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INVESTMENT MANAGERS SERIES TRUST II
2026-03-31
AstoriaReal Assets ETF
AstoriaReal Assets ETF
PPI
This annual shareholder report contains important information about the Astoria Real Assets ETF (“Fund”) for the period of April 1, 2025 to March 31, 2026.
annual shareholder report
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 125, 209); font-family: 'arial'; font-size: 9pt;">www.axsinvestments.com/ppi/#literature</span>. You can also request this information by contacting us at (833) 297-2587.
www.axsinvestments.com/ppi/#literature
(833) 297-2587
<div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial';">This report describes changes to the Fund that occurred during the reporting period.</div>
<div style="font-family: 'arial'; margin-top: 0px; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(10, 52, 79);">Fund Expenses</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(10, 52, 79); border-bottom-style: solid; border-bottom-width: 1pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Astoria Real Assets ETF<br/>(PPI)</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>71</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.58<span>%</span></td>
</tr>
</table>
71
0.0058
<div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(10, 52, 79); margin-top: 14pt;">Management's Discussion of Fund Performance</div>
<div style="font-size: 9pt; margin-top: 0px; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; color: rgb(0, 125, 209);">SUMMARY OF RESULTS</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">The Astoria Real Assets ETF (PPI) returned 44.86% during the 1-year period ending 3/31/2026, while its benchmark (70% MSCI All Country World Index, 20% Bloomberg Commodity Index, and 10% Bloomberg US TIPS 1-3 Year) Index returned 21.11%. The ETF was incepted on 12/29/2021 and is an actively managed strategy.</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">Equities positively contributed to the lion's share of the ETF's return, while commodities also notably contributed to the ETF's performance. Our fixed income positions marginally contributed to the ETF's return.</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;"><b>Equities</b></div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">The largest contributors were Vertiv Holdings Co. Class A, Rolls-Royce Holdings plc, and AngloGold Ashanti PLC, which added 2.52%, 2.36%, and 2.06%, respectively, to the Fund's performance.</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">The largest detractors were Siemens Energy AG, VICI Properties Inc, and Occidental Petroleum Corporation, which subtracted 0.34%, 0.28%, and 0.27%, respectively, from the ETF's return.</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;"><b>Commodities</b></div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">The SPDR Gold MiniShares Trust (GLDM) contributed 3.97% to the Fund's performance, while the Aberdeen Physical Silver Shares ETF (SIVR) and the Aberdeen Physical Precious Metals Basket Shares ETF (GLTR) increased the ETF's return by 1.59% and 0.34%, respectively.</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;"><b>Fixed Income</b></div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 14pt;">TIPS (Treasury Inflation-Protected Securities) also positively contributed to the Fund's performance as the Schwab US TIPS ETF (SCHP), iShares 0-5 Year TIPS Bond ETF (STIP), and the F/m Ultrashort Treasury Inflation-Protected Security ETF (RBIL) added 0.13%, 0.10%, and 0.03%, respectively.</div>
<div style="font-family: 'arial'; margin-top: 0px; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(10, 52, 79);">Fund Performance</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.</div>
<div style="font-size: 9pt; margin-top: 0px; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; color: rgb(0, 125, 209);">GROWTH OF $10,000</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_1107022.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">1 Year</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;"><span style="white-space: nowrap;">Since<br/>Inception<sup style="font-size: smaller;">1</sup></span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Astoria Real Assets ETF (PPI)</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">44.86<span>%</span></td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">14.83<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">MSCI ACWI (Net) Index</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">20.01<span>%</span></td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">7.97<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Astoria Blended Benchmark Index</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">21.11<span>%</span></td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.62<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Bloomberg Commodity Total Return Index</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">32.29<span>%</span></td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">11.79<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. TIPS 1-3 Year (USD) Index</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.72<span>%</span></td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.41<span>%</span></td>
</tr>
</table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; height: auto; font-family: 'arial'; font-style: italic; font-size: 8pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-family: 'Arial'; break-inside: avoid-page; color: rgb(0, 0, 0); vertical-align: top; text-align: left; font-size: 7.5pt; font-weight: normal; padding: 0;">
<div style="margin-top: 0px; font-family: 'arial'; font-style: italic; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; vertical-align: top; padding: 0px;"><sup style="font-size: 6pt;">1</sup></div>
</td>
<td style="font-family: 'Arial'; break-inside: avoid-page; color: rgb(0, 0, 0); vertical-align: top; text-align: left; font-size: 7.5pt; padding: 0 0 0 5pt;">
<div style="margin-top: 0px; font-family: 'arial'; font-style: italic; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; vertical-align: top; padding: 0px;">The Fund commenced operations on December 29, 2021. Since Inception return is cumulative if time since inception is less than one year.</div>
</td>
</tr>
</table>
Astoria Real Assets ETF (PPI)
0.4486
0.1483
MSCI ACWI (Net) Index
0.2001
0.0797
Astoria Blended Benchmark Index
0.2111
0.0862
Bloomberg Commodity Total Return Index
0.3229
0.1179
Bloomberg U.S. TIPS 1-3 Year (USD) Index
0.0372
0.0341
2021-12-29
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">Visit <span style="text-decoration-line: underline; color: rgb(0, 125, 209); font-family: 'arial'; font-size: 9pt;">www.axsinvestments.com/ppi/#performance-section</span> for the most recent performance information.</div>
<div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(10, 52, 79); margin-top: 10pt;">Key Fund Statistics</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">The following table outlines key fund statistics that you should pay attention to.</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>140,461,659</td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">81</td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>433,629</td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">115<span>%</span></td>
</tr>
</table>
140461659
81
433629
1.15
<div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid;">
<p style="font-family: 'Arial'; margin-top: 0; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(10, 52, 79);">Graphical Representation of Holdings</p>
<p style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0; margin-bottom: 10pt;">The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Sector Allocation exclude short-term holdings, if any. The Sector Allocation chart represents Common Stocks<span style="white-space: nowrap;"> </span>of the Fund.</p>
</div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);">
<p style="font-size: 9pt; font-family: 'Arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(10, 52, 79); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 125, 209); margin: 5pt 0 5pt 0;"><b>Top Ten Holdings</b></p>
</div><table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">SPDR Gold MiniShares Trust</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">7.0<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Shell PLC - ADR</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.0<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Exxon Mobil Corp.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.7<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Engie S.A.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.6<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">GE Vernova, Inc.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.5<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">E.ON S.E.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.2<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Lockheed Martin Corp.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.2<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">ABB Ltd.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Siemens Energy A.G.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.9<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Simon Property Group, Inc.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.9<span>%</span></td>
</tr>
</table><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);">
<p style="font-size: 9pt; font-family: 'Arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(10, 52, 79); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 125, 209); margin: 5pt 0 5pt 0;"><b>Asset Allocation</b></p>
</div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1107027.jpg" style="width: 172.8pt;"/> </div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);">
<p style="font-size: 9pt; font-family: 'Arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(10, 52, 79); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 125, 209); margin: 5pt 0 5pt 0;"><b>Sector</b> <b> Allocation</b></p>
</div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_1107032.jpg" style="width: 172.8pt;"/> </div>
<div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0);">
<p style="font-size: 9pt; font-family: 'Arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(10, 52, 79); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 125, 209); margin: 5pt 0 5pt 0;"><b>Top Ten Holdings</b></p>
</div><table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">SPDR Gold MiniShares Trust</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">7.0<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Shell PLC - ADR</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.0<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Exxon Mobil Corp.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.7<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Engie S.A.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.6<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">GE Vernova, Inc.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.5<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">E.ON S.E.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.2<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Lockheed Martin Corp.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.2<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">ABB Ltd.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Siemens Energy A.G.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.9<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Simon Property Group, Inc.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.9<span>%</span></td>
</tr>
</table>
0.070
0.030
0.027
0.026
0.025
0.022
0.022
0.020
0.019
0.019
<div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(10, 52, 79); margin-top: 20pt;">Material Fund Changes</div><div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">Effective July 1, 2025, the Advisor reduced its management fee from 0.70% to 0.55%.</div><div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">This is summary of changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's prospectus, which is dated July 31, 2025 as amended December 10, 2025 at <span style="text-decoration-line: underline; color: rgb(0, 125, 209); font-family: 'arial'; font-size: 9pt;">www.axsinvestments.com/ppi/#literature</span>.</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">Effective July 1, 2025, the Advisor reduced its management fee from 0.70% to 0.55%.</div>
2025-07-01
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">This is summary of changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's prospectus, which is dated July 31, 2025 as amended December 10, 2025 at <span style="text-decoration-line: underline; color: rgb(0, 125, 209); font-family: 'arial'; font-size: 9pt;">www.axsinvestments.com/ppi/#literature</span>.</div>
www.axsinvestments.com/ppi/#literature
<div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(10, 52, 79); margin-top: 4pt;">Changes in and Disagreements with Accountants</div><div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">There were no changes in or disagreements with the Fund's<span style="white-space: nowrap;"> </span>accountants during the reporting period.</div>
AXSEsoterica NextG Economy ETF
AXSEsoterica NextG Economy ETF
WUGI
This annual shareholder report contains important information about the AXS Esoterica NextG Economy ETF (“Fund”) for the period of April 1, 2025 to March 31, 2026.
annual shareholder report
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 125, 209); font-family: 'arial'; font-size: 9pt;">www.axsinvestments.com/wugi/#fundliterature</span>. You can also request this information by contacting us at (833) 297-2587.
www.axsinvestments.com/wugi/#fundliterature
(833) 297-2587
<div style="font-family: 'arial'; margin-top: 0px; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(10, 52, 79);">Fund Expenses</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(10, 52, 79); border-bottom-style: solid; border-bottom-width: 1pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">AXS Esoterica NextG Economy ETF<br/>(WUGI)</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>87</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.78<span>%</span></td>
</tr>
</table>
87
0.0078
<div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(10, 52, 79); margin-top: 14pt;">Management's Discussion of Fund Performance</div>
<div style="font-size: 9pt; margin-top: 0px; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; color: rgb(0, 125, 209);">SUMMARY OF RESULTS</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">For the 12-month period ended March 31, 2026, the Fund had positive performance (+22.44%). The Fund primarily invested in the technology sector such as semiconductors, software and Internet, etc.</div>
<div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; color: rgb(0, 125, 209); margin-top: 10pt;">TOP PERFORMANCE CONTRIBUTORS</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">Contributor #1: TSMC , contributed 7.78%. The company benefited from strong demand as AI development has been taking shape globally.</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">Contributor #2: Broadcom, contributed 5.53%. The company benefited from strong demand of AI Compute.</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">Contributor #3:Nvidia, contributed 4.78%. The company benefited from strong demand of AI Compute.</div>
<div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; color: rgb(0, 125, 209); margin-top: 10pt;">TOP PERFORMANCE DETRACTORS</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">Detractor #1: Meituan, detracted 1.12%. Suffered from renewed competition in the local services in China.</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">Detractor #2: Cadence Design System, detracted 0.78%. The company was negatively impacted by the trade war between China and the U.S. and the technology control.</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 14pt;">Detractor #3: Robinhood Markets, detracted 0.67%. Suffered from demand loss due to weakness of crypto markets. </div>
<div style="font-family: 'arial'; margin-top: 0px; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(10, 52, 79);">Fund Performance</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.</div>
<div style="font-size: 9pt; margin-top: 0px; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; color: rgb(0, 125, 209);">GROWTH OF $10,000</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_1107094.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">1 Year</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">5 Years</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;"><span style="white-space: nowrap;">Since<br/>Inception<sup style="font-size: smaller;">1</sup></span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">AXS Esoterica NextG Economy ETF (WUGI)</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">22.44<span>%</span></td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">10.69<span>%</span></td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">21.78<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">S&P 500 Index</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">17.80<span>%</span></td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">12.06<span>%</span></td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">18.14<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">MSCI All Country World Index</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">20.01<span>%</span></td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">9.49<span>%</span></td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">15.84<span>%</span></td>
</tr>
</table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; height: auto; font-family: 'arial'; font-style: italic; font-size: 8pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-family: 'Arial'; break-inside: avoid-page; color: rgb(0, 0, 0); vertical-align: top; text-align: left; font-size: 7.5pt; font-weight: normal; padding: 0;">
<div style="margin-top: 0px; font-family: 'arial'; font-style: italic; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; vertical-align: top; padding: 0px;"><sup style="font-size: 6pt;">1</sup></div>
</td>
<td style="font-family: 'Arial'; break-inside: avoid-page; color: rgb(0, 0, 0); vertical-align: top; text-align: left; font-size: 7.5pt; padding: 0 0 0 5pt;">
<div style="margin-top: 0px; font-family: 'arial'; font-style: italic; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; vertical-align: top; padding: 0px;">The Fund commenced operations on March 30, 2020. Since Inception return is cumulative if time since inception is less than one year.</div>
</td>
</tr>
</table>
AXS Esoterica NextG Economy ETF (WUGI)
0.2244
0.1069
0.2178
S&P 500 Index
0.1780
0.1206
0.1814
MSCI All Country World Index
0.2001
0.0949
0.1584
2020-03-30
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">Visit <span style="text-decoration-line: underline; color: rgb(0, 125, 209); font-family: 'arial'; font-size: 9pt;">www.axsinvestments.com/wugi-data/</span> for the most recent performance information.</div>
<div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(10, 52, 79); margin-top: 10pt;">Key Fund Statistics</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">The following table outlines key fund statistics that you should pay attention to.</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>26,248,330</td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">31</td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>42,913</td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">48<span>%</span></td>
</tr>
</table>
26248330
31
42913
0.48
<div style="font-family: 'arial'; margin-top: 0px; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(10, 52, 79);">Graphical Representation of Holdings</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Industry Allocation exclude short-term holdings, if any. The Industry Allocation chart represents Common Stocks of the Fund.</div>
<div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(10, 52, 79); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 125, 209); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">18.2<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co., Ltd. - ADR</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">15.7<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Broadcom, Inc.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">8.7<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Synopsys, Inc.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">6.2<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Meta Platforms, Inc. - Class A</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.8<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Amazon.com, Inc.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.7<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Cadence Design Systems, Inc.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.3<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Siemens Energy A.G.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.0<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Snowflake, Inc. - Class A</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.9<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">KraneShares CSI China Internet ETF</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.9<span>%</span></td>
</tr>
</table>
<div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(10, 52, 79); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 125, 209); margin: 5pt 0px 5pt 0px;"><b>Asset Allocation</b></div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1107099.jpg" style="width: 172.8pt;"/> </div>
<div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(10, 52, 79); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 125, 209); margin: 5pt 0px 5pt 0px;"><b>Industry</b> <b> Allocation</b></div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_1107104.jpg" style="width: 172.8pt;"/> </div>
<div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(10, 52, 79); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 125, 209); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div><table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">18.2<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co., Ltd. - ADR</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">15.7<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Broadcom, Inc.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">8.7<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Synopsys, Inc.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">6.2<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Meta Platforms, Inc. - Class A</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.8<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Amazon.com, Inc.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.7<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Cadence Design Systems, Inc.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.3<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Siemens Energy A.G.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.0<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Snowflake, Inc. - Class A</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.9<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">KraneShares CSI China Internet ETF</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.9<span>%</span></td>
</tr>
</table>
0.182
0.157
0.087
0.062
0.048
0.037
0.033
0.030
0.029
0.029
<div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(10, 52, 79); margin-top: 20pt;">Material Fund Changes</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">The Fund did not have any material changes that occurred since the beginning of the reporting period.</div>
<div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(10, 52, 79); margin-top: 4pt;">Changes in and Disagreements with Accountants</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">There were no changes in or disagreements with the Fund's<span style="white-space: nowrap;"> </span>accountants during the reporting period.</div>
AXSGreen Alpha ETF
AXSGreen Alpha ETF
NXTE
This annual shareholder report contains important information about the AXS Green Alpha ETF (“Fund”) for the period of April 1, 2025 to March 31, 2026.
annual shareholder report
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 125, 209); font-family: 'arial'; font-size: 9pt;">www.axsinvestments.com/nxte/#fundliterature</span>. You can also request this information by contacting us at (833) 297-2587.
www.axsinvestments.com/nxte/#fundliterature
(833) 297-2587
<div style="font-family: 'arial'; margin-top: 0px; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(10, 52, 79);">Fund Expenses</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;"><i>(Based on a hypothetical $10,000 investment)</i></div>
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<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td>
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<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">AXS Green Alpha ETF<br/>(NXTE)</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>116</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.00<span>%</span></td>
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116
0.0100
<div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(10, 52, 79); margin-top: 14pt;">Management's Discussion of Fund Performance</div>
<div style="font-size: 9pt; margin-top: 0px; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; color: rgb(0, 125, 209);">SUMMARY OF RESULTS</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">For the 12-month period ending March 31, 2026, the AXS Green Alpha ETF (NXTE) generated a total return of 31.96%. The Fund primarily invested in common stocks and American Depository Receipts ("ADRs").</div>
<div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; color: rgb(0, 125, 209); margin-top: 10pt;">TOP PERFORMANCE CONTRIBUTORS</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;"><b>Technology</b> | Technology companies represented the most significant sector weighting during the period, and the Fund's selections in this sector contributed positively with a 22.78% contribution to Fund returns. These holdings had a total return of 75.43%. </div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;"><b>Energy</b> | The Fund's holdings in the Energy sector were the second largest contributor to performance during the period, adding 6.43% to Fund returns. Companies in this sector demonstrated strong performance with a total return of 97.94%.</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;"><b>Taiwan Semiconductor Manufacturing Company Ltd (ADR)</b> | The Fund's position in Taiwan Semiconductor (Technology sector) provided the most significant individual contribution to NXTE's performance over the 1-year period, contributing 7.41% to Fund returns, on a total return of 106.06%.</div>
<div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; color: rgb(0, 125, 209); margin-top: 10pt;">TOP PERFORMANCE DETRACTORS</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;"><b>Real Estate</b> | The Fund's exposure to Real Estate companies was the largest detractor from performance, negatively impacting Fund returns by -4.08%. Real Estate sector holdings experienced macro headwinds, resulting in a total return of -25.43%<b>R.</b></div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;"><b>Consumer Staples</b> | Investments in the Consumer Staples sector detracted -1.85% from the Fund's returns. These holdings faced headwinds from market volatility and sector-specific challenges, generating a total return of -45.80%.</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;"><b>Hudson Pacific Properties Inc. </b>| The Fund's position in Hudson Pacific Properties provided the worst individual contribution to NXTE's performance over the 1-year period detracting -2.98%, on a total return of -71.38%.</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 14pt;"><i>Data as of 3/31/2026, Bloomberg Finance LP. </i></div>
<div style="font-family: 'arial'; margin-top: 0px; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(10, 52, 79);">Fund Performance</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.</div>
<div style="font-size: 9pt; margin-top: 0px; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; color: rgb(0, 125, 209);">GROWTH OF $10,000</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_1107058.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div>
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<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">1 Year</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;"><span style="white-space: nowrap;">Since<br/>Inception<sup style="font-size: smaller;">1</sup></span></td>
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<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">AXS Green Alpha ETF (NXTE)</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">31.96<span>%</span></td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.33<span>%</span></td>
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<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">MSCI All Country World Index Investable Market Index</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">20.64<span>%</span></td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">18.77<span>%</span></td>
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<div style="margin-top: 0px; font-family: 'arial'; font-style: italic; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; vertical-align: top; padding: 0px;"><sup style="font-size: 6pt;">1</sup></div>
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<td style="font-family: 'Arial'; break-inside: avoid-page; color: rgb(0, 0, 0); vertical-align: top; text-align: left; font-size: 7.5pt; padding: 0 0 0 5pt;">
<div style="margin-top: 0px; font-family: 'arial'; font-style: italic; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; vertical-align: top; padding: 0px;">The Fund commenced operations on September 27, 2022. Since Inception return is cumulative if time since inception is less than one year.</div>
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AXS Green Alpha ETF (NXTE)
0.3196
0.0833
MSCI All Country World Index Investable Market Index
0.2064
0.1877
2022-09-27
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">Visit <span style="text-decoration-line: underline; color: rgb(0, 125, 209); font-family: 'arial'; font-size: 9pt;">www.axsinvestments.com/nxte-data/</span> for the most recent performance information.</div>
<div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(10, 52, 79); margin-top: 10pt;">Key Fund Statistics</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">The following table outlines key fund statistics that you should pay attention to.</div>
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<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>43,235,720</td>
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<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">53</td>
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<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>434,635</td>
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<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">12<span>%</span></td>
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43235720
53
434635
0.12
<div style="font-family: 'arial'; margin-top: 0px; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(10, 52, 79);">Graphical Representation of Holdings</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Sector Allocation exclude short-term holdings, if any. The Sector Allocation chart represents Common Stocks<span style="white-space: nowrap;"> </span>of the Fund.</div>
<div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(10, 52, 79); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 125, 209); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div>
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<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co., Ltd. - ADR</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">11.2<span>%</span></td>
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<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">ASML Holding N.V.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">5.8<span>%</span></td>
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<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">SK hynix, Inc.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">5.3<span>%</span></td>
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<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Contemporary Amperex Technology Co., Ltd. - Class A</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">5.0<span>%</span></td>
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<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">International Business Machines Corp.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.9<span>%</span></td>
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<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Vestas Wind Systems A/S</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.5<span>%</span></td>
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<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Applied Materials, Inc.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.7<span>%</span></td>
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<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Lam Research Corp.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.7<span>%</span></td>
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<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">CRISPR Therapeutics A.G.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.4<span>%</span></td>
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<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Nextpower, Inc. - Class A</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.2<span>%</span></td>
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<div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(10, 52, 79); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 125, 209); margin: 5pt 0px 5pt 0px;"><b>Asset Allocation</b></div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1107063.jpg" style="width: 172.8pt;"/> </div>
<div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(10, 52, 79); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 125, 209); margin: 5pt 0px 5pt 0px;"><b>Sector</b> <b> Allocation</b></div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_1107068.jpg" style="width: 172.8pt;"/> </div>
<div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(10, 52, 79); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 125, 209); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div>
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<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co., Ltd. - ADR</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">11.2<span>%</span></td>
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<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">ASML Holding N.V.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">5.8<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">SK hynix, Inc.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">5.3<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Contemporary Amperex Technology Co., Ltd. - Class A</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">5.0<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">International Business Machines Corp.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.9<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Vestas Wind Systems A/S</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.5<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Applied Materials, Inc.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.7<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Lam Research Corp.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.7<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">CRISPR Therapeutics A.G.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.4<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Nextpower, Inc. - Class A</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.2<span>%</span></td>
</tr>
</table>
0.112
0.058
0.053
0.050
0.049
0.045
0.037
0.037
0.034
0.032
<div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(10, 52, 79); margin-top: 20pt;">Material Fund Changes</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">The Fund did not have any material changes that occurred since the beginning of the reporting period.</div>
<div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(10, 52, 79); margin-top: 4pt;">Changes in and Disagreements with Accountants</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">There were no changes in or disagreements with the Fund's<span style="white-space: nowrap;"> </span>accountants during the reporting period.</div>
AXSKnowledge Leaders ETF
AXSKnowledge Leaders ETF
KNO
This annual shareholder report contains important information about the AXS Knowledge Leaders ETF (“Fund”) for the period of April 1, 2025 to March 31, 2026.
annual shareholder report
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 125, 209); font-family: 'arial'; font-size: 9pt;">www.axsinvestments.com/kno/#fundliterature</span><span style="text-decoration-line: underline; color: rgb(0, 125, 209); font-family: 'arial'; font-size: 9pt;">.</span> You can also request this information by contacting us at (833) 297-2587.
www.axsinvestments.com/kno/#fundliterature
(833) 297-2587
<div style="font-family: 'arial'; margin-top: 0px; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(10, 52, 79);">Fund Expenses</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(10, 52, 79); border-bottom-style: solid; border-bottom-width: 1pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td>
</tr>
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<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">AXS Knowledge Leaders ETF<br/>(KNO)</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>82</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.75<span>%</span></td>
</tr>
</table>
82
0.0075
<div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(10, 52, 79); margin-top: 14pt;">Management's Discussion of Fund Performance</div>
<div style="font-size: 9pt; margin-top: 0px; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; color: rgb(0, 125, 209);">SUMMARY OF RESULTS</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">Over the last year, the AXS Knowledge Leaders ETF was up 17.77% based on NAV return. The fund invests primarily in mid-large cap stocks in Developed World.</div>
<div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; color: rgb(0, 125, 209); margin-top: 10pt;">TOP PERFORMANCE CONTRIBUTORS</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">The top contributors to performance for the year were:</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">1) <span style="white-space: nowrap;"> </span>Micron Technology (35.4% of the gains)</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">2) <span style="white-space: nowrap;"> </span>TE Connectivity (7.1% of the gains)</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">3) <span style="white-space: nowrap;"> </span>Suncor Energy (5.5% of the gains)</div>
<div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; color: rgb(0, 125, 209); margin-top: 10pt;">TOP PERFORMANCE DETRACTORS</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">The top detractors for performance for the year were:</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">1) <span style="white-space: nowrap;"> </span>Boston Scientific Corp (21.5% of the losses)</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">2) <span style="white-space: nowrap;"> </span>Constellation Software (14.4% of the losses)</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">3) <span style="white-space: nowrap;"> </span>SAP SE (10.1% of the losses)</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;"><span style="text-decoration-line: underline;">Asset Allocation Contributions</span></div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">From an asset allocation perspective, the following sectors contributed the most positively to performance: 1) Technology (26.9% of the gains), 2) Industrial (26.3% of the gains) and 3) Energy (9.7% of the gains). The following sectors subtracted the most from performance: 1) Consumer Staples (13.7% of the losses), 2) Consumer Discretionary (9.4% of the losses) and 3) Communications (4.7% of the losses). </div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 14pt;">From a country perspective, the biggest contributors were: 1) United States (25.0% of the gains), 2) Japan (16.0% of the gains) and 3) Ireland (15.5% of the gains). The biggest detractors were: 1) Germany (7.4% of the losses), 2) Australia (3.7% of the losses) and 3) Netherlands (2.4% of the losses).</div>
<div style="font-family: 'arial'; margin-top: 0px; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(10, 52, 79);">Fund Performance</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.</div>
<div style="font-size: 9pt; margin-top: 0px; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; color: rgb(0, 125, 209);">GROWTH OF $10,000</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_1107130.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">1 Year</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">5 Years</td>
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">10 Years</td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">AXS Knowledge Leaders ETF (KNO)</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">17.77<span>%</span></td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.66<span>%</span></td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.51<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">MSCI ACWI (Net) Index</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">20.01<span>%</span></td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">9.49<span>%</span></td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">11.33<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">MSCI World Equal Weighted NR Index</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">17.63<span>%</span></td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">6.44<span>%</span></td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.66<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">MSCI World Ex USA Equal Weighted NR Index</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">23.21<span>%</span></td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">6.17<span>%</span></td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">7.47<span>%</span></td>
</tr>
</table>
AXS Knowledge Leaders ETF (KNO)
0.1777
0.0466
0.0851
MSCI ACWI (Net) Index
0.2001
0.0949
0.1133
MSCI World Equal Weighted NR Index
0.1763
0.0644
0.0866
MSCI World Ex USA Equal Weighted NR Index
0.2321
0.0617
0.0747
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">Visit <span style="text-decoration-line: underline; color: rgb(0, 125, 209); font-family: 'arial'; font-size: 9pt;">www.axsinvestments.com/kno-data/</span><span style="text-decoration-line: underline; color: rgb(0, 125, 209); font-family: 'arial'; font-size: 9pt;"></span>for the most recent performance information.</div>
<div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(10, 52, 79); margin-top: 10pt;">Key Fund Statistics</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">The following table outlines key fund statistics that you should pay attention to.</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>37,385,081</td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">65</td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid (net)</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>305,222</td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">0<span>%</span></td>
</tr>
</table>
37385081
65
305222
0
<div style="font-family: 'arial'; margin-top: 0px; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(10, 52, 79);">Graphical Representation of Holdings</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Sector Allocation exclude short-term holdings, if any. The Sector Allocation chart represents Common Stocks<span style="white-space: nowrap;"> </span>of the Fund.</div>
<div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(10, 52, 79); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 125, 209); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
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<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Micron Technology, Inc.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">8.6<span>%</span></td>
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<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">TE Connectivity PLC</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.7<span>%</span></td>
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<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Trane Technologies PLC</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.1<span>%</span></td>
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<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Garmin Ltd.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.9<span>%</span></td>
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<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Labcorp Holdings, Inc.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.6<span>%</span></td>
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<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Suncor Energy, Inc.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.6<span>%</span></td>
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<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Stryker Corp.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td>
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<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">CNH Industrial N.V.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td>
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<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">GE HealthCare Technologies, Inc.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td>
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<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Kyocera Corp.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.9<span>%</span></td>
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<div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(10, 52, 79); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 125, 209); margin: 5pt 0px 5pt 0px;"><b>Asset Allocation</b></div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1107135.jpg" style="width: 172.8pt;"/> </div>
<div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(10, 52, 79); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 125, 209); margin: 5pt 0px 5pt 0px;"><b>Sector</b> <b> Allocation</b></div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_1107140.jpg" style="width: 172.8pt;"/> </div>
<div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(10, 52, 79); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 125, 209); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
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<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Micron Technology, Inc.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">8.6<span>%</span></td>
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<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">TE Connectivity PLC</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.7<span>%</span></td>
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<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Trane Technologies PLC</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.1<span>%</span></td>
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<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Garmin Ltd.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.9<span>%</span></td>
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<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Labcorp Holdings, Inc.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.6<span>%</span></td>
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<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Suncor Energy, Inc.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.6<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Stryker Corp.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">CNH Industrial N.V.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">GE HealthCare Technologies, Inc.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td>
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<tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Kyocera Corp.</td>
<td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.9<span>%</span></td>
</tr>
</table>
0.086
0.037
0.031
0.029
0.026
0.026
0.023
0.021
0.020
0.019
<div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(10, 52, 79); margin-top: 20pt;">Material Fund Changes</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">The Fund did not have any material changes that occurred since the beginning of the reporting period.</div>
<div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(10, 52, 79); margin-top: 4pt;">Changes in and Disagreements with Accountants</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">There were no changes in or disagreements with the Fund's<span style="white-space: nowrap;"> </span>accountants during the reporting period.</div>
The Fund commenced operations on December 29, 2021. Since Inception return is cumulative if time since inception is less than one year.
The Fund commenced operations on March 30, 2020. Since Inception return is cumulative if time since inception is less than one year.
The Fund commenced operations on September 27, 2022. Since Inception return is cumulative if time since inception is less than one year.