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Serif; margin: 0pt 0; text-align: justify"> </p> Fees and Expenses of the Fund <p id="xdx_A8A_eoef--ExpenseNarrativeTextBlock_zn470AiUtii1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>   Shareholder Fees (fees paid directly from your investment) None   Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A8F_eoef--AnnualFundOperatingExpensesTableTextBlock_zPPC8rZsBFsa"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_z0eH25WxLhG9" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 88%"><span style="font-size: 10pt">Management Fee</span></td> <td id="xdx_989_eoef--ManagementFeesOverAssets_dpn_c20260707__20260707__oef--ClassAxis__custom--C000260042Member_zh2xRergydm8" style="text-align: center; width: 12%"><span style="font-size: 10pt">0.40%</span></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"><span style="font-size: 10pt">Distribution and/or Service (12b-1) Fees</span></td> <td id="xdx_985_eoef--DistributionAndService12b1FeesOverAssets_dpn_c20260707__20260707__oef--ClassAxis__custom--C000260042Member_zRhYA6lAzxe2" style="text-align: center"><span style="font-size: 10pt">0.00%</span></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"><span style="font-size: 10pt">Other Expenses</span></td> <td id="xdx_98E_eoef--OtherExpensesOverAssets_dpn_c20260707__20260707__oef--ClassAxis__custom--C000260042Member_zXPd2zezs8J4" style="text-align: center"><span style="font-size: 10pt">0.00%</span></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"><span style="font-size: 10pt"><b>Total Annual Fund Operating Expenses¹</b></span></td> <td id="xdx_98C_eoef--ExpensesOverAssets_dpn_c20260707__20260707__oef--ClassAxis__custom--C000260042Member_fMQ_____zTrlxqXl8On9" style="border-top: black 1pt solid; border-bottom: black 2.5pt double; text-align: center"><span style="font-size: 10pt"><b>0.40%</b></span></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: center"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="padding-left: 2.25pt; text-align: justify; width: 2%"><span style="font-size: 10pt"><sup id="xdx_F04_zirAvOewCtc4">1 </sup></span></td><td style="padding-left: 2.25pt; text-align: justify; width: 88%"><span id="xdx_F1A_zQaxVc6k8YMf" style="font-size: 10pt"><span id="xdx_905_eoef--ExpensesRestatedToReflectCurrent_c20260707__20260707__dei--LegalEntityAxis__custom--S000092119Member_zQ3nULgEEFDh">Total Annual Fund Operating Expenses have been restated to reflect current fees.</span> Effective July 9, 2026, the management fee was lowered from 0.70% the Fund’s average daily net assets to 0.40% of the Fund’s average daily net assets. </span></td> <td style="text-align: center; width: 12%"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 0.0040 0.0000 0.0000 0.0040 Total Annual Fund Operating Expenses have been restated to reflect current fees. Expense Example <p id="xdx_A83_eoef--ExpenseExampleNarrativeTextBlock_zBD2MXU9ikWf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div id="xdx_A8B_eoef--ExpenseExampleWithRedemptionTableTextBlock_zH2OlQFbqA21"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_z8mBDvEJFyM4" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td id="xdx_485_eoef--ExpenseExampleYear01_zraiwYOOTuKk" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 31%; text-align: center"><span style="font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_485_eoef--ExpenseExampleYear03_zhSb8wLu67wj" style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 23%; text-align: center"><span style="font-size: 10pt"><b>3 Years</b></span></td> <td id="xdx_48A_eoef--ExpenseExampleYear05_zNGHVhbeSAC5" style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 23%; text-align: center"><span style="font-size: 10pt"><b>5 Years</b></span></td> <td id="xdx_489_eoef--ExpenseExampleYear10_z3ogc6OAd0c7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 23%; text-align: center"><span style="font-size: 10pt"><b>10 Years</b></span></td></tr> <tr id="xdx_414_oef--ClassAxis_custom--C000260042Member_zOM4t1Q8OsPa" style="vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-size: 10pt">$41</span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">$128</span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">$224</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">$505</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 41 128 224 505 Portfolio Turnover <p id="xdx_A8B_eoef--PortfolioTurnoverTextBlock_zPesNIm4M9Vb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in the Total Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. For the fiscal year ended December 31, 2025, the Fund’s portfolio turnover rate was <span id="xdx_90F_eoef--PortfolioTurnoverRate_dp_c20260707__20260707__dei--LegalEntityAxis__custom--S000092119Member_znROOifeVvIk">40</span>% of the average value of its portfolio.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 0.40 Principal Investment Strategies of the Fund <p id="xdx_A86_eoef--StrategyNarrativeTextBlock_zfRIT9UfBTNd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_906_eoef--StrategyPortfolioConcentration_c20260707__20260707__dei--LegalEntityAxis__custom--S000092119Member_z2GYWbLBt2Ie">The Fund is an actively-managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus borrowings for investment purposes) in defense companies, which the Fund defines as companies included in the Global Industry Classification Standard aerospace &amp; defense industry.</span> The aerospace and defense industry includes manufacturers of civil or military aerospace and defense equipment, parts, or products, such as defense electronics and space equipment. The Fund typically invests in the equity securities of defense companies, which includes common stock, American Depositary Receipts (“ADRs”), and ETFs that primarily invest in any of the preceding.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The portfolio is constructed at the discretion of the Adviser. In constructing the Fund's portfolio, the Adviser applies a proprietary screening process to identify potential investments. The Adviser evaluates a variety of factors, including but limited to, a company's domicile, industry/sector classification, market capitalization, average daily trading volume, and composition of revenue sources. The Fund may invest in companies without restriction as to market capitalization, and the Adviser generally determines weightings by market capitalization relative to other companies in the portfolio. Weightings of positions may be adjusted at any time at the discretion of the Adviser.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund concentrates (i.e., invest more than 25% of its total assets) its investments in the aerospace and defense industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is classified as a “non-diversified” investment company under the Investment Company Act of 1940, as amended, which means that the Fund may invest a higher percentage of its assets in a fewer number of issuers than is permissible for a “diversified” fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Folds of Honor</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Adviser contributes 100% of the profit derived from its management of the Fund to the Folds of Honor Foundation, a charity focused on providing scholarships to families of veterans. Folds of Honor is a 501(c)(3) non-profit organization, rated “4-star” by Charity Navigator and platinum by GuideStar, that provides educational scholarships to the families of military men and women who have fallen or been disabled while on active duty in the United States armed forces. Since 2007, a cumulative average ratio of 91% of every dollar raised by Folds of Honor has been contributed to its scholarship program, which has awarded approximately 73,000 in educational scholarships.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Impact Investing</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Adviser provides an alternative approach to charity and seeks to deliver true impact investing. While “Impact Investing” can mean many things, the application of the term here is about delivering real dollars to a charity that directly supports education for the children and families of U.S. service members who were disabled or killed in action. To the extent the Adviser earns a profit from managing the Fund, the Adviser will deliver real world benefits to those in need.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> The Fund is an actively-managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus borrowings for investment purposes) in defense companies, which the Fund defines as companies included in the Global Industry Classification Standard aerospace & defense industry. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustryConcentrationRiskMember_z0g0vbR0xHwe"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"></td> <td style="width: 60px"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><b>Industry Concentration Risk. </b>The Fund focuses its investments in the securities of the aerospace and defense industry. Economic, legislative or regulatory developments may occur that significantly affect this industry, which may cause the Fund’s share price to fluctuate more than that of a fund that does not focus in this industry.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityMarketRiskMember_zEL8DFV1HOEj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"></td> <td style="width: 60px"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><b>Equity Market Risk. </b>The equity securities held in the Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, sectors or companies in which the Fund invests. Common stocks are generally exposed to greater risk than other types of securities, such as preferred stocks and debt obligations, because common stockholders generally have inferior rights to receive payment from issuers.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--AdrRiskMember_zSFl7oFQaqc3"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"></td> <td style="width: 60px"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><b>ADR Risk.</b> ADRs may be subject to some of the same risks as direct investment in foreign companies, such as currency risk, political, economic, regulatory, diplomatic, and market risk, because their values depend on the performance of the non-dollar denominated underlying foreign securities. Moreover, ADRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_z9Ib9qkG7kU1"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"></td> <td style="width: 60px"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><b>Early Close/Trading Halt Risk. </b>An exchange or market may close 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> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zO8LaDEZX2q4"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"></td> <td style="width: 60px"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><b>ETF Risks.</b> The Fund is an ETF and, as a result of its structure, it is exposed to the following risks:</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zSHaMwGzo1Z6"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 90px"> </td> <td style="width: 30px"><span style="font-size: 10pt">○</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><i>Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. </i>The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. Shares may trade at a material discount to NAV and possibly face delisting if either: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesRiskMember_zXqGzLZHMyj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 90px"> </td> <td style="width: 30px"><span style="font-size: 10pt">○</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><i>Costs of Buying or Selling Shares Risk.</i> Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</span></td></tr> </table> <p style="margin: 0"> </p> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNAVRiskMember_zFnQzsac7FO2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 90px"><p style="margin-top: 0; margin-bottom: 0"> </p> <p style="margin-top: 0; margin-bottom: 0"> </p></td> <td style="width: 30px"><span style="font-size: 10pt">○</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><i>Shares May Trade at Prices Other Than NAV Risk. </i>As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingRiskMember_zg56DRF1Zjj7"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 90px"> </td> <td style="width: 30px"><span style="font-size: 10pt">○</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><i>Trading Risk.</i> Although Shares are listed for trading on the Cboe BZX Exchange, Inc. (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than the Shares.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestmentRiskMember_zPzpjAXCTagc"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"></td> <td style="width: 60px"><span style="font-size: 10pt"><b>●</b></span></td> <td style="text-align: justify"><span style="font-size: 10pt"><b>Foreign Investment Risk. </b>Because the Fund may invest in securities of non-U.S. companies, the Fund is subject to risks beyond those associated with investing in U.S. companies. Foreign companies are generally not subject to the same regulatory requirements of U.S. companies thereby resulting in less publicly available information about these companies. In addition, foreign accounting, auditing and financial reporting standards generally differ from those applicable to U.S. companies.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zp6lnaa2wG4b"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"></td> <td style="width: 60px"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><b>Management Risk. </b>The Fund is actively managed and its ability to achieve its investment objective is dependent on the Adviser’s successful implementation of the Fund’s investment strategies.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketCapitalizationRiskMember_z4lZ0CCKWjBj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"></td> <td style="width: 60px"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><b>Market Capitalization Risk.</b></span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationInvestingRiskMember_zzKnDqHdJLO9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 90px"> </td> <td style="width: 30px"><span style="font-size: 10pt">○</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><i>Large-Capitalization Investing Risk.</i> The securities of large-capitalization companies may be relatively mature compared to smaller companies and, therefore, subject to slower growth during times of economic expansion. Large-capitalization companies also may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidCapitalizationInvestingRiskMember_zhDmCjNrPFT9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 90px"> </td> <td style="width: 30px"><span style="font-size: 10pt">○</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><i>Mid-Capitalization Investing Risk.</i> The securities of mid-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large-capitalization companies. The securities of mid-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large-capitalization stocks or the stock market as a whole.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallcapitalizationInvestingMember_zVzupX1A9qhc"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 90px"> </td> <td style="width: 30px"><span style="font-size: 10pt"><i>○</i></span></td> <td style="text-align: justify"><span style="font-size: 10pt"><i>Small-Capitalization Investing</i>. The Fund may invest in the securities of small-capitalization companies. As a result, the Fund may be more volatile than funds that invest in larger, more established companies. The securities of small-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than larger capitalization stocks or the stock market as a whole. Small-capitalization companies may be particularly sensitive to changes in interest rates, government regulation, borrowing costs and earnings.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_z5wvKzPCnXj5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"></td> <td style="width: 60px"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><b>Market Risk. </b>The trading prices of securities and other instruments fluctuate in response to a variety of factors. These factors include events impacting the entire market or specific market segments, such as political, market and economic developments, as well as events that impact specific issuers. The Fund’s NAV and market price, like security and commodity prices generally, may fluctuate significantly in response to these and other factors. As a result, an investor could lose money over short or long periods of time. U.S. and international markets have experienced significant periods of volatility in recent years due to a number of these factors, including growth concerns in the U.S. and overseas, uncertainties regarding interest rates, trade tensions, and the threat of and/or actual imposition of tariffs by the U.S. and other countries. In addition, local, regional or global events such as war, including Russia’s invasion of Ukraine, acts of terrorism, recessions, rising inflation, or other events could have a significant negative impact on the Fund and its investments. These developments as well as other events could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zzuZcdMEJDMk"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"></td> <td style="width: 60px"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><b>Non-Diversification Risk.</b> The Fund is non-diversified and can invest a greater portion of its assets in the single issuer than a diversified fund can. A change in the value of one or a few issuers’ securities will therefore affect the value of the Fund more than if it was a diversified fund.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingFundsRiskMember_ztpyR3DTRqo9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"></td> <td style="width: 60px"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><b>Underlying Funds Risk.</b> The Fund, as a shareholder of the underlying ETFs, indirectly bears its proportionate share of any investment management fees and other expenses of the underlying ETFs. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in the underlying ETFs and may be higher than other funds that invest directly in stocks. Each of the ETFs is subject to its own specific risks, but the adviser expects the principal investments risks of such ETFs will be similar to the risks of investing in the Fund.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> Performance <p id="xdx_A8E_eoef--PerformanceNarrativeTextBlock_z38njPJHmp09" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund acquired all of the assets and liabilities of the RiverNorth Patriot ETF, a series of Listed Funds Trust (the “Predecessor Fund”), in a tax-free reorganization on June 13, 2025. In connection with this acquisition, shares of the Predecessor Fund were exchanged for shares of the Fund. The Fund is a continuation of the Predecessor Fund, and therefore, the performance information includes the performance of the Predecessor Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_900_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260707__20260707__dei--LegalEntityAxis__custom--S000092119Member_zCe7PSVGjg3">The performance information presented below provides some indication of the risks of investing in the Fund by showing the extent to which the Fund’s performance can change from year to year and over time.</span> The bar chart below shows the Fund’s performance for the calendar years ended December 31. The table illustrates how the Fund’s average annual returns for the 1 year and since inception periods compare with those of the S&amp;P 900 Total Return Index, which reflects a broad measure of market performance. Effective July 9, 2026, the Fund changed its strategy and adopted a concentration policy. Performance information for periods prior to July 9, 2026, does not reflect the current investment strategy. <span id="xdx_902_eoef--PerformancePastDoesNotIndicateFuture_c20260707__20260707__dei--LegalEntityAxis__custom--S000092119Member_zyG8Ukezo8h7">The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future.</span> Updated performance information is available on the Fund’s website at <span style="text-decoration: underline"><span id="xdx_904_eoef--PerformanceAvailabilityWebSiteAddress_c20260707__20260707__dei--LegalEntityAxis__custom--S000092119Member_zQX3GHLtp7r">www.true-shares.com</span></span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> The performance information presented below provides some indication of the risks of investing in the Fund by showing the extent to which the Fund’s performance can change from year to year and over time. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. www.true-shares.com <div id="xdx_A85_eoef--BarChartTableTextBlock_zK9nMHexYYoc"></div> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="paralel001.jpg"/></p> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zVjV68RYja4" style="font: 10pt Times New Roman, Times, Serif; display: none; visibility: hidden; border-collapse: collapse; width: 50%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: bottom; text-align: center"> <th>2022</th> <th id="xdx_98E_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000260042Member_zry79WsRXdv4">-11.89%</th></tr> <tr style="vertical-align: bottom; text-align: center"> <th>2023</th> <th id="xdx_983_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000260042Member_zDQbJgQ0T92d">12.18%</th></tr> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center; width: 50%; vertical-align: top">2024</td> <td id="xdx_987_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000260042Member_zrjQ58d1yskl" style="text-align: center; width: 50%; vertical-align: top">16.04%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center; width: 50%; vertical-align: top">2025</td> <td id="xdx_987_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000260042Member_zrjQ58d1yskd" style="text-align: center; width: 50%; vertical-align: top">6.48%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> -0.1189 0.1218 0.1604 0.0648 <p id="xdx_A89_eoef--BarChartClosingTextBlock_zaFYf7JlqJn8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the period of time shown in the bar chart, the <span id="xdx_901_eoef--HighestQuarterlyReturnLabel_c20260707__20260707__dei--LegalEntityAxis__custom--S000092119Member_zCiwbFKTZXT">highest quarterly return</span> was <span id="xdx_902_eoef--BarChartHighestQuarterlyReturn_dp_c20260707__20260707__dei--LegalEntityAxis__custom--S000092119Member_zRs6S9yIELWc">10.73</span>% for the quarter ended <span id="xdx_904_eoef--BarChartHighestQuarterlyReturnDate_c20260707__20260707__dei--LegalEntityAxis__custom--S000092119Member_zMB5GFjWpoXe">December 31, 2023</span>, and the <span id="xdx_90E_eoef--LowestQuarterlyReturnLabel_c20260707__20260707__dei--LegalEntityAxis__custom--S000092119Member_zWh322IZP4K7">lowest quarterly return</span> was <span id="xdx_90D_eoef--BarChartLowestQuarterlyReturn_dp_c20260707__20260707__dei--LegalEntityAxis__custom--S000092119Member_zERKOxwQQ3gh">-13.94</span>% for the quarter ended <span id="xdx_903_eoef--BarChartLowestQuarterlyReturnDate_c20260707__20260707__dei--LegalEntityAxis__custom--S000092119Member_zoZN4Sd0y4R4">June 30, 2022</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> highest quarterly return 0.1073 2023-12-31 lowest quarterly return -0.1394 2022-06-30 Average Annual Total Returns (for the Periods Ended December 31, 2025) <div id="xdx_A8F_eoef--PerformanceTableTextBlock_zAO2SmxT3tnl"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zjUoyYNn1Hm6" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td><span style="font-size: 10pt"><b>TrueShares Patriot Defense ETF</b></span></td> <td id="xdx_496_20250101__20251231_zt8ZGyWTXM89" style="text-align: center"><span style="font-size: 10pt"><b><span style="text-decoration: underline">One Year</span></b></span></td> <td id="xdx_495_20220101__20251231_z3PDQsy09TH1" style="text-align: center"><span style="font-size: 10pt"><b>Since Inception</b></span><br/> <span style="font-size: 10pt"><b><span style="text-decoration: underline">(<span id="xdx_900_eoef--PerfInceptionDate_c20220101__20251231__oef--ClassAxis__custom--C000260042Member_ziPwE6uj6KV1">12/31/2021</span>)</span></b></span></td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000260042Member_zQCJCsZb1ZN6" style="vertical-align: bottom; background-color: #DBDBDB"> <td style="text-align: justify"><span style="font-size: 10pt">Return Before Taxes</span></td> <td style="text-align: center"><span style="font-size: 10pt">6.48%</span></td> <td style="text-align: center"><span style="font-size: 10pt">5.13%</span></td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000260042Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zvTQaonwsLke" style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><span style="font-size: 10pt">Return After Taxes on Distributions</span></td> <td style="text-align: center"><span style="font-size: 10pt">6.09%</span></td> <td style="text-align: center"><span style="font-size: 10pt">4.78%</span></td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000260042Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zZT7iBBayo95" style="vertical-align: bottom; background-color: #DBDBDB"> <td style="border-bottom: black 1pt solid; text-align: justify"><span style="font-size: 10pt">Return After Taxes on Distributions and Sale of Fund Shares</span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">4.10%</span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">3.90%</span></td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP900IndexTotalReturnMember_zeoJyxny3Rn4" style="background-color: white"> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; width: 73%"><span style="font-size: 10pt"><b>S&amp;P 900 Total Return Index</b></span><br/> <span style="font-size: 10pt"><span id="xdx_90B_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260707__20260707__dei--LegalEntityAxis__custom--S000092119Member_zEcxLPhe68m7">(reflects no deductions for fees, expenses, or taxes)</span></span></td> <td style="border-bottom: Black 1pt solid; vertical-align: top; width: 12%; text-align: center"><span style="font-size: 10pt">17.30%</span></td> <td style="border-bottom: Black 1pt solid; vertical-align: top; width: 15%; text-align: center"><span style="font-size: 10pt">10.80%</span></td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndPAerospaceAndDefenseSelectIndustryTotalReturnIndexMember_zfb74nBbUZ56" style="background-color: white"> <td style="border-bottom: Black 1pt solid; vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>S&amp;P Aerospace &amp; Defense Select Industry Total Return Index</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(reflects no deductions for fees, expenses, or taxes)</p></td> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-align: center"><span style="font-size: 10pt">46.79%</span></td> <td style="border-bottom: Black 1pt solid; vertical-align: top; text-align: center"><span style="font-size: 10pt">21.00%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 2021-12-31 0.0648 0.0513 0.0609 0.0478 0.0410 0.0390 (reflects no deductions for fees, expenses, or taxes) 0.1730 0.1080 0.4679 0.2100 <p id="xdx_A83_eoef--PerformanceTableClosingTextBlock_zPf3Cattk0h4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_903_eoef--PerformanceTableUsesHighestFederalRate_c20260707__20260707__dei--LegalEntityAxis__custom--S000092119Member_zK0CPAZzshAh">After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes.</span> Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. <span id="xdx_907_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260707__20260707__dei--LegalEntityAxis__custom--S000092119Member_zevYvKzAE9we">After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts.</span> In certain cases, the figure representing “Return After Taxes on Distributions and Sale of Shares” may be higher than the other return figures for the same period. <span id="xdx_90C_eoef--PerformanceTableExplanationAfterTaxHigher_c20260707__20260707__dei--LegalEntityAxis__custom--S000092119Member_zUHZcZqndI4k">A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts. A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. FUND SUMMARY— RIVERNORTH MARKET NEUTRAL ETF Investment Objective <p id="xdx_A85_eoef--ObjectivePrimaryTextBlock_zChaTs1xuHqd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The RiverNorth Market Neutral ETF (the “Fund”) seeks to provide consistent total return while limiting correlation to the equity markets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Fees and Expenses of the Fund <p id="xdx_A89_eoef--ExpenseNarrativeTextBlock_zoCzGuQHGPBg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>   Shareholder Fees (fees paid directly from your investment) None     Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A83_eoef--AnnualFundOperatingExpensesTableTextBlock_zbITyQmUkBfj"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zbTY7Sxv4Uaf" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 83%"> </td> <td style="width: 17%"> </td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"><span style="font-size: 10pt;">Management Fee</span></td> <td id="xdx_985_eoef--ManagementFeesOverAssets_dpn_c20260707__20260707__oef--ClassAxis__custom--C000260041Member_zNgBqrKdbIzl" style="text-align: center"><span style="font-size: 10pt;">0.89%</span></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"><span style="font-size: 10pt;">Distribution and/or Service (12b-1) Fees</span></td> <td id="xdx_982_eoef--DistributionAndService12b1FeesOverAssets_dpn_c20260707__20260707__oef--ClassAxis__custom--C000260041Member_zAr7T1BqUWI3" style="text-align: center"><span style="font-size: 10pt;">0.00%</span></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"><span style="font-size: 10pt;">Other Expenses</span></td> <td id="xdx_984_eoef--OtherExpensesOverAssets_dpn_c20260707__20260707__oef--ClassAxis__custom--C000260041Member_zSO4IrPyIYT6" style="text-align: center"><span style="font-size: 10pt;">0.00%</span></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"><span style="font-size: 10pt;"><b>Total Annual Fund Operating Expenses</b></span></td> <td id="xdx_989_eoef--ExpensesOverAssets_dpn_c20260707__20260707__oef--ClassAxis__custom--C000260041Member_zDajNWTUNb7g" style="border-bottom: black 2.5pt double; text-align: center"><span style="font-size: 10pt;"><b>0.89%</b></span></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> Fee Waiver⁽¹⁾:</td> <td id="xdx_98F_eoef--FeeWaiverOrReimbursementOverAssets_dpn_c20260707__20260707__oef--ClassAxis__custom--C000260041Member_fKDEp_zsVzmLEGIdI4" style="text-align: center">(0.30%) </td></tr> <tr style="vertical-align: top"> <td style="padding-bottom: 2.5pt; text-align: justify"><b>Total Annual Fund Operating Expenses After Fee Waiver:</b></td> <td id="xdx_98C_eoef--NetExpensesOverAssets_dpn_c20260707__20260707__oef--ClassAxis__custom--C000260041Member_zIA8FYGGrRc3" style="border-bottom: Black 2.5pt double; text-align: center"> 0.59%</td></tr> <tr style="vertical-align: top"> <td style="border-bottom: black 1pt solid; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; text-align: center"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><sup id="xdx_F0B_zJhmpTSbblb">(1)</sup></td><td style="text-align: justify"><span id="xdx_F19_zPnFJZxNQJR2">The Fund's adviser has contractually agreed, through at least <span id="xdx_902_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260707__20260707__oef--ClassAxis__custom--C000260041Member_zumZlMSY6XJb">July 9, 2027</span>, to waive its management fee to 0.59% of the Fund's average daily net assets. This agreement may be terminated only by the Trust’s Board of Trustees on 60 days’ written notice to the Fund’s adviser.</span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify; text-indent: -0.3in"> </p> 0.0089 0.0000 0.0000 0.0089 -0.0030 0.0059 July 9, 2027 Expense Example <p id="xdx_A84_eoef--ExpenseExampleNarrativeTextBlock_z4RhV7jMvmQ5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. The Example further assumes that the Fund’s fee waiver agreement will only be in place for the term specified above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div id="xdx_A8E_eoef--ExpenseExampleWithRedemptionTableTextBlock_z2HoAys8Vucg"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zQu40GJBwjrg" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td id="xdx_481_eoef--ExpenseExampleYear01_zLQaoQLTNUJa" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 31%; text-align: center"><span style="font-size: 10pt;"><b>1 Year</b></span></td> <td id="xdx_485_eoef--ExpenseExampleYear03_zPG6wN51h9nl" style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 23%; text-align: center"><span style="font-size: 10pt;"><b>3 Years</b></span></td> <td id="xdx_489_eoef--ExpenseExampleYear05_zgwfByCzerqh" style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 23%; text-align: center"><span style="font-size: 10pt;"><b>5 Years</b></span></td> <td id="xdx_484_eoef--ExpenseExampleYear10_z6Vx9l9czKWa" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 23%; text-align: center"><span style="font-size: 10pt;"><b>10 Years</b></span></td></tr> <tr id="xdx_417_oef--ClassAxis_custom--C000260041Member_zKmkbFTioJMh" style="vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-size: 10pt;">$60</span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt;">$254</span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt;">$464</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt;">$1,068</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 60 254 464 1068 Portfolio Turnover <p id="xdx_A8D_eoef--PortfolioTurnoverTextBlock_zCv8Dr513cni" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in the Total Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. For the fiscal year ended December 31, 2025, the Fund’s portfolio turnover rate was <span id="xdx_902_eoef--PortfolioTurnoverRate_c20260707__20260707__dei--LegalEntityAxis__custom--S000092118Member_z4YrzYaKXGj8">77%</span> of the average value of its portfolio.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 0.77 Principal Investment Strategies of the Fund <p id="xdx_A82_eoef--StrategyNarrativeTextBlock_zkQm71QY34J2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is an actively managed exchange traded fund (“ETF”) that seeks to achieve its investment objective by pursuing a market neutral strategy designed to generate positive returns during rising and falling equity markets (i.e., regardless of overall market direction). The Fund implements this market neutral strategy by seeking returns driven by the unique characteristics of its investments or pricing differences between related products, rather than the direction of the broader equity market. Those returns are designed to be uncorrelated with the broader equity market. The Fund invests in a wide range of investments, including pre-merger special purpose acquisition companies (“SPACs”) and their rights and warrants, equities, American Depository Receipts (“ADRs”), US equity and fixed income exchange traded futures and ETFs, exchange traded options (including FLEX options), and corporate bonds. It may also use total return swaps, credit default swaps, and/or interest rate swaps to obtain exposure efficiently and to manage risk.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A SPAC is a “blank check” company with no commercial operations that is designed to raise capital via an initial public offering (“IPO”) for the purpose of engaging in a merger, acquisition, reorganization, or similar business merger with one or more operating companies. Pre-Merger SPACs are SPACs that are either seeking a target for a merger or have not yet completed a merger with an identified target. All Pre-Merger SPACs (U.S. and non-U.S.) are eligible for the Fund’s portfolio. RiverNorth Capital Management, LLC (the “Sub-Adviser”), the Fund’s investment sub-adviser, evaluates sponsors of the Pre-Merger SPACs based on the team’s strategy, experience, deal flow, and demonstrated track record, and assesses each Pre-Merger SPAC’s market value relative to the Fund’s share value. To limit equity market exposure, the Fund typically does not hold SPAC common stock past the point at which it can redeem shares for their pro rata share of trust assets. Instead, prior to the completion of a merger, the Sub-Adviser sells the SPAC’s shares if they are trading at a premium relative to the trust collateral or tender out of the shares using the Fund’s redemption rights. The Fund may, however, retain SPAC warrants after a merger if the Sub-Adviser believes they offer appropriate value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund invests without restriction as to the maturity or credit quality of any individual debt instrument, including investment grade debt instruments and business development company (“BDC”) debt instruments. The Fund defines investment grade debt as that rated BBB- or higher by S&amp;P Global Ratings or similarly by another nationally recognized statistical rating organization, or, if unrated, determined by the Sub-Adviser to be of equivalent quality. BDC debt is generally below investment grade quality (commonly referred to as “junk bonds”). The Fund defines junk bonds as those rated below Baa3 by Moody’s Investors Service or below BBB- by S&amp;P Global Ratings, or, if unrated, determined by the Sub-Adviser to be of similar credit quality. The Sub-Adviser selects debt instruments to maximize the portfolio’s yield while accounting for credit quality. The debt investments provide income and diversification benefits that reduce overall portfolio correlation to equity markets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A component of the Fund’s market neutral strategy involves basis trades. The Sub-Adviser evaluates the relative valuations of ETFs and related futures contracts, and foreign equities and ADRs, to identify price discrepancies. In the event pricing discrepancies exist, the Fund may execute basis trade(s) to exploit the mispricing. A basis trade is a market neutral position that attempts to capture a price discrepancy between two related assets by simultaneously taking a long position in one and a short position in the other, thereby hedging against broader market movements. For example, the Fund may invest long in a US large cap equity ETF and sell short futures positions in a highly correlated US large cap equity index. Similarly, the Fund may invest in the equities of foreign issuers and ADRs on securities of the same foreign issuer, aiming to profit from any price discrepancy between the securities of the same issuer while remaining neutral to underlying market direction.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may employ an option box spread strategy. These trades allow the Fund, under certain market conditions, to lock in a spread above the risk-free interest rate by buying and selling specific option contracts. The return potential is driven by the relative option prices, not the movement of the equity market itself. While gains from options are capital gains, this options strategy is commonly referred to as an income producer. A box spread is a four-part, same expiration date, option portfolio with a maturity payout that does not vary and is considered a form of synthetic money market instrument.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Sub-Adviser is responsible for the day-to-day management of the Fund, subject to the oversight of TrueMark Investments, LLC (the “Adviser”), the Fund’s investment adviser. In selecting investments for the Fund, the Sub-Adviser has wide latitude to allocate assets across the different types of investments. The Sub-Adviser applies quantitative and qualitative analyses, including fundamental and technical analyses, to assess the investment opportunities across the securities markets. The Fund selects investments with greatest risk/reward potential.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In seeking to achieve the Fund’s investment objective, the Sub-Adviser monitors the Fund’s portfolio and adjust positions at least quarterly based on changes in expectations of the investments or the availability of better alternatives. As a result, the percentages allocated to various types of investments and sectors may vary significantly over time.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">When using various derivatives, the Fund is required to post collateral to assure its performance to the counterparty. The Fund holds cash and cash-like instruments or high-quality short term fixed income securities (collectively, “Collateral”). The Collateral may consist of (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) fixed income ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by companies that are rated investment grade or of comparable quality. The Fund considers an unrated security to be of comparable quality to a security rated investment grade if it believes it has a similar low risk of default.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is non-diversified, which means that it can invest a greater percentage of its assets in the securities of fewer issuers than can a diversified fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--AssociatedRisksOfPremergerSpacsMember_znfyeXo7kj5b"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"></td> <td style="width: 60px"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><b>Associated Risks of Pre-Merger SPACs.</b> The Fund invests in equity securities, warrants and rights of SPACs, which raise funds to seek potential merger opportunities. Unless and until a merger is completed, a SPAC generally invests its assets in U.S. government securities, money market securities, and cash. Because SPACs have no operating history or ongoing business other than seeking mergers, the value of their securities is particularly dependent on the ability of the entity’s management to identify and complete a profitable merger. There is no guarantee that the SPACs in which the Fund invests will complete a merger or that any merger that is completed will be profitable. Public stockholders of SPACs may not be afforded a meaningful opportunity to vote on a proposed initial merger because certain stockholders, including stockholders affiliated with the management of the SPAC, may have sufficient voting power, and a financial incentive, to approve such a transaction without support from public stockholders. As a result, a SPAC may complete a merger even though a majority of its public stockholders do not support such a merger. Some SPACs may pursue mergers only within certain industries or regions, which may increase the volatility of their prices. In addition, the Fund may invest in vehicles formed by SPAC sponsors to hold founder shares, which may be subject to forfeiture or expire worthless and which generally have more limited liquidity than SPAC shares issued in an IPO. In addition, the Fund may invest in vehicles formed by SPAC sponsors to hold founder shares, which may be subject to forfeiture or expire worthless and which generally have more limited liquidity than SPAC shares issued in an IPO.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zwQzQAAwK1wf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"></td> <td style="width: 60px"><span style="font-size: 10pt"><b>●</b></span></td> <td style="text-align: justify"><span style="font-size: 10pt"><b>Fixed Income Securities Risk.</b> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_ziKyekuSNPpi"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"></td> <td style="width: 60px"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><b>Counterparty Risk.</b> Counterparty risk is the risk that a counterparty to Fund transactions (<i>e.g.</i>, prime brokerage or securities lending arrangement or derivatives transaction) will be unable or unwilling to perform its contractual obligation to the Fund. The Fund may use swap agreements to gain exposure to a particular group of securities, index, asset class or other reference asset without actually purchasing those securities or investments, to hedge a position, or for other investment purposes. Through these investments and related arrangements (<i>e.g.,</i> prime brokerage or securities lending arrangements or derivatives transactions), the Fund is exposed to credit risks that the counterparty may be unwilling or unable to make timely payments or otherwise to meet its contractual obligations. If the counterparty becomes bankrupt or defaults on (or otherwise becomes unable or unwilling to perform) its payment or other obligations to the Fund, the Fund may not receive the full amount that it is entitled to receive or may experience delays in recovering the collateral or other assets held by, or on behalf of, the counterparty. If this occurs, the value of your shares in the Fund will decrease.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zCtLrvCGrCl2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"></td> <td style="width: 60px"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><b>Derivatives Risk.</b> Derivatives are financial instruments that have a value which depends upon, or is derived from, a reference asset, such as one or more underlying securities, pools of securities, indexes, rates or currencies. Derivatives may result in investment exposures that are greater than their cost would suggest; in other words, a small investment in a derivative may have a large impact on Fund performance. The successful use of derivatives generally depends on the ability to predict market movements. The use of these instruments requires special skills and knowledge of investment techniques that are different than those normally required for purchasing and selling securities. If the Sub-Adviser uses a derivative instrument at the wrong time or judges market conditions incorrectly, or if the derivative instrument does not perform as expected, these strategies may significantly reduce the Fund’s return. The Fund could also experience losses if it is unable to close out a position because the market for an instrument or position is or becomes illiquid.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--FuturesRiskMember_zEUgbsQ8UXLg"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 90px"> </td> <td style="width: 30px"><span style="font-size: 10pt">○</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><i>Futures Risk.</i> The Fund’s use of futures involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) leverage risk (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the futures contract may not correlate perfectly with the underlying index.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsRiskMember_zn8t9OJ4uOY6"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 90px"> </td> <td style="width: 30px"><span style="font-size: 10pt"><i>○</i></span></td> <td style="text-align: justify"><span style="font-size: 10pt"><i>Options Risk</i>. Buying and selling (writing) options are speculative activities and entail greater than ordinary investment risks. The buyer of a call option risks losing the entire premium invested in the option if the buyer does not exercise the option. The seller of a put option will lose money if the value of the reference index or security falls below the strike price and the buyer exercises the option; however, such loss will be partially offset by any premium received from the sale of the option.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsRiskMember_z77tdDJQFqAa"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 90px"> </td> <td style="width: 30px"><span style="font-size: 10pt"><i>○</i></span></td> <td style="text-align: justify"><span style="font-size: 10pt"><i>Swap Agreements Risk.</i> Swap agreements are contracts among the Fund and a counterparty to exchange the return of the pre-determined underlying investment (such as the rate of return of the underlying index). Swap agreements may be negotiated bilaterally and traded OTC between two parties or, for certain standardized swaps, must be exchange-traded through a futures commission merchant and/or cleared through a clearinghouse that serves as a central counterparty. Risks associated with the use of swap agreements are different from those associated with ordinary portfolio securities transactions, due in part to the fact they could be considered illiquid and many swaps trade on the OTC market. Swaps are particularly subject to counterparty credit, correlation, valuation, liquidity and leveraging risks. While exchange trading and central clearing are intended to reduce counterparty credit risk and increase liquidity, they do not make swap transactions risk-free. Additionally, applicable regulators have adopted rules imposing certain margin requirements, including minimums, on OTC swaps, which may result in the Fund and its counterparties posting higher margin amounts for OTC swaps, which could increase the cost of swap transactions to the Fund and impose added operational complexity.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--AdrRiskMember_zNlA0wbHuQDe"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"></td> <td style="width: 60px"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><b>ADR Risk</b>. ADRs may be subject to some of the same risks as direct investment in foreign companies, which includes international trade, currency, political, regulatory and diplomatic risks. Under an unsponsored ADR arrangement, the foreign issuer assumes no obligations and the depositary’s transaction fees are paid directly by the ADR holders. Unsponsored ADRs are organized without the cooperation of the issuer and information concerning the foreign issuer may not be as current as for sponsored ADRs and voting rights are not passed through.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_z3yPLGyHqDCb"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"></td> <td style="width: 60px"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><b>Early Close/Trading Halt Risk.</b> An exchange or market may close 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> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityMarketRiskMember_zbRJa9VKFXEj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"></td> <td style="width: 60px"><span style="font-size: 10pt"><b>●</b></span></td> <td style="text-align: justify"><span style="font-size: 10pt"><b>Equity Market Risk. </b>The equity securities held in the Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, sectors or companies in which the Fund invests. Common stock, warrants, and rights are generally exposed to greater risk than other types of securities, such as preferred stocks and debt obligations, because common stockholders generally have inferior rights to receive payment from issuers.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zQpcPh5y7139"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"></td> <td style="width: 60px"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><b>ETF Risks. </b>The Fund is an ETF and, as a result of its structure, it is exposed to the following risks:</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_z18hNyQ4j8Rc"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 90px"> </td> <td style="width: 30px"><span style="font-size: 10pt">○</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><i>Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. </i>The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. Shares may trade at a material discount to NAV and possibly face delisting if either: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesRiskMember_z7Sh3JsGfqc8"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 90px"> </td> <td style="width: 30px"><span style="font-size: 10pt">○</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><i>Costs of Buying or Selling Shares Risk.</i> Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNAVRiskMember_zupIZeAQupwj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 90px"> </td> <td style="width: 30px"><span style="font-size: 10pt">○</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><i>Shares May Trade at Prices Other Than NAV Risk. </i>As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingRiskMember_zN34wnQDKG4k"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 90px"> </td> <td style="width: 30px"><span style="font-size: 10pt">○</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><i>Trading Risk.</i> Although Shares are listed for trading on the Cboe BZX Exchange, Inc. (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than the Shares.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestmentRiskMember_zUvhO1pxFlWa"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"></td> <td style="width: 60px"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><b>Foreign Investment Risk. </b>Investments in non-U.S. securities involve certain risks that may not be present with investments in U.S. securities. For example, investments in non-U.S. securities may be subject to risk of loss due to foreign currency fluctuations or to political or economic instability. Investments in non-U.S. securities also may be subject to withholding or other taxes and may be subject to additional trading, settlement, custodial, and operational risks. These and other factors can make investments in the Fund more volatile and potentially less liquid than other types of investments.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--IlliquidityRiskMember_zCTdGR9R9BIc"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"></td> <td style="width: 60px"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><b>Illiquidity Risk.</b> Illiquidity risk exists when particular investments are difficult to purchase or sell, possibly preventing the Fund from selling these illiquid investments at an advantageous price or at the time desired. A lack of liquidity may also cause the value of investments to decline. Illiquid investments may also be difficult to value.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--JunkBondRiskMember_zrL6fuSfi1H9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"></td> <td style="width: 60px"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><b>Junk Bond Risk. </b>Lower-quality bonds, known as “high yield” or “junk” bonds, are generally considered speculative because they present greater risk than bonds of higher quality, including an increased risk of default. An economic downturn or period of rising interest rates could adversely affect the market for these bonds and reduce the Fund’s ability to sell its bonds. The lack of a liquid market for these bonds could decrease the Fund’s share price.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zJDju4bPK9K8"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"></td> <td style="width: 60px"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><b>Management Risk. </b>The Sub-Adviser continuously evaluates the Fund’s holdings, purchases and sales with a view to achieving the Fund’s investment objective. However, achievement of the stated investment objective cannot be guaranteed. The Sub-Adviser’s judgment about the markets, the economy, or companies may not anticipate actual market movements, economic conditions or company performance, and these factors may affect the return on your investment.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketCapitalizationRiskMember_z5CQOL3QC8V2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"></td> <td style="width: 60px"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><b>Market Capitalization Risk.</b></span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationInvestingRiskMember_z9DzS26JSksl"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 90px"> </td> <td style="width: 30px"><span style="font-size: 10pt">○</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><i>Large-Capitalization Investing Risk.</i> The securities of large-capitalization companies may be relatively mature compared to smaller companies and, therefore, subject to slower growth during times of economic expansion. Large-capitalization companies also may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidCapitalizationInvestingRiskMember_z7Jzt3z3SbKg"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 90px"> </td> <td style="width: 30px"><span style="font-size: 10pt"><i>○</i></span></td> <td style="text-align: justify"><span style="font-size: 10pt"><i>Mid-Capitalization Investing Risk.</i> The securities of mid-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large-capitalization companies. The securities of mid-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large-capitalization stocks or the stock market as a whole.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallCapitalizationInvestingRiskMember_zowmsZujAGk8"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 90px"> </td> <td style="width: 30px"><span style="font-size: 10pt">○</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><i>Small-Capitalization Investing Risk.</i> The securities of small-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large- or mid-capitalization companies. The securities of small-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large- or mid-capitalization stocks or the stock market as a whole. There is typically less publicly available information concerning smaller-capitalization companies than for larger, more established companies.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zt2k1RaNpzt4"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"></td> <td style="width: 60px"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><b>Market Risk. </b>The trading prices of securities and other instruments fluctuate in response to a variety of factors. These factors include events impacting the entire market or specific market segments, such as political, market and economic developments, as well as events that impact specific issuers. The Fund’s NAV and market price, like security and commodity prices generally, may fluctuate significantly in response to these and other factors. As a result, an investor could lose money over short or long periods of time. U.S. and international markets have experienced significant periods of volatility in recent years due to a number of these factors, including concerns in the U.S. and overseas, uncertainties regarding interest rates, trade tensions, and the threat of and/or actual imposition of tariffs by the U.S. and other countries. In addition, local, regional or global events such as war, including Russia’s invasion of Ukraine, acts of terrorism, recessions, rising inflation, or other events could have a significant negative impact on the Fund and its investments. These developments as well as other events could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zuoGjSOGmIR6"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"></td> <td style="width: 60px"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><b>Non-Diversification Risk.</b> Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--RightsAndWarrantsRiskMember_zKnrt9vlv3Jb"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"></td> <td style="width: 60px"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><b>Rights and Warrants Risk. </b>The Fund may purchase rights and warrants to purchase equity securities. Investments in rights and warrants are pure speculation in that they have no voting rights, pay no dividends and have no rights with respect to the assets of the corporation issuing them. They do not represent ownership of the securities, but only the right to buy them. Rights and warrants involve the risk that the Fund could lose the purchase value of the right or warrant if the right or warrant is not exercised or sold prior to its expiration.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--PostmergerSpacWarrantsMember_zvkzcmdCEwCa"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 90px"> </td> <td style="width: 30px"><span style="font-size: 10pt">○</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><i>Post-Merger SPAC Warrants.</i> Although the Fund generally will not hold the common stock of a Post-Merger SPAC, the Fund may hold warrants to buy the stock of companies that are derived from a SPAC. Post-Merger SPACs may be unseasoned and lack a trading history, a track record of reporting to investors, and widely available research coverage. Post-Merger SPACs are thus often subject to extreme price volatility and speculative trading. The stocks underlying the warrants may have above average price appreciation that may not continue and the performance of these stocks may not replicate the performance exhibited in the past, which could adversely affect the value of the warrants the Fund holds.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--TransactionsInCashRiskMember_zWnqFdAHEXM1"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"></td> <td style="width: 60px"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><b>Transactions in Cash Risk. </b>Paying redemption proceeds in cash rather than through in-kind delivery of portfolio securities may require the Fund to dispose of or sell portfolio investments at an inopportune time to obtain the cash needed to pay redemption proceeds. This may cause the Fund to incur certain costs, such as brokerage costs, and to recognize gains or losses that it might not have incurred if it had paid redemption proceeds in kind. As a result, the Fund may pay out higher or lower annual capital gains distributions than an ETF that redeems in kind. In addition, the costs imposed on the Fund will decrease the Fund’s NAV unless such costs are offset by a transaction fee payable by an AP.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingFundsRiskMember_zppSaqv9kKge"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"></td> <td style="width: 60px"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><b>Underlying Funds Risk. </b>The Fund, as a shareholder of the underlying ETFs, indirectly bears its proportionate share of any investment management fees and other expenses of the underlying ETFs. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in the underlying ETFs and may be higher than other funds that invest directly in stocks. Each of the ETFs is subject to its own specific risks.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> Performance <p id="xdx_A87_eoef--PerformanceNarrativeTextBlock_zCV0mfCL8VIa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund acquired all of the assets and liabilities of the RiverNorth Enhanced Pre-Merger SPAC ETF, a series of Listed Funds Trust (the “Predecessor Fund”), in a tax-free reorganization on June 13, 2025. In connection with this acquisition, shares of the Predecessor Fund were exchanged for shares of the Fund. The Fund is a continuation of the Predecessor Fund, and therefore, the performance information includes the performance of the Predecessor Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_90C_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260707__20260707__dei--LegalEntityAxis__custom--S000092118Member_zVmuC9ijZ0ei">The performance information presented below provides some indication of the risks of investing in the Fund by showing the extent to which the Fund’s performance can change from year to year and over time.</span> The bar chart below shows the Fund’s performance for the calendar years ended December 31. The table illustrates how the Fund’s average annual returns for the 1 year and since inception periods compare with those of the ICE BofA Broad U.S. Market Index, a broad measure of market performance intended to represent the overall U.S. equity market, and the ICE BofA 0-3 Year U.S. Treasury Index, which provides a measure of the short term US treasury market. Effective July 9, 2026, the Fund changed its investment objective and expanded the scope of permissible investments under its principal investment strategy. Performance information for periods prior to July 9, 2026, does not reflect the current investment strategy.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_904_eoef--PerformancePastDoesNotIndicateFuture_c20260707__20260707__dei--LegalEntityAxis__custom--S000092118Member_z4bk7f5nMmzk">The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future.</span> Updated performance information is available on the Fund’s website at <span id="xdx_90F_eoef--PerformanceAvailabilityWebSiteAddress_c20260707__20260707__dei--LegalEntityAxis__custom--S000092118Member_z0AWVQOitSNi">www.true-shares.com</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> The performance information presented below provides some indication of the risks of investing in the Fund by showing the extent to which the Fund’s performance can change from year to year and over time. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. www.true-shares.com <div id="xdx_A85_eoef--BarChartTableTextBlock_z1VQj3fvU5Yl"></div> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="paralel002.jpg"/></p> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zopdQQ4idKYb" style="font: 10pt Times New Roman, Times, Serif; display: none; visibility: hidden; border-collapse: collapse; width: 50%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: bottom; text-align: center"> <th>2023</th> <th id="xdx_98B_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000260041Member_zW7C2EFL7Fvi">5.71%</th></tr> <tr style="vertical-align: bottom; text-align: center"> <th>2024</th> <th id="xdx_98E_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000260041Member_ziNf2pT5FKoe">5.51%</th></tr> <tr style="vertical-align: bottom; text-align: center"> <th>2025</th> <th id="xdx_98E_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000260041Member_ziNf2pT5FKof">10.18%</th></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 0.0571 0.0551 0.1018 <p id="xdx_A87_eoef--BarChartClosingTextBlock_zm1iB8RxgHdf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the period of time shown in the bar chart, the <span id="xdx_905_eoef--HighestQuarterlyReturnLabel_c20260707__20260707__dei--LegalEntityAxis__custom--S000092118Member_zRveNUIa01H2">highest quarterly return</span> was <span id="xdx_90C_eoef--BarChartHighestQuarterlyReturn_dp_c20260707__20260707__dei--LegalEntityAxis__custom--S000092118Member_zhUPPLhXEs7i">4.49</span>% for the quarter ended <span id="xdx_90B_eoef--BarChartHighestQuarterlyReturnDate_c20260707__20260707__dei--LegalEntityAxis__custom--S000092118Member_zernIBtxw2Xi">June 30, 2025</span>, and the <span id="xdx_90E_eoef--LowestQuarterlyReturnLabel_c20260707__20260707__dei--LegalEntityAxis__custom--S000092118Member_zuehlkGqq6p">lowest quarterly return</span> was <span id="xdx_90A_eoef--BarChartLowestQuarterlyReturn_dp_c20260707__20260707__dei--LegalEntityAxis__custom--S000092118Member_zmiUAZPdBG86">0.16</span>% for the quarter ended <span id="xdx_901_eoef--BarChartLowestQuarterlyReturnDate_c20260707__20260707__dei--LegalEntityAxis__custom--S000092118Member_zDvWsQScOKRe">December 31, 2023</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> highest quarterly return 0.0449 2025-06-30 lowest quarterly return 0.0016 2023-12-31 Average Annual Total Returns (for the Periods Ended December 31, 2025) <div id="xdx_A88_eoef--PerformanceTableTextBlock_zC74N31uItQb"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zMfIwh7UQflb" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="text-align: justify"><span style="font-size: 10pt"><b>RiverNorth Market Neutral ETF</b></span></td> <td id="xdx_49E_20250101__20251231_zZ3sA1ZKDWvj" style="text-align: center"><span style="font-size: 10pt"><b><span style="text-decoration: underline">One Year</span></b></span></td> <td id="xdx_496_20220711__20251231_zk1vVJ6V7LXl" style="text-align: center"><span style="font-size: 10pt"><b>Since Inception </b></span><br/> <span style="font-size: 10pt"><b><span style="text-decoration: underline">(<span id="xdx_90E_eoef--PerfInceptionDate_c20220711__20251231__oef--ClassAxis__custom--C000260041Member_zXrUQVvy0XV7">7/11/2022</span>)</span></b></span></td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000260041Member_zvAbS87LKnh7" style="vertical-align: bottom; background-color: #DBDBDB"> <td style="text-align: justify"><span style="font-size: 10pt">Return Before Taxes</span></td> <td style="text-align: center"><span style="font-size: 10pt">10.18%</span></td> <td style="text-align: center"><span style="font-size: 10pt">6.72%</span></td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000260041Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zO7v75KovxX9" style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><span style="font-size: 10pt">Return After Taxes on Distributions</span></td> <td style="text-align: center"><span style="font-size: 10pt">5.75%</span></td> <td style="text-align: center"><span style="font-size: 10pt">4.40%</span></td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000260041Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zH5h1NC3KRel" style="vertical-align: bottom; background-color: #DBDBDB"> <td style="border-bottom: black 1pt solid; text-align: justify"><span style="font-size: 10pt">Return After Taxes on Distributions and Sale of Fund Shares</span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">6.44%</span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">4.28%</span></td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--ICEBofaBroadUSMarketIndexMember_zheUKegdV5J5" style="background-color: white"> <td style="border-bottom: black 1pt solid; vertical-align: bottom; width: 73%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ICE BofA Broad U.S. Market Index</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span id="xdx_908_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260707__20260707__dei--LegalEntityAxis__custom--S000092118Member_zEPsBVYFg6jh">(reflects no deductions for fees, expenses, or taxes)</span></p></td> <td style="border-bottom: black 1pt solid; vertical-align: top; width: 12%; text-align: center"><span style="font-size: 10pt">7.15%</span></td> <td style="border-bottom: black 1pt solid; vertical-align: top; width: 15%; text-align: center"><span style="font-size: 10pt">3.05%</span></td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--ICEBofa0To3YearUSTreasuryIndexMember_zekZTK4kKuG3" style="background-color: white"> <td style="border-bottom: black 1pt solid; vertical-align: bottom"><span style="font-size: 10pt"><b>ICE BofA 0-3 Year U.S. Treasury Index</b></span><br/> <span style="font-size: 10pt">(reflects no deductions for fees, expenses, or taxes)</span></td> <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: center"><span style="font-size: 10pt">4.86%</span></td> <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: center"><span style="font-size: 10pt">3.94%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 2022-07-11 0.1018 0.0672 0.0575 0.0440 0.0644 0.0428 (reflects no deductions for fees, expenses, or taxes) 0.0715 0.0305 0.0486 0.0394 <p id="xdx_A8F_eoef--PerformanceTableClosingTextBlock_zGGwXi6SooG3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_904_eoef--PerformanceTableUsesHighestFederalRate_c20260707__20260707__dei--LegalEntityAxis__custom--S000092118Member_zBpRmEaOSf59">After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes.</span> Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. <span id="xdx_908_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260707__20260707__dei--LegalEntityAxis__custom--S000092118Member_zB8gcxo7nkk4">After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts.</span> In certain cases, the figure representing “Return After Taxes on Distributions and Sale of Shares” may be higher than the other return figures for the same period. <span id="xdx_90D_eoef--PerformanceTableExplanationAfterTaxHigher_c20260707__20260707__dei--LegalEntityAxis__custom--S000092118Member_zv3DrLZZqOSh">A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts. A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. FUND SUMMARY—TRUESHARES EAGLE GLOBAL NEXT GEN POWER INFRASTRUCTURE ETF Investment Objective <p id="xdx_A83_eoef--ObjectivePrimaryTextBlock_zUnJ4xT8MRQj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The TrueShares Eagle Global Next Gen Power Infrastructure ETF (the “Fund”) seeks long-term growth of capital.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Fees and Expenses of the Fund <p id="xdx_A8C_eoef--ExpenseNarrativeTextBlock_zAjeUprRY939" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div></div> Shareholder Fees (fees paid directly from your investment) None Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A8D_eoef--AnnualFundOperatingExpensesTableTextBlock_zum3lRloDQql"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_z2UYIEwyJ6U2" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td id="xdx_492_20260707__20260707__oef--ClassAxis__custom--C000260045Member_zTDES8SVDHs1" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zAyd68DstbM7"> <td style="width: 85%; padding-right: 5.4pt; padding-left: 9pt"><span style="font-size: 10pt">Management Fee</span></td> <td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 10pt">0.75%</span></td></tr> <tr id="xdx_404_eoef--DistributionAndService12b1FeesOverAssets_dpn_zOwpKiOjTcZd"> <td style="padding-right: 5.4pt; padding-left: 9pt"><span style="font-size: 10pt">Distribution and/or Service (12b-1) Fees</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_40D_eoef--OtherExpensesOverAssets_dpn_ziTSoE0Jnpm4"> <td style="padding-right: 5.4pt; padding-left: 9pt"><span style="font-size: 10pt">Other Expenses</span></td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_407_eoef--ExpensesOverAssets_dpn_zK8Shh3HOvgi"> <td style="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"><b>Total Annual Fund Operating Expenses</b></span></td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 10pt"><b>0.75%</b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 0.0075 0.0000 0.0000 0.0075 Expense Example <p id="xdx_A8B_eoef--ExpenseExampleNarrativeTextBlock_zoo31NXTb6Dl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">  </p> <div></div> <div id="xdx_A8D_eoef--ExpenseExampleWithRedemptionTableTextBlock_zFBZ5K8EybR5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zem53OyU4sYg" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td id="xdx_488_eoef--ExpenseExampleYear01_zXXgVUvEjybk" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 25%; padding-top: 1.55pt; padding-left: 6.8pt; text-align: center"><span style="font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_485_eoef--ExpenseExampleYear03_z99eDX2FqoFb" style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 25%; padding-top: 1.55pt; padding-left: 0.1in; text-align: center"><span style="font-size: 10pt"><b>3 Years</b></span></td> <td id="xdx_48F_eoef--ExpenseExampleYear05_z6y5Jd3sJzha" style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 25%; padding-top: 1.55pt; padding-left: 2pt; text-align: center"><span style="font-size: 10pt"><b>5 Years</b></span></td> <td id="xdx_484_eoef--ExpenseExampleYear10_zBaFpDYofEF1" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; padding-top: 1.55pt; padding-left: 2.45pt; text-align: center"><span style="font-size: 10pt"><b>10 Years</b></span></td></tr> <tr id="xdx_41B_oef--ClassAxis_custom--C000260045Member_zSFvY96XthP2" style="vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 1.5pt; padding-right: 0.05pt; padding-left: 6.8pt; text-align: center"><span style="font-size: 10pt">$77</span></td> <td style="border-bottom: black 1pt solid; padding-top: 1.5pt; padding-right: 0.1pt; padding-left: 0.1in; text-align: center"><span style="font-size: 10pt">$240</span></td> <td style="border-bottom: black 1pt solid; padding-top: 1.5pt; padding-right: 0.1pt; padding-left: 2pt; text-align: center"><span style="font-size: 10pt">$417</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 1.5pt; padding-right: 0.1pt; padding-left: 2.45pt; text-align: center"><span style="font-size: 10pt">$930</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 77 240 417 930 Portfolio Turnover <p id="xdx_A8C_eoef--PortfolioTurnoverTextBlock_zQeCbxSPHxwh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in the Total Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. For the fiscal year ended December 31, 2025, the Fund’s portfolio turnover rate was <span id="xdx_900_eoef--PortfolioTurnoverRate_dp_c20260707__20260707__dei--LegalEntityAxis__custom--S000092122Member_z3ij2p0Cl8c6">76</span>% of the average value of its portfolio.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 0.76 Principal Investment Strategies of the Fund <p id="xdx_A87_eoef--StrategyNarrativeTextBlock_zZwcvCpbLYEb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_900_eoef--StrategyPortfolioConcentration_c20260707__20260707__dei--LegalEntityAxis__custom--S000092122Member_zh0kDsmS2kXe">The Fund is an actively managed exchange-traded fund (“ETF”) that invests, under market conditions, at least 80% of its net assets, plus borrowings for investment purposes, in companies focused on Next Gen Power Infrastructure.</span> The Fund considers a company focused on “Next Gen Power Infrastructure” if it derives at least 50% of its revenues or profits from the development, operation, ownership, financing, or maintenance of assets, systems, and/or services that support the generation, production, transmission, distribution, storage, management, or sale of next gen power (e.g., solar, wind, biofuels, natural gas, hydro, nuclear, and geothermal). The Fund also considers a company focused on “Next Gen Power Infrastructure” if it has demonstrated a significant commitment to transitioning toward or investing in Next Gen Power Infrastructure. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The goal of the Fund is to identify and invest in innovative, renewable, or scalable solutions to meet the burgeoning power demands of industries across the globe. The Next Gen Power Infrastructure companies in which the Fund invests may range from small- to large-capitalization companies. The Fund’s investments include equity securities of domestic and foreign Next Gen Power Infrastructure companies, as well as American Depository Receipts (“ADRs”) and Global Depository Receipts (“GDRs”) of Next Gen Power Infrastructure companies. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Eagle Global Advisors, LLC (the “Sub-Adviser”), the Fund’s investment sub-adviser, selects investments for the Fund’s portfolio from a universe of Next Gen Power Infrastructure companies by utilizing a fundamentally-driven investment process which includes the analysis of global macro-economic and geo-political factors, fundamental company analysis, internal valuation methods, and the projected rate of return from the investment given its expected level of risk.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Sub-Adviser may sell a security when it no longer meets the criteria for inclusion in the Fund’s investment universe, when the security has not met or exceeded its projected rate of return or when a more attractive investment becomes available.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is non-diversified and therefore may invest a larger percentage of its assets in the securities of a single issuer or smaller number of issuers than diversified funds. The Fund concentrates (<i>i.e.</i>, hold more than 25% of its total assets) in the securities of companies in the Utilities Industry Group within the Utilities Sector, as classified by the Global Industry Classification Standard.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under normal market conditions, the Fund invests at least 40% of its assets in the securities of issuers that are tied economically to a number of countries throughout the world, excluding the United States.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund anticipates significant investment exposure to Next Gen Power Infrastructure Companies, the securities of which are issued and listed in Europe.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> The Fund is an actively managed exchange-traded fund (“ETF”) that invests, under market conditions, at least 80% of its net assets, plus borrowings for investment purposes, in companies focused on Next Gen Power Infrastructure. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zaM4nGVwPJ2a"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"> </td> <td style="width: 32px"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><b>Foreign Securities Risk. </b>Investments in non-U.S. securities involve certain risks that may not be present with investments in U.S. securities. These include risks of adverse changes in foreign economic, political, regulatory and other conditions, or changes in currency exchange rates or exchange control regulations (including limitations on currency movements and exchanges). The securities of some foreign companies may be less liquid and, at times, more volatile than securities of comparable U.S. companies. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Non-U.S. issuers may be subject to different accounting, auditing, financial reporting and investor protection standards than U.S. issuers. Investments in non-U.S. securities also may be subject to withholding or other taxes and may be subject to additional trading, settlement, custodial, and operational risks. With respect to certain countries, there is the possibility of government intervention and expropriation or nationalization of assets. Because legal systems differ, there also is the possibility that it will be difficult to obtain or enforce legal judgments in certain countries. Since foreign exchanges may be open on days when the Fund does not price its shares, the value of the securities in the Fund’s portfolio may change on days when shareholders will not be able to purchase or sell the Fund’s shares. Conversely, Shares may trade on days when foreign exchanges are closed. Each of these factors can make investments in the Fund more volatile and potentially less liquid than other types of investments.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <div></div> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--AssociatedRiskOfInvestingInNextGenPowerInfrastructureCompaniesMember_zfty2tcgaax1"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"> </td> <td style="width: 32px"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><b>Associated Risk of Investing in Next Gen Power Infrastructure Companies.</b> Next Gen Power Infrastructure companies operate in a highly regulated, capital-intensive industry and may be affected by changes in government policies, permitting and siting requirements, and evolving market and rate structures. Their revenues and asset values are influenced by electricity prices, demand levels, fuel and input costs, and the availability, performance, and reliability of generation, transmission, and related infrastructure. These investments may be subject to operational and development risks, including construction delays, cost overruns, supply chain constraints, and counterparty exposure, as well as environmental and weather-related impacts. In addition, the sector is exposed to technological change, competitive dynamics, and uncertainty in long-term electricity demand, which may result in increased volatility and variability in cash flows and returns. </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.8pt; text-align: justify">The electricity produced and revenues generated by a power generation facility, including solar electric or wind energy, is highly dependent upon suitable weather conditions. These assets may not be able to operate in extreme weather conditions, such as during a severe freeze. Furthermore, components used in the generation of power could be damaged by severe weather, such as hailstorms or tornadoes. In addition, replacement and spare parts for key components may be difficult or costly to acquire or may be unavailable. Unfavorable weather and atmospheric conditions could impair the effectiveness of assets or reduce their output beneath their rated capacity or require shutdown of key equipment, impeding operation of power generation assets. Actual climatic conditions at a facility site, particularly wind conditions, may not conform to the historical findings and, therefore, power generation companies may not meet anticipated production levels or the rated capacity of the generation assets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.8pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.8pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.8pt; text-align: justify">A portion of revenues from investments in next gen power infrastructure assets will be tied, either directly or indirectly, to the wholesale market price for electricity in the markets served. Wholesale market electricity prices are impacted by a number of factors including: the price of fuel (<i>e.g.</i>, natural gas) that is used to generate electricity; the cost and management of generation and the amount of excess generating capacity relative to load in a particular market; and conditions (such as extremely hot or cold weather) that impact electrical system demand. Owners of next gen power infrastructure assets may attempt to secure fixed prices for their production through the use of financial hedges; but may not be able to deliver power to collect such fixed price, rendering those hedges ineffective or creating economic losses for renewable infrastructure assets. In addition, there is uncertainty surrounding the trend in electricity demand growth, which is influenced by macroeconomic conditions; absolute and relative energy prices; and energy conservation and demand management. This volatility and uncertainty in power markets could have a material adverse effect on the assets, liabilities, financial condition, operations and/or cash flow of the Next Gen Power Infrastructure companies in which the Fund invests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.8pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <div></div> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashAndCashEquivalentsRiskMember_zr3rX7Fexcg2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"> </td> <td style="width: 32px"><span style="font-size: 10pt"><b>●</b></span></td> <td><span style="font-size: 10pt"><b>Cash and Cash Equivalents Risk.</b> Holding cash or cash equivalents rather than securities or other instruments in which the Fund primarily invests, even strategically, may cause the Fund to risk losing opportunities to participate in market appreciation, and may cause the Fund to experience potentially lower returns than the Fund’s benchmark or other funds that remain fully invested. </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <div></div> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zvALFOUGtrz5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"> </td> <td style="width: 32px"><span style="font-size: 10pt">●</span></td> <td><span style="font-size: 10pt"><b>Concentration Risk. </b>The Fund intends to concentrate its investments in the Utilities Industry Group within the Utilities Sector.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <div></div> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--UtilitiesIndustryGroupRiskMember_zZzzRscFWvNh"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 48px"> </td> <td style="width: 24px"><span style="font-size: 10pt">○</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><i>Utilities Industry Group Risk.</i> As a result of the Fund’s concentration in the Utilities Industry Group, the Fund will be more susceptible to the risks associated with that industry group than a fund that does not concentrate its investments. The Utilities Industry Group includes utility companies such as electric, gas and water utilities. It also includes independent power producers and energy traders and companies that engage in generation and distribution of electricity using renewable sources. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting companies in the Utilities Industry Group. The prices of the securities of companies operating in the Utilities Industry Group are closely tied to government regulation and market competition and may be affected by supply and demand, consumer incentives, operating costs, government regulation, environmental factors, liabilities for environmental damage and general civil liabilities, and rate caps or rate changes, among other factors.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <div></div> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyExchangeRateRiskMember_z5Nny1cyT1Dk"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"> </td> <td style="width: 32px"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><b>Currency Exchange Rate Risk. </b>The Fund may invest in investments denominated in non-U.S. currencies or in securities that provide exposure to such currencies. Changes in currency exchange rates and the relative value of non-U.S. currencies will affect the value of the Fund’s investment and the value of your Shares. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment in the Fund may change quickly and without warning and you may lose money.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <div></div> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptsRiskMember_zXj7MNcn68H2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"> </td> <td style="width: 32px"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><b>Depositary Receipts Risk.</b> ADRs and GDRs are certificates evidencing ownership of shares of a foreign issuer and are alternatives to directly purchasing the underlying foreign securities in their national markets and currencies. However, they continue to be subject to many of the risks associated with investing directly in foreign securities. These risks include the social, political and economic risks of the underlying issuer’s country, as well as in the case of depositary receipts traded on non-U.S. markets, exchange risk. Issuers of unsponsored ADRs are not contractually obligated to disclose material information in the U.S., so there may not be a correlation between such information and the market value of the unsponsored ADR.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <div></div> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityMarketRiskMember_zB3fOTC5mVF9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"> </td> <td style="width: 32px"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><b>Equity Market Risk. </b>The equity securities held in the Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, sectors or companies in which the Fund invests. Common stocks are generally exposed to greater risk than other types of securities, such as preferred stocks and debt obligations, because common stockholders generally have inferior rights to receive payment from issuers.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <div></div> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zMu5vV2cpwc5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"> </td> <td style="width: 32px"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><b>ETF Risks.</b> The Fund is an ETF and, as a result of its structure, it is exposed to the following risks:</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_za7ZBRDGbC7e"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 72px"> </td> <td style="width: 24px"><span style="font-size: 10pt">○</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><i>Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk.</i> The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. Shares may trade at a material discount to NAV and possibly face delisting if either: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <div></div> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesRiskMember_zq3QrelN9x77"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 72px"> </td> <td style="width: 24px"><span style="font-size: 10pt">○</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><i>Costs of Buying or Selling Shares Risk.</i> Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <div></div> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNAVRiskMember_zdenN6rTX592"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 72px"> </td> <td style="width: 24px"><span style="font-size: 10pt">○</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><i>Shares May Trade at Prices Other Than NAV Risk. </i>As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant. Because securities held by the Fund may trade on foreign exchanges that are closed when the Fund’s primary listing exchange is open, the Fund is likely to experience premiums or discounts greater than those of ETFs that invest in and hold only securities and other investments that are listed and trade in the U.S.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <div></div> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingRiskMember_znq7IeWyI23f"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 72px"> </td> <td style="width: 24px"><span style="font-size: 10pt">○</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><i>Trading Risk.</i> Although Shares are listed for trading on the Cboe BZX Exchange, Inc. (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than the Shares.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <div></div> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeographicInvestmentRiskMember_z78ytQ0zDev9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"> </td> <td style="width: 32px"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><b>Geographic Investment Risk.</b> To the extent that the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region. For example, political, social and economic conditions, currency developments or restrictions, and changes in regulatory, tax, or economic policy in a country could significantly affect the market in that country and in surrounding or related countries and have a negative impact on the Fund’s performance.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <div></div> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--EuropeSpecificRiskMember_zQzP44KkoBW"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 72px"> </td> <td style="width: 24px"><span style="font-size: 10pt">○</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><i>Europe-Specific Risk.</i> The economies and markets of European countries are often closely connected and interdependent, and events in one country in Europe can have an adverse impact on other European countries. The Fund makes investments in securities of issuers that are domiciled in, or have significant operations in, member countries of the European Union (the “EU”) that are subject to economic and monetary controls that can adversely affect the Fund’s investments. The European financial markets have experienced volatility and adverse trends in recent years and these events have adversely affected the exchange rate of the euro and may continue to significantly affect other European countries. Decreasing imports or exports, changes in governmental or EU regulations on trade, changes in the exchange rate of the euro, the default or threat of default by an EU member country on its sovereign debt, and/or an economic recession in an EU member country may have a significant adverse effect on the economies of EU member countries and their trading partners, including some or all of the European countries in which the Fund invests.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The United Kingdom (“UK”) formally withdrew from the EU on January 31, 2020 (commonly referred to as “Brexit”) and entered an 11-month transition period, which concluded on December 31, 2020, with the UK leaving the EU single market and customs union under the terms of a new trade agreement. The agreement governs the new relationship between the UK and EU with respect to trading goods and services, but critical aspects of the relationship remain unresolved and subject to further negotiation and agreement. Certain aspects of Brexit have had an adverse impact on the region, leading to increased inflation, labor shortages and business closures, among others. There is still considerable uncertainty relating to the potential consequences associated with the UK’s exit and whether its exit will increase the likelihood of other countries also departing the EU. Any exits from the EU, or the possibility of such exits, may have a significant impact on the UK, Europe, and global economies, which may result in increased volatility and illiquidity, new legal and regulatory uncertainties and potentially lower economic growth for these economies that could potentially have an adverse effect on the value of the Fund’s investments. In addition, the UK has been a target of terrorism in the past. Acts of terrorism in Europe or the UK or against such countries’ interests abroad may cause uncertainty in the European or UK financial markets and adversely affect the performance of the issuers to which the Fund has exposure.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"></p> <div></div> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zDdTNCVhTGJl"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"> </td> <td style="width: 32px"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><b>Management Risk.</b> The Fund is actively-managed and may not meet its investment objective based on the Adviser’s and Sub-Adviser’s success or failure to implement investment strategies for the Fund. In particular, the Adviser’s and Sub-Adviser’s evaluations and assumptions regarding global energy needs, the development of energy technologies, the effectiveness and marketability of such technologies, and other factors may not successfully achieve the Fund’s investment objective given actual market conditions.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <div></div> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketCapitalizationRiskMember_zV700kkBnq24"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"> </td> <td style="width: 32px"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><b>Market Capitalization Risk.</b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <div></div> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationInvestingRiskMember_ze4pO0UCbs69"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 72px"> </td> <td style="width: 24px"><span style="font-size: 10pt">○</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><i>Large-Capitalization Investing Risk.</i> The securities of large-capitalization companies may be relatively mature compared to smaller companies and, therefore, subject to slower growth during times of economic expansion. Large-capitalization companies also may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <div></div> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidCapitalizationInvestingRiskMember_zJSkc25neBtg"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 72px"> </td> <td style="width: 24px"><span style="font-size: 10pt">○</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><i>Mid-Capitalization Investing Risk.</i> The securities of mid-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large-capitalization companies. The securities of mid-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large-capitalization stocks or the stock market as a whole.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <div></div> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallCapitalizationInvestingRiskMember_zsa4gLsKSWd1"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 72px"> </td> <td style="width: 24px"><span style="font-size: 10pt">○</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><i>Small-Capitalization Investing Risk.</i> The securities of small-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large- or mid-capitalization companies. The securities of small-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large- or mid-capitalization stocks or the stock market as a whole. There is typically less publicly available information concerning smaller-capitalization companies than for larger, more established companies.</span></td></tr> </table> <div></div> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zaXYp4f0JpF8"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"> </td> <td style="width: 32px"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><b>Market Risk. </b>The trading prices of securities and other instruments fluctuate in response to a variety of factors. These factors include events impacting the entire market or specific market segments, such as political, market and economic developments, as well as events that impact specific issuers. The Fund’s NAV and market price, like security and commodity prices generally, may fluctuate significantly in response to these and other factors. As a result, an investor could lose money over short or long periods of time. U.S. and international markets have experienced significant periods of volatility in recent years due to a number of these factors, including growth concerns in the U.S. and overseas, uncertainties regarding interest rates, trade tensions, and the threat of and/or actual imposition of tariffs by the U.S. and other countries. In addition, local, regional or global events such as war, including Russia’s invasion of Ukraine, acts of terrorism, recessions, rising inflation, or other events could have a significant negative impact on the Fund and its investments. These developments as well as other events could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <div></div> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zxpxPwSeYfOg"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"> </td> <td style="width: 32px"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><b>Non-Diversification Risk.</b> Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a lesser number of issuers than if it was a diversified fund. As a result, the Fund may be more exposed to the risks associated with and developments affecting an individual issuer or a lesser number of issuers than a fund that invests more widely. This may increase the Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on the Fund’s performance.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> Performance <p id="xdx_A86_eoef--PerformanceNarrativeTextBlock_zyTZ0fwfnij7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund acquired all of the assets and liabilities of the TrueShares Eagle Global Renewable Energy Income ETF, a series of Listed Funds Trust (the “Predecessor Fund”), in a tax-free reorganization on June 13, 2025. In connection with this acquisition, shares of the Predecessor Fund were exchanged for shares of the Fund. The Predecessor Fund had an investment objective and strategies that were, in all material respects, the same as those of the Fund, and was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund. The Fund is a continuation of the Predecessor Fund, and therefore, the performance information includes the performance of the Predecessor Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_901_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260707__20260707__dei--LegalEntityAxis__custom--S000092122Member_ziVPY9UsCw7f">The performance information presented below provides some indication of the risks of investing in the Fund by showing how the Fund’s performance can change from year to year and over time.</span> The bar chart below shows the Fund’s performance for the calendar years ended December 31. The table illustrates how the Fund’s average annual returns for the one year and since inception periods compare with those of the MSCI World Net USD Index, a broad measure of market performance, and the S&amp;P Global Infrastructure Total Return Index, a supplemental index. <span id="xdx_90E_eoef--PerformancePastDoesNotIndicateFuture_c20260707__20260707__dei--LegalEntityAxis__custom--S000092122Member_z35GC4TnbTmf">The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future.</span> Updated performance information is available on the Fund’s website at <span id="xdx_903_eoef--PerformanceAvailabilityWebSiteAddress_c20260707__20260707__dei--LegalEntityAxis__custom--S000092122Member_zK406Batwx8i">www.True-Shares.com</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> The performance information presented below provides some indication of the risks of investing in the Fund by showing how the Fund’s performance can change from year to year and over time. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. www.True-Shares.com <div id="xdx_A89_eoef--BarChartTableTextBlock_z9OyQkkU2AAk"></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red"><img alt="" src="paralel003.jpg" style="height: 228px; width: 380px"/></p> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A58_dU_zIBoJotUfpXh" style="display: none; visibility: hidden; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Total Returns"> <tr> <td style="font: 11pt Aptos Narrow; vertical-align: top; text-align: left; width: 78%">2023</td> <td id="xdx_981_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000260045Member_za7MgcdbyBRd" style="font: 11pt Aptos Narrow; vertical-align: bottom; text-align: right; width: 22%">-4.65%</td></tr> <tr> <td style="font: 11pt Aptos Narrow; vertical-align: top; text-align: left">2024</td> <td id="xdx_98A_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000260045Member_zjJ2GICiQNYj" style="font: 11pt Aptos Narrow; vertical-align: bottom; text-align: right">-7.30%</td></tr> <tr> <td style="font: 11pt Aptos Narrow; vertical-align: top; text-align: left">2025</td> <td id="xdx_98A_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000260045Member_zjJ2GICiQNYk" style="font: 11pt Aptos Narrow; vertical-align: bottom; text-align: right">36.19%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red"> </p> -0.0465 -0.0730 0.3619 <p id="xdx_A8B_eoef--BarChartClosingTextBlock_zgTCWoMJbSeb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the period of time shown in the bar chart, the <span id="xdx_90A_eoef--HighestQuarterlyReturnLabel_c20260707__20260707__dei--LegalEntityAxis__custom--S000092122Member_zyudFHq727J7">highest quarterly return</span> was <span id="xdx_908_eoef--BarChartHighestQuarterlyReturn_dp_c20260707__20260707__dei--LegalEntityAxis__custom--S000092122Member_zakZetNAehSl">14.49</span>% for the quarter ended <span id="xdx_900_eoef--BarChartHighestQuarterlyReturnDate_dd_c20260707__20260707__dei--LegalEntityAxis__custom--S000092122Member_z5QxBpB6dJIg">September 30, 2024</span> and the <span id="xdx_901_eoef--LowestQuarterlyReturnLabel_c20260707__20260707__dei--LegalEntityAxis__custom--S000092122Member_zqLh00J2LnR6">lowest quarterly return</span> was <span id="xdx_902_eoef--BarChartLowestQuarterlyReturn_dp_c20260707__20260707__dei--LegalEntityAxis__custom--S000092122Member_zA4bDmkafbD">-16.66</span>% for the quarter ended <span id="xdx_901_eoef--BarChartLowestQuarterlyReturnDate_dd_c20260707__20260707__dei--LegalEntityAxis__custom--S000092122Member_zik313lXe172">December 31, 2024</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> highest quarterly return 0.1449 2024-09-30 lowest quarterly return -0.1666 2024-12-31 Average Annual Total Returns (for the Periods Ended December 31, 2025)  <div id="xdx_A84_eoef--PerformanceTableTextBlock_zPwlh0jSWaX1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zcqLwah7soEj" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="width: 62%"> </td> <td id="xdx_494_20250101__20251231_zobS78wh5Mxg" style="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; width: 12%"><span style="font-size: 10pt"><b><span style="text-decoration: underline">One Year</span></b></span></td> <td style="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; width: 1%"> </td> <td id="xdx_491_20221208__20251231_zBLVrMbVc6qa" style="padding-top: 10pt; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; width: 25%"><span style="font-size: 10pt"><b>Since Inception</b></span><br/> <span style="font-size: 10pt"><b><span style="text-decoration: underline">(<span id="xdx_90B_eoef--PerfInceptionDate_dd_c20221208__20251231__oef--ClassAxis__custom--C000260045Member_zOYzLjpoKuOl">12/8/2022</span>)</span></b></span></td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000260045Member_zzqvMpT4Asdk" style="vertical-align: bottom; background-color: #DBDBDB"> <td style="padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify"><span style="font-size: 10pt">Return Before Taxes</span></td> <td style="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center"><span style="font-size: 10pt">36.19%</span></td> <td style="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center"> </td> <td style="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center"><span style="font-size: 10pt">5.95%</span></td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000260045Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zOzyR1b4vKB1" style="vertical-align: bottom; background-color: white"> <td style="padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify"><span style="font-size: 10pt">Return After Taxes on Distributions</span></td> <td style="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center"><span style="font-size: 10pt">35.99%</span></td> <td style="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center"> </td> <td style="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center"><span style="font-size: 10pt">5.99%</span></td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000260045Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zwkJ9M6sId4h" style="vertical-align: bottom; background-color: #DBDBDB"> <td style="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify"><span style="font-size: 10pt">Return After Taxes on Distributions and Sale of Fund Shares</span></td> <td style="border-bottom: black 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center"><span style="font-size: 10pt">22.24%</span></td> <td style="border-bottom: black 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center"> </td> <td style="border-bottom: black 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center"><span style="font-size: 10pt">5.09%</span></td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_hoef--PerformanceMeasureAxis__custom--MSCIWorldNetUSDIndexMember_zQagLhyTF7O9" style="vertical-align: bottom; background-color: #DBDBDB"> <td style="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>MSCI World Net USD Index </b> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_901_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260707__20260707__dei--LegalEntityAxis__custom--S000092122Member_zrFzyyeOAj5j">(reflects no deduction for fees, expenses, or taxes) </span> </p></td> <td style="border-bottom: black 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center"><span style="font-size: 10pt">21.09%</span></td> <td style="border-bottom: black 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center"> </td> <td style="border-bottom: black 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center"><span style="font-size: 10pt">19.71%</span></td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_hoef--PerformanceMeasureAxis__custom--SAndPGlobalInfrastructureTotalReturnIndexMember_z02P4jaLrs19" style="background-color: white"> <td style="border-bottom: black 1pt solid; vertical-align: bottom; padding-right: 2.65pt; padding-left: 2.65pt"><span style="font-size: 10pt"><b>S&amp;P Global Infrastructure Total Return Index</b></span><br/> <span style="font-size: 10pt">(reflects no deductions for fees, expenses, or taxes)</span></td> <td style="border-bottom: black 1pt solid; vertical-align: top; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center"><span style="font-size: 10pt">22.58%</span></td> <td style="border-bottom: black 1pt solid; vertical-align: top; padding-right: 0.75pt; padding-left: 2.65pt"> </td> <td style="border-bottom: black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 10pt">13.73%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 2022-12-08 0.3619 0.0595 0.3599 0.0599 0.2224 0.0509 (reflects no deduction for fees, expenses, or taxes)  0.2109 0.1971 0.2258 0.1373 <p id="xdx_A8C_eoef--PerformanceTableClosingTextBlock_z4ijIlbYcX1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_903_eoef--PerformanceTableUsesHighestFederalRate_c20260707__20260707__dei--LegalEntityAxis__custom--S000092122Member_zuna8B9noANf">After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes.</span> Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. <span id="xdx_904_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260707__20260707__dei--LegalEntityAxis__custom--S000092122Member_zwAjbw5VHHz9">After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts</span>. In certain cases, the figure representing “Return After Taxes on Distributions and Sale of Shares” may be higher than the other return figures for the same period. <span id="xdx_903_eoef--PerformanceTableExplanationAfterTaxHigher_c20260707__20260707__dei--LegalEntityAxis__custom--S000092122Member_zntQz8qVqDRc">A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. Total Annual Fund Operating Expenses have been restated to reflect current fees. Effective July 9, 2026, the management fee was lowered from 0.70% the Fund’s average daily net assets to 0.40% of the Fund’s average daily net assets. The Fund's adviser has contractually agreed, through at least July 9, 2027, to waive its management fee to 0.59% of the Fund's average daily net assets. This agreement may be terminated only by the Trust’s Board of Trustees on 60 days’ written notice to the Fund’s adviser.