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You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span></p> <p style="font: 8pt/90% Open Sans; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"> </span></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A85_eoef--AnnualFundOperatingExpensesTableTextBlock_zuwjnwtN3rFk"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zP1vgxiWlyMi" style="font: 10pt Open Sans; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="background-color: #D9D9D9"> <td style="border-top: Black 1pt solid; width: 87%; border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-bottom: 0.7pt; padding-left: 5.75pt; text-align: left; line-height: 97%"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Annual Fund Operating Expenses<br/> </b><i>(expenses that you pay each year as a percentage of the value of your investment)</i></span></td> <td id="xdx_490_20260625__20260625__dei--LegalEntityAxis__custom--S000084644Member__oef--ClassAxis__custom--C000249078Member_zqeQbTyaYLw3" style="border-top: Black 1pt solid; width: 13%; border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-bottom: 0.7pt; padding-left: 5.75pt; text-align: center; line-height: 97%"><span style="font-family: Arial, Helvetica, Sans-Serif"> </span></td></tr> <tr id="xdx_406_eoef--ManagementFeesOverAssets_dpn_z3xEkY66IFUk"> <td style="padding-right: 5.75pt; padding-bottom: 0.7pt; padding-left: 5.75pt; text-align: left; line-height: 97%"><span style="font-family: Arial, Helvetica, Sans-Serif">Management Fees</span></td> <td style="padding-right: 5.75pt; padding-bottom: 0.7pt; padding-left: 5.75pt; text-align: center; line-height: 97%"><span style="font-family: Arial, Helvetica, Sans-Serif">0.60%</span></td></tr> <tr id="xdx_40D_eoef--OtherExpensesOverAssets_dpn_zwVqJb3Slt8h"> <td style="padding-right: 5.75pt; padding-bottom: 0.7pt; padding-left: 5.75pt; text-align: left; line-height: 97%"><span style="font-family: Arial, Helvetica, Sans-Serif">Other Expenses</span></td> <td style="padding-right: 5.75pt; padding-bottom: 0.7pt; padding-left: 5.75pt; text-align: center; line-height: 97%"><span style="font-family: Arial, Helvetica, Sans-Serif">0.88%</span></td></tr> <tr id="xdx_403_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_z6x3lBmdqZ4e"> <td style="padding-right: 5.75pt; padding-bottom: 0.7pt; padding-left: 5.75pt; text-align: left; line-height: 97%"><span style="font-family: Arial, Helvetica, Sans-Serif">Acquired Fund Fees and Expenses<sup id="xdx_F48_zJbe5z9hm168">(1)</sup></span></td> <td style="padding-right: 5.75pt; padding-bottom: 0.7pt; padding-left: 5.75pt; text-align: center; line-height: 97%"><span style="font-family: Arial, Helvetica, Sans-Serif">0.06%</span></td></tr> <tr id="xdx_409_eoef--ExpensesOverAssets_dpn_zFbkspZjE3Wg"> <td style="border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-bottom: 0.7pt; padding-left: 5.75pt; text-align: left; line-height: 97%"><span style="font-family: Arial, Helvetica, Sans-Serif"><span id="a_Hlk157090607"></span>Total Annual Fund Operating Expenses</span></td> <td style="border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-bottom: 0.7pt; padding-left: 5.75pt; text-align: center; line-height: 97%"><span style="font-family: Arial, Helvetica, Sans-Serif">1.54%</span></td></tr> <tr id="xdx_406_eoef--FeeWaiverOrReimbursementOverAssets_dp_z84QAcSKcVff"> <td style="border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-bottom: 0.7pt; padding-left: 5.75pt; text-align: left; line-height: 97%"><span style="font-family: Arial, Helvetica, Sans-Serif"> Fee Waiver and Expense Reimbursements</span></td> <td style="border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-bottom: 0.7pt; padding-left: 5.75pt; text-align: center; line-height: 97%"><span style="font-family: Arial, Helvetica, Sans-Serif">(0.48%)</span></td></tr> <tr id="xdx_40B_eoef--NetExpensesOverAssets_dpn_zI3KlVVqler7"> <td style="border-bottom: Black 1pt solid; padding-right: 5.7pt; padding-bottom: 0.7pt; padding-left: 5.75pt; text-align: left; line-height: 97%"><span style="font-family: Arial, Helvetica, Sans-Serif">Total Annual Fund Operating Expenses after Fee Waiver and Expense Reimbursements<sup id="xdx_F4E_zpwUn50YvbVg">(2)</sup></span></td> <td style="border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-bottom: 0.7pt; padding-left: 5.75pt; text-align: center; line-height: 97%"><span style="font-family: Arial, Helvetica, Sans-Serif">1.06%</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt Open Sans; margin-top: 6pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><span id="xdx_F0D_zflV4lgtlAvk" style="font-family: Arial, Helvetica, Sans-Serif">(1)</span></td><td style="text-align: justify"><span id="xdx_F19_zc0oP4SMOemd" style="font-family: Arial, Helvetica, Sans-Serif">This number represents the combined total fees and operating expenses of the Acquired Funds owned by the Fund and is not a direct expense incurred by the Fund or deducted from the Fund assets.</span></td></tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt Open Sans; margin-top: 3pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><span id="xdx_F0A_zrpp72gI5Vc4" style="font-family: Arial, Helvetica, Sans-Serif">(2)</span></td><td style="text-align: justify"><span id="xdx_F14_zm1DmyMTQZ71" style="font-family: Arial, Helvetica, Sans-Serif">Pursuant to an operating expense limitation agreement between PeakShares, LLC (the “Adviser”) and the Trust, on behalf of the Fund, the Adviser has agreed to waive its fees and/or absorb expenses of the Fund to ensure that Total Annual Fund Operating Expenses for the Fund (excluding any front-end or contingent deferred loads, brokerage fees and commissions, acquired fund fees and expenses, borrowing costs (such as interest and dividend expense on securities sold short) and extraordinary expenses, such as litigation, do not exceed 1.00% of the Fund’s average net assets through <span id="xdx_90A_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260625__20260625__dei--LegalEntityAxis__custom--S000084644Member_zBOHKcg48Xta">June 30, 2027</span>. This operating expense limitation agreement can be terminated only by, or with the consent of, the Board of Trustees of the Trust. The Adviser is permitted to receive reimbursement from the Fund for fees it waived and Fund expenses it paid, subject to the limitation that (1) the reimbursement for fees and expenses will be made only if payable within three years from the date the fees and expenses were initially waived or reimbursed and (2) the reimbursement may not be made if it would cause the expense limitation in effect at the time of the waiver or currently in effect, whichever is lower, to be exceeded.</span></td></tr></table> <p style="font: 8pt/90% Open Sans; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"> </span></p> 0.0060 0.0088 0.0006 0.0154 -0.0048 0.0106 June 30, 2027 Example. <p id="xdx_A87_eoef--ExpenseExampleNarrativeTextBlock_z9L9kWL0q9H5" style="font: 10pt/97% Open Sans; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span></p> The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell 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. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A8F_eoef--ExpenseExampleWithRedemptionTableTextBlock_zSyCyFlemts"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_z01Ix01nQvId" style="font: 10pt Open Sans; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="background-color: #D9D9D9"> <td style="width: 0%"> </td> <td id="xdx_483_eoef--ExpenseExampleYear01_z5AvgH3dfYwd" style="border-top: Black 1pt solid; width: 25%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 97%"><span style="font-family: Arial, Helvetica, Sans-Serif"><span id="a_Hlk77673266"></span><b>One Year</b></span></td> <td id="xdx_48F_eoef--ExpenseExampleYear03_zhVpPGj7VEl" style="border-top: Black 1pt solid; width: 25%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 97%"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Three Years</b></span></td> <td id="xdx_480_eoef--ExpenseExampleYear05_zmHwmhHOLNV2" style="border-top: Black 1pt solid; vertical-align: top; width: 25%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 97%"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Five Years</b></span></td> <td id="xdx_48D_eoef--ExpenseExampleYear10_zSkZFbCzvpbk" style="border-top: Black 1pt solid; vertical-align: top; width: 25%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 97%"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Ten Years</b></span></td></tr> <tr id="xdx_41E_20260625__20260625__dei--LegalEntityAxis__custom--S000084644Member__oef--ClassAxis__custom--C000249078Member_zmOC580ZHJR1" style="vertical-align: top"> <td> </td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 97%"><span style="font-family: Arial, Helvetica, Sans-Serif">$108</span></td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 97%"><span style="font-family: Arial, Helvetica, Sans-Serif">$439</span></td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 97%"><span style="font-family: Arial, Helvetica, Sans-Serif">$794</span></td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 97%"><span style="font-family: Arial, Helvetica, Sans-Serif">$1,794</span></td></tr> </table> <p style="font: 8pt/90% Open Sans; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"> </span></p> 108 439 794 1794 Portfolio Turnover. <p id="xdx_A80_eoef--PortfolioTurnoverTextBlock_zP50E3s75bjh" style="font: 10pt Open Sans; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">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 Fund shares are held in a taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was <b><span id="xdx_909_eoef--PortfolioTurnoverRate_dp_c20260625__20260625__dei--LegalEntityAxis__custom--S000084644Member_zSNJZLAEEsXk">48%</span></b> of the average value of the portfolio.</span></p> <p style="font: 10pt Open Sans; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"> </span></p> 0.48 Principal Investment Strategies. <p id="xdx_A8A_eoef--StrategyNarrativeTextBlock_zolmfbb84tBk" style="font: 10pt/97% Open Sans; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><span id="a_Hlk123913940"></span><span id="a_Hlk163212338"></span>The Fund is an actively managed exchange-traded fund (“ETF”) that may engage in active and frequent trading. The Fund will normally invest at least 80% of its net assets, including any borrowings for investment purposes, in a diversified portfolio of equity securities that include common stocks of U.S companies and equity ETFs providing exposure to such companies, or derivatives that have economic characteristics similar to such securities. The equity ETFs in which the Fund will invest are primarily index ETFs that invest in the common stock of U.S. companies although the Fund may also invest in actively managed ETFs that provide similar exposure to equity securities. To enhance returns and generate income, the Fund will from time to time incorporate a covered call option writing strategy. The Fund is not managed relative to an index and has broad flexibility to allocate its assets across different sectors of the U.S. equity markets. The Fund may invest in securities of companies of any market capitalization or equity ETFs that provide exposure to companies of any capitalization.<br/></span></p> <p style="font: 10pt/99% Open Sans; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">The Fund will invest in equity securities based on macroeconomic and asset cycle investing methodology that determines the rank order of industry sectors, and then makes periodic shifts to (i) capitalize on market opportunities, or (ii) avoid market declines. The Fund expects to hold 20 to 100 securities at any given time, including individual company securities and positions in equity ETFs, with no fewer than 11 positions at any time. The core of the Fund’s portfolio will be comprised of a combination of equity securities representing the 11 industry sectors that make up the S&amp;P 500 Index, although additional positions like ETFs, options or other equity securities that are not a component of the S&amp;P 500 Index may be included in the Fund’s portfolio. As of the date of this Prospectus, the industry sectors include: communication services, consumer discretionary, consumer staples, energy, financials, healthcare, industrials, materials, real estate, information technology and utilities. There is no minimum or maximum number of securities or positions for each sector. A sector can be represented by a single ETF or several individual positions or ETFs.</span></p> <p style="font: 9pt/99% Open Sans; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"> </span></p> <p style="font: 10pt/99% Open Sans; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">Over- and under-weights of sectors relative to the weighting in the S&amp;P 500 index are determined by the overall market and sector outlook. The Fund’s investment process includes top-down macroeconomic and sector analysis as well as a bottom-up forecasting methodology. The top-down sector models incorporate macroeconomic, key industry drivers, financial metrics, and valuations to arrive at a projected return forecast and outlook for each industry sector. Using these forecasts and outlooks, the Adviser then allocates weights to each market sector to construct a portfolio that seeks to maximize expected return. In addition, the Adviser conducts an ongoing analysis of the state of the investment universe based on economic, political, and market conditions, to look for significant changes to those sectors categories and determine the highest potential for positive returns during periods of relative economic strength, while utilizing defensive positioning such as allocations to more defensive sectors when economic and market environments weaken<span id="a_Hlk163142160"></span>, rebalancing the portfolio as needed.</span></p> <p style="font: 9pt/99% Open Sans; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"> </span></p> <p style="font: 10pt/99% Open Sans; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">The Fund’s bottoms-up strategy includes deep fundamental analysis and modeling for each security in the portfolio. The Adviser determines price target for each security based on its models and projections and continuously tracks the investment thesis in each security. The Fund will sell a portfolio holding when the security no longer meets its investment criteria or when a more attractive investment is available.</span></p> <p style="font: 9pt/99% Open Sans; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"> </span></p> <p style="font: 10pt/99% Open Sans; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>Option Strategy</i>. <span id="a_Hlk162524241"></span>To enhance returns and generate income, the Fund will from time to time incorporate a covered call option writing strategy. Covered call option writing is an investment strategy of writing (selling) call options against securities owned by the Fund to generate additional returns from the option premium. The Fund’s option strategy may also have the benefit of reducing the volatility of the Fund’s portfolio in comparison to that of broad equity market indexes.</span></p> <p style="font: 9pt/99% Open Sans; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"> </span></p> <p style="font: 10pt/99% Open Sans; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">The Fund pursues its options strategy by writing (selling) covered call options on an amount from 0% to 100% of the value of the underlying security in the Fund’s portfolio. The Fund seeks to earn income and gains both from dividends paid on the securities owned by the Fund and cash premiums received from writing or “selling” covered call options on securities held in the Fund’s portfolio.</span></p> <p style="font: 9pt/99% Open Sans; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"> </span></p> <p style="font: 10pt/99% Open Sans; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">The Fund may not sell “naked” call options, i.e., equity options representing more shares of a security than the Fund has in the portfolio.</span></p> <p id="xdx_A8C_eoef--RiskTextBlock_gRBRTB-LWV_z10qqNwF8sA" style="font: 10pt/99% Open Sans; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">Remember that in addition to possibly not achieving your investment goals, you could lose money by investing in the Fund. The following summarizes the principal risks of investing in the Fund.</span></p> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveManagementRiskMember_zuPO8dD2avX"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/99% Open Sans; margin-top: 5pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Symbol">·</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Active Management Risk. </b>The Adviser’s judgments about the growth, value or potential appreciation of an investment may prove to be incorrect or fail to have the intended results, which could adversely impact the Fund’s performance and cause it to underperform relative to other funds with similar investment goals or relative to its benchmark, or not to achieve its investment goal.</span></td></tr></table></div><div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CoveredCallOptionWritingRiskMember_zmxcVpoqVZGi"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/99% Open Sans; margin-top: 5pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Symbol">·</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Covered Call Option Writing Risk. </b>By writing covered call options in return for the receipt of premiums, the Fund will give up the opportunity to benefit from potential increases in the value of the portfolio securities above the exercise prices of such options, but will continue to bear the risk of declines in the value of portfolio securities. The premiums received from the options may not be sufficient to offset any losses sustained from</span></td></tr></table></div><p id="xdx_A9F_zC88fOb4jwK9" style="margin-top: 0; margin-bottom: 0"> </p><p style="font: 10pt/99% Open Sans; margin: 5pt 0 0 0.5in; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">the volatility of the underlying stocks over time. As a result, the risks associated with writing covered call options may be similar to the risks associated with writing put options. In addition, the Fund’s ability to sell the securities underlying the options will be limited while the options are in effect unless the Fund cancels out the option positions through the purchase of offsetting identical options prior to the expiration of the written options. Exchanges may suspend the trading of options in volatile markets. If trading is suspended, the Fund may be unable to write options at times that may be desirable or advantageous to do so.</span></p><div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zG4HYJuJb9G3"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/99% Open Sans; margin-top: 5pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><span id="a_Hlk123920073"></span><span style="font-family: Symbol">·</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Derivatives Risk. </b>The derivative instruments in which the Fund may invest, including options, may be more volatile than other instruments and may be subject to unanticipated market movements, which are potentially unlimited. The risks associated with investments in derivatives also include liquidity, interest rate, market, credit and management risks, mispricing or improper valuation. Changes in the market value of the derivative may not correlate perfectly with the underlying asset, rate or index, and the Fund could lose more than the principal amount invested. In addition, if a derivative is being used for hedging purposes there can be no assurance given that each derivative position will achieve a perfect correlation with the security or currency against which it is being hedged, or that a particular derivative position will be available when sought by the portfolio manager.</span></td></tr></table></div><div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyCloseTradingHaltRiskMember_z8SEnbUm4wce"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Open Sans; margin-top: 5pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Symbol">·</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Early Close/Trading Halt Risk. </b>An exchange or market may close or impose a market trading halt or issue trading halts on specific securities, or the ability to buy or sell certain securities or financial instruments may be restricted, which may prevent the Fund from buying or selling certain securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and may incur substantial trading losses.</span></td></tr></table></div><div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFStructureRiskMember_gRBRTB-HXUB_z4GdRVyBf5Ni"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Open Sans; margin-top: 5pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Symbol">·</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>ETF Structure Risk. </b>The Fund is structured as an ETF and as a result is subject to the special risks, including:</span></td></tr></table></div><div id="xdx_C08_gRBRTB-HXUB_zakH7Y3MKH1j"><div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantRiskMember_zbZUvI1CQk6j"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Open Sans; margin-top: 5pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Courier New, Courier, Monospace">o</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Authorized Participant Risk. </b>Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (i.e., on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable to proceed with creation or redemption orders with respect to the Fund and no other Authorized Participant is able to step forward to create or redeem Creation Units, Fund shares may be more likely to trade at a premium or discount to net asset value and possibly face trading halts or delisting. Authorized Participant concentration risk may be heightened for exchange traded funds (“ETFs”) that invest in non-U.S. securities or other securities or instruments that have lower trading volumes.</span></td></tr></table></div></div><div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_z8SM5XmEPjP"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Open Sans; margin-top: 5pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Courier New, Courier, Monospace">o</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Not Individually Redeemable. </b>Shares are not individually redeemable to retail investors and may be redeemed only by the ETF only to Authorized Participants at NAV in large blocks known as “Creation Units.” An Authorized Participant may incur brokerage costs purchasing enough Shares to constitute a Creation Unit.</span></td></tr></table></div><div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zL5MKOheRGFd"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Open Sans; margin-top: 5pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Courier New, Courier, Monospace">o</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Trading Issues. </b>An active trading market for the Shares may not be developed or maintained. Trading in Shares on NASDAQ (the “Exchange”) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange, which may result in the trading of the Shares being suspended or the Shares being delisted. An active trading market for the Shares may not be developed or maintained. If the Shares are traded outside a collateralized settlement system, the number of financial institutions that can act as Authorized Participants that can post collateral on an agency basis is limited, which may limit the market for the Shares.</span></td></tr></table></div><div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_zCojUj99iILd"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Open Sans; margin-top: 5pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Courier New, Courier, Monospace">o</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Market Price Variance Risk. </b>The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a “bid ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security.</span></td></tr></table></div> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Open Sans; margin-top: 5pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 1.25in"></td><td style="width: 0.25in"><span style="font-family: Wingdings">§</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">In times of market stress, market makers may step away from their role market making in the Shares of ETFs and in executing trades, which can lead to differences between the market value of Shares and an ETF’s NAV.</span></td></tr></table><p id="xdx_A9B_zHNnB1ciIA0b" style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Open Sans; margin-top: 5pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 1.25in"></td><td style="width: 0.25in"><span style="font-family: Wingdings">§</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">The market price of the Shares may deviate from an ETF’s NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Shares than an ETF’s NAV, which is reflected in the bid and ask price for Shares or in the closing price.</span></td></tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Open Sans; margin-top: 5pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 1.25in"></td><td style="width: 0.25in"><span style="font-family: Wingdings">§</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">When all or a portion of an ETFs underlying securities trade in a market that is closed when the market for the Shares is open, there may be changes from the last quote of the closed market and the quote from an ETF’s domestic trading day, which could lead to differences between the market value of the Shares and an ETF’s NAV.</span></td></tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Open Sans; margin-top: 5pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 1.25in"></td><td style="width: 0.25in"><span style="font-family: Wingdings">§</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">In stressed market conditions, the market for the Shares may become less liquid in response to the deteriorating liquidity of an ETF’s portfolio. This adverse effect on the liquidity of the Shares may, in turn, lead to differences between the market value of the Shares and an ETF’s NAV.</span></td></tr></table><div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zEW3n2vaWSk"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Open Sans; margin-top: 5pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Symbol">·</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Equity Securities Risk. </b>Fluctuations in the value of equity securities held by the Fund will cause the net asset value (“NAV”) of the Fund and the price of its shares (“Shares”) to fluctuate. Common stock of an issuer may decline in price if the issuer fails to make anticipated dividend payments. Common stock will be subject to greater dividend risk than preferred stocks or debt instruments of the same issuer. In addition, common stocks have experienced significantly more volatility in returns than other asset classes.</span></td></tr></table></div><div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestingInETFsRiskMember_zZwVTcwMUr23"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Open Sans; margin-top: 6pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif"><span id="a_Hlk68687751"></span></span><span style="font-family: Symbol">·</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Investing in ETFs Risk. </b><span id="a_Hlk123907442"></span>ETFs may trade in the secondary market at prices below the value of their underlying portfolios and may not be liquid. ETFs held in the Fund’s portfolio that track an index are subject to tracking error and may be unable to sell poorly performing assets that are included in their index or other benchmark. ETFs held in the Fund’s portfolio are also subject to investment advisory and other expenses, which will be indirectly paid by the Fund. The Fund may also be subject to certain other risks specific to each ETF held in the Fund’s portfolio. See also “<b>ETF Structure Risk</b>” above.</span></td></tr></table></div><div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapSecuritiesRiskMember_zd0yqDjcBxh1"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Open Sans; margin-top: 6pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Symbol">·</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Large Cap Securities Risk. </b>The value of investments in larger companies may not rise as much as smaller companies, or larger companies may be unable to respond quickly to competitive challenges, such as changes in technology and consumer tastes.</span></td></tr></table></div><div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryOfOperationsRiskMember_zGzwvVwZS6g2"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Open Sans; margin-top: 6pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Symbol">·</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Limited History of Operations Risk. </b>The Fund is a new ETF with a limited history of operations for investors to evaluate.</span></td></tr></table></div><div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zFrs46oM85Oc"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Open Sans; margin-top: 6pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Symbol">·</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Market Risk. </b>The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different region or financial market. Securities in the Fund’s portfolio may underperform due to inflation<br/> (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, war, terrorism, tariffs, trade wars, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on the U.S. financial market.</span></td></tr></table></div><div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidCapSecuritiesRiskMember_zBqRwO0pKqw5"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Open Sans; margin-top: 6pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Symbol">·</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Mid Cap Securities Risk. </b>The securities of mid cap companies generally trade in lower volumes and are generally subject to greater and less predictable price changes than the securities of larger capitalization companies.</span></td></tr></table></div><div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ModelingRiskMember_z56R6G29rhNk"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Open Sans; margin-top: 5pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Symbol">·</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Modeling Risk: </b>The Adviser uses quantitative models in an effort to enhance returns and manage risk. Any imperfections, errors or limitations in these models could limit any benefit to the Fund from the use of the models or could result in incorrect outputs or in investment outcomes different from or opposite to those expected or desired by the Adviser. There can be no assurance that the models will behave as expected in all market conditions. In addition, computer programming used to create quantitative models, or the data on which such models operate, might contain one or more errors.</span></td></tr></table></div><div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorRiskMember_zWedgrIIvpGa"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Open Sans; margin-top: 5pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Symbol">·</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Sector Risk. </b>Sector risk is the possibility that all stocks within the same group of industries will decline in price due to sector-specific market or economic developments. The Fund may be overweight in certain sectors at various times prior to quarterly rebalancing as a result of market movement.</span></td></tr></table></div><p id="xdx_A91_z4utdXNOKHU5" style="margin-top: 0; margin-bottom: 0"> </p><p style="font: 10pt Open Sans; margin: 0; text-align: left"><b> </b></p><div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallCapSecuritiesRiskMember_zIbjaAVINxnb"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Open Sans; margin-top: 6pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Symbol">·</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Small Cap Securities Risk. </b>The risk that the securities of small-cap companies may be more volatile and less liquid than the securities of companies with larger market capitalizations. These small-cap companies may not have the management experience, financial resources, product diversification and competitive strengths of large or mid-cap companies, and, therefore, their securities tend to be more volatile than the securities of larger, more established companies. Small capitalization companies may also have a narrower geographic and product/service focus and be less well known to the investment community, resulting in more volatile share prices and a lack of market liquidity.</span></td></tr></table></div> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveManagementRiskMember_zuPO8dD2avX"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/99% Open Sans; margin-top: 5pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Symbol">·</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Active Management Risk. </b>The Adviser’s judgments about the growth, value or potential appreciation of an investment may prove to be incorrect or fail to have the intended results, which could adversely impact the Fund’s performance and cause it to underperform relative to other funds with similar investment goals or relative to its benchmark, or not to achieve its investment goal.</span></td></tr></table></div> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CoveredCallOptionWritingRiskMember_zmxcVpoqVZGi"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/99% Open Sans; margin-top: 5pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Symbol">·</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Covered Call Option Writing Risk. </b>By writing covered call options in return for the receipt of premiums, the Fund will give up the opportunity to benefit from potential increases in the value of the portfolio securities above the exercise prices of such options, but will continue to bear the risk of declines in the value of portfolio securities. The premiums received from the options may not be sufficient to offset any losses sustained from</span></td></tr></table></div> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zG4HYJuJb9G3"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/99% Open Sans; margin-top: 5pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><span id="a_Hlk123920073"></span><span style="font-family: Symbol">·</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Derivatives Risk. </b>The derivative instruments in which the Fund may invest, including options, may be more volatile than other instruments and may be subject to unanticipated market movements, which are potentially unlimited. The risks associated with investments in derivatives also include liquidity, interest rate, market, credit and management risks, mispricing or improper valuation. Changes in the market value of the derivative may not correlate perfectly with the underlying asset, rate or index, and the Fund could lose more than the principal amount invested. In addition, if a derivative is being used for hedging purposes there can be no assurance given that each derivative position will achieve a perfect correlation with the security or currency against which it is being hedged, or that a particular derivative position will be available when sought by the portfolio manager.</span></td></tr></table></div> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyCloseTradingHaltRiskMember_z8SEnbUm4wce"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Open Sans; margin-top: 5pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Symbol">·</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Early Close/Trading Halt Risk. </b>An exchange or market may close or impose a market trading halt or issue trading halts on specific securities, or the ability to buy or sell certain securities or financial instruments may be restricted, which may prevent the Fund from buying or selling certain securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and may incur substantial trading losses.</span></td></tr></table></div> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFStructureRiskMember_gRBRTB-HXUB_z4GdRVyBf5Ni"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Open Sans; margin-top: 5pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Symbol">·</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>ETF Structure Risk. </b>The Fund is structured as an ETF and as a result is subject to the special risks, including:</span></td></tr></table></div><div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantRiskMember_zbZUvI1CQk6j"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Open Sans; margin-top: 5pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Courier New, Courier, Monospace">o</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Authorized Participant Risk. </b>Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (i.e., on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable to proceed with creation or redemption orders with respect to the Fund and no other Authorized Participant is able to step forward to create or redeem Creation Units, Fund shares may be more likely to trade at a premium or discount to net asset value and possibly face trading halts or delisting. Authorized Participant concentration risk may be heightened for exchange traded funds (“ETFs”) that invest in non-U.S. securities or other securities or instruments that have lower trading volumes.</span></td></tr></table></div><div id="xdx_C00_gRBRTB-LWV_zgyMnWZDygg9"><div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_z8SM5XmEPjP"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Open Sans; margin-top: 5pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Courier New, Courier, Monospace">o</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Not Individually Redeemable. </b>Shares are not individually redeemable to retail investors and may be redeemed only by the ETF only to Authorized Participants at NAV in large blocks known as “Creation Units.” An Authorized Participant may incur brokerage costs purchasing enough Shares to constitute a Creation Unit.</span></td></tr></table></div></div><div id="xdx_C0F_gRBRTB-LWV_zClFFnuMA4z3"><div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zL5MKOheRGFd"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Open Sans; margin-top: 5pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Courier New, Courier, Monospace">o</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Trading Issues. </b>An active trading market for the Shares may not be developed or maintained. Trading in Shares on NASDAQ (the “Exchange”) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange, which may result in the trading of the Shares being suspended or the Shares being delisted. An active trading market for the Shares may not be developed or maintained. If the Shares are traded outside a collateralized settlement system, the number of financial institutions that can act as Authorized Participants that can post collateral on an agency basis is limited, which may limit the market for the Shares.</span></td></tr></table></div></div><div id="xdx_C03_gRBRTB-LWV_zXz2cygIzKZb"><div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_zCojUj99iILd"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Open Sans; margin-top: 5pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Courier New, Courier, Monospace">o</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Market Price Variance Risk. </b>The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a “bid ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security.</span></td></tr></table></div></div><div id="xdx_C0A_gRBRTB-LWV_zLky2M9pVkBj"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Open Sans; margin-top: 5pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 1.25in"></td><td style="width: 0.25in"><span style="font-family: Wingdings">§</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">In times of market stress, market makers may step away from their role market making in the Shares of ETFs and in executing trades, which can lead to differences between the market value of Shares and an ETF’s NAV.</span></td></tr></table></div><div id="xdx_C00_gRBRTB-LWV_zDnN3WoGoFXa"><p id="xdx_A9B_zHNnB1ciIA0b" style="margin-top: 0; margin-bottom: 0"> </p></div><div id="xdx_C05_gRBRTB-LWV_zdIGKtHV4Ufb"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Open Sans; margin-top: 5pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 1.25in"></td><td style="width: 0.25in"><span style="font-family: Wingdings">§</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">The market price of the Shares may deviate from an ETF’s NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Shares than an ETF’s NAV, which is reflected in the bid and ask price for Shares or in the closing price.</span></td></tr></table></div><div id="xdx_C0C_gRBRTB-LWV_zeu1pbEdgBJl"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Open Sans; margin-top: 5pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 1.25in"></td><td style="width: 0.25in"><span style="font-family: Wingdings">§</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">When all or a portion of an ETFs underlying securities trade in a market that is closed when the market for the Shares is open, there may be changes from the last quote of the closed market and the quote from an ETF’s domestic trading day, which could lead to differences between the market value of the Shares and an ETF’s NAV.</span></td></tr></table></div><div id="xdx_C02_gRBRTB-LWV_znDB74l1gRlh"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Open Sans; margin-top: 5pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 1.25in"></td><td style="width: 0.25in"><span style="font-family: Wingdings">§</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">In stressed market conditions, the market for the Shares may become less liquid in response to the deteriorating liquidity of an ETF’s portfolio. This adverse effect on the liquidity of the Shares may, in turn, lead to differences between the market value of the Shares and an ETF’s NAV.</span></td></tr></table></div> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantRiskMember_zbZUvI1CQk6j"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Open Sans; margin-top: 5pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Courier New, Courier, Monospace">o</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Authorized Participant Risk. </b>Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (i.e., on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable to proceed with creation or redemption orders with respect to the Fund and no other Authorized Participant is able to step forward to create or redeem Creation Units, Fund shares may be more likely to trade at a premium or discount to net asset value and possibly face trading halts or delisting. Authorized Participant concentration risk may be heightened for exchange traded funds (“ETFs”) that invest in non-U.S. securities or other securities or instruments that have lower trading volumes.</span></td></tr></table></div> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_z8SM5XmEPjP"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Open Sans; margin-top: 5pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Courier New, Courier, Monospace">o</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Not Individually Redeemable. </b>Shares are not individually redeemable to retail investors and may be redeemed only by the ETF only to Authorized Participants at NAV in large blocks known as “Creation Units.” An Authorized Participant may incur brokerage costs purchasing enough Shares to constitute a Creation Unit.</span></td></tr></table></div> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zL5MKOheRGFd"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Open Sans; margin-top: 5pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Courier New, Courier, Monospace">o</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Trading Issues. </b>An active trading market for the Shares may not be developed or maintained. Trading in Shares on NASDAQ (the “Exchange”) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange, which may result in the trading of the Shares being suspended or the Shares being delisted. An active trading market for the Shares may not be developed or maintained. If the Shares are traded outside a collateralized settlement system, the number of financial institutions that can act as Authorized Participants that can post collateral on an agency basis is limited, which may limit the market for the Shares.</span></td></tr></table></div> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_zCojUj99iILd"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Open Sans; margin-top: 5pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Courier New, Courier, Monospace">o</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Market Price Variance Risk. </b>The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a “bid ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security.</span></td></tr></table></div><div id="xdx_C0F_gRBRTB-HXUB_z6oVnWMnBqjk"><div id="xdx_C0A_gRBRTB-LWV_zLky2M9pVkBj"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Open Sans; margin-top: 5pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 1.25in"></td><td style="width: 0.25in"><span style="font-family: Wingdings">§</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">In times of market stress, market makers may step away from their role market making in the Shares of ETFs and in executing trades, which can lead to differences between the market value of Shares and an ETF’s NAV.</span></td></tr></table></div></div> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zEW3n2vaWSk"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Open Sans; margin-top: 5pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Symbol">·</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Equity Securities Risk. </b>Fluctuations in the value of equity securities held by the Fund will cause the net asset value (“NAV”) of the Fund and the price of its shares (“Shares”) to fluctuate. Common stock of an issuer may decline in price if the issuer fails to make anticipated dividend payments. Common stock will be subject to greater dividend risk than preferred stocks or debt instruments of the same issuer. In addition, common stocks have experienced significantly more volatility in returns than other asset classes.</span></td></tr></table></div> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestingInETFsRiskMember_zZwVTcwMUr23"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Open Sans; margin-top: 6pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif"><span id="a_Hlk68687751"></span></span><span style="font-family: Symbol">·</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Investing in ETFs Risk. </b><span id="a_Hlk123907442"></span>ETFs may trade in the secondary market at prices below the value of their underlying portfolios and may not be liquid. ETFs held in the Fund’s portfolio that track an index are subject to tracking error and may be unable to sell poorly performing assets that are included in their index or other benchmark. ETFs held in the Fund’s portfolio are also subject to investment advisory and other expenses, which will be indirectly paid by the Fund. The Fund may also be subject to certain other risks specific to each ETF held in the Fund’s portfolio. See also “<b>ETF Structure Risk</b>” above.</span></td></tr></table></div> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapSecuritiesRiskMember_zd0yqDjcBxh1"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Open Sans; margin-top: 6pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Symbol">·</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Large Cap Securities Risk. </b>The value of investments in larger companies may not rise as much as smaller companies, or larger companies may be unable to respond quickly to competitive challenges, such as changes in technology and consumer tastes.</span></td></tr></table></div> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryOfOperationsRiskMember_zGzwvVwZS6g2"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Open Sans; margin-top: 6pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Symbol">·</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Limited History of Operations Risk. </b>The Fund is a new ETF with a limited history of operations for investors to evaluate.</span></td></tr></table></div> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zFrs46oM85Oc"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Open Sans; margin-top: 6pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Symbol">·</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Market Risk. </b>The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different region or financial market. Securities in the Fund’s portfolio may underperform due to inflation<br/> (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, war, terrorism, tariffs, trade wars, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on the U.S. financial market.</span></td></tr></table></div> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidCapSecuritiesRiskMember_zBqRwO0pKqw5"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Open Sans; margin-top: 6pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Symbol">·</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Mid Cap Securities Risk. </b>The securities of mid cap companies generally trade in lower volumes and are generally subject to greater and less predictable price changes than the securities of larger capitalization companies.</span></td></tr></table></div> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ModelingRiskMember_z56R6G29rhNk"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Open Sans; margin-top: 5pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Symbol">·</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Modeling Risk: </b>The Adviser uses quantitative models in an effort to enhance returns and manage risk. Any imperfections, errors or limitations in these models could limit any benefit to the Fund from the use of the models or could result in incorrect outputs or in investment outcomes different from or opposite to those expected or desired by the Adviser. There can be no assurance that the models will behave as expected in all market conditions. In addition, computer programming used to create quantitative models, or the data on which such models operate, might contain one or more errors.</span></td></tr></table></div> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorRiskMember_zWedgrIIvpGa"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Open Sans; margin-top: 5pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Symbol">·</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Sector Risk. </b>Sector risk is the possibility that all stocks within the same group of industries will decline in price due to sector-specific market or economic developments. The Fund may be overweight in certain sectors at various times prior to quarterly rebalancing as a result of market movement.</span></td></tr></table></div> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallCapSecuritiesRiskMember_zIbjaAVINxnb"> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Open Sans; margin-top: 6pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Symbol">·</span></td><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Small Cap Securities Risk. </b>The risk that the securities of small-cap companies may be more volatile and less liquid than the securities of companies with larger market capitalizations. These small-cap companies may not have the management experience, financial resources, product diversification and competitive strengths of large or mid-cap companies, and, therefore, their securities tend to be more volatile than the securities of larger, more established companies. Small capitalization companies may also have a narrower geographic and product/service focus and be less well known to the investment community, resulting in more volatile share prices and a lack of market liquidity.</span></td></tr></table></div><p style="font: 5pt Open Sans; margin: 0; text-align: justify"><b> </b></p> Performance. <p id="xdx_A82_eoef--PerformanceNarrativeTextBlock_zcd6R0MC5qc9" style="font: 10pt/102% Open Sans; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><span id="xdx_902_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260625__20260625__dei--LegalEntityAxis__custom--S000084644Member_z1NR9h6zvhJh">The bar chart and Average Annual Total Returns table gives some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund for the calendar year since the Fund’s inception. The Average Annual Total Returns table shows how the Fund’s average annual returns compare with those of a broad measure of market performance</span>. <span id="xdx_908_eoef--PerformancePastDoesNotIndicateFuture_c20260625__20260625__dei--LegalEntityAxis__custom--S000084644Member_zqhMOYapDBsg">Remember, the Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span> Updated performance information will be available at no cost at <span id="xdx_90D_eoef--PerformanceAvailabilityWebSiteAddress_c20260625__20260625__dei--LegalEntityAxis__custom--S000084644Member_z9JYXAO04xMg">www.PeakSharesFunds.com</span> or by calling <span id="xdx_909_eoef--PerformanceAvailabilityPhone_c20260625__20260625__dei--LegalEntityAxis__custom--S000084644Member_zZmevYJvXX85">877-57-PEAKS</span>.</span></p> <p style="font: 10pt/102% Open Sans; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"> </span></p> The bar chart and Average Annual Total Returns table gives some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund for the calendar year since the Fund’s inception. The Average Annual Total Returns table shows how the Fund’s average annual returns compare with those of a broad measure of market performance Remember, the Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.PeakSharesFunds.com 877-57-PEAKS <div id="xdx_A88_eoef--BarChartTableTextBlock_zgPj4KbX6ELk"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zPTNUnOVPsle" style="font: 10pt Open Sans; border-collapse: collapse; width: 100%; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: left"> <td style="width: 50%"> </td> <td id="xdx_497_20250101__20251231_zaIIVPMONtbb" style="width: 50%">2025</td></tr> <tr id="xdx_402_eoef--AnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000084644Member__oef--ClassAxis__custom--C000249078Member_z2XkOR68V0Jd" style="vertical-align: top; text-align: left"> <td> </td> <td>10.53%</td></tr> </table> <p style="font: 10pt/102% Open Sans; margin: 0; text-align: justify"></p> <p style="font: 10pt/102% Open Sans; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif"><img alt="" src="barchart.jpg" style="height: 167px; width: 300px"/> </span></p> <p style="font: 10pt/102% Open Sans; margin: 0; text-align: justify"> </p> 0.1053 <p id="xdx_A80_eoef--BarChartClosingTextBlock_zFoDNhkLHrLf" style="font: 10pt/102% Open Sans; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><span id="xdx_909_eoef--YearToDateReturnLabel_c20260625__20260625__dei--LegalEntityAxis__custom--S000084644Member_z3dzdFCochQ3">The year to date performance of the Fund through the most recent quarter</span> ended <span id="xdx_90A_eoef--BarChartYearToDateReturnDate_c20260625__20260625__dei--LegalEntityAxis__custom--S000084644Member_zrToHpSZoOB6">March 31, 2026</span> is <span id="xdx_90B_eoef--BarChartYearToDateReturn_dp_c20260625__20260625__dei--LegalEntityAxis__custom--S000084644Member_zuG00EVCiSpl">10.12%</span>.</span></p> <p style="font: 10pt/102% Open Sans; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"> </span></p> <p style="font: 10pt Open Sans; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">During the period shown in the bar chart, <span id="xdx_909_eoef--HighestQuarterlyReturnLabel_c20260625__20260625__dei--LegalEntityAxis__custom--S000084644Member_z08V3RHenUa5">the Fund’s highest quarterly return was</span> <span id="xdx_907_eoef--BarChartHighestQuarterlyReturn_dp_c20260625__20260625__dei--LegalEntityAxis__custom--S000084644Member_zCd6ieIjZZX8">4.31%</span> (for the quarter ended <span id="xdx_90C_eoef--BarChartHighestQuarterlyReturnDate_c20260625__20260625__dei--LegalEntityAxis__custom--S000084644Member_za4ZENbGm4dg">September 30, 2025</span>), and <span id="xdx_90C_eoef--LowestQuarterlyReturnLabel_c20260625__20260625__dei--LegalEntityAxis__custom--S000084644Member_zBgfM1i2NyE">the lowest quarterly return was</span> <span id="xdx_90D_eoef--BarChartLowestQuarterlyReturn_dp_c20260625__20260625__dei--LegalEntityAxis__custom--S000084644Member_z3hVpBd3mQ6b">(1.28)%</span> (for the quarter ended <span id="xdx_901_eoef--BarChartLowestQuarterlyReturnDate_c20260625__20260625__dei--LegalEntityAxis__custom--S000084644Member_zsZgZnZkFk7e">March 31, 2025</span>).</span></p> <p style="font: 10pt Open Sans; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"> </span></p> The year to date performance of the Fund through the most recent quarter 2026-03-31 0.1012 the Fund’s highest quarterly return was 0.0431 2025-09-30 the lowest quarterly return was -0.0128 2025-03-31 Average Annual Total Returns for the periods ended December 31, 2025 <div id="xdx_A8A_eoef--PerformanceTableTextBlock_zX0tFtimdc34"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zKLvaYxPZEz5" style="font: 10pt Open Sans; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom; background-color: #D9D9D9"> <td style="border-top: Black 1pt solid; width: 66%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"> </span></td> <td id="xdx_496_20250101__20251231_zswSx46r1Hh7" style="border-top: Black 1pt solid; width: 17%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>One Year</b></span></td> <td id="xdx_49B_20240429__20251231_zthPP6g8TbO" style="border-top: Black 1pt solid; width: 17%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Since Inception<span id="xdx_F54_zMermmuSMelf">*</span></b></span></td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000084644Member__oef--ClassAxis__custom--C000249078Member_zX99P8E76Zak"> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><span id="xdx_902_eoef--AverageAnnualReturnLabel_c20250101__20251231__dei--LegalEntityAxis__custom--S000084644Member__oef--ClassAxis__custom--C000249078Member_znzIKk1xahd5">Return Before Taxes</span></span></td> <td style="vertical-align: bottom; padding-right: 0.35in; padding-left: 5.4pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">10.53%</span></td> <td style="vertical-align: top; padding-right: 0.35in; padding-left: 5.4pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">13.38%</span></td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000084644Member__oef--ClassAxis__custom--C000249078Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zk38MgxanbB"> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">Return After Taxes on Distributions</span></td> <td style="vertical-align: top; padding-right: 0.35in; padding-left: 5.4pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">8.26%</span></td> <td style="vertical-align: top; padding-right: 0.35in; padding-left: 5.4pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">11.56%</span></td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000084644Member__oef--ClassAxis__custom--C000249078Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zV8BkJcaZlI3"> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">Return After Taxes on Distributions and Sale of Fund Shares</span></td> <td style="vertical-align: top; padding-right: 0.35in; padding-left: 5.4pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">6.16%</span></td> <td style="vertical-align: top; padding-right: 0.35in; padding-left: 5.4pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">9.48%</span></td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000084644Member__oef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zeU4Q85RkUoc"> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">S&amp;P 500</span> <span style="font-family: Arial, Helvetica, Sans-Serif"><b>^®</b> <span style="font-weight: normal">Index</span></span></td> <td style="vertical-align: top; padding-right: 0.35in; padding-left: 5.4pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">17.88%</span></td> <td style="vertical-align: top; padding-right: 0.35in; padding-left: 5.4pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">20.58%</span></td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000084644Member__oef--PerformanceMeasureAxis__custom--ICEBofA3MonthUSTreasuryBillIndexMember_z1BnVhnumVc8"> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">ICE BofA 3-Month U.S. Treasury Bill Index</span></td> <td style="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 0.35in; padding-left: 5.4pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">4.21%</span></td> <td style="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 0.35in; padding-left: 5.4pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">4.62%</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Open Sans; margin-top: 6pt; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><span id="xdx_F06_zJsAjK0QTPAh" style="font-family: Arial, Helvetica, Sans-Serif">*</span></td><td style="text-align: justify"><span id="xdx_F18_zof0PVZxnIul" style="font-family: Arial, Helvetica, Sans-Serif">The Fund commenced operations on <span id="xdx_904_eoef--PerfInceptionDate_c20250101__20251231__dei--LegalEntityAxis__custom--S000084644Member__oef--ClassAxis__custom--C000249078Member_zzDjqhK10yS1">April 29, 2024</span>.</span></td></tr></table> <p style="font: 10pt Open Sans; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"> </span></p> Return Before Taxes 0.1053 0.1338 0.0826 0.1156 0.0616 0.0948 0.1788 0.2058 0.0421 0.0462 2024-04-29 <p id="xdx_A8F_eoef--PerformanceTableClosingTextBlock_z0q32cWEavB3" style="font: 10pt Open Sans; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><span id="xdx_90C_eoef--PerformanceTableUsesHighestFederalRate_c20260625__20260625__dei--LegalEntityAxis__custom--S000084644Member_z4oCDzG0nLui">After-tax returns are based on the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes</span>; <span id="xdx_909_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260625__20260625__dei--LegalEntityAxis__custom--S000084644Member_zujoydUyoh3d">actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown. If you own shares of the Fund in a tax-deferred account, such as an individual retirement account or a 401(k) plan, this information is not applicable to your investment.</span> <span id="xdx_905_eoef--PerformanceTableExplanationAfterTaxHigher_c20260625__20260625__dei--LegalEntityAxis__custom--S000084644Member_zjkDpMYgtBwe">A higher after-tax return results when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder.</span></span></p> <p style="font: 10pt Open Sans; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><b> </b></span></p> <p style="font: 10pt Open Sans; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">The S&amp;P 500<b>^®</b> <span style="font-weight: normal; vertical-align: baseline">is a widely accepted, unmanaged index of U.S. stock market performance, is the Fund’s regulatory index. The Fund’s regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance. <span id="xdx_90B_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260625__20260625__dei--LegalEntityAxis__custom--S000084644Member_z8ZFg0BaMW37">The index does not take into account charges, fees and other expenses.</span></span></span></p> <p style="font: 10pt Open Sans; margin: 0; text-align: justify"><b> </b></p> <p style="font: 10pt Open Sans; margin: 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">ICE BofA 3-Month U.S. Treasury Bill Index is a rules-based index that seeks to measure the performance of a rolling position in U.S. Treasury bills with a remaining maturity of approximately three months. The index is composed of the most recently issued (“on-the-run”) U.S. Treasury bill that matures closest to, but does not exceed, three months and is rebalanced on a monthly basis by replacing the existing security with a newly selected eligible Treasury bill.</span></p> After-tax returns are based on the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown. If you own shares of the Fund in a tax-deferred account, such as an individual retirement account or a 401(k) plan, this information is not applicable to your investment. A higher after-tax return results when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder. The index does not take into account charges, fees and other expenses. This number represents the combined total fees and operating expenses of the Acquired Funds owned by the Fund and is not a direct expense incurred by the Fund or deducted from the Fund assets. Pursuant to an operating expense limitation agreement between PeakShares, LLC (the “Adviser”) and the Trust, on behalf of the Fund, the Adviser has agreed to waive its fees and/or absorb expenses of the Fund to ensure that Total Annual Fund Operating Expenses for the Fund (excluding any front-end or contingent deferred loads, brokerage fees and commissions, acquired fund fees and expenses, borrowing costs (such as interest and dividend expense on securities sold short) and extraordinary expenses, such as litigation, do not exceed 1.00% of the Fund’s average net assets through June 30, 2027. This operating expense limitation agreement can be terminated only by, or with the consent of, the Board of Trustees of the Trust. The Adviser is permitted to receive reimbursement from the Fund for fees it waived and Fund expenses it paid, subject to the limitation that (1) the reimbursement for fees and expenses will be made only if payable within three years from the date the fees and expenses were initially waived or reimbursed and (2) the reimbursement may not be made if it would cause the expense limitation in effect at the time of the waiver or currently in effect, whichever is lower, to be exceeded. The Fund commenced operations on April 29, 2024.