id="xdx_803_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000244587Member_dU_ziTSDZhEgf3e" style="font: bold 11pt/11pt Gotham Narrow-Bold,Arial,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 29.34px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What were the Fund costs for the past six months?<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial,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: 0"> <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; 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; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Class 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; 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; 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 $10,000 investment</span></div></th></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_901_eoef--ClassName_c20250901__20260228__oef--ClassAxis__custom--C000244587Member_zHecWX3sznJi">Defiance R2000 Weekly Distribution ETF</span></span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$<span id="xdx_90E_eoef--ExpensesPaidAmt_c20250901__20260228__oef--ClassAxis__custom--C000244587Member_zm2Ww7gKDkOj">52</span></span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div 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"><span id="xdx_90B_eoef--ExpenseRatioPct_pid_dp_uRatio_c20250901__20260228__oef--ClassAxis__custom--C000244587Member_fKg_____z5dXBfJ1DYik">1.02</span>%*</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-align: left; text-indent: 0"> <table cellpadding="0" cellspacing="0" style="font: normal 8pt Gotham Narrow-Light,Arial,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F06_zZS9mjUTcmZ" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F13_zbUKMpxVT6Ec" style="text-align: justify">Costs paid as a percentage of a $10,000 investment is an annualized figure.</td> </tr></table> </div> <p style="font: 16px/normal Times New Roman,Times,serif; text-align-last: auto; display: block; color: #000; min-height: 18px; align-content: center; box-sizing: border-box"> </p> Defiance R2000 Weekly Distribution ETF 52 0.0102 <p id="xdx_806_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000244587Member_dU_z8qJzDHZmvei" style="font: bold 13pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: normal 10pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt">February 28, 2026</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: 0"> <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; height: auto"> <td style="border-bottom: #4f4f4f 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: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_982_eus-gaap--AssetsNet_iE_pn3n3_c20250901__20260228__oef--ClassAxis__custom--C000244587Member_z2Z0f1eaBvlk" 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">$104,694</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 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: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_988_eoef--HoldingsCount_iE_uHoldings_c20250901__20260228__oef--ClassAxis__custom--C000244587Member_zgvG5UlaBv7k" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 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: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_984_eoef--AdvisoryFeesPaidAmt_c20250901__20260228__oef--ClassAxis__custom--C000244587Member_zuELHHisC5Uj" 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">$652,929</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 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</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div 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"><span id="xdx_90D_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20250901__20260228__oef--ClassAxis__custom--C000244587Member_zTfmmpHNz03">71</span>%</span></div></td></tr> </table></div></div></div> 104694000 4 652929 0.71 <p id="xdx_809_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000244587Member_dU_zIHAuBH7Pw8l" style="font: bold 13pt/13pt Gotham Narrow-Bold,Arial,Arial; margin: 9pt 0 0; text-align-last: auto; display: block; min-height: 34.65px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments &amp; Other Financial Instruments</p> <p style="font: normal 10pt/9pt Gotham Narrow-Light,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 12px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; 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">(% of Total Net Assets)</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: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <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">Purchased Options</div></td> <td style="box-sizing: border-box"> <div id="xdx_98B_eoef--PctOfNav_iI_pid_uRatio_c20260228__oef--ClassAxis__custom--C000244587Member__us-gaap--InvestmentTypeAxis__custom--PurchasedOptionsMember_zBaoB4DzncM9" style="box-sizing: border-box; text-align-last: auto">95.1%</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 Equivalents</div></td> <td style="box-sizing: border-box"> <div id="xdx_98D_eoef--PctOfNav_iI_pid_uRatio_c20260228__oef--ClassAxis__custom--C000244587Member__us-gaap--InvestmentTypeAxis__us-gaap--CashEquivalentsMember_zqyLd3JAP8ke" style="box-sizing: border-box; text-align-last: auto">4.9%</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">Written Options</div></td> <td style="box-sizing: border-box"> <div id="xdx_987_eoef--PctOfNav_iI_pid_uRatio_c20260228__oef--ClassAxis__custom--C000244587Member__us-gaap--InvestmentTypeAxis__custom--WrittenOptionsMember_zM00yZj3cx02" style="box-sizing: border-box; text-align-last: auto">-0.8%</div></td></tr> </table></div></div><img alt="bar" src="qes1w1mo1n5bwn.jpg" style="box-sizing: border-box; width: 100%; height: auto"/></div> <p style="font: normal 8pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 26px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages are stated as a percent of net assets. Cash Equivalents represents short-term investments and other assets in excess of liabilities.</p> 0.951 0.049 -0.008 <div id="xdx_80D_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000244587Member_dU_zu6DCk0mOmCk" style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: bold 18pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">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: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt">February 28, 2026</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"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <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; 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; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Top Holdings</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: bold 13pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">(% of Net Assets)</span></div></th></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 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">Russell 2000 Index, Expiration: 12/18/2026; Exercise Price: $200.34</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260228__oef--ClassAxis__custom--C000244587Member__oef--LargestHoldingAxis__custom--Russell2000IndexExpiration12182026ExercisePrice20034Member_zUb8WXqFo3X1" 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">94.5</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">First American Government Obligations Fund - Class X, 3.60%</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_980_eoef--PctOfNav_iI_pid_dp_uRatio_c20260228__oef--ClassAxis__custom--C000244587Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX360PercentageMember_zF8KDAfoxls4" 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">4.8</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 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">Russell 2000 Index, Expiration: 03/02/2026; Exercise Price: $2,632.36</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98D_eoef--PctOfNav_iI_pid_dp_uRatio_c20260228__oef--ClassAxis__custom--C000244587Member__oef--LargestHoldingAxis__custom--Russell2000IndexExpiration03022026ExercisePrice263236Member_zgGhjsSzDJPg" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.8</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 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">Russell 2000 Index, Expiration: 03/02/2026; Exercise Price: $2,640.01</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_987_eoef--PctOfNav_iI_pid_dp_uRatio_c20260228__oef--ClassAxis__custom--C000244587Member__oef--LargestHoldingAxis__custom--Russell2000IndexExpiration03022026ExercisePrice264001Member_z992NCnEy1Pa" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.7</span></div></td></tr> </table></div></div></div></div> 0.945 0.048 -0.008 0.007 <p id="xdx_803_eoef--MaterialChngDescriptionTextBlock_hoef--ClassAxis__custom--C000244587Member_dU_zk6nhOAaXzYc" style="font: bold 10pt/normal Gotham Narrow-Bold,Arial,Arial; margin: -8pt 0 0; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Material Fund Changes</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-align: left; text-indent: 0"> <p style="font: normal 10pt/10pt Gotham Narrow-Light,Arial,Arial; margin: 0; text-align-last: auto; min-height: 13.32px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block"><span style="box-sizing: border-box; font-size: 10pt">On <span id="xdx_902_eoef--MaterialChngDate_c20250901__20260228__oef--ClassAxis__custom--C000244587Member_zouEvwrrkHgd">December 17, 2025</span>:</span></p> <p style="font: normal 10pt/10pt Gotham Narrow-Light,Arial,Arial; margin: 0; text-align-last: auto; min-height: 26.65px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block"><span style="box-sizing: border-box; font-size: 10pt">- <span id="xdx_904_eoef--MaterialFundChngNameTextBlock_c20250901__20260228__oef--ClassAxis__custom--C000244587Member_zPgZzFqqI2Z4">The Fund changed its name from Defiance R2000 Enhanced Options &amp; 0DTE Income ETF to Defiance R2000 Weekly Distribution ETF.</span></span></p> <p style="font: normal 10pt/10pt Gotham Narrow-Light,Arial,Arial; margin: 0; text-align-last: auto; min-height: 39.98px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block"><span style="box-sizing: border-box; font-size: 10pt">- <span id="xdx_905_eoef--MaterialFundChngStrategiesTextBlock_c20250901__20260228__oef--ClassAxis__custom--C000244587Member_zrRNXAZ8MRl7">The Fund's principal investment strategy was updated to providing current income by maintaining long exposure to its reference index and selling a daily call option spread on that index. The Fund will target an annual cash distribution level of approximately 30%.</span></span></p> <p style="font: normal 10pt/10pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 13.32px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block"><span style="box-sizing: border-box; font-size: 10pt">-<span id="xdx_90B_eoef--MaterialFundChngObjectivesTextBlock_c20250901__20260228__oef--ClassAxis__custom--C000244587Member_zKnpCObsnMod">The Fund's investment objective was updated to the following to remove a limit from potential investment gain.</span></span></p></div> 2025-12-17 The Fund changed its name from Defiance R2000 Enhanced Options &amp; 0DTE Income ETF to Defiance R2000 Weekly Distribution ETF. The Fund's principal investment strategy was updated to providing current income by maintaining long exposure to its reference index and selling a daily call option spread on that index. The Fund will target an annual cash distribution level of approximately 30%. The Fund's investment objective was updated to the following to remove a limit from potential investment gain. Defiance S&P 500® Income Target ETF SPYT NYSEArca This <span id="xdx_90C_eoef--ShareholderReportAnnualOrSemiAnnual_c20250901__20260228__oef--ClassAxis__custom--C000248451Member_zT8PvIZl1NMh">semi-annual shareholder report</span> contains important information about the Defiance S&amp;P 500^® Income Target ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. semi-annual shareholder report You can find additional information about the Fund at <span id="xdx_903_eoef--AddlInfoWebsite_c20250901__20260228__oef--ClassAxis__custom--C000248451Member_zoT2fVzf7Be8">www.defianceetfs.com/spyt</span>. You can also request this information by contacting us at <span id="xdx_90B_eoef--AddlInfoPhoneNumber_c20250901__20260228__oef--ClassAxis__custom--C000248451Member_zY5ekvgR8rdd">(833) 333-9383</span> or by writing to the Defiance S&amp;P 500^® Income Target ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201‑0701. www.defianceetfs.com/spyt (833) 333-9383 <p id="xdx_803_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000248451Member_dU_zwWTKbTQOGYd" style="font: bold 11pt/11pt Gotham Narrow-Bold,Arial,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 29.34px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What were the Fund costs for the past six months?<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial,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: 0"> <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; 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; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Class 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; 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; 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 $10,000 investment</span></div></th></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_901_eoef--ClassName_c20250901__20260228__oef--ClassAxis__custom--C000248451Member_zsJwXOlwA3v">Defiance S&amp;P 500^® Income Target ETF</span></span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$<span id="xdx_90E_eoef--ExpensesPaidAmt_c20250901__20260228__oef--ClassAxis__custom--C000248451Member_z6ocDMgHUl32">44</span></span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div 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"><span id="xdx_90B_eoef--ExpenseRatioPct_pid_dp_uRatio_c20250901__20260228__oef--ClassAxis__custom--C000248451Member_fKg_____zYCFFiVzeGUj">0.87</span>%*</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-align: left; text-indent: 0"> <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_F03_zn6hfKWyJ6sb" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F17_zdbsF6hwCZ1a" style="text-align: justify">Costs paid as a percentage of a $10,000 investment is an annualized figure.</td> </tr></table> </div> <p style="font: 16px/normal Times New Roman,Times,serif; text-align-last: auto; display: block; color: #000; min-height: 18px; align-content: center; box-sizing: border-box"> </p> Defiance S&P 500® Income Target ETF 44 0.0087 <p id="xdx_806_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000248451Member_dU_zXWLiMP3LYO" style="font: bold 13pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: normal 10pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt">February 28, 2026</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: 0"> <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; height: auto"> <td style="border-bottom: #4f4f4f 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: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_982_eus-gaap--AssetsNet_iE_pn3n3_c20250901__20260228__oef--ClassAxis__custom--C000248451Member_zCsSjpyAW8Y1" 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">$150,545</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 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: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_988_eoef--HoldingsCount_iE_uHoldings_c20250901__20260228__oef--ClassAxis__custom--C000248451Member_zPzthvEWziRb" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 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: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_984_eoef--AdvisoryFeesPaidAmt_c20250901__20260228__oef--ClassAxis__custom--C000248451Member_zC5o698n3Kvb" 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">$530,443</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 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</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div 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"><span id="xdx_90D_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20250901__20260228__oef--ClassAxis__custom--C000248451Member_zjXLuikJxg12">10</span>%</span></div></td></tr> </table></div></div></div> 150545000 4 530443 0.10 <p id="xdx_809_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000248451Member_dU_zE3k4NTrQoI6" style="font: bold 13pt/13pt Gotham Narrow-Bold,Arial,Arial; margin: 9pt 0 0; text-align-last: auto; display: block; min-height: 34.65px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments &amp; Other Financial Instruments</p> <p style="font: normal 10pt/9pt Gotham Narrow-Light,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 12px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; 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">(% of Total Net Assets)</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: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <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_985_eoef--PctOfNav_iI_pid_uRatio_c20260228__oef--ClassAxis__custom--C000248451Member__us-gaap--InvestmentTypeAxis__us-gaap--ExchangeTradedFundsMember_zPxdxJP22kU3" style="box-sizing: border-box; text-align-last: auto">98.1%</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 Equivalents</div></td> <td style="box-sizing: border-box"> <div id="xdx_985_eoef--PctOfNav_iI_pid_uRatio_c20260228__oef--ClassAxis__custom--C000248451Member__us-gaap--InvestmentTypeAxis__us-gaap--CashEquivalentsMember_zbS4zbwb3197" style="box-sizing: border-box; text-align-last: auto">1.5%</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">Purchased Options</div></td> <td style="box-sizing: border-box"> <div id="xdx_98F_eoef--PctOfNav_iI_pid_uRatio_c20260228__oef--ClassAxis__custom--C000248451Member__us-gaap--InvestmentTypeAxis__custom--PurchasedOptionsMember_zyzZdhMLfR6a" style="box-sizing: border-box; text-align-last: auto">0.4%</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">Written Options</div></td> <td style="box-sizing: border-box"> <div id="xdx_982_eoef--PctOfNav_iI_pid_uRatio_c20260228__oef--ClassAxis__custom--C000248451Member__us-gaap--InvestmentTypeAxis__custom--WrittenOptionsMember_zyWzM1TUyXX9" style="box-sizing: border-box; text-align-last: auto">-0.5%</div></td></tr> </table></div></div><img alt="bar" src="qes1w1mo1nxm31.jpg" style="box-sizing: border-box; width: 100%; height: auto"/></div> <p style="font: normal 8pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 26px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages are stated as a percent of net assets. Cash Equivalents represents short-term investments and other assets in excess of liabilities.</p> 0.981 0.015 0.004 -0.005 <div id="xdx_808_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000248451Member_dU_zSKMS9otu9m9" style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: bold 18pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">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: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt">February 28, 2026</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"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <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; 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; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Top Holdings</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: bold 13pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">(% of Net Assets)</span></div></th></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 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">iShares Core S&amp;P 500 ETF</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98F_eoef--PctOfNav_iI_pid_dp_uRatio_c20260228__oef--ClassAxis__custom--C000248451Member__oef--LargestHoldingAxis__custom--ISharesCoreSAndP500ETFMember_zKdgD9QhKkN5" 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">98.1</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 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 Index, Expiration: 03/02/2026; Exercise Price: $6,878.88</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260228__oef--ClassAxis__custom--C000248451Member__oef--LargestHoldingAxis__custom--SAndP500IndexExpiration03022026ExercisePrice687888Member_zhGKZLys0T4a" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.5</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 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 Index, Expiration: 03/02/2026; Exercise Price: $6,890.57</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_987_eoef--PctOfNav_iI_pid_dp_uRatio_c20260228__oef--ClassAxis__custom--C000248451Member__oef--LargestHoldingAxis__custom--SAndP500IndexExpiration03022026ExercisePrice689057Member_zOPqLYksW27f" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.4</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">First American Government Obligations Fund - Class X, 3.60%</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260228__oef--ClassAxis__custom--C000248451Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX360PercentageMember_z94e72SB76Fa" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.3</span></div></td></tr> </table></div></div></div></div> 0.981 -0.005 0.004 0.003 Defiance S&P 500® Weekly Distributions ETF WDTE NYSEArca This <span id="xdx_90C_eoef--ShareholderReportAnnualOrSemiAnnual_c20250901__20260228__oef--ClassAxis__custom--C000244588Member_zKZjjaqCcHrb">semi-annual shareholder report</span> contains important information about the Defiance S&amp;P 500^® Weekly Distributions ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. semi-annual shareholder report You can find additional information about the Fund at <span id="xdx_903_eoef--AddlInfoWebsite_c20250901__20260228__oef--ClassAxis__custom--C000244588Member_zGPMwpsExCZ5">www.defianceetfs.com/wdte</span>. You can also request this information by contacting us at <span id="xdx_90B_eoef--AddlInfoPhoneNumber_c20250901__20260228__oef--ClassAxis__custom--C000244588Member_zXHzaj82cwC8">(833) 333-9383</span> or by writing to the Defiance S&amp;P 500^® Weekly Distributions ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201‑0701. www.defianceetfs.com/wdte (833) 333-9383 <p id="xdx_803_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000244588Member_dU_z7L1TDagenV6" style="font: bold 11pt/11pt Gotham Narrow-Bold,Arial,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 29.34px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What were the Fund costs for the past six months?<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial,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: 0"> <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; 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; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Class 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; 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; 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 $10,000 investment</span></div></th></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_901_eoef--ClassName_c20250901__20260228__oef--ClassAxis__custom--C000244588Member_zZTcKb66tLCh">Defiance S&amp;P 500^® Weekly Distribution ETF</span></span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$<span id="xdx_90E_eoef--ExpensesPaidAmt_c20250901__20260228__oef--ClassAxis__custom--C000244588Member_zLQXtw4vru04">51</span></span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div 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"><span id="xdx_90B_eoef--ExpenseRatioPct_pid_dp_uRatio_c20250901__20260228__oef--ClassAxis__custom--C000244588Member_fKg_____zV73lbz3uQf4">1.00</span>%*</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-align: left; text-indent: 0"> <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_F00_zkCt1p0hLdtb" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F18_zK2XRm2ZrAi4" style="text-align: justify">Costs paid as a percentage of a $10,000 investment is an annualized figure.</td> </tr></table> </div> <p style="font: 16px/normal Times New Roman,Times,serif; text-align-last: auto; display: block; color: #000; min-height: 18px; align-content: center; box-sizing: border-box"> </p> Defiance S&P 500® Weekly Distribution ETF 51 0.0100 <p id="xdx_806_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000244588Member_dU_zqt2VHCpYp6h" style="font: bold 13pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: normal 10pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt">February 28, 2026</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: 0"> <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; height: auto"> <td style="border-bottom: #4f4f4f 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: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_982_eus-gaap--AssetsNet_iE_pn3n3_c20250901__20260228__oef--ClassAxis__custom--C000244588Member_zp1XrfAkNTh9" 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">$67,050</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 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: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_988_eoef--HoldingsCount_iE_uHoldings_c20250901__20260228__oef--ClassAxis__custom--C000244588Member_zIFrysiDCCMd" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 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: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_984_eoef--AdvisoryFeesPaidAmt_c20250901__20260228__oef--ClassAxis__custom--C000244588Member_zImTqzRC8uti" 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">$353,548</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 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</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div 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"><span id="xdx_90D_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20250901__20260228__oef--ClassAxis__custom--C000244588Member_z1Iivi89Z8v8">46</span>%</span></div></td></tr> </table></div></div></div> 67050000 4 353548 0.46 <p id="xdx_809_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000244588Member_dU_z22GqL9YJ6Ub" style="font: bold 13pt/13pt Gotham Narrow-Bold,Arial,Arial; margin: 9pt 0 0; text-align-last: auto; display: block; min-height: 34.65px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments &amp; Other Financial Instruments</p> <p style="font: normal 10pt/9pt Gotham Narrow-Light,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 12px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; 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">(% of Total Net Assets)</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: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <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">Purchased Options</div></td> <td style="box-sizing: border-box"> <div id="xdx_98E_eoef--PctOfNav_iI_pid_uRatio_c20260228__oef--ClassAxis__custom--C000244588Member__us-gaap--InvestmentTypeAxis__custom--PurchasedOptionsMember_zr9kZaaYe2Ak" style="box-sizing: border-box; text-align-last: auto">95.3%</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 Equivalents</div></td> <td style="box-sizing: border-box"> <div id="xdx_986_eoef--PctOfNav_iI_pid_uRatio_c20260228__oef--ClassAxis__custom--C000244588Member__us-gaap--InvestmentTypeAxis__us-gaap--CashEquivalentsMember_zT2S6XS9RJ9h" style="box-sizing: border-box; text-align-last: auto">4.7%</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">Written Options</div></td> <td style="box-sizing: border-box"> <div id="xdx_988_eoef--PctOfNav_iI_pid_uRatio_c20260228__oef--ClassAxis__custom--C000244588Member__us-gaap--InvestmentTypeAxis__custom--WrittenOptionsMember_z5bgaAPRhY7i" style="box-sizing: border-box; text-align-last: auto">-0.6%</div></td></tr> </table></div></div><img alt="bar" src="qes40g191mo2x5ytw.jpg" style="box-sizing: border-box; width: 100%; height: auto"/></div> <p style="font: normal 8pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 26px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages are stated as a percent of net assets. Cash Equivalents represents short-term investments and other assets in excess of liabilities.</p> 0.953 0.047 -0.006 <div id="xdx_80D_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000244588Member_dU_zPtJP6DeXll5" style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: bold 18pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">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: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt">February 28, 2026</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"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <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; 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; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Top Holdings</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: bold 13pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">(% of Net Assets)</span></div></th></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 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 Index, Expiration: 12/18/2026; Exercise Price: $600.00</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260228__oef--ClassAxis__custom--C000244588Member__oef--LargestHoldingAxis__custom--SAndP500IndexExpiration12182026ExercisePrice60000Member_zYLhf5gjpa3b" 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">94.9</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">First American Government Obligations Fund - Class X, 3.60%</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_983_eoef--PctOfNav_iI_pid_dp_uRatio_c20260228__oef--ClassAxis__custom--C000244588Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX360PercentageMember_zo8QnMMVMCte" 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">2.7</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 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 Index, Expiration: 03/02/2026; Exercise Price: $6,878.88</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_989_eoef--PctOfNav_iI_pid_dp_uRatio_c20260228__oef--ClassAxis__custom--C000244588Member__oef--LargestHoldingAxis__custom--SAndP500IndexExpiration03022026ExercisePrice687888Member_zwXF8terlCE" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.6</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 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 Index, Expiration: 03/02/2026; Exercise Price: $6,896.08</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98F_eoef--PctOfNav_iI_pid_dp_uRatio_c20260228__oef--ClassAxis__custom--C000244588Member__oef--LargestHoldingAxis__custom--SAndP500IndexExpiration03022026ExercisePrice689608Member_z1SuvX3RMdV2" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.4</span></div></td></tr> </table></div></div></div></div></div> 0.949 0.027 -0.006 0.004 <p id="xdx_80E_eoef--MaterialChngDescriptionTextBlock_hoef--ClassAxis__custom--C000244588Member_dU_zVFuyAwVq8Ya" style="font: bold 10pt/normal Gotham Narrow-Bold,Arial,Arial; margin: -8pt 0 0; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Material Fund Changes</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-align: left; text-indent: 0"> <p style="font: normal 10pt/10pt Gotham Narrow-Light,Arial,Arial; margin: 0; text-align-last: auto; min-height: 13.32px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block"><span style="box-sizing: border-box; font-size: 10pt">On <span id="xdx_900_eoef--MaterialChngDate_c20250901__20260228__oef--ClassAxis__custom--C000244588Member_zIfzDCw1RBVg">December 17, 2025</span>:</span></p> <p style="font: normal 10pt/10pt Gotham Narrow-Light,Arial,Arial; margin: 0; text-align-last: auto; min-height: 26.65px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block"><span style="box-sizing: border-box; font-size: 10pt">- <span id="xdx_900_eoef--MaterialFundChngNameTextBlock_c20250901__20260228__oef--ClassAxis__custom--C000244588Member_z93LSKcgMRmi">The Fund changed its name from Defiance S&amp;P 500 Enhanced Options &amp; 0DTE Income ETF to Defiance S&amp;P 500 Weekly Distribution ETF.</span></span></p> <p style="font: normal 10pt/10pt Gotham Narrow-Light,Arial,Arial; margin: 0; text-align-last: auto; min-height: 39.98px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block"><span style="box-sizing: border-box; font-size: 10pt">- <span id="xdx_909_eoef--MaterialFundChngStrategiesTextBlock_c20250901__20260228__oef--ClassAxis__custom--C000244588Member_zKOcYa4fMT1g">The Fund's principal investment strategy was updated to providing current income by maintaining long exposure to its reference index and selling a daily call option spread on that index. The Fund will target an annual cash distribution level of approximately 30%.</span></span></p> <p style="font: normal 10pt/10pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 13.32px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block"><span style="box-sizing: border-box; font-size: 10pt">-<span id="xdx_904_eoef--MaterialFundChngObjectivesTextBlock_c20250901__20260228__oef--ClassAxis__custom--C000244588Member_zwjG0QuynBW7">The Fund's investment objective was updated to the following to remove a limit from potential investment gain.</span></span></p></div> 2025-12-17 The Fund changed its name from Defiance S&amp;P 500 Enhanced Options &amp; 0DTE Income ETF to Defiance S&amp;P 500 Weekly Distribution ETF. The Fund's principal investment strategy was updated to providing current income by maintaining long exposure to its reference index and selling a daily call option spread on that index. The Fund will target an annual cash distribution level of approximately 30%. The Fund's investment objective was updated to the following to remove a limit from potential investment gain. Costs paid as a percentage of a $10,000 investment is an annualized figure. Costs paid as a percentage of a $10,000 investment is an annualized figure. Costs paid as a percentage of a $10,000 investment is an annualized figure. Costs paid as a percentage of a $10,000 investment is an annualized figure. Costs paid as a percentage of a $10,000 investment is an annualized figure. Costs paid as a percentage of a $10,000 investment is an annualized figure. Costs paid as a percentage of a $10,000 investment is an annualized figure. Costs paid as a percentage of a $10,000 investment is an annualized figure. Costs paid as a percentage of a $10,000 investment is an annualized figure. Costs paid as a percentage of a $10,000 investment is an annualized figure.