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oef:RiskLoseMoneyMember 2026-06-25 2026-06-25 iso4217:USD pure false 485BPOS 0001722388 2026-06-25 N-1A TIDAL TRUST III 2026-06-29 VistaShares Target 15 Berkshire Select Income ETF - FUND SUMMARY Investment Objective The VistaShares Target 15 Berkshire Select Income ETF primarily seeks income, and secondarily, long term capital appreciation. Fees and Expenses of the Fund <p id="xdx_A83_eoef--ExpenseNarrativeTextBlock_zc0eIjefTRk5" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> </p> Annual Fund Operating Expenses¹ (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_zyIUzB8AfMNb"></div> <table id="xdx_A5B_dU_z8RXbbyR0Kkg" style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="box-sizing: border-box; height: auto"> <td style="box-sizing: border-box; height: auto"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Management Fee</span> </div> </td> <td style="box-sizing: border-box; height: auto"> <div id="xdx_98B_eoef--ManagementFeesOverAssets_dpn_c20260625__20260625__oef--ClassAxis__custom--C000257971Member_fuQ_____zzJqNKJm7bfd" style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.95%</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="box-sizing: border-box; height: auto"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Distribution and Service (12b-1) Fees</span> </div> </td> <td style="box-sizing: border-box; height: auto"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_900_eoef--DistributionAndService12b1FeesOverAssets_dpn_c20260625__20260625__oef--ClassAxis__custom--C000257971Member_fuQ_____zoRD0xILMLie">None</span> </span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="box-sizing: border-box; height: auto"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Other Expenses (includes interest expense)</span> </div> </td> <td style="box-sizing: border-box; height: auto; border-bottom-style: solid; border-bottom-width: 0.5pt"> <div id="xdx_98D_eoef--OtherExpensesOverAssets_dpn_c20260625__20260625__oef--ClassAxis__custom--C000257971Member_fuQ_____zEetWOvOpJ23" style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.03%</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="box-sizing: border-box; height: auto"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Total Annual Fund Operating Expenses</span> </div> </td> <td style="box-sizing: border-box; height: auto; border-bottom-style: double; border-bottom-width: 3pt"> <div id="xdx_986_eoef--ExpensesOverAssets_dpn_c20260625__20260625__oef--ClassAxis__custom--C000257971Member_fuQ_____zkekMOzQVbr2" style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.98%</span> </div> </td> </tr> </table> <div style="font: 8pt Times New Roman,Times,serif; margin: 4pt 0 8pt; box-sizing: border-box; text-align-last: auto; color: #000; text-align: justify; text-indent: 0"> <table cellpadding="0" cellspacing="0" style="font: 8pt Times New Roman,Times,serif; color: #000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span id="xdx_F0C_zy2EeivxT8Of">¹</span> </td> <td style="width: 5pt"></td> <td style="text-align: justify"><span id="xdx_F10_zAnBmuIiH1kh">The Fund’s adviser will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940 (the “1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses.</span> </td> </tr> </table> <p style="font: 8pt Times New Roman,Times,serif; margin: 0 0 8pt 4pt; box-sizing: border-box; text-align-last: auto; color: #000; text-align: justify; display: block; text-indent: -4pt"></p> </div> 0.0095 0 0.0003 0.0098 Expense Example <p id="xdx_A88_eoef--ExpenseExampleNarrativeTextBlock_zFbPJeI2Ultf" style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 80px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <div id="xdx_A8B_eoef--ExpenseExampleWithRedemptionTableTextBlock_zeIZlnIGxhZe"></div> <table id="xdx_A50_dU_ziUQIyVr9s7l" style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="box-sizing: border-box; height: auto; vertical-align: bottom"> <th id="xdx_483_eoef--ExpenseExampleYear01_z4UM4nuy1jc5" style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: bold 8pt Times New Roman, Arial; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; font-weight: 700; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">1 Year</span> </div> </th> <th id="xdx_485_eoef--ExpenseExampleYear03_zbXQkyRivIj9" style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: bold 8pt Times New Roman, Arial; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; font-weight: 700; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">3 Years</span> </div> </th> <th id="xdx_48A_eoef--ExpenseExampleYear05_zRl4oskGf2P4" style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: bold 8pt Times New Roman, Arial; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; font-weight: 700; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">5 Years</span> </div> </th> <th id="xdx_483_eoef--ExpenseExampleYear10_z54v5hnMU23d" style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: bold 8pt Times New Roman, Arial; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; font-weight: 700; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">10 Years</span> </div> </th> </tr> <tr id="xdx_418_20260625__20260625__oef--ClassAxis__custom--C000257971Member_zGnFhi5PbVbi" style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$100</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$312</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$542</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$1,201</span> </div> </td> </tr> </table> 100 312 542 1201 Portfolio Turnover <p id="xdx_A8D_eoef--PortfolioTurnoverTextBlock_zbIhQu0fAx3c" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 64px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the expense example above, affect the Fund’s performance. For the most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_907_eoef--PortfolioTurnoverRate_c20260625__20260625__dei--LegalEntityAxis__custom--S000090687Member_z6mUgrnSLYTj">34%</span> of the average value of its portfolio. </p> 0.34 Principal Investment Strategies <p id="xdx_A86_eoef--StrategyNarrativeTextBlock_gRBSNTB-NLJJN_zqnjtgHLg1El" style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 80px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">The Fund is an actively managed exchange-traded fund (“ETF”) that seeks income, and secondarily, long term capital appreciation. The Fund’s strategy involves two components: (1) investing in a portfolio of equity securities based on the Solactive VistaShares Berkshire Select Index (the “Equity Strategy”); and (2) generating income through an options portfolio (the “Options Strategies”), each as described below. Primarily through the Fund’s Options Strategies, the Fund seeks to achieve an annual income target of 15% as described more below.</p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 48px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">The Fund’s strategies are overseen by the Adviser and the Fund’s investment sub-adviser, VistaShares, LLC (“VistaShares”). VistaShares selects the equity securities for the Fund’s Equity Strategy, and the Adviser is responsible for implementing the Fund’s Options Strategies.</p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">Additionally, the Fund will maintain a minor allocation to cash or U.S. Treasuries, not exceeding ten percent of its total assets.</p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block; break-after: avoid"><span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Equity Strategy – VistaShares</span> </p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 48px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block; break-after: avoid; break-inside: avoid">The Fund invests in U.S. equity securities (“Underlying Securities”) selected by VistaShares. The Fund’s equity strategy seeks to identify companies with high-quality characteristics through a quantitative methodology that prioritizes financial strength and stability. The selection process focuses on companies demonstrating: </p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 8pt 32pt; text-align-last: auto; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; display: block; break-after: avoid; text-indent: -16pt"> ● <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-style: italic; font-weight: 400">High return on equity (ROE): </span>Generally reflecting efficient management and strong profitability relative to shareholders’ equity. </p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 8pt 32pt; text-align-last: auto; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: -16pt"> ● <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-style: italic; font-weight: 400">Low debt-to-equity ratios:</span> Typically indicating prudent use of leverage and financial stability. </p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 8pt 32pt; text-align-last: auto; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: -16pt"> ● <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-style: italic; font-weight: 400"></span><span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-style: italic; font-weight: 400"><i style="box-sizing: border-box">Low earnings variability</i></span><span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-style: italic; font-weight: 400">:</span> Generally associated with companies with consistent and predictable earnings over time. </p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 64px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block"> VistaShares applies a disciplined and dynamic approach to managing the Fund’s equity portfolio. The Fund’s portfolio allocations are adjusted quarterly to reflect updated data and evolving market conditions. Additionally, VistaShares may reallocate the Fund’s equity holdings more frequently if necessary to comply with regulatory constraints. For additional information about VistaShares’ security selection processes, please the section in the Fund’s Prospectus titled “Additional Information About the Funds.” </p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 64px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block"> The Fund’s equity strategy generally allocates to between 20 and 50 securities. This strategy aims to capture long-term growth potential by investing in high-quality companies while mitigating portfolio volatility. The Fund invests in both large-capitalization securities, defined as those with a market capitalization exceeding $10 billion, and mid-capitalization securities, defined as those with a market capitalization between $2 billion and $10 billion. </p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block; break-after: avoid"><span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Options Strategies – the Adviser</span> </p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 48px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">The Fund seeks to generate income primarily through the use of options strategies involving options contracts on certain or all of its Underlying Securities. These strategies are expected to derive the majority of the Fund’s yield, with the Fund aiming to achieve an annual income target of 15% (the “Annual 15% Target”).</p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 80px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">The Fund earns income by collecting premiums from selling (writing) options. When an option is sold, the buyer pays the Fund for the right to either purchase or sell the underlying asset at a predetermined price. The Adviser employs different options strategies based on its market outlook, selecting one or a combination of strategies it believes will achieve the Fund’s income target, while also allowing for potential capital appreciation (growth in asset value). The Adviser also evaluates the performance of the Underlying Securities when choosing which options strategies to deploy.</p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 48px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">The specific options strategies the Fund employs may alter its overall risk and return profile, affecting volatility, income, potential for capital appreciation, and the preservation of capital. For instance, by writing covered calls (selling call options on securities already held by the Fund), the Fund may limit its potential gains in exchange for premium income.</p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 80px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">Premiums received from selling options are influenced by market volatility, with higher levels of volatility generally leading to higher premiums. As such, the Adviser carefully monitors market conditions to determine when and which options strategies to implement, with a focus on enhancing the Fund’s income generation. Through the active management of its options positions, the Adviser seeks to optimize the Fund’s ability to generate consistent income. For additional information about options and options strategies, please the section in the Fund’s Prospectus titled “Additional Information About the Funds.”</p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block; break-after: avoid"><span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Treasuries</span> </p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 32px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">In addition, the Fund will hold cash or short-term U.S. Treasury securities. These securities serve a dual purpose: providing collateral for the Options Strategies and contributing to the Fund’s income generation.</p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block"><span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Why invest in the Fund?</span> </p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 8pt 32pt; text-align-last: auto; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: -16pt"> ● <i style="box-sizing: border-box"> </i>The Fund seeks to generate income at the Annual 15% Target, which is not dependent on the value of the Underlying Securities. </p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 8pt 32pt; box-sizing: border-box; text-align-last: auto; color: #000; text-align: justify; display: block; text-indent: -16pt"></p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 8pt 32pt; text-align-last: auto; min-height: 32px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: -16pt"> ● <i style="box-sizing: border-box"> </i>The Fund seeks to participate in some of the potential gains experienced by increases in the share prices of the Underlying Securities. </p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; box-sizing: border-box; text-align-last: auto; color: #000; text-align: justify; text-indent: 0; display: block"></p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 32px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">The Fund is classified as “non-diversified” under the 1940 Act. The Fund’s investment strategy is expected to result in high portfolio turnover on an annual basis.</p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: justify; min-height: 64px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block"><span id="xdx_90D_eoef--StrategyPortfolioConcentration_c20260625__20260625__dei--LegalEntityAxis__custom--S000090687Member_zVWKXDcGRav6">Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus borrowings for investment purposes, in equity securities exhibiting high quality characteristics as selected via the Fund’s Equity Strategy or options contracts that provide exposure to those securities.</span> The Fund considers a security to be a “U.S. equity security” if it is listed on a U.S. exchange and (i) the issuer is incorporated or organized under the laws of the United States or (ii) the issuer derives at least 50% of its revenues or profits </p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; counter-increment: unset; counter-reset: unset; min-height: 32px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">from goods produced or sold, investments made, or services performed, or has at least 50% of its assets located within the United States. For purposes of compliance with this investment policy, derivative contracts will be valued at their notional value. </p> Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus borrowings for investment purposes, in equity securities exhibiting high quality characteristics as selected via the Fund’s Equity Strategy or options contracts that provide exposure to those securities. The Fund may not achieve its investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--BerkshireHathawayManagementChangeMember_zlTS3TjHOjrg" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 96px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Berkshire Hathaway Management Change</span>: The share price of Berkshire Hathaway’s stock (including BRK.B) has been significantly affected by the leadership and public profile of Warren E. Buffett, who has long shaped Berkshire Hathaway’s strategy and image. Mr. Buffett has stepped down as CEO on January 1, 2026, with Greg Abel succeeding him. While the succession plan offers continuity, Mr. Buffett’s continued role as Chairman and any changes in his involvement may impact investor sentiment and lead to increased volatility. The market’s perception of Mr. Abel’s leadership and potential strategic shifts could also introduce uncertainty and materially affect the Fund’s performance. </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zgNXRzHWw4p9" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 160px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Derivatives Risk.</span><b style="box-sizing: border-box"> </b>Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, leverage, imperfect daily correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect correlation between the return of the Index and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. </p> <p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily leveraged performance for the Fund. </p> <p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> In addition, the Fund’s investments in derivatives are subject to the following risks: </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsMember_zclpK5hy2zZj" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt 24pt; text-align-last: auto; display: block; min-height: 96px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: -6pt"> <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-style: italic; font-weight: 400">• </span><span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-style: italic; font-weight: 400">Options.</span> Purchasing and writing put and call options are highly specialized activities and entail greater than ordinary investment risks. The Fund may not fully benefit from or may lose money on an option if changes in its value do not correspond as anticipated to changes in the value of the underlying securities. If the Fund is not able to sell an option held in its portfolio, it would have to exercise the option to realize any profit and would incur transaction costs upon the purchase or sale of the underlying securities. Ownership of options involves the payment of premiums, which may adversely affect the Fund’s performance. </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zWjZOvz4GVw9" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 128px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Counterparty Risk.</span><b style="box-sizing: border-box"> </b>Counterparty risk is the likelihood or probability that a party involved in a transaction might default on its contractual obligation. Where the Fund enters into derivative contracts that are exchange-traded, the Fund is subject to the counterparty risk associated with the Fund’s clearing broker or clearinghouse. Relying on a counterparty exposes the Fund to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Fund to suffer a loss. If a counterparty defaults on its payment obligations to the Fund, this default will cause the value of an investment in the Fund to decrease. In addition, to the extent the Fund deals with a limited number of counterparties, it will be more susceptible to the credit risks associated with those counterparties. </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndexStrategyRisksMember_gRBRTB-ER_zWpnX7CA3enf" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: justify; display: block; min-height: 96px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Index / Strategy Risks</span><b style="box-sizing: border-box">. </b>The Index’s holdings are derived from publicly available data, which may be delayed relative to the then-current portfolio of Berkshire Hathaway. Consequently, the Fund’s holdings, which are based on the Index, may not accurately reflect Berkshire Hathaway’s most recent publicly-disclosed investment positions and may deviate substantially from its actual current portfolio. The equity securities represented in the Index are subject to a range of risks, including, but not limited to, fluctuations in market conditions, increased competition, and evolving regulatory environments, all of which could adversely affect their performance. Moreover, while the Fund seeks to incorporate aspects of Berkshire Hathaway’s investment philosophy, past</p> <p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; counter-increment: unset; counter-reset: unset; display: block; min-height: 32px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">performance of the companies included in the Index does not guarantee future results. There is no assurance that these companies will deliver positive performance or generate long-term capital appreciation.</p> <p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 112px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">In addition, the Index includes an approximately 10% allocation to Berkshire Hathaway’s class B shares (BRK.B). Investing in BRK.B through the Fund presents several risks. Fund investors have no direct ownership in Berkshire Hathaway and lack voting rights or influence over corporate decisions, while remaining exposed to fluctuations in BRK.B’s stock price. Public perception and other factors outside of the control of Berkshire Hathaway may additionally impact BRK.B’s stock price due to Berkshire Hathaway garnering a disproportionate degree of public attention, regardless of actual operating performance. Additionally, Berkshire Hathaway’s performance may not meet expectations due to inaccurate projections or unforeseen challenges, and as part of the diversified financial services industry, BRK.B is exposed to broader economic risks, regulatory changes, and market competition.</p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--DistributionRiskMember_zX3012KVkVHi" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 80px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Distribution Risk</span><b style="box-sizing: border-box">. </b>Although the Fund has an annual income target, the Fund intends to distribute income on a monthly basis. There is no assurance that the Fund will make a distribution in any given month. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next. Additionally, monthly distributions, if any, may consist of returns of capital, which would decrease the Fund’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment.</p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--NavDeclineRiskDueToDistributionsMember_zPufkpbVEdu1" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; break-inside: avoid"><span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">NAV Decline Risk Due to Distributions</span><b style="box-sizing: border-box">. </b>When the Fund makes a distribution, the Fund’s NAV will typically drop by the amount of the distribution on the related ex-dividend date. The repeated payment of distributions by the Fund, if any, may result in a decline in the Fund’s NAV and trading price over time. As a result, an investor may suffer losses to their investment.</p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityMarketRiskMember_zrCLQVXbVIo9" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 80px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Equity Market Risk.</span><b style="box-sizing: border-box"> </b>Common stocks are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from specific issuers. The equity securities held in the Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which the Fund invests. </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zUKoAriNnSMk" style="font: bold 10pt/normal Times New Roman, Arial; margin: 4pt 0 8pt; text-align-last: auto; display: block; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: left; font-weight: 700; text-indent: 0; break-after: avoid"> <b style="box-sizing: border-box">ETF Risks</b> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zQ6td6sbbVEi" style="font: 10pt/12pt Times New Roman,Times,serif; margin: 0 0 8pt 32pt; text-align-last: auto; display: block; min-height: 112px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; break-after: avoid; text-indent: -16pt"> ●   <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-style: italic; font-weight: 400">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</span><i style="box-sizing: border-box"> </i>The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as Authorized Participants or APs). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zfZsLhPl7uT3" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt 32pt; text-align-last: auto; display: block; min-height: 112px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: -16pt"> ●   <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-style: italic; font-weight: 400">Cash Redemption Risk. </span>An ETF’s investment strategy may require it to redeem its shares for cash or to otherwise include cash as part of its redemption proceeds. For example, an ETF may not be able to redeem in-kind certain securities held by the ETF (e.g., derivative instruments). In such a case, the ETF may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the ETF to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the ETF may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zvIe61jhD9vc" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt 32pt; text-align-last: auto; display: block; min-height: 112px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: -16pt"> ●   <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-style: italic; font-weight: 400">Costs of Buying or Selling Shares. </span>Buying or selling Shares involves certain costs, including brokerage commissions, other charges imposed by brokers, and bid-ask spreads. The bid-ask spread represents the difference between the price at which an investor is willing to buy Shares and the price at which an investor is willing to sell Shares. The spread varies over time based on the Shares’ trading volume and market liquidity. The spread is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Due to the costs of buying or selling Shares, frequent trading of Shares may reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments. </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zsmq6sOvQ2q" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt 32pt; text-align-last: auto; display: block; min-height: 96px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: -16pt"> ●   <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-style: italic; font-weight: 400">Shares May Trade at Prices Other Than NAV. </span>As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant. </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zCWRIYsW2Aj3" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt 32pt; text-align-last: auto; display: block; min-height: 64px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: -16pt"> ● <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-style: italic; font-weight: 400">  Trading.</span><i style="box-sizing: border-box"> </i>Although Shares are listed for trading on a national securities exchange, such as NYSE Arca, Inc. (the Exchange), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares and the liquidity of the Fund’s portfolio holdings may deteriorate. </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--FocusedPortfolioRiskMember_zgGexnvwvp9b" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Focused Portfolio Risk. </span>The Fund will hold a relatively focused portfolio that may contain securities of fewer issuers than the portfolios of other ETFs. Holding a relatively concentrated portfolio may increase the risk that the value of the Fund could go down because of the poor performance of one or a few investments. </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zCU4VgtFbNtl" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">High Portfolio Turnover Risk.</span><b style="box-sizing: border-box"> </b>The Fund may actively and frequently trade a significant portion of the Fund’s holdings. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses. Frequent trading may also cause adverse tax consequences for investors in the Fund due to an increase in short-term capital gains. </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--InflationRiskMember_z8EayvWOf47d" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 32px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Inflation Risk. </span>Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.</p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zBBtDJgw4P51" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 32px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; break-inside: avoid"> <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Management Risk.</span><b style="box-sizing: border-box"> </b>The Fund is actively-managed and may not meet its investment objective based on the portfolio managers success or failure in implementing the Fund’s investment strategies. </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketCapitalizationRiskMember_zMBE5ELwnx1j" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; break-after: avoid"><span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Market Capitalization Risk.</span> </p> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargecapitalizationInvestingMember_z4pX3122JbCl"></div> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: table"> <tr style="box-sizing: border-box; display: table-row"> <td style="border-top: #9ca3af 0 solid; border-right: #9ca3af 0pt solid; border-bottom: #9ca3af 0 solid; margin: 0; padding: 0; box-sizing: border-box; text-align: left; width: 0.25in; border-left-color: #9ca3af; border-left-width: 0; padding-top: 0; padding-left: 0; padding-right: 0; padding-bottom: 0"> <div style="box-sizing: border-box; text-align-last: auto; height: 54pt; overflow: hidden"> <div style="box-sizing: border-box; text-align-last: auto; display: table; width: 100%; height: 100%; overflow: hidden"> <div style="box-sizing: border-box; text-align-last: auto; height: 100%; width: 100%; display: table-cell"> <p style="font: 700 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; box-sizing: border-box; text-align-last: auto; display: block; color: #000; text-align: left; text-indent: 0"> </p> <p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; box-sizing: border-box; text-align-last: auto; display: block; color: #000; text-align: justify; text-indent: 0"> </p> <p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; box-sizing: border-box; text-align-last: auto; display: block; color: #000; text-align: justify; text-indent: 0"> </p> </div> </div> </div> </td> <td style="border-top: #9ca3af 0 solid; border-right: #9ca3af 0pt solid; border-bottom: #9ca3af 0 solid; margin: 0; padding: 0; box-sizing: border-box; text-align: left; width: 0.25in; border-left-color: #9ca3af; border-left-width: 0; padding-top: 0; padding-left: 0; padding-right: 0; padding-bottom: 0"> <div style="box-sizing: border-box; text-align-last: auto; height: 54pt; overflow: hidden"> <div style="box-sizing: border-box; text-align-last: auto; display: table; width: 100%; height: 100%; overflow: hidden"> <div style="box-sizing: border-box; text-align-last: auto; height: 100%; width: 100%; display: table-cell"> <p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">●</p> <p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; box-sizing: border-box; text-align-last: auto; display: block; color: #000; text-align: justify; text-indent: 0"> </p> </div> </div> </div> </td> <td style="border-top: #9ca3af 0 solid; border-right: #9ca3af 0pt solid; border-bottom: #9ca3af 0 solid; margin: 0; padding: 0; box-sizing: border-box; text-align: left; width: auto; border-left-color: #9ca3af; border-left-width: 0; padding-top: 0; padding-left: 0; padding-right: 0; padding-bottom: 0"> <div style="box-sizing: border-box; text-align-last: auto; height: 54pt; overflow: hidden"> <div style="box-sizing: border-box; text-align-last: auto; display: table; width: 100%; height: 100%; overflow: hidden"> <div style="box-sizing: border-box; text-align-last: auto; height: 100%; width: 100%; display: table-cell"> <p style="font: 10pt/12pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 64px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-style: italic; font-weight: 400">Large-Capitalization Investing. </span>The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. Large-capitalization companies may also be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.</p> </div> </div> </div> </td> </tr> </table> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidcapitalizationInvestingMember_z02CXUyWs7Uk"></div> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: table"> <tr style="box-sizing: border-box; display: table-row"> <td style="border-top: #9ca3af 0 solid; border-right: #9ca3af 0pt solid; border-bottom: #9ca3af 0 solid; margin: 0; padding: 0; box-sizing: border-box; text-align: left; width: 0.25in; border-left-color: #9ca3af; border-left-width: 0; padding-top: 0; padding-left: 0; padding-right: 0; padding-bottom: 0"> <div style="box-sizing: border-box; text-align-last: auto; height: 54pt; overflow: hidden"> <div style="box-sizing: border-box; text-align-last: auto; display: table; width: 100%; height: 100%; overflow: hidden"> <div style="box-sizing: border-box; text-align-last: auto; height: 100%; width: 100%; display: table-cell"> <p style="font: 700 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; box-sizing: border-box; text-align-last: auto; display: block; color: #000; text-align: left; text-indent: 0"> </p> <p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; box-sizing: border-box; text-align-last: auto; display: block; color: #000; text-align: justify; text-indent: 0"> </p> <p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; box-sizing: border-box; text-align-last: auto; display: block; color: #000; text-align: justify; text-indent: 0"> </p> </div> </div> </div> </td> <td style="border-top: #9ca3af 0 solid; border-right: #9ca3af 0pt solid; border-bottom: #9ca3af 0 solid; margin: 0; padding: 0; box-sizing: border-box; text-align: left; width: 0.25in; border-left-color: #9ca3af; border-left-width: 0; padding-top: 0; padding-left: 0; padding-right: 0; padding-bottom: 0"> <div style="box-sizing: border-box; text-align-last: auto; height: 54pt; overflow: hidden"> <div style="box-sizing: border-box; text-align-last: auto; display: table; width: 100%; height: 100%; overflow: hidden"> <div style="box-sizing: border-box; text-align-last: auto; height: 100%; width: 100%; display: table-cell"> <p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">●</p> <p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; box-sizing: border-box; text-align-last: auto; display: block; color: #000; text-align: justify; text-indent: 0"> </p> </div> </div> </div> </td> <td style="border-top: #9ca3af 0 solid; border-right: #9ca3af 0pt solid; border-bottom: #9ca3af 0 solid; margin: 0; padding: 0; box-sizing: border-box; text-align: left; width: auto; border-left-color: #9ca3af; border-left-width: 0; padding-top: 0; padding-left: 0; padding-right: 0; padding-bottom: 0"> <div style="box-sizing: border-box; text-align-last: auto; height: 54pt; overflow: hidden"> <div style="box-sizing: border-box; text-align-last: auto; display: table; width: 100%; height: 100%; overflow: hidden"> <div style="box-sizing: border-box; text-align-last: auto; height: 100%; width: 100%; display: table-cell"> <p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 64px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-style: italic; font-weight: 400">Mid-Capitalization Investing.</span> The securities of mid-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large-capitalization companies. The securities of mid-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large-capitalization stocks or the stock market as a whole.</p> </div> </div> </div> </td> </tr> </table> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketEventsRiskMember_zzAHN9Ws0aN3" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 208px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Market Events Risk.</span><b style="box-sizing: border-box"> </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities and other financial instruments. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities and other financial markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments. Continuing uncertainties regarding interest rates, rising inflation, political events, rising government debt in the U.S. and trade tensions also contribute to market volatility. Conflict, loss of life and disaster connected to ongoing armed conflict between Ukraine and Russia in Europe and between Israel and Hamas in the Middle East could have severe adverse effects on the related region, including significant adverse effects on the regional or global economies and the markets for certain securities. The U.S. and the European Union have imposed sanctions on certain Russian individuals and companies, including certain financial institutions, and have limited certain exports and imports to and from Russia. These conflicts have contributed to recent market volatility and may continue to do so. </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewerFundRiskMember_zyEy5gCo551" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; break-inside: avoid"> <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Newer Fund Risk.</span><b style="box-sizing: border-box"> </b>The Fund is a recently organized management investment company with limited operating history. As a result, prospective investors have a limited track record or history on which to base their investment decisions. There can be no assurance that the Fund will maintain an economically viable size. </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewerSubadviserRiskMember_zlh18wHZ4YY4" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 64px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Newer Sub-Adviser Risk.</span><b style="box-sizing: border-box"> </b>The Sub-Adviser is newly registered with the SEC and has limited experience with managing an exchange-traded fund regulated under the 1940 Act, which may limit the Sub-Adviser’s effectiveness. As a result, there is no long-term track record against which an investor may judge the Sub-Adviser and it is possible the Sub-Adviser may not achieve the Fund’s intended investment objective. </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_z13RdxyGSpK6" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 64px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Non-Diversification Risk.</span><b style="box-sizing: border-box"> </b>Because the Fund is non-diversified, it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio. </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_gRBRTB-AANKBZ_zdiwgMc0cmW8" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: justify; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Arial; font-weight: 700">Operational Risk.</span> The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund relies on third parties for a range of services, including custody. Any delay or </p> <p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; counter-increment: unset; counter-reset: unset; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund, the Adviser, and the Sub-Adviser seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks. </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zlurjHL0Qb4k" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 80px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Tax Risk</span><b style="box-sizing: border-box">. </b>The Fund intends to elect and to qualify each year to be treated as a RIC under Subchapter M of the Code. As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to Shareholders, provided that it satisfies certain requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund’s taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed.</p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--UsGovernmentAndUsAgencyObligationsRiskMember_z2p0RsMrbt0k" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 128px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">U.S. Government and U.S. Agency Obligations Risk.</span><b style="box-sizing: border-box"> </b>The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so.</p> Performance <p id="xdx_A8C_eoef--PerformanceNarrativeTextBlock_zZA4mg0gM2Da" style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 96px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block"> <span id="xdx_907_eoef--PerformanceOneYearOrLess_c20260625__20260625__dei--LegalEntityAxis__custom--S000090687Member_zshNretKsnX9">Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus.</span> <span id="xdx_905_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260625__20260625__dei--LegalEntityAxis__custom--S000090687Member_z4RCCphkcf3j">When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of the Index and a broad measure of market performance.</span> <span id="xdx_90E_eoef--PerformancePastDoesNotIndicateFuture_c20260625__20260625__dei--LegalEntityAxis__custom--S000090687Member_z3R5wcEMJvYg">Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund.</span> Updated performance information is available on the Fund’s website at <span id="xdx_90F_eoef--PerformanceAvailabilityWebSiteAddress_c20260625__20260625__dei--LegalEntityAxis__custom--S000090687Member_zA2PRt4vy02">vistashares.com</span>. </p> Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of the Index and a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. vistashares.com VistaShares Target 15 USA Momentum Income ETF - FUND SUMMARY Investment Objective The VistaShares Target 15 USA Momentum Income ETF primarily seeks income, and secondarily, long term capital appreciation. Fees and Expenses of the Fund <p id="xdx_A86_eoef--ExpenseNarrativeTextBlock_zPF1WmQ3M3Q5" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> </p> Annual Fund Operating Expenses¹ (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A8E_eoef--AnnualFundOperatingExpensesTableTextBlock_zpERXY7ly11a"></div> <table id="xdx_A55_dU_zgcjVuGDDi3i" style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="box-sizing: border-box; height: auto"> <td style="box-sizing: border-box; height: auto"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Management Fee</span> </div> </td> <td style="box-sizing: border-box; height: auto"> <div id="xdx_98B_eoef--ManagementFeesOverAssets_dpn_c20260625__20260625__oef--ClassAxis__custom--C000257973Member_fuQ_____zgVc0iLRwFn8" style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.95%</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="box-sizing: border-box; height: auto"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Distribution and Service (12b-1) Fees</span> </div> </td> <td style="box-sizing: border-box; height: auto"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_900_eoef--DistributionAndService12b1FeesOverAssets_dpn_c20260625__20260625__oef--ClassAxis__custom--C000257973Member_fuQ_____zMqCF0tLjPx3">None</span> </span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="box-sizing: border-box; height: auto"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Other Expenses²</span> </div> </td> <td style="box-sizing: border-box; height: auto; border-bottom-style: solid; border-bottom-width: 0.5pt"> <div id="xdx_98C_eoef--OtherExpensesOverAssets_dpn_c20260625__20260625__oef--ClassAxis__custom--C000257973Member_fuSyy_z0WVHhWWXwVc" style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.00%</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="box-sizing: border-box; height: auto"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Total Annual Fund Operating Expenses</span> </div> </td> <td style="box-sizing: border-box; height: auto; border-bottom-style: double; border-bottom-width: 3pt"> <div id="xdx_986_eoef--ExpensesOverAssets_dpn_c20260625__20260625__oef--ClassAxis__custom--C000257973Member_fuQ_____zHHezfW8OXCa" style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.95%</span> </div> </td> </tr> </table> <div style="font: 8pt Times New Roman,Times,serif; margin: 4pt 0 8pt; box-sizing: border-box; text-align-last: auto; color: #000; text-align: justify; text-indent: 0"> <table cellpadding="0" cellspacing="0" style="font: 8pt Times New Roman,Times,serif; color: #000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span id="xdx_F07_zgFd3gLc0FNb">¹</span> </td> <td style="width: 5pt"></td> <td style="text-align: justify"><span id="xdx_F16_ziboNnMPFAPi">The Fund’s adviser will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940 (the “1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses.</span> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 8pt Times New Roman,Times,serif; color: #000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span id="xdx_F06_z4Opb8iz0wig">²</span> </td> <td style="width: 5pt"></td> <td style="text-align: justify"><span id="xdx_F15_zOJRAD3xQcke"><span id="xdx_90F_eoef--OtherExpensesNewFundBasedOnEstimates_c20260625__20260625__dei--LegalEntityAxis__custom--S000090689Member_z9OLkzkztIoe">Based on estimated amounts for the current fiscal year.</span> </span> </td> </tr> </table> </div> 0.0095 0 0.0000 0.0095 Based on estimated amounts for the current fiscal year. Expense Example <p id="xdx_A8E_eoef--ExpenseExampleNarrativeTextBlock_zUkhxQPAx5N7" style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 80px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block"> This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> <div id="xdx_A83_eoef--ExpenseExampleWithRedemptionTableTextBlock_zAIab7yebLl7"></div> <table id="xdx_A5D_dU_zkUySV53S4C8" style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="box-sizing: border-box; height: auto; vertical-align: bottom"> <th id="xdx_48B_eoef--ExpenseExampleYear01_zqyX4AGkR7X6" style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: bold 8pt Times New Roman, Arial; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; font-weight: 700; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">1 Year</span> </div> </th> <th id="xdx_486_eoef--ExpenseExampleYear03_z6NYmH3LN5Vl" style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: bold 8pt Times New Roman, Arial; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; font-weight: 700; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">3 Years</span> </div> </th> </tr> <tr id="xdx_418_20260625__20260625__oef--ClassAxis__custom--C000257973Member_zY2BMWi7tyIc" style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$97</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$303</span> </div> </td> </tr> </table> 97 303 Portfolio Turnover <p id="xdx_A85_eoef--PortfolioTurnoverTextBlock_zx1HP3mTiNNk" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 64px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the expense example above, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available.</p> Principal Investment Strategies <p id="xdx_A8C_eoef--StrategyNarrativeTextBlock_gRBSNTB-J_zoS9fTWBXMl9" style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 80px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block"> The Fund is an actively managed exchange-traded fund (“ETF”) that seeks income, and secondarily, long term capital appreciation. The Fund’s strategy involves two components: (1) investing in a portfolio of equity securities based on the Solactive VistaShares Berkshire Select Index (the “Equity Strategy”); and (2) generating income through an options portfolio (the “Options Strategies”), each as described below. Primarily through the Fund’s Options Strategies, the Fund seeks to achieve an annual income target of 15% as described more below. </p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 48px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">The Fund’s strategies are overseen by the Adviser and the Fund’s investment sub-adviser, VistaShares, LLC (“VistaShares”). VistaShares selects the equity securities for the Fund’s Equity Strategy, and the Adviser is responsible for implementing the Fund’s Options Strategies.</p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">Additionally, the Fund will maintain a minor allocation to cash or U.S. Treasuries, not exceeding ten percent of its total assets.</p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block; break-after: avoid"> <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Equity Strategy – VistaShares</span> </p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 48px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block; break-after: avoid; break-inside: avoid">The Fund invests in U.S. equity securities (“Underlying Securities”) selected by VistaShares. The Fund’s equity strategy seeks to identify companies with high-quality characteristics through a quantitative methodology that prioritizes financial strength and stability. The selection process focuses on companies demonstrating: </p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 8pt 32pt; text-align-last: auto; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; display: block; break-after: avoid; text-indent: -16pt"> ● <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-style: italic; font-weight: 400">High return on equity (ROE): </span>Generally reflecting efficient management and strong profitability relative to shareholders’ equity. </p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 8pt 32pt; text-align-last: auto; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: -16pt"> ● <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-style: italic; font-weight: 400">Low debt-to-equity ratios:</span> Typically indicating prudent use of leverage and financial stability. </p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 8pt 32pt; text-align-last: auto; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: -16pt"> ● <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-style: italic; font-weight: 400"></span><span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-style: italic; font-weight: 400"><i style="box-sizing: border-box">Low earnings variability</i></span><span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-style: italic; font-weight: 400">:</span> Generally associated with companies with consistent and predictable earnings over time. </p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 64px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block"> VistaShares applies a disciplined and dynamic approach to managing the Fund’s equity portfolio. The Fund’s portfolio allocations are adjusted quarterly to reflect updated data and evolving market conditions. Additionally, VistaShares may reallocate the Fund’s equity holdings more frequently if necessary to comply with regulatory constraints. For additional information about VistaShares’ security selection processes, please the section in the Fund’s Prospectus titled “Additional Information About the Funds.” </p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 64px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block"> The Fund’s equity strategy generally allocates to between 20 and 50 securities. This strategy aims to capture long-term growth potential by investing in high-quality companies while mitigating portfolio volatility. The Fund invests in both large-capitalization securities, defined as those with a market capitalization exceeding $10 billion, and mid-capitalization securities, defined as those with a market capitalization between $2 billion and $10 billion. </p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block; break-after: avoid"><span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Options Strategies – the Adviser</span> </p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 48px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">The Fund seeks to generate income primarily through the use of options strategies involving options contracts on certain or all of its Underlying Securities. These strategies are expected to derive the majority of the Fund’s yield, with the Fund aiming to achieve an annual income target of 15% (the “Annual 15% Target”).</p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 80px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">The Fund earns income by collecting premiums from selling (writing) options. When an option is sold, the buyer pays the Fund for the right to either purchase or sell the underlying asset at a predetermined price. The Adviser employs different options strategies based on its market outlook, selecting one or a combination of strategies it believes will achieve the Fund’s income target, while also allowing for potential capital appreciation (growth in asset value). The Adviser also evaluates the performance of the Underlying Securities when choosing which options strategies to deploy.</p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 48px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">The specific options strategies the Fund employs may alter its overall risk and return profile, affecting volatility, income, potential for capital appreciation, and the preservation of capital. For instance, by writing covered calls (selling call options on securities already held by the Fund), the Fund may limit its potential gains in exchange for premium income.</p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 80px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">Premiums received from selling options are influenced by market volatility, with higher levels of volatility generally leading to higher premiums. As such, the Adviser carefully monitors market conditions to determine when and which options strategies to implement, with a focus on enhancing the Fund’s income generation. Through the active management of its options positions, the Adviser seeks to optimize the Fund’s ability to generate consistent income. For additional information about options and options strategies, please the section in the Fund’s Prospectus titled “Additional Information About the Funds.”</p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block; break-after: avoid"><span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Treasuries</span> </p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 32px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">In addition, the Fund will hold cash or short-term U.S. Treasury securities. These securities serve a dual purpose: providing collateral for the Options Strategies and contributing to the Fund’s income generation.</p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block"><span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Why invest in the Fund?</span> </p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 8pt 32pt; text-align-last: auto; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: -16pt"> ● <i style="box-sizing: border-box"> </i>The Fund seeks to generate income at the Annual 15% Target, which is not dependent on the value of the Underlying Securities. </p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 8pt 32pt; box-sizing: border-box; text-align-last: auto; color: #000; text-align: justify; display: block; text-indent: -16pt"></p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 8pt 32pt; text-align-last: auto; min-height: 32px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: -16pt"> ● <i style="box-sizing: border-box"> </i>The Fund seeks to participate in some of the potential gains experienced by increases in the share prices of the Underlying Securities. </p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; box-sizing: border-box; text-align-last: auto; color: #000; text-align: justify; text-indent: 0; display: block"></p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 32px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">The Fund is classified as “non-diversified” under the 1940 Act. The Fund’s investment strategy is expected to result in high portfolio turnover on an annual basis.</p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: justify; min-height: 64px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block"><span id="xdx_90D_eoef--StrategyPortfolioConcentration_c20260625__20260625__dei--LegalEntityAxis__custom--S000090689Member_z7mdgp4erJL1">Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus borrowings for investment purposes, in equity securities exhibiting high quality characteristics as selected via the Fund’s Equity Strategy or options contracts that provide exposure to those securities.</span> The Fund considers a security to be a “U.S. equity security” if it is listed on a U.S. exchange and (i) the issuer is incorporated or organized under the laws of the United States or (ii) the issuer derives at least 50% of its revenues or profits </p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; counter-increment: unset; counter-reset: unset; min-height: 32px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">from goods produced or sold, investments made, or services performed, or has at least 50% of its assets located within the United States. For purposes of compliance with this investment policy, derivative contracts will be valued at their notional value.</p> Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus borrowings for investment purposes, in equity securities exhibiting high quality characteristics as selected via the Fund’s Equity Strategy or options contracts that provide exposure to those securities. The Fund may not achieve its investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MomentumInvestingRiskMember_zd4MKhtTNpAh" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 80px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Momentum Investing Risk</span><b style="box-sizing: border-box">. </b>Securities that have previously exhibited price momentum may be more volatile than a broad cross-section of securities and their returns may be less than the returns of the overall stock market or other styles of investing. High momentum may also be a sign that the securities’ prices have peaked. Momentum can turn quickly and cause significant variation from other types of investments. The Fund may experience significant losses if momentum stops, turns or otherwise behaves differently than predicted.</p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_z5jGAWEPB0Ri" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 160px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Derivatives Risk.</span><b style="box-sizing: border-box"> </b>Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, leverage, imperfect daily correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect correlation between the return of the Index and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. </p> <p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily leveraged performance for the Fund. </p> <p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> In addition, the Fund’s investments in derivatives are subject to the following risks: </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsMember_zfzlKDbJbcC3" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt 24pt; text-align-last: auto; display: block; min-height: 96px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: -6pt"> <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-style: italic; font-weight: 400">• </span><span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-style: italic; font-weight: 400">Options.</span> Purchasing and writing put and call options are highly specialized activities and entail greater than ordinary investment risks. The Fund may not fully benefit from or may lose money on an option if changes in its value do not correspond as anticipated to changes in the value of the underlying securities. If the Fund is not able to sell an option held in its portfolio, it would have to exercise the option to realize any profit and would incur transaction costs upon the purchase or sale of the underlying securities. Ownership of options involves the payment of premiums, which may adversely affect the Fund’s performance. </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zuDk52sQOlig" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 128px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Counterparty Risk.</span><b style="box-sizing: border-box"> </b>Counterparty risk is the likelihood or probability that a party involved in a transaction might default on its contractual obligation. Where the Fund enters into derivative contracts that are exchange-traded, the Fund is subject to the counterparty risk associated with the Fund’s clearing broker or clearinghouse. Relying on a counterparty exposes the Fund to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Fund to suffer a loss. If a counterparty defaults on its payment obligations to the Fund, this default will cause the value of an investment in the Fund to decrease. In addition, to the extent the Fund deals with a limited number of counterparties, it will be more susceptible to the credit risks associated with those counterparties. </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--DistributionRiskMember_zl4MRycBW2j4" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 80px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Distribution Risk</span><b style="box-sizing: border-box">. </b>Although the Fund has an annual income target, the Fund intends to distribute income on a monthly basis. There is no assurance that the Fund will make a distribution in any given month. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next. Additionally, monthly distributions, if any, may consist of returns of capital, which would decrease the Fund’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment.</p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--NavDeclineRiskDueToDistributionsMember_zlfP2QRJ8DDj" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; break-inside: avoid"><span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">NAV Decline Risk Due to Distributions</span><b style="box-sizing: border-box">. </b>When the Fund makes a distribution, the Fund’s NAV will typically drop by the amount of the distribution on the related ex-dividend date. The repeated payment of distributions by the Fund, if any, may result in a decline in the Fund’s NAV and trading price over time. As a result, an investor may suffer losses to their investment.</p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zcJmmYiEb5Le" style="font: bold 10pt/normal Times New Roman, Arial; margin: 4pt 0 8pt; text-align-last: auto; display: block; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: left; font-weight: 700; text-indent: 0; break-after: avoid"> <b style="box-sizing: border-box">ETF Risks</b> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zs53RJOnpgm9" style="font: 10pt/12pt Times New Roman,Times,serif; margin: 0 0 8pt 32pt; text-align-last: auto; display: block; min-height: 112px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; break-after: avoid; text-indent: -16pt"> ●   <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-style: italic; font-weight: 400">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</span><i style="box-sizing: border-box"> </i>The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as Authorized Participants or APs). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zDFRHmf1AQE2" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt 32pt; text-align-last: auto; display: block; min-height: 112px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: -16pt"> ●   <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-style: italic; font-weight: 400">Cash Redemption Risk. </span>An ETF’s investment strategy may require it to redeem its shares for cash or to otherwise include cash as part of its redemption proceeds. For example, an ETF may not be able to redeem in-kind certain securities held by the ETF (e.g., derivative instruments). In such a case, the ETF may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the ETF to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the ETF may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zTWcBCP7uOf4" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt 32pt; text-align-last: auto; display: block; min-height: 112px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: -16pt"> ●   <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-style: italic; font-weight: 400">Costs of Buying or Selling Shares. </span>Buying or selling Shares involves certain costs, including brokerage commissions, other charges imposed by brokers, and bid-ask spreads. The bid-ask spread represents the difference between the price at which an investor is willing to buy Shares and the price at which an investor is willing to sell Shares. The spread varies over time based on the Shares’ trading volume and market liquidity. The spread is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Due to the costs of buying or selling Shares, frequent trading of Shares may reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments. </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zTllrDMGTmWf" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt 32pt; text-align-last: auto; display: block; min-height: 96px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: -16pt"> ●   <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-style: italic; font-weight: 400">Shares May Trade at Prices Other Than NAV. </span>As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant. </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zmDlXxgFSUk4" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt 32pt; text-align-last: auto; display: block; min-height: 64px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: -16pt"> ● <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-style: italic; font-weight: 400">  Trading.</span><i style="box-sizing: border-box"> </i>Although Shares are listed for trading on a national securities exchange, such as NYSE Arca, Inc. (the Exchange), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares and the liquidity of the Fund’s portfolio holdings may deteriorate. </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--FocusedPortfolioRiskMember_ziW1eJpojcx6" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Focused Portfolio Risk. </span>The Fund will hold a relatively focused portfolio that may contain securities of fewer issuers than the portfolios of other ETFs. Holding a relatively concentrated portfolio may increase the risk that the value of the Fund could go down because of the poor performance of one or a few investments. </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zfVNFRroiyih" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">High Portfolio Turnover Risk.</span><b style="box-sizing: border-box"> </b>The Fund may actively and frequently trade a significant portion of the Fund’s holdings. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses. Frequent trading may also cause adverse tax consequences for investors in the Fund due to an increase in short-term capital gains. </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--InflationRiskMember_zvrR8PbYRJK5" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 32px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Inflation Risk. </span>Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.</p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zUqaJflujWHj" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 32px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; break-inside: avoid"> <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Management Risk.</span><b style="box-sizing: border-box"> </b>The Fund is actively-managed and may not meet its investment objective based on the portfolio managers success or failure in implementing the Fund’s investment strategies. </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketCapitalizationRiskMember_z1Gqmir0ga1e" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; break-after: avoid"><span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Market Capitalization Risk.</span> </p> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargecapitalizationInvestingMember_ztbR21NL4uZj"></div> <div style="box-sizing: border-box; text-align-last: auto; height: 54pt; overflow: hidden"> <div style="box-sizing: border-box; text-align-last: auto; display: table; width: 100%; height: 100%; overflow: hidden"> <div style="box-sizing: border-box; text-align-last: auto; height: 100%; width: 100%; display: table-cell"> <p style="font: 700 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; box-sizing: border-box; text-align-last: auto; display: block; color: #000; text-align: left; text-indent: 0"> </p> <p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; box-sizing: border-box; text-align-last: auto; display: block; color: #000; text-align: justify; text-indent: 0"> </p> <p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; box-sizing: border-box; text-align-last: auto; display: block; color: #000; text-align: justify; text-indent: 0"> </p> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto; height: 54pt; overflow: hidden"> <div style="box-sizing: border-box; text-align-last: auto; display: table; width: 100%; height: 100%; overflow: hidden"> <div style="box-sizing: border-box; text-align-last: auto; height: 100%; width: 100%; display: table-cell"> <p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">●</p> <p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; box-sizing: border-box; text-align-last: auto; display: block; color: #000; text-align: justify; text-indent: 0"> </p> </div> </div> </div> <p style="font: 10pt/12pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 64px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-style: italic; font-weight: 400">Large-Capitalization Investing. </span>The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. Large-capitalization companies may also be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.</p> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidcapitalizationInvestingMember_zrzKEO2wHdD9"></div> <div style="box-sizing: border-box; text-align-last: auto; height: 54pt; overflow: hidden"> <div style="box-sizing: border-box; text-align-last: auto; display: table; width: 100%; height: 100%; overflow: hidden"> <div style="box-sizing: border-box; text-align-last: auto; height: 100%; width: 100%; display: table-cell"> <p style="font: 700 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; box-sizing: border-box; text-align-last: auto; display: block; color: #000; text-align: left; text-indent: 0"> </p> <p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; box-sizing: border-box; text-align-last: auto; display: block; color: #000; text-align: justify; text-indent: 0"> </p> <p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; box-sizing: border-box; text-align-last: auto; display: block; color: #000; text-align: justify; text-indent: 0"> </p> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto; height: 54pt; overflow: hidden"> <div style="box-sizing: border-box; text-align-last: auto; display: table; width: 100%; height: 100%; overflow: hidden"> <div style="box-sizing: border-box; text-align-last: auto; height: 100%; width: 100%; display: table-cell"> <p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">●</p> <p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; box-sizing: border-box; text-align-last: auto; display: block; color: #000; text-align: justify; text-indent: 0"> </p> </div> </div> </div> <p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 64px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-style: italic; font-weight: 400">Mid-Capitalization Investing.</span> The securities of mid-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large-capitalization companies. The securities of mid-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large-capitalization stocks or the stock market as a whole.</p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketEventsRiskMember_zzGyrJ5xq2U2" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 208px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Market Events Risk.</span><b style="box-sizing: border-box"> </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities and other financial instruments. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities and other financial markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments. Continuing uncertainties regarding interest rates, rising inflation, political events, rising government debt in the U.S. and trade tensions also contribute to market volatility. Conflict, loss of life and disaster connected to ongoing armed conflict between Ukraine and Russia in Europe and between Israel and Hamas in the Middle East could have severe adverse effects on the related region, including significant adverse effects on the regional or global economies and the markets for certain securities. The U.S. and the European Union have imposed sanctions on certain Russian individuals and companies, including certain financial institutions, and have limited certain exports and imports to and from Russia. These conflicts have contributed to recent market volatility and may continue to do so. </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zArNlJ5swNw" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 32px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">New Fund Risk.</span><b style="box-sizing: border-box"> </b>The Fund is a recently organized management investment company with limited operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions. </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewerSubadviserRiskMember_zmaQ4XAZYjYf" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 64px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Newer Sub-Adviser Risk.</span><b style="box-sizing: border-box"> </b>The Sub-Adviser is newly registered with the SEC and has limited experience with managing an exchange-traded fund regulated under the 1940 Act, which may limit the Sub-Adviser’s effectiveness. As a result, there is no long-term track record against which an investor may judge the Sub-Adviser and it is possible the Sub-Adviser may not achieve the Fund’s intended investment objective. </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zspITKvX9gJ1" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 64px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Non-Diversification Risk.</span><b style="box-sizing: border-box"> </b>Because the Fund is non-diversified, it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio. </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zrEBE2HSVngi" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 96px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Operational Risk.</span><b style="box-sizing: border-box"> </b>The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund relies on third parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund, the Adviser, and the Sub-Adviser seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks. </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zb1ruprZCWhg" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 80px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Tax Risk</span><b style="box-sizing: border-box">. </b>The Fund intends to elect and to qualify each year to be treated as a RIC under Subchapter M of the Code. As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to Shareholders, provided that it satisfies certain requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund’s taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed.</p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--UsGovernmentAndUsAgencyObligationsRiskMember_ztexgh4XVOH4" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 128px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">U.S. Government and U.S. Agency Obligations Risk.</span><b style="box-sizing: border-box"> </b>The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so.</p> Performance <p id="xdx_A86_eoef--PerformanceNarrativeTextBlock_gRBPNTB-FVZSM_ziPGgYPnTblf" style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: justify; min-height: 64px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block"><span id="xdx_907_eoef--PerformanceOneYearOrLess_c20260625__20260625__dei--LegalEntityAxis__custom--S000090689Member_zGoqsfZlhPMg">Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus.</span> <span id="xdx_905_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260625__20260625__dei--LegalEntityAxis__custom--S000090689Member_zsoLgtQs87Q9">When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance.</span> <span id="xdx_90E_eoef--PerformancePastDoesNotIndicateFuture_c20260625__20260625__dei--LegalEntityAxis__custom--S000090689Member_gIFPPDNIF-UQHY_zUxpZCifhv32">Although past performance of the Fund is no guarantee of how </span> </p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; counter-increment: unset; counter-reset: unset; min-height: 32px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block"><span id="xdx_C05_gIFPPDNIF-UQHY_zVTwEor8vF0a">it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund.</span> Updated performance information will be available on the Fund’s website at <span id="xdx_90F_eoef--PerformanceAvailabilityWebSiteAddress_c20260625__20260625__dei--LegalEntityAxis__custom--S000090689Member_z9TkkDX1eQH1">vistashares.com</span>.</p> Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. vistashares.com VistaShares Target 15 USA Value Income ETF - FUND SUMMARY Investment Objective The VistaShares Target 15 USA Value Income ETF primarily seeks income, and secondarily, long term capital appreciation. Fees and Expenses of the Fund <p id="xdx_A83_eoef--ExpenseNarrativeTextBlock_zJChN2ebC0c" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> </p> Annual Fund Operating Expenses¹ (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A86_eoef--AnnualFundOperatingExpensesTableTextBlock_zP2h3rvplrGb"></div> <table id="xdx_A57_dU_zV9hz4pKCo1a" style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="box-sizing: border-box; height: auto"> <td style="box-sizing: border-box; height: auto"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Management Fee</span> </div> </td> <td style="box-sizing: border-box; height: auto"> <div id="xdx_98B_eoef--ManagementFeesOverAssets_dpn_c20260625__20260625__oef--ClassAxis__custom--C000257975Member_fuQ_____zJYlLDVevhvi" style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.95%</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="box-sizing: border-box; height: auto"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Distribution and Service (12b-1) Fees</span> </div> </td> <td style="box-sizing: border-box; height: auto"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_900_eoef--DistributionAndService12b1FeesOverAssets_dpn_c20260625__20260625__oef--ClassAxis__custom--C000257975Member_fuQ_____zXxN4En04ED7">None</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="box-sizing: border-box; height: auto"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Other Expenses²</span> </div> </td> <td style="box-sizing: border-box; height: auto; border-bottom-style: solid; border-bottom-width: 0.5pt"> <div id="xdx_984_eoef--OtherExpensesOverAssets_dpn_c20260625__20260625__oef--ClassAxis__custom--C000257975Member_fuSyy_zi1n53uj2Dmi" style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.00%</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="box-sizing: border-box; height: auto"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Total Annual Fund Operating Expenses</span> </div> </td> <td style="box-sizing: border-box; height: auto; border-bottom-style: double; border-bottom-width: 3pt"> <div id="xdx_986_eoef--ExpensesOverAssets_dpn_c20260625__20260625__oef--ClassAxis__custom--C000257975Member_fuQ_____zpSSXdZ0BEne" style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.95%</span> </div> </td> </tr> </table> <div style="font: 8pt Times New Roman,Times,serif; margin: 4pt 0 8pt; box-sizing: border-box; text-align-last: auto; color: #000; text-align: justify; text-indent: 0"> <table cellpadding="0" cellspacing="0" style="font: 8pt Times New Roman,Times,serif; color: #000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span id="xdx_F09_zkLeTpHljjL4">¹</span> </td> <td style="width: 5pt"></td> <td style="text-align: justify"><span id="xdx_F1E_zv2kpRksMAg3">The Fund’s adviser will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940 (the “1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses.</span> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 8pt Times New Roman,Times,serif; color: #000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span id="xdx_F06_zGZ41CYKHzx6">²</span> </td> <td style="width: 5pt"></td> <td style="text-align: justify"><span id="xdx_F1B_zY2xv9OTQXvd"><span id="xdx_902_eoef--OtherExpensesNewFundBasedOnEstimates_c20260625__20260625__dei--LegalEntityAxis__custom--S000090691Member_z2gZ7w7mAzQ6">Based on estimated amounts for the current fiscal year.</span></span> </td> </tr> </table> </div> 0.0095 0 0.0000 0.0095 Based on estimated amounts for the current fiscal year. Expense Example <p id="xdx_A83_eoef--ExpenseExampleNarrativeTextBlock_zbDqPjnCmH8b" style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 80px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block"> This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> <div id="xdx_A89_eoef--ExpenseExampleWithRedemptionTableTextBlock_z6LspDpp96Wk"></div> <table id="xdx_A5F_dU_zVg1HrYDjTH3" style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="box-sizing: border-box; height: auto; vertical-align: bottom"> <th id="xdx_487_eoef--ExpenseExampleYear01_zzG1Wc1C4Zjl" style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: bold 8pt Times New Roman, Arial; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; font-weight: 700; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">1 Year</span> </div> </th> <th id="xdx_48D_eoef--ExpenseExampleYear03_zZ9yv0mrV0g8" style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: bold 8pt Times New Roman, Arial; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; font-weight: 700; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">3 Years</span> </div> </th> </tr> <tr id="xdx_418_20260625__20260625__oef--ClassAxis__custom--C000257975Member_zAIIgW6b6M09" style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$97</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$303</span> </div> </td> </tr> </table> 97 303 Portfolio Turnover <p id="xdx_A86_eoef--PortfolioTurnoverTextBlock_zbHEWqYcvRY4" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 64px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the expense example above, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available.</p> Principal Investment Strategies <p id="xdx_A8A_eoef--StrategyNarrativeTextBlock_gRBSNTB-ATGMETC_zXm7YOMvpCKj" style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 64px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">The Fund is an actively managed exchange-traded fund (“ETF”) that seeks income, and secondarily, long term capital appreciation. The Fund’s strategy involves two components: (1) purchasing a portfolio of U.S. equity securities with strong value characteristics (the “Equity Strategy”); and (2) generating income through an options portfolio (the “Options Strategies”), each as described below. Primarily through the Fund’s Options Strategies, the Fund seeks to achieve an annual income target of 15% as described more below.</p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 48px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">The Fund’s strategies are overseen by the Adviser and the Fund’s investment sub-adviser, VistaShares, LLC (“VistaShares”). VistaShares selects the equity securities for the Fund’s Equity Strategy, and the Adviser is responsible for implementing the Fund’s Options Strategies.</p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">Additionally, the Fund will maintain a minor allocation to cash or U.S. Treasuries, not exceeding ten percent of its total assets.</p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block; break-after: avoid"><span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Equity Strategy – VistaShares</span> </p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 64px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block; break-after: avoid; break-inside: avoid">The Fund invests in U.S. equity securities (“Underlying Securities”) selected by VistaShares. The Fund’s equity strategy focuses on identifying value stocks, which are equity securities that are considered undervalued based on a systematic evaluation of their fundamental attributes. VistaShares employs a quantitatively driven methodology, selecting stocks with strong value characteristics using a composite score based on key valuation metrics, including:</p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 8pt 32pt; text-align-last: auto; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: -16pt; break-after: avoid"> ● <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-style: italic; font-weight: 400">Price-to-Book Ratio (P/B): </span>A company’s market value compared to its book value. </p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 8pt 32pt; text-align-last: auto; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: -16pt"> ● <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-style: italic; font-weight: 400">Cash Flow-to-Price Ratio (CF/P):</span> A company’s cash flow relative to its market price. </p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 8pt 32pt; text-align-last: auto; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: -16pt"> ● <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-style: italic; font-weight: 400">Earnings-to-Price Ratio (E/P):</span> A company’s earnings relative to its market price. </p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 8pt 32pt; text-align-last: auto; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: -16pt"> ● <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-style: italic; font-weight: 400">EBITDA-to-Enterprise Value Ratio (EBITDA/EV):</span> A measure of a company’s EBITDA compared to its enterprise value. </p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 8pt 32pt; text-align-last: auto; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: -16pt"> ● <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-style: italic; font-weight: 400">Sales-to-Enterprise Value Ratio (Sales/P):</span> A company’s sales relative to its enterprise value. </p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 48px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">In addition to these primary metrics, the strategy considers complementary factors such as dividend yield (a measure of shareholder returns), free cash flow (cash generated after covering operating expenses and capital expenditures), and earnings quality (an assessment of the sustainability and reliability of a company’s profits).</p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 64px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">The Fund’s strategy employs a quarterly reallocation process to align the Fund’s portfolio with updated value data and market conditions. Additionally, VistaShares may reallocate the Fund’s equity holdings more frequently if necessary to comply with regulatory constraints. For additional information about VistaShares’ security selection processes, please the section in the Fund’s Prospectus titled “Additional Information About the Funds.”</p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 64px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">The Fund’s equity strategy will generally allocate to between 20 and 50 securities, aiming to maintain consistent exposure to value-driven opportunities across a broad range of industries. The Fund invests in both large-capitalization securities, defined as those with a market capitalization exceeding $10 billion, and mid-capitalization securities, defined as those with a market capitalization between $2 billion and $10 billion.</p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block; break-after: avoid"><span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Options Strategies – the Adviser</span> </p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 48px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">The Fund seeks to generate income primarily through the use of options strategies involving options contracts on certain or all of its Underlying Securities. These strategies are expected to derive the majority of the Fund’s yield, with the Fund aiming to achieve an annual income target of 15% (the “Annual 15% Target”).</p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 80px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">The Fund earns income by collecting premiums from selling (writing) options. When an option is sold, the buyer pays the Fund for the right to either purchase or sell the underlying asset at a predetermined price. The Adviser employs different options strategies based on its market outlook, selecting one or a combination of strategies it believes will achieve the Fund’s income target, while also allowing for potential capital appreciation (growth in asset value). The Adviser also evaluates the performance of the Underlying Securities when choosing which options strategies to deploy.</p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 48px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">The specific options strategies the Fund employs may alter its overall risk and return profile, affecting volatility, income, potential for capital appreciation, and the preservation of capital. For instance, by writing covered calls (selling call options on securities already held by the Fund), the Fund may limit its potential gains in exchange for premium income.</p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 80px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">Premiums received from selling options are influenced by market volatility, with higher levels of volatility generally leading to higher premiums. As such, the Adviser carefully monitors market conditions to determine when and which options strategies to implement, with a focus on enhancing the Fund’s income generation. Through the active management of its options positions, the Adviser seeks to optimize the Fund’s ability to generate consistent income. For additional information about options and options strategies, please the section in the Fund’s Prospectus titled “Additional Information About the Funds.”</p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block; break-after: avoid"><span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Treasuries</span> </p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 32px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">In addition, the Fund will hold cash or short-term U.S. Treasury securities. These securities serve a dual purpose: providing collateral for the Options Strategies and contributing to the Fund’s income generation.</p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block"><span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Why invest in the Fund?</span> </p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 8pt 32pt; text-align-last: auto; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: -16pt"> ● The Fund seeks to generate income at the Annual 15% Target, which is not dependent on the value of the Underlying Securities. </p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 8pt 32pt; text-align-last: auto; min-height: 32px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: -16pt"> ● The Fund seeks to participate in some of the potential gains experienced by increases in the share prices of the Underlying Securities. </p><p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 32px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">The Fund is classified as “non-diversified” under the 1940 Act. The Fund’s investment strategy is expected to result in high portfolio turnover on an annual basis.</p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 96px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block"><span id="xdx_90D_eoef--StrategyPortfolioConcentration_c20260625__20260625__dei--LegalEntityAxis__custom--S000090691Member_zh7irompeXnc">Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus borrowings for investment purposes, in U.S. equity securities exhibiting strong value characteristics as selected via the Fund’s Equity Strategy or options contracts that provide exposure to those securities.</span> The Fund considers a security to be a “U.S. equity security” if it is listed on a U.S. exchange and (i) the issuer is incorporated or organized under the laws of the United States or (ii) the issuer derives at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed, or has at least 50% of its assets located within the United States. For purposes of compliance with this investment policy, derivative contracts will be valued at their notional value.</p> Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus borrowings for investment purposes, in U.S. equity securities exhibiting strong value characteristics as selected via the Fund’s Equity Strategy or options contracts that provide exposure to those securities. The Fund may not achieve its investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValueInvestingRiskMember_zdG3A6LaQfmg" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 64px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Value Investing Risk</span><b style="box-sizing: border-box">. </b>Investing in or having exposure to “value” securities presents the risk that the securities may never reach what the Sub-Adviser believes are their full market values, either because the market fails to recognize what the Sub-Adviser considers to be the security’s true value or because the Sub-Adviser misjudged that value. In addition, there may be periods during which the investment performance of the Fund while using a value strategy may suffer.</p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zeDc2IzPRIz1" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 160px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Derivatives Risk.</span><b style="box-sizing: border-box"> </b>Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, leverage, imperfect daily correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect correlation between the return of the Index and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. </p> <p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily leveraged performance for the Fund. </p> <p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> In addition, the Fund’s investments in derivatives are subject to the following risks: </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsMember_zeBCLW3rJKt1" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt 24pt; text-align-last: auto; display: block; min-height: 96px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: -6pt"> <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-style: italic; font-weight: 400">• </span><span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-style: italic; font-weight: 400">Options.</span> Purchasing and writing put and call options are highly specialized activities and entail greater than ordinary investment risks. The Fund may not fully benefit from or may lose money on an option if changes in its value do not correspond as anticipated to changes in the value of the underlying securities. If the Fund is not able to sell an option held in its portfolio, it would have to exercise the option to realize any profit and would incur transaction costs upon the purchase or sale of the underlying securities. Ownership of options involves the payment of premiums, which may adversely affect the Fund’s performance. </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zBE5uNaYSgw9" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 128px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Counterparty Risk.</span><b style="box-sizing: border-box"> </b>Counterparty risk is the likelihood or probability that a party involved in a transaction might default on its contractual obligation. Where the Fund enters into derivative contracts that are exchange-traded, the Fund is subject to the counterparty risk associated with the Fund’s clearing broker or clearinghouse. Relying on a counterparty exposes the Fund to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Fund to suffer a loss. If a counterparty defaults on its payment obligations to the Fund, this default will cause the value of an investment in the Fund to decrease. In addition, to the extent the Fund deals with a limited number of counterparties, it will be more susceptible to the credit risks associated with those counterparties. </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--DistributionRiskMember_gRBRTB-LQ_zKIpdn6aq2G7" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: justify; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Distribution Risk</span><b style="box-sizing: border-box">. </b>Although the Fund has an annual income target, the Fund intends to distribute income on a monthly basis. There is no assurance that the Fund will make a distribution in any given month. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next. Additionally, monthly distributions, if any, may consist of</p> <p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; counter-increment: unset; counter-reset: unset; display: block; min-height: 32px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">returns of capital, which would decrease the Fund’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment.</p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--NavDeclineRiskDueToDistributionsMember_z20fW61zjFu1" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; break-inside: avoid"><span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">NAV Decline Risk Due to Distributions</span><b style="box-sizing: border-box">. </b>When the Fund makes a distribution, the Fund’s NAV will typically drop by the amount of the distribution on the related ex-dividend date. The repeated payment of distributions by the Fund, if any, may result in a decline in the Fund’s NAV and trading price over time. As a result, an investor may suffer losses to their investment.</p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityMarketRiskMember_zOrJBm0WsP3l" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 80px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Equity Market Risk.</span><b style="box-sizing: border-box"> </b>Common stocks are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from specific issuers. The equity securities held in the Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which the Fund invests. </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zqmHgJcN7yyd" style="font: bold 10pt/normal Times New Roman, Arial; margin: 4pt 0 8pt; text-align-last: auto; display: block; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: left; font-weight: 700; text-indent: 0; break-after: avoid"> <b style="box-sizing: border-box">ETF Risks</b> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zwHOh9RO3V81" style="font: 10pt/12pt Times New Roman,Times,serif; margin: 0 0 8pt 32pt; text-align-last: auto; display: block; min-height: 112px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; break-after: avoid; text-indent: -16pt"> ●   <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-style: italic; font-weight: 400">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</span><i style="box-sizing: border-box"> </i>The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as Authorized Participants or APs). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zYosZzPYWmC7" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt 32pt; text-align-last: auto; display: block; min-height: 112px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: -16pt"> ●   <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-style: italic; font-weight: 400">Cash Redemption Risk. </span>An ETF’s investment strategy may require it to redeem its shares for cash or to otherwise include cash as part of its redemption proceeds. For example, an ETF may not be able to redeem in-kind certain securities held by the ETF (e.g., derivative instruments). In such a case, the ETF may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the ETF to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the ETF may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_z9cJGvaRvWdb" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt 32pt; text-align-last: auto; display: block; min-height: 112px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: -16pt"> ●   <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-style: italic; font-weight: 400">Costs of Buying or Selling Shares. </span>Buying or selling Shares involves certain costs, including brokerage commissions, other charges imposed by brokers, and bid-ask spreads. The bid-ask spread represents the difference between the price at which an investor is willing to buy Shares and the price at which an investor is willing to sell Shares. The spread varies over time based on the Shares’ trading volume and market liquidity. The spread is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Due to the costs of buying or selling Shares, frequent trading of Shares may reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments. </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zjFvUUkanMq2" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt 32pt; text-align-last: auto; display: block; min-height: 96px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: -16pt"> ●   <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-style: italic; font-weight: 400">Shares May Trade at Prices Other Than NAV. </span>As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant. </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zLKdkFULBnjd" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt 32pt; text-align-last: auto; display: block; min-height: 64px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: -16pt"> ● <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-style: italic; font-weight: 400">  Trading.</span><i style="box-sizing: border-box"> </i>Although Shares are listed for trading on a national securities exchange, such as NYSE Arca, Inc. (the Exchange), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares and the liquidity of the Fund’s portfolio holdings may deteriorate. </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--FocusedPortfolioRiskMember_zBN0bmdbdF41" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Focused Portfolio Risk. </span>The Fund will hold a relatively focused portfolio that may contain securities of fewer issuers than the portfolios of other ETFs. Holding a relatively concentrated portfolio may increase the risk that the value of the Fund could go down because of the poor performance of one or a few investments. </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zHao5Y4isW0i" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">High Portfolio Turnover Risk.</span><b style="box-sizing: border-box"> </b>The Fund may actively and frequently trade a significant portion of the Fund’s holdings. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses. Frequent trading may also cause adverse tax consequences for investors in the Fund due to an increase in short-term capital gains. </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--InflationRiskMember_zkb0lTeMqr8" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 32px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Inflation Risk. </span>Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.</p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zl6XSNoaE8l2" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 32px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; break-inside: avoid"> <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Management Risk.</span><b style="box-sizing: border-box"> </b>The Fund is actively-managed and may not meet its investment objective based on the portfolio managers success or failure in implementing the Fund’s investment strategies. </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketCapitalizationRiskMember_za8YtO8zS6U5" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; break-after: avoid"><span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Market Capitalization Risk.</span> </p> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargecapitalizationInvestingMember_zg47Di0n277"></div> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: table"> <tr style="box-sizing: border-box; display: table-row"> <td style="border-top: #9ca3af 0 solid; border-right: #9ca3af 0pt solid; border-bottom: #9ca3af 0 solid; margin: 0; padding: 0; box-sizing: border-box; text-align: left; width: 0.25in; border-left-color: #9ca3af; border-left-width: 0; padding-top: 0; padding-left: 0; padding-right: 0; padding-bottom: 0"> <div style="box-sizing: border-box; text-align-last: auto; height: 54pt; overflow: hidden"> <div style="box-sizing: border-box; text-align-last: auto; display: table; width: 100%; height: 100%; overflow: hidden"> <div style="box-sizing: border-box; text-align-last: auto; height: 100%; width: 100%; display: table-cell"> <p style="font: 700 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; box-sizing: border-box; text-align-last: auto; display: block; color: #000; text-align: left; text-indent: 0"> </p> <p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; box-sizing: border-box; text-align-last: auto; display: block; color: #000; text-align: justify; text-indent: 0"> </p> <p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; box-sizing: border-box; text-align-last: auto; display: block; color: #000; text-align: justify; text-indent: 0"> </p> </div> </div> </div> </td> <td style="border-top: #9ca3af 0 solid; border-right: #9ca3af 0pt solid; border-bottom: #9ca3af 0 solid; margin: 0; padding: 0; box-sizing: border-box; text-align: left; width: 0.25in; border-left-color: #9ca3af; border-left-width: 0; padding-top: 0; padding-left: 0; padding-right: 0; padding-bottom: 0"> <div style="box-sizing: border-box; text-align-last: auto; height: 54pt; overflow: hidden"> <div style="box-sizing: border-box; text-align-last: auto; display: table; width: 100%; height: 100%; overflow: hidden"> <div style="box-sizing: border-box; text-align-last: auto; height: 100%; width: 100%; display: table-cell"> <p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">●</p> <p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; box-sizing: border-box; text-align-last: auto; display: block; color: #000; text-align: justify; text-indent: 0"> </p> </div> </div> </div> </td> <td style="border-top: #9ca3af 0 solid; border-right: #9ca3af 0pt solid; border-bottom: #9ca3af 0 solid; margin: 0; padding: 0; box-sizing: border-box; text-align: left; width: auto; border-left-color: #9ca3af; border-left-width: 0; padding-top: 0; padding-left: 0; padding-right: 0; padding-bottom: 0"> <div style="box-sizing: border-box; text-align-last: auto; height: 54pt; overflow: hidden"> <div style="box-sizing: border-box; text-align-last: auto; display: table; width: 100%; height: 100%; overflow: hidden"> <div style="box-sizing: border-box; text-align-last: auto; height: 100%; width: 100%; display: table-cell"> <p style="font: 10pt/12pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 64px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-style: italic; font-weight: 400">Large-Capitalization Investing. </span>The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. Large-capitalization companies may also be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.</p> </div> </div> </div> </td> </tr> </table> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidcapitalizationInvestingMember_z7JeZWwytYAi"></div> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: table"> <tr style="box-sizing: border-box; display: table-row"> <td style="border-top: #9ca3af 0 solid; border-right: #9ca3af 0pt solid; border-bottom: #9ca3af 0 solid; margin: 0; padding: 0; box-sizing: border-box; text-align: left; width: 0.25in; border-left-color: #9ca3af; border-left-width: 0; padding-top: 0; padding-left: 0; padding-right: 0; padding-bottom: 0"> <div style="box-sizing: border-box; text-align-last: auto; height: 54pt; overflow: hidden"> <div style="box-sizing: border-box; text-align-last: auto; display: table; width: 100%; height: 100%; overflow: hidden"> <div style="box-sizing: border-box; text-align-last: auto; height: 100%; width: 100%; display: table-cell"> <p style="font: 700 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; box-sizing: border-box; text-align-last: auto; display: block; color: #000; text-align: left; text-indent: 0"> </p> <p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; box-sizing: border-box; text-align-last: auto; display: block; color: #000; text-align: justify; text-indent: 0"> </p> <p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; box-sizing: border-box; text-align-last: auto; display: block; color: #000; text-align: justify; text-indent: 0"> </p> </div> </div> </div> </td> <td style="border-top: #9ca3af 0 solid; border-right: #9ca3af 0pt solid; border-bottom: #9ca3af 0 solid; margin: 0; padding: 0; box-sizing: border-box; text-align: left; width: 0.25in; border-left-color: #9ca3af; border-left-width: 0; padding-top: 0; padding-left: 0; padding-right: 0; padding-bottom: 0"> <div style="box-sizing: border-box; text-align-last: auto; height: 54pt; overflow: hidden"> <div style="box-sizing: border-box; text-align-last: auto; display: table; width: 100%; height: 100%; overflow: hidden"> <div style="box-sizing: border-box; text-align-last: auto; height: 100%; width: 100%; display: table-cell"> <p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">●</p> <p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; box-sizing: border-box; text-align-last: auto; display: block; color: #000; text-align: justify; text-indent: 0"> </p> </div> </div> </div> </td> <td style="border-top: #9ca3af 0 solid; border-right: #9ca3af 0pt solid; border-bottom: #9ca3af 0 solid; margin: 0; padding: 0; box-sizing: border-box; text-align: left; width: auto; border-left-color: #9ca3af; border-left-width: 0; padding-top: 0; padding-left: 0; padding-right: 0; padding-bottom: 0"> <div style="box-sizing: border-box; text-align-last: auto; height: 54pt; overflow: hidden"> <div style="box-sizing: border-box; text-align-last: auto; display: table; width: 100%; height: 100%; overflow: hidden"> <div style="box-sizing: border-box; text-align-last: auto; height: 100%; width: 100%; display: table-cell"> <p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 64px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-style: italic; font-weight: 400">Mid-Capitalization Investing.</span> The securities of mid-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large-capitalization companies. The securities of mid-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large-capitalization stocks or the stock market as a whole.</p> </div> </div> </div> </td> </tr> </table> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketEventsRiskMember_zlMMiitWtyde" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 208px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Market Events Risk.</span><b style="box-sizing: border-box"> </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities and other financial instruments. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities and other financial markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments. Continuing uncertainties regarding interest rates, rising inflation, political events, rising government debt in the U.S. and trade tensions also contribute to market volatility. Conflict, loss of life and disaster connected to ongoing armed conflict between Ukraine and Russia in Europe and between Israel and Hamas in the Middle East could have severe adverse effects on the related region, including significant adverse effects on the regional or global economies and the markets for certain securities. The U.S. and the European Union have imposed sanctions on certain Russian individuals and companies, including certain financial institutions, and have limited certain exports and imports to and from Russia. These conflicts have contributed to recent market volatility and may continue to do so. </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zqce443LmDj3" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 32px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">New Fund Risk.</span><b style="box-sizing: border-box"> </b>The Fund is a recently organized management investment company with limited operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions. </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewerSubadviserRiskMember_z6O3XERpuE07" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 64px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Newer Sub-Adviser Risk.</span><b style="box-sizing: border-box"> </b>The Sub-Adviser is newly registered with the SEC and has limited experience with managing an exchange-traded fund regulated under the 1940 Act, which may limit the Sub-Adviser’s effectiveness. As a result, there is no long-term track record against which an investor may judge the Sub-Adviser and it is possible the Sub-Adviser may not achieve the Fund’s intended investment objective. </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zfxq9W7uFhBh" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 64px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Non-Diversification Risk.</span><b style="box-sizing: border-box"> </b>Because the Fund is non-diversified, it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio. </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zXeLWmCy8DK2" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 96px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Operational Risk.</span><b style="box-sizing: border-box"> </b>The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund relies on third parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund, the Adviser, and the Sub-Adviser seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks. </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zMqTSBY68ede" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 80px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Tax Risk</span><b style="box-sizing: border-box">. </b>The Fund intends to elect and to qualify each year to be treated as a RIC under Subchapter M of the Code. As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to Shareholders, provided that it satisfies certain requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund’s taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed.</p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--UsGovernmentAndUsAgencyObligationsRiskMember_gRBRTB-BKXF_zePrra3En9W8" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: justify; display: block; min-height: 96px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">U.S. Government and U.S. Agency Obligations Risk.</span><b style="box-sizing: border-box"> </b>The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no</p> <p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; counter-increment: unset; counter-reset: unset; display: block; min-height: 32px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so.</p> Performance <p id="xdx_A82_eoef--PerformanceNarrativeTextBlock_z40l9lKtXeDf" style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 96px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block"><span id="xdx_907_eoef--PerformanceOneYearOrLess_c20260625__20260625__dei--LegalEntityAxis__custom--S000090691Member_zvLsONva9mh1">Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus.</span> <span id="xdx_905_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260625__20260625__dei--LegalEntityAxis__custom--S000090691Member_zyroM4WzzEUj">When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance.</span> <span id="xdx_90E_eoef--PerformancePastDoesNotIndicateFuture_c20260625__20260625__dei--LegalEntityAxis__custom--S000090691Member_zmyCjFC3YdGd">Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund.</span> Updated performance information will be available on the Fund’s website at <span id="xdx_90F_eoef--PerformanceAvailabilityWebSiteAddress_c20260625__20260625__dei--LegalEntityAxis__custom--S000090691Member_zeSVfLIJWlK6">vistashares.com</span>.</p> Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. vistashares.com VistaShares Target 15 USA Quality Income ETF - FUND SUMMARY Investment Objective The VistaShares Target 15 USA Quality Income ETF primarily seeks income, and secondarily, long term capital appreciation. Fees and Expenses of the Fund <p id="xdx_A80_eoef--ExpenseNarrativeTextBlock_zZg6EcVIZTS6" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> </p> Annual Fund Operating Expenses¹ (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A86_eoef--AnnualFundOperatingExpensesTableTextBlock_zLM0CAJznTEj"></div> <table id="xdx_A50_dU_zBMkyLxnu5a7" style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="box-sizing: border-box; height: auto"> <td style="box-sizing: border-box; height: auto"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Management Fee</span> </div> </td> <td style="box-sizing: border-box; height: auto"> <div id="xdx_98B_eoef--ManagementFeesOverAssets_dpn_c20260625__20260625__oef--ClassAxis__custom--C000257974Member_fuQ_____zVaHURDo3pJ1" style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.95%</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="box-sizing: border-box; height: auto"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Distribution and Service (12b-1) Fees</span> </div> </td> <td style="box-sizing: border-box; height: auto"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_900_eoef--DistributionAndService12b1FeesOverAssets_dpn_c20260625__20260625__oef--ClassAxis__custom--C000257974Member_fuQ_____zekvU7YxcMI2">None</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="box-sizing: border-box; height: auto"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Other Expenses (includes interest expense)</span> </div> </td> <td style="box-sizing: border-box; height: auto; border-bottom-style: solid; border-bottom-width: 0.5pt"> <div id="xdx_98D_eoef--OtherExpensesOverAssets_dpn_c20260625__20260625__oef--ClassAxis__custom--C000257974Member_fuQ_____zuxJsMesJf8l" style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.02%</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="box-sizing: border-box; height: auto"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Total Annual Fund Operating Expenses</span> </div> </td> <td style="box-sizing: border-box; height: auto; border-bottom-style: double; border-bottom-width: 3pt"> <div id="xdx_986_eoef--ExpensesOverAssets_dpn_c20260625__20260625__oef--ClassAxis__custom--C000257974Member_fuQ_____ztuR0c4RYqlf" style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.97%</span> </div> </td> </tr> </table> <div style="font: 8pt Times New Roman,Times,serif; margin: 4pt 0 8pt; box-sizing: border-box; text-align-last: auto; color: #000; text-align: justify; text-indent: 0"> <table cellpadding="0" cellspacing="0" style="font: 8pt Times New Roman,Times,serif; color: #000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span id="xdx_F0D_zmHNlI2Y7Yk6">¹</span> </td> <td style="width: 5pt"></td> <td style="text-align: justify"><span id="xdx_F18_zX2BvaA9WKJg">The Fund’s adviser will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940 (the “1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses.</span> </td> </tr> </table> </div> 0.0095 0 0.0002 0.0097 Expense Example <p id="xdx_A85_eoef--ExpenseExampleNarrativeTextBlock_zuSeS49jGX11" style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 80px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block"> This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> <div id="xdx_A89_eoef--ExpenseExampleWithRedemptionTableTextBlock_zdZvK8uYJ2ee"></div> <table id="xdx_A57_dU_z0sMWUnErOmc" style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="box-sizing: border-box; height: auto; vertical-align: bottom"> <th id="xdx_48B_eoef--ExpenseExampleYear01_z9rvsubYi7ia" style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: bold 8pt Times New Roman, Arial; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; font-weight: 700; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">1 Year</span> </div> </th> <th id="xdx_48B_eoef--ExpenseExampleYear03_z7pz8dZBEMYa" style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: bold 8pt Times New Roman, Arial; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; font-weight: 700; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">3 Years</span> </div> </th> <th id="xdx_48F_eoef--ExpenseExampleYear05_zG3NcsexTr0c" style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: bold 8pt Times New Roman, Arial; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; font-weight: 700; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">5 Years</span> </div> </th> <th id="xdx_48D_eoef--ExpenseExampleYear10_ze6rq1uFOEu6" style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: bold 8pt Times New Roman, Arial; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; font-weight: 700; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">10 Years</span> </div> </th> </tr> <tr id="xdx_418_20260625__20260625__oef--ClassAxis__custom--C000257974Member_zD9qveK0HL3" style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$99</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$309</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$536</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$1,190</span> </div> </td> </tr> </table> 99 309 536 1190 Portfolio Turnover <p id="xdx_A84_eoef--PortfolioTurnoverTextBlock_zOOWns9fImWf" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 64px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the expense example above, affect the Fund’s performance. For the most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_907_eoef--PortfolioTurnoverRate_c20260625__20260625__dei--LegalEntityAxis__custom--S000090690Member_zcLSBOajahP3">175%</span> of the average value of its portfolio. </p> 1.75 Principal Investment Strategies <p id="xdx_A87_eoef--StrategyNarrativeTextBlock_gRBSNTB-HRTFX_zW8SNKFprqTj" style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 80px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block"> The Fund is an actively managed exchange-traded fund (“ETF”) that seeks income, and secondarily, long term capital appreciation. The Fund’s strategy involves two components: (1) investing in a portfolio of equity securities based on the Solactive VistaShares Berkshire Select Index (the “Equity Strategy”); and (2) generating income through an options portfolio (the “Options Strategies”), each as described below. Primarily through the Fund’s Options Strategies, the Fund seeks to achieve an annual income target of 15% as described more below. </p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 48px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">The Fund’s strategies are overseen by the Adviser and the Fund’s investment sub-adviser, VistaShares, LLC (“VistaShares”). VistaShares selects the equity securities for the Fund’s Equity Strategy, and the Adviser is responsible for implementing the Fund’s Options Strategies.</p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">Additionally, the Fund will maintain a minor allocation to cash or U.S. Treasuries, not exceeding ten percent of its total assets.</p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block; break-after: avoid"> <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Equity Strategy – VistaShares</span> </p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 48px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block; break-after: avoid; break-inside: avoid">The Fund invests in U.S. equity securities (“Underlying Securities”) selected by VistaShares. The Fund’s equity strategy seeks to identify companies with high-quality characteristics through a quantitative methodology that prioritizes financial strength and stability. The selection process focuses on companies demonstrating:</p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 8pt 32pt; text-align-last: auto; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; display: block; break-after: avoid; text-indent: -16pt"> ● <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-style: italic; font-weight: 400">High return on equity (ROE): </span>Generally reflecting efficient management and strong profitability relative to shareholders’ equity. </p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 8pt 32pt; text-align-last: auto; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: -16pt"> ● <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-style: italic; font-weight: 400">Low debt-to-equity ratios:</span> Typically indicating prudent use of leverage and financial stability. </p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 8pt 32pt; text-align-last: auto; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: -16pt"> ● <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-style: italic; font-weight: 400"></span><span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-style: italic; font-weight: 400"><i style="box-sizing: border-box">Low earnings variability</i></span><span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-style: italic; font-weight: 400">:</span> Generally associated with companies with consistent and predictable earnings over time. </p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 64px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">VistaShares applies a disciplined and dynamic approach to managing the Fund’s equity portfolio. The Fund’s portfolio allocations are adjusted quarterly to reflect updated data and evolving market conditions. Additionally, VistaShares may reallocate the Fund’s equity holdings more frequently if necessary to comply with regulatory constraints. For additional information about VistaShares’ security selection processes, please the section in the Fund’s Prospectus titled “Additional Information About the Funds.”</p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 64px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">The Fund’s equity strategy generally allocates to between 20 and 50 securities. This strategy aims to capture long-term growth potential by investing in high-quality companies while mitigating portfolio volatility. The Fund invests in both large-capitalization securities, defined as those with a market capitalization exceeding $10 billion, and mid-capitalization securities, defined as those with a market capitalization between $2 billion and $10 billion.</p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block; break-after: avoid"><span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Options Strategies – the Adviser</span> </p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 48px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">The Fund seeks to generate income primarily through the use of options strategies involving options contracts on certain or all of its Underlying Securities. These strategies are expected to derive the majority of the Fund’s yield, with the Fund aiming to achieve an annual income target of 15% (the “Annual 15% Target”).</p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 80px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">The Fund earns income by collecting premiums from selling (writing) options. When an option is sold, the buyer pays the Fund for the right to either purchase or sell the underlying asset at a predetermined price. The Adviser employs different options strategies based on its market outlook, selecting one or a combination of strategies it believes will achieve the Fund’s income target, while also allowing for potential capital appreciation (growth in asset value). The Adviser also evaluates the performance of the Underlying Securities when choosing which options strategies to deploy.</p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 48px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">The specific options strategies the Fund employs may alter its overall risk and return profile, affecting volatility, income, potential for capital appreciation, and the preservation of capital. For instance, by writing covered calls (selling call options on securities already held by the Fund), the Fund may limit its potential gains in exchange for premium income.</p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 80px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">Premiums received from selling options are influenced by market volatility, with higher levels of volatility generally leading to higher premiums. As such, the Adviser carefully monitors market conditions to determine when and which options strategies to implement, with a focus on enhancing the Fund’s income generation. Through the active management of its options positions, the Adviser seeks to optimize the Fund’s ability to generate consistent income. For additional information about options and options strategies, please the section in the Fund’s Prospectus titled “Additional Information About the Funds.”</p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block; break-after: avoid"><span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Treasuries</span> </p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 32px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">In addition, the Fund will hold cash or short-term U.S. Treasury securities. These securities serve a dual purpose: providing collateral for the Options Strategies and contributing to the Fund’s income generation.</p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block"><span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Why invest in the Fund?</span> </p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 8pt 32pt; text-align-last: auto; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: -16pt"> ● <i style="box-sizing: border-box"> </i>The Fund seeks to generate income at the Annual 15% Target, which is not dependent on the value of the Underlying Securities. </p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 8pt 32pt; box-sizing: border-box; text-align-last: auto; color: #000; text-align: justify; display: block; text-indent: -16pt"></p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 8pt 32pt; text-align-last: auto; min-height: 32px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: -16pt"> ● <i style="box-sizing: border-box"> </i>The Fund seeks to participate in some of the potential gains experienced by increases in the share prices of the Underlying Securities. </p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; box-sizing: border-box; text-align-last: auto; color: #000; text-align: justify; text-indent: 0; display: block"></p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 32px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">The Fund is classified as “non-diversified” under the 1940 Act. The Fund’s investment strategy is expected to result in high portfolio turnover on an annual basis.</p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: justify; min-height: 64px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block"><span id="xdx_90D_eoef--StrategyPortfolioConcentration_c20260625__20260625__dei--LegalEntityAxis__custom--S000090690Member_zbvUuVQ89xy7">Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus borrowings for investment purposes, in equity securities exhibiting high quality characteristics as selected via the Fund’s Equity Strategy or options contracts that provide exposure to those securities.</span> The Fund considers a security to be a “U.S. equity security” if it is listed on a U.S. exchange and (i) the issuer is incorporated or organized under the laws of the United States or (ii) the issuer derives at least 50% of its revenues or profits</p><p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; counter-increment: unset; counter-reset: unset; min-height: 32px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">from goods produced or sold, investments made, or services performed, or has at least 50% of its assets located within the United States. For purposes of compliance with this investment policy, derivative contracts will be valued at their notional value.</p> Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus borrowings for investment purposes, in equity securities exhibiting high quality characteristics as selected via the Fund’s Equity Strategy or options contracts that provide exposure to those securities. The Fund may not achieve its investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--QualityStyleInvestingRisksMember_zYBcvFTRhGPj" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 64px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Quality Style Investing Risks</span><b style="box-sizing: border-box">. </b>Securities included in the Fund’s Equity Strategy are deemed by VistaShares to be quality stocks, but there is no guarantee that the past performance of these stocks will continue. Companies that issue these stocks may experience a decline in value, as well as increased leverage, resulting in lower than expected or negative returns to Fund shareholders. Many factors can affect a stock’s quality and performance, and the impact of these factors on a stock or its price can be difficult to predict.</p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zSuIJrcDrle1" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 160px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Derivatives Risk.</span><b style="box-sizing: border-box"> </b>Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, leverage, imperfect daily correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect correlation between the return of the Index and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. </p> <p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily leveraged performance for the Fund. </p> <p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> In addition, the Fund’s investments in derivatives are subject to the following risks: </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsMember_zbV3IC2mOIsi" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt 24pt; text-align-last: auto; display: block; min-height: 96px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: -6pt"> <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-style: italic; font-weight: 400">• </span><span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-style: italic; font-weight: 400">Options.</span> Purchasing and writing put and call options are highly specialized activities and entail greater than ordinary investment risks. The Fund may not fully benefit from or may lose money on an option if changes in its value do not correspond as anticipated to changes in the value of the underlying securities. If the Fund is not able to sell an option held in its portfolio, it would have to exercise the option to realize any profit and would incur transaction costs upon the purchase or sale of the underlying securities. Ownership of options involves the payment of premiums, which may adversely affect the Fund’s performance. </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_z8tAYFtoCWz4" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 128px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Counterparty Risk.</span><b style="box-sizing: border-box"> </b>Counterparty risk is the likelihood or probability that a party involved in a transaction might default on its contractual obligation. Where the Fund enters into derivative contracts that are exchange-traded, the Fund is subject to the counterparty risk associated with the Fund’s clearing broker or clearinghouse. Relying on a counterparty exposes the Fund to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Fund to suffer a loss. If a counterparty defaults on its payment obligations to the Fund, this default will cause the value of an investment in the Fund to decrease. In addition, to the extent the Fund deals with a limited number of counterparties, it will be more susceptible to the credit risks associated with those counterparties. </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--DistributionRiskMember_z3wdY4LfoUP1" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 80px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Distribution Risk</span><b style="box-sizing: border-box">. </b>Although the Fund has an annual income target, the Fund intends to distribute income on a monthly basis. There is no assurance that the Fund will make a distribution in any given month. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next. Additionally, monthly distributions, if any, may consist of returns of capital, which would decrease the Fund’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment.</p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--NavDeclineRiskDueToDistributionsMember_z7ZDHuwxEU45" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; break-inside: avoid"><span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">NAV Decline Risk Due to Distributions</span><b style="box-sizing: border-box">. </b>When the Fund makes a distribution, the Fund’s NAV will typically drop by the amount of the distribution on the related ex-dividend date. The repeated payment of distributions by the Fund, if any, may result in a decline in the Fund’s NAV and trading price over time. As a result, an investor may suffer losses to their investment.</p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityMarketRiskMember_z85hQ28bCgz1" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 80px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Equity Market Risk.</span><b style="box-sizing: border-box"> </b>Common stocks are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from specific issuers. The equity securities held in the Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which the Fund invests. </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_z48K14d0551g" style="font: bold 10pt/normal Times New Roman, Arial; margin: 4pt 0 8pt; text-align-last: auto; display: block; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: left; font-weight: 700; text-indent: 0; break-after: avoid"> <b style="box-sizing: border-box">ETF Risks</b> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zVgqr3krp1R3" style="font: 10pt/12pt Times New Roman,Times,serif; margin: 0 0 8pt 32pt; text-align-last: auto; display: block; min-height: 112px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; break-after: avoid; text-indent: -16pt"> ●   <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-style: italic; font-weight: 400">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</span><i style="box-sizing: border-box"> </i>The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as Authorized Participants or APs). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_znaAy5Tjx1u2" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt 32pt; text-align-last: auto; display: block; min-height: 112px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: -16pt"> ●   <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-style: italic; font-weight: 400">Cash Redemption Risk. </span>An ETF’s investment strategy may require it to redeem its shares for cash or to otherwise include cash as part of its redemption proceeds. For example, an ETF may not be able to redeem in-kind certain securities held by the ETF (e.g., derivative instruments). In such a case, the ETF may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the ETF to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the ETF may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zHnCvuaZnnK8" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt 32pt; text-align-last: auto; display: block; min-height: 112px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: -16pt"> ●   <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-style: italic; font-weight: 400">Costs of Buying or Selling Shares. </span>Buying or selling Shares involves certain costs, including brokerage commissions, other charges imposed by brokers, and bid-ask spreads. The bid-ask spread represents the difference between the price at which an investor is willing to buy Shares and the price at which an investor is willing to sell Shares. The spread varies over time based on the Shares’ trading volume and market liquidity. The spread is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Due to the costs of buying or selling Shares, frequent trading of Shares may reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments. </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_z5W7gtMx4CL5" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt 32pt; text-align-last: auto; display: block; min-height: 96px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: -16pt"> ●   <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-style: italic; font-weight: 400">Shares May Trade at Prices Other Than NAV. </span>As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant. </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zFKcZ4d2ipol" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt 32pt; text-align-last: auto; display: block; min-height: 64px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: -16pt"> ● <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-style: italic; font-weight: 400">  Trading.</span><i style="box-sizing: border-box"> </i>Although Shares are listed for trading on a national securities exchange, such as NYSE Arca, Inc. (the Exchange), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares and the liquidity of the Fund’s portfolio holdings may deteriorate. </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--FocusedPortfolioRiskMember_z5jeqAoh6iNh" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Focused Portfolio Risk. </span>The Fund will hold a relatively focused portfolio that may contain securities of fewer issuers than the portfolios of other ETFs. Holding a relatively concentrated portfolio may increase the risk that the value of the Fund could go down because of the poor performance of one or a few investments. </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zFdRY4pFPfWf" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">High Portfolio Turnover Risk.</span><b style="box-sizing: border-box"> </b>The Fund may actively and frequently trade a significant portion of the Fund’s holdings. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses. Frequent trading may also cause adverse tax consequences for investors in the Fund due to an increase in short-term capital gains. </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--InflationRiskMember_zhql6vpkMeQ4" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 32px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Inflation Risk. </span>Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.</p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zvKqzI4B1WWj" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 32px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; break-inside: avoid"> <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Management Risk.</span><b style="box-sizing: border-box"> </b>The Fund is actively-managed and may not meet its investment objective based on the portfolio managers success or failure in implementing the Fund’s investment strategies.</p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketCapitalizationRiskMember_zBDFg5DD63rf" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; break-after: avoid"><span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Market Capitalization Risk.</span> </p> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargecapitalizationInvestingMember_z7V4ELWnPaRd"></div> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: table"> <tr style="box-sizing: border-box; display: table-row"> <td style="border-top: #9ca3af 0 solid; border-right: #9ca3af 0pt solid; border-bottom: #9ca3af 0 solid; margin: 0; padding: 0; box-sizing: border-box; text-align: left; width: 0.25in; border-left-color: #9ca3af; border-left-width: 0; padding-top: 0; padding-left: 0; padding-right: 0; padding-bottom: 0"> <div style="box-sizing: border-box; text-align-last: auto; height: 54pt; overflow: hidden"> <div style="box-sizing: border-box; text-align-last: auto; display: table; width: 100%; height: 100%; overflow: hidden"> <div style="box-sizing: border-box; text-align-last: auto; height: 100%; width: 100%; display: table-cell"> <p style="font: 700 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; box-sizing: border-box; text-align-last: auto; display: block; color: #000; text-align: left; text-indent: 0"> </p> <p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; box-sizing: border-box; text-align-last: auto; display: block; color: #000; text-align: justify; text-indent: 0"> </p> <p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; box-sizing: border-box; text-align-last: auto; display: block; color: #000; text-align: justify; text-indent: 0"> </p> </div> </div> </div> </td> <td style="border-top: #9ca3af 0 solid; border-right: #9ca3af 0pt solid; border-bottom: #9ca3af 0 solid; margin: 0; padding: 0; box-sizing: border-box; text-align: left; width: 0.25in; border-left-color: #9ca3af; border-left-width: 0; padding-top: 0; padding-left: 0; padding-right: 0; padding-bottom: 0"> <div style="box-sizing: border-box; text-align-last: auto; height: 54pt; overflow: hidden"> <div style="box-sizing: border-box; text-align-last: auto; display: table; width: 100%; height: 100%; overflow: hidden"> <div style="box-sizing: border-box; text-align-last: auto; height: 100%; width: 100%; display: table-cell"> <p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">●</p> <p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; box-sizing: border-box; text-align-last: auto; display: block; color: #000; text-align: justify; text-indent: 0"> </p> </div> </div> </div> </td> <td style="border-top: #9ca3af 0 solid; border-right: #9ca3af 0pt solid; border-bottom: #9ca3af 0 solid; margin: 0; padding: 0; box-sizing: border-box; text-align: left; width: auto; border-left-color: #9ca3af; border-left-width: 0; padding-top: 0; padding-left: 0; padding-right: 0; padding-bottom: 0"> <div style="box-sizing: border-box; text-align-last: auto; height: 54pt; overflow: hidden"> <div style="box-sizing: border-box; text-align-last: auto; display: table; width: 100%; height: 100%; overflow: hidden"> <div style="box-sizing: border-box; text-align-last: auto; height: 100%; width: 100%; display: table-cell"> <p style="font: 10pt/12pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 64px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-style: italic; font-weight: 400">Large-Capitalization Investing. </span>The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. Large-capitalization companies may also be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.</p> </div> </div> </div> </td> </tr> </table> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidcapitalizationInvestingMember_zRkdDIPSqfU7"></div> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: table"> <tr style="box-sizing: border-box; display: table-row"> <td style="border-top: #9ca3af 0 solid; border-right: #9ca3af 0pt solid; border-bottom: #9ca3af 0 solid; margin: 0; padding: 0; box-sizing: border-box; text-align: left; width: 0.25in; border-left-color: #9ca3af; border-left-width: 0; padding-top: 0; padding-left: 0; padding-right: 0; padding-bottom: 0"> <div style="box-sizing: border-box; text-align-last: auto; height: 54pt; overflow: hidden"> <div style="box-sizing: border-box; text-align-last: auto; display: table; width: 100%; height: 100%; overflow: hidden"> <div style="box-sizing: border-box; text-align-last: auto; height: 100%; width: 100%; display: table-cell"> <p style="font: 700 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; box-sizing: border-box; text-align-last: auto; display: block; color: #000; text-align: left; text-indent: 0"> </p> <p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; box-sizing: border-box; text-align-last: auto; display: block; color: #000; text-align: justify; text-indent: 0"> </p> <p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; box-sizing: border-box; text-align-last: auto; display: block; color: #000; text-align: justify; text-indent: 0"> </p> </div> </div> </div> </td> <td style="border-top: #9ca3af 0 solid; border-right: #9ca3af 0pt solid; border-bottom: #9ca3af 0 solid; margin: 0; padding: 0; box-sizing: border-box; text-align: left; width: 0.25in; border-left-color: #9ca3af; border-left-width: 0; padding-top: 0; padding-left: 0; padding-right: 0; padding-bottom: 0"> <div style="box-sizing: border-box; text-align-last: auto; height: 54pt; overflow: hidden"> <div style="box-sizing: border-box; text-align-last: auto; display: table; width: 100%; height: 100%; overflow: hidden"> <div style="box-sizing: border-box; text-align-last: auto; height: 100%; width: 100%; display: table-cell"> <p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">●</p> <p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; box-sizing: border-box; text-align-last: auto; display: block; color: #000; text-align: justify; text-indent: 0"> </p> </div> </div> </div> </td> <td style="border-top: #9ca3af 0 solid; border-right: #9ca3af 0pt solid; border-bottom: #9ca3af 0 solid; margin: 0; padding: 0; box-sizing: border-box; text-align: left; width: auto; border-left-color: #9ca3af; border-left-width: 0; padding-top: 0; padding-left: 0; padding-right: 0; padding-bottom: 0"> <div style="box-sizing: border-box; text-align-last: auto; height: 54pt; overflow: hidden"> <div style="box-sizing: border-box; text-align-last: auto; display: table; width: 100%; height: 100%; overflow: hidden"> <div style="box-sizing: border-box; text-align-last: auto; height: 100%; width: 100%; display: table-cell"> <p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 64px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-style: italic; font-weight: 400">Mid-Capitalization Investing.</span> The securities of mid-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large-capitalization companies. The securities of mid-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large-capitalization stocks or the stock market as a whole.</p> </div> </div> </div> </td> </tr> </table> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketEventsRiskMember_zPfWGuWGzx52" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 208px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Market Events Risk.</span><b style="box-sizing: border-box"> </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities and other financial instruments. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities and other financial markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments. Continuing uncertainties regarding interest rates, rising inflation, political events, rising government debt in the U.S. and trade tensions also contribute to market volatility. Conflict, loss of life and disaster connected to ongoing armed conflict between Ukraine and Russia in Europe and between Israel and Hamas in the Middle East could have severe adverse effects on the related region, including significant adverse effects on the regional or global economies and the markets for certain securities. The U.S. and the European Union have imposed sanctions on certain Russian individuals and companies, including certain financial institutions, and have limited certain exports and imports to and from Russia. These conflicts have contributed to recent market volatility and may continue to do so. </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewerFundRiskMember_zkBPOlaVr0mj" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; break-inside: avoid"> <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Newer Fund Risk.</span><b style="box-sizing: border-box"> </b>The Fund is a recently organized management investment company with limited operating history. As a result, prospective investors have a limited track record or history on which to base their investment decisions. There can be no assurance that the Fund will maintain an economically viable size. </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewerSubadviserRiskMember_zlWET4OlJOl5" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 64px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Newer Sub-Adviser Risk.</span><b style="box-sizing: border-box"> </b>The Sub-Adviser is newly registered with the SEC and has limited experience with managing an exchange-traded fund regulated under the 1940 Act, which may limit the Sub-Adviser’s effectiveness. As a result, there is no long-term track record against which an investor may judge the Sub-Adviser and it is possible the Sub-Adviser may not achieve the Fund’s intended investment objective. </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zMder7kw3Agk" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 64px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Non-Diversification Risk.</span><b style="box-sizing: border-box"> </b>Because the Fund is non-diversified, it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio. </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_z1LmHzU55o11" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 96px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Operational Risk.</span><b style="box-sizing: border-box"> </b>The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund relies on third parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund, the Adviser, and the Sub-Adviser seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks. </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zSOnOvJDTV6g" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 80px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Tax Risk</span><b style="box-sizing: border-box">. </b>The Fund intends to elect and to qualify each year to be treated as a RIC under Subchapter M of the Code. As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to Shareholders, provided that it satisfies certain requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund’s taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed.</p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--UsGovernmentAndUsAgencyObligationsRiskMember_zIqUOMgZKaHb" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 128px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">U.S. Government and U.S. Agency Obligations Risk.</span><b style="box-sizing: border-box"> </b>The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so.</p> Performance <p id="xdx_A83_eoef--PerformanceNarrativeTextBlock_zEpTHvCkL3c6" style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 96px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block"> <span id="xdx_907_eoef--PerformanceOneYearOrLess_c20260625__20260625__dei--LegalEntityAxis__custom--S000090690Member_zULRilvlsRI4">Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus.</span> <span id="xdx_905_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260625__20260625__dei--LegalEntityAxis__custom--S000090690Member_z4ntzmkBShqh">When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance.</span> <span id="xdx_90E_eoef--PerformancePastDoesNotIndicateFuture_c20260625__20260625__dei--LegalEntityAxis__custom--S000090690Member_z1EnVqD7BUxd">Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund.</span> Updated performance information is available on the Fund’s website at <span id="xdx_90F_eoef--PerformanceAvailabilityWebSiteAddress_c20260625__20260625__dei--LegalEntityAxis__custom--S000090690Member_zzzI3PM157bh">vistashares.com</span>. </p> Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. vistashares.com VistaShares Target 15 USA Low Volatility Income ETF - FUND SUMMARY Investment Objective The VistaShares Target 15 USA Low Volatility Income ETF primarily seeks income, and secondarily, long term capital appreciation. Fees and Expenses of the Fund <p id="xdx_A88_eoef--ExpenseNarrativeTextBlock_zAlVcF7KbWp7" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> </p> Annual Fund Operating Expenses¹ (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A86_eoef--AnnualFundOperatingExpensesTableTextBlock_zKop0p23d1dg"></div> <table id="xdx_A5F_dU_zWyRK8yOlDXc" style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="box-sizing: border-box; height: auto"> <td style="box-sizing: border-box; height: auto"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Management Fee</span> </div> </td> <td style="box-sizing: border-box; height: auto"> <div id="xdx_98B_eoef--ManagementFeesOverAssets_dpn_c20260625__20260625__oef--ClassAxis__custom--C000257972Member_fuQ_____zPliZqEKdTCd" style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.95%</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="box-sizing: border-box; height: auto"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Distribution and Service (12b-1) Fees</span> </div> </td> <td style="box-sizing: border-box; height: auto"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_900_eoef--DistributionAndService12b1FeesOverAssets_dpn_c20260625__20260625__oef--ClassAxis__custom--C000257972Member_fuQ_____zXozLEOO1nZh">None</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="box-sizing: border-box; height: auto"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Other Expenses²</span> </div> </td> <td style="box-sizing: border-box; height: auto; border-bottom-style: solid; border-bottom-width: 0.5pt"> <div id="xdx_98D_eoef--OtherExpensesOverAssets_dpn_c20260625__20260625__oef--ClassAxis__custom--C000257972Member_fuSyy_zgRUtVuvgqo4" style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.00%</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="box-sizing: border-box; height: auto"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Total Annual Fund Operating Expenses</span> </div> </td> <td style="box-sizing: border-box; height: auto; border-bottom-style: double; border-bottom-width: 3pt"> <div id="xdx_986_eoef--ExpensesOverAssets_dpn_c20260625__20260625__oef--ClassAxis__custom--C000257972Member_fuQ_____zL6NGOqe91nk" style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.95%</span> </div> </td> </tr> </table> <div style="font: 8pt Times New Roman,Times,serif; margin: 4pt 0 8pt; box-sizing: border-box; text-align-last: auto; color: #000; text-align: justify; text-indent: 0"> <table cellpadding="0" cellspacing="0" style="font: 8pt Times New Roman,Times,serif; color: #000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span id="xdx_F02_zHO3CoOeAfb1">¹</span></td><td style="width: 5pt"></td><td style="text-align: justify"><span id="xdx_F1E_zFEChLj56PW4">The Fund’s adviser will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940 (the “1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses.</span></td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 8pt Times New Roman,Times,serif; color: #000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span id="xdx_F06_zA4lY0yLKIDg">²</span></td><td style="width: 5pt"></td><td style="text-align: justify"><span id="xdx_F1B_zc4cOGu0t41c"><span id="xdx_906_eoef--OtherExpensesNewFundBasedOnEstimates_c20260625__20260625__dei--LegalEntityAxis__custom--S000090688Member_zvmnIaVgSo65">Based on estimated amounts for the current fiscal year.</span></span></td> </tr></table> </div> 0.0095 0 0.0000 0.0095 Based on estimated amounts for the current fiscal year. Expense Example <p id="xdx_A85_eoef--ExpenseExampleNarrativeTextBlock_zH19wj5mwCX" style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 80px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block"> This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> <div id="xdx_A8C_eoef--ExpenseExampleWithRedemptionTableTextBlock_zkzJRXj6YWf7"></div> <table id="xdx_A56_dU_zmr4zb3bJbgh" style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="box-sizing: border-box; height: auto; vertical-align: bottom"> <th id="xdx_48E_eoef--ExpenseExampleYear01_zxESx9fO6F1i" style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: bold 8pt Times New Roman, Arial; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; font-weight: 700; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">1 Year</span> </div> </th> <th id="xdx_48C_eoef--ExpenseExampleYear03_z7nISIvCPNnh" style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: bold 8pt Times New Roman, Arial; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; font-weight: 700; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">3 Years</span> </div> </th> </tr> <tr id="xdx_418_20260625__20260625__oef--ClassAxis__custom--C000257972Member_zj5qID5EMC52" style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$97</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0;box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$303</span> </div> </td> </tr> </table> 97 303 Portfolio Turnover <p id="xdx_A89_eoef--PortfolioTurnoverTextBlock_ze5bwNMMUkK" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 64px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the expense example above, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available.</p> Principal Investment Strategies <p id="xdx_A89_eoef--StrategyNarrativeTextBlock_gRBSNTB-SYHLMQY_zxSNrkX6IWY4" style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 64px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">The Fund is an actively managed exchange-traded fund (“ETF”) that seeks income, and secondarily, long term capital appreciation. The Fund’s strategy involves two components: (1) purchasing a portfolio of equity securities with low volatility (the “Equity Strategy”); and (2) generating income through an options portfolio (the “Options Strategies”), each as described below. Primarily through the Fund’s Options Strategies, the Fund seeks to achieve an annual income target of 15% as described more below.</p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 48px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">The Fund’s strategies are overseen by the Adviser and the Fund’s investment sub-adviser, VistaShares, LLC (“VistaShares”). VistaShares selects the equity securities for the Fund’s Equity Strategy, and the Adviser is responsible for implementing the Fund’s Options Strategies.</p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Additionally, the Fund will maintain a minor allocation to cash or U.S. Treasuries, not exceeding ten percent of its total assets.</p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; break-after: avoid"><span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Equity Strategy - VistaShares</span> </p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 48px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">VistaShares selects the Fund’s U.S. equity securities (“Underlying Securities”). VistaShares manages the Fund’s equity portfolio using a quantitative methodology designed to identify companies with low volatility. This approach prioritizes companies reduced variability in their stock prices.</p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 32px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">VistaShares employs a quantitative methodology to construct a portfolio of stocks with historically low price volatility and balanced distribution across sectors. The selection process considers:</p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 8pt 32pt; text-align-last: auto; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: -16pt"> ● <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-style: italic; font-weight: 400">Historical price fluctuations:</span> Identifying stocks with consistently smaller changes in price over time. </p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 8pt 32pt; text-align-last: auto; min-height: 32px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: -16pt"> ● <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-style: italic; font-weight: 400">Return Volatility: </span>Measures how much a security’s daily returns vary over one year (that is, it calculates the degree of fluctuation in daily returns). </p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 32px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">VistaShares further refines the Fund’s portfolio by evaluating downside risk (the potential for loss in a declining market) and adjusts sector weights to maintain balance and reduce reliance on any single industry.</p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 48px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">VistaShares actively monitors market conditions and reallocates the Fund’s portfolio quarterly to incorporate updated data and ensure alignment with the Fund’s low-volatility objective. For additional information about VistaShares’ security selection processes, please the section in the Fund’s Prospectus titled “Additional Information About the Funds.”</p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 64px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">The Fund’s equity strategy will generally allocate to between 20 and 50 securities, following a consistent and measured approach to risk management and portfolio stability. The Fund invests in both large-capitalization securities, defined as those with a market capitalization exceeding $10 billion, and mid-capitalization securities, defined as those with a market capitalization between $2 billion and $10 billion.</p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; break-after: avoid"><span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Options Strategies – the Adviser</span> </p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 48px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">The Fund seeks to generate income primarily through the use of options strategies involving options contracts on certain or all of its Underlying Securities. These strategies are expected to derive the majority of the Fund’s yield, with the Fund aiming to achieve an annual income target of 15% (the “Annual 15% Target”).</p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 80px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">The Fund earns income by collecting premiums from selling (writing) options. When an option is sold, the buyer pays the Fund for the right to either purchase or sell the underlying asset at a predetermined price. The Adviser employs different options strategies based on its market outlook, selecting one or a combination of strategies it believes will achieve the Fund’s income target, while also allowing for potential capital appreciation (growth in asset value). The Adviser also evaluates the performance of the Underlying Securities when choosing which options strategies to deploy.</p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 48px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">The specific options strategies the Fund employs may alter its overall risk and return profile, affecting volatility, income, potential for capital appreciation, and the preservation of capital. For instance, by writing covered calls (selling call options on securities already held by the Fund), the Fund may limit its potential gains in exchange for premium income.</p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 80px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">Premiums received from selling options are influenced by market volatility, with higher levels of volatility generally leading to higher premiums. As such, the Adviser carefully monitors market conditions to determine when and which options strategies to implement, with a focus on enhancing the Fund’s income generation. Through the active management of its options positions, the Adviser seeks to optimize the Fund’s ability to generate consistent income. For additional information about options and options strategies, please the section in the Fund’s Prospectus titled “Additional Information About the Funds.”</p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; break-after: avoid"><span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Treasuries</span> </p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 32px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">In addition, the Fund will hold cash or short-term U.S. Treasury securities. These securities serve a dual purpose: providing collateral for the Options Strategies and contributing to the Fund’s income generation.</p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Why invest in the Fund?</span> </p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 8pt 32pt; text-align-last: auto; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: -16pt"> ● The Fund seeks to generate income at the Annual 15% Target, which is not dependent on the value of the Underlying Securities. </p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 8pt 32pt; text-align-last: auto; min-height: 32px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: -16pt"> ● The Fund seeks to participate in some of the potential gains experienced by increases in the share prices of the Underlying Securities. </p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 32px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">The Fund is classified as “non-diversified” under the 1940 Act. The Fund’s investment strategy is expected to result in high portfolio turnover on an annual basis.</p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 96px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span id="xdx_90D_eoef--StrategyPortfolioConcentration_c20260625__20260625__dei--LegalEntityAxis__custom--S000090688Member_zJ0djKCRaC8c">Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus borrowings for investment purposes, in equity securities exhibiting low volatility characteristics as selected via the Fund’s Equity Strategy or options contracts that provide exposure to those securities.</span> The Fund considers a security to be a “U.S. equity security” if it is listed on a U.S. exchange and (i) the issuer is incorporated or organized under the laws of the United States or (ii) the issuer derives at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed, or has at least 50% of its assets located within the United States. For purposes of compliance with this investment policy, derivative contracts will be valued at their notional value.</p> Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus borrowings for investment purposes, in equity securities exhibiting low volatility characteristics as selected via the Fund’s Equity Strategy or options contracts that provide exposure to those securities. The Fund may not achieve its investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--LowVolatilityInvestingRisksMember_zVgNautqqKab" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 128px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Low Volatility Investing Risks</span><b style="box-sizing: border-box">. </b>Securities included in the Fund’s Equity Strategy are selected based on low volatility metrics, yet there is no assurance that these stocks will maintain stable performance or meet anticipated return objectives. A low volatility strategy may lead the Fund to underperform during periods of strong market growth, as low-volatility stocks often lag behind higher-growth or more volatile stocks in rising markets. Additionally, low volatility does not eliminate the risk of losses; these stocks may still experience significant declines in value due to adverse market conditions, economic downturns, or unforeseen company-specific events. Moreover, low volatility stocks can become overvalued in prolonged periods of investor preference for stable returns, potentially resulting in sharp price declines if market sentiment shifts. Consequently, relying on low volatility characteristics may not protect the Fund from losses or provide the intended level of risk-adjusted returns.</p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zEAmj5KD7o97" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 160px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Derivatives Risk.</span><b style="box-sizing: border-box"> </b>Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, leverage, imperfect daily correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect correlation between the return of the Index and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. </p> <p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily leveraged performance for the Fund. </p> <p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> In addition, the Fund’s investments in derivatives are subject to the following risks: </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsMember_zJUismjvtau2" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt 24pt; text-align-last: auto; display: block; min-height: 96px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: -6pt"> <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-style: italic; font-weight: 400">• </span><span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-style: italic; font-weight: 400">Options.</span> Purchasing and writing put and call options are highly specialized activities and entail greater than ordinary investment risks. The Fund may not fully benefit from or may lose money on an option if changes in its value do not correspond as anticipated to changes in the value of the underlying securities. If the Fund is not able to sell an option held in its portfolio, it would have to exercise the option to realize any profit and would incur transaction costs upon the purchase or sale of the underlying securities. Ownership of options involves the payment of premiums, which may adversely affect the Fund’s performance. </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zWLCodbjLAX1" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 128px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Counterparty Risk.</span><b style="box-sizing: border-box"> </b>Counterparty risk is the likelihood or probability that a party involved in a transaction might default on its contractual obligation. Where the Fund enters into derivative contracts that are exchange-traded, the Fund is subject to the counterparty risk associated with the Fund’s clearing broker or clearinghouse. Relying on a counterparty exposes the Fund to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Fund to suffer a loss. If a counterparty defaults on its payment obligations to the Fund, this default will cause the value of an investment in the Fund to decrease. In addition, to the extent the Fund deals with a limited number of counterparties, it will be more susceptible to the credit risks associated with those counterparties. </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--DistributionRiskMember_zEoH3kvwRVO1" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 80px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Distribution Risk</span><b style="box-sizing: border-box">. </b>Although the Fund has an annual income target, the Fund intends to distribute income on a monthly basis. There is no assurance that the Fund will make a distribution in any given month. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next. Additionally, monthly distributions, if any, may consist of returns of capital, which would decrease the Fund’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment.</p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--NavDeclineRiskDueToDistributionsMember_zTiH0MhkFnw8" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; break-inside: avoid"><span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">NAV Decline Risk Due to Distributions</span><b style="box-sizing: border-box">. </b>When the Fund makes a distribution, the Fund’s NAV will typically drop by the amount of the distribution on the related ex-dividend date. The repeated payment of distributions by the Fund, if any, may result in a decline in the Fund’s NAV and trading price over time. As a result, an investor may suffer losses to their investment.</p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityMarketRiskMember_znb7SwGmEYXg" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 80px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Equity Market Risk.</span><b style="box-sizing: border-box"> </b>Common stocks are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from specific issuers. The equity securities held in the Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which the Fund invests. </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zY0TLUau9Q5h" style="font: bold 10pt/normal Times New Roman, Arial; margin: 4pt 0 8pt; text-align-last: auto; display: block; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: left; font-weight: 700; text-indent: 0; break-after: avoid"> <b style="box-sizing: border-box">ETF Risks</b> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_z9xMV772Nb69" style="font: 10pt/12pt Times New Roman,Times,serif; margin: 0 0 8pt 32pt; text-align-last: auto; display: block; min-height: 112px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; break-after: avoid; text-indent: -16pt"> ●   <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-style: italic; font-weight: 400">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</span><i style="box-sizing: border-box"> </i>The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as Authorized Participants or APs). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zF96Do0VAiNk" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt 32pt; text-align-last: auto; display: block; min-height: 112px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: -16pt"> ●   <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-style: italic; font-weight: 400">Cash Redemption Risk. </span>An ETF’s investment strategy may require it to redeem its shares for cash or to otherwise include cash as part of its redemption proceeds. For example, an ETF may not be able to redeem in-kind certain securities held by the ETF (e.g., derivative instruments). In such a case, the ETF may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the ETF to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the ETF may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zRNneLr7qU98" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt 32pt; text-align-last: auto; display: block; min-height: 112px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: -16pt"> ●   <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-style: italic; font-weight: 400">Costs of Buying or Selling Shares. </span>Buying or selling Shares involves certain costs, including brokerage commissions, other charges imposed by brokers, and bid-ask spreads. The bid-ask spread represents the difference between the price at which an investor is willing to buy Shares and the price at which an investor is willing to sell Shares. The spread varies over time based on the Shares’ trading volume and market liquidity. The spread is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Due to the costs of buying or selling Shares, frequent trading of Shares may reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments. </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_z1WdNeEFxORl" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt 32pt; text-align-last: auto; display: block; min-height: 96px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: -16pt"> ●   <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-style: italic; font-weight: 400">Shares May Trade at Prices Other Than NAV. </span>As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant. </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zuGqOR4qJiS9" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt 32pt; text-align-last: auto; display: block; min-height: 64px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: -16pt"> ● <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-style: italic; font-weight: 400">  Trading.</span><i style="box-sizing: border-box"> </i>Although Shares are listed for trading on a national securities exchange, such as NYSE Arca, Inc. (the Exchange), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares and the liquidity of the Fund’s portfolio holdings may deteriorate. </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--FocusedPortfolioRiskMember_zROFutDojqJe" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Focused Portfolio Risk. </span>The Fund will hold a relatively focused portfolio that may contain securities of fewer issuers than the portfolios of other ETFs. Holding a relatively concentrated portfolio may increase the risk that the value of the Fund could go down because of the poor performance of one or a few investments. </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_ziz4vl4pJubf" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">High Portfolio Turnover Risk.</span><b style="box-sizing: border-box"> </b>The Fund may actively and frequently trade a significant portion of the Fund’s holdings. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses. Frequent trading may also cause adverse tax consequences for investors in the Fund due to an increase in short-term capital gains. </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--InflationRiskMember_z9Z4nUTrAEK5" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 32px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Inflation Risk. </span>Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.</p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_z5wyJsnaWb74" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 32px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; break-inside: avoid"> <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Management Risk.</span><b style="box-sizing: border-box"> </b>The Fund is actively-managed and may not meet its investment objective based on the portfolio managers success or failure in implementing the Fund’s investment strategies.</p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketCapitalizationRiskMember_zr2xC0wNdx06" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; break-after: avoid"><span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Market Capitalization Risk.</span> </p> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargecapitalizationInvestingMember_zxI5Xl7CI057"></div> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: table"> <tr style="box-sizing: border-box; display: table-row"> <td style="border-top: #9ca3af 0 solid; border-right: #9ca3af 0pt solid; border-bottom: #9ca3af 0 solid; margin: 0; padding: 0; box-sizing: border-box; text-align: left; width: 0.25in; border-left-color: #9ca3af; border-left-width: 0; padding-top: 0; padding-left: 0; padding-right: 0; padding-bottom: 0"> <div style="box-sizing: border-box; text-align-last: auto; height: 54pt; overflow: hidden"> <div style="box-sizing: border-box; text-align-last: auto; display: table; width: 100%; height: 100%; overflow: hidden"> <div style="box-sizing: border-box; text-align-last: auto; height: 100%; width: 100%; display: table-cell"> <p style="font: 700 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; box-sizing: border-box; text-align-last: auto; display: block; color: #000; text-align: left; text-indent: 0"> </p> <p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; box-sizing: border-box; text-align-last: auto; display: block; color: #000; text-align: justify; text-indent: 0"> </p> <p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; box-sizing: border-box; text-align-last: auto; display: block; color: #000; text-align: justify; text-indent: 0"> </p> </div> </div> </div> </td> <td style="border-top: #9ca3af 0 solid; border-right: #9ca3af 0pt solid; border-bottom: #9ca3af 0 solid; margin: 0; padding: 0; box-sizing: border-box; text-align: left; width: 0.25in; border-left-color: #9ca3af; border-left-width: 0; padding-top: 0; padding-left: 0; padding-right: 0; padding-bottom: 0"> <div style="box-sizing: border-box; text-align-last: auto; height: 54pt; overflow: hidden"> <div style="box-sizing: border-box; text-align-last: auto; display: table; width: 100%; height: 100%; overflow: hidden"> <div style="box-sizing: border-box; text-align-last: auto; height: 100%; width: 100%; display: table-cell"> <p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">●</p> <p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; box-sizing: border-box; text-align-last: auto; display: block; color: #000; text-align: justify; text-indent: 0"> </p> </div> </div> </div> </td> <td style="border-top: #9ca3af 0 solid; border-right: #9ca3af 0pt solid; border-bottom: #9ca3af 0 solid; margin: 0; padding: 0; box-sizing: border-box; text-align: left; width: auto; border-left-color: #9ca3af; border-left-width: 0; padding-top: 0; padding-left: 0; padding-right: 0; padding-bottom: 0"> <div style="box-sizing: border-box; text-align-last: auto; height: 54pt; overflow: hidden"> <div style="box-sizing: border-box; text-align-last: auto; display: table; width: 100%; height: 100%; overflow: hidden"> <div style="box-sizing: border-box; text-align-last: auto; height: 100%; width: 100%; display: table-cell"> <p style="font: 10pt/12pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 64px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-style: italic; font-weight: 400">Large-Capitalization Investing. </span>The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. Large-capitalization companies may also be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.</p> </div> </div> </div> </td> </tr> </table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidcapitalizationInvestingMember_zBCbuuMzG7yi"></div> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: table"> <tr style="box-sizing: border-box; display: table-row"> <td style="border-top: #9ca3af 0 solid; border-right: #9ca3af 0pt solid; border-bottom: #9ca3af 0 solid; margin: 0; padding: 0; box-sizing: border-box; text-align: left; width: 0.25in; border-left-color: #9ca3af; border-left-width: 0; padding-top: 0; padding-left: 0; padding-right: 0; padding-bottom: 0"> <div style="box-sizing: border-box; text-align-last: auto; height: 54pt; overflow: hidden"> <div style="box-sizing: border-box; text-align-last: auto; display: table; width: 100%; height: 100%; overflow: hidden"> <div style="box-sizing: border-box; text-align-last: auto; height: 100%; width: 100%; display: table-cell"> <p style="font: 700 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; box-sizing: border-box; text-align-last: auto; display: block; color: #000; text-align: left; text-indent: 0"> </p> <p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; box-sizing: border-box; text-align-last: auto; display: block; color: #000; text-align: justify; text-indent: 0"> </p> <p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; box-sizing: border-box; text-align-last: auto; display: block; color: #000; text-align: justify; text-indent: 0"> </p> </div> </div> </div> </td> <td style="border-top: #9ca3af 0 solid; border-right: #9ca3af 0pt solid; border-bottom: #9ca3af 0 solid; margin: 0; padding: 0; box-sizing: border-box; text-align: left; width: 0.25in; border-left-color: #9ca3af; border-left-width: 0; padding-top: 0; padding-left: 0; padding-right: 0; padding-bottom: 0"> <div style="box-sizing: border-box; text-align-last: auto; height: 54pt; overflow: hidden"> <div style="box-sizing: border-box; text-align-last: auto; display: table; width: 100%; height: 100%; overflow: hidden"> <div style="box-sizing: border-box; text-align-last: auto; height: 100%; width: 100%; display: table-cell"> <p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">●</p> <p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; box-sizing: border-box; text-align-last: auto; display: block; color: #000; text-align: justify; text-indent: 0"> </p> </div> </div> </div> </td> <td style="border-top: #9ca3af 0 solid; border-right: #9ca3af 0pt solid; border-bottom: #9ca3af 0 solid; margin: 0; padding: 0; box-sizing: border-box; text-align: left; width: auto; border-left-color: #9ca3af; border-left-width: 0; padding-top: 0; padding-left: 0; padding-right: 0; padding-bottom: 0"> <div style="box-sizing: border-box; text-align-last: auto; height: 54pt; overflow: hidden"> <div style="box-sizing: border-box; text-align-last: auto; display: table; width: 100%; height: 100%; overflow: hidden"> <div style="box-sizing: border-box; text-align-last: auto; height: 100%; width: 100%; display: table-cell"> <p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 64px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-style: italic; font-weight: 400">Mid-Capitalization Investing.</span> The securities of mid-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large-capitalization companies. The securities of mid-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large-capitalization stocks or the stock market as a whole.</p> </div> </div> </div> </td> </tr> </table> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketEventsRiskMember_zgJqYnWEh1cg" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 208px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Market Events Risk.</span><b style="box-sizing: border-box"> </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities and other financial instruments. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities and other financial markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments. Continuing uncertainties regarding interest rates, rising inflation, political events, rising government debt in the U.S. and trade tensions also contribute to market volatility. Conflict, loss of life and disaster connected to ongoing armed conflict between Ukraine and Russia in Europe and between Israel and Hamas in the Middle East could have severe adverse effects on the related region, including significant adverse effects on the regional or global economies and the markets for certain securities. The U.S. and the European Union have imposed sanctions on certain Russian individuals and companies, including certain financial institutions, and have limited certain exports and imports to and from Russia. These conflicts have contributed to recent market volatility and may continue to do so. </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_z1bhmkac0PQg" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 32px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">New Fund Risk.</span><b style="box-sizing: border-box"> </b>The Fund is a recently organized management investment company with limited operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions. </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewerSubadviserRiskMember_zwlbsCsLRIWe" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 64px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Newer Sub-Adviser Risk.</span><b style="box-sizing: border-box"> </b>The Sub-Adviser is newly registered with the SEC and has limited experience with managing an exchange-traded fund regulated under the 1940 Act, which may limit the Sub-Adviser’s effectiveness. As a result, there is no long-term track record against which an investor may judge the Sub-Adviser and it is possible the Sub-Adviser may not achieve the Fund’s intended investment objective. </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zpTszWVRmxn7" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 64px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Non-Diversification Risk.</span><b style="box-sizing: border-box"> </b>Because the Fund is non-diversified, it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio. </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zWZPZYhHtedh" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 96px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> <span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Operational Risk.</span><b style="box-sizing: border-box"> </b>The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund relies on third parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund, the Adviser, and the Sub-Adviser seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks. </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_z8vkWwvFS2F2" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 80px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">Tax Risk</span><b style="box-sizing: border-box">. </b>The Fund intends to elect and to qualify each year to be treated as a RIC under Subchapter M of the Code. As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to Shareholders, provided that it satisfies certain requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund’s taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed.</p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--UsGovernmentAndUsAgencyObligationsRiskMember_zgwdRKYBI6hk" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 128px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman, Arial; font-weight: bold; font-weight: 700">U.S. Government and U.S. Agency Obligations Risk.</span><b style="box-sizing: border-box"> </b>The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so.</p> Performance <p id="xdx_A83_eoef--PerformanceNarrativeTextBlock_zkZZHauTWjC4" style="font: 10pt Times New Roman,Times,serif; margin: 0 0 6pt; text-align-last: auto; min-height: 96px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span id="xdx_907_eoef--PerformanceOneYearOrLess_c20260625__20260625__dei--LegalEntityAxis__custom--S000090688Member_zD4dOksRb4El">Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus.</span> <span id="xdx_905_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260625__20260625__dei--LegalEntityAxis__custom--S000090688Member_zXcxtQzdaM29">When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance.</span> <span id="xdx_90E_eoef--PerformancePastDoesNotIndicateFuture_c20260625__20260625__dei--LegalEntityAxis__custom--S000090688Member_zaD9LpVmkiog">Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund.</span> Updated performance information will be available on the Fund’s website at <span id="xdx_90F_eoef--PerformanceAvailabilityWebSiteAddress_c20260625__20260625__dei--LegalEntityAxis__custom--S000090688Member_zav95Kdd5eKb">vistashares.com</span>.</p> Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. vistashares.com The Fund’s adviser will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940 (the “1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses. The Fund’s adviser will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940 (the “1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses. Based on estimated amounts for the current fiscal year. The Fund’s adviser will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940 (the “1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses. Based on estimated amounts for the current fiscal year. The Fund’s adviser will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940 (the “1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses. The Fund’s adviser will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940 (the “1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses. Based on estimated amounts for the current fiscal year.