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shareholder report</span> contains important information about the Nicholas Crypto Income ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span id="xdx_904_eoef--AddlInfoWebsite_c20251101__20260430__oef--ClassAxis__custom--C000261287Member_zNrPeQyxpvVd">www.nicholasx.com/blox/</span>. You can also request this information by contacting us at <span id="xdx_90E_eoef--AddlInfoPhoneNumber_c20251101__20260430__oef--ClassAxis__custom--C000261287Member_zLpWu4xgcvd4">(855) 563-6900</span> or by writing to the Nicholas Crypto Income ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701. www.nicholasx.com/blox/ (855) 563-6900 <p id="xdx_80C_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000261287Member_dD_zdNerIOMvom3" style="font: bold 11pt/1.4 Gotham Narrow-Bold,Arial,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; line-height: 11pt">What were the Fund costs for the past six months?</p> <p style="font: normal 10pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; line-height: 11pt"><span style="box-sizing: border-box; font-size: 9pt">(based on a hypothetical $10,000 investment)</span></p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Class Name</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs of a $10,000 investment</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span></div></th></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_901_eoef--ClassName_c20251101__20260430__oef--ClassAxis__custom--C000261287Member_zsMuiKWdSdI">Nicholas Crypto Income ETF</span></span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$<span id="xdx_902_eoef--ExpensesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000261287Member_zT01UFA8G9Lf">43</span></span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_900_eoef--ExpenseRatioPct_dp_c20251101__20260430__oef--ClassAxis__custom--C000261287Member_z4DRuAPGRSLf">0.99</span>%</span></div></td></tr> </table></div></div></div> <p style="font: normal 8pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 2pt 0 4pt; text-align-last: auto; display: block; min-height: 14.93px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Costs paid as a percentage of a $10,000 investment is an annualized figure.</p> Nicholas Crypto Income ETF 43 0.0099 <p id="xdx_80C_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000261287Member_dD_zheWoRjL5Oa2" style="font: bold 13pt/1.4 Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: normal 10pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 0 0 3pt; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span></p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0; margin-bottom: 1pt"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$<span id="xdx_905_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000261287Member_z8Hi8T5kGzM1">270,710</span></span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_909_eoef--HoldingsCount_iI_pn3n3_uHoldings_c20260430__oef--ClassAxis__custom--C000261287Member_zJzBhPVTXPy2">87</span></span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Total Advisory Fee</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$<span id="xdx_909_eoef--AdvisoryFeesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000261287Member_z8LGXlCELNN7">1,088,625</span></span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Portfolio Turnover</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_904_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20251101__20260430__oef--ClassAxis__custom--C000261287Member_zadzT9MNYDG7">234</span>%</span></div></td></tr> </table></div></div></div> 270710000 87000 1088625 2.34 <p id="xdx_801_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000261287Member_dD_zohv1pEI7Xfc" style="font: bold 13pt/1.4 Gotham Narrow-Bold,Arial,Arial; margin: 8pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments</p> <p style="font: normal 10pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Total Net Assets)</span></p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Financials</div></td> <td style="box-sizing: border-box"> <div id="xdx_98E_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000261287Member__oef--IndustrySectorAxis__us-gaap--FinancialServicesSectorMember_zSp9UaQFnJff" style="box-sizing: border-box; text-align-last: auto">33.4%</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Exchange Traded Funds</div></td> <td style="box-sizing: border-box"> <div id="xdx_988_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000261287Member__oef--IndustrySectorAxis__us-gaap--ExchangeTradedFundsMember_zVTAydsPJMCe" style="box-sizing: border-box; text-align-last: auto">26.6%</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Technology</div></td> <td style="box-sizing: border-box"> <div id="xdx_98A_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000261287Member__oef--IndustrySectorAxis__us-gaap--TechnologySectorMember_zkFEGVefOsi6" style="box-sizing: border-box; text-align-last: auto">17.3%</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Options</div></td> <td style="box-sizing: border-box"> <div id="xdx_985_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000261287Member__oef--IndustrySectorAxis__custom--OptionsMember_z7TtHPYTiaY4" style="box-sizing: border-box; text-align-last: auto">5.3%</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Cash &amp; Cash Equivalents</div></td> <td style="box-sizing: border-box"> <div id="xdx_981_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000261287Member__oef--IndustrySectorAxis__us-gaap--CashAndCashEquivalentsMember_zjPzDlYChpyf" style="box-sizing: border-box; text-align-last: auto">17.4%</div></td></tr> </table></div></div><img alt="bar" src="qes1wcrd1mqzyw6dv.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/></div></div></div> <p style="font: normal 8pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="font: normal 8pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 0 0 2pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span></p> <p style="font: normal 8pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 29.87px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box">Percentages are based on total net assets. Cash &amp; Cash Equivalents represents short-term investments and other assets in excess of liabilities.</span></p> 0.334 0.266 0.173 0.053 0.174 <div id="xdx_80B_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000261287Member_dD_zQnMTXraCjSj" style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: bold 18pt/1.4 Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.59px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: normal 10pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span></p></div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 13pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Top Holdings</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 13pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">(% of Net Assets)</span></div></th></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">First American Government Obligations Fund - Class X, 3.58%</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_901_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000261287Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX358Member_zDhP2w9NoRD8">13.5</span></span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">VanEck Bitcoin ETF/US - Class ExchangeTradedProduct</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000261287Member__oef--LargestHoldingAxis__custom--VanEckBitcoinEtfUsClassExchangeTradedProductMember_znNMScB19cDh" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">9.8</span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Taiwan Semiconductor Manufacturing Co. Ltd., ADR</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_980_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000261287Member__oef--LargestHoldingAxis__custom--TaiwanSemiconductorManufacturingCoLtdADRMember_zjvz7u7L3oM3" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">7.8</span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Hut 8 Corp.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_983_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000261287Member__oef--LargestHoldingAxis__custom--Hut8CorpMember_zVlsM0kVn1of" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">7.4</span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">iShares Ethereum Trust ETF</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98A_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000261287Member__oef--LargestHoldingAxis__custom--ISharesEthereumTrustETFMember_z3tgAr6X9vUl" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">7.3</span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Galaxy Digital, Inc. - Class A</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_988_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000261287Member__oef--LargestHoldingAxis__custom--GalaxyDigitalIncClassAMember_zfPWGY0VMBN9" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">6.6</span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Cipher Digital, Inc.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000261287Member__oef--LargestHoldingAxis__custom--CipherDigitalIncMember_zTifCX9JqAxa" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">6.2</span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">NVIDIA Corp.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000261287Member__oef--LargestHoldingAxis__custom--NVIDIACorpMember_zPO41TgaXVed" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">5.7</span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Nicholas Bitcoin and Treasuries AfterDark ETF</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000261287Member__oef--LargestHoldingAxis__custom--NicholasBitcoinandTreasuriesAfterDarkETFMember_z6ZDxsJ2JIvl" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4.8</span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Nicholas Bitcoin Tail ETF</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000261287Member__oef--LargestHoldingAxis__custom--NicholasBitcoinTailETFMember_zygSDEa6el1i" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4.6</span></div></td></tr> </table></div></div></div> <p style="font: normal 10pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 2pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span></p> <p style="font: normal 10pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span></p></div> 0.135 0.098 0.078 0.074 0.073 0.066 0.062 0.057 0.048 0.046 Nicholas Fixed Income Alternative ETF FIAX NYSEArca This <span id="xdx_90D_eoef--ShareholderReportAnnualOrSemiAnnual_c20251101__20260430__oef--ClassAxis__custom--C000239025Member_zWKAp6NZ281h">semi-annual shareholder report</span> contains important information about the Nicholas Fixed Income Alternative ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span id="xdx_904_eoef--AddlInfoWebsite_c20251101__20260430__oef--ClassAxis__custom--C000239025Member_zfmozZjwleL1">www.nicholasx.com/fiax/</span>. You can also request this information by contacting us at <span id="xdx_90E_eoef--AddlInfoPhoneNumber_c20251101__20260430__oef--ClassAxis__custom--C000239025Member_zctO1lg8bdN8">(855) 563-6900</span> or by writing to the Nicholas Fixed Income Alternative ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701. www.nicholasx.com/fiax/ (855) 563-6900 <p id="xdx_80C_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000239025Member_dD_zk9MpcLrVnOg" style="font: bold 11pt/1.4 Gotham Narrow-Bold,Arial,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; line-height: 11pt">What were the Fund costs for the past six months?</p> <p style="font: normal 10pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; line-height: 11pt"><span style="box-sizing: border-box; font-size: 9pt">(based on a hypothetical $10,000 investment)</span></p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Class Name</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs of a $10,000 investment</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span></div></th></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_901_eoef--ClassName_c20251101__20260430__oef--ClassAxis__custom--C000239025Member_zHh6Z9wIGztl">Nicholas Fixed Income Alternative ETF</span></span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$<span id="xdx_902_eoef--ExpensesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000239025Member_zK8Yt2vTWVWf">43</span></span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_900_eoef--ExpenseRatioPct_dp_c20251101__20260430__oef--ClassAxis__custom--C000239025Member_zDdh7Z5JktJd">0.86</span>%</span></div></td></tr> </table></div></div></div> <p style="font: normal 8pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 2pt 0 4pt; text-align-last: auto; display: block; min-height: 14.93px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Costs paid as a percentage of a $10,000 investment is an annualized figure.</p> Nicholas Fixed Income Alternative ETF 43 0.0086 <p id="xdx_80C_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000239025Member_dD_zoCmB5o1ZyVa" style="font: bold 13pt/1.4 Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: normal 10pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 0 0 3pt; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span></p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0; margin-bottom: 1pt"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$<span id="xdx_905_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000239025Member_zRBsajPEfvNf">134,858</span></span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_909_eoef--HoldingsCount_iI_pn3n3_uHoldings_c20260430__oef--ClassAxis__custom--C000239025Member_zMHKJYYXacci">14</span></span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Total Advisory Fee</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$<span id="xdx_909_eoef--AdvisoryFeesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000239025Member_zJ70DO0gSkUk">687,965</span></span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Portfolio Turnover</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_904_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20251101__20260430__oef--ClassAxis__custom--C000239025Member_zPwvs55ON2yc">39</span>%</span></div></td></tr> </table></div></div></div> 134858000 14000 687965 0.39 <p id="xdx_801_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000239025Member_dD_zqRRy8JQPlne" style="font: bold 13pt/1.4 Gotham Narrow-Bold,Arial,Arial; margin: 8pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments</p> <p style="font: normal 10pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Total Net Assets)</span></p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">U.S. Treasury Securities</div></td> <td style="box-sizing: border-box"> <div id="xdx_98D_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000239025Member__oef--IndustrySectorAxis__us-gaap--USTreasurySecuritiesMember_zPrEXktJbozj" style="box-sizing: border-box; text-align-last: auto">98.8%</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Options</div></td> <td style="box-sizing: border-box"> <div id="xdx_985_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000239025Member__oef--IndustrySectorAxis__custom--OptionsMember_zoSs9AdL9mI7" style="box-sizing: border-box; text-align-last: auto">2%</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Cash &amp; Cash Equivalents</div></td> <td style="box-sizing: border-box"> <div id="xdx_981_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000239025Member__oef--IndustrySectorAxis__us-gaap--CashAndCashEquivalentsMember_z5tePqtpbpx7" style="box-sizing: border-box; text-align-last: auto">-0.8%</div></td></tr> </table></div></div><img alt="bar" src="qes1wcrd1mqzr1wzu.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/></div></div></div> <p style="font: normal 8pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="font: normal 8pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 0 0 2pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span></p> <p style="font: normal 8pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 29.87px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box">Percentages are based on total net assets. Cash &amp; Cash Equivalents represents short-term investments and liabilities in excess of other assets.</span></p> 0.988 0.02 -0.008 <div id="xdx_80B_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000239025Member_dD_zhjnoOn0L2cj" style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: bold 18pt/1.4 Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.59px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: normal 10pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span></p></div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 13pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Top Holdings</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 13pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">(% of Net Assets)</span></div></th></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">United States Treasury Note/Bond, 3.88%, 6/15/2028</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000239025Member__oef--LargestHoldingAxis__custom--UnitedStatesTreasuryNoteBond3886152028Member_zYvFhyc9FCnk" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">24.9</span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">United States Treasury Note/Bond, 4.62%, 10/15/2026</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000239025Member__oef--LargestHoldingAxis__custom--UnitedStatesTreasuryNoteBond46210152026Member_zHUNjxqWzmTj" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">24.3</span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">United States Treasury Note/Bond, 3.88%, 4/15/2029</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000239025Member__oef--LargestHoldingAxis__custom--UnitedStatesTreasuryNoteBond3884152029Member_zuljV33rp3Ci" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">22.9</span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">United States Treasury Note/Bond, 3.88%, 3/31/2031</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98F_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000239025Member__oef--LargestHoldingAxis__custom--UnitedStatesTreasuryNoteBond3883312031Member_z4sEILpYkMj5" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">22.8</span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">United States Treasury Note/Bond, 4.50%, 2/15/2036</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000239025Member__oef--LargestHoldingAxis__custom--UnitedStatesTreasuryNoteBond4502152036Member_zzaBoEN9h0li" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">3.9</span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">S&amp;P 500 Index, Call Option, Expiration: 6/18/2026; Exercise Price: $6,950.00</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000239025Member__oef--LargestHoldingAxis__custom--SAndP500IndexCallOptionExpiration6182026ExercisePrice695000Member_zj6L7vjPQB32" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">1.7</span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">First American Government Obligations Fund - Class X, 3.58%</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_901_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000239025Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX358Member_zMIR933afHF1">0.4</span></span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">iShares iBoxx USD High Yield Corporate Bond ETF, Put Option, Expiration: 6/18/2026; Exercise Price: $76.00</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000239025Member__oef--LargestHoldingAxis__custom--ISharesiBoxxUSDHighYieldCorporateBondETFPutOptionExpiration6182026ExercisePrice7600Member_zkSGnkgIU1J3" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.1</span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">S&amp;P 500 Index, Put Option, Expiration: 7/31/2026; Exercise Price: $6,350.00</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98F_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000239025Member__oef--LargestHoldingAxis__custom--SAndP500IndexPutOptionExpiration7312026ExercisePrice635000Member_z6N6Bq0FSNdg" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.1</span></div></td></tr> </table></div></div></div> <p style="font: normal 8pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 2pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span></p> <p style="font: normal 8pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span></p></div> 0.249 0.243 0.229 0.228 0.039 0.017 0.004 0.001 0.001 Nicholas Global Equity and Income ETF GIAX NYSEArca This <span id="xdx_90D_eoef--ShareholderReportAnnualOrSemiAnnual_c20251101__20260430__oef--ClassAxis__custom--C000251224Member_zwee2EsZMC4a">semi-annual shareholder report</span> contains important information about the Nicholas Global Equity and Income ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span id="xdx_904_eoef--AddlInfoWebsite_c20251101__20260430__oef--ClassAxis__custom--C000251224Member_zWz0VwhaFoWb">www.nicholasx.com/giax/</span>. You can also request this information by contacting us at <span id="xdx_90E_eoef--AddlInfoPhoneNumber_c20251101__20260430__oef--ClassAxis__custom--C000251224Member_z6otEWcqf8c6">(855) 563-6900</span> or by writing to the Nicholas Global Equity and Income ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701. www.nicholasx.com/giax/ (855) 563-6900 <p id="xdx_80C_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000251224Member_dD_zAHuZMlozOuj" style="font: bold 11pt/1.4 Gotham Narrow-Bold,Arial,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; line-height: 11pt">What were the Fund costs for the past six months?</p> <p style="font: normal 10pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; line-height: 11pt"><span style="box-sizing: border-box; font-size: 9pt">(based on a hypothetical $10,000 investment)</span></p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Class Name</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs of a $10,000 investment</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span></div></th></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_901_eoef--ClassName_c20251101__20260430__oef--ClassAxis__custom--C000251224Member_zYuhUo0Rw1Wd">Nicholas Global Equity And Income ETF</span></span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$<span id="xdx_902_eoef--ExpensesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000251224Member_zzXKo8ulxmX6">45</span></span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_900_eoef--ExpenseRatioPct_dp_c20251101__20260430__oef--ClassAxis__custom--C000251224Member_zcppPKiVrb25">0.90</span>%</span></div></td></tr> </table></div></div></div> <p style="font: normal 8pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 2pt 0 4pt; text-align-last: auto; display: block; min-height: 14.93px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Costs paid as a percentage of a $10,000 investment is an annualized figure.</p> Nicholas Global Equity And Income ETF 45 0.0090 <p id="xdx_80C_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000251224Member_dD_zBrlJiWtKjDa" style="font: bold 13pt/1.4 Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: normal 10pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 0 0 3pt; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span></p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0; margin-bottom: 1pt"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$<span id="xdx_905_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000251224Member_zi7JI71IGy3i">86,514</span></span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_909_eoef--HoldingsCount_iI_pn3n3_uHoldings_c20260430__oef--ClassAxis__custom--C000251224Member_zRQ15755v5H8">79</span></span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Total Advisory Fee</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$<span id="xdx_909_eoef--AdvisoryFeesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000251224Member_zHRMcDNha2jf">365,953</span></span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Portfolio Turnover</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_904_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20251101__20260430__oef--ClassAxis__custom--C000251224Member_zppWZcLi0c4b">134</span>%</span></div></td></tr> </table></div></div></div> 86514000 79000 365953 1.34 <p id="xdx_801_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000251224Member_dD_zMySutbK3Ki3" style="font: bold 13pt/1.4 Gotham Narrow-Bold,Arial,Arial; margin: 8pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments</p> <p style="font: normal 10pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Total Net Assets)</span></p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Exchange Traded Funds</div></td> <td style="box-sizing: border-box"> <div id="xdx_988_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000251224Member__oef--IndustrySectorAxis__us-gaap--ExchangeTradedFundsMember_zXr8yBKCBtPd" style="box-sizing: border-box; text-align-last: auto">44.5%</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Technology</div></td> <td style="box-sizing: border-box"> <div id="xdx_985_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000251224Member__oef--IndustrySectorAxis__us-gaap--TechnologySectorMember_zyoXPWSz3q71" style="box-sizing: border-box; text-align-last: auto">32.2%</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Communications</div></td> <td style="box-sizing: border-box"> <div id="xdx_988_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000251224Member__oef--IndustrySectorAxis__oef--CommunicationsSectorMember_zugSIdDbk8P5" style="box-sizing: border-box; text-align-last: auto">9.9%</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Consumer Discretionary</div></td> <td style="box-sizing: border-box"> <div id="xdx_98D_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000251224Member__oef--IndustrySectorAxis__oef--ConsumerDiscretionarySectorMember_ztJsH9HHgww6" style="box-sizing: border-box; text-align-last: auto">7.8%</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Financials</div></td> <td style="box-sizing: border-box"> <div id="xdx_984_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000251224Member__oef--IndustrySectorAxis__us-gaap--FinancialServicesSectorMember_z2LJs3aN64o2" style="box-sizing: border-box; text-align-last: auto">6.3%</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Options</div></td> <td style="box-sizing: border-box"> <div id="xdx_985_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000251224Member__oef--IndustrySectorAxis__custom--OptionsMember_zo9Z2Doe1gG2" style="box-sizing: border-box; text-align-last: auto">1.2%</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Cash &amp; Cash Equivalents</div></td> <td style="box-sizing: border-box"> <div id="xdx_981_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000251224Member__oef--IndustrySectorAxis__us-gaap--CashAndCashEquivalentsMember_zkxMkRBQlVUk" style="box-sizing: border-box; text-align-last: auto">-1.9%</div></td></tr> </table></div></div><img alt="bar" src="qes23r21mqzr1kyh.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/></div></div></div> <p style="font: normal 8pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="font: normal 8pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 0 0 2pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span></p> <p style="font: normal 8pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 29.87px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box">Percentages are based on total net assets. Cash &amp; Cash Equivalents represents short-term investments and liabilities in excess of other assets.</span></p> 0.445 0.322 0.099 0.078 0.063 0.012 -0.019 <div id="xdx_80B_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000251224Member_dD_zJIua4NqeJg1" style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: bold 18pt/1.4 Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.59px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: normal 10pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span></p></div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 13pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Top Holdings</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 13pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">(% of Net Assets)</span></div></th></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Vanguard FTSE Developed Markets ETF</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_987_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251224Member__oef--LargestHoldingAxis__custom--VanguardFTSEDevelopedMarketsETFMember_zr5qEwlkSMq3" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">9.6</span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Freedom 100 Emerging Markets ETF</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_987_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251224Member__oef--LargestHoldingAxis__custom--Freedom100EmergingMarketsETFMember_zM1Vg8GRKZ16" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">8.8</span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Vanguard Small-Cap ETF</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98E_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251224Member__oef--LargestHoldingAxis__custom--VanguardSmallCapETFMember_zU9AeHoIBWkg" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">7.4</span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Vanguard S&amp;P 500 ETF</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98B_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251224Member__oef--LargestHoldingAxis__custom--VanguardSAndP500ETFMember_z6l6Za28B4C7" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">7.1</span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Vanguard Mid-Cap Growth ETF</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_986_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251224Member__oef--LargestHoldingAxis__custom--VanguardMidCapGrowthETFMember_zlyi2fry2SQ" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">5.8</span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Nebius Group NV - Class A</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251224Member__oef--LargestHoldingAxis__custom--NebiusGroupNVClassAMember_zGvPHGVS8ROe" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4.8</span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Alphabet, Inc. - Class A</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251224Member__oef--LargestHoldingAxis__custom--AlphabetIncClassAMember_zwhtkkpkp4kg" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4.7</span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Amazon.com, Inc.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251224Member__oef--LargestHoldingAxis__custom--AmazonDotComIncMember_zKWmDb0HFo6c" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4.3</span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Taiwan Semiconductor Manufacturing Co. Ltd., ADR</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_982_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251224Member__oef--LargestHoldingAxis__custom--TaiwanSemiconductorManufacturingCoLtdADRMember_zoYpNmMQNmH2" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4.2</span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Microsoft Corp.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98F_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000251224Member__oef--LargestHoldingAxis__custom--MicrosoftCorpMember_z27lpqAB8NJd" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4.1</span></div></td></tr> </table></div></div></div> <p style="font: normal 10pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 2pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span></p> <p style="font: normal 10pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span></p></div> 0.096 0.088 0.074 0.071 0.058 0.048 0.047 0.043 0.042 0.041 Nicholas Bitcoin and Treasuries AfterDark ETF NGHT NASDAQ This <span id="xdx_90D_eoef--ShareholderReportAnnualOrSemiAnnual_c20251101__20260430__oef--ClassAxis__custom--C000271714Member_zEIqLVSCThof">semi-annual shareholder report</span> contains important information about the Nicholas Bitcoin and Treasuries AfterDark ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span id="xdx_904_eoef--AddlInfoWebsite_c20251101__20260430__oef--ClassAxis__custom--C000271714Member_zmbLGQAEkGN">www.nicholasx.com/nght/</span>. You can also request this information by contacting us at <span id="xdx_90E_eoef--AddlInfoPhoneNumber_c20251101__20260430__oef--ClassAxis__custom--C000271714Member_zd0V8TaATBN">(855) 563-6900</span> or by writing to the Nicholas Bitcoin and Treasuries AfterDark ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701. www.nicholasx.com/nght/ (855) 563-6900 <p id="xdx_80C_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000271714Member_dD_zoqoM1PdTPC8" style="font: bold 11pt/1.4 Gotham Narrow-Bold,Arial,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; line-height: 11pt">What were the Fund costs for the past six months?</p> <p style="font: normal 10pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; line-height: 11pt"><span style="box-sizing: border-box; font-size: 9pt">(based on a hypothetical $10,000 investment)</span></p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Class Name</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs of a $10,000 investment</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span></div></th></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_901_eoef--ClassName_c20251101__20260430__oef--ClassAxis__custom--C000271714Member_z5b3yMRWF3Wi">Nicholas Bitcoin And Treasuries AfterDark ETF</span></span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$<span id="xdx_902_eoef--ExpensesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000271714Member_za3KJ1Y43wQj">48</span></span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_900_eoef--ExpenseRatioPct_dp_c20251101__20260430__oef--ClassAxis__custom--C000271714Member_zZxor1rpVCdb">0.95</span>%</span></div></td></tr> </table></div></div></div> <p style="font: normal 8pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 2pt 0 4pt; text-align-last: auto; display: block; min-height: 14.93px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Costs paid as a percentage of a $10,000 investment is an annualized figure.</p> Nicholas Bitcoin And Treasuries AfterDark ETF 48 0.0095 <p id="xdx_80C_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000271714Member_dD_zPE5K8t6gewa" style="font: bold 13pt/1.4 Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: normal 10pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 0 0 3pt; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span></p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0; margin-bottom: 1pt"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$<span id="xdx_905_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000271714Member_zgO2DxJRv1I1">17,151</span></span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_909_eoef--HoldingsCount_iI_pn3n3_uHoldings_c20260430__oef--ClassAxis__custom--C000271714Member_zbXLZc0pGWik">3</span></span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Total Advisory Fee</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$<span id="xdx_909_eoef--AdvisoryFeesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000271714Member_zXn0ETgcaYWa">2,986</span></span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Portfolio Turnover</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_904_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20251101__20260430__oef--ClassAxis__custom--C000271714Member_zMc2NBugdfJ1">0</span>%</span></div></td></tr> </table></div></div></div> 17151000 3000 2986 0 <p id="xdx_801_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000271714Member_dD_zqirMMM7kKTh" style="font: bold 13pt/1.4 Gotham Narrow-Bold,Arial,Arial; margin: 8pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments</p> <p style="font: normal 10pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Total Net Assets)</span></p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">U.S. Treasury Bills</div></td> <td style="box-sizing: border-box"> <div id="xdx_983_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000271714Member__oef--IndustrySectorAxis__custom--USTreasuryBillsMember_zvDJ4ilLByjd" style="box-sizing: border-box; text-align-last: auto">47.5%</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Total Return Swaps*</div></td> <td style="box-sizing: border-box"> <div id="xdx_982_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000271714Member__oef--IndustrySectorAxis__custom--TotalReturnSwapsMember_fKg_____zP2DlZc0TDWg" style="box-sizing: border-box; text-align-last: auto">0.0%</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Cash &amp; Cash Equivalents</div></td> <td style="box-sizing: border-box"> <div id="xdx_981_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000271714Member__oef--IndustrySectorAxis__us-gaap--CashAndCashEquivalentsMember_zUIaxhQ2Hddd" style="box-sizing: border-box; text-align-last: auto">52.5%</div></td></tr> </table></div></div><img alt="bar" src="qes23r21mqzz0kdo.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/></div></div></div> <p style="font: normal 8pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: normal 8pt/1.4 Gotham Narrow-Light,Arial,Arial; width: 100%; margin-bottom: 2pt; color: #4f4f4f"> <tr style="vertical-align: top"> <td id="xdx_F04_z5vCcvgfKWIf" style="text-align: left">*</td> <td id="xdx_F1F_zo7Nu0pC2X3l" style="text-align: left">Does not round to 0.1% or (0.1)%, as applicable.</td></tr> </table> <p style="font: normal 8pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 29.87px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box">Percentages are based on total net assets. Cash &amp; Cash Equivalents represents short-term investments and other assets in excess of liabilities.</span></p> 0.475 0.000 0.525 <div id="xdx_80B_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000271714Member_dD_zIqQSi8NMaL" style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: bold 18pt/1.4 Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.59px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: normal 10pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span></p></div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 13pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Top Holdings</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 13pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">(% of Net Assets)</span></div></th></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">U.S. Treasury Bill, 5/21/2026, 3.46%</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_908_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000271714Member__oef--LargestHoldingAxis__custom--USTreasuryBill5212026346Member_zI2TBC34aJu4">47.5</span></span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">First American Government Obligations Fund - Class X, 3.58%</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_901_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000271714Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX358Member_zuMw9vWGTVOc">11.0</span></span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">iShares Bitcoin Trust ETF Total Return Swap</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_900_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000271714Member__oef--LargestHoldingAxis__custom--ISharesBitcoinTrustETFTotalReturnSwapMember_fKg_____zEKqkt1gmxHc">0.0</span>*</span></div></td></tr> </table></div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font: normal 8pt/1.4 Gotham Narrow-Light,Arial,Arial; width: 100%; margin-top: 2pt; color: #4f4f4f"> <tr style="vertical-align: top"> <td id="xdx_F0B_zkj9KAPISvci" style="text-align: left">*</td> <td id="xdx_F1F_zPbs1J1UiXi7" style="text-align: left">Does not round to 0.1% or (0.1)%, as applicable.</td></tr> </table> <p style="font: normal 10pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span></p></div> 0.475 0.110 0.000 Nicholas Bitcoin Tail ETF BHDG NASDAQ This <span id="xdx_90D_eoef--ShareholderReportAnnualOrSemiAnnual_c20251101__20260430__oef--ClassAxis__custom--C000271713Member_zxv9o8iBkGrk">semi-annual shareholder report</span> contains important information about the Nicholas Bitcoin Tail ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span id="xdx_904_eoef--AddlInfoWebsite_c20251101__20260430__oef--ClassAxis__custom--C000271713Member_zHXMOVqDbeG8">www.nicholasx.com/bhdg/</span>. You can also request this information by contacting us at <span id="xdx_90E_eoef--AddlInfoPhoneNumber_c20251101__20260430__oef--ClassAxis__custom--C000271713Member_zjHcqo9ookil">(855) 563-6900</span> or by writing to the Nicholas Bitcoin Tail ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701. www.nicholasx.com/bhdg/ (855) 563-6900 <p id="xdx_80C_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000271713Member_dD_zf7v9ANsP9J5" style="font: bold 11pt/1.4 Gotham Narrow-Bold,Arial,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; line-height: 11pt">What were the Fund costs for the past six months?</p> <p style="font: normal 10pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; line-height: 11pt"><span style="box-sizing: border-box; font-size: 9pt">(based on a hypothetical $10,000 investment)</span></p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Class Name</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs of a $10,000 investment</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span></div></th></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_901_eoef--ClassName_c20251101__20260430__oef--ClassAxis__custom--C000271713Member_z4yuhnkhPYP1">Nicholas Bitcoin Tail ETF</span></span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$<span id="xdx_902_eoef--ExpensesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000271713Member_zJiFkvIgaJR8">46</span></span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_900_eoef--ExpenseRatioPct_dp_c20251101__20260430__oef--ClassAxis__custom--C000271713Member_zHohuJugjYh4">0.95</span>%</span></div></td></tr> </table></div></div></div> <p style="font: normal 8pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 2pt 0 4pt; text-align-last: auto; display: block; min-height: 14.93px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Costs paid as a percentage of a $10,000 investment is an annualized figure.</p> Nicholas Bitcoin Tail ETF 46 0.0095 <p id="xdx_80C_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000271713Member_dD_zO6q5IsjzJ2l" style="font: bold 13pt/1.4 Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: normal 10pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 0 0 3pt; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span></p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0; margin-bottom: 1pt"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$<span id="xdx_905_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000271713Member_zSKh9ZT2yBTi">13,176</span></span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_909_eoef--HoldingsCount_iI_pn3n3_uHoldings_c20260430__oef--ClassAxis__custom--C000271713Member_zyLeMFm46Ngj">7</span></span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Total Advisory Fee</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$<span id="xdx_909_eoef--AdvisoryFeesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000271713Member_zLJwhhAKXPGe">9,059</span></span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Portfolio Turnover</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_904_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20251101__20260430__oef--ClassAxis__custom--C000271713Member_zJObzprdYK8j">0</span>%</span></div></td></tr> </table></div></div></div> 13176000 7000 9059 0 <p id="xdx_801_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000271713Member_dD_zpsBMqgh8uua" style="font: bold 13pt/1.4 Gotham Narrow-Bold,Arial,Arial; margin: 8pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments</p> <p style="font: normal 10pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Total Net Assets)</span></p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">U.S. Treasury Bills</div></td> <td style="box-sizing: border-box"> <div id="xdx_987_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000271713Member__oef--IndustrySectorAxis__custom--USTreasuryBillsMember_z5wXR3icEMfd" style="box-sizing: border-box; text-align-last: auto">3.8%</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Options</div></td> <td style="box-sizing: border-box"> <div id="xdx_98E_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000271713Member__oef--IndustrySectorAxis__custom--OptionsMember_zF9e6pn3otz9" style="box-sizing: border-box; text-align-last: auto">3.6%</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Cash &amp; Cash Equivalents</div></td> <td style="box-sizing: border-box"> <div id="xdx_981_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000271713Member__oef--IndustrySectorAxis__us-gaap--CashAndCashEquivalentsMember_zaW4F5jMwJr8" style="box-sizing: border-box; text-align-last: auto">92.6%</div></td></tr> </table></div></div><img alt="bar" src="qes1wcrd1mqzyylrx.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/></div></div></div> <p style="font: normal 8pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="font: normal 8pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 0 0 2pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span></p> <p style="font: normal 8pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 29.87px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box">Percentages are based on total net assets. Cash &amp; Cash Equivalents represents short-term investments and other assets in excess of liabilities.</span></p> 0.038 0.036 0.926 <div id="xdx_80B_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000271713Member_dD_zw1b1KXBeYMj" style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: bold 18pt/1.4 Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.59px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: normal 10pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span></p></div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 13pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Top Holdings</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 13pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">(% of Net Assets)</span></div></th></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">First American Government Obligations Fund - Class X, 3.58%</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_901_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000271713Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX358Member_z68FnsAPXDcb">80.1</span></span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">U.S. Treasury Bill, 5/12/2026, 3.32%</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_901_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000271713Member__oef--LargestHoldingAxis__custom--USTreasuryBill5122026332Member_zOPUwSV285ih">3.8</span></span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">iShares Bitcoin Trust ETF, Put Option, Expiration: 7/17/2026; Exercise Price: $43.00</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_907_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000271713Member__oef--LargestHoldingAxis__custom--ISharesBitcoinTrustETFPutOptionExpiration7172026ExercisePrice4300Member_zxMq9hmAkOU3">1.8</span></span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">iShares Bitcoin Trust ETF, Put Option, Expiration: 6/18/2026; Exercise Price: $37.00</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_907_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000271713Member__oef--LargestHoldingAxis__custom--ISharesBitcoinTrustETFPutOptionExpiration6182026ExercisePrice3700Member_zY0pu9diAukl">0.9</span></span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">iShares Bitcoin Trust ETF, Put Option, Expiration: 6/18/2026; Exercise Price: $41.00</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_901_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000271713Member__oef--LargestHoldingAxis__custom--ISharesBitcoinTrustETFPutOptionExpiration6182026ExercisePrice4100Member_zvxm68m9yIY6">0.6</span></span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">iShares Bitcoin Trust ETF, Call Option, Expiration: 5/8/2026; Exercise Price: $46.00</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_90E_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000271713Member__oef--LargestHoldingAxis__custom--ISharesBitcoinTrustETFCallOptionExpiration582026ExercisePrice4600Member_zn087n41nwzl">0.4</span></span></div></td></tr> </table></div></div></div> <p style="font: normal 10pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 2pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span></p> <p style="font: normal 10pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span></p></div> 0.801 0.038 0.018 0.009 0.006 0.004 Nicholas Defense and Rare Earth Income ETF WEPN NYSEArca This <span id="xdx_90D_eoef--ShareholderReportAnnualOrSemiAnnual_c20251101__20260430__oef--ClassAxis__custom--C000271307Member_zUz6obKSGgzk">semi-annual shareholder report</span> contains important information about the Nicholas Defense and Rare Earth Income ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span id="xdx_904_eoef--AddlInfoWebsite_c20251101__20260430__oef--ClassAxis__custom--C000271307Member_zC7Od4oVCFK8">www.nicholasx.com/wepn/</span>. You can also request this information by contacting us at <span id="xdx_90E_eoef--AddlInfoPhoneNumber_c20251101__20260430__oef--ClassAxis__custom--C000271307Member_zGnNnu2jGoCk">(855) 563-6900</span> or by writing to the Nicholas Defense and Rare Earth Income ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701. www.nicholasx.com/wepn/ (855) 563-6900 <p id="xdx_80C_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000271307Member_dD_z3SoVE4gaaQ7" style="font: bold 11pt/1.4 Gotham Narrow-Bold,Arial,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; line-height: 11pt">What were the Fund costs for the past six months?</p> <p style="font: normal 10pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; line-height: 11pt"><span style="box-sizing: border-box; font-size: 9pt">(based on a hypothetical $10,000 investment)</span></p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Class Name</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs of a $10,000 investment</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span></div></th></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_901_eoef--ClassName_c20251101__20260430__oef--ClassAxis__custom--C000271307Member_z0d0Q1GIPa7h">Nicholas Defense And Rare Earth Income ETF</span></span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$<span id="xdx_902_eoef--ExpensesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000271307Member_zTlat4cC4M7i">47</span></span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_900_eoef--ExpenseRatioPct_dp_c20251101__20260430__oef--ClassAxis__custom--C000271307Member_zdWabI8EF3ia">0.99</span>%</span></div></td></tr> </table></div></div></div> <p style="font: normal 8pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 2pt 0 4pt; text-align-last: auto; display: block; min-height: 14.93px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Costs paid as a percentage of a $10,000 investment is an annualized figure.</p> Nicholas Defense And Rare Earth Income ETF 47 0.0099 <p id="xdx_80C_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000271307Member_dD_z9FqrmcZ0GC4" style="font: bold 13pt/1.4 Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: normal 10pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 0 0 3pt; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span></p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0; margin-bottom: 1pt"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$<span id="xdx_905_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000271307Member_zdzOPF2lnDI8">5,612</span></span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_909_eoef--HoldingsCount_iI_pn3n3_uHoldings_c20260430__oef--ClassAxis__custom--C000271307Member_zP3016VDJ9b9">90</span></span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Total Advisory Fee</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$<span id="xdx_909_eoef--AdvisoryFeesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000271307Member_zTkwiLQVPzM5">8,997</span></span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Portfolio Turnover</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_904_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20251101__20260430__oef--ClassAxis__custom--C000271307Member_z5p4hNTVuKZ">86</span>%</span></div></td></tr> </table></div></div></div> 5612000 90000 8997 0.86 <p id="xdx_801_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000271307Member_dD_z04ZHBhSxsol" style="font: bold 13pt/1.4 Gotham Narrow-Bold,Arial,Arial; margin: 8pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments</p> <p style="font: normal 10pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Total Net Assets)</span></p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Industrials</div></td> <td style="box-sizing: border-box"> <div id="xdx_985_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000271307Member__oef--IndustrySectorAxis__oef--IndustrialSectorMember_zuc3BCtoAJA3" style="box-sizing: border-box; text-align-last: auto">41%</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Exchange Traded Funds</div></td> <td style="box-sizing: border-box"> <div id="xdx_982_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000271307Member__oef--IndustrySectorAxis__us-gaap--ExchangeTradedFundsMember_zx1LyQvcxY34" style="box-sizing: border-box; text-align-last: auto">25.2%</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Materials</div></td> <td style="box-sizing: border-box"> <div id="xdx_987_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000271307Member__oef--IndustrySectorAxis__oef--MaterialsSectorMember_z515OFv5b4D1" style="box-sizing: border-box; text-align-last: auto">18.9%</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Technology</div></td> <td style="box-sizing: border-box"> <div id="xdx_98F_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000271307Member__oef--IndustrySectorAxis__us-gaap--TechnologySectorMember_zA5sMYS8rUj5" style="box-sizing: border-box; text-align-last: auto">17.9%</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Options</div></td> <td style="box-sizing: border-box"> <div id="xdx_987_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000271307Member__oef--IndustrySectorAxis__custom--OptionsMember_zivhozPZxrU8" style="box-sizing: border-box; text-align-last: auto">1.8%</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Cash &amp; Cash Equivalents</div></td> <td style="box-sizing: border-box"> <div id="xdx_981_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000271307Member__oef--IndustrySectorAxis__us-gaap--CashAndCashEquivalentsMember_zYXV6gHttEKj" style="box-sizing: border-box; text-align-last: auto">-4.8%</div></td></tr> </table></div></div><img alt="bar" src="qes1wcrd1mqzqzycn.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/></div></div></div> <p style="font: normal 8pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="font: normal 8pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 0 0 2pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span></p> <p style="font: normal 8pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 29.87px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box">Percentages are based on total net assets. Cash &amp; Cash Equivalents represents short-term investments and liabilities in excess of other assets.</span></p> 0.41 0.252 0.189 0.179 0.018 -0.048 <div id="xdx_80B_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000271307Member_dD_zG6pWViMqalj" style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: bold 18pt/1.4 Gotham Narrow-Bold,Arial,Arial; margin: 0 0 -2pt; text-align-last: auto; display: block; min-height: 33.59px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: normal 10pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span></p></div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 13pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Top Holdings</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 13pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">(% of Net Assets)</span></div></th></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Invesco DB Base Metals Fund</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_90D_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000271307Member__oef--LargestHoldingAxis__custom--InvescoDBBaseMetalsFundMember_zsyxuvEN5Pjj">6.7</span></span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Palo Alto Networks, Inc.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_90C_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000271307Member__oef--LargestHoldingAxis__custom--PaloAltoNetworksIncMember_zDzEdzeWfk3l">5.1</span></span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">CrowdStrike Holdings, Inc. - Class A</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_902_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000271307Member__oef--LargestHoldingAxis__custom--CrowdStrikeHoldingsIncClassAMember_zFPsx0qoE9Af">5.0</span></span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">VanEck Steel ETF</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_90F_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000271307Member__oef--LargestHoldingAxis__custom--VanEckSteelETFMember_ztKUH0amuaLa">4.4</span></span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">BWX Technologies, Inc.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_903_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000271307Member__oef--LargestHoldingAxis__custom--BWXTechnologiesIncMember_zczJzkJnKqsa">4.3</span></span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Lockheed Martin Corp.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_90E_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000271307Member__oef--LargestHoldingAxis__custom--LockheedMartinCorpMember_z3jNG5YTpWL7">4.2</span></span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">AeroVironment, Inc.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_900_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000271307Member__oef--LargestHoldingAxis__custom--AeroVironmentIncMember_zenIrdTkb4X4">4.2</span></span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Ondas, Inc.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_90C_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000271307Member__oef--LargestHoldingAxis__custom--OndasIncMember_zgQ2BNaNF0Yb">4.2</span></span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Palantir Technologies, Inc. - Class A</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_908_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000271307Member__oef--LargestHoldingAxis__custom--PalantirTechnologiesIncClassAMember_z7aeRIhvMyNj">4.1</span></span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">General Dynamics Corp.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_902_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000271307Member__oef--LargestHoldingAxis__custom--GeneralDynamicsCorpMember_zpq86oQkbNyb">4.1</span></span></div></td></tr> </table></div></div></div> <p style="font: normal 10pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 2pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span></p> <p style="font: normal 10pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span></p></div> 0.067 0.051 0.050 0.044 0.043 0.042 0.042 0.042 0.041 0.041 Nicholas Gold Income ETF GLDN NYSEArca This <span id="xdx_90D_eoef--ShareholderReportAnnualOrSemiAnnual_c20251101__20260430__oef--ClassAxis__custom--C000271308Member_z5StTRilb1b1">semi-annual shareholder report</span> contains important information about the Nicholas Gold Income ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span id="xdx_904_eoef--AddlInfoWebsite_c20251101__20260430__oef--ClassAxis__custom--C000271308Member_zRe7yjDosTTl">www.nicholasx.com/gldn/</span>. You can also request this information by contacting us at <span id="xdx_90E_eoef--AddlInfoPhoneNumber_c20251101__20260430__oef--ClassAxis__custom--C000271308Member_zLByAdoEzoM">(855) 563-6900</span> or by writing to the Nicholas Gold Income ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701. www.nicholasx.com/gldn/ (855) 563-6900 <p id="xdx_80C_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000271308Member_dD_zr5ieKPyGQD1" style="font: bold 11pt/1.4 Gotham Narrow-Bold,Arial,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; line-height: 11pt">What were the Fund costs for the past six months?</p> <p style="font: normal 10pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; line-height: 11pt"><span style="box-sizing: border-box; font-size: 9pt">(based on a hypothetical $10,000 investment)</span></p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Class Name</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs of a $10,000 investment</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span></div></th></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_901_eoef--ClassName_c20251101__20260430__oef--ClassAxis__custom--C000271308Member_zUK6axjXLaLl">Nicholas Gold Income ETF</span></span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$<span id="xdx_902_eoef--ExpensesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000271308Member_zU9snTXlKK0i">46</span></span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_900_eoef--ExpenseRatioPct_dp_c20251101__20260430__oef--ClassAxis__custom--C000271308Member_zzAkJCf3wpE">0.99</span>%</span></div></td></tr> </table></div></div></div> <p style="font: normal 8pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 2pt 0 4pt; text-align-last: auto; display: block; min-height: 14.93px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Costs paid as a percentage of a $10,000 investment is an annualized figure.</p> Nicholas Gold Income ETF 46 0.0099 <p id="xdx_80C_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000271308Member_dD_zcGeilOoHoy9" style="font: bold 13pt/1.4 Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: normal 10pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 0 0 3pt; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span></p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0; margin-bottom: 1pt"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$<span id="xdx_905_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000271308Member_zNUsMbPzugCd">2,594</span></span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_909_eoef--HoldingsCount_iI_pn3n3_uHoldings_c20260430__oef--ClassAxis__custom--C000271308Member_z5r1eTX9eI5k">61</span></span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Total Advisory Fee</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$<span id="xdx_909_eoef--AdvisoryFeesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000271308Member_zqDzELrzlTw4">3,764</span></span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Portfolio Turnover</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_904_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20251101__20260430__oef--ClassAxis__custom--C000271308Member_zsaHGvbbBrb4">58</span>%</span></div></td></tr> </table></div></div></div> 2594000 61000 3764 0.58 <p id="xdx_809_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000271308Member_dD_zmgiQEnd2i2b" style="font: bold 13pt/1.4 Gotham Narrow-Bold,Arial,Arial; margin: 8pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments</p> <p style="font: normal 10pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Total Net Assets)</span></p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Materials</div></td> <td style="box-sizing: border-box"> <div id="xdx_98C_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000271308Member__oef--IndustrySectorAxis__oef--MaterialsSectorMember_zBYUox1cAMda" style="box-sizing: border-box; text-align-last: auto">48.8%</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Exchange Traded Funds</div></td> <td style="box-sizing: border-box"> <div id="xdx_98F_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000271308Member__oef--IndustrySectorAxis__us-gaap--ExchangeTradedFundsMember_zqspFASKQ2de" style="box-sizing: border-box; text-align-last: auto">21.3%</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Options</div></td> <td style="box-sizing: border-box"> <div id="xdx_989_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000271308Member__oef--IndustrySectorAxis__custom--OptionsMember_z2AIOeMARuX6" style="box-sizing: border-box; text-align-last: auto">3.8%</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Cash &amp; Cash Equivalents</div></td> <td style="box-sizing: border-box"> <div id="xdx_981_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000271308Member__oef--IndustrySectorAxis__us-gaap--CashAndCashEquivalentsMember_zpgTvnYYDy6i" style="box-sizing: border-box; text-align-last: auto">26.1%</div></td></tr> </table></div></div><img alt="bar" src="qes23r21mqzyp4wi.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/></div></div></div> <p style="font: normal 8pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="font: normal 8pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 0 0 2pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span></p> <p style="font: normal 8pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 29.87px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box">Percentages are based on total net assets. Cash &amp; Cash Equivalents represents short-term investments and liabilities in excess of other assets.</span></p> 0.488 0.213 0.038 0.261 <div id="xdx_80B_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000271308Member_dD_zqmPcYoo8UGf" style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: bold 18pt/1.4 Gotham Narrow-Bold,Arial,Arial; margin: 0 0 -2pt; text-align-last: auto; display: block; min-height: 33.59px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: normal 10pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span></p></div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 13pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Top Holdings</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 13pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">(% of Net Assets)</span></div></th></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">First American Government Obligations Fund - Class X, 3.58%</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_901_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000271308Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX358Member_zrtTZxe4P6Ii">33.2</span></span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">SPDR Gold MiniShares Trust</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_908_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000271308Member__oef--LargestHoldingAxis__custom--SPDRGoldMiniSharesTrustMember_zVTyIYmXITcg">21.3</span></span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">SSR Mining, Inc.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_90A_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000271308Member__oef--LargestHoldingAxis__custom--SSRMiningIncMember_zXkErSvQKnee">4.9</span></span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Franco-Nevada Corp.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_906_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000271308Member__oef--LargestHoldingAxis__custom--FrancoNevadaCorpMember_zOQyqeu5dbt2">4.2</span></span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Newmont Corp.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_904_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000271308Member__oef--LargestHoldingAxis__custom--NewmontCorpMember_zD0jyEG6ORJh">4.1</span></span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Kinross Gold Corp.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_908_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000271308Member__oef--LargestHoldingAxis__custom--KinrossGoldCorpMember_zZaXGfKwgC62">4.1</span></span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Agnico Eagle Mines Ltd.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_900_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000271308Member__oef--LargestHoldingAxis__custom--AgnicoEagleMinesLtdMember_zXYT1GrPq5mf">4.0</span></span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Anglogold Ashanti PLC</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_908_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000271308Member__oef--LargestHoldingAxis__custom--AnglogoldAshantiPLCMember_za3uCRkka4Bi">4.0</span></span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Barrick Mining Corp.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_90F_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000271308Member__oef--LargestHoldingAxis__custom--BarrickMiningCorpMember_zoEiUEJIh0ba">3.8</span></span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Royal Gold, Inc.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_900_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000271308Member__oef--LargestHoldingAxis__custom--RoyalGoldIncMember_zSzM3zGXAzxg">3.8</span></span></div></td></tr> </table></div></div></div> <p style="font: normal 10pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 2pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span></p> <p style="font: normal 10pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span></p></div> 0.332 0.213 0.049 0.042 0.041 0.041 0.040 0.040 0.038 0.038 Nicholas Nuclear Income ETF NUKX NYSEArca This <span id="xdx_90D_eoef--ShareholderReportAnnualOrSemiAnnual_c20251101__20260430__oef--ClassAxis__custom--C000271309Member_zuoLNNWLvSJ1">semi-annual shareholder report</span> contains important information about the Nicholas Nuclear Income ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span id="xdx_904_eoef--AddlInfoWebsite_c20251101__20260430__oef--ClassAxis__custom--C000271309Member_z6laT4RXD8A9">www.nicholasx.com/nukx/</span>. You can also request this information by contacting us at <span id="xdx_90E_eoef--AddlInfoPhoneNumber_c20251101__20260430__oef--ClassAxis__custom--C000271309Member_zJCnX5m1Mc4">(855) 563-6900</span> or by writing to the Nicholas Nuclear Income ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701. www.nicholasx.com/nukx/ (855) 563-6900 <p id="xdx_80C_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000271309Member_dD_zwR8uvcYyYp2" style="font: bold 11pt/1.4 Gotham Narrow-Bold,Arial,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; line-height: 11pt">What were the Fund costs for the past six months?</p> <p style="font: normal 10pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; line-height: 11pt"><span style="box-sizing: border-box; font-size: 9pt">(based on a hypothetical $10,000 investment)</span></p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Class Name</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs of a $10,000 investment</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span></div></th></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_901_eoef--ClassName_c20251101__20260430__oef--ClassAxis__custom--C000271309Member_z4F1gb6UyKR">Nicholas Nuclear Income ETF</span></span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$<span id="xdx_902_eoef--ExpensesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000271309Member_zCOtElY2xydf">49</span></span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_900_eoef--ExpenseRatioPct_dp_c20251101__20260430__oef--ClassAxis__custom--C000271309Member_z9pLiHqOKkkf">0.99</span>%</span></div></td></tr> </table></div></div></div> <p style="font: normal 8pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 2pt 0 4pt; text-align-last: auto; display: block; min-height: 14.93px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Costs paid as a percentage of a $10,000 investment is an annualized figure.</p> Nicholas Nuclear Income ETF 49 0.0099 <p id="xdx_80C_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000271309Member_dD_zfS5vk4M5v3k" style="font: bold 13pt/1.4 Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: normal 10pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 0 0 3pt; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span></p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0; margin-bottom: 1pt"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$<span id="xdx_905_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000271309Member_z8lGXc9pLKDf">2,428</span></span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_909_eoef--HoldingsCount_iI_pn3n3_uHoldings_c20260430__oef--ClassAxis__custom--C000271309Member_zWuxvwtkHQc">63</span></span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Total Advisory Fee</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$<span id="xdx_909_eoef--AdvisoryFeesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000271309Member_ztwNxDsEVSWl">4,286</span></span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Portfolio Turnover</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_904_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20251101__20260430__oef--ClassAxis__custom--C000271309Member_z0i13hyZ47Zh">136</span>%</span></div></td></tr> </table></div></div></div> 2428000 63000 4286 1.36 <p id="xdx_801_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000271309Member_dD_zeJbA9VgbCPd" style="font: bold 13pt/1.4 Gotham Narrow-Bold,Arial,Arial; margin: 8pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments</p> <p style="font: normal 10pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Total Net Assets)</span></p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Utilities</div></td> <td style="box-sizing: border-box"> <div id="xdx_987_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000271309Member__oef--IndustrySectorAxis__oef--UtilitiesSectorMember_zZAHU5CphkJa" style="box-sizing: border-box; text-align-last: auto">23%</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Industrials</div></td> <td style="box-sizing: border-box"> <div id="xdx_986_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000271309Member__oef--IndustrySectorAxis__oef--IndustrialSectorMember_zsDB7cXI3dD" style="box-sizing: border-box; text-align-last: auto">14%</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Materials</div></td> <td style="box-sizing: border-box"> <div id="xdx_983_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000271309Member__oef--IndustrySectorAxis__oef--MaterialsSectorMember_znsX6bwSpjz5" style="box-sizing: border-box; text-align-last: auto">13.8%</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Options</div></td> <td style="box-sizing: border-box"> <div id="xdx_98C_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000271309Member__oef--IndustrySectorAxis__custom--OptionsMember_z4ZVApuwEzzc" style="box-sizing: border-box; text-align-last: auto">3.7%</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Exchange Traded Funds</div></td> <td style="box-sizing: border-box"> <div id="xdx_983_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000271309Member__oef--IndustrySectorAxis__us-gaap--ExchangeTradedFundsMember_zZGH7aqGNnu8" style="box-sizing: border-box; text-align-last: auto">0.1%</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Cash &amp; Cash Equivalents</div></td> <td style="box-sizing: border-box"> <div id="xdx_981_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000271309Member__oef--IndustrySectorAxis__us-gaap--CashAndCashEquivalentsMember_zWVWfS7i6XMd" style="box-sizing: border-box; text-align-last: auto">45.4%</div></td></tr> </table></div></div><img alt="bar" src="qes23r21mqzylp0w.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/></div></div></div> <p style="font: normal 8pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="font: normal 8pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 0 0 2pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span></p> <p style="font: normal 8pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 29.87px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box">Percentages are based on total net assets. Cash &amp; Cash Equivalents represents short-term investments and other assets in excess of liabilities.</span></p> 0.23 0.14 0.138 0.037 0.001 0.454 <div id="xdx_80B_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000271309Member_dD_zaFIalzVTrx5" style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: bold 18pt/1.4 Gotham Narrow-Bold,Arial,Arial; margin: 0 0 -2pt; text-align-last: auto; display: block; min-height: 33.59px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: normal 10pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span></p></div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 13pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Top Holdings</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 13pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">(% of Net Assets)</span></div></th></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">First American Government Obligations Fund - Class X, 3.58%</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_901_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000271309Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX358Member_zUPWwWFwHqfd">36.1</span></span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">NextEra Energy, Inc.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_900_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000271309Member__oef--LargestHoldingAxis__custom--NextEraEnergyIncMember_zHmFmxrmKLLf">4.9</span></span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Dominion Energy, Inc.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_903_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000271309Member__oef--LargestHoldingAxis__custom--DominionEnergyIncMember_z8xo03Jb3Q8">4.7</span></span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Centrus Energy Corp. - Class A</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_90C_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000271309Member__oef--LargestHoldingAxis__custom--CentrusEnergyCorpClassAMember_zYZWjYjo1bl6">4.7</span></span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Lightbridge Corp.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_909_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000271309Member__oef--LargestHoldingAxis__custom--LightbridgeCorpMember_zt4Eb0bikfFi">4.6</span></span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Duke Energy Corp.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_903_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000271309Member__oef--LargestHoldingAxis__custom--DukeEnergyCorpMember_z7H0gZORrTYd">4.5</span></span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Constellation Energy Corp.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_90F_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000271309Member__oef--LargestHoldingAxis__custom--ConstellationEnergyCorpMember_zfJGKQ1gVrIk">4.4</span></span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Uranium Energy Corp.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_904_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000271309Member__oef--LargestHoldingAxis__custom--UraniumEnergyCorpMember_zZEMHJpVXL92">4.4</span></span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">NuScale Power Corp. - Class A</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_901_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000271309Member__oef--LargestHoldingAxis__custom--NuScalePowerCorpClassAMember_zsgSC3Bcms7d">4.3</span></span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Vistra Corp.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_90E_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000271309Member__oef--LargestHoldingAxis__custom--VistraCorpMember_z6Z1IYdH83V5">4.3</span></span></div></td></tr> </table></div></div></div> <p style="font: normal 10pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 2pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span></p> <p style="font: normal 10pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span></p></div> 0.361 0.049 0.047 0.047 0.046 0.045 0.044 0.044 0.043 0.043 Nicholas Silver Income ETF SLVX NYSEArca This <span id="xdx_90D_eoef--ShareholderReportAnnualOrSemiAnnual_c20251101__20260430__oef--ClassAxis__custom--C000271310Member_zCutnmkKWx74">semi-annual shareholder report</span> contains important information about the Nicholas Silver Income ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span id="xdx_904_eoef--AddlInfoWebsite_c20251101__20260430__oef--ClassAxis__custom--C000271310Member_zTPLoK1a5ukl">www.nicholasx.com/slvx/</span>. You can also request this information by contacting us at <span id="xdx_90E_eoef--AddlInfoPhoneNumber_c20251101__20260430__oef--ClassAxis__custom--C000271310Member_zHGOrwSLMAs3">(855) 563-6900</span> or by writing to the Nicholas Silver Income ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701. www.nicholasx.com/slvx/ (855) 563-6900 <p id="xdx_80C_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000271310Member_dD_zbQ4jzTSNay4" style="font: bold 11pt/1.4 Gotham Narrow-Bold,Arial,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; line-height: 11pt">What were the Fund costs for the past six months?</p> <p style="font: normal 10pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; line-height: 11pt"><span style="box-sizing: border-box; font-size: 9pt">(based on a hypothetical $10,000 investment)</span></p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Class Name</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs of a $10,000 investment</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span></div></th></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_901_eoef--ClassName_c20251101__20260430__oef--ClassAxis__custom--C000271310Member_zBIu1zocC9Od">Nicholas Silver Income ETF</span></span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$<span id="xdx_902_eoef--ExpensesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000271310Member_zG1z9kA3gfd2">48</span></span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_900_eoef--ExpenseRatioPct_dp_c20251101__20260430__oef--ClassAxis__custom--C000271310Member_zr5LOtUUDmo9">0.99</span>%</span></div></td></tr> </table></div></div></div> <p style="font: normal 8pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 2pt 0 4pt; text-align-last: auto; display: block; min-height: 14.93px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Costs paid as a percentage of a $10,000 investment is an annualized figure.</p> Nicholas Silver Income ETF 48 0.0099 <p id="xdx_80C_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000271310Member_dD_zK9R85eGboDc" style="font: bold 13pt/1.4 Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: normal 10pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 0 0 3pt; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span></p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0; margin-bottom: 1pt"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$<span id="xdx_905_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000271310Member_zszNJuTEiTpj">2,254</span></span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_909_eoef--HoldingsCount_iI_pn3n3_uHoldings_c20260430__oef--ClassAxis__custom--C000271310Member_zH3fLvDuMNDe">52</span></span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Total Advisory Fee</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$<span id="xdx_909_eoef--AdvisoryFeesPaidAmt_c20251101__20260430__oef--ClassAxis__custom--C000271310Member_zVE8v7tUeCN4">4,055</span></span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Portfolio Turnover</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_904_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20251101__20260430__oef--ClassAxis__custom--C000271310Member_zRh7mWWDlnNk">65</span>%</span></div></td></tr> </table></div></div></div> 2254000 52000 4055 0.65 <p id="xdx_801_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000271310Member_dD_zWR3yZUvxy1j" style="font: bold 13pt/1.4 Gotham Narrow-Bold,Arial,Arial; margin: 8pt 0 0; text-align-last: auto; display: block; min-height: 24.25px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments</p> <p style="font: normal 10pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(% of Total Net Assets)</span></p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Sector</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Materials</div></td> <td style="box-sizing: border-box"> <div id="xdx_983_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000271310Member__oef--IndustrySectorAxis__oef--MaterialsSectorMember_zrmhQZQ2BxYi" style="box-sizing: border-box; text-align-last: auto">53.4%</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Exchange Traded Funds</div></td> <td style="box-sizing: border-box"> <div id="xdx_98A_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000271310Member__oef--IndustrySectorAxis__us-gaap--ExchangeTradedFundsMember_z4soz8Imkxkg" style="box-sizing: border-box; text-align-last: auto">10.5%</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Options</div></td> <td style="box-sizing: border-box"> <div id="xdx_985_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000271310Member__oef--IndustrySectorAxis__custom--OptionsMember_ztewx9rDp367" style="box-sizing: border-box; text-align-last: auto">4.4%</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Cash &amp; Cash Equivalents</div></td> <td style="box-sizing: border-box"> <div id="xdx_981_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000271310Member__oef--IndustrySectorAxis__us-gaap--CashAndCashEquivalentsMember_zXZxRb0hYyp3" style="box-sizing: border-box; text-align-last: auto">31.7%</div></td></tr> </table></div></div><img alt="bar" src="qes23r21mqzyi1nb.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/></div></div></div> <p style="font: normal 8pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="font: normal 8pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 0 0 2pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span></p> <p style="font: normal 8pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 29.87px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box">Percentages are based on total net assets. Cash &amp; Cash Equivalents represents short-term investments and liabilities in excess of other assets..</span></p> 0.534 0.105 0.044 0.317 <div id="xdx_80B_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000271310Member_dD_zb9FbPMOGlWe" style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: bold 18pt/1.4 Gotham Narrow-Bold,Arial,Arial; margin: 0 0 -2pt; text-align-last: auto; display: block; min-height: 33.59px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: normal 10pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 18.65px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span></p></div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 13pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Top Holdings</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 13pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">(% of Net Assets)</span></div></th></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">First American Government Obligations Fund - Class X, 3.58%</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_901_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000271310Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX358Member_zhovprfETd8l">42.9</span></span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Sprott Physical Silver Trust</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_901_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000271310Member__oef--LargestHoldingAxis__custom--SprottPhysicalSilverTrustMember_zDNHdEb0d9S7">10.5</span></span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Pan American Silver Corp.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_90E_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000271310Member__oef--LargestHoldingAxis__custom--PanAmericanSilverCorpMember_zS4q5z1fGf53">9.3</span></span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Silvercorp Metals, Inc.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_907_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000271310Member__oef--LargestHoldingAxis__custom--SilvercorpMetalsIncMember_zcCI0suhLyS5">4.9</span></span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">First Majestic Silver Corp.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_90B_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000271310Member__oef--LargestHoldingAxis__custom--FirstMajesticSilverCorpMember_zdo0pssfZ7j5">4.8</span></span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">SSR Mining, Inc.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_909_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000271310Member__oef--LargestHoldingAxis__custom--SSRMiningIncMember_zlEpfXJwfPqb">4.6</span></span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Hycroft Mining Holding Corp.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_90F_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000271310Member__oef--LargestHoldingAxis__custom--HycroftMiningHoldingCorpMember_zqzAtTPjFTA3">4.5</span></span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fortuna Mining Corp.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_904_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000271310Member__oef--LargestHoldingAxis__custom--FortunaMiningCorpMember_zJJpVxEAKib3">3.9</span></span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Wheaton Precious Metals Corp.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_90A_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000271310Member__oef--LargestHoldingAxis__custom--WheatonPreciousMetalsCorpMember_zBFH6xIfuLGh">3.8</span></span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">OR Royalties, Inc.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_900_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000271310Member__oef--LargestHoldingAxis__custom--ORRoyaltiesIncMember_z1hdQkhOzV2j">3.7</span></span></div></td></tr> </table></div></div></div> <p style="font: normal 10pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 2pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span></p> <p style="font: normal 10pt/1.4 Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span></p></div> 0.429 0.105 0.093 0.049 0.048 0.046 0.045 0.039 0.038 0.037 Does not round to 0.1% or (0.1)%, as applicable. Does not round to 0.1% or (0.1)%, as applicable.