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Tidal Trust I
2026-03-31
semi-annual shareholder report
American Customer Satisfaction ETF
American Customer Satisfaction ETF
ACSI
CboeBZX
This
<span id="xdx_906_eoef--ShareholderReportAnnualOrSemiAnnual_c20251001__20260331__oef--ClassAxis__custom--C000227368Member_z0g3ytm1Surc">semi-annual shareholder report</span> contains important information about the American Customer Satisfaction ETF (the "Fund") for the period
October 1, 2025 to March 31, 2026.
semi-annual shareholder report
You can find additional information about the Fund at <span id="xdx_90A_eoef--AddlInfoWebsite_c20251001__20260331__oef--ClassAxis__custom--C000227368Member_ztuQJA1lF599">www.acsietf.com</span>/.
You can also request this information by contacting us at <span id="xdx_90D_eoef--AddlInfoPhoneNumber_c20251001__20260331__oef--ClassAxis__custom--C000227368Member_zeu9y5FYhgk9">(800) 617-0004</span> or by writing the Fund at American Customer Satisfaction ETF,
c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.
www.acsietf.com
(800) 617-0004
<p id="xdx_802_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000227368Member_dD_zKGfvB5C4K7e" style="font: bold 11pt/11pt Gotham Narrow-Bold,Arial,Arial; margin: -5pt 0 6pt; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What
were the Fund costs for the past six months?</p>
<p style="font: normal 10pt/11pt Gotham Narrow-Light,Arial,Arial; margin: -5pt 0 4pt; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(based
on a hypothetical $10,000 investment)</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">Fund
Name</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box">
<div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; 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 $10,000 investment*</span></div></th></tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box">
<div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">American
Customer Satisfaction ETF</span></div></td>
<td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box">
<div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$<span id="xdx_90F_eoef--ExpensesPaidAmt_c20251001__20260331__oef--ClassAxis__custom--C000227368Member_zGgl2BC2RfJ6">32</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_904_eoef--ExpenseRatioPct_dp_c20251001__20260331__oef--ClassAxis__custom--C000227368Member_fKg_____zjYwTQ49ge15">0.65</span>%</span></div></td></tr>
</table></div></div></div>
<p style="font: normal 8pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0 0 0pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p>
<table cellpadding="0" cellspacing="0" style="font: normal 8pt/normal 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_zBVdqj50p81d" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F1D_zOvML9kOxCgk" style="text-align: justify">Costs paid as a percentage of a $10,000 investment is an annualized figure</td>
</tr></table>
32
0.0065
<p id="xdx_80A_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000227368Member_dD_za2tmYB0BWHc" 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 3pt; 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">March 31, 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_98B_eus-gaap--AssetsNet_iE_pn3n3_c20251001__20260331__oef--ClassAxis__custom--C000227368Member_zF5Qzi55vcsa" 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">$100,084</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_985_eoef--HoldingsCount_iE_uHoldings_c20251001__20260331__oef--ClassAxis__custom--C000227368Member_zntTr3Rd1Zi" 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">34</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 Paid</span></div></td>
<td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box">
<div id="xdx_989_eoef--AdvisoryFeesPaidAmt_c20251001__20260331__oef--ClassAxis__custom--C000227368Member_zdfkGBDof8e2" 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">334,196</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 Rate</span></div></td>
<td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box">
<div id="xdx_983_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20251001__20260331__oef--ClassAxis__custom--C000227368Member_zahzDLkPXuMc" 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%</span></div></td></tr>
</table></div></div></div>
<p style="font: normal 10pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p>
100084000
34
334196
0.30
<p id="xdx_803_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000227368Member_dD_zZHiTzSc8Byi" style="font: bold 13pt/13pt Gotham Narrow-Bold,Arial,Arial; margin: -6pt 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
Breakdown - Investments</p>
<p style="font: normal 10pt/13pt Gotham Narrow-Light,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 17.32px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(%
of total net assets)</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center">
<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">Media</div></td>
<td style="box-sizing: border-box">
<div id="xdx_989_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000227368Member__oef--IndustrySectorAxis__custom--MediaSectorMember_zOMePt1Xte3k" style="box-sizing: border-box; text-align-last: auto">15.1%</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">Retail & Wholesale - Discretionary</div></td>
<td style="box-sizing: border-box">
<div id="xdx_989_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000227368Member__oef--IndustrySectorAxis__custom--RetailandWholesaleDiscretionarySectorMember_zq4v05Ob96tb" style="box-sizing: border-box; text-align-last: auto">11.6%</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">Tech Hardware & Semiconductors</div></td>
<td style="box-sizing: border-box">
<div id="xdx_98A_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000227368Member__oef--IndustrySectorAxis__custom--TechHardwareandSemiconductorsSectorMember_zsefGlTXaZdk" style="box-sizing: border-box; text-align-last: auto">10.1%</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">Banking</div></td>
<td style="box-sizing: border-box">
<div id="xdx_981_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000227368Member__oef--IndustrySectorAxis__custom--BankingSectorMember_zOzBRzSvNf48" style="box-sizing: border-box; text-align-last: auto">9.4%</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">Consumer Discretionary Services</div></td>
<td style="box-sizing: border-box">
<div id="xdx_98E_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000227368Member__oef--IndustrySectorAxis__custom--ConsumerDiscretionaryServicesSectorMember_zOG9u0VFQ6Bb" style="box-sizing: border-box; text-align-last: auto">8.4%</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">Telecommunications</div></td>
<td style="box-sizing: border-box">
<div id="xdx_982_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000227368Member__oef--IndustrySectorAxis__oef--InformationTechnologySectorMember_zwnoawfJpqH2" 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">Retail & Wholesale - Staples</div></td>
<td style="box-sizing: border-box">
<div id="xdx_98D_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000227368Member__oef--IndustrySectorAxis__custom--RetailandWholesaleStaplesSectorMember_zR4cYkhpoUNe" style="box-sizing: border-box; text-align-last: auto">6.4%</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">Industrial Services</div></td>
<td style="box-sizing: border-box">
<div id="xdx_98B_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000227368Member__oef--IndustrySectorAxis__oef--IndustrialSectorMember_zNcr3nWNaMij" style="box-sizing: border-box; text-align-last: auto">5.4%</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">Consumer Discretionary Products</div></td>
<td style="box-sizing: border-box">
<div id="xdx_984_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000227368Member__oef--IndustrySectorAxis__custom--ConsumerDiscretionaryProductsSectorMember_z90OTZ1YhvM9" style="box-sizing: border-box; text-align-last: auto">4.8%</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">Utilities</div></td>
<td style="box-sizing: border-box">
<div id="xdx_982_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000227368Member__oef--IndustrySectorAxis__oef--UtilitiesSectorMember_zRm6B4NI9dca" 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">Health Care</div></td>
<td style="box-sizing: border-box">
<div id="xdx_98F_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000227368Member__oef--IndustrySectorAxis__us-gaap--HealthcareSectorMember_zUarxrJWgIq3" style="box-sizing: border-box; text-align-last: auto">3.7%</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">Software & Tech Services</div></td>
<td style="box-sizing: border-box">
<div id="xdx_98F_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000227368Member__oef--IndustrySectorAxis__custom--SoftwareandTechServicesSectorMember_zOZQByqaRS8e" style="box-sizing: border-box; text-align-last: auto">3.6%</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 Services</div></td>
<td style="box-sizing: border-box">
<div id="xdx_98E_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000227368Member__oef--IndustrySectorAxis__us-gaap--FinancialServicesSectorMember_zz8DqeSTE86b" style="box-sizing: border-box; text-align-last: auto">3.2%</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">Consumer Staple Products</div></td>
<td style="box-sizing: border-box">
<div id="xdx_98A_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000227368Member__oef--IndustrySectorAxis__oef--ConsumerStaplesSectorMember_zMKIH6rC5bnd" style="box-sizing: border-box; text-align-last: auto">3.1%</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">Insurance</div></td>
<td style="box-sizing: border-box">
<div id="xdx_986_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000227368Member__oef--IndustrySectorAxis__us-gaap--InsuranceSectorMember_zDxiCfDltCv8" style="box-sizing: border-box; text-align-last: auto">2.9%</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 & Other</div></td>
<td style="box-sizing: border-box">
<div id="xdx_98A_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000227368Member__oef--IndustrySectorAxis__custom--CashAndOtherSectorMember_zw3JzCkLIit" style="box-sizing: border-box; text-align-last: auto">0.3%</div></td></tr>
</table></div></div><img alt="bar" src="qesmfl1moudgbyl.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/></div></div>
<p style="font: normal 8pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; 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 based on total net assets. Cash & Other represents cash, short-term investments and other assets in excess of liabilities.</p>
0.151
0.116
0.101
0.094
0.084
0.073
0.064
0.054
0.048
0.047
0.037
0.036
0.032
0.031
0.029
0.003
<p id="xdx_809_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000227368Member_dD_zFxJSC5bEMAc" 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">March 31, 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="font: normal 10pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; margin-block: 1em; margin-inline: 0px; box-sizing: border-box; text-align-last: auto; display: block; padding-top: 0; color: #4f4f4f; text-align: left; text-indent: 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
Ten Holdings</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box">
<div style="font: bold 13pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">(%
of total net assets)</span></div></th></tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #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">Alphabet,
Inc. - Class C</span></div></td>
<td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box">
<div id="xdx_987_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000227368Member__oef--LargestHoldingAxis__custom--AlphabetIncClassCMember_zpXTePAtoBKd" 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">6.4</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #4f4f4f 1pt solid; white-space: nowrap; 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">Dell
Technologies, Inc. - Class C</span></div></td>
<td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box">
<div id="xdx_982_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000227368Member__oef--LargestHoldingAxis__custom--DellTechnologiesIncClassCMember_zZXmkAWier37" 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">5.7</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">Amazon.com,
Inc.</span></div></td>
<td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box">
<div id="xdx_982_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000227368Member__oef--LargestHoldingAxis__custom--AmazonDotComIncMember_z2dPc3mreWE4" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4.5</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #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">Apple,
Inc.</span></div></td>
<td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box">
<div id="xdx_980_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000227368Member__oef--LargestHoldingAxis__custom--AppleIncMember_zdF1bRh10KD5" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4.4</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #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">Verizon
Communications, Inc.</span></div></td>
<td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box">
<div id="xdx_98E_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000227368Member__oef--LargestHoldingAxis__custom--VerizonCommunicationsIncMember_zQASm6ZvBr3i" 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">4.0</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">Meta
Platforms, Inc. - Class A</span></div></td>
<td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box">
<div id="xdx_98B_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000227368Member__oef--LargestHoldingAxis__custom--MetaPlatformsIncClassAMember_zGBHh1ueyJfc" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">3.9</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #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">Microsoft
Corp.</span></div></td>
<td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box">
<div id="xdx_98C_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000227368Member__oef--LargestHoldingAxis__custom--MicrosoftCorpMember_zpqYnqhKQVJl" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">3.6</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #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">Netflix,
Inc.</span></div></td>
<td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box">
<div id="xdx_982_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000227368Member__oef--LargestHoldingAxis__custom--NetflixIncMember_zlvVyJQeAuT" 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">Toronto-Dominion
Bank</span></div></td>
<td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box">
<div id="xdx_982_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000227368Member__oef--LargestHoldingAxis__custom--TorontoDominionBankMember_zU4evzCL6hSj" 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">T-Mobile
US, Inc.</span></div></td>
<td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box">
<div id="xdx_983_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000227368Member__oef--LargestHoldingAxis__custom--TMobileUSIncMember_zrMn3ZMTHkOk" 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>
</table></div></div></div>
0.064
0.057
0.045
0.044
0.040
0.039
0.036
0.034
0.034
0.034