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Tidal Trust I 2026-04-30 annual shareholder report ZEGA Buy and Hedge ETF ZHDG NYSEArca This <span id="xdx_905_eoef--ShareholderReportAnnualOrSemiAnnual_c20250501__20260430__oef--ClassAxis__custom--C000228537Member_zMtvpYzOZ9Nf">annual shareholder report</span> contains important information about the ZEGA Buy and Hedge ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. annual shareholder report You can find additional information about the Fund at <span id="xdx_907_eoef--AddlInfoWebsite_c20250501__20260430__oef--ClassAxis__custom--C000228537Member_zfwkM11U9qh5">www.zegaetfs.com/zhdg-zega-buy-hedge-etf/</span>. You can also request this information by contacting us at <span id="xdx_903_eoef--AddlInfoPhoneNumber_c20250501__20260430__oef--ClassAxis__custom--C000228537Member_zVU3cFDBFAvb">(833) 415-4006</span> or by writing the Fund at ZEGA Buy and Hedge ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701. www.zegaetfs.com/zhdg-zega-buy-hedge-etf/ (833) 415-4006 This report describes changes to the Fund that occurred during the reporting period. <p id="xdx_80A_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000228537Member_dD_zqilsad6rrr7" style="font: bold 11pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0"><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial,Arial; font-weight: bold">What were the Fund costs for the past year?</span></p> <p style="font: normal 10pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; font-weight: 300; text-indent: 0"><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial,Arial; font-weight: normal"><span style="box-sizing: border-box; font-size: 9pt">(based on a hypothetical $10,000 investment)</span></span></p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Name</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs of a $10,000 investment</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span></div></th></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; font-weight: 300; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_90C_eoef--FundName_c20250501__20260430__oef--ClassAxis__custom--C000228537Member_z8y8GfMlUfe5">ZEGA Buy and Hedge ETF</span></span></div></td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--ExpensesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000228537Member_zYmd97FbWtIj" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; font-weight: 300; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$105</span></div></td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_983_eoef--ExpenseRatioPct_dp_c20250501__20260430__oef--ClassAxis__custom--C000228537Member_zmJcTi8sL5v" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; font-weight: 300; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.95%</span></div></td></tr> </table></div></div></div> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: normal 8pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; font-weight: 300; text-indent: 0"> <p style="font: normal 8pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; font-weight: 300; text-indent: 0; display: block"></p></div></div> ZEGA Buy and Hedge ETF 105 0.0095 <p id="xdx_803_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000228537Member_dD_z9mBkuvgw5cc" style="font: bold 18pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Cumulative Performance</p> <p style="font: normal 8pt/normal Gotham Narrow-Light,Arial,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; font-weight: 300; text-indent: 0; text-align: center">(Initial Investment of $10,000)</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Date</div></td> <td id="xdx_4B3_oef--ClassAxis_custom--C000228537Member_zKPX0CGWSX86" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">ZEGA Buy and Hedge ETF - $12,767</div></td> <td id="xdx_4B7_oef--BroadBasedIndexAxis_custom--BloombergUSAggregateBondIndexMember_zd56tqAXKDm9" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Bloomberg U.S. Aggregate Bond Index - $9,938</div></td> <td id="xdx_4B9_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_zvTXorw6P1A8" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">S&amp;P 500^® Total Return Index - $17,796</div></td></tr> <tr id="xdx_43E_c20210706__20210706_eoef--AccmVal_zgvm2rjCioV" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7/6/2021</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10000</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10000</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10000</div></td></tr> <tr id="xdx_437_c20210706__20210731_eoef--AccmVal_zr7EnONf9LN4" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7/31/2021</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10035</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10063</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10127</div></td></tr> <tr id="xdx_434_c20210706__20210831_eoef--AccmVal_zxxB4MHVggBg" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8/31/2021</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10252</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10044</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10434</div></td></tr> <tr id="xdx_434_c20210706__20210930_eoef--AccmVal_zfp6VFACKZKl" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9/30/2021</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9941</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9957</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9949</div></td></tr> <tr id="xdx_431_c20210706__20211031_eoef--AccmVal_zwxmm5JHHI1j" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10/31/2021</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10340</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9954</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10646</div></td></tr> <tr id="xdx_43B_c20210706__20211130_eoef--AccmVal_zcGgvpDa4KUj" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11/30/2021</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10274</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9983</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10572</div></td></tr> <tr id="xdx_434_c20210706__20211231_eoef--AccmVal_z3zocwntCgSk" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12/31/2021</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10657</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9958</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11046</div></td></tr> <tr id="xdx_431_c20210706__20220131_eoef--AccmVal_z0ydTqo4nQK3" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1/31/2022</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10093</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9743</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10475</div></td></tr> <tr id="xdx_43E_c20210706__20220228_eoef--AccmVal_zXKD9ujNCKQ1" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">2/28/2022</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9806</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9635</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10161</div></td></tr> <tr id="xdx_430_c20210706__20220331_eoef--AccmVal_zvlxrhHWWUHa" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2022</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10048</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9367</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10538</div></td></tr> <tr id="xdx_434_c20210706__20220430_eoef--AccmVal_zoT0L3swTyF8" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">4/30/2022</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9299</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9011</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9619</div></td></tr> <tr id="xdx_437_c20210706__20220531_eoef--AccmVal_z8iCMxzj9mP5" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">5/31/2022</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9245</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9069</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9637</div></td></tr> <tr id="xdx_431_c20210706__20220630_eoef--AccmVal_zFdEbnNcUI6g" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">6/30/2022</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8487</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8927</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8842</div></td></tr> <tr id="xdx_435_c20210706__20220731_eoef--AccmVal_zhJybARoLhte" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7/31/2022</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8999</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9145</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9657</div></td></tr> <tr id="xdx_43F_c20210706__20220831_eoef--AccmVal_zGAXJRNurA7k" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8/31/2022</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8693</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8887</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9263</div></td></tr> <tr id="xdx_432_c20210706__20220930_eoef--AccmVal_zzcoOT5JNtLe" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9/30/2022</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8245</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8503</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8410</div></td></tr> <tr id="xdx_43E_c20210706__20221031_eoef--AccmVal_zmcwZ2h29xB1" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10/31/2022</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8622</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8393</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9091</div></td></tr> <tr id="xdx_431_c20210706__20221130_eoef--AccmVal_zg5UgECm9gx4" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11/30/2022</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8889</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8701</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9599</div></td></tr> <tr id="xdx_436_c20210706__20221231_eoef--AccmVal_zYcY2VGkdeth" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12/31/2022</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8306</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8662</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9046</div></td></tr> <tr id="xdx_43C_c20210706__20230131_eoef--AccmVal_z4XJpNtEFRg6" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1/31/2023</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8673</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8929</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9614</div></td></tr> <tr id="xdx_43A_c20210706__20230228_eoef--AccmVal_zj2hhk8kDQa8" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">2/28/2023</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8423</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8698</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9380</div></td></tr> <tr id="xdx_434_c20210706__20230331_eoef--AccmVal_zhnLTaVpTAai" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2023</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8617</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8919</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9724</div></td></tr> <tr id="xdx_431_c20210706__20230430_eoef--AccmVal_zEST6he2p7X6" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">4/30/2023</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8678</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8973</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9876</div></td></tr> <tr id="xdx_43B_c20210706__20230531_eoef--AccmVal_z1UzngkrhFw4" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">5/31/2023</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8709</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8875</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9919</div></td></tr> <tr id="xdx_43A_c20210706__20230630_eoef--AccmVal_zNP5tYlkvQHf" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">6/30/2023</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9150</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8843</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10574</div></td></tr> <tr id="xdx_432_c20210706__20230731_eoef--AccmVal_zC5KMdaIQXVf" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7/31/2023</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9423</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8837</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10914</div></td></tr> <tr id="xdx_43A_c20210706__20230831_eoef--AccmVal_zyg8YILhY1wi" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8/31/2023</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9301</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8781</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10740</div></td></tr> <tr id="xdx_431_c20210706__20230930_eoef--AccmVal_zRd5RJtgRz3g" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9/30/2023</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8927</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8558</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10228</div></td></tr> <tr id="xdx_43E_c20210706__20231031_eoef--AccmVal_z3a7UU4z0hC7" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10/31/2023</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8711</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8423</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10013</div></td></tr> <tr id="xdx_434_c20210706__20231130_eoef--AccmVal_zJfa7G8yguWl" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11/30/2023</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9230</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8804</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10927</div></td></tr> <tr id="xdx_432_c20210706__20231231_eoef--AccmVal_zqBuqO9YWXhk" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12/31/2023</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9396</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9141</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11424</div></td></tr> <tr id="xdx_439_c20210706__20240131_eoef--AccmVal_zfDJEzikJ2L2" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1/31/2024</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9470</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9116</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11616</div></td></tr> <tr id="xdx_434_c20210706__20240229_eoef--AccmVal_zS2FlnFH3yx6" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">2/29/2024</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9765</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8987</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12236</div></td></tr> <tr id="xdx_43C_c20210706__20240331_eoef--AccmVal_zGWXZeNrK3z6" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2024</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10055</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9070</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12629</div></td></tr> <tr id="xdx_436_c20210706__20240430_eoef--AccmVal_zCCot5OGZI3f" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">4/30/2024</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9683</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8841</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12114</div></td></tr> <tr id="xdx_438_c20210706__20240531_eoef--AccmVal_zWoAz3Nr5xWe" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">5/31/2024</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10112</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8991</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12714</div></td></tr> <tr id="xdx_433_c20210706__20240630_eoef--AccmVal_zwcxwMoS0hOb" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">6/30/2024</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10440</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9076</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">13171</div></td></tr> <tr id="xdx_43F_c20210706__20240731_eoef--AccmVal_zAB3VUjlqp56" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7/31/2024</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10525</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9288</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">13331</div></td></tr> <tr id="xdx_432_c20210706__20240831_eoef--AccmVal_z7VILCj7Fdz5" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8/31/2024</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10707</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9422</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">13654</div></td></tr> <tr id="xdx_432_c20210706__20240930_eoef--AccmVal_zrbPDRxdKeTb" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9/30/2024</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10916</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9548</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">13946</div></td></tr> <tr id="xdx_433_c20210706__20241031_eoef--AccmVal_zxhhaM7NPpy3" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10/31/2024</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10832</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9311</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">13819</div></td></tr> <tr id="xdx_43B_c20210706__20241130_eoef--AccmVal_z6uR7XawbXh1" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11/30/2024</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11368</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9409</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">14631</div></td></tr> <tr id="xdx_432_c20210706__20241231_eoef--AccmVal_zo11ILQnfOqf" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12/31/2024</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11065</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9255</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">14282</div></td></tr> <tr id="xdx_435_c20210706__20250131_eoef--AccmVal_zNIA0DJp1sKc" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1/31/2025</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11294</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9305</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">14679</div></td></tr> <tr id="xdx_432_c20210706__20250228_eoef--AccmVal_z6yj9VvQL5qd" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">2/28/2025</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11147</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9509</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">14488</div></td></tr> <tr id="xdx_43F_c20210706__20250331_eoef--AccmVal_zLquAoS5bUv5" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2025</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10582</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9513</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">13672</div></td></tr> <tr id="xdx_438_c20210706__20250430_eoef--AccmVal_zlDsRYN8LLm6" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">4/30/2025</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10625</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9550</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">13579</div></td></tr> <tr id="xdx_43D_c20210706__20250531_eoef--AccmVal_zOpxjRjH0v9k" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">5/31/2025</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11150</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9482</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">14434</div></td></tr> <tr id="xdx_438_c20210706__20250630_eoef--AccmVal_z1JUFYf9Eaed" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">6/30/2025</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11621</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9628</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">15168</div></td></tr> <tr id="xdx_43B_c20210706__20250731_eoef--AccmVal_z3c6AH91OMNl" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7/31/2025</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11844</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9602</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">15508</div></td></tr> <tr id="xdx_43C_c20210706__20250831_eoef--AccmVal_zV3XLefEZXe9" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8/31/2025</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12018</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9717</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">15822</div></td></tr> <tr id="xdx_436_c20210706__20250930_eoef--AccmVal_zFqRJWNAbkjc" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9/30/2025</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12402</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9823</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">16400</div></td></tr> <tr id="xdx_43D_c20210706__20251031_eoef--AccmVal_z4WjAKS1hhKd" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10/31/2025</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12656</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9884</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">16784</div></td></tr> <tr id="xdx_43F_c20210706__20251130_eoef--AccmVal_zUqOjEoZ8wC6" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11/30/2025</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12626</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9946</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">16825</div></td></tr> <tr id="xdx_43D_c20210706__20251231_eoef--AccmVal_z7kbyxMjkNo7" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12/31/2025</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12611</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9931</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">16835</div></td></tr> <tr id="xdx_431_c20210706__20260131_eoef--AccmVal_zFbFyCZ6WwW9" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1/31/2026</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12742</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9942</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">17079</div></td></tr> <tr id="xdx_436_c20210706__20260228_eoef--AccmVal_zZPGAD3pt6E3" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">2/28/2026</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12602</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10105</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">16950</div></td></tr> <tr id="xdx_438_c20210706__20260331_eoef--AccmVal_zsxP3uQaRqB7" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2026</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11885</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9927</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">16106</div></td></tr> <tr id="xdx_432_c20210706__20260430_eoef--AccmVal_z4p9IfmyMkOb" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">4/30/2026</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12767</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9938</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">17796</div></td></tr> </table></div></div><img alt="line" src="qes2y14n1mqba4fef.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/></div></div></div> 10000 10000 10000 10035 10063 10127 10252 10044 10434 9941 9957 9949 10340 9954 10646 10274 9983 10572 10657 9958 11046 10093 9743 10475 9806 9635 10161 10048 9367 10538 9299 9011 9619 9245 9069 9637 8487 8927 8842 8999 9145 9657 8693 8887 9263 8245 8503 8410 8622 8393 9091 8889 8701 9599 8306 8662 9046 8673 8929 9614 8423 8698 9380 8617 8919 9724 8678 8973 9876 8709 8875 9919 9150 8843 10574 9423 8837 10914 9301 8781 10740 8927 8558 10228 8711 8423 10013 9230 8804 10927 9396 9141 11424 9470 9116 11616 9765 8987 12236 10055 9070 12629 9683 8841 12114 10112 8991 12714 10440 9076 13171 10525 9288 13331 10707 9422 13654 10916 9548 13946 10832 9311 13819 11368 9409 14631 11065 9255 14282 11294 9305 14679 11147 9509 14488 10582 9513 13672 10625 9550 13579 11150 9482 14434 11621 9628 15168 11844 9602 15508 12018 9717 15822 12402 9823 16400 12656 9884 16784 12626 9946 16825 12611 9931 16835 12742 9942 17079 12602 10105 16950 11885 9927 16106 12767 9938 17796 <p id="xdx_80E_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000228537Member_dD_z3r3gOoNZr59" style="font: bold 18pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Annual Performance</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: normal 10pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; margin-block: 1em; margin-inline: 0px; box-sizing: border-box; text-align-last: auto; display: block; padding-top: 0; color: #4f4f4f; font-weight: 300; text-indent: 0; text-align: center"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Average Annual Returns for the</span></div> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Periods Ended April 30, 2026</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">1 Year</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Inception</span></div> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">(<span id="xdx_90E_eoef--PerfInceptionDate_c20250501__20260430__oef--ClassAxis__custom--C000228537Member_zmYjtaLBqBB6">7/6/2021</span>)</span></div></th></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">ZEGA Buy and Hedge ETF</span></div></td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_98D_eoef--AvgAnnlRtrPct_dp_c20250501__20260430__oef--ClassAxis__custom--C000228537Member_zXLFW2HoTes7" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; font-weight: 300; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">20.15%</span></div></td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_982_eoef--AvgAnnlRtrPct_dp_c20210706__20260430__oef--ClassAxis__custom--C000228537Member_zM55ZcgceFAb" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; font-weight: 300; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">5.20%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Bloomberg U.S. Aggregate Bond Index</span></div></td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_980_eoef--AvgAnnlRtrPct_dp_c20250501__20260430__oef--BroadBasedIndexAxis__custom--BloombergUSAggregateBondIndexMember_z2TJLhz96a9f" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; font-weight: 300; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4.06%</span></div></td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_989_eoef--AvgAnnlRtrPct_dp_c20210706__20260430__oef--BroadBasedIndexAxis__custom--BloombergUSAggregateBondIndexMember_zX90Pn08gNXc" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; font-weight: 300; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-0.13%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">S&amp;P 500^® Total Return Index</span></div></td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_989_eoef--AvgAnnlRtrPct_dp_c20250501__20260430__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zj2YzoU5CT0i" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; font-weight: 300; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">31.05%</span></div></td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_988_eoef--AvgAnnlRtrPct_dp_c20210706__20260430__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zeSpMxbe9Ege" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; font-weight: 300; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">12.71%</span></div></td></tr> </table></div></div></div> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: normal 8pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; font-weight: 300; text-indent: 0"><span style="box-sizing: border-box; display: block"></span></div></div> 2021-07-06 0.2015 0.0520 0.0406 -0.0013 0.3105 0.1271 The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit <span style="margin: 0; padding: 0; text-decoration: none; box-sizing: border-box; color: inherit; cursor: pointer">www.zegaetfs.com/zhdg-zega-buy-hedge-etf/</span> for more recent performance information. <p id="xdx_805_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000228537Member_zWkN1oxXWh89" style="font: bold 11pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 8pt 0 2pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">How did the Fund perform last year?</p> <p style="font: normal 10pt/10pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 26.65px; align-content: center; box-sizing: border-box; color: #4f4f4f; font-weight: 300; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">For the fiscal year ended April 30, 2026, the Fund gained 20.15% which outperformed the Bloomberg U.S. Aggregate Bond Index's return of 4.06%. The Fund underperformed the S&amp;P 500^® Total Return Index, which returned 31.05% during the fiscal year.</span></p> <p style="font: normal 10pt/10pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 26.65px; align-content: center; box-sizing: border-box; color: #4f4f4f; font-weight: 300; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">The Fund is an actively-managed exchange-traded fund (“ETF”) that seeks to provide exposure to the U.S. large capitalization equity market, while mitigating overall market downside risk in the event of a major market decline.</span></p><p style="font: bold 11pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 12pt 0 2pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What Factors Influenced Performance?</p> <p style="font: normal 10pt/10pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 4pt 32pt; text-align-last: auto; display: block; min-height: 39.98px; align-content: center; box-sizing: border-box; color: #4f4f4f; font-weight: 300; text-indent: -16pt"><span style="box-sizing: border-box; font-size: 9pt">1.     </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">Macroeconomic Environment:</span></span><span style="box-sizing: border-box; font-size: 9pt"> During the fiscal year, markets were supported by continued economic expansion and a resilient labor market, while investors navigated persistent inflation, elevated interest rates, and geopolitical uncertainty. This environment favored risk-managed equity exposure, allowing the Fund to participate in equity market gains while maintaining downside protection.</span></p> <p style="font: normal 10pt/10pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 4pt 32pt; text-align-last: auto; display: block; min-height: 66.64px; align-content: center; box-sizing: border-box; color: #4f4f4f; font-weight: 300; text-indent: -16pt"><span style="box-sizing: border-box; font-size: 9pt">2.    </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">Portfolio Composition:</span></span><span style="box-sizing: border-box; font-size: 9pt"> As of April 30, 2026, the Fund’s holdings included a significant allocation to a State Street SPDR S&amp;P 500 ETF call option which comprised over 100% of the portfolio’s weight due to leverage.  The Fund also utilizes SPY put options as a hedge against broad market declines. These put positions are actively managed and rolled higher in strike price during periods of market appreciation, with the objective of limiting drawdowns to no more than 10% over any rolling 12-month period. Additionally, the Fund held various U.S. Treasury securities and cash equivalents, which provided income and helped manage risk.</span></p> <p style="font: normal 10pt/10pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 4pt 32pt; text-align-last: auto; display: block; min-height: 39.98px; align-content: center; box-sizing: border-box; color: #4f4f4f; font-weight: 300; text-indent: -16pt"><span style="box-sizing: border-box; font-size: 9pt">3.    </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">Risk-Adjusted Metrics:</span></span><span style="box-sizing: border-box; font-size: 9pt"> The Fund’s Sharpe ratio as of April 30, 2026, was 1.48, indicating a favorable return relative to its risk.  Other metrics, such as the Sortino ratio of 1.47 and Omega ratio of 1.28, further suggest that the Fund managed to achieve returns with controlled downside risk.</span></p> <p style="font: normal 10pt/10pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 26.65px; align-content: center; box-sizing: border-box; color: #4f4f4f; font-weight: 300; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">In summary, the Fund’s performance during the fiscal year was shaped by strategic options positioning, macroeconomic factors, and a diversified portfolio aimed at balancing growth and risk mitigation.</span></p> <p id="xdx_80B_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000228537Member_dD_zHcoDZMcv8zd" style="font: bold 13pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: normal 10pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; font-weight: 300; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span></p> <div style="box-sizing: border-box; text-align-last: auto"> <p style="font: normal 10pt/normal Gotham Narrow-Light,Arial,Arial; margin: -7pt 0 8pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; font-weight: 300; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt"></span></p> <div style="font: normal 10pt Gotham Narrow-Light,Arial,Arial; margin: -7pt 0 8pt; margin-block: 1em; margin-inline: 0px; box-sizing: border-box; text-align-last: auto; display: block; padding-top: 0; color: #4f4f4f; font-weight: 300; text-indent: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span></div></td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_98C_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000228537Member_zF7ZfqwCRRIk" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; font-weight: 300; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$34,183</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span></div></td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_981_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000228537Member_zYod0vJ2XRl8" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; font-weight: 300; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">9</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Total Advisory Fee Paid</span></div></td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_982_eoef--AdvisoryFeesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000228537Member_z8NAsplyfbig" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; font-weight: 300; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$295,240</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Portfolio Turnover Rate</span></div></td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_98B_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250501__20260430__oef--ClassAxis__custom--C000228537Member_zqQbtGVkRwGj" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; font-weight: 300; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">106%</span></div></td></tr> </table></div></div></div> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: normal 8pt/normal Gotham Narrow-Light,Arial,Arial; margin: -7pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; font-weight: 300; text-indent: 0"><span style="box-sizing: border-box; display: block"></span></div></div> 34183000 9 295240 1.06 <div id="xdx_801_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000228537Member_dD_zEcWzvZAEqG7" style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: bold 18pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: normal 10pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; font-weight: 300; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span></p> <p style="font: normal 10pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; font-weight: 300; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt"></span></p></div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: bold 13pt/normal Gotham Narrow-Bold,Arial,Arial; margin: -6pt 0 5pt; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Sector Breakdown</p> <p style="font: normal 10pt/normal Gotham Narrow-Light,Arial,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; font-weight: 300; text-indent: 0">(% of total net assets)</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">sector</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Purchased Options</div></td> <td style="box-sizing: border-box"> <div id="xdx_982_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000228537Member__us-gaap--InvestmentTypeAxis__custom--PurchasedOptionsMember_zUJDJdrjyTd9" style="box-sizing: border-box; text-align-last: auto">72.4%</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">U.S. Treasury Bills</div></td> <td style="box-sizing: border-box"> <div id="xdx_984_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000228537Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryBillsMember_zcJh4kH4sFN7" style="box-sizing: border-box; text-align-last: auto">24.3%</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Cash &amp; Other</div></td> <td style="box-sizing: border-box"> <div id="xdx_98A_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000228537Member__us-gaap--InvestmentTypeAxis__custom--CashAndOtherMember_zpSyDD4yewd1" style="box-sizing: border-box; text-align-last: auto">3.3%</div></td></tr> </table></div></div><img alt="bar" src="qes5xzdn1mq72456k.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/></div></div></div></div><p style="box-sizing: border-box; text-align-last: auto; display: block; font-family: Times New Roman,Times,serif; line-height: normal; color: #000; margin-top: -19pt"> </p> 0.724 0.243 0.033 <div id="xdx_803_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000228537Member_dD_zkMnw8H8WYPa" style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 13pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Top Holdings</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 13pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">(% of total net assets)</span></div></th></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; white-space: nowrap; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">State Street SPDR S&amp;P 500 ETF Trust,<br/>Expiration: 12/31/2026; Exercise Price: $220.01</span></div></td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98F_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000228537Member__oef--LargestHoldingAxis__custom--StateStreetSPDRSandP500ETFTrustExpiration12312026ExercisePrice22001Member_zJpy7OD18yql" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; font-weight: 300; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">71.9</span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">U.S. Treasury Bill, 7/9/2026, 3.63%</span></div></td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_988_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000228537Member__oef--LargestHoldingAxis__custom--USTreasuryBill792026363Member_zmog48MHrPP3" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; font-weight: 300; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">8.5</span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">U.S. Treasury Bill, 9/3/2026, 3.64%</span></div></td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_987_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000228537Member__oef--LargestHoldingAxis__custom--USTreasuryBill932026364Member_zoLqNHUGpM1k" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; font-weight: 300; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">6.4</span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">U.S. Treasury Bill, 8/6/2026, 3.63%</span></div></td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_987_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000228537Member__oef--LargestHoldingAxis__custom--USTreasuryBill862026363Member_zZeiDjQpjJN2" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; font-weight: 300; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">5.5</span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">U.S. Treasury Bill, 6/11/2026, 3.57%</span></div></td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98F_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000228537Member__oef--LargestHoldingAxis__custom--USTreasuryBill6112026357Member_zmgFxJxpLsb9" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; font-weight: 300; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">3.9</span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; white-space: nowrap; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">State Street SPDR S&amp;P 500 ETF Trust,<br/>Expiration: 6/30/2026; Exercise Price: $640.00</span></div></td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98F_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000228537Member__oef--LargestHoldingAxis__custom--StateStreetSPDRSandP500ETFTrustExpiration6302026ExercisePrice64000Member_ziGQLuCAooZ8" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; font-weight: 300; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.4</span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">State Street SPDR S&amp;P 500 ETF Trust,<br/>Expiration: 9/18/2026; Exercise Price: $615.00</span></div></td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98A_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000228537Member__oef--LargestHoldingAxis__custom--StateStreetSPDRSandP500ETFTrustExpiration9182026ExercisePrice61500Member_zQlomPL0kxtl" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; font-weight: 300; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.2</span></div></td></tr> </table></div> 0.719 0.085 0.064 0.055 0.039 0.004 0.002 This is a summary of certain changes to the Fund. For more complete information, you may review the Fund's prospectus. <p id="xdx_809_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000228537Member_dU_zvkpEJBi1Cnk" style="font: bold 10pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0"><b style="box-sizing: border-box">How has the Fund Changed?</b></p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: normal 10pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; font-weight: 300; text-indent: 0; text-align: justify"> <p style="font: normal 10pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 34px; align-content: center; box-sizing: border-box; color: #4f4f4f; font-weight: 300; text-indent: 0; display: block">Effective <span id="xdx_906_eoef--MaterialChngDate_c20250501__20260430__oef--ClassAxis__custom--C000228537Member_zZIrgzrZqZKd">August 1, 2025</span>, U.S. Bancorp Fund Services, LLC, doing business as Global Fund Services, no longer serves as the Sub-Administrator for each series of Tidal Trust I, including the Fund.</p></div></div> 2025-08-01