0001924868 2025-05-01 2026-04-30 0001924868 defiance:C000272888Member 2025-05-01 2026-04-30 0001924868 defiance:C000272888Member 2026-04-07 2026-04-07 0001924868 defiance:SAndP500TotalReturnIndexMember 2026-04-07 2026-04-07 0001924868 defiance:C000272888Member 2026-04-07 2026-04-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2026-04-07 2026-04-30 0001924868 defiance:C000270909Member 2025-05-01 2026-04-30 0001924868 defiance:C000270909Member 2026-03-02 2026-03-02 0001924868 defiance:SAndP500TotalReturnIndexMember 2026-03-02 2026-03-02 0001924868 defiance:C000270909Member 2026-03-02 2026-03-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2026-03-02 2026-03-31 0001924868 defiance:C000270909Member 2026-03-02 2026-04-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2026-03-02 2026-04-30 0001924868 defiance:C000256579Member 2025-05-01 2026-04-30 0001924868 defiance:C000256579Member 2026-04-30 2026-04-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2026-04-30 2026-04-30 0001924868 defiance:C000260404Member 2025-05-01 2026-04-30 0001924868 defiance:C000260404Member 2025-09-03 2025-09-03 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-09-03 2025-09-03 0001924868 defiance:C000260404Member 2025-09-03 2025-09-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-09-03 2025-09-30 0001924868 defiance:C000260404Member 2025-09-03 2025-10-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-09-03 2025-10-31 0001924868 defiance:C000260404Member 2025-09-03 2025-11-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-09-03 2025-11-30 0001924868 defiance:C000260404Member 2025-09-03 2025-12-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-09-03 2025-12-31 0001924868 defiance:C000260404Member 2025-09-03 2026-01-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-09-03 2026-01-31 0001924868 defiance:C000260404Member 2025-09-03 2026-02-28 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-09-03 2026-02-28 0001924868 defiance:C000260404Member 2025-09-03 2026-03-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-09-03 2026-03-31 0001924868 defiance:C000260404Member 2025-09-03 2026-04-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-09-03 2026-04-30 0001924868 defiance:C000264269Member 2025-05-01 2026-04-30 0001924868 defiance:C000264269Member 2025-10-23 2025-10-23 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-10-23 2025-10-23 0001924868 defiance:C000264269Member 2025-10-23 2025-10-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-10-23 2025-10-31 0001924868 defiance:C000264269Member 2025-10-23 2025-11-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-10-23 2025-11-30 0001924868 defiance:C000264269Member 2025-10-23 2025-12-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-10-23 2025-12-31 0001924868 defiance:C000264269Member 2025-10-23 2026-01-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-10-23 2026-01-31 0001924868 defiance:C000264269Member 2025-10-23 2026-02-28 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-10-23 2026-02-28 0001924868 defiance:C000264269Member 2025-10-23 2026-03-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-10-23 2026-03-31 0001924868 defiance:C000264269Member 2025-10-23 2026-04-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-10-23 2026-04-30 0001924868 defiance:C000250004Member 2025-05-01 2026-04-30 0001924868 defiance:C000250004Member 2024-08-21 2024-08-21 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-21 2024-08-21 0001924868 defiance:C000250004Member 2024-08-21 2024-08-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-21 2024-08-31 0001924868 defiance:C000250004Member 2024-08-21 2024-09-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-21 2024-09-30 0001924868 defiance:C000250004Member 2024-08-21 2024-10-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-21 2024-10-31 0001924868 defiance:C000250004Member 2024-08-21 2024-11-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-21 2024-11-30 0001924868 defiance:C000250004Member 2024-08-21 2024-12-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-21 2024-12-31 0001924868 defiance:C000250004Member 2024-08-21 2025-01-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-21 2025-01-31 0001924868 defiance:C000250004Member 2024-08-21 2025-02-28 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-21 2025-02-28 0001924868 defiance:C000250004Member 2024-08-21 2025-03-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-21 2025-03-31 0001924868 defiance:C000250004Member 2024-08-21 2025-04-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-21 2025-04-30 0001924868 defiance:C000250004Member 2024-08-21 2025-05-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-21 2025-05-31 0001924868 defiance:C000250004Member 2024-08-21 2025-06-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-21 2025-06-30 0001924868 defiance:C000250004Member 2024-08-21 2025-07-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-21 2025-07-31 0001924868 defiance:C000250004Member 2024-08-21 2025-08-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-21 2025-08-31 0001924868 defiance:C000250004Member 2024-08-21 2025-09-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-21 2025-09-30 0001924868 defiance:C000250004Member 2024-08-21 2025-10-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-21 2025-10-31 0001924868 defiance:C000250004Member 2024-08-21 2025-11-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-21 2025-11-30 0001924868 defiance:C000250004Member 2024-08-21 2025-12-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-21 2025-12-31 0001924868 defiance:C000250004Member 2024-08-21 2026-01-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-21 2026-01-31 0001924868 defiance:C000250004Member 2024-08-21 2026-02-28 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-21 2026-02-28 0001924868 defiance:C000250004Member 2024-08-21 2026-03-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-21 2026-03-31 0001924868 defiance:C000250004Member 2024-08-21 2026-04-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-21 2026-04-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-05-01 2026-04-30 0001924868 defiance:C000256582Member 2025-05-01 2026-04-30 0001924868 defiance:C000256582Member 2025-11-18 2025-11-18 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-11-18 2025-11-18 0001924868 defiance:C000256582Member 2025-11-18 2025-11-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-11-18 2025-11-30 0001924868 defiance:C000256582Member 2025-11-18 2025-12-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-11-18 2025-12-31 0001924868 defiance:C000256582Member 2025-11-18 2026-01-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-11-18 2026-01-31 0001924868 defiance:C000256582Member 2025-11-18 2026-02-28 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-11-18 2026-02-28 0001924868 defiance:C000256582Member 2025-11-18 2026-03-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-11-18 2026-03-31 0001924868 defiance:C000256582Member 2025-11-18 2026-04-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-11-18 2026-04-30 0001924868 defiance:C000249984Member 2025-05-01 2026-04-30 0001924868 defiance:C000249984Member 2026-02-17 2026-02-17 0001924868 defiance:SAndP500TotalReturnIndexMember 2026-02-17 2026-02-17 0001924868 defiance:C000249984Member 2026-02-17 2026-02-28 0001924868 defiance:SAndP500TotalReturnIndexMember 2026-02-17 2026-02-28 0001924868 defiance:C000249984Member 2026-02-17 2026-03-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2026-02-17 2026-03-31 0001924868 defiance:C000249984Member 2026-02-17 2026-04-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2026-02-17 2026-04-30 0001924868 defiance:C000258444Member 2025-05-01 2026-04-30 0001924868 defiance:C000258444Member 2025-05-28 2025-05-28 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-05-28 2025-05-28 0001924868 defiance:C000258444Member 2025-05-28 2025-05-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-05-28 2025-05-31 0001924868 defiance:C000258444Member 2025-05-28 2025-06-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-05-28 2025-06-30 0001924868 defiance:C000258444Member 2025-05-28 2025-07-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-05-28 2025-07-31 0001924868 defiance:C000258444Member 2025-05-28 2025-08-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-05-28 2025-08-31 0001924868 defiance:C000258444Member 2025-05-28 2025-09-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-05-28 2025-09-30 0001924868 defiance:C000258444Member 2025-05-28 2025-10-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-05-28 2025-10-31 0001924868 defiance:C000258444Member 2025-05-28 2025-11-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-05-28 2025-11-30 0001924868 defiance:C000258444Member 2025-05-28 2025-12-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-05-28 2025-12-31 0001924868 defiance:C000258444Member 2025-05-28 2026-01-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-05-28 2026-01-31 0001924868 defiance:C000258444Member 2025-05-28 2026-02-28 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-05-28 2026-02-28 0001924868 defiance:C000258444Member 2025-05-28 2026-03-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-05-28 2026-03-31 0001924868 defiance:C000258444Member 2025-05-28 2026-04-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-05-28 2026-04-30 0001924868 defiance:C000256580Member 2025-05-01 2026-04-30 0001924868 defiance:C000256580Member 2025-07-30 2025-07-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-07-30 2025-07-30 0001924868 defiance:C000256580Member 2025-07-30 2025-07-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-07-30 2025-07-31 0001924868 defiance:C000256580Member 2025-07-30 2025-08-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-07-30 2025-08-31 0001924868 defiance:C000256580Member 2025-07-30 2025-09-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-07-30 2025-09-30 0001924868 defiance:C000256580Member 2025-07-30 2025-10-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-07-30 2025-10-31 0001924868 defiance:C000256580Member 2025-07-30 2025-11-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-07-30 2025-11-30 0001924868 defiance:C000256580Member 2025-07-30 2025-12-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-07-30 2025-12-31 0001924868 defiance:C000256580Member 2025-07-30 2026-01-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-07-30 2026-01-31 0001924868 defiance:C000256580Member 2025-07-30 2026-02-28 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-07-30 2026-02-28 0001924868 defiance:C000256580Member 2025-07-30 2026-03-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-07-30 2026-03-31 0001924868 defiance:C000256580Member 2025-07-30 2026-04-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-07-30 2026-04-30 0001924868 defiance:C000258447Member 2025-05-01 2026-04-30 0001924868 defiance:C000258447Member 2025-03-12 2025-03-12 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-03-12 2025-03-12 0001924868 defiance:C000258447Member 2025-03-12 2025-03-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-03-12 2025-03-31 0001924868 defiance:C000258447Member 2025-03-12 2025-04-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-03-12 2025-04-30 0001924868 defiance:C000258447Member 2025-03-12 2025-05-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-03-12 2025-05-31 0001924868 defiance:C000258447Member 2025-03-12 2025-06-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-03-12 2025-06-30 0001924868 defiance:C000258447Member 2025-03-12 2025-07-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-03-12 2025-07-31 0001924868 defiance:C000258447Member 2025-03-12 2025-08-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-03-12 2025-08-31 0001924868 defiance:C000258447Member 2025-03-12 2025-09-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-03-12 2025-09-30 0001924868 defiance:C000258447Member 2025-03-12 2025-10-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-03-12 2025-10-31 0001924868 defiance:C000258447Member 2025-03-12 2025-11-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-03-12 2025-11-30 0001924868 defiance:C000258447Member 2025-03-12 2025-12-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-03-12 2025-12-31 0001924868 defiance:C000258447Member 2025-03-12 2026-01-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-03-12 2026-01-31 0001924868 defiance:C000258447Member 2025-03-12 2026-02-28 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-03-12 2026-02-28 0001924868 defiance:C000258447Member 2025-03-12 2026-03-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-03-12 2026-03-31 0001924868 defiance:C000258447Member 2025-03-12 2026-04-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-03-12 2026-04-30 0001924868 defiance:C000258448Member 2025-05-01 2026-04-30 0001924868 defiance:C000258448Member 2025-03-18 2025-03-18 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-03-18 2025-03-18 0001924868 defiance:C000258448Member 2025-03-18 2025-03-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-03-18 2025-03-31 0001924868 defiance:C000258448Member 2025-03-18 2025-04-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-03-18 2025-04-30 0001924868 defiance:C000258448Member 2025-03-18 2025-05-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-03-18 2025-05-31 0001924868 defiance:C000258448Member 2025-03-18 2025-06-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-03-18 2025-06-30 0001924868 defiance:C000258448Member 2025-03-18 2025-07-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-03-18 2025-07-31 0001924868 defiance:C000258448Member 2025-03-18 2025-08-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-03-18 2025-08-31 0001924868 defiance:C000258448Member 2025-03-18 2025-09-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-03-18 2025-09-30 0001924868 defiance:C000258448Member 2025-03-18 2025-10-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-03-18 2025-10-31 0001924868 defiance:C000258448Member 2025-03-18 2025-11-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-03-18 2025-11-30 0001924868 defiance:C000258448Member 2025-03-18 2025-12-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-03-18 2025-12-31 0001924868 defiance:C000258448Member 2025-03-18 2026-01-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-03-18 2026-01-31 0001924868 defiance:C000258448Member 2025-03-18 2026-02-28 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-03-18 2026-02-28 0001924868 defiance:C000258448Member 2025-03-18 2026-03-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-03-18 2026-03-31 0001924868 defiance:C000258448Member 2025-03-18 2026-04-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-03-18 2026-04-30 0001924868 defiance:C000258449Member 2025-05-01 2026-04-30 0001924868 defiance:C000258449Member 2025-03-11 2025-03-11 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-03-11 2025-03-11 0001924868 defiance:C000258449Member 2025-03-11 2025-03-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-03-11 2025-03-31 0001924868 defiance:C000258449Member 2025-03-11 2025-04-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-03-11 2025-04-30 0001924868 defiance:C000258449Member 2025-03-11 2025-05-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-03-11 2025-05-31 0001924868 defiance:C000258449Member 2025-03-11 2025-06-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-03-11 2025-06-30 0001924868 defiance:C000258449Member 2025-03-11 2025-07-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-03-11 2025-07-31 0001924868 defiance:C000258449Member 2025-03-11 2025-08-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-03-11 2025-08-31 0001924868 defiance:C000258449Member 2025-03-11 2025-09-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-03-11 2025-09-30 0001924868 defiance:C000258449Member 2025-03-11 2025-10-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-03-11 2025-10-31 0001924868 defiance:C000258449Member 2025-03-11 2025-11-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-03-11 2025-11-30 0001924868 defiance:C000258449Member 2025-03-11 2025-12-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-03-11 2025-12-31 0001924868 defiance:C000258449Member 2025-03-11 2026-01-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-03-11 2026-01-31 0001924868 defiance:C000258449Member 2025-03-11 2026-02-28 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-03-11 2026-02-28 0001924868 defiance:C000258449Member 2025-03-11 2026-03-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-03-11 2026-03-31 0001924868 defiance:C000258449Member 2025-03-11 2026-04-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-03-11 2026-04-30 0001924868 defiance:C000264696Member 2025-05-01 2026-04-30 0001924868 defiance:C000264696Member 2025-10-20 2025-10-20 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-10-20 2025-10-20 0001924868 defiance:C000264696Member 2025-10-20 2025-10-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-10-20 2025-10-31 0001924868 defiance:C000264696Member 2025-10-20 2025-11-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-10-20 2025-11-30 0001924868 defiance:C000264696Member 2025-10-20 2025-12-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-10-20 2025-12-31 0001924868 defiance:C000264696Member 2025-10-20 2026-01-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-10-20 2026-01-31 0001924868 defiance:C000264696Member 2025-10-20 2026-02-28 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-10-20 2026-02-28 0001924868 defiance:C000264696Member 2025-10-20 2026-03-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-10-20 2026-03-31 0001924868 defiance:C000264696Member 2025-10-20 2026-04-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-10-20 2026-04-30 0001924868 defiance:C000269217Member 2025-05-01 2026-04-30 0001924868 defiance:C000269217Member 2025-12-29 2025-12-29 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-12-29 2025-12-29 0001924868 defiance:C000269217Member 2025-12-29 2025-12-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-12-29 2025-12-31 0001924868 defiance:C000269217Member 2025-12-29 2026-01-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-12-29 2026-01-31 0001924868 defiance:C000269217Member 2025-12-29 2026-02-28 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-12-29 2026-02-28 0001924868 defiance:C000269217Member 2025-12-29 2026-03-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-12-29 2026-03-31 0001924868 defiance:C000269217Member 2025-12-29 2026-04-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-12-29 2026-04-30 0001924868 defiance:C000250001Member 2025-05-01 2026-04-30 0001924868 defiance:C000250001Member 2024-08-07 2024-08-07 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-07 2024-08-07 0001924868 defiance:C000250001Member 2024-08-07 2024-08-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-07 2024-08-31 0001924868 defiance:C000250001Member 2024-08-07 2024-09-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-07 2024-09-30 0001924868 defiance:C000250001Member 2024-08-07 2024-10-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-07 2024-10-31 0001924868 defiance:C000250001Member 2024-08-07 2024-11-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-07 2024-11-30 0001924868 defiance:C000250001Member 2024-08-07 2024-12-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-07 2024-12-31 0001924868 defiance:C000250001Member 2024-08-07 2025-01-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-07 2025-01-31 0001924868 defiance:C000250001Member 2024-08-07 2025-02-28 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-07 2025-02-28 0001924868 defiance:C000250001Member 2024-08-07 2025-03-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-07 2025-03-31 0001924868 defiance:C000250001Member 2024-08-07 2025-04-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-07 2025-04-30 0001924868 defiance:C000250001Member 2024-08-07 2025-05-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-07 2025-05-31 0001924868 defiance:C000250001Member 2024-08-07 2025-06-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-07 2025-06-30 0001924868 defiance:C000250001Member 2024-08-07 2025-07-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-07 2025-07-31 0001924868 defiance:C000250001Member 2024-08-07 2025-08-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-07 2025-08-31 0001924868 defiance:C000250001Member 2024-08-07 2025-09-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-07 2025-09-30 0001924868 defiance:C000250001Member 2024-08-07 2025-10-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-07 2025-10-31 0001924868 defiance:C000250001Member 2024-08-07 2025-11-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-07 2025-11-30 0001924868 defiance:C000250001Member 2024-08-07 2025-12-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-07 2025-12-31 0001924868 defiance:C000250001Member 2024-08-07 2026-01-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-07 2026-01-31 0001924868 defiance:C000250001Member 2024-08-07 2026-02-28 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-07 2026-02-28 0001924868 defiance:C000250001Member 2024-08-07 2026-03-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-07 2026-03-31 0001924868 defiance:C000250001Member 2024-08-07 2026-04-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-07 2026-04-30 0001924868 defiance:C000264272Member 2025-05-01 2026-04-30 0001924868 defiance:C000264272Member 2025-10-15 2025-10-15 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-10-15 2025-10-15 0001924868 defiance:C000264272Member 2025-10-15 2025-10-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-10-15 2025-10-31 0001924868 defiance:C000264272Member 2025-10-15 2025-11-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-10-15 2025-11-30 0001924868 defiance:C000264272Member 2025-10-15 2025-12-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-10-15 2025-12-31 0001924868 defiance:C000264272Member 2025-10-15 2026-01-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-10-15 2026-01-31 0001924868 defiance:C000264272Member 2025-10-15 2026-02-28 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-10-15 2026-02-28 0001924868 defiance:C000264272Member 2025-10-15 2026-03-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-10-15 2026-03-31 0001924868 defiance:C000264272Member 2025-10-15 2026-04-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-10-15 2026-04-30 0001924868 defiance:C000269221Member 2025-05-01 2026-04-30 0001924868 defiance:C000269221Member 2026-01-12 2026-01-12 0001924868 defiance:SAndP500TotalReturnIndexMember 2026-01-12 2026-01-12 0001924868 defiance:C000269221Member 2026-01-12 2026-01-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2026-01-12 2026-01-31 0001924868 defiance:C000269221Member 2026-01-12 2026-02-28 0001924868 defiance:SAndP500TotalReturnIndexMember 2026-01-12 2026-02-28 0001924868 defiance:C000269221Member 2026-01-12 2026-03-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2026-01-12 2026-03-31 0001924868 defiance:C000269221Member 2026-01-12 2026-04-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2026-01-12 2026-04-30 0001924868 defiance:C000264697Member 2025-05-01 2026-04-30 0001924868 defiance:C000264697Member 2025-10-20 2025-10-20 0001924868 defiance:C000264697Member 2025-10-20 2025-10-31 0001924868 defiance:C000264697Member 2025-10-20 2025-11-30 0001924868 defiance:C000264697Member 2025-10-20 2025-12-31 0001924868 defiance:C000264697Member 2025-10-20 2026-01-31 0001924868 defiance:C000264697Member 2025-10-20 2026-02-28 0001924868 defiance:C000264697Member 2025-10-20 2026-03-31 0001924868 defiance:C000264697Member 2025-10-20 2026-04-30 0001924868 defiance:C000265119Member 2025-05-01 2026-04-30 0001924868 defiance:C000265119Member 2026-02-03 2026-02-03 0001924868 defiance:SAndP500TotalReturnIndexMember 2026-02-03 2026-02-03 0001924868 defiance:C000265119Member 2026-02-03 2026-02-28 0001924868 defiance:SAndP500TotalReturnIndexMember 2026-02-03 2026-02-28 0001924868 defiance:C000265119Member 2026-02-03 2026-03-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2026-02-03 2026-03-31 0001924868 defiance:C000265119Member 2026-02-03 2026-04-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2026-02-03 2026-04-30 0001924868 defiance:C000250002Member 2025-05-01 2026-04-30 0001924868 defiance:C000250002Member 2024-08-14 2024-08-14 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-14 2024-08-14 0001924868 defiance:C000250002Member 2024-08-14 2024-08-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-14 2024-08-31 0001924868 defiance:C000250002Member 2024-08-14 2024-09-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-14 2024-09-30 0001924868 defiance:C000250002Member 2024-08-14 2024-10-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-14 2024-10-31 0001924868 defiance:C000250002Member 2024-08-14 2024-11-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-14 2024-11-30 0001924868 defiance:C000250002Member 2024-08-14 2024-12-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-14 2024-12-31 0001924868 defiance:C000250002Member 2024-08-14 2025-01-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-14 2025-01-31 0001924868 defiance:C000250002Member 2024-08-14 2025-02-28 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-14 2025-02-28 0001924868 defiance:C000250002Member 2024-08-14 2025-03-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-14 2025-03-31 0001924868 defiance:C000250002Member 2024-08-14 2025-04-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-14 2025-04-30 0001924868 defiance:C000250002Member 2024-08-14 2025-05-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-14 2025-05-31 0001924868 defiance:C000250002Member 2024-08-14 2025-06-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-14 2025-06-30 0001924868 defiance:C000250002Member 2024-08-14 2025-07-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-14 2025-07-31 0001924868 defiance:C000250002Member 2024-08-14 2025-08-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-14 2025-08-31 0001924868 defiance:C000250002Member 2024-08-14 2025-09-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-14 2025-09-30 0001924868 defiance:C000250002Member 2024-08-14 2025-10-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-14 2025-10-31 0001924868 defiance:C000250002Member 2024-08-14 2025-11-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-14 2025-11-30 0001924868 defiance:C000250002Member 2024-08-14 2025-12-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-14 2025-12-31 0001924868 defiance:C000250002Member 2024-08-14 2026-01-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-14 2026-01-31 0001924868 defiance:C000250002Member 2024-08-14 2026-02-28 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-14 2026-02-28 0001924868 defiance:C000250002Member 2024-08-14 2026-03-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-14 2026-03-31 0001924868 defiance:C000250002Member 2024-08-14 2026-04-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-14 2026-04-30 0001924868 defiance:C000269896Member 2025-05-01 2026-04-30 0001924868 defiance:C000269896Member 2026-01-20 2026-01-20 0001924868 defiance:SAndP500TotalReturnIndexMember 2026-01-20 2026-01-20 0001924868 defiance:C000269896Member 2026-01-20 2026-01-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2026-01-20 2026-01-31 0001924868 defiance:C000269896Member 2026-01-20 2026-02-28 0001924868 defiance:SAndP500TotalReturnIndexMember 2026-01-20 2026-02-28 0001924868 defiance:C000269896Member 2026-01-20 2026-03-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2026-01-20 2026-03-31 0001924868 defiance:C000269896Member 2026-01-20 2026-04-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2026-01-20 2026-04-30 0001924868 defiance:C000250003Member 2025-05-01 2026-04-30 0001924868 defiance:C000250003Member 2024-12-02 2024-12-02 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-12-02 2024-12-02 0001924868 defiance:C000250003Member 2024-12-02 2024-12-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-12-02 2024-12-31 0001924868 defiance:C000250003Member 2024-12-02 2025-01-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-12-02 2025-01-31 0001924868 defiance:C000250003Member 2024-12-02 2025-02-28 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-12-02 2025-02-28 0001924868 defiance:C000250003Member 2024-12-02 2025-03-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-12-02 2025-03-31 0001924868 defiance:C000250003Member 2024-12-02 2025-04-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-12-02 2025-04-30 0001924868 defiance:C000250003Member 2024-12-02 2025-05-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-12-02 2025-05-31 0001924868 defiance:C000250003Member 2024-12-02 2025-06-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-12-02 2025-06-30 0001924868 defiance:C000250003Member 2024-12-02 2025-07-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-12-02 2025-07-31 0001924868 defiance:C000250003Member 2024-12-02 2025-08-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-12-02 2025-08-31 0001924868 defiance:C000250003Member 2024-12-02 2025-09-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-12-02 2025-09-30 0001924868 defiance:C000250003Member 2024-12-02 2025-10-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-12-02 2025-10-31 0001924868 defiance:C000250003Member 2024-12-02 2025-11-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-12-02 2025-11-30 0001924868 defiance:C000250003Member 2024-12-02 2025-12-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-12-02 2025-12-31 0001924868 defiance:C000250003Member 2024-12-02 2026-01-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-12-02 2026-01-31 0001924868 defiance:C000250003Member 2024-12-02 2026-02-28 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-12-02 2026-02-28 0001924868 defiance:C000250003Member 2024-12-02 2026-03-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-12-02 2026-03-31 0001924868 defiance:C000250003Member 2024-12-02 2026-04-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-12-02 2026-04-30 0001924868 defiance:C000261405Member 2025-05-01 2026-04-30 0001924868 defiance:C000261405Member 2025-06-23 2025-06-23 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-06-23 2025-06-23 0001924868 defiance:C000261405Member 2025-06-23 2025-06-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-06-23 2025-06-30 0001924868 defiance:C000261405Member 2025-06-23 2025-07-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-06-23 2025-07-31 0001924868 defiance:C000261405Member 2025-06-23 2025-08-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-06-23 2025-08-31 0001924868 defiance:C000261405Member 2025-06-23 2025-09-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-06-23 2025-09-30 0001924868 defiance:C000261405Member 2025-06-23 2025-10-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-06-23 2025-10-31 0001924868 defiance:C000261405Member 2025-06-23 2025-11-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-06-23 2025-11-30 0001924868 defiance:C000261405Member 2025-06-23 2025-12-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-06-23 2025-12-31 0001924868 defiance:C000261405Member 2025-06-23 2026-01-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-06-23 2026-01-31 0001924868 defiance:C000261405Member 2025-06-23 2026-02-28 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-06-23 2026-02-28 0001924868 defiance:C000261405Member 2025-06-23 2026-03-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-06-23 2026-03-31 0001924868 defiance:C000261405Member 2025-06-23 2026-04-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-06-23 2026-04-30 0001924868 defiance:C000269222Member 2025-05-01 2026-04-30 0001924868 defiance:C000269222Member 2025-12-29 2025-12-29 0001924868 defiance:C000269222Member 2025-12-29 2025-12-31 0001924868 defiance:C000269222Member 2025-12-29 2026-01-31 0001924868 defiance:C000269222Member 2025-12-29 2026-02-28 0001924868 defiance:C000269222Member 2025-12-29 2026-03-31 0001924868 defiance:C000269222Member 2025-12-29 2026-04-30 0001924868 defiance:C000256583Member 2025-05-01 2026-04-30 0001924868 defiance:C000256583Member 2025-02-06 2025-02-06 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-02-06 2025-02-06 0001924868 defiance:C000256583Member 2025-02-06 2025-02-28 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-02-06 2025-02-28 0001924868 defiance:C000256583Member 2025-02-06 2025-03-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-02-06 2025-03-31 0001924868 defiance:C000256583Member 2025-02-06 2025-04-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-02-06 2025-04-30 0001924868 defiance:C000256583Member 2025-02-06 2025-05-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-02-06 2025-05-31 0001924868 defiance:C000256583Member 2025-02-06 2025-06-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-02-06 2025-06-30 0001924868 defiance:C000256583Member 2025-02-06 2025-07-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-02-06 2025-07-31 0001924868 defiance:C000256583Member 2025-02-06 2025-08-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-02-06 2025-08-31 0001924868 defiance:C000256583Member 2025-02-06 2025-09-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-02-06 2025-09-30 0001924868 defiance:C000256583Member 2025-02-06 2025-10-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-02-06 2025-10-31 0001924868 defiance:C000256583Member 2025-02-06 2025-11-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-02-06 2025-11-30 0001924868 defiance:C000256583Member 2025-02-06 2025-12-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-02-06 2025-12-31 0001924868 defiance:C000256583Member 2025-02-06 2026-01-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-02-06 2026-01-31 0001924868 defiance:C000256583Member 2025-02-06 2026-02-28 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-02-06 2026-02-28 0001924868 defiance:C000256583Member 2025-02-06 2026-03-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-02-06 2026-03-31 0001924868 defiance:C000256583Member 2025-02-06 2026-04-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-02-06 2026-04-30 0001924868 defiance:C000269224Member 2025-05-01 2026-04-30 0001924868 defiance:C000269224Member 2026-01-06 2026-01-06 0001924868 defiance:SAndP500TotalReturnIndexMember 2026-01-06 2026-01-06 0001924868 defiance:C000269224Member 2026-01-06 2026-01-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2026-01-06 2026-01-31 0001924868 defiance:C000269224Member 2026-01-06 2026-02-28 0001924868 defiance:SAndP500TotalReturnIndexMember 2026-01-06 2026-02-28 0001924868 defiance:C000269224Member 2026-01-06 2026-03-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2026-01-06 2026-03-31 0001924868 defiance:C000269224Member 2026-01-06 2026-04-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2026-01-06 2026-04-30 0001924868 defiance:C000270924Member 2025-05-01 2026-04-30 0001924868 defiance:C000270924Member 2026-04-30 2026-04-30 0001924868 defiance:SAndP500TotalReturnIndex1Member 2026-04-30 2026-04-30 0001924868 defiance:C000264698Member 2025-05-01 2026-04-30 0001924868 defiance:C000264698Member 2025-10-20 2025-10-20 0001924868 defiance:C000264698Member 2025-10-20 2025-10-31 0001924868 defiance:C000264698Member 2025-10-20 2025-11-30 0001924868 defiance:C000264698Member 2025-10-20 2025-12-31 0001924868 defiance:C000264698Member 2025-10-20 2026-01-31 0001924868 defiance:C000264698Member 2025-10-20 2026-02-28 0001924868 defiance:C000264698Member 2025-10-20 2026-03-31 0001924868 defiance:C000264698Member 2025-10-20 2026-04-30 0001924868 defiance:C000269225Member 2025-05-01 2026-04-30 0001924868 defiance:C000269225Member 2026-01-12 2026-01-12 0001924868 defiance:C000269225Member 2026-01-12 2026-01-31 0001924868 defiance:C000269225Member 2026-01-12 2026-02-28 0001924868 defiance:C000269225Member 2026-01-12 2026-03-31 0001924868 defiance:C000269225Member 2026-01-12 2026-04-30 0001924868 defiance:C000250005Member 2025-05-01 2026-04-30 0001924868 defiance:C000250005Member 2024-08-21 2024-08-21 0001924868 defiance:C000250005Member 2024-08-21 2024-08-31 0001924868 defiance:C000250005Member 2024-08-21 2024-09-30 0001924868 defiance:C000250005Member 2024-08-21 2024-10-31 0001924868 defiance:C000250005Member 2024-08-21 2024-11-30 0001924868 defiance:C000250005Member 2024-08-21 2024-12-31 0001924868 defiance:C000250005Member 2024-08-21 2025-01-31 0001924868 defiance:C000250005Member 2024-08-21 2025-02-28 0001924868 defiance:C000250005Member 2024-08-21 2025-03-31 0001924868 defiance:C000250005Member 2024-08-21 2025-04-30 0001924868 defiance:C000250005Member 2024-08-21 2025-05-31 0001924868 defiance:C000250005Member 2024-08-21 2025-06-30 0001924868 defiance:C000250005Member 2024-08-21 2025-07-31 0001924868 defiance:C000250005Member 2024-08-21 2025-08-31 0001924868 defiance:C000250005Member 2024-08-21 2025-09-30 0001924868 defiance:C000250005Member 2024-08-21 2025-10-31 0001924868 defiance:C000250005Member 2024-08-21 2025-11-30 0001924868 defiance:C000250005Member 2024-08-21 2025-12-31 0001924868 defiance:C000250005Member 2024-08-21 2026-01-31 0001924868 defiance:C000250005Member 2024-08-21 2026-02-28 0001924868 defiance:C000250005Member 2024-08-21 2026-03-31 0001924868 defiance:C000250005Member 2024-08-21 2026-04-30 0001924868 defiance:C000256584Member 2025-05-01 2026-04-30 0001924868 defiance:C000256584Member 2025-01-15 2025-01-15 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-01-15 2025-01-15 0001924868 defiance:C000256584Member 2025-01-15 2025-01-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-01-15 2025-01-31 0001924868 defiance:C000256584Member 2025-01-15 2025-02-28 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-01-15 2025-02-28 0001924868 defiance:C000256584Member 2025-01-15 2025-03-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-01-15 2025-03-31 0001924868 defiance:C000256584Member 2025-01-15 2025-04-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-01-15 2025-04-30 0001924868 defiance:C000256584Member 2025-01-15 2025-05-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-01-15 2025-05-31 0001924868 defiance:C000256584Member 2025-01-15 2025-06-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-01-15 2025-06-30 0001924868 defiance:C000256584Member 2025-01-15 2025-07-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-01-15 2025-07-31 0001924868 defiance:C000256584Member 2025-01-15 2025-08-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-01-15 2025-08-31 0001924868 defiance:C000256584Member 2025-01-15 2025-09-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-01-15 2025-09-30 0001924868 defiance:C000256584Member 2025-01-15 2025-10-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-01-15 2025-10-31 0001924868 defiance:C000256584Member 2025-01-15 2025-11-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-01-15 2025-11-30 0001924868 defiance:C000256584Member 2025-01-15 2025-12-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-01-15 2025-12-31 0001924868 defiance:C000256584Member 2025-01-15 2026-01-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-01-15 2026-01-31 0001924868 defiance:C000256584Member 2025-01-15 2026-02-28 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-01-15 2026-02-28 0001924868 defiance:C000256584Member 2025-01-15 2026-03-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-01-15 2026-03-31 0001924868 defiance:C000256584Member 2025-01-15 2026-04-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-01-15 2026-04-30 0001924868 defiance:C000258445Member 2025-05-01 2026-04-30 0001924868 defiance:C000258445Member 2025-06-23 2025-06-23 0001924868 defiance:C000258445Member 2025-06-23 2025-06-30 0001924868 defiance:C000258445Member 2025-06-23 2025-07-31 0001924868 defiance:C000258445Member 2025-06-23 2025-08-31 0001924868 defiance:C000258445Member 2025-06-23 2025-09-30 0001924868 defiance:C000258445Member 2025-06-23 2025-10-31 0001924868 defiance:C000258445Member 2025-06-23 2025-11-30 0001924868 defiance:C000258445Member 2025-06-23 2025-12-31 0001924868 defiance:C000258445Member 2025-06-23 2026-01-31 0001924868 defiance:C000258445Member 2025-06-23 2026-02-28 0001924868 defiance:C000258445Member 2025-06-23 2026-03-31 0001924868 defiance:C000258445Member 2025-06-23 2026-04-30 0001924868 defiance:C000258446Member 2025-05-01 2026-04-30 0001924868 defiance:C000258446Member 2025-07-21 2025-07-21 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-07-21 2025-07-21 0001924868 defiance:C000258446Member 2025-07-21 2025-07-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-07-21 2025-07-31 0001924868 defiance:C000258446Member 2025-07-21 2025-08-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-07-21 2025-08-31 0001924868 defiance:C000258446Member 2025-07-21 2025-09-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-07-21 2025-09-30 0001924868 defiance:C000258446Member 2025-07-21 2025-10-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-07-21 2025-10-31 0001924868 defiance:C000258446Member 2025-07-21 2025-11-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-07-21 2025-11-30 0001924868 defiance:C000258446Member 2025-07-21 2025-12-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-07-21 2025-12-31 0001924868 defiance:C000258446Member 2025-07-21 2026-01-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-07-21 2026-01-31 0001924868 defiance:C000258446Member 2025-07-21 2026-02-28 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-07-21 2026-02-28 0001924868 defiance:C000258446Member 2025-07-21 2026-03-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-07-21 2026-03-31 0001924868 defiance:C000258446Member 2025-07-21 2026-04-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-07-21 2026-04-30 0001924868 defiance:C000264267Member 2025-05-01 2026-04-30 0001924868 defiance:C000264267Member 2026-02-03 2026-02-03 0001924868 defiance:C000264267Member 2026-02-03 2026-02-28 0001924868 defiance:C000264267Member 2026-02-03 2026-03-31 0001924868 defiance:C000264267Member 2026-02-03 2026-04-30 0001924868 defiance:C000265871Member 2025-05-01 2026-04-30 0001924868 defiance:C000265871Member 2025-11-13 2025-11-13 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-11-13 2025-11-13 0001924868 defiance:C000265871Member 2025-11-13 2025-11-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-11-13 2025-11-30 0001924868 defiance:C000265871Member 2025-11-13 2025-12-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-11-13 2025-12-31 0001924868 defiance:C000265871Member 2025-11-13 2026-01-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-11-13 2026-01-31 0001924868 defiance:C000265871Member 2025-11-13 2026-02-28 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-11-13 2026-02-28 0001924868 defiance:C000265871Member 2025-11-13 2026-03-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-11-13 2026-03-31 0001924868 defiance:C000265871Member 2025-11-13 2026-04-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-11-13 2026-04-30 0001924868 defiance:C000250371Member 2025-05-01 2026-04-30 0001924868 defiance:C000250371Member 2024-08-20 2024-08-20 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-20 2024-08-20 0001924868 defiance:C000250371Member 2024-08-20 2024-08-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-20 2024-08-31 0001924868 defiance:C000250371Member 2024-08-20 2024-09-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-20 2024-09-30 0001924868 defiance:C000250371Member 2024-08-20 2024-10-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-20 2024-10-31 0001924868 defiance:C000250371Member 2024-08-20 2024-11-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-20 2024-11-30 0001924868 defiance:C000250371Member 2024-08-20 2024-12-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-20 2024-12-31 0001924868 defiance:C000250371Member 2024-08-20 2025-01-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-20 2025-01-31 0001924868 defiance:C000250371Member 2024-08-20 2025-02-28 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-20 2025-02-28 0001924868 defiance:C000250371Member 2024-08-20 2025-03-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-20 2025-03-31 0001924868 defiance:C000250371Member 2024-08-20 2025-04-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-20 2025-04-30 0001924868 defiance:C000250371Member 2024-08-20 2025-05-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-20 2025-05-31 0001924868 defiance:C000250371Member 2024-08-20 2025-06-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-20 2025-06-30 0001924868 defiance:C000250371Member 2024-08-20 2025-07-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-20 2025-07-31 0001924868 defiance:C000250371Member 2024-08-20 2025-08-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-20 2025-08-31 0001924868 defiance:C000250371Member 2024-08-20 2025-09-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-20 2025-09-30 0001924868 defiance:C000250371Member 2024-08-20 2025-10-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-20 2025-10-31 0001924868 defiance:C000250371Member 2024-08-20 2025-11-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-20 2025-11-30 0001924868 defiance:C000250371Member 2024-08-20 2025-12-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-20 2025-12-31 0001924868 defiance:C000250371Member 2024-08-20 2026-01-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-20 2026-01-31 0001924868 defiance:C000250371Member 2024-08-20 2026-02-28 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-20 2026-02-28 0001924868 defiance:C000250371Member 2024-08-20 2026-03-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-20 2026-03-31 0001924868 defiance:C000250371Member 2024-08-20 2026-04-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2024-08-20 2026-04-30 0001924868 defiance:C000259171Member 2025-05-01 2026-04-30 0001924868 defiance:C000259171Member 2025-04-01 2025-04-01 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-04-01 2025-04-01 0001924868 defiance:C000259171Member 2025-04-01 2025-04-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-04-01 2025-04-30 0001924868 defiance:C000259171Member 2025-04-01 2025-05-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-04-01 2025-05-31 0001924868 defiance:C000259171Member 2025-04-01 2025-06-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-04-01 2025-06-30 0001924868 defiance:C000259171Member 2025-04-01 2025-07-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-04-01 2025-07-31 0001924868 defiance:C000259171Member 2025-04-01 2025-08-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-04-01 2025-08-31 0001924868 defiance:C000259171Member 2025-04-01 2025-09-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-04-01 2025-09-30 0001924868 defiance:C000259171Member 2025-04-01 2025-10-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-04-01 2025-10-31 0001924868 defiance:C000259171Member 2025-04-01 2025-11-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-04-01 2025-11-30 0001924868 defiance:C000259171Member 2025-04-01 2025-12-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-04-01 2025-12-31 0001924868 defiance:C000259171Member 2025-04-01 2026-01-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-04-01 2026-01-31 0001924868 defiance:C000259171Member 2025-04-01 2026-02-28 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-04-01 2026-02-28 0001924868 defiance:C000259171Member 2025-04-01 2026-03-31 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-04-01 2026-03-31 0001924868 defiance:C000259171Member 2025-04-01 2026-04-30 0001924868 defiance:SAndP500TotalReturnIndexMember 2025-04-01 2026-04-30 0001924868 defiance:C000272888Member 2026-04-30 0001924868 defiance:C000270909Member 2026-04-30 0001924868 defiance:C000256579Member 2026-04-30 0001924868 defiance:C000260404Member 2026-04-30 0001924868 defiance:C000264269Member 2026-04-30 0001924868 defiance:C000250004Member 2026-04-30 0001924868 defiance:C000256582Member 2026-04-30 0001924868 defiance:C000249984Member 2026-04-30 0001924868 defiance:C000258444Member 2026-04-30 0001924868 defiance:C000256580Member 2026-04-30 0001924868 defiance:C000258447Member 2026-04-30 0001924868 defiance:C000258448Member 2026-04-30 0001924868 defiance:C000258449Member 2026-04-30 0001924868 defiance:C000264696Member 2026-04-30 0001924868 defiance:C000269217Member 2026-04-30 0001924868 defiance:C000250001Member 2026-04-30 0001924868 defiance:C000264272Member 2026-04-30 0001924868 defiance:C000269221Member 2026-04-30 0001924868 defiance:C000264697Member 2026-04-30 0001924868 defiance:C000265119Member 2026-04-30 0001924868 defiance:C000250002Member 2026-04-30 0001924868 defiance:C000269896Member 2026-04-30 0001924868 defiance:C000250003Member 2026-04-30 0001924868 defiance:C000261405Member 2026-04-30 0001924868 defiance:C000269222Member 2026-04-30 0001924868 defiance:C000256583Member 2026-04-30 0001924868 defiance:C000269224Member 2026-04-30 0001924868 defiance:C000270924Member 2026-04-30 0001924868 defiance:C000264698Member 2026-04-30 0001924868 defiance:C000269225Member 2026-04-30 0001924868 defiance:C000250005Member 2026-04-30 0001924868 defiance:C000256584Member 2026-04-30 0001924868 defiance:C000258445Member 2026-04-30 0001924868 defiance:C000258446Member 2026-04-30 0001924868 defiance:C000264267Member 2026-04-30 0001924868 defiance:C000265871Member 2026-04-30 0001924868 defiance:C000250371Member 2026-04-30 0001924868 defiance:C000259171Member 2026-04-30 0001924868 us-gaap:CashEquivalentsMember defiance:C000272888Member 2026-04-30 0001924868 defiance:TotalReturnSwapContractsMember defiance:C000272888Member 2026-04-30 0001924868 us-gaap:CashEquivalentsMember defiance:C000256579Member 2026-04-30 0001924868 defiance:TotalReturnSwapContractsMember defiance:C000256579Member 2026-04-30 0001924868 us-gaap:CashEquivalentsMember defiance:C000260404Member 2026-04-30 0001924868 defiance:TotalReturnSwapContractsMember defiance:C000260404Member 2026-04-30 0001924868 us-gaap:CashEquivalentsMember defiance:C000264269Member 2026-04-30 0001924868 defiance:TotalReturnSwapContractsMember defiance:C000264269Member 2026-04-30 0001924868 us-gaap:CashEquivalentsMember defiance:C000250004Member 2026-04-30 0001924868 defiance:TotalReturnSwapContractsMember defiance:C000250004Member 2026-04-30 0001924868 us-gaap:CashEquivalentsMember defiance:C000256582Member 2026-04-30 0001924868 defiance:TotalReturnSwapContractsMember defiance:C000256582Member 2026-04-30 0001924868 us-gaap:CashEquivalentsMember defiance:C000249984Member 2026-04-30 0001924868 defiance:TotalReturnSwapContractsMember defiance:C000249984Member 2026-04-30 0001924868 us-gaap:CashEquivalentsMember defiance:C000258444Member 2026-04-30 0001924868 defiance:TotalReturnSwapContractsMember defiance:C000258444Member 2026-04-30 0001924868 us-gaap:CashEquivalentsMember defiance:C000258448Member 2026-04-30 0001924868 defiance:TotalReturnSwapContractsMember defiance:C000258448Member 2026-04-30 0001924868 us-gaap:CashEquivalentsMember defiance:C000258449Member 2026-04-30 0001924868 defiance:TotalReturnSwapContractsMember defiance:C000258449Member 2026-04-30 0001924868 us-gaap:CashEquivalentsMember defiance:C000264696Member 2026-04-30 0001924868 defiance:TotalReturnSwapContractsMember defiance:C000264696Member 2026-04-30 0001924868 us-gaap:CashEquivalentsMember defiance:C000269217Member 2026-04-30 0001924868 defiance:TotalReturnSwapContractsMember defiance:C000269217Member 2026-04-30 0001924868 us-gaap:CashEquivalentsMember defiance:C000250001Member 2026-04-30 0001924868 defiance:TotalReturnSwapContractsMember defiance:C000250001Member 2026-04-30 0001924868 us-gaap:CashEquivalentsMember defiance:C000264272Member 2026-04-30 0001924868 defiance:TotalReturnSwapContractsMember defiance:C000264272Member 2026-04-30 0001924868 us-gaap:CashEquivalentsMember defiance:C000269221Member 2026-04-30 0001924868 defiance:TotalReturnSwapContractsMember defiance:C000269221Member 2026-04-30 0001924868 us-gaap:CashEquivalentsMember defiance:C000264697Member 2026-04-30 0001924868 defiance:TotalReturnSwapContractsMember defiance:C000264697Member 2026-04-30 0001924868 us-gaap:CashEquivalentsMember defiance:C000265119Member 2026-04-30 0001924868 defiance:TotalReturnSwapContractsMember defiance:C000265119Member 2026-04-30 0001924868 us-gaap:CashEquivalentsMember defiance:C000250002Member 2026-04-30 0001924868 defiance:TotalReturnSwapContractsMember defiance:C000250002Member 2026-04-30 0001924868 us-gaap:CashEquivalentsMember defiance:C000269896Member 2026-04-30 0001924868 defiance:TotalReturnSwapContractsMember defiance:C000269896Member 2026-04-30 0001924868 us-gaap:CashEquivalentsMember defiance:C000250003Member 2026-04-30 0001924868 defiance:TotalReturnSwapContractsMember defiance:C000250003Member 2026-04-30 0001924868 us-gaap:CashEquivalentsMember defiance:C000261405Member 2026-04-30 0001924868 defiance:TotalReturnSwapContractsMember defiance:C000261405Member 2026-04-30 0001924868 us-gaap:CashEquivalentsMember defiance:C000269222Member 2026-04-30 0001924868 defiance:TotalReturnSwapContractsMember defiance:C000269222Member 2026-04-30 0001924868 us-gaap:CashEquivalentsMember defiance:C000256583Member 2026-04-30 0001924868 defiance:TotalReturnSwapContractsMember defiance:C000256583Member 2026-04-30 0001924868 us-gaap:CashEquivalentsMember defiance:C000269224Member 2026-04-30 0001924868 defiance:TotalReturnSwapContractsMember defiance:C000269224Member 2026-04-30 0001924868 us-gaap:CashEquivalentsMember defiance:C000270924Member 2026-04-30 0001924868 defiance:TotalReturnSwapContractsMember defiance:C000270924Member 2026-04-30 0001924868 us-gaap:CashEquivalentsMember defiance:C000264698Member 2026-04-30 0001924868 defiance:TotalReturnSwapContractsMember defiance:C000264698Member 2026-04-30 0001924868 us-gaap:CashEquivalentsMember defiance:C000269225Member 2026-04-30 0001924868 defiance:TotalReturnSwapContractsMember defiance:C000269225Member 2026-04-30 0001924868 us-gaap:CashEquivalentsMember defiance:C000250005Member 2026-04-30 0001924868 defiance:TotalReturnSwapContractsMember defiance:C000250005Member 2026-04-30 0001924868 us-gaap:CashEquivalentsMember defiance:C000256584Member 2026-04-30 0001924868 defiance:TotalReturnSwapContractsMember defiance:C000256584Member 2026-04-30 0001924868 us-gaap:CashEquivalentsMember defiance:C000258445Member 2026-04-30 0001924868 defiance:TotalReturnSwapContractsMember defiance:C000258445Member 2026-04-30 0001924868 us-gaap:CashEquivalentsMember defiance:C000258446Member 2026-04-30 0001924868 defiance:TotalReturnSwapContractsMember defiance:C000258446Member 2026-04-30 0001924868 us-gaap:CashEquivalentsMember defiance:C000264267Member 2026-04-30 0001924868 defiance:TotalReturnSwapContractsMember defiance:C000264267Member 2026-04-30 0001924868 us-gaap:CashEquivalentsMember defiance:C000265871Member 2026-04-30 0001924868 defiance:TotalReturnSwapContractsMember defiance:C000265871Member 2026-04-30 0001924868 us-gaap:CashEquivalentsMember defiance:C000250371Member 2026-04-30 0001924868 defiance:TotalReturnSwapContractsMember defiance:C000250371Member 2026-04-30 0001924868 us-gaap:CashEquivalentsMember defiance:C000259171Member 2026-04-30 0001924868 defiance:TotalReturnSwapContractsMember defiance:C000259171Member 2026-04-30 0001924868 defiance:C000272888Member defiance:UnitedStatesTreasuryBillsMember 2026-04-30 0001924868 defiance:C000272888Member defiance:FirstAmericanGovernmentObligationsFundClassX356Member 2026-04-30 0001924868 defiance:C000272888Member defiance:ASTSpaceMobileIncSwapMaturityDate05102027Member 2026-04-30 0001924868 defiance:C000272888Member defiance:ASTSpaceMobileIncSwapMaturityDate04082033Member 2026-04-30 0001924868 defiance:C000272888Member defiance:EchoStarCorpSwapMaturityDate04072033Member 2026-04-30 0001924868 defiance:C000272888Member defiance:EchoStarCorpSwapMaturityDate05102027Member 2026-04-30 0001924868 defiance:C000272888Member defiance:GlobalstarIncSwapMaturityDate05102027Member 2026-04-30 0001924868 defiance:C000272888Member defiance:GlobalstarIncSwapMaturityDate07072033Member 2026-04-30 0001924868 defiance:C000272888Member defiance:HexcelCorpSwapMaturityDate05102027Member 2026-04-30 0001924868 defiance:C000272888Member defiance:HexcelCorpSwapMaturityDate04072033Member 2026-04-30 0001924868 us-gaap:CashEquivalentsMember defiance:C000270909Member 2026-04-30 0001924868 defiance:TotalReturnSwapContractsMember defiance:C000270909Member 2026-04-30 0001924868 defiance:C000270909Member defiance:UnitedStatesTreasuryBillsMember 2026-04-30 0001924868 defiance:C000270909Member defiance:FirstAmericanGovernmentObligationsFundClassX356Member 2026-04-30 0001924868 defiance:C000270909Member defiance:UnusualMachinesIncSwapMaturityDate09082028Member 2026-04-30 0001924868 defiance:C000270909Member defiance:EveHoldingIncSwapMaturityDate09082028Member 2026-04-30 0001924868 defiance:C000270909Member defiance:JobyAviationIncSwapMaturityDate09082028Member 2026-04-30 0001924868 defiance:C000270909Member defiance:OndasHoldingsIncSwapMaturityDate09082028Member 2026-04-30 0001924868 defiance:C000270909Member defiance:AeroVironmentIncSwapMaturityDate09082028Member 2026-04-30 0001924868 defiance:C000270909Member defiance:EHangHoldingsLtdSwapMaturityDate09082028Member 2026-04-30 0001924868 defiance:C000270909Member defiance:ArcherAviationIncSwapMaturityDate09082028Member 2026-04-30 0001924868 defiance:C000270909Member defiance:KratosDefenseAndSecuritySolutionsIncSwapMaturityDate09082028Member 2026-04-30 0001924868 defiance:C000256579Member defiance:AppliedMaterialsIncSwapMaturityDate11302028Member 2026-04-30 0001924868 defiance:C000256579Member defiance:AppliedMaterialsIncSwapMaturityDate05012033Member 2026-04-30 0001924868 defiance:C000256579Member defiance:AppliedMaterialsIncSwapMaturityDate07102028Member 2026-04-30 0001924868 defiance:C000260404Member defiance:AristaNetworksIncSwapMaturityDate09082028Member 2026-04-30 0001924868 defiance:C000260404Member defiance:AristaNetworksIncSwapMaturityDate01112028Member 2026-04-30 0001924868 defiance:C000260404Member defiance:AristaNetworksIncSwapMaturityDate09142028Member 2026-04-30 0001924868 defiance:C000260404Member defiance:UnitedStatesTreasuryBillsMember 2026-04-30 0001924868 defiance:C000260404Member defiance:AristaNetworksIncSwapMaturityDate02012027Member 2026-04-30 0001924868 defiance:C000260404Member defiance:FirstAmericanGovernmentObligationsFundClassX356Member 2026-04-30 0001924868 defiance:C000264269Member defiance:UnitedStatesTreasuryBillsMember 2026-04-30 0001924868 defiance:C000264269Member defiance:FirstAmericanGovernmentObligationsFundClassX356Member 2026-04-30 0001924868 defiance:C000264269Member defiance:AeroVironmentIncSwapMaturityDate03312033Member 2026-04-30 0001924868 defiance:C000264269Member defiance:AeroVironmentIncSwapMaturityDate10272028Member 2026-04-30 0001924868 defiance:C000264269Member defiance:AeroVironmentIncSwapMaturityDate11012028Member 2026-04-30 0001924868 defiance:C000264269Member defiance:AeroVironmentIncSwapMaturityDate12072027Member 2026-04-30 0001924868 defiance:C000264269Member defiance:AeroVironmentIncSwapMaturityDate03182033Member 2026-04-30 0001924868 defiance:C000250004Member defiance:BroadcomIncSwapMaturityDate10022028Member 2026-04-30 0001924868 defiance:C000250004Member defiance:UnitedStatesTreasuryBillsMember 2026-04-30 0001924868 defiance:C000250004Member defiance:BroadcomIncSwapMaturityDate09082028Member 2026-04-30 0001924868 defiance:C000250004Member defiance:BroadcomIncSwapMaturityDate01312033Member 2026-04-30 0001924868 defiance:C000250004Member defiance:BroadcomIncSwapMaturityDate03312033Member 2026-04-30 0001924868 defiance:C000250004Member defiance:BroadcomIncSwapMaturityDate12142027Member 2026-04-30 0001924868 defiance:C000250004Member defiance:BroadcomIncSwapMaturityDate09162028Member 2026-04-30 0001924868 defiance:C000250004Member defiance:BroadcomIncSwapMaturityDate05032027Member 2026-04-30 0001924868 defiance:C000250004Member defiance:FirstAmericanGovernmentObligationsFundClassX356Member 2026-04-30 0001924868 defiance:C000256582Member defiance:FirstAmericanGovernmentObligationsFundClassX356Member 2026-04-30 0001924868 defiance:C000256582Member defiance:UnitedStatesTreasuryBillsMember 2026-04-30 0001924868 defiance:C000256582Member defiance:BarrickMiningCorpSwapMaturityDate01112028Member 2026-04-30 0001924868 defiance:C000256582Member defiance:BarrickMiningCorpSwapMaturityDate12012026Member 2026-04-30 0001924868 defiance:C000256582Member defiance:BarrickMiningCorpSwapMaturityDate01112027Member 2026-04-30 0001924868 defiance:C000256582Member defiance:BarrickMiningCorpSwapMaturityDate11172028Member 2026-04-30 0001924868 defiance:C000256582Member defiance:BarrickMiningCorpSwapMaturityDate03312033Member 2026-04-30 0001924868 defiance:C000249984Member defiance:UnitedStatesTreasuryBillsMember 2026-04-30 0001924868 defiance:C000249984Member defiance:FirstAmericanGovernmentObligationsFundClassX356Member 2026-04-30 0001924868 defiance:C000249984Member defiance:GlobalXCopperMinersETFSwapMaturityDate09082028Member 2026-04-30 0001924868 defiance:C000249984Member defiance:GlobalXCopperMinersETFSwapMaturityDate02162029Member 2026-04-30 0001924868 defiance:C000249984Member defiance:GlobalXCopperMinersETFSwapMaturityDate03282028Member 2026-04-30 0001924868 defiance:C000249984Member defiance:GlobalXCopperMinersETFSwapMaturityDate03312033Member 2026-04-30 0001924868 defiance:C000249984Member defiance:GlobalXCopperMinersETFSwapMaturityDate01312033Member 2026-04-30 0001924868 defiance:C000258444Member defiance:CarvanaCoSwapMaturityDate03182033Member 2026-04-30 0001924868 defiance:C000258444Member defiance:CarvanaCoSwapMaturityDate11162027Member 2026-04-30 0001924868 defiance:C000258444Member defiance:UnitedStatesTreasuryBillsMember 2026-04-30 0001924868 defiance:C000258444Member defiance:CarvanaCoSwapMaturityDate09082028Member 2026-04-30 0001924868 defiance:C000258444Member defiance:CarvanaCoSwapMaturityDate06262026Member 2026-04-30 0001924868 defiance:C000258444Member defiance:CarvanaCoSwapMaturityDate03312033Member 2026-04-30 0001924868 defiance:C000258444Member defiance:FirstAmericanGovernmentObligationsFundClassX356Member 2026-04-30 0001924868 us-gaap:CashEquivalentsMember defiance:C000256580Member 2026-04-30 0001924868 defiance:TotalReturnSwapContractsMember defiance:C000256580Member 2026-04-30 0001924868 defiance:C000256580Member defiance:UnitedStatesTreasuryBillsMember 2026-04-30 0001924868 defiance:C000256580Member defiance:FirstAmericanGovernmentObligationsFundClassX356Member 2026-04-30 0001924868 defiance:C000256580Member defiance:DraftKingsIncSwapMaturityDate09152026Member 2026-04-30 0001924868 defiance:C000256580Member defiance:DraftKingsIncSwapMaturityDate01222029Member 2026-04-30 0001924868 defiance:C000256580Member defiance:DraftKingsIncSwapMaturityDate03182033Member 2026-04-30 0001924868 defiance:C000256580Member defiance:DraftKingsIncSwapMaturityDate09042026Member 2026-04-30 0001924868 defiance:C000256580Member defiance:DraftKingsIncSwapMaturityDate03312033Member 2026-04-30 0001924868 defiance:C000256580Member defiance:DraftKingsIncSwapMaturityDate01252028Member 2026-04-30 0001924868 us-gaap:CashEquivalentsMember defiance:C000258447Member 2026-04-30 0001924868 defiance:TotalReturnSwapContractsMember defiance:C000258447Member 2026-04-30 0001924868 defiance:C000258447Member defiance:UnitedStatesTreasuryBillsMember 2026-04-30 0001924868 defiance:C000258447Member defiance:HimsandHersHealthIncSwapMaturityDate09082028Member 2026-04-30 0001924868 defiance:C000258447Member defiance:HimsandHersHealthIncSwapMaturityDate02012027Member 2026-04-30 0001924868 defiance:C000258447Member defiance:HimsandHersHealthIncSwapMaturityDate01112028Member 2026-04-30 0001924868 defiance:C000258447Member defiance:HimsandHersHealthIncSwapMaturityDate03312033Member 2026-04-30 0001924868 defiance:C000258447Member defiance:HimsandHersHealthIncSwapMaturityDate10012026Member 2026-04-30 0001924868 defiance:C000258447Member defiance:HimsandHersHealthIncSwapMaturityDate100120261Member 2026-04-30 0001924868 defiance:C000258447Member defiance:HimsandHersHealthIncSwapMaturityDate03182033Member 2026-04-30 0001924868 defiance:C000258447Member defiance:FirstAmericanGovernmentObligationsFundClassX356Member 2026-04-30 0001924868 defiance:C000258447Member defiance:HimsandHersHealthIncSwapMaturityDate04112031Member 2026-04-30 0001924868 defiance:C000258448Member defiance:UnitedStatesTreasuryBillsMember 2026-04-30 0001924868 defiance:C000258448Member defiance:FirstAmericanGovernmentObligationsFundClassX356Member 2026-04-30 0001924868 defiance:C000258448Member defiance:RobinhoodMarketsIncSwapMaturityDate02022029Member 2026-04-30 0001924868 defiance:C000258448Member defiance:RobinhoodMarketsIncSwapMaturityDate10012026Member 2026-04-30 0001924868 defiance:C000258448Member defiance:RobinhoodMarketsIncSwapMaturityDate03182033Member 2026-04-30 0001924868 defiance:C000258448Member defiance:RobinhoodMarketsIncSwapMaturityDate09082028Member 2026-04-30 0001924868 defiance:C000258448Member defiance:RobinhoodMarketsIncSwapMaturityDate03312033Member 2026-04-30 0001924868 defiance:C000258448Member defiance:RobinhoodMarketsIncSwapMaturityDate11162027Member 2026-04-30 0001924868 defiance:C000258449Member defiance:IonqIncSwapMaturityDate03182033Member 2026-04-30 0001924868 defiance:C000258449Member defiance:IonqIncSwapMaturityDate11232027Member 2026-04-30 0001924868 defiance:C000258449Member defiance:UnitedStatesTreasuryBillsMember 2026-04-30 0001924868 defiance:C000258449Member defiance:IonqIncSwapMaturityDate03312033Member 2026-04-30 0001924868 defiance:C000258449Member defiance:FirstAmericanGovernmentObligationsFundClassX356Member 2026-04-30 0001924868 defiance:C000258449Member defiance:IonQIncSwapMaturityDate02022029Member 2026-04-30 0001924868 defiance:C000258449Member defiance:IonqIncSwapMaturityDate09082028Member 2026-04-30 0001924868 defiance:C000258449Member defiance:IonQIncSwapMaturityDate01312033Member 2026-04-30 0001924868 defiance:C000258449Member defiance:IonQIncSwapMaturityDate07012027Member 2026-04-30 0001924868 defiance:C000258449Member defiance:IonQIncSwapMaturityDate04142031Member 2026-04-30 0001924868 defiance:C000264696Member defiance:IRENLimitedSwapMaturityDate11232027Member 2026-04-30 0001924868 defiance:C000264696Member defiance:UnitedStatesTreasuryBillsMember 2026-04-30 0001924868 defiance:C000264696Member defiance:IRENLimitedSwapMaturityDate10192028Member 2026-04-30 0001924868 defiance:C000264696Member defiance:IRENLimitedSwapMaturityDate11012028Member 2026-04-30 0001924868 defiance:C000264696Member defiance:IRENLimitedSwapMaturityDate01312033Member 2026-04-30 0001924868 defiance:C000264696Member defiance:IRENLimitedSwapMaturityDate03182033Member 2026-04-30 0001924868 defiance:C000264696Member defiance:FirstAmericanGovernmentObligationsFundClassX356Member 2026-04-30 0001924868 defiance:C000264696Member defiance:IRENLimitedSwapMaturityDate02012028Member 2026-04-30 0001924868 defiance:C000264696Member defiance:IRENLimitedSwapMaturityDate03312033Member 2026-04-30 0001924868 defiance:C000264696Member defiance:IRENLimitedSwapMaturityDate04112031Member 2026-04-30 0001924868 defiance:C000269217Member defiance:KEELInfrastructureCorpSwapMaturityDate01312033Member 2026-04-30 0001924868 defiance:C000269217Member defiance:KEELInfrastructureCorpSwapMaturityDate02082028Member 2026-04-30 0001924868 defiance:C000269217Member defiance:KEELInfrastructureCorpSwapMaturityDate09082028Member 2026-04-30 0001924868 defiance:C000269217Member defiance:UnitedStatesTreasuryBillsMember 2026-04-30 0001924868 defiance:C000269217Member defiance:KEELInfrastructureCorpSwapMaturityDate12282028Member 2026-04-30 0001924868 defiance:C000269217Member defiance:FirstAmericanGovernmentObligationsFundClassX356Member 2026-04-30 0001924868 defiance:C000269217Member defiance:KEELInfrastructureCorpSwapMaturityDate04292033Member 2026-04-30 0001924868 defiance:C000250001Member defiance:UnitedStatesTreasuryBillsMember 2026-04-30 0001924868 defiance:C000250001Member defiance:FirstAmericanGovernmentObligationsFundClassX356Member 2026-04-30 0001924868 defiance:C000250001Member defiance:EliLillyandCoSwapMaturityDate09082028Member 2026-04-30 0001924868 defiance:C000250001Member defiance:EliLillyandCoSwapMaturityDate10132028Member 2026-04-30 0001924868 defiance:C000250001Member defiance:EliLillyandCoSwapMaturityDate10142028Member 2026-04-30 0001924868 defiance:C000250001Member defiance:EliLillyCoSwapMaturityDate03312033Member 2026-04-30 0001924868 defiance:C000250001Member defiance:EliLillyandCoSwapMaturityDate10292026Member 2026-04-30 0001924868 defiance:C000250001Member defiance:EliLillyandCoSwapMaturityDate10012026Member 2026-04-30 0001924868 defiance:C000264272Member defiance:UnitedStatesTreasuryBillsMember 2026-04-30 0001924868 defiance:C000264272Member defiance:FirstAmericanGovernmentObligationsFundClassX356Member 2026-04-30 0001924868 defiance:C000264272Member defiance:LemonadeIncSwapMaturityDate10202028Member 2026-04-30 0001924868 defiance:C000264272Member defiance:LemonadeIncSwapMaturityDate09082028Member 2026-04-30 0001924868 defiance:C000264272Member defiance:LemonadeIncSwapMaturityDate01042028Member 2026-04-30 0001924868 defiance:C000264272Member defiance:LemonadeIncSwapMaturityDate03312033Member 2026-04-30 0001924868 defiance:C000264272Member defiance:LemonadeIncSwapMaturityDate03182033Member 2026-04-30 0001924868 defiance:C000264272Member defiance:LemonadeIncSwapMaturityDate01312033Member 2026-04-30 0001924868 defiance:C000269221Member defiance:IntuitiveMachinesIncSwapMaturityDate01312033Member 2026-04-30 0001924868 defiance:C000269221Member defiance:IntuitiveMachinesIncSwapMaturityDate02222028Member 2026-04-30 0001924868 defiance:C000269221Member defiance:IntuitiveMachinesIncSwapMaturityDate09082028Member 2026-04-30 0001924868 defiance:C000269221Member defiance:FirstAmericanGovernmentObligationsFundClassX356Member 2026-04-30 0001924868 defiance:C000269221Member defiance:IntuitiveMachinesIncSwapMaturityDate01122029Member 2026-04-30 0001924868 defiance:C000269221Member defiance:UnitedStatesTreasuryBillsMember 2026-04-30 0001924868 defiance:C000269221Member defiance:IntuitiveMachinesIncSwapMaturityDate03302033Member 2026-04-30 0001924868 defiance:C000269221Member defiance:IntuitiveMachinesIncSwapMaturityDate04292033Member 2026-04-30 0001924868 defiance:C000264697Member defiance:UnitedStatesTreasuryBillsMember 2026-04-30 0001924868 defiance:C000264697Member defiance:MPMaterialsCorpSwapMaturityDate03312033Member 2026-04-30 0001924868 defiance:C000264697Member defiance:MPMaterialsCorpSwapMaturityDate11012028Member 2026-04-30 0001924868 defiance:C000264697Member defiance:MPMaterialsCorpSwapMaturityDate10252028Member 2026-04-30 0001924868 defiance:C000264697Member defiance:MPMaterialsCorpSwapMaturityDate11232027Member 2026-04-30 0001924868 defiance:C000264697Member defiance:FirstAmericanGovernmentObligationsFundClassX356Member 2026-04-30 0001924868 defiance:C000264697Member defiance:MPMaterialsCorpSwapMaturityDate03182033Member 2026-04-30 0001924868 defiance:C000265119Member defiance:UnitedStatesTreasuryBillsMember 2026-04-30 0001924868 defiance:C000265119Member defiance:ModernaIncSwapMaturityDate03072028Member 2026-04-30 0001924868 defiance:C000265119Member defiance:FirstAmericanGovernmentObligationsFundClassX356Member 2026-04-30 0001924868 defiance:C000265119Member defiance:ModernaIncSwapMaturityDate03312033Member 2026-04-30 0001924868 defiance:C000265119Member defiance:ModernaIncSwapMaturityDate02022029Member 2026-04-30 0001924868 defiance:C000265119Member defiance:ModernaIncSwapMaturityDate09082028Member 2026-04-30 0001924868 defiance:C000269896Member defiance:UnitedStatesTreasuryBillsMember 2026-04-30 0001924868 defiance:C000269896Member defiance:FirstAmericanGovernmentObligationsFundClassX356Member 2026-04-30 0001924868 defiance:C000269896Member defiance:NokiaOyjSwapMaturityDate03312033Member 2026-04-30 0001924868 defiance:C000269896Member defiance:NokiaOyjSwapMaturityDate02222028Member 2026-04-30 0001924868 defiance:C000269896Member defiance:NokiaOyjSwapMaturityDate09082028Member 2026-04-30 0001924868 defiance:C000269896Member defiance:NokiaOyjSwapMaturityDate01192029Member 2026-04-30 0001924868 defiance:C000261405Member defiance:UnitedStatesTreasuryBillsMember 2026-04-30 0001924868 defiance:C000261405Member defiance:OkloIncSwapMaturityDate01252028Member 2026-04-30 0001924868 defiance:C000261405Member defiance:OkloIncSwapMaturityDate09232026Member 2026-04-30 0001924868 defiance:C000261405Member defiance:OkloIncSwapMaturityDate03182033Member 2026-04-30 0001924868 defiance:C000261405Member defiance:OkloIncSwapMaturityDate07232026Member 2026-04-30 0001924868 defiance:C000261405Member defiance:OkloIncSwapMaturityDate03312033Member 2026-04-30 0001924868 defiance:C000261405Member defiance:OkloIncSwapMaturityDate01312033Member 2026-04-30 0001924868 defiance:C000261405Member defiance:OkloIncSwapMaturityDate12012026Member 2026-04-30 0001924868 defiance:C000261405Member defiance:FirstAmericanGovernmentObligationsFundClassX356Member 2026-04-30 0001924868 defiance:C000269222Member defiance:UnitedStatesTreasuryBillsMember 2026-04-30 0001924868 defiance:C000269222Member defiance:OndasHoldingIncSwapMaturityDate09082028Member 2026-04-30 0001924868 defiance:C000269222Member defiance:FirstAmericanGovernmentObligationsFundClassX356Member 2026-04-30 0001924868 defiance:C000269222Member defiance:OndasHoldingIncSwapMaturityDate01312033Member 2026-04-30 0001924868 defiance:C000269222Member defiance:OndasHoldingIncSwapMaturityDate02082028Member 2026-04-30 0001924868 defiance:C000269222Member defiance:OndasHoldingIncSwapMaturityDate12282028Member 2026-04-30 0001924868 defiance:C000269222Member defiance:OndasHoldingIncSwapMaturityDate03302033Member 2026-04-30 0001924868 defiance:C000269222Member defiance:OndasHoldingIncSwapMaturityDate04112031Member 2026-04-30 0001924868 defiance:C000256583Member defiance:UnitedStatesTreasuryBillsMember 2026-04-30 0001924868 defiance:C000256583Member defiance:OracleCorpSwapMaturityDate01222029Member 2026-04-30 0001924868 defiance:C000256583Member defiance:FirstAmericanGovernmentObligationsFundClassX356Member 2026-04-30 0001924868 defiance:C000256583Member defiance:OracleCorpSwapMaturityDate01042028Member 2026-04-30 0001924868 defiance:C000256583Member defiance:OracleCorpSwapMaturityDate09082028Member 2026-04-30 0001924868 defiance:C000256583Member defiance:OracleCorpSwapMaturityDate02022029Member 2026-04-30 0001924868 defiance:C000256583Member defiance:OracleCorpSwapMaturityDate02012027Member 2026-04-30 0001924868 defiance:C000256583Member defiance:OracleCorpSwapMaturityDate03312033Member 2026-04-30 0001924868 defiance:C000256583Member defiance:OracleCorpSwapMaturityDate10012026Member 2026-04-30 0001924868 defiance:C000269224Member defiance:PlanetLabsPBCSwapMaturityDate09082028Member 2026-04-30 0001924868 defiance:C000269224Member defiance:PlanetLabsPBCSwapMaturityDate02222028Member 2026-04-30 0001924868 defiance:C000269224Member defiance:PlanetLabsPBCSwapMaturityDate01052029Member 2026-04-30 0001924868 defiance:C000269224Member defiance:FirstAmericanGovernmentObligationsFundClassX356Member 2026-04-30 0001924868 defiance:C000269224Member defiance:PlanetLabsPBCSwapMaturityDate01312033Member 2026-04-30 0001924868 defiance:C000269224Member defiance:UnitedStatesTreasuryBillsMember 2026-04-30 0001924868 defiance:C000269224Member defiance:PlanetLabsPBCSwapMaturityDate03302033Member 2026-04-30 0001924868 defiance:C000269224Member defiance:PlanetLabsPBCSwapMaturityDate04292033Member 2026-04-30 0001924868 defiance:C000270924Member defiance:POETTechnologiesIncSwapMaturityDate05012033Member 2026-04-30 0001924868 defiance:C000270924Member defiance:POETTechnologiesIncSwapMaturityDate07102028Member 2026-04-30 0001924868 defiance:C000270924Member defiance:POETTechnologiesIncSwapMaturityDate11302028Member 2026-04-30 0001924868 defiance:C000264698Member defiance:UnitedStatesTreasuryBillsMember 2026-04-30 0001924868 defiance:C000264698Member defiance:FirstAmericanGovernmentObligationsFundClassX356Member 2026-04-30 0001924868 defiance:C000264698Member defiance:QuantumScapeCorpSwapMaturityDate11012028Member 2026-04-30 0001924868 defiance:C000264698Member defiance:QuantumScapeCorpSwapMaturityDate01042028Member 2026-04-30 0001924868 defiance:C000264698Member defiance:QuantumScapeCorpSwapMaturityDate03182033Member 2026-04-30 0001924868 defiance:C000264698Member defiance:QuantumScapeCorpSwapMaturityDate03312033Member 2026-04-30 0001924868 defiance:C000264698Member defiance:QuantumScapeCorpSwapMaturityDate10192028Member 2026-04-30 0001924868 defiance:C000264698Member defiance:QuantumScapeCorpSwapMaturityDate04112031Member 2026-04-30 0001924868 defiance:C000264698Member defiance:QuantumScapeCorpSwapMaturityDate01312033Member 2026-04-30 0001924868 defiance:C000269225Member defiance:UnitedStatesTreasuryBillsMember 2026-04-30 0001924868 defiance:C000269225Member defiance:FirstAmericanGovernmentObligationsFundClassX356Member 2026-04-30 0001924868 defiance:C000269225Member defiance:RocketCosIncSwapMaturityDate03312033Member 2026-04-30 0001924868 defiance:C000269225Member defiance:RocketCosIncSwapMaturityDate09082028Member 2026-04-30 0001924868 defiance:C000269225Member defiance:RocketCosIncSwapMaturityDate01122029Member 2026-04-30 0001924868 defiance:C000269225Member defiance:RocketCosIncSwapMaturityDate02222028Member 2026-04-30 0001924868 defiance:C000269225Member defiance:RocketCosIncSwapMaturityDate01312033Member 2026-04-30 0001924868 defiance:C000250005Member defiance:FirstAmericanGovernmentObligationsFundClassX356Member 2026-04-30 0001924868 defiance:C000250005Member defiance:UnitedStatesTreasuryBillsMember 2026-04-30 0001924868 defiance:C000250005Member defiance:SuperMicroComputerIncSwapMaturityDate03182033Member 2026-04-30 0001924868 defiance:C000250005Member defiance:SuperMicroComputerIncSwapMaturityDate10052028Member 2026-04-30 0001924868 defiance:C000250005Member defiance:SuperMicroComputerIncSwapMaturityDate12142027Member 2026-04-30 0001924868 defiance:C000250005Member defiance:SuperMicroComputerIncSwapMaturityDate09082028Member 2026-04-30 0001924868 defiance:C000250005Member defiance:SuperMicroComputerIncSwapMaturityDate01312033Member 2026-04-30 0001924868 defiance:C000250005Member defiance:SuperMicroComputerIncSwapMaturityDate09182028Member 2026-04-30 0001924868 defiance:C000250005Member defiance:SuperMicroComputerIncSwapMaturityDate10012026Member 2026-04-30 0001924868 defiance:C000250005Member defiance:SuperMicroComputerIncSwapMaturityDate03312033Member 2026-04-30 0001924868 defiance:C000256584Member defiance:UnitedStatesTreasuryBillsMember 2026-04-30 0001924868 defiance:C000256584Member defiance:FirstAmericanGovernmentObligationsFundClassX356Member 2026-04-30 0001924868 defiance:C000256584Member defiance:SoFiTechnologiesIncSwapMaturityDate04112031Member 2026-04-30 0001924868 defiance:C000256584Member defiance:SoFiTechnologiesIncSwapMaturityDate02022029Member 2026-04-30 0001924868 defiance:C000256584Member defiance:SoFiTechnologiesIncSwapMaturityDate09082028Member 2026-04-30 0001924868 defiance:C000256584Member defiance:SoFiTechnologiesIncSwapMaturityDate03312033Member 2026-04-30 0001924868 defiance:C000256584Member defiance:SoFiTechnologiesIncSwapMaturityDate10012026Member 2026-04-30 0001924868 defiance:C000256584Member defiance:SoFiTechnologiesIncSwapMaturityDate01312033Member 2026-04-30 0001924868 defiance:C000256584Member defiance:SoFiTechnologiesIncSwapMaturityDate03182033Member 2026-04-30 0001924868 defiance:C000256584Member defiance:SoFiTechnologiesIncSwapMaturityDate03072028Member 2026-04-30 0001924868 defiance:C000258445Member defiance:UnitedStatesTreasuryBillsMember 2026-04-30 0001924868 defiance:C000258445Member defiance:FirstAmericanGovernmentObligationsFundClassX356Member 2026-04-30 0001924868 defiance:C000258445Member defiance:SoundhoundAIIncSwapMaturityDate02012027Member 2026-04-30 0001924868 defiance:C000258445Member defiance:SoundhoundAIIncSwapMaturityDate01312033Member 2026-04-30 0001924868 defiance:C000258445Member defiance:SoundhoundAIIncSwapMaturityDate07232026Member 2026-04-30 0001924868 defiance:C000258445Member defiance:SoundhoundAIIncSwapMaturityDate09082028Member 2026-04-30 0001924868 defiance:C000258445Member defiance:SoundhoundAIIncSwapMaturityDate03142028Member 2026-04-30 0001924868 defiance:C000258445Member defiance:SoundhoundAIIncSwapMaturityDate03312033Member 2026-04-30 0001924868 defiance:C000258445Member defiance:SoundhoundAIIncSwapMaturityDate03182033Member 2026-04-30 0001924868 defiance:C000258445Member defiance:SoundhoundAIIncSwapMaturityDate04112031Member 2026-04-30 0001924868 defiance:C000258446Member defiance:UnitedStatesTreasuryBillsMember 2026-04-30 0001924868 defiance:C000258446Member defiance:FirstAmericanGovernmentObligationsFundClassX356Member 2026-04-30 0001924868 defiance:C000258446Member defiance:VistraCorpSwapMaturityDate01232029Member 2026-04-30 0001924868 defiance:C000258446Member defiance:VistraCorpSwapMaturityDate03312033Member 2026-04-30 0001924868 defiance:C000258446Member defiance:VistraCorpSwapMaturityDate02012027Member 2026-04-30 0001924868 defiance:C000258446Member defiance:VistraCorpSwapMaturityDate10012026Member 2026-04-30 0001924868 defiance:C000258446Member defiance:VistraCorpSwapMaturityDate01112028Member 2026-04-30 0001924868 defiance:C000258446Member defiance:VistraCorpSwapMaturityDate09082028Member 2026-04-30 0001924868 defiance:C000258446Member defiance:VistraCorpSwapMaturityDate03182033Member 2026-04-30 0001924868 defiance:C000264267Member defiance:UnitedStatesTreasuryBillsMember 2026-04-30 0001924868 defiance:C000264267Member defiance:FirstAmericanGovernmentObligationsFundClassX356Member 2026-04-30 0001924868 defiance:C000264267Member defiance:ZetaGlobalHoldingsCorpSwapMaturityDate03072028Member 2026-04-30 0001924868 defiance:C000264267Member defiance:ZetaGlobalHoldingsCorpSwapMaturityDate09082028Member 2026-04-30 0001924868 defiance:C000264267Member defiance:ZetaGlobalHoldingsCorpSwapMaturityDate02022029Member 2026-04-30 0001924868 defiance:C000264267Member defiance:ZetaGlobalHoldingsCorpSwapMaturityDate03312033Member 2026-04-30 0001924868 defiance:C000264267Member defiance:ZetaGlobalHoldingsCorpSwapMaturityDate01312033Member 2026-04-30 0001924868 defiance:C000265871Member defiance:UnitedStatesTreasuryBillsMember 2026-04-30 0001924868 defiance:C000265871Member defiance:FirstAmericanGovernmentObligationsFundClassX356Member 2026-04-30 0001924868 defiance:C000265871Member defiance:AdvancedMicroDevicesIncSwapMaturityDate11132028Member 2026-04-30 0001924868 defiance:C000265871Member defiance:AdvancedMicroDevicesIncSwapMaturityDate01112028Member 2026-04-30 0001924868 defiance:C000265871Member defiance:AdvancedMicroDevicesIncSwapMaturityDate11012028Member 2026-04-30 0001924868 defiance:C000265871Member defiance:AdvancedMicroDevicesIncSwapMaturityDate03312033Member 2026-04-30 0001924868 defiance:C000250371Member defiance:UnitedStatesTreasuryBillsMember 2026-04-30 0001924868 defiance:C000250371Member defiance:StrategyIncSwapMaturityDate12012027Member 2026-04-30 0001924868 defiance:C000250371Member defiance:StrategyIncSwapMaturityDate09242026Member 2026-04-30 0001924868 defiance:C000250371Member defiance:FirstAmericanGovernmentObligationsFundClassX356Member 2026-04-30 0001924868 defiance:C000250371Member defiance:StrategyIncSwapMaturityDate09082028Member 2026-04-30 0001924868 defiance:C000250371Member defiance:StrategyIncSwapMaturityDate03182033Member 2026-04-30 0001924868 defiance:C000250371Member defiance:StrategyIncSwapMaturityDate01252028Member 2026-04-30 0001924868 defiance:C000259171Member defiance:UnitedStatesTreasuryBillsMember 2026-04-30 0001924868 defiance:C000259171Member defiance:FirstAmericanGovernmentObligationsFundClassX356Member 2026-04-30 0001924868 defiance:C000259171Member defiance:SuperMicroComputerIncSwapMaturityDate09212026Member 2026-04-30 0001924868 defiance:C000259171Member defiance:SuperMicroComputerIncSwapMaturityDate03312033Member 2026-04-30 0001924868 defiance:C000259171Member defiance:SuperMicroComputerIncSwapMaturityDate03182033Member 2026-04-30 0001924868 defiance:C000259171Member defiance:SuperMicroComputerIncSwapMaturityDate01252028Member 2026-04-30 0001924868 defiance:C000259171Member defiance:SuperMicroComputerIncSwapMaturityDate09242026Member 2026-04-30 0001924868 defiance:C000250002Member defiance:StrategyIncSwapMaturityDate10052026Member 2026-04-30 0001924868 defiance:C000250002Member defiance:StrategyIncSwapMaturityDate11082027Member 2026-04-30 0001924868 defiance:C000250002Member defiance:UnitedStatesTreasuryBillsMember 2026-04-30 0001924868 defiance:C000250002Member defiance:StrategyIncSwapMaturityDate09222028Member 2026-04-30 0001924868 defiance:C000250002Member defiance:StrategyIncSwapMaturityDate03182033Member 2026-04-30 0001924868 defiance:C000250002Member defiance:FirstAmericanGovernmentObligationsFundClassX356Member 2026-04-30 0001924868 defiance:C000250002Member defiance:StrategyIncSwapMaturityDate10012026Member 2026-04-30 0001924868 defiance:C000250002Member defiance:StrategyIncSwapMaturityDate01312033Member 2026-04-30 0001924868 defiance:C000250002Member defiance:DreyfusGovernmentCashManagementClassInstitutional352Member 2026-04-30 0001924868 defiance:C000250003Member defiance:UnitedStatesTreasuryBillsMember 2026-04-30 0001924868 defiance:C000250003Member defiance:FirstAmericanGovernmentObligationsFundClassX356Member 2026-04-30 0001924868 defiance:C000250003Member defiance:NovoNordiskASSwapMaturityDate10062026Member 2026-04-30 0001924868 defiance:C000250003Member defiance:NovoNordiskASSwapMaturityDate03312033Member 2026-04-30 0001924868 defiance:C000250003Member defiance:NovoNordiskASSwapMaturityDate09282028Member 2026-04-30 0001924868 defiance:C000250003Member defiance:NovoNordiskASSwapMaturityDate08252026Member 2026-04-30 0001924868 defiance:C000250003Member defiance:NovoNordiskASSwapMaturityDate01312033Member 2026-04-30 0001924868 defiance:C000250003Member defiance:NovoNordiskASSwapMaturityDate12312026Member 2026-04-30 0001924868 defiance:C000250003Member defiance:NovoNordiskASSwapMaturityDate09242026Member 2026-04-30 iso4217:USD pure defiance:Holdings false N-1A 0001924868 N-CSR Tidal Trust II 2026-04-30 Defiance Daily 2X Space ETF SPCL NASDAQ This <span id="xdx_90F_eoef--ShareholderReportAnnualOrSemiAnnual_c20250501__20260430__oef--ClassAxis__custom--C000272888Member_z0NMjMlp33tk">annual shareholder report</span> contains important information about the <span style="box-sizing: border-box">Defiance Daily 2X Space ETF</span> (the "Fund") for the period <span style="box-sizing: border-box">May 1, 2025</span> to <span style="box-sizing: border-box">April 30, 2026</span>. annual shareholder report You can find additional information about the Fund at <span style="box-sizing: border-box"><span id="xdx_900_eoef--AddlInfoWebsite_c20250501__20260430__oef--ClassAxis__custom--C000272888Member_zXSiLdDAB4v7">https://www.defianceetfs.com/spcl</span></span>. You can also request this information by contacting us at <span style="box-sizing: border-box"><span id="xdx_902_eoef--AddlInfoPhoneNumber_c20250501__20260430__oef--ClassAxis__custom--C000272888Member_zCyivq3NsIEi">(833) 333-9383</span></span> or by writing to the <span style="box-sizing: border-box">Defiance Daily 2X Space ETF</span>, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701. https://www.defianceetfs.com/spcl (833) 333-9383 <p id="xdx_80C_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000272888Member_dU_zp2CTmgJrhxi" style="font: 700 11pt/11pt Gotham Narrow-Bold,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">What were the Fund costs for the past year?</p> <p style="font: 300 10pt/11pt Gotham Narrow-Light,Arial; margin: 0; 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"><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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--ClassName_c20250501__20260430__oef--ClassAxis__custom--C000272888Member_zhPIuzHqNIW4" style="font: 300 9pt Gotham Narrow-Light,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">Defiance Daily 2X Space ETF</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--ExpensesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000272888Member_z7f5HoXeCv6f" style="font: 300 9pt Gotham Narrow-Light,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">$9</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98C_eoef--ExpenseRatioPct_dp_c20250501__20260430__oef--ClassAxis__custom--C000272888Member_fKg_____zdlOhXwGkt17" style="font: 300 9pt Gotham Narrow-Light,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">1.29%*</span> </div> </td> </tr> </table> </div> </div> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 1pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"><span id="xdx_908_eoef--ExpensesShortPeriodFnTextBlock_c20250501__20260430__oef--ClassAxis__custom--C000272888Member_zSNle6zQkoAi">The Fund commenced operations April 7, 2026. Expenses for a full reporting period would be higher than the figures shown.</span></span> </p> <table cellpadding="0" cellspacing="0" style="font: 300 8pt/normal Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td id="xdx_F03_zNqZqQKJL6yf" style="width: 15pt; text-align: right">*</td> <td style="width: 5pt"></td> <td id="xdx_F17_z8ltTHcyRRlg" style="text-align: justify"> Costs paid as a percentage of a $10,000 investment is an annualized figure. </td> </tr> </table> Defiance Daily 2X Space ETF 9 0.0129 The Fund commenced operations April 7, 2026. Expenses for a full reporting period would be higher than the figures shown. <p id="xdx_807_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000272888Member_dU_zsAJkEe6S7Jk" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Cumulative Performance</p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(Initial Investment of $10,000)</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Date</div> </td> <td id="xdx_4BA_oef--ClassAxis_custom--C000272888Member_zKqXGjELtsY7" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Defiance Daily 2X Space ETF</div> </td> <td id="xdx_4BF_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_zUItgvKffWhd" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">S&amp;P 500® Total Return Index</div> </td> </tr> <tr id="xdx_43F_c20260407__20260407_eoef--AccmVal_pid_zCiZ4haAQu0h" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">4/7/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10000.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10000.0 </div> </td> </tr> <tr id="xdx_435_c20260407__20260430_eoef--AccmVal_pid_zLh8SrlHWY4" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">4/30/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10770.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10900.0 </div> </td> </tr> </table> </div> </div><img alt="line" src="qes1173ka1mpvaoktm.jpg" style="box-sizing: border-box; width: 250pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="box-sizing: border-box; text-align-last: auto; display: block; font-family: Times New Roman,Times,serif; line-height: normal; color: #000"> </p> 10000.0 10000.0 10770.0 10900.0 <p id="xdx_80D_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000272888Member_dU_zSvp64Uq441a" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Annual Performance</p> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Returns for the Period ended April 30, 2026</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Since Inception (<span id="xdx_90E_eoef--PerfInceptionDate_c20250501__20260430__oef--ClassAxis__custom--C000272888Member_zDn9NRFwlbv4">4/7/2026</span>)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Defiance Daily 2X Space ETF - at NAV</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_989_eoef--AvgAnnlRtrPct_dp_c20260407__20260430__oef--ClassAxis__custom--C000272888Member_z8DKW2YbnB3k" style="font: 300 9pt Gotham Narrow-Light,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">7.67%</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">S&amp;P 500® Total Return Index</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_982_eoef--AvgAnnlRtrPct_dp_c20260407__20260430__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_z3L62mxzCWGf" style="font: 300 9pt Gotham Narrow-Light,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">9.00%</span> </div> </td> </tr> </table> 2026-04-07 0.0767 0.0900 The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal">Visit </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial"><span style="box-sizing: border-box">https://www.defianceetfs.com/spcl</span> </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal"> for more recent performance information.</span> <p id="xdx_801_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000272888Member_dU_zsCvZOqBqvJ9" style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">How did the Fund perform last year and what influenced its performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; min-height: 51px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">From inception (April 7, 2026) through April 30, 2026, SPCL had a NAV total return of 7.67%. SPCL seeks to deliver twice the daily performance of an index of pure-play space industry companies. The fund's very short operating history limits the available performance data.</p> </div> </div> <p style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">What factors influenced performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 68px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">Given its very brief operating history of approximately three weeks, SPCL's performance to date primarily reflects initial market conditions at launch and early investor positioning. The fund's underlying space sector index is broadly influenced by commercial launch activity, satellite deployment trends, government space program spending, and investor sentiment toward commercial space exploration companies.</p> </div> </div> <p id="xdx_80E_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000272888Member_dD_zxWgVEWT5Xq6" style="font: 700 13pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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"> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; font-size: 9pt"></span> </p> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: -7pt 0 8pt; margin-block: 1em; margin-inline: 0px; box-sizing: border-box; text-align-last: auto; display: block; padding-top: 0; color: #4f4f4f; text-align: left; text-indent: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_983_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000272888Member_zcACQyK4rHb9" style="font: 300 9pt Gotham Narrow-Light,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">$1,077</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_989_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000272888Member_zPdTyDJzADU7" style="font: 300 9pt Gotham Narrow-Light,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</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div id="xdx_988_eoef--AdvisoryFeesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000272888Member_zeLp0LHjU7Ed" style="font: 300 9pt Gotham Narrow-Light,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">$1,009</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div style="font: 300 9pt Gotham Narrow-Light,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_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250501__20260430__oef--ClassAxis__custom--C000272888Member_zZStqOgYIRZc">0</span>%</span> </div> </td> </tr> </table> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; display: block"></span> </div> </div> 1077000 22 1009 0 <p id="xdx_80D_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000272888Member_dD_z8gMI23KRP67" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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> <p style="font: 300 10pt/normal Gotham Narrow-Light,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; font-size: 9pt"></span> </p> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/11pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 30.34px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_983_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000272888Member__us-gaap--InvestmentTypeAxis__us-gaap--CashEquivalentsMember_zS0V60nS0Vbj" style="box-sizing: border-box; text-align-last: auto"> 100.0% </div> </td> </tr> </table> </div> </div><img alt="bar" src="qeseylk1mpuo5uyw.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/0 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0; text-align: justify"> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/12pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Total Return Swap Contracts</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98C_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000272888Member__us-gaap--InvestmentTypeAxis__custom--TotalReturnSwapContractsMember_zISLpsFiZx55" style="box-sizing: border-box; text-align-last: auto"> 10.0% </div> </td> </tr> </table> </div> </div><img alt="bar" src="qes1st61mpuo5vbq.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 300 8pt/9pt Gotham Narrow-Light,Arial; margin: 4pt 0; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">Percentages are stated as a percent of net assets. Percentages for swap contracts are based on unrealized appreciation (depreciation). Cash Equivalents represents cash, short-term investments, and other assets in excess of liabilities.</p> </div> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -55pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> 1.000 0.100 <div id="xdx_80F_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000272888Member_dD_zFXRpm9aJ3b5" 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: 700 13pt Gotham Narrow-Bold,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; white-space: nowrap; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,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: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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 Bills</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000272888Member__oef--LargestHoldingAxis__custom--UnitedStatesTreasuryBillsMember_z8qLUJZ0iYTk" style="font: 300 9pt Gotham Narrow-Light,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">35.2</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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, 3.56%</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98B_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000272888Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX356Member_z4NuGw0kfU3a" style="font: 300 9pt Gotham Narrow-Light,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">11.0</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">AST SpaceMobile, Inc. Swap; Maturity Date: 05/10/2027</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000272888Member__oef--LargestHoldingAxis__custom--ASTSpaceMobileIncSwapMaturityDate05102027Member_zwWj4aPMbca9" style="font: 300 9pt Gotham Narrow-Light,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">2.7</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">AST SpaceMobile, Inc. Swap; Maturity Date: 04/08/2033</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000272888Member__oef--LargestHoldingAxis__custom--ASTSpaceMobileIncSwapMaturityDate04082033Member_z5zhPzBDZvi6" style="font: 300 9pt Gotham Narrow-Light,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">2.6</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">EchoStar Corp. Swap; Maturity Date: 04/07/2033</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_987_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000272888Member__oef--LargestHoldingAxis__custom--EchoStarCorpSwapMaturityDate04072033Member_zOrPJTpfLtTb" style="font: 300 9pt Gotham Narrow-Light,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">1.5</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">EchoStar Corp. Swap; Maturity Date: 05/10/2027</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000272888Member__oef--LargestHoldingAxis__custom--EchoStarCorpSwapMaturityDate05102027Member_zyhHSYWEUjGe" style="font: 300 9pt Gotham Narrow-Light,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">1.1</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Globalstar Inc. Swap; Maturity Date: 05/10/2027</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_980_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000272888Member__oef--LargestHoldingAxis__custom--GlobalstarIncSwapMaturityDate05102027Member_zX2ZYfLGOOT7" style="font: 300 9pt Gotham Narrow-Light,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">1.1</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Globalstar, Inc. Swap; Maturity Date: 07/07/2033</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_986_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000272888Member__oef--LargestHoldingAxis__custom--GlobalstarIncSwapMaturityDate07072033Member_z9dr5CHOHW8l" style="font: 300 9pt Gotham Narrow-Light,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">-1.0</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Hexcel Corp. Swap; Maturity Date: 05/10/2027</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000272888Member__oef--LargestHoldingAxis__custom--HexcelCorpSwapMaturityDate05102027Member_z3bKEOZyvFYb" style="font: 300 9pt Gotham Narrow-Light,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">0.9</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Hexcel Corp. Swap; Maturity Date: 04/07/2033</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_983_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000272888Member__oef--LargestHoldingAxis__custom--HexcelCorpSwapMaturityDate04072033Member_zI8ttcMSaCe" style="font: 300 9pt Gotham Narrow-Light,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">-0.9</span> </div> </td> </tr> </table> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 2pt 0 4pt; text-align-last: auto; display: block; min-height: 26px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages for swap contracts are based on unrealized appreciation (depreciation).</p> 0.352 0.110 0.027 0.026 0.015 0.011 0.011 -0.010 0.009 -0.009 annual shareholder report Defiance 2X Daily Long Pure Drone and Aerial Automation ETF DRNL CboeBZX This <span id="xdx_90F_eoef--ShareholderReportAnnualOrSemiAnnual_c20250501__20260430__oef--ClassAxis__custom--C000270909Member_zgr4YAUt20M4">annual shareholder report</span> contains important information about the Defiance 2X Daily Long Pure Drone and Aerial Automation ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. annual shareholder report You can find additional information about the Fund at <span id="xdx_90F_eoef--AddlInfoWebsite_c20250501__20260430__oef--ClassAxis__custom--C000270909Member_zvYHs833eKb7">https://www.defianceetfs.com/drnl</span>. You can also request this information by contacting us at <span id="xdx_902_eoef--AddlInfoPhoneNumber_c20250501__20260430__oef--ClassAxis__custom--C000270909Member_zIcHArhJlxPf">(833) 333-9383</span> or by writing to the Defiance 2X Daily Long Pure Drone and Aerial Automation ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701. https://www.defianceetfs.com/drnl (833) 333-9383 <p id="xdx_80C_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000270909Member_dU_znOkacfbosV" style="font: 700 11pt/11pt Gotham Narrow-Bold,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">What were the Fund costs for the past year?</p> <p style="font: 300 10pt/11pt Gotham Narrow-Light,Arial; margin: 0; 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"><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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--ClassName_c20250501__20260430__oef--ClassAxis__custom--C000270909Member_z6kxUiWObbb" style="font: 300 9pt Gotham Narrow-Light,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">Defiance 2X Daily Long Pure Drone and Aerial Automation ETF</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--ExpensesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000270909Member_zUlugW0YjeC9" style="font: 300 9pt Gotham Narrow-Light,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">$24</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98C_eoef--ExpenseRatioPct_dp_c20250501__20260430__oef--ClassAxis__custom--C000270909Member_fKg_____zHjRoMBwXZb2" style="font: 300 9pt Gotham Narrow-Light,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">1.86%*</span> </div> </td> </tr> </table> </div> </div> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 1pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"><span id="xdx_908_eoef--ExpensesShortPeriodFnTextBlock_c20250501__20260430__oef--ClassAxis__custom--C000270909Member_zztHX7n64G4h">The Fund commenced operations March 2, 2026. Expenses for a full reporting period would be higher than the figures shown.</span></span> </p> <table cellpadding="0" cellspacing="0" style="font: 300 8pt/normal Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td id="xdx_F00_zNB5R5u5lpTa" style="width: 15pt; text-align: right">*</td> <td style="width: 5pt"></td> <td id="xdx_F17_zRMCxn2ECREd" style="text-align: justify"> Costs paid as a percentage of a $10,000 investment is an annualized figure. </td> </tr> </table> Defiance 2X Daily Long Pure Drone and Aerial Automation ETF 24 0.0186 The Fund commenced operations March 2, 2026. Expenses for a full reporting period would be higher than the figures shown. <p id="xdx_807_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000270909Member_dU_z8DmL9UNFalk" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Cumulative Performance</p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(Initial Investment of $10,000)</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Date</div> </td> <td id="xdx_4BA_oef--ClassAxis_custom--C000270909Member_zq6OsalyXyMk" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Defiance 2X Daily Long Pure Drone and Aerial Automation ETF</div> </td> <td id="xdx_4BF_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_zZFrRqZbGpii" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">S&amp;P 500® Total Return Index</div> </td> </tr> <tr id="xdx_434_c20260302__20260302_eoef--AccmVal_pid_zly1YflF9HY" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/2/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10000.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10000.0 </div> </td> </tr> <tr id="xdx_431_c20260302__20260331_eoef--AccmVal_pid_zzflRqyplUJd" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 5678.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 9497.0 </div> </td> </tr> <tr id="xdx_430_c20260302__20260430_eoef--AccmVal_pid_zuft1kp24zX6" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">4/30/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 5758.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10494.0 </div> </td> </tr> </table> </div> </div><img alt="line" src="qeseylk1mpupca87.jpg" style="box-sizing: border-box; width: 250pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="box-sizing: border-box; text-align-last: auto; display: block; font-family: Times New Roman,Times,serif; line-height: normal; color: #000"> </p> 10000.0 10000.0 5678.0 9497.0 5758.0 10494.0 <p id="xdx_80D_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000270909Member_dU_zlO2SnWIitGc" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Annual Performance</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; margin-block: 1em; margin-inline: 0px; box-sizing: border-box; text-align-last: auto; display: block; padding-top: 0; color: #4f4f4f; text-indent: 0; text-align: center"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Returns for the Period ended April 30, 2026</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Since Inception (<span id="xdx_90E_eoef--PerfInceptionDate_c20250501__20260430__oef--ClassAxis__custom--C000270909Member_zmz59x3KvHWk">3/2/2026</span>)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Defiance 2X Daily Long Pure Drone and Aerial Automation ETF - at NAV</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_982_eoef--AvgAnnlRtrPct_dp_c20260302__20260430__oef--ClassAxis__custom--C000270909Member_zpZA0tA9UXb9" style="font: 300 9pt Gotham Narrow-Light,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">-42.41%</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">S&amp;P 500® Total Return Index</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_985_eoef--AvgAnnlRtrPct_dp_c20260302__20260430__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zVcGSH2wCLvi" style="font: 300 9pt Gotham Narrow-Light,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">4.94%</span> </div> </td> </tr> </table> </div> </div> </div> 2026-03-02 -0.4241 0.0494 The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal">Visit </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial"><span style="box-sizing: border-box">https://www.defianceetfs.com/drnl</span> </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal"> for more recent performance information.</span> <p id="xdx_801_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000270909Member_dU_zlPZW97bJpG5" style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">How did the Fund perform last year and what influenced its performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 51px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">From inception (March 2, 2026) through April 30, 2026, DRNL had a NAV total return of -42.41%. DRNL seeks to deliver twice the daily performance of an index focused on drone and aerial automation companies. The fund's 2x leverage magnifies the daily movements of its underlying index.</p> </div> </div> <p style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">What factors influenced performance?</p> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 68px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">Drone and aerial automation stocks were constrained by increasing development costs, fierce margin compression within the sector, and shareholder dilution. Regulatory developments limiting broader commercial drone operations, government procurement activity, and quarterly results from constituent companies shaped index performance that DRNL amplifies through its daily 2x leverage.</p> <p id="xdx_80E_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000270909Member_dD_zmxMd5mW1gCc" style="font: 700 13pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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"> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; font-size: 9pt"></span> </p> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: -7pt 0 8pt; margin-block: 1em; margin-inline: 0px; box-sizing: border-box; text-align-last: auto; display: block; padding-top: 0; color: #4f4f4f; text-align: left; text-indent: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_983_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000270909Member_z7MS3zKVcGh8" style="font: 300 9pt Gotham Narrow-Light,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">$115</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_989_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000270909Member_zfg00r65u0s9" style="font: 300 9pt Gotham Narrow-Light,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">13</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div id="xdx_988_eoef--AdvisoryFeesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000270909Member_zEBnRwRrLbwc" style="font: 300 9pt Gotham Narrow-Light,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">$957</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div style="font: 300 9pt Gotham Narrow-Light,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_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250501__20260430__oef--ClassAxis__custom--C000270909Member_zzu8DO7zvHha">0</span>%</span> </div> </td> </tr> </table> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; display: block"></span> </div> </div> 115000 13 957 0 <div id="xdx_80D_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000270909Member_dD_z7UqR3gujLMi"></div> <div style="margin: 0 0 3.75pt; padding: 0; grid-column: 1 / 2; grid-row: 2 / 3; box-sizing: border-box; text-align-last: auto; width: 271pt; height: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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> <p style="font: 300 10pt/normal Gotham Narrow-Light,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; font-size: 9pt"></span> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/11pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 30.34px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_983_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000270909Member__us-gaap--InvestmentTypeAxis__us-gaap--CashEquivalentsMember_zyPRy6xjv1rd" style="box-sizing: border-box; text-align-last: auto"> 100.0% </div> </td> </tr> </table> </div> </div><img alt="bar" src="qes1st61mpuo53cz.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/0 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0; text-align: justify"> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/12pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Total Return Swap Contracts</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98C_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000270909Member__us-gaap--InvestmentTypeAxis__custom--TotalReturnSwapContractsMember_zlo1EQtlXChl" style="box-sizing: border-box; text-align-last: auto"> 8.2% </div> </td> </tr> </table> </div> </div><img alt="bar" src="qeseylk1mpuo53pu.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 300 8pt/9pt Gotham Narrow-Light,Arial; margin: 4pt 0; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">Percentages are stated as a percent of net assets. Percentages for swap contracts are based on unrealized appreciation (depreciation). Cash Equivalents represents cash, short-term investments, and other assets in excess of liabilities.</p> </div> </div> </div> 1.000 0.082 <div id="xdx_80F_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000270909Member_dD_z91V6uLfmjGd" 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: 700 13pt Gotham Narrow-Bold,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; white-space: nowrap; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,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: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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 Bills</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000270909Member__oef--LargestHoldingAxis__custom--UnitedStatesTreasuryBillsMember_zl4ZyzIQEzK2" style="font: 300 9pt Gotham Narrow-Light,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">52.0</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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, 3.56%</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_987_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000270909Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX356Member_zbBq9p4StFG8" style="font: 300 9pt Gotham Narrow-Light,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">9.9</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Unusual Machines, Inc. Swap; Maturity Date: 09/08/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_988_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000270909Member__oef--LargestHoldingAxis__custom--UnusualMachinesIncSwapMaturityDate09082028Member_z3YU1kcgd9Dg" style="font: 300 9pt Gotham Narrow-Light,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">2.7</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Eve Holding, Inc. Swap; Maturity Date: 09/08/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000270909Member__oef--LargestHoldingAxis__custom--EveHoldingIncSwapMaturityDate09082028Member_zfV9iaAsvrYi" style="font: 300 9pt Gotham Narrow-Light,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">2.3</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Joby Aviation, Inc. Swap; Maturity Date: 09/08/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000270909Member__oef--LargestHoldingAxis__custom--JobyAviationIncSwapMaturityDate09082028Member_zihzysQ6g7B" style="font: 300 9pt Gotham Narrow-Light,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">2.0</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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 Holdings, Inc. Swap; Maturity Date: 09/08/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98A_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000270909Member__oef--LargestHoldingAxis__custom--OndasHoldingsIncSwapMaturityDate09082028Member_z6D8ANorOs12" style="font: 300 9pt Gotham Narrow-Light,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">1.9</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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. Swap; Maturity Date: 09/08/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000270909Member__oef--LargestHoldingAxis__custom--AeroVironmentIncSwapMaturityDate09082028Member_zmiDz5dgRBfj" style="font: 300 9pt Gotham Narrow-Light,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">1.5</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">EHang Holdings, Ltd Swap; Maturity Date: 09/08/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000270909Member__oef--LargestHoldingAxis__custom--EHangHoldingsLtdSwapMaturityDate09082028Member_zztOZLvtFdu" style="font: 300 9pt Gotham Narrow-Light,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">-1.5</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Archer Aviation, Inc. Swap: Maturity Date: 09/08/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_982_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000270909Member__oef--LargestHoldingAxis__custom--ArcherAviationIncSwapMaturityDate09082028Member_zN5RKwBv0uQk" style="font: 300 9pt Gotham Narrow-Light,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">1.4</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Kratos Defense &amp; Security Solutions, Inc. Swap; Maturity Date: 09/08/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_986_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000270909Member__oef--LargestHoldingAxis__custom--KratosDefenseAndSecuritySolutionsIncSwapMaturityDate09082028Member_ziTZGMcdM2Ul" style="font: 300 9pt Gotham Narrow-Light,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">-1.2</span> </div> </td> </tr> </table> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 2pt 0 4pt; text-align-last: auto; display: block; min-height: 26px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages for swap contracts are based on unrealized appreciation (depreciation).</p> 0.520 0.099 0.027 0.023 0.020 0.019 0.015 -0.015 0.014 -0.012 Defiance Daily Target 2X Long AMAT ETF AMA NASDAQ This <span id="xdx_90F_eoef--ShareholderReportAnnualOrSemiAnnual_c20250501__20260430__oef--ClassAxis__custom--C000256579Member_z8UlhSeWHLff">annual shareholder report</span> contains important information about the Defiance Daily Target 2X Long AMAT ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. annual shareholder report You can find additional information about the Fund at <span id="xdx_90F_eoef--AddlInfoWebsite_c20250501__20260430__oef--ClassAxis__custom--C000256579Member_z7SwFlaxawO">https://www.defianceetfs.com/ama.</span> You can also request this information by contacting us at <span id="xdx_902_eoef--AddlInfoPhoneNumber_c20250501__20260430__oef--ClassAxis__custom--C000256579Member_zc7mQSEtbhT6">(833) 333-9383</span> or by writing to the Defiance Daily Target 2X Long AMAT ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701. https://www.defianceetfs.com/ama. (833) 333-9383 <p id="xdx_80C_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000256579Member_dU_zp7eb9XMCDal" style="font: 700 11pt/11pt Gotham Narrow-Bold,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">What were the Fund costs for the past year?</p> <p style="font: 300 10pt/11pt Gotham Narrow-Light,Arial; margin: 0; 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"><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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--ClassName_c20250501__20260430__oef--ClassAxis__custom--C000256579Member_zlYjMkeollJ3" style="font: 300 9pt Gotham Narrow-Light,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">Defiance Daily Target 2X Long AMAT ETF</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--ExpensesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000256579Member_zPbGFIVCzAml" style="font: 300 9pt Gotham Narrow-Light,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">$0</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98C_eoef--ExpenseRatioPct_dp_c20250501__20260430__oef--ClassAxis__custom--C000256579Member_fKg_____z0H3tzu6JwLe" style="font: 300 9pt Gotham Narrow-Light,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">0.00%*</span> </div> </td> </tr> </table> </div> </div> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 1pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"><span id="xdx_908_eoef--ExpensesShortPeriodFnTextBlock_c20250501__20260430__oef--ClassAxis__custom--C000256579Member_z7sKYFc8wxp4">The Fund commenced operations April 30, 2026. Expenses for a full reporting period would be higher than the figures shown.</span></span> </p> <table cellpadding="0" cellspacing="0" style="font: 300 8pt/normal Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td id="xdx_F05_zD5cm5REZthf" style="width: 15pt; text-align: right">*</td> <td style="width: 5pt"></td> <td id="xdx_F16_zTysT3zB97X" style="text-align: justify"> Costs paid as a percentage of a $10,000 investment is an annualized figure. </td> </tr> </table> Defiance Daily Target 2X Long AMAT ETF 0 0.0000 The Fund commenced operations April 30, 2026. Expenses for a full reporting period would be higher than the figures shown. <p id="xdx_807_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000256579Member_dU_zHph8KFS2rbg" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Cumulative Performance</p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(Initial Investment of $10,000)</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Date</div> </td> <td id="xdx_4BA_oef--ClassAxis_custom--C000256579Member_zSJ6pWVb1ANj" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Defiance Daily Target 2X Long AMAT ETF</div> </td> <td id="xdx_4BF_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_zuN7mr3CM8U" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">S&amp;P 500® Total Return Index</div> </td> </tr> <tr id="xdx_434_c20260430__20260430_eoef--AccmVal_pid_zF84JzMHPfR9" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">4/30/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10000.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10000.0 </div> </td> </tr> </table> </div> </div><img alt="line" src="qeseylk1mpupcaxp.jpg" style="box-sizing: border-box; width: 250pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="box-sizing: border-box; text-align-last: auto; display: block; font-family: Times New Roman,Times,serif; line-height: normal; color: #000"> </p> 10000.0 10000.0 <p id="xdx_80D_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000256579Member_dU_zO7f8oM8n59h" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Annual Performance</p> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Returns for the Period ended April 30, 2026</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Since Inception (<span id="xdx_90E_eoef--PerfInceptionDate_c20250501__20260430__oef--ClassAxis__custom--C000256579Member_zI3X6jxoixGb">4/30/2026</span>)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Defiance Daily Target 2X Long AMAT ETF - at NAV</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_98F_eoef--AvgAnnlRtrPct_dp_c20260430__20260430__oef--ClassAxis__custom--C000256579Member_zv5r1qaCfAo6" style="font: 300 9pt Gotham Narrow-Light,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">0.00%</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">S&amp;P 500® Total Return Index</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_989_eoef--AvgAnnlRtrPct_dp_c20260430__20260430__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zY1pRzdLpNf8" style="font: 300 9pt Gotham Narrow-Light,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">0.00%</span> </div> </td> </tr> </table> 2026-04-30 0.0000 0.0000 The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal">Visit </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial"><span style="box-sizing: border-box">https://www.defianceetfs.com/ama</span> </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal"> for more recent performance information.</span> <p id="xdx_801_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000256579Member_dU_zzNoAlHHFcBc" style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">How did the Fund perform last year and what influenced its performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 34px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">With inception on April 30, 2026, AMA had a NAV total return of 0.00<b style="box-sizing: border-box">%</b>. AMA seeks to deliver twice the daily performance of AMAT (Applied Materials, Inc.). Any fluctuations in AMAT's stock price are magnified in AMA due to its 2x daily leverage.</p> </div> </div> <p style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">What factors influenced performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 51px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">Due to the Fund’s launch late in the reporting period, there was minimal operating activity to analyze for the Defiance Daily Target 2X Long AMAT ETF. As a result, performance and portfolio activity for the period were limited and may not be representative of the Fund’s ongoing investment strategy or future results.</p> </div> </div> <p id="xdx_80E_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000256579Member_dD_zh0lEOGAf7I3" style="font: 700 13pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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"> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; font-size: 9pt"></span> </p> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: -7pt 0 8pt; margin-block: 1em; margin-inline: 0px; box-sizing: border-box; text-align-last: auto; display: block; padding-top: 0; color: #4f4f4f; text-align: left; text-indent: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_983_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000256579Member_z3FdEzZbODk6" style="font: 300 9pt Gotham Narrow-Light,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">$1,000</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_989_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000256579Member_z2k4IgubYWr2" style="font: 300 9pt Gotham Narrow-Light,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</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div id="xdx_988_eoef--AdvisoryFeesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000256579Member_z6nXEihP3D99" style="font: 300 9pt Gotham Narrow-Light,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</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div style="font: 300 9pt Gotham Narrow-Light,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_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250501__20260430__oef--ClassAxis__custom--C000256579Member_znEHtlE6hbWb">0</span>%</span> </div> </td> </tr> </table> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; display: block"></span> </div> </div> 1000000 3 0 0 <p id="xdx_80D_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000256579Member_dD_zA11kHbOEedc" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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> <p style="font: 300 10pt/normal Gotham Narrow-Light,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; font-size: 9pt"></span> </p> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/11pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 30.34px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_983_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000256579Member__us-gaap--InvestmentTypeAxis__us-gaap--CashEquivalentsMember_zVUlUOfIHGXe" style="box-sizing: border-box; text-align-last: auto"> 0.0% </div> </td> </tr> </table> </div> </div><img alt="bar" src="qeseylk1mpuo54lm.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/0 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0; text-align: justify"> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/12pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Total Return Swap Contracts</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98C_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000256579Member__us-gaap--InvestmentTypeAxis__custom--TotalReturnSwapContractsMember_z78D9n62rvXd" style="box-sizing: border-box; text-align-last: auto"> 0.0% </div> </td> </tr> </table> </div> </div><img alt="bar" src="qes1st61mpuo54yc.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 300 8pt/9pt Gotham Narrow-Light,Arial; margin: 4pt 0; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">Percentages are stated as a percent of net assets. Percentages for swap contracts are based on unrealized appreciation (depreciation). Cash Equivalents represents cash, short-term investments, and other assets in excess of liabilities.</p> </div> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -55pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> 0.000 0.000 <div id="xdx_808_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000256579Member_dD_zpd3hoOVgua8" 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: 700 13pt Gotham Narrow-Bold,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; white-space: nowrap; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,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: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Applied Materials, Inc. Swap; Maturity Date: 11/30/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_982_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000256579Member__oef--LargestHoldingAxis__custom--AppliedMaterialsIncSwapMaturityDate11302028Member_zvZHWMj63nqh" style="font: 300 9pt Gotham Narrow-Light,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">0.0</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Applied Materials, Inc. Swap; Maturity Date: 05/01/2033</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98F_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000256579Member__oef--LargestHoldingAxis__custom--AppliedMaterialsIncSwapMaturityDate05012033Member_z3BWz7eAnVo6" style="font: 300 9pt Gotham Narrow-Light,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">0.0</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Applied Materials, Inc. Swap; Maturity Date: 07/10/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_980_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000256579Member__oef--LargestHoldingAxis__custom--AppliedMaterialsIncSwapMaturityDate07102028Member_z3lRLdiqbMKk" style="font: 300 9pt Gotham Narrow-Light,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">0.0</span> </div> </td> </tr> </table> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 2pt 0 4pt; text-align-last: auto; display: block; min-height: 26px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages for swap contracts are based on unrealized appreciation (depreciation).</p> 0.000 0.000 0.000 Defiance Daily Target 2X Long ANET ETF ANEL NASDAQ This <span id="xdx_905_eoef--ShareholderReportAnnualOrSemiAnnual_c20250501__20260430__oef--ClassAxis__custom--C000260404Member_zl2Ww6GOJyMe">annual shareholder report</span> contains important information about the Defiance Daily Target 2X Long ANET ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. annual shareholder report You can find additional information about the Fund at <span id="xdx_900_eoef--AddlInfoWebsite_c20250501__20260430__oef--ClassAxis__custom--C000260404Member_zGRll5hnezw1">https://www.defianceetfs.com/anel</span>. You can also request this information by contacting us at <span id="xdx_909_eoef--AddlInfoPhoneNumber_c20250501__20260430__oef--ClassAxis__custom--C000260404Member_zGeEbuFc2MYb">(833) 333-9383</span> or by writing to the Defiance Daily Target 2X Long ANET ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701. https://www.defianceetfs.com/anel (833) 333-9383 <p id="xdx_805_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000260404Member_dD_zHK2s3OAr8z3" style="font: 700 11pt/11pt Gotham Narrow-Bold,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">What were the Fund costs for the past year?</p> <p style="font: 300 10pt/11pt Gotham Narrow-Light,Arial; margin: 0; 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"><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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_904_eoef--ClassName_c20250501__20260430__oef--ClassAxis__custom--C000260404Member_zAPohUSMhNZe">Defiance Daily Target 2X Long ANET ETF</span></span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$<span id="xdx_900_eoef--ExpensesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000260404Member_zfmeOPm8sq27">106</span></span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span id="xdx_902_eoef--ExpenseRatioPct_dp_c20250501__20260430__oef--ClassAxis__custom--C000260404Member_fKg_____zRwc34uqB7Ud">1.44</span>%*</div> </td> </tr> </table> </div> </div> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 1pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"><span id="xdx_907_eoef--ExpensesShortPeriodFnTextBlock_c20250501__20260430__oef--ClassAxis__custom--C000260404Member_zKDr2Z7yMc1i">The Fund commenced operations September 3, 2025. Expenses for a full reporting period would be higher than the figures shown.</span></span> </p> <table cellpadding="0" cellspacing="0" style="font: 300 8pt/normal Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td id="xdx_F0F_z3w9BZtYY4el" style="width: 15pt; text-align: right">*</td> <td style="width: 5pt"></td> <td id="xdx_F1A_zthyL3Q1voI9" style="text-align: justify"> Costs paid as a percentage of a $10,000 investment is an annualized figure. </td> </tr> </table> Defiance Daily Target 2X Long ANET ETF 106 0.0144 The Fund commenced operations September 3, 2025. Expenses for a full reporting period would be higher than the figures shown. <p id="xdx_808_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000260404Member_dU_zpumGYPLEDjg" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Cumulative Performance</p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(Initial Investment of $10,000)</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Date</div> </td> <td id="xdx_4BC_oef--ClassAxis_custom--C000260404Member_z1lYOIw4DDWf" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Defiance Daily Target 2X Long ANET ETF</div> </td> <td id="xdx_4BF_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_zfAdxN9o6A4k" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">S&amp;P 500® Total Return Index</div> </td> </tr> <tr id="xdx_435_c20250903__20250903_eoef--AccmVal_pid_zvTjoiwl1C08" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9/3/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10000.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10000.0 </div> </td> </tr> <tr id="xdx_430_c20250903__20250930_eoef--AccmVal_pid_zSEg7iZde191" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9/30/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10921.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10382.0 </div> </td> </tr> <tr id="xdx_435_c20250903__20251031_eoef--AccmVal_pid_ze1IcjTUloQ3" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12378.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10625.0 </div> </td> </tr> <tr id="xdx_43D_c20250903__20251130_eoef--AccmVal_pid_zPrh5giryPf5" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11/30/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 8232.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10651.0 </div> </td> </tr> <tr id="xdx_439_c20250903__20251231_eoef--AccmVal_pid_zktjHMjMDDbb" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 8095.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10658.0 </div> </td> </tr> <tr id="xdx_431_c20250903__20260131_eoef--AccmVal_pid_zBrIPOWqrXEb" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1/31/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 9155.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10812.0 </div> </td> </tr> <tr id="xdx_43C_c20250903__20260228_eoef--AccmVal_pid_zOeuYAbxSvS6" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">2/28/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 7876.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10730.0 </div> </td> </tr> <tr id="xdx_436_c20250903__20260331_eoef--AccmVal_pid_zXu7CczbSRm8" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 6353.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10196.0 </div> </td> </tr> <tr id="xdx_430_c20250903__20260430_eoef--AccmVal_pid_zh8nOU10JI02" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">4/30/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12192.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11266.0 </div> </td> </tr> </table> </div> </div><img alt="line" src="qeseylk1mpupc9ii.jpg" style="box-sizing: border-box; width: 250pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="box-sizing: border-box; text-align-last: auto; display: block; font-family: Times New Roman,Times,serif; line-height: normal; color: #000"> </p> 10000.0 10000.0 10921.0 10382.0 12378.0 10625.0 8232.0 10651.0 8095.0 10658.0 9155.0 10812.0 7876.0 10730.0 6353.0 10196.0 12192.0 11266.0 <p id="xdx_804_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000260404Member_dU_zH2AHlX6oyG6" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Annual Performance</p> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Returns for the Period ended April 30, 2026</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Since Inception (<span id="xdx_90F_eoef--PerfInceptionDate_c20250501__20260430__oef--ClassAxis__custom--C000260404Member_zxebZfWjpZNh">9/3/2025</span>)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Defiance Daily Target 2X Long ANET ETF - at NAV</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_986_eoef--AvgAnnlRtrPct_dp_c20250903__20260430__oef--ClassAxis__custom--C000260404Member_zXPnFV1WRR8d" style="font: 300 9pt Gotham Narrow-Light,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">21.80%</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">S&amp;P 500® Total Return Index</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_986_eoef--AvgAnnlRtrPct_dp_c20250903__20260430__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_z091AN4sLJD4" style="font: 300 9pt Gotham Narrow-Light,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">12.66%</span> </div> </td> </tr> </table> 2025-09-03 0.2180 0.1266 The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal">Visit </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial"><span style="box-sizing: border-box">https://www.defianceetfs.com/anel</span> </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal"> for more recent performance information.</span> <p id="xdx_808_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000260404Member_dU_zSPtvfPYgB8c" style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">How did the Fund perform last year and what influenced its performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 51px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">From inception (September 3, 2025) through April 30, 2026, ANEL had a NAV total return of 21.80%. ANEL seeks to deliver twice the daily performance of ANET (Arista Networks, Inc.). Fluctuations in ANET's stock price are magnified in ANEL through its 2x daily leverage.</p> </div> </div> <p style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">What factors influenced performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 68px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">Arista Networks' performance was driven by strong demand for its data center networking solutions, particularly from hyperscale cloud customers building AI infrastructure. Revenue growth, margin trends, and competitive positioning in high-speed networking influenced investor sentiment. The broader AI infrastructure investment cycle and cloud capex spending trends by major technology companies provided significant tailwinds for ANET's stock.</p> </div> </div> <p id="xdx_807_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000260404Member_dD_zQppqYsWik34" style="font: 700 13pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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"> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; font-size: 9pt"></span> </p> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: -7pt 0 8pt; margin-block: 1em; margin-inline: 0px; box-sizing: border-box; text-align-last: auto; display: block; padding-top: 0; color: #4f4f4f; text-align: left; text-indent: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 300 9pt Gotham Narrow-Light,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_eus-gaap--AssetsNet_iE_pn3n3_c20250501__20260430__oef--ClassAxis__custom--C000260404Member_zRBW9SUR0Qq8">6,336</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 300 9pt Gotham Narrow-Light,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_eoef--HoldingsCount_iE_uHoldings_c20250501__20260430__oef--ClassAxis__custom--C000260404Member_zTzntaWQeltc">6</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div style="font: 300 9pt Gotham Narrow-Light,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_c20250501__20260430__oef--ClassAxis__custom--C000260404Member_z26WgwnHmAuh">49,944</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div style="font: 300 9pt Gotham Narrow-Light,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_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250501__20260430__oef--ClassAxis__custom--C000260404Member_z7zkRgIdtXll">272</span>%</span> </div> </td> </tr> </table> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; display: block"></span> </div> </div> 6336000 6 49944 2.72 <p id="xdx_80B_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000260404Member_dD_zHaJvq6wV9kd" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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> <p style="font: 300 10pt/normal Gotham Narrow-Light,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; font-size: 9pt"></span> </p> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/11pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 30.34px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98C_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000260404Member__us-gaap--InvestmentTypeAxis__us-gaap--CashEquivalentsMember_z8sXLm8F2fg1" style="box-sizing: border-box; text-align-last: auto"> 100.0% </div> </td> </tr> </table> </div> </div><img alt="bar" src="qeseylk1mpuo521i.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/0 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0; text-align: justify"> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/12pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Total Return Swap Contracts</div> </td> <td style="box-sizing: border-box"> <div id="xdx_984_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000260404Member__us-gaap--InvestmentTypeAxis__custom--TotalReturnSwapContractsMember_zvl8v8jpqox3" style="box-sizing: border-box; text-align-last: auto"> 50.9% </div> </td> </tr> </table> </div> </div><img alt="bar" src="qes1st61mpuo52f8.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 300 8pt/9pt Gotham Narrow-Light,Arial; margin: 4pt 0; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">Percentages are stated as a percent of net assets. Percentages for swap contracts are based on unrealized appreciation (depreciation). Cash Equivalents represents cash, short-term investments, and other assets in excess of liabilities.</p> </div> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -55pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> 1.000 0.509 <div id="xdx_804_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000260404Member_dD_zeGWsOoWPeA2" 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: 700 13pt Gotham Narrow-Bold,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; white-space: nowrap; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,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: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Arista Networks, Inc. Swap; Maturity Date: 09/08/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,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_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000260404Member__oef--LargestHoldingAxis__custom--AristaNetworksIncSwapMaturityDate09082028Member_zocx2bMvUQHj">16.3</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Arista Networks, Inc. Swap; Maturity Date: 01/11/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,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--C000260404Member__oef--LargestHoldingAxis__custom--AristaNetworksIncSwapMaturityDate01112028Member_za12tR92ANTg">13.3</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Arista Networks, Inc. Swap; Maturity Date: 09/14/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,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--C000260404Member__oef--LargestHoldingAxis__custom--AristaNetworksIncSwapMaturityDate09142028Member_zcU8ZIHl8PN7">12.7</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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 Bills</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,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--C000260404Member__oef--LargestHoldingAxis__custom--UnitedStatesTreasuryBillsMember_zThNWhyt4YX1">12.0</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Arista Networks, Inc. Swap; Maturity Date: 02/01/2027</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,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--C000260404Member__oef--LargestHoldingAxis__custom--AristaNetworksIncSwapMaturityDate02012027Member_zlHkvbQCJK1i">8.6</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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, 3.56%</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,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--C000260404Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX356Member_zLlVjISdUL68">7.2</span></span> </div> </td> </tr> </table> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 2pt 0 4pt; text-align-last: auto; display: block; min-height: 26px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages for swap contracts are based on unrealized appreciation (depreciation).</p> 0.163 0.133 0.127 0.120 0.086 0.072 Defiance Daily Target 2X Long AVAV ETF AVXX NASDAQ This <span id="xdx_906_eoef--ShareholderReportAnnualOrSemiAnnual_c20250501__20260430__oef--ClassAxis__custom--C000264269Member_zRpNoE11sMnl">annual shareholder report</span> contains important information about the Defiance Daily Target 2X Long AVAV ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. annual shareholder report You can find additional information about the Fund at <span id="xdx_900_eoef--AddlInfoWebsite_c20250501__20260430__oef--ClassAxis__custom--C000264269Member_zoQetBTNqLef">https://www.defianceetfs.com/avxx</span>. You can also request this information by contacting us at <span id="xdx_90A_eoef--AddlInfoPhoneNumber_c20250501__20260430__oef--ClassAxis__custom--C000264269Member_zjgKMN4tQuia">(833) 333-9383</span> or by writing to the Defiance Daily Target 2X Long AVAV ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701. https://www.defianceetfs.com/avxx (833) 333-9383 This report describes changes to the Fund that occurred during the reporting period. <p id="xdx_802_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000264269Member_dD_zl6EmhuQW14d" style="font: 700 11pt/11pt Gotham Narrow-Bold,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">What were the Fund costs for the past year?</p> <p style="font: 300 10pt/11pt Gotham Narrow-Light,Arial; margin: 0; 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"><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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_904_eoef--ClassName_c20250501__20260430__oef--ClassAxis__custom--C000264269Member_z81F6ULhf2Za">Defiance Daily Target 2X Long AVAV ETF</span></span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$<span id="xdx_90A_eoef--ExpensesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000264269Member_zCU4oYBb6W6d">40</span></span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,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_90C_eoef--ExpenseRatioPct_dp_c20250501__20260430__oef--ClassAxis__custom--C000264269Member_fKg_____zyq4Gqsazmie">1.30</span>%*</span> </div> </td> </tr> </table> </div> </div> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 1pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"><span id="xdx_905_eoef--ExpensesShortPeriodFnTextBlock_c20250501__20260430__oef--ClassAxis__custom--C000264269Member_zhAoNFrTYRX5">The Fund commenced operations October 23, 2025. Expenses for a full reporting period would be higher than the figures shown.</span></span> </p> <table cellpadding="0" cellspacing="0" style="font: 300 8pt/normal Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td id="xdx_F02_zoVzjBmKR5Te" style="width: 15pt; text-align: right">*</td> <td style="width: 5pt"></td> <td id="xdx_F1F_zeTllLtRDIxh" style="text-align: justify"> Costs paid as a percentage of a $10,000 investment is an annualized figure. </td> </tr> </table> Defiance Daily Target 2X Long AVAV ETF 40 0.0130 The Fund commenced operations October 23, 2025. Expenses for a full reporting period would be higher than the figures shown. <p id="xdx_80E_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000264269Member_dU_zvoYksdjRLif" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Cumulative Performance</p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(Initial Investment of $10,000)</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Date</div> </td> <td id="xdx_4B7_oef--ClassAxis_custom--C000264269Member_zPg30kgBUNV2" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Defiance Daily Target 2X Long AVAV ETF</div> </td> <td id="xdx_4BF_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_z4uuZ5SmbbYk" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">S&amp;P 500® Total Return Index</div> </td> </tr> <tr id="xdx_43A_c20251023__20251023_eoef--AccmVal_pid_z2J8AvmWpMR1" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10/23/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10000.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10000.0 </div> </td> </tr> <tr id="xdx_43F_c20251023__20251031_eoef--AccmVal_pid_zT6Q1nz5RI1b" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10240.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10152.0 </div> </td> </tr> <tr id="xdx_431_c20251023__20251130_eoef--AccmVal_pid_zDM6NO78ZEy6" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11/30/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 5664.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10177.0 </div> </td> </tr> <tr id="xdx_43E_c20251023__20251231_eoef--AccmVal_pid_zKEOxLM3yB43" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 3991.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10184.0 </div> </td> </tr> <tr id="xdx_43A_c20251023__20260131_eoef--AccmVal_pid_zMAchnrcspC4" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1/31/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 4798.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10331.0 </div> </td> </tr> <tr id="xdx_43E_c20251023__20260228_eoef--AccmVal_pid_zFfBXcsxzt2a" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">2/28/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 3657.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10253.0 </div> </td> </tr> <tr id="xdx_432_c20251023__20260331_eoef--AccmVal_pid_z3XHKMCxZ5Y5" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 1741.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 9742.0 </div> </td> </tr> <tr id="xdx_435_c20251023__20260430_eoef--AccmVal_pid_zdEf8dW0E0D7" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">4/30/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 1890.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10764.0 </div> </td> </tr> </table> </div> </div><img alt="line" src="qeseylk1mpupc0ym.jpg" style="box-sizing: border-box; width: 250pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="box-sizing: border-box; text-align-last: auto; display: block; font-family: Times New Roman,Times,serif; line-height: normal; color: #000"> </p> 10000.0 10000.0 10240.0 10152.0 5664.0 10177.0 3991.0 10184.0 4798.0 10331.0 3657.0 10253.0 1741.0 9742.0 1890.0 10764.0 <p id="xdx_806_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000264269Member_dU_zoYUqwvmdFYi" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Annual Performance</p> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Returns for the Period ended April 30, 2026</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Since Inception (<span id="xdx_906_eoef--PerfInceptionDate_c20250501__20260430__oef--ClassAxis__custom--C000264269Member_z57bQW6yShGa">10/23/2025</span>)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Defiance Daily Target 2X Long AVAV ETF - at NAV</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_989_eoef--AvgAnnlRtrPct_dp_c20251023__20260430__oef--ClassAxis__custom--C000264269Member_znwzCsFbjiz9" style="font: 300 9pt Gotham Narrow-Light,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">-81.10%</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">S&amp;P 500® Total Return Index</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_987_eoef--AvgAnnlRtrPct_dp_c20251023__20260430__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zdAJzBIzEVFa" style="font: 300 9pt Gotham Narrow-Light,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">7.64%</span> </div> </td> </tr> </table> 2025-10-23 -0.8110 0.0764 The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal">Visit </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial"><span style="box-sizing: border-box">https://www.defianceetfs.com/avxx</span> </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal"> for more recent performance information.</span> <p id="xdx_801_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000264269Member_dU_zHkmfNOhLE62" style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">How did the Fund perform last year and what influenced its performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 34px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">From inception (October 23, 2025) through April 30, 2026, AVXX had a NAV total return of -81.10%. AVXX seeks to deliver twice the daily performance of AVAV (AeroVironment, Inc.). The fund's 2x leverage magnifies AVAV's daily stock movements in AVXX.</p> </div> </div> <p style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">What factors influenced performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 68px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">AeroVironment's stock performance was shaped by defense contract awards, demand for unmanned aerial systems (UAS) from the U.S. military and allied forces, and the growing role of drones in modern warfare. The company's product pipeline, including loitering munitions and tactical UAS platforms, and the broader defense spending environment influenced investor sentiment. Geopolitical developments affecting defense procurement drove episodic stock volatility.</p> </div> </div> <p id="xdx_807_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000264269Member_dD_zzxqdX1diewf" style="font: 700 13pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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"> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; font-size: 9pt"></span> </p> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: -7pt 0 8pt; margin-block: 1em; margin-inline: 0px; box-sizing: border-box; text-align-last: auto; display: block; padding-top: 0; color: #4f4f4f; text-align: left; text-indent: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 300 9pt Gotham Narrow-Light,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_eus-gaap--AssetsNet_iE_pn3n3_c20250501__20260430__oef--ClassAxis__custom--C000264269Member_z1y3zdxSwavf">9,266</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 300 9pt Gotham Narrow-Light,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--HoldingsCount_iE_uHoldings_c20250501__20260430__oef--ClassAxis__custom--C000264269Member_zcZP0QLsCbD9">7</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div style="font: 300 9pt Gotham Narrow-Light,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--AdvisoryFeesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000264269Member_zgi1zNnH4V7i">37,629</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div style="font: 300 9pt Gotham Narrow-Light,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_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250501__20260430__oef--ClassAxis__custom--C000264269Member_ze41YpKctOCh">0</span>%</span> </div> </td> </tr> </table> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; display: block"></span> </div> </div> 9266000 7 37629 0 <p id="xdx_808_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000264269Member_dD_z0PSaVqG3NG9" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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> <p style="font: 300 10pt/normal Gotham Narrow-Light,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; font-size: 9pt"></span> </p> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/11pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 30.34px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98A_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000264269Member__us-gaap--InvestmentTypeAxis__us-gaap--CashEquivalentsMember_zWLxQN08zg54" style="box-sizing: border-box; text-align-last: auto"> 100.0% </div> </td> </tr> </table> </div> </div><img alt="bar" src="qeseylk1mpuo4mow.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/0 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0; text-align: justify"> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/12pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Total Return Swap Contracts</div> </td> <td style="box-sizing: border-box"> <div id="xdx_982_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000264269Member__us-gaap--InvestmentTypeAxis__custom--TotalReturnSwapContractsMember_zvJDOPPj0GS5" style="box-sizing: border-box; text-align-last: auto"> 9.0% </div> </td> </tr> </table> </div> </div><img alt="bar" src="qes1st61mpuo4n3o.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 300 8pt/9pt Gotham Narrow-Light,Arial; margin: 4pt 0; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">Percentages are stated as a percent of net assets. Percentages for swap contracts are based on unrealized appreciation (depreciation). Cash Equivalents represents cash, short-term investments, and other assets in excess of liabilities.</p> </div> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -55pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> 1.000 0.090 <div id="xdx_806_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000264269Member_dD_zO5PUgCJPdd3" 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: 700 13pt Gotham Narrow-Bold,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; white-space: nowrap; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,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: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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 Bills</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,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_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000264269Member__oef--LargestHoldingAxis__custom--UnitedStatesTreasuryBillsMember_zPEkoEToTRKd">18.0</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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, 3.56%</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,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--C000264269Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX356Member_zURWcNEvaUjc">4.7</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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., Swap; Maturity Date: 03/31/2033</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,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--C000264269Member__oef--LargestHoldingAxis__custom--AeroVironmentIncSwapMaturityDate03312033Member_zKqLBbQBqKL2">3.3</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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., Swap; Maturity Date: 10/27/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,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--C000264269Member__oef--LargestHoldingAxis__custom--AeroVironmentIncSwapMaturityDate10272028Member_z99l8C2ASk3a">3.0</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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., Swap; Maturity Date: 11/01/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,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--C000264269Member__oef--LargestHoldingAxis__custom--AeroVironmentIncSwapMaturityDate11012028Member_zEBYVBOe0WSi">2.7</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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., Swap; Maturity Date: 12/07/2027</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,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--C000264269Member__oef--LargestHoldingAxis__custom--AeroVironmentIncSwapMaturityDate12072027Member_zULz86br7Qma">0.1</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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., Swap; Maturity Date: 03/18/2033</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,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--C000264269Member__oef--LargestHoldingAxis__custom--AeroVironmentIncSwapMaturityDate03182033Member_zfX50PyVdcp6">0.0</span></span> </div> </td> </tr> </table> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 2pt 0 4pt; text-align-last: auto; display: block; min-height: 26px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages for swap contracts are based on unrealized appreciation (depreciation).</p> 0.180 0.047 0.033 0.030 0.027 0.001 0.000 <p id="xdx_800_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000264269Member_dD_zneKd9p3hbxl" style="font: 10pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0"><b>Fund Changes</b></p> <p style="font: 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">After the close of trading on The Nasdaq Stock Market, LLC on <span id="xdx_903_eoef--MaterialChngDate_c20250501__20260430__oef--ClassAxis__custom--C000264269Member_z8M11T0re3s2">March 23, 2026</span>, the Fund effected a 1:3 reverse split of its issued and outstanding shares.</p> 2026-03-23 Defiance Daily Target 2X Long AVGO ETF AVGX NASDAQ This <span id="xdx_903_eoef--ShareholderReportAnnualOrSemiAnnual_c20250501__20260430__oef--ClassAxis__custom--C000250004Member_zO8fjYzjeBSa">annual shareholder report</span> contains important information about the Defiance Daily Target 2X Long AVGO ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. annual shareholder report You can find additional information about the Fund at <span id="xdx_900_eoef--AddlInfoWebsite_c20250501__20260430__oef--ClassAxis__custom--C000250004Member_zuMILCzFY7Z9">https://www.defianceetfs.com/avgx</span>. You can also request this information by contacting us at <span id="xdx_90F_eoef--AddlInfoPhoneNumber_c20250501__20260430__oef--ClassAxis__custom--C000250004Member_ztzYQvtnJSHh">(833) 333-9383</span> or by writing to the Defiance Daily Target 2X Long AVGO ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701. https://www.defianceetfs.com/avgx (833) 333-9383 <p id="xdx_80E_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000250004Member_dD_zJkNO5Ql06sk" style="font: 700 11pt/11pt Gotham Narrow-Bold,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">What were the Fund costs for the past year?</p> <p style="font: 300 10pt/11pt Gotham Narrow-Light,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"><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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_90A_eoef--ClassName_c20250501__20260430__oef--ClassAxis__custom--C000250004Member_zGgUNeus92J6">Defiance Daily Target 2X Long AVGO ETF</span></span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$<span id="xdx_90D_eoef--ExpensesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000250004Member_zVYSduqDREK4">146</span></span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span id="xdx_90A_eoef--ExpenseRatioPct_dp_c20250501__20260430__oef--ClassAxis__custom--C000250004Member_zZZWvRvrLoRf">1.30</span>%</div> </td> </tr> </table> </div> </div> </div> Defiance Daily Target 2X Long AVGO ETF 146 0.0130 <p id="xdx_80C_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000250004Member_dU_zU8BUktNNcNe" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Cumulative Performance</p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(Initial Investment of $10,000)</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Date</div> </td> <td id="xdx_4BA_oef--ClassAxis_custom--C000250004Member_zKVwzB3HMuY7" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Defiance Daily Target 2X Long AVGO ETF</div> </td> <td id="xdx_4BF_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_zhGb5wnQCSy2" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">S&amp;P 500® Total Return Index</div> </td> </tr> <tr id="xdx_43D_c20240821__20240821_eoef--AccmVal_pid_zB1R2cbPssaf" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8/21/2024</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10000.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10000.0 </div> </td> </tr> <tr id="xdx_439_c20240821__20240831_eoef--AccmVal_pid_z6QMBNy3Wkoj" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8/31/2024</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 9540.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10052.0 </div> </td> </tr> <tr id="xdx_438_c20240821__20240930_eoef--AccmVal_pid_zYewhueXKtF9" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9/30/2024</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10286.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10267.0 </div> </td> </tr> <tr id="xdx_430_c20240821__20241031_eoef--AccmVal_pid_ztcDRZaf2qrj" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10/31/2024</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 9739.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10174.0 </div> </td> </tr> <tr id="xdx_430_c20240821__20241130_eoef--AccmVal_pid_zERL0WgB2xw3" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11/30/2024</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 8718.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10771.0 </div> </td> </tr> <tr id="xdx_433_c20240821__20241231_eoef--AccmVal_pid_zveQIYuTepV9" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12/31/2024</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 16333.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10514.0 </div> </td> </tr> <tr id="xdx_438_c20240821__20250131_eoef--AccmVal_pid_ziMzwj8uhUgf" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 13930.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10807.0 </div> </td> </tr> <tr id="xdx_434_c20240821__20250228_eoef--AccmVal_pid_zk8reEdX32w9" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">2/28/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10980.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10666.0 </div> </td> </tr> <tr id="xdx_436_c20240821__20250331_eoef--AccmVal_pid_z9FpM30ja5g6" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 7466.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10065.0 </div> </td> </tr> <tr id="xdx_43F_c20240821__20250430_eoef--AccmVal_pid_zQDreSqLkTq9" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">4/30/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 9155.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 9997.0 </div> </td> </tr> <tr id="xdx_437_c20240821__20250531_eoef--AccmVal_pid_z53nCHuBU9Md" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">5/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 14166.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10626.0 </div> </td> </tr> <tr id="xdx_43F_c20240821__20250630_eoef--AccmVal_pid_z760WV3Bu5Te" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">6/30/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 18062.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11167.0 </div> </td> </tr> <tr id="xdx_432_c20240821__20250731_eoef--AccmVal_pid_zuggEa8hmkp7" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 20105.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11417.0 </div> </td> </tr> <tr id="xdx_43E_c20240821__20250831_eoef--AccmVal_pid_ztK33f7Do732" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 20200.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11649.0 </div> </td> </tr> <tr id="xdx_436_c20240821__20250930_eoef--AccmVal_pid_zidNN1RLLUy1" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9/30/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 24156.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12074.0 </div> </td> </tr> <tr id="xdx_43E_c20240821__20251031_eoef--AccmVal_pid_zggvYywWn4P4" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 29269.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12356.0 </div> </td> </tr> <tr id="xdx_431_c20240821__20251130_eoef--AccmVal_pid_znNSXa80FBAh" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11/30/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 33754.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12387.0 </div> </td> </tr> <tr id="xdx_438_c20240821__20251231_eoef--AccmVal_pid_zmFbQChY3SK1" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 24014.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12394.0 </div> </td> </tr> <tr id="xdx_43A_c20240821__20260131_eoef--AccmVal_pid_zV1rfQq27gRl" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1/31/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 21510.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12574.0 </div> </td> </tr> <tr id="xdx_43B_c20240821__20260228_eoef--AccmVal_pid_zha6OoYumLb4" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">2/28/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 19548.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12478.0 </div> </td> </tr> <tr id="xdx_434_c20240821__20260331_eoef--AccmVal_pid_z50qRt3Vh58a" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 17924.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11857.0 </div> </td> </tr> <tr id="xdx_431_c20240821__20260430_eoef--AccmVal_pid_zdccqkTqdHta" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">4/30/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 31731.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 13101.0 </div> </td> </tr> </table> </div> </div><img alt="line" src="qeseylk1mpupbm1f.jpg" style="box-sizing: border-box; width: 250pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="box-sizing: border-box; text-align-last: auto; display: block; font-family: Times New Roman,Times,serif; line-height: normal; color: #000"> </p> 10000.0 10000.0 9540.0 10052.0 10286.0 10267.0 9739.0 10174.0 8718.0 10771.0 16333.0 10514.0 13930.0 10807.0 10980.0 10666.0 7466.0 10065.0 9155.0 9997.0 14166.0 10626.0 18062.0 11167.0 20105.0 11417.0 20200.0 11649.0 24156.0 12074.0 29269.0 12356.0 33754.0 12387.0 24014.0 12394.0 21510.0 12574.0 19548.0 12478.0 17924.0 11857.0 31731.0 13101.0 <p id="xdx_80D_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000250004Member_dU_zJzTOpZObqya" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Annual Performance</p> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Returns for the Period ended April 30, 2026</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">1 Year</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Since Inception (<span id="xdx_90E_eoef--PerfInceptionDate_c20250501__20260430__oef--ClassAxis__custom--C000250004Member_zc2JZSNIZAWc">8/21/2024</span>)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Defiance Daily Target 2X Long AVGO ETF - at NAV</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_98B_eoef--AvgAnnlRtrPct_dp_c20250501__20260430__oef--ClassAxis__custom--C000250004Member_zLIzXZsxtBAi" style="font: 300 9pt Gotham Narrow-Light,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">246.52%</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_98C_eoef--AvgAnnlRtrPct_dp_c20240821__20260430__oef--ClassAxis__custom--C000250004Member_z3u0PhYEQTwg" style="font: 300 9pt Gotham Narrow-Light,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">98.00%</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">S&amp;P 500® Total Return Index</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_98A_eoef--AvgAnnlRtrPct_dp_c20250501__20260430__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zLwxA3L6xa8b" style="font: 300 9pt Gotham Narrow-Light,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">31.05%</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_98A_eoef--AvgAnnlRtrPct_dp_c20240821__20260430__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zFqDUnaQsQw2" style="font: 300 9pt Gotham Narrow-Light,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">17.33%</span> </div> </td> </tr> </table> 2024-08-21 2.4652 0.9800 0.3105 0.1733 The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal">Visit </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial"><span style="box-sizing: border-box">https://www.defianceetfs.com/avgx</span> </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal"> for more recent performance information.</span> <p id="xdx_80F_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000250004Member_dU_zTSz43Kn8qph" style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">How did the Fund perform last year and what influenced its performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 34px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">For the fiscal year ended April 30, 2026, AVGX had a NAV total return of 246.52%. AVGX seeks to deliver twice the daily performance of AVGO (Broadcom Inc.). Fluctuations in AVGO's stock price are magnified in AVGX due to its leveraged structure.</p> </div> </div> <p style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">What factors influenced performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 68px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">Broadcom's performance was driven by strong demand for its custom AI accelerator chips and networking semiconductors, particularly from hyperscaler customers. The company's growing AI revenue, strategic acquisitions, and results from its VMware integration shaped investor sentiment. Broader semiconductor sector trends, interest rate movements, and macro conditions also contributed to stock volatility amplified through AVGX's 2x leverage.</p> </div> </div> <p id="xdx_802_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000250004Member_dD_zJKTVpFU5wp5" style="font: 700 13pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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"> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; font-size: 9pt"></span> </p> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: -7pt 0 8pt; margin-block: 1em; margin-inline: 0px; box-sizing: border-box; text-align-last: auto; display: block; padding-top: 0; color: #4f4f4f; text-align: left; text-indent: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 300 9pt Gotham Narrow-Light,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_eus-gaap--AssetsNet_iE_pn3n3_c20250501__20260430__oef--ClassAxis__custom--C000250004Member_zy3Ym15atou7">164,772</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 300 9pt Gotham Narrow-Light,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--HoldingsCount_iE_uHoldings_c20250501__20260430__oef--ClassAxis__custom--C000250004Member_z3yEhb0UPXt3">9</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div style="font: 300 9pt Gotham Narrow-Light,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--AdvisoryFeesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000250004Member_zjsC2Seo9bN4">1,902,746</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div style="font: 300 9pt Gotham Narrow-Light,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_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250501__20260430__oef--ClassAxis__custom--C000250004Member_zKFxUevigeE5">34,201</span>%</span> </div> </td> </tr> </table> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; display: block"></span> </div> </div> 164772000 9 1902746 342.01 <p id="xdx_807_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000250004Member_dD_zYHWqICYEILf" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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> <p style="font: 300 10pt/normal Gotham Narrow-Light,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; font-size: 9pt"></span> </p> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/11pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 30.34px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_986_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000250004Member__us-gaap--InvestmentTypeAxis__us-gaap--CashEquivalentsMember_zP4K4elSanZa" style="box-sizing: border-box; text-align-last: auto"> 100.0% </div> </td> </tr> </table> </div> </div><img alt="bar" src="qeseylk1mpuo3ydc.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/0 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0; text-align: justify"> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/12pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Total Return Swap Contracts</div> </td> <td style="box-sizing: border-box"> <div id="xdx_984_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000250004Member__us-gaap--InvestmentTypeAxis__custom--TotalReturnSwapContractsMember_zIi7XCPYSlri" style="box-sizing: border-box; text-align-last: auto"> 61.6% </div> </td> </tr> </table> </div> </div><img alt="bar" src="qes1st61mpuo3yra.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 300 8pt/9pt Gotham Narrow-Light,Arial; margin: 4pt 0; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">Percentages are stated as a percent of net assets. Percentages for swap contracts are based on unrealized appreciation (depreciation). Cash Equivalents represents cash, short-term investments, and other assets in excess of liabilities.</p> </div> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -55pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> 1.000 0.616 <div id="xdx_806_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000250004Member_dD_zcIhzvz5GYe9" 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: 700 13pt Gotham Narrow-Bold,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; white-space: nowrap; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,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: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Broadcom, Inc. Swap; Maturity Date: 10/03/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,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--C000250004Member__oef--LargestHoldingAxis__custom--BroadcomIncSwapMaturityDate10022028Member_zg6fMfHfGeQl">24.8</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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 Bills</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,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--C000250004Member__oef--LargestHoldingAxis__custom--UnitedStatesTreasuryBillsMember_zdCVJG1rk88k">12.7</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Broadcom, Inc. Swap; Maturity Date: 09/08/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,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--C000250004Member__oef--LargestHoldingAxis__custom--BroadcomIncSwapMaturityDate09082028Member_zNJ9PHPJH4j3">9.0</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Broadcom, Inc. Swap; Maturity Date: 01/31/2033</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,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--C000250004Member__oef--LargestHoldingAxis__custom--BroadcomIncSwapMaturityDate01312033Member_z5DM9fjKYFBj">7.6</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Broadcom, Inc. Swap; Maturity Date: 03/31/2033</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,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--C000250004Member__oef--LargestHoldingAxis__custom--BroadcomIncSwapMaturityDate03312033Member_zirHeD6I7xya">6.9</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Broadcom, Inc. Swap; Maturity Date: 12/14/2027</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,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--C000250004Member__oef--LargestHoldingAxis__custom--BroadcomIncSwapMaturityDate12142027Member_zNIeW7tC4Lxa">5.2</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Broadcom, Inc. Swap; Maturity Date: 09/16/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,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--C000250004Member__oef--LargestHoldingAxis__custom--BroadcomIncSwapMaturityDate09162028Member_zL5ZnryUhhe6">4.4</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Broadcom, Inc. Swap; Maturity Date: 05/03/2027</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,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--C000250004Member__oef--LargestHoldingAxis__custom--BroadcomIncSwapMaturityDate05032027Member_ziD5frV5z5Ac">3.6</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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, 3.56%</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,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--C000250004Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX356Member_zMLcyo7SWWl5">1.4</span></span> </div> </td> </tr> </table> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 2pt 0 4pt; text-align-last: auto; display: block; min-height: 26px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages for swap contracts are based on unrealized appreciation (depreciation).</p> 0.248 0.127 0.090 0.076 0.069 0.052 0.044 0.036 0.014 Defiance Daily Target 2X Long B ETF BU NASDAQ This <span id="xdx_90F_eoef--ShareholderReportAnnualOrSemiAnnual_c20250501__20260430__oef--ClassAxis__custom--C000256582Member_zYu5ZkS5Hxf9">annual shareholder report</span> contains important information about the Defiance Daily Target 2X Long B ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. annual shareholder report You can find additional information about the Fund at <span id="xdx_90F_eoef--AddlInfoWebsite_c20250501__20260430__oef--ClassAxis__custom--C000256582Member_zviw6EBW8Nua">https://www.defianceetfs.com/bu</span>. You can also request this information by contacting us at <span id="xdx_902_eoef--AddlInfoPhoneNumber_c20250501__20260430__oef--ClassAxis__custom--C000256582Member_z4mTaKkyHmUc">(833) 333-9383</span> or by writing to the Defiance Daily Target 2X Long B ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701. https://www.defianceetfs.com/bu (833) 333-9383 <p id="xdx_80C_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000256582Member_dU_zrKvjcdZwhE8" style="font: 700 11pt/11pt Gotham Narrow-Bold,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">What were the Fund costs for the past year?</p> <p style="font: 300 10pt/11pt Gotham Narrow-Light,Arial; margin: 0; 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"><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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--ClassName_c20250501__20260430__oef--ClassAxis__custom--C000256582Member_z98ynamJwrOj" style="font: 300 9pt Gotham Narrow-Light,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">Defiance Daily Target 2X Long B ETF</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--ExpensesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000256582Member_zW4uyjySvhVh" style="font: 300 9pt Gotham Narrow-Light,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">$63</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98F_eoef--ExpenseRatioPct_dp_c20250501__20260430__oef--ClassAxis__custom--C000256582Member_fKg_____zM5rwhfIYgab" style="font: 300 9pt Gotham Narrow-Light,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">1.45%*</span> </div> </td> </tr> </table> </div> </div> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 1pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"><span id="xdx_908_eoef--ExpensesShortPeriodFnTextBlock_c20250501__20260430__oef--ClassAxis__custom--C000256582Member_zR2G9DyL3PP2">The Fund commenced operations November 18, 2025. Expenses for a full reporting period would be higher than the figures shown.</span></span> </p> <table cellpadding="0" cellspacing="0" style="font: 300 8pt/normal Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td id="xdx_F02_zrxGAVXeUqc5" style="width: 15pt; text-align: right">*</td> <td style="width: 5pt"></td> <td id="xdx_F1B_z2l7ZtVDQNz5" style="text-align: justify"> Costs paid as a percentage of a $10,000 investment is an annualized figure. </td> </tr> </table> Defiance Daily Target 2X Long B ETF 63 0.0145 The Fund commenced operations November 18, 2025. Expenses for a full reporting period would be higher than the figures shown. <p id="xdx_807_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000256582Member_dU_zO97WEFvwPb9" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Cumulative Performance</p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(Initial Investment of $10,000)</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Date</div> </td> <td id="xdx_4BA_oef--ClassAxis_custom--C000256582Member_zx9LNBPOl106" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Defiance Daily Target 2X Long B ETF</div> </td> <td id="xdx_4BF_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_zbhWbNk2qyLf" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">S&amp;P 500® Total Return Index</div> </td> </tr> <tr id="xdx_432_c20251118__20251118_eoef--AccmVal_pid_zJeJP7qWjFxb" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11/18/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10000.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10000.0 </div> </td> </tr> <tr id="xdx_430_c20251118__20251130_eoef--AccmVal_pid_zW7gpdRoDM62" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11/30/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11901.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10354.0 </div> </td> </tr> <tr id="xdx_438_c20251118__20251231_eoef--AccmVal_pid_zUbiLNV9FzY6" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12907.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10361.0 </div> </td> </tr> <tr id="xdx_43E_c20251118__20260131_eoef--AccmVal_pid_zPRR5qR9eyT9" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1/31/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 13731.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10511.0 </div> </td> </tr> <tr id="xdx_43F_c20251118__20260228_eoef--AccmVal_pid_zS7vB4gHnGV6" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">2/28/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 16680.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10431.0 </div> </td> </tr> <tr id="xdx_43C_c20251118__20260331_eoef--AccmVal_pid_z3K2h39GgCjb" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10339.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 9911.0 </div> </td> </tr> <tr id="xdx_430_c20251118__20260430_eoef--AccmVal_pid_zaZE8rP4kBK8" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">4/30/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 9396.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10951.0 </div> </td> </tr> </table> </div> </div><img alt="line" src="qeseylk1mpupcbk2.jpg" style="box-sizing: border-box; width: 250pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="box-sizing: border-box; text-align-last: auto; display: block; font-family: Times New Roman,Times,serif; line-height: normal; color: #000"> </p> 10000.0 10000.0 11901.0 10354.0 12907.0 10361.0 13731.0 10511.0 16680.0 10431.0 10339.0 9911.0 9396.0 10951.0 <p id="xdx_80D_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000256582Member_dU_zE9RN9hUSxp3" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Annual Performance</p> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Returns for the Period ended April 30, 2026</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Since Inception (<span id="xdx_90F_eoef--PerfInceptionDate_c20250501__20260430__oef--ClassAxis__custom--C000256582Member_zHrGBkit6dzk">11/18/2025</span>)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Defiance Daily Target 2X Long B ETF - at NAV</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_98F_eoef--AvgAnnlRtrPct_dp_c20251118__20260430__oef--ClassAxis__custom--C000256582Member_z0gQuPxonvM9" style="font: 300 9pt Gotham Narrow-Light,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">-6.15%</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">S&amp;P 500® Total Return Index</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_982_eoef--AvgAnnlRtrPct_dp_c20251118__20260430__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zysQx2Fhy1Pd" style="font: 300 9pt Gotham Narrow-Light,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">9.51%</span> </div> </td> </tr> </table> 2025-11-18 -0.0615 0.0951 The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal">Visit </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial"><span style="box-sizing: border-box">https://www.defianceetfs.com/bu</span> </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal"> for more recent performance information.</span> <p id="xdx_806_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000256582Member_dU_zmjokvj8xLJj" style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">How did the Fund perform last year and what influenced its performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 34px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">From inception (November 18, 2025) through April 30, 2026, BU had a NAV total return of -6.15%. BU seeks to deliver twice the daily performance of B (Barrick Mining Corp.). The fund's 2x leverage magnifies B's daily stock movements in BU.</p> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 34px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">The Fund ceased trading on The Nasdaq Stock Market, LLC and was closed to Investors as of the close of regular trading on June 8, 2026. Liquidation ensued on June 12, 2026.</p> </div> </div> <p style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">What factors influenced performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 85px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">Barrick Mining’s stock performance was influenced by gold and copper price movements, production trends across its global mining operations, and progress on strategic growth initiatives. Investor sentiment was driven by operational performance, capital allocation decisions, and developments related to its planned North American asset IPO. Broader macroeconomic conditions, including inflation expectations, interest rate policy, and demand for precious metals contributed to stock volatility amplified through BU's 2x leverage.</p> </div> </div> <p id="xdx_80E_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000256582Member_dD_zgNYJu0Z3Ko3" style="font: 700 13pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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"> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; font-size: 9pt"></span> </p> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: -7pt 0 8pt; margin-block: 1em; margin-inline: 0px; box-sizing: border-box; text-align-last: auto; display: block; padding-top: 0; color: #4f4f4f; text-align: left; text-indent: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_983_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000256582Member_z5mwCtWSo9t1" style="font: 300 9pt Gotham Narrow-Light,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">$563</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_989_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000256582Member_z2FXVMMzK5bf" style="font: 300 9pt Gotham Narrow-Light,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</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div id="xdx_988_eoef--AdvisoryFeesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000256582Member_zH1RfTGZERwb" style="font: 300 9pt Gotham Narrow-Light,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">$7,282</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div style="font: 300 9pt Gotham Narrow-Light,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_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250501__20260430__oef--ClassAxis__custom--C000256582Member_zcUo50bt8Brg">0</span>%</span> </div> </td> </tr> </table> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; display: block"></span> </div> </div> 563000 7 7282 0 <p id="xdx_80D_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000256582Member_dD_z8C5Rhl0WJCb" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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> <p style="font: 300 10pt/normal Gotham Narrow-Light,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; font-size: 9pt"></span> </p> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/11pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 30.34px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_983_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000256582Member__us-gaap--InvestmentTypeAxis__us-gaap--CashEquivalentsMember_zIWx0HnlW7Cb" style="box-sizing: border-box; text-align-last: auto"> 100.0% </div> </td> </tr> </table> </div> </div><img alt="bar" src="qes1st61mpuo55zi.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/0 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0; text-align: justify"> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/12pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Total Return Swap Contracts</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98C_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000256582Member__us-gaap--InvestmentTypeAxis__custom--TotalReturnSwapContractsMember_zoDyRU1NDQP1" style="box-sizing: border-box; text-align-last: auto"> 3.2% </div> </td> </tr> </table> </div> </div><img alt="bar" src="qeseylk1mpuo56c3.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 300 8pt/9pt Gotham Narrow-Light,Arial; margin: 4pt 0; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">Percentages are stated as a percent of net assets. Percentages for swap contracts are based on unrealized appreciation (depreciation). Cash Equivalents represents cash, short-term investments, and other assets in excess of liabilities.</p> </div> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -55pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> 1.000 0.032 <div id="xdx_80C_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000256582Member_dD_zzKd6ews4LQ9" 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: 700 13pt Gotham Narrow-Bold,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; white-space: nowrap; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,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: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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, 3.56%</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98B_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000256582Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX356Member_zZ3tErDE18m5" style="font: 300 9pt Gotham Narrow-Light,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">25.6</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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 Bills</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000256582Member__oef--LargestHoldingAxis__custom--UnitedStatesTreasuryBillsMember_zdC6LvjiLQpa" style="font: 300 9pt Gotham Narrow-Light,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">16.0</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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. Swap; Maturity Date: 01/11/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000256582Member__oef--LargestHoldingAxis__custom--BarrickMiningCorpSwapMaturityDate01112028Member_z2LYWewdM8W9" style="font: 300 9pt Gotham Narrow-Light,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">2.1</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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. Swap; Maturity Date: 12/01/2026</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_983_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000256582Member__oef--LargestHoldingAxis__custom--BarrickMiningCorpSwapMaturityDate12012026Member_zMZj69dBQ1H" style="font: 300 9pt Gotham Narrow-Light,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">1.2</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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. Swap; Maturity Date: 01/11/2027</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_983_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000256582Member__oef--LargestHoldingAxis__custom--BarrickMiningCorpSwapMaturityDate01112027Member_zFVMfPoEYwhe" style="font: 300 9pt Gotham Narrow-Light,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">-1.0</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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. Swap; Maturity Date: 11/17/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_983_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000256582Member__oef--LargestHoldingAxis__custom--BarrickMiningCorpSwapMaturityDate11172028Member_zwa7lDdpelLd" style="font: 300 9pt Gotham Narrow-Light,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">1.0</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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. Swap; Maturity Date: 03/31/2033</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98B_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000256582Member__oef--LargestHoldingAxis__custom--BarrickMiningCorpSwapMaturityDate03312033Member_zXCsOJyDAfsj" style="font: 300 9pt Gotham Narrow-Light,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">0.0</span> </div> </td> </tr> </table> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 2pt 0 4pt; text-align-last: auto; display: block; min-height: 26px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages for swap contracts are based on unrealized appreciation (depreciation).</p> 0.256 0.160 0.021 0.012 -0.010 0.010 0.000 Defiance Daily Target 2X Long Copper Miners ETF COPZ NYSEArca This <span id="xdx_90F_eoef--ShareholderReportAnnualOrSemiAnnual_c20250501__20260430__oef--ClassAxis__custom--C000249984Member_zB8ERdwnU6J8">annual shareholder report</span> contains important information about the Defiance Daily Target 2X Long Copper Miners ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. annual shareholder report You can find additional information about the Fund at <span id="xdx_90F_eoef--AddlInfoWebsite_c20250501__20260430__oef--ClassAxis__custom--C000249984Member_zwWYhbsSD7Gg">https://www.defianceetfs.com/copz</span>. You can also request this information by contacting us at <span id="xdx_902_eoef--AddlInfoPhoneNumber_c20250501__20260430__oef--ClassAxis__custom--C000249984Member_zQBHUjTzvZgc">(833) 333-9383</span> or by writing to the Defiance Daily Target 2X Long Copper Miners ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701. https://www.defianceetfs.com/copz (833) 333-9383 <p id="xdx_80C_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000249984Member_dU_z3X4boKSqDck" style="font: 700 11pt/11pt Gotham Narrow-Bold,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">What were the Fund costs for the past year?</p> <p style="font: 300 10pt/11pt Gotham Narrow-Light,Arial; margin: 0; 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"><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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--ClassName_c20250501__20260430__oef--ClassAxis__custom--C000249984Member_zX9O8H4fkZ0e" style="font: 300 9pt Gotham Narrow-Light,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">Defiance Daily Target 2X Long Copper Miners ETF</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--ExpensesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000249984Member_zIXbCjVMVKQ4" style="font: 300 9pt Gotham Narrow-Light,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">$44</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98C_eoef--ExpenseRatioPct_dp_c20250501__20260430__oef--ClassAxis__custom--C000249984Member_fKg_____zKNYx4OqM6bg" style="font: 300 9pt Gotham Narrow-Light,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">0.97%*</span> </div> </td> </tr> </table> </div> </div> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 1pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"><span id="xdx_908_eoef--ExpensesShortPeriodFnTextBlock_c20250501__20260430__oef--ClassAxis__custom--C000249984Member_z1SgF2vD4il1">The Fund commenced operations February 17, 2026. Expenses for a full reporting period would be higher than the figures shown.</span></span> </p> <table cellpadding="0" cellspacing="0" style="font: 300 8pt/normal Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td id="xdx_F01_zjZJBnR2P5Q3" style="width: 15pt; text-align: right">*</td> <td style="width: 5pt"></td> <td id="xdx_F1B_zppJEXNXfNVa" style="text-align: justify"> Costs paid as a percentage of a $10,000 investment is an annualized figure. </td> </tr> </table> Defiance Daily Target 2X Long Copper Miners ETF 44 0.0097 The Fund commenced operations February 17, 2026. Expenses for a full reporting period would be higher than the figures shown. <p id="xdx_807_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000249984Member_dU_zJrGwAtXu9Tg" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Cumulative Performance</p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(Initial Investment of $10,000)</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Date</div> </td> <td id="xdx_4BA_oef--ClassAxis_custom--C000249984Member_zk1ursAUiUo5" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Defiance Daily Target 2X Long Copper Miners ETF</div> </td> <td id="xdx_4BF_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_zUSOZqv3pSM1" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">S&amp;P 500® Total Return Index</div> </td> </tr> <tr id="xdx_430_c20260217__20260217_eoef--AccmVal_pid_z6S2cWHIgIu4" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">2/17/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10000.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10000.0 </div> </td> </tr> <tr id="xdx_434_c20260217__20260228_eoef--AccmVal_pid_zRxc6RlWS768" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">2/28/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12614.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10056.0 </div> </td> </tr> <tr id="xdx_432_c20260217__20260331_eoef--AccmVal_pid_z6Nu7t8CSKPb" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 7595.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 9556.0 </div> </td> </tr> <tr id="xdx_43C_c20260217__20260430_eoef--AccmVal_pid_zTVY9qekZXl" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">4/30/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 8017.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10558.0 </div> </td> </tr> </table> </div> </div><img alt="line" src="qeseylk1mpupcca3.jpg" style="box-sizing: border-box; width: 250pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="box-sizing: border-box; text-align-last: auto; display: block; font-family: Times New Roman,Times,serif; line-height: normal; color: #000"> </p> 10000.0 10000.0 12614.0 10056.0 7595.0 9556.0 8017.0 10558.0 <p id="xdx_80D_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000249984Member_dU_zMR9heZEnsmc" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Annual Performance</p> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Returns for the Period ended April 30, 2026</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Since Inception (<span id="xdx_90B_eoef--PerfInceptionDate_c20250501__20260430__oef--ClassAxis__custom--C000249984Member_zeNgW2YpyDvg">2/17/2026</span>)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Defiance Daily Target 2X Long Copper Miners ETF - at NAV</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_980_eoef--AvgAnnlRtrPct_dp_c20260217__20260430__oef--ClassAxis__custom--C000249984Member_zg0HYf150ux8" style="font: 300 9pt Gotham Narrow-Light,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">-19.80%</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">S&amp;P 500® Total Return Index</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_989_eoef--AvgAnnlRtrPct_dp_c20260217__20260430__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zu0fqw9gUXy5" style="font: 300 9pt Gotham Narrow-Light,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">5.58%</span> </div> </td> </tr> </table> 2026-02-17 -0.1980 0.0558 The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal">Visit </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial"><span style="box-sizing: border-box">https://www.defianceetfs.com/copz</span> </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal"> for more recent performance information.</span> <p id="xdx_801_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000249984Member_dU_zdZGXCL1HqQ7" style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">How did the Fund perform last year and what influenced its performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 51px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">From inception (February 17, 2026) through April 30, 2026, COPZ had a NAV total return of -19.80%. COPZ seeks to deliver twice the daily performance of an index of copper mining companies. The fund's 2x leverage magnifies the daily movements of its underlying index.</p> </div> </div> <p style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">What factors influenced performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 68px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">Copper mining stocks were influenced by global copper prices, which are sensitive to industrial demand trends—particularly from electric vehicle production, renewable energy infrastructure, and construction activity. Supply-side dynamics including mine production levels, labor disputes, and geopolitical risks in key copper-producing regions such as Chile and Peru affected stock performance. The fund's compounding effects over the holding period caused returns to deviate from a simple 2x multiple.</p> </div> </div> <p id="xdx_80E_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000249984Member_dD_z7uIKLWF8Xh8" style="font: 700 13pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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"> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; font-size: 9pt"></span> </p> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: -7pt 0 8pt; margin-block: 1em; margin-inline: 0px; box-sizing: border-box; text-align-last: auto; display: block; padding-top: 0; color: #4f4f4f; text-align: left; text-indent: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_987_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000249984Member_zKI3z0m0tKrg" style="font: 300 9pt Gotham Narrow-Light,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">$3,688</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_981_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000249984Member_zQmFomo9qgnk" style="font: 300 9pt Gotham Narrow-Light,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</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div id="xdx_988_eoef--AdvisoryFeesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000249984Member_zDJfQPDuVNnl" style="font: 300 9pt Gotham Narrow-Light,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">$4,734</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div style="font: 300 9pt Gotham Narrow-Light,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_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250501__20260430__oef--ClassAxis__custom--C000249984Member_zUl6D0ZiNIx6">0</span>%</span> </div> </td> </tr> </table> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; display: block"></span> </div> </div> 3688000 7 4734 0 <p id="xdx_80D_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000249984Member_dD_zpn9bwLD2nf4" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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> <p style="font: 300 10pt/normal Gotham Narrow-Light,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; font-size: 9pt"></span> </p> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/11pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 30.34px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_983_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000249984Member__us-gaap--InvestmentTypeAxis__us-gaap--CashEquivalentsMember_zWTMJj1X0G75" style="box-sizing: border-box; text-align-last: auto"> 100.0% </div> </td> </tr> </table> </div> </div><img alt="bar" src="qeseylk1mpuo579p.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/0 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0; text-align: justify"> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/12pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Total Return Swap Contracts</div> </td> <td style="box-sizing: border-box"> <div id="xdx_987_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000249984Member__us-gaap--InvestmentTypeAxis__custom--TotalReturnSwapContractsMember_zZrgttiQnex8" style="box-sizing: border-box; text-align-last: auto"> 12.8% </div> </td> </tr> </table> </div> </div><img alt="bar" src="qes1st61mpuo57ne.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 300 8pt/9pt Gotham Narrow-Light,Arial; margin: 4pt 0; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">Percentages are stated as a percent of net assets. Percentages for swap contracts are based on unrealized appreciation (depreciation). Cash Equivalents represents cash, short-term investments, and other assets in excess of liabilities.</p> </div> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -55pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> 1.000 0.128 <div id="xdx_80B_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000249984Member_dD_zXVVnaWLhGuc" 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: 700 13pt Gotham Narrow-Bold,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; white-space: nowrap; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,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: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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 Bills</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000249984Member__oef--LargestHoldingAxis__custom--UnitedStatesTreasuryBillsMember_zD58i0uW1nT" style="font: 300 9pt Gotham Narrow-Light,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">21.4</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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, 3.56%</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_980_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000249984Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX356Member_zCLaswSkyS76" style="font: 300 9pt Gotham Narrow-Light,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">11.3</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Global X Copper Miners ETF Swap; Maturity Date: 09/08/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98F_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000249984Member__oef--LargestHoldingAxis__custom--GlobalXCopperMinersETFSwapMaturityDate09082028Member_zgBw1qxOvi19" style="font: 300 9pt Gotham Narrow-Light,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">5.5</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Global X Copper Miners ETF Swap; Maturity Date: 02/16/2029</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98E_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000249984Member__oef--LargestHoldingAxis__custom--GlobalXCopperMinersETFSwapMaturityDate02162029Member_zA3U2BAHBbze" style="font: 300 9pt Gotham Narrow-Light,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">5.0</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Global X Copper Miners ETF Swap; Maturity Date: 03/28/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000249984Member__oef--LargestHoldingAxis__custom--GlobalXCopperMinersETFSwapMaturityDate03282028Member_zEMMMJLtKRY5" style="font: 300 9pt Gotham Narrow-Light,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">2.0</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Global X Copper Miners ETF Swap; Maturity Date: 03/31/2033</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_983_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000249984Member__oef--LargestHoldingAxis__custom--GlobalXCopperMinersETFSwapMaturityDate03312033Member_z0BIvUuOT8hc" style="font: 300 9pt Gotham Narrow-Light,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">0.3</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Global X Copper Miners ETF Swap; Maturity Date: 01/31/2033</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98E_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000249984Member__oef--LargestHoldingAxis__custom--GlobalXCopperMinersETFSwapMaturityDate01312033Member_zIHAVH3WH7N2" style="font: 300 9pt Gotham Narrow-Light,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">0.0</span> </div> </td> </tr> </table> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 2pt 0 4pt; text-align-last: auto; display: block; min-height: 26px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages for swap contracts are based on unrealized appreciation (depreciation).</p> 0.214 0.113 0.055 0.050 0.020 0.003 0.000 Defiance Daily Target 2X Long CVNA ETF CVNX NASDAQ This <span id="xdx_909_eoef--ShareholderReportAnnualOrSemiAnnual_c20250501__20260430__oef--ClassAxis__custom--C000258444Member_ziARdY4vDIR6">annual shareholder report</span> contains important information about the Defiance Daily Target 2X Long CVNA ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. annual shareholder report You can find additional information about the Fund at <span id="xdx_906_eoef--AddlInfoWebsite_c20250501__20260430__oef--ClassAxis__custom--C000258444Member_zWMvHjhwQzx6">https://www.defianceetfs.com/cvnx</span>. You can also request this information by contacting us at <span id="xdx_90A_eoef--AddlInfoPhoneNumber_c20250501__20260430__oef--ClassAxis__custom--C000258444Member_zKATYNgWcWF2">(833) 333-9383</span> or by writing to the Defiance Daily Target 2X Long CVNA ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701. https://www.defianceetfs.com/cvnx (833) 333-9383 <p id="xdx_801_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000258444Member_dD_zVc7f8WwclG2" style="font: 700 11pt/11pt Gotham Narrow-Bold,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">What were the Fund costs for the past year?</p> <p style="font: 300 10pt/11pt Gotham Narrow-Light,Arial; margin: 0; 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"><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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_906_eoef--ClassName_c20250501__20260430__oef--ClassAxis__custom--C000258444Member_zRu5g09VIkJe">Defiance Daily Target 2X Long CVNA ETF</span></span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$<span id="xdx_90C_eoef--ExpensesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000258444Member_zdjfv4aRRAf">122</span></span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span id="xdx_901_eoef--ExpenseRatioPct_dp_c20250501__20260430__oef--ClassAxis__custom--C000258444Member_fKg_____z4uESLyCfkhl">1.35</span>%*</div> </td> </tr> </table> </div> </div> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 1pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"><span id="xdx_906_eoef--ExpensesShortPeriodFnTextBlock_c20250501__20260430__oef--ClassAxis__custom--C000258444Member_zkQf668t4q16">The Fund commenced operations May 28, 2025. Expenses for a full reporting period would be higher than the figures shown.</span></span> </p> <table cellpadding="0" cellspacing="0" style="font: 300 8pt/normal Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td id="xdx_F04_zBeYbxUNaKD4" style="width: 15pt; text-align: right">*</td> <td style="width: 5pt"></td> <td id="xdx_F18_zznlsaa1xnq1" style="text-align: justify"> Costs paid as a percentage of a $10,000 investment is an annualized figure. </td> </tr> </table> Defiance Daily Target 2X Long CVNA ETF 122 0.0135 The Fund commenced operations May 28, 2025. Expenses for a full reporting period would be higher than the figures shown. <p id="xdx_807_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000258444Member_dU_zAy8ogEIIef7" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Cumulative Performance</p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(Initial Investment of $10,000)</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Date</div> </td> <td id="xdx_4BA_oef--ClassAxis_custom--C000258444Member_zpDDGAQAcl5h" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Defiance Daily Target 2X Long CVNA ETF</div> </td> <td id="xdx_4BF_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_zAYiMA70JILb" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">S&amp;P 500® Total Return Index</div> </td> </tr> <tr id="xdx_430_c20250528__20250528_eoef--AccmVal_pid_zIFWikfFkPal" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">5/28/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10000.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10000.0 </div> </td> </tr> <tr id="xdx_432_c20250528__20250531_eoef--AccmVal_pid_zjpftVq7JWJh" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">5/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10410.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10040.0 </div> </td> </tr> <tr id="xdx_43C_c20250528__20250630_eoef--AccmVal_pid_zEFY0A1Aoujc" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">6/30/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10667.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10551.0 </div> </td> </tr> <tr id="xdx_43D_c20250528__20250731_eoef--AccmVal_pid_zWefyOA2n98f" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 13721.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10788.0 </div> </td> </tr> <tr id="xdx_434_c20250528__20250831_eoef--AccmVal_pid_zKxgWLEI3b2i" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12127.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11006.0 </div> </td> </tr> <tr id="xdx_43A_c20250528__20250930_eoef--AccmVal_pid_zYGDPxlNupH3" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9/30/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12178.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11408.0 </div> </td> </tr> <tr id="xdx_43F_c20250528__20251031_eoef--AccmVal_pid_zsaORqYis8Jg" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 7498.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11675.0 </div> </td> </tr> <tr id="xdx_43C_c20250528__20251130_eoef--AccmVal_pid_zHXRKXvzn71l" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11/30/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10630.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11704.0 </div> </td> </tr> <tr id="xdx_43F_c20250528__20251231_eoef--AccmVal_pid_zOJaKudbh4R6" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 13045.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11711.0 </div> </td> </tr> <tr id="xdx_432_c20250528__20260131_eoef--AccmVal_pid_z8X8i7arB3c6" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1/31/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11059.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11881.0 </div> </td> </tr> <tr id="xdx_435_c20250528__20260228_eoef--AccmVal_pid_zZQxhuPR7Pvc" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">2/28/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 7321.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11791.0 </div> </td> </tr> <tr id="xdx_43C_c20250528__20260331_eoef--AccmVal_pid_z4MkpEJCTpd2" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 6173.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11203.0 </div> </td> </tr> <tr id="xdx_430_c20250528__20260430_eoef--AccmVal_pid_zBeYie9RdRZ9" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">4/30/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 9456.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12379.0 </div> </td> </tr> </table> </div> </div><img alt="line" src="qes4893751mq1epkzj.jpg" style="box-sizing: border-box; width: 250pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="box-sizing: border-box; text-align-last: auto; display: block; font-family: Times New Roman,Times,serif; line-height: normal; color: #000"> </p> 10000.0 10000.0 10410.0 10040.0 10667.0 10551.0 13721.0 10788.0 12127.0 11006.0 12178.0 11408.0 7498.0 11675.0 10630.0 11704.0 13045.0 11711.0 11059.0 11881.0 7321.0 11791.0 6173.0 11203.0 9456.0 12379.0 <p id="xdx_80D_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000258444Member_dU_z57EPC5UJIGa" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Annual Performance</p> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Returns for the Period ended April 30, 2026</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Since Inception (<span id="xdx_90F_eoef--PerfInceptionDate_c20250501__20260430__oef--ClassAxis__custom--C000258444Member_zzQsuHoM3Ic6">5/28/2025</span>)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Defiance Daily Target 2X Long CVNA ETF - at NAV</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_988_eoef--AvgAnnlRtrPct_dp_c20250528__20260430__oef--ClassAxis__custom--C000258444Member_z2whp1EuRW4" style="font: 300 9pt Gotham Narrow-Light,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">-5.46%</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">S&amp;P 500® Total Return Index</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_98C_eoef--AvgAnnlRtrPct_dp_c20250528__20260430__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zLZPmFm9Kq97" style="font: 300 9pt Gotham Narrow-Light,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">23.79%</span> </div> </td> </tr> </table> 2025-05-28 -0.0546 0.2379 The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal">Visit </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial"><span style="box-sizing: border-box">https://www.defianceetfs.com/cvnx</span> </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal"> for more recent performance information.</span> <p id="xdx_801_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000258444Member_dU_zeobssSBAZGg" style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">How did the Fund perform last year and what influenced its performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 34px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">From inception (May 28, 2025) through April 30, 2026, CVNX had a NAV total return of -5.46%. CVNX seeks to deliver twice the daily performance of CVNA (Carvana Co.). Fluctuations in CVNA's stock price are magnified in CVNX through its 2x daily leverage.</p> </div> </div> <p style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">What factors influenced performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 68px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">Carvana's stock performance was shaped by used car market conditions, the company's unit economics, and its progress managing debt obligations. Broader consumer spending trends, interest rates affecting auto financing, and competitive dynamics in online used car retail drove investor sentiment. The fund's compounding effects over the holding period caused returns to deviate from a simple 2x multiple of CVNA's cumulative return.</p> </div> </div> <p id="xdx_807_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000258444Member_dD_z5dCXoGYiBR4" style="font: 700 13pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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"> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; font-size: 9pt"></span> </p> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: -7pt 0 8pt; margin-block: 1em; margin-inline: 0px; box-sizing: border-box; text-align-last: auto; display: block; padding-top: 0; color: #4f4f4f; text-align: left; text-indent: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 300 9pt Gotham Narrow-Light,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_eus-gaap--AssetsNet_iE_pn3n3_c20250501__20260430__oef--ClassAxis__custom--C000258444Member_zjxnPFJJjYtj">4,065</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 300 9pt Gotham Narrow-Light,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--HoldingsCount_iE_uHoldings_c20250501__20260430__oef--ClassAxis__custom--C000258444Member_zpcZEoPMddvf">7</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div style="font: 300 9pt Gotham Narrow-Light,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_c20250501__20260430__oef--ClassAxis__custom--C000258444Member_zCLmzLURV13k">39,050</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div style="font: 300 9pt Gotham Narrow-Light,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_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250501__20260430__oef--ClassAxis__custom--C000258444Member_zBv5Z7yUCS87">16,967</span>%</span> </div> </td> </tr> </table> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; display: block"></span> </div> </div> 4065000 7 39050 169.67 <p id="xdx_80A_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000258444Member_dD_zMpAVqxD2oY9" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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> <p style="font: 300 10pt/normal Gotham Narrow-Light,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; font-size: 9pt"></span> </p> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/11pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 30.34px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_986_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000258444Member__us-gaap--InvestmentTypeAxis__us-gaap--CashEquivalentsMember_zSFrGkhwWpm" style="box-sizing: border-box; text-align-last: auto"> 100.0% </div> </td> </tr> </table> </div> </div><img alt="bar" src="qes1st61mpuo3zmr.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/0 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0; text-align: justify"> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/12pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Total Return Swap Contracts</div> </td> <td style="box-sizing: border-box"> <div id="xdx_987_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000258444Member__us-gaap--InvestmentTypeAxis__custom--TotalReturnSwapContractsMember_zX8CDDTZyYVg" style="box-sizing: border-box; text-align-last: auto"> 44.4% </div> </td> </tr> </table> </div> </div><img alt="bar" src="qeseylk1mpuo400i.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 300 8pt/9pt Gotham Narrow-Light,Arial; margin: 4pt 0; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">Percentages are stated as a percent of net assets. Percentages for swap contracts are based on unrealized appreciation (depreciation). Cash Equivalents represents cash, short-term investments, and other assets in excess of liabilities.</p> </div> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -55pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> 1.000 0.444 <div id="xdx_80B_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000258444Member_dD_zRtPPnxNIRIf" 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: 700 13pt Gotham Narrow-Bold,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; white-space: nowrap; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,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: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Carvana Co. Swap; Maturity Date: 03/18/2033</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,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--C000258444Member__oef--LargestHoldingAxis__custom--CarvanaCoSwapMaturityDate03182033Member_zPHQwN2uTmwj">12.4</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Carvana Co. Swap; Maturity Date: 11/16/2027</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,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--C000258444Member__oef--LargestHoldingAxis__custom--CarvanaCoSwapMaturityDate11162027Member_zVU8AJm9uYE">10.0</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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 Bills</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,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--C000258444Member__oef--LargestHoldingAxis__custom--UnitedStatesTreasuryBillsMember_z6aBMHelfLT5">9.3</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Carvana Co. Swap; Maturity Date: 09/08/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,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--C000258444Member__oef--LargestHoldingAxis__custom--CarvanaCoSwapMaturityDate09082028Member_zYPLnfhDq6Ch">7.6</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Carvana Co. Swap; Maturity Date: 06/26/2026</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,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--C000258444Member__oef--LargestHoldingAxis__custom--CarvanaCoSwapMaturityDate06262026Member_zvMzjVZfDhvk">7.5</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Carvana Co. Swap; Maturity Date: 03/31/2033</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,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--C000258444Member__oef--LargestHoldingAxis__custom--CarvanaCoSwapMaturityDate03312033Member_zCujyNV5XQu7">7.0</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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, 3.56%</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,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--C000258444Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX356Member_zsMAI3hsq9p5">4.1</span></span> </div> </td> </tr> </table> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 2pt 0 4pt; text-align-last: auto; display: block; min-height: 26px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages for swap contracts are based on unrealized appreciation (depreciation).</p> 0.124 0.100 0.093 0.076 0.075 0.070 0.041 <p id="xdx_80A_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000258444Member_dD_zTRzeXyvCPs2" style="font: 700 10pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Fund Changes</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 50px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">The Fund ceased trading on The Nasdaq Stock Market, LLC and was closed to Investors as of the close of regular trading on <span id="xdx_906_eoef--MaterialChngDate_c20250501__20260430__oef--ClassAxis__custom--C000258444Member_zFJYkYIQLB4c">June 8, 2026</span>. Liquidation ensued on June 12, 2026.</p> 2026-06-08 Defiance Daily Target 2X Long DKNG ETF Defiance Daily Target 2X Long DKNG ETF DKNX NASDAQ This <span id="xdx_909_eoef--ShareholderReportAnnualOrSemiAnnual_c20250501__20260430__oef--ClassAxis__custom--C000256580Member_zz2NSNfmv3k4">annual shareholder report</span> contains important information about the Defiance Daily Target 2X Long DKNG ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. annual shareholder report You can find additional information about the Fund at <span id="xdx_90D_eoef--AddlInfoWebsite_c20250501__20260430__oef--ClassAxis__custom--C000256580Member_zTaDHTXvAcTb">https://www.defianceetfs.com/dknx</span>. You can also request this information by contacting us at <span id="xdx_90E_eoef--AddlInfoPhoneNumber_c20250501__20260430__oef--ClassAxis__custom--C000256580Member_zlZPxsGGInS9">(833) 333-9383</span> or by writing to the Defiance Daily Target 2X Long DKNG ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701. https://www.defianceetfs.com/dknx (833) 333-9383 <p id="xdx_809_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000256580Member_dD_zbjy9Dzb3Kca" style="font: 700 11pt/11pt Gotham Narrow-Bold,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">What were the Fund costs for the past year?</p> <p style="font: 300 10pt/11pt Gotham Narrow-Light,Arial; margin: 0; 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"><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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Defiance Daily Target 2X Long DKNG ETF</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$<span id="xdx_903_eoef--ExpensesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000256580Member_zlAZnp9zTNZh">58</span></span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,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_90F_eoef--ExpenseRatioPct_dp_c20250501__20260430__oef--ClassAxis__custom--C000256580Member_fKg_____zOLjYd5rXZF5">1.31</span>%*</span> </div> </td> </tr> </table> </div> </div> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 1pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"><span id="xdx_90B_eoef--ExpensesShortPeriodFnTextBlock_c20250501__20260430__oef--ClassAxis__custom--C000256580Member_zDxY6xWvOMpi">The Fund commenced operations July 30, 2025. Expenses for a full reporting period would be higher than the figures shown.</span></span> </p> <table cellpadding="0" cellspacing="0" style="font: 300 8pt/normal Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td id="xdx_F03_zonPrV9g5O9e" style="width: 15pt; text-align: right">*</td> <td style="width: 5pt"></td> <td id="xdx_F12_zi7AmPvhKFxl" style="text-align: justify"> Costs paid as a percentage of a $10,000 investment is an annualized figure. </td> </tr> </table> 58 0.0131 The Fund commenced operations July 30, 2025. Expenses for a full reporting period would be higher than the figures shown. <p id="xdx_807_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000256580Member_dU_zpkuLjDraqZi" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Cumulative Performance</p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(Initial Investment of $10,000)</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Date</div> </td> <td id="xdx_4BA_oef--ClassAxis_custom--C000256580Member_zSKIGotoBNs3" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Defiance Daily Target 2X Long DKNG ETF</div> </td> <td id="xdx_4BF_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_zxbOZidVkqM8" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">S&amp;P 500® Total Return Index</div> </td> </tr> <tr id="xdx_438_c20250730__20250730_eoef--AccmVal_pid_z9wVfTQmqtM1" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7/30/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10000.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10000.0 </div> </td> </tr> <tr id="xdx_430_c20250730__20250731_eoef--AccmVal_pid_zgDWzp5LBJPj" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 9672.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 9964.0 </div> </td> </tr> <tr id="xdx_43C_c20250730__20250831_eoef--AccmVal_pid_zfLeEYgozsn9" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10711.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10166.0 </div> </td> </tr> <tr id="xdx_433_c20250730__20250930_eoef--AccmVal_pid_zmVDuDrDVhJf" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9/30/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 6284.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10537.0 </div> </td> </tr> <tr id="xdx_433_c20250730__20251031_eoef--AccmVal_pid_z0tCl0ciH8b2" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 4023.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10784.0 </div> </td> </tr> <tr id="xdx_43C_c20250730__20251130_eoef--AccmVal_pid_zfmxvFVxLp0e" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11/30/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 4537.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10810.0 </div> </td> </tr> <tr id="xdx_430_c20250730__20251231_eoef--AccmVal_pid_zRdY8JUqWyyj" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 4776.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10817.0 </div> </td> </tr> <tr id="xdx_430_c20250730__20260131_eoef--AccmVal_pid_zJu4FqDldDpd" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1/31/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 2913.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10973.0 </div> </td> </tr> <tr id="xdx_439_c20250730__20260228_eoef--AccmVal_pid_zozHt0KQOta2" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">2/28/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 2062.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10890.0 </div> </td> </tr> <tr id="xdx_438_c20250730__20260331_eoef--AccmVal_pid_z7kPvtrx27Z" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 1637.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10348.0 </div> </td> </tr> <tr id="xdx_43C_c20250730__20260430_eoef--AccmVal_pid_zhN0yQuQdUi1" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">4/30/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 1843.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11434.0 </div> </td> </tr> </table> </div> </div><img alt="line" src="qeseylk1mpupc1nl.jpg" style="box-sizing: border-box; width: 250pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="box-sizing: border-box; text-align-last: auto; display: block; font-family: Times New Roman,Times,serif; line-height: normal; color: #000"> </p> 10000.0 10000.0 9672.0 9964.0 10711.0 10166.0 6284.0 10537.0 4023.0 10784.0 4537.0 10810.0 4776.0 10817.0 2913.0 10973.0 2062.0 10890.0 1637.0 10348.0 1843.0 11434.0 <p id="xdx_80D_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000256580Member_dU_zvLvtBazvUC2" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Annual Performance</p> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Returns for the Period ended April 30, 2026</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Since Inception (<span id="xdx_90E_eoef--PerfInceptionDate_c20250501__20260430__oef--ClassAxis__custom--C000256580Member_z7VVaKyviln6">7/30/2025</span>)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Defiance Daily Target 2X Long DKNG ETF - at NAV</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_980_eoef--AvgAnnlRtrPct_dp_c20250730__20260430__oef--ClassAxis__custom--C000256580Member_z4Jj4Fu6Z337" style="font: 300 9pt Gotham Narrow-Light,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">-81.57%</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">S&amp;P 500® Total Return Index</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_981_eoef--AvgAnnlRtrPct_dp_c20250730__20260430__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zhyYMKaYIBIh" style="font: 300 9pt Gotham Narrow-Light,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">14.34%</span> </div> </td> </tr> </table> 2025-07-30 -0.8157 0.1434 The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal">Visit </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial"><span style="box-sizing: border-box">https://www.defianceetfs.com/dknx</span> </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal"> for more recent performance information.</span> <p id="xdx_801_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000256580Member_dU_zj82ne6F60ub" style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">How did the Fund perform last year and what influenced its performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 34px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">From inception (July 30, 2025) through April 30, 2026, DKNX had a NAV total return of -81.57%. DKNX seeks to deliver twice the daily performance of DKNG (DraftKings Inc.). The fund's 2x leverage magnifies DKNG's daily stock movements in DKNX.</p> </div> </div> <p style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">What factors influenced performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 68px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">DraftKings' performance was shaped by sports betting handle growth, state-by-state regulatory expansion of legal sports wagering, and competitive dynamics within the online gambling industry. Quarterly results, user acquisition costs, and the company's path to profitability influenced investor sentiment. Broader market conditions and legislative developments in online gambling regulation added to stock volatility.</p> </div> </div> <p id="xdx_803_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000256580Member_dD_zRPVZjfMDPUk" style="font: 700 13pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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"> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; font-size: 9pt"></span> </p> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: -7pt 0 8pt; margin-block: 1em; margin-inline: 0px; box-sizing: border-box; text-align-last: auto; display: block; padding-top: 0; color: #4f4f4f; text-align: left; text-indent: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 300 9pt Gotham Narrow-Light,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_eus-gaap--AssetsNet_iE_pn3n3_c20250501__20260430__oef--ClassAxis__custom--C000256580Member_z9BUbMPu0ew5">5,085</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 300 9pt Gotham Narrow-Light,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--HoldingsCount_iE_uHoldings_c20250501__20260430__oef--ClassAxis__custom--C000256580Member_zNv1KISb0bci">8</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div style="font: 300 9pt Gotham Narrow-Light,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--AdvisoryFeesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000256580Member_zQGkVz6OvJP3">50,764</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div style="font: 300 9pt Gotham Narrow-Light,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_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250501__20260430__oef--ClassAxis__custom--C000256580Member_zbi8PXywKKh1">1,984</span>%</span> </div> </td> </tr> </table> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; display: block"></span> </div> </div> 5085000 8 50764 19.84 <div id="xdx_80D_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000256580Member_dD_zp4LVyNjNxO5" style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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> <p style="font: 300 10pt/normal Gotham Narrow-Light,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; font-size: 9pt"></span> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/11pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 30.34px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_982_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000256580Member__us-gaap--InvestmentTypeAxis__us-gaap--CashEquivalentsMember_zISS1Jc6ISlb" style="box-sizing: border-box; text-align-last: auto"> 100.0% </div> </td> </tr> </table> </div> </div><img alt="bar" src="qes1st61mpuo4o03.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/0 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0; text-align: justify"> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/12pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Total Return Swap Contracts</div> </td> <td style="box-sizing: border-box"> <div id="xdx_982_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000256580Member__us-gaap--InvestmentTypeAxis__custom--TotalReturnSwapContractsMember_zKU6issRMV2i" style="box-sizing: border-box; text-align-last: auto"> 10.3% </div> </td> </tr> </table> </div> </div><img alt="bar" src="qeseylk1mpuo4oeq.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 300 8pt/9pt Gotham Narrow-Light,Arial; margin: 4pt 0; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">Percentages are stated as a percent of net assets. Percentages for swap contracts are based on unrealized appreciation (depreciation). Cash Equivalents represents cash, short-term investments, and other assets in excess of liabilities.</p> </div> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -55pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> 1.000 0.103 <div id="xdx_805_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000256580Member_dD_zyaC6Kbdsakb" 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: 700 13pt Gotham Narrow-Bold,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; white-space: nowrap; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,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: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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 Bills</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,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--C000256580Member__oef--LargestHoldingAxis__custom--UnitedStatesTreasuryBillsMember_zetSttGKWfa4">21.8</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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, 3.56%</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_986_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000256580Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX356Member_zYsAzykMucI" style="font: 300 9pt Gotham Narrow-Light,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">8.2</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">DraftKings, Inc. Swap; Maturity Date: 09/15/2026</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98B_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000256580Member__oef--LargestHoldingAxis__custom--DraftKingsIncSwapMaturityDate09152026Member_zYmSZ2PHktn" style="font: 300 9pt Gotham Narrow-Light,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">3.0</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">DraftKings, Inc. Swap; Maturity Date: 01/23/2029</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98C_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000256580Member__oef--LargestHoldingAxis__custom--DraftKingsIncSwapMaturityDate01222029Member_zHesdcPzSbh" style="font: 300 9pt Gotham Narrow-Light,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">2.6</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">DraftKings, Inc. Swap; Maturity Date: 03/18/2033</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000256580Member__oef--LargestHoldingAxis__custom--DraftKingsIncSwapMaturityDate03182033Member_zRsVuiPepq9e" style="font: 300 9pt Gotham Narrow-Light,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">1.8</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">DraftKings, Inc. Swap; Maturity Date: 09/04/2026</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98C_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000256580Member__oef--LargestHoldingAxis__custom--DraftKingsIncSwapMaturityDate09042026Member_zQfa7ypqd7t3" style="font: 300 9pt Gotham Narrow-Light,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">1.3</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">DraftKings, Inc. Swap; Maturity Date: 03/31/2033</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000256580Member__oef--LargestHoldingAxis__custom--DraftKingsIncSwapMaturityDate03312033Member_z9VrhwR0j4Sb" style="font: 300 9pt Gotham Narrow-Light,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">0.9</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">DraftKings, Inc. Swap; Maturity Date: 01/25/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98B_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000256580Member__oef--LargestHoldingAxis__custom--DraftKingsIncSwapMaturityDate01252028Member_zWpYXGNDg9P4" style="font: 300 9pt Gotham Narrow-Light,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">0.6</span> </div> </td> </tr> </table> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 2pt 0 4pt; text-align-last: auto; display: block; min-height: 26px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages for swap contracts are based on unrealized appreciation (depreciation).</p> 0.218 0.082 0.030 0.026 0.018 0.013 0.009 0.006 <p id="xdx_80F_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000256580Member_dD_zOETlL5fmBRe" style="font: 700 10pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Fund Changes</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 50px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">After the close of trading on The Nasdaq Stock Market, LLC. on <span id="xdx_90F_eoef--MaterialChngDate_c20250501__20260430__oef--ClassAxis__custom--C000256580Member_z5jAyDPsokx9">March 20, 2026</span>, the Fund effected a 1:5 reverse split of its issued and outstanding shares.</p> 2026-03-20 Defiance Daily Target 2X Long HIMS ETF HIMZ NASDAQ This <span id="xdx_90F_eoef--ShareholderReportAnnualOrSemiAnnual_c20250501__20260430__oef--ClassAxis__custom--C000258447Member_z414GxdvTSt4">annual shareholder report</span> contains important information about the Defiance Daily Target 2X Long HIMS ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. annual shareholder report You can find additional information about the Fund at <span id="xdx_90F_eoef--AddlInfoWebsite_c20250501__20260430__oef--ClassAxis__custom--C000258447Member_zfNigdFcZ381">https://www.defianceetfs.com/himz</span>. You can also request this information by contacting us at <span id="xdx_902_eoef--AddlInfoPhoneNumber_c20250501__20260430__oef--ClassAxis__custom--C000258447Member_zv1BOs6f6hAj">(833) 333-9383</span> or by writing to the Defiance Daily Target 2X Long HIMS ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701. https://www.defianceetfs.com/himz (833) 333-9383 <p id="xdx_80C_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000258447Member_dU_zKhVI42qRzPg" style="font: 700 11pt/11pt Gotham Narrow-Bold,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">What were the Fund costs for the past year?</p> <p style="font: 300 10pt/11pt Gotham Narrow-Light,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"><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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--ClassName_c20250501__20260430__oef--ClassAxis__custom--C000258447Member_zO31RetJ7Iq5" style="font: 300 9pt Gotham Narrow-Light,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">Defiance Daily Target 2X Long HIMS ETF</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--ExpensesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000258447Member_zPxxSUMXzQBh" style="font: 300 9pt Gotham Narrow-Light,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">$77</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98C_eoef--ExpenseRatioPct_dp_c20250501__20260430__oef--ClassAxis__custom--C000258447Member_fKg_____zDgSA7ggMlj8" style="font: 300 9pt Gotham Narrow-Light,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">1.32%*</span> </div> </td> </tr> </table> </div> </div> </div> <table cellpadding="0" cellspacing="0" style="font: 300 8pt/normal Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td id="xdx_F0F_z0tnxsfn1ODj" style="width: 15pt; text-align: right">*</td> <td style="width: 5pt"></td> <td id="xdx_F1C_zWVQIVB6UFpj" style="text-align: justify"> Costs paid as a percentage of a $10,000 investment is an annualized figure. </td> </tr> </table> Defiance Daily Target 2X Long HIMS ETF 77 0.0132 <p id="xdx_807_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000258447Member_dU_ztzy4LQnm8Ui" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Cumulative Performance</p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(Initial Investment of $10,000)</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Date</div> </td> <td id="xdx_4BA_oef--ClassAxis_custom--C000258447Member_ze0iBGeuaLh9" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Defiance Daily Target 2X Long HIMS ETF</div> </td> <td id="xdx_4BF_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_zpxgqzsT4Poa" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">S&amp;P 500® Total Return Index</div> </td> </tr> <tr id="xdx_437_c20250312__20250312_eoef--AccmVal_pid_zMLu7o3xDnd1" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/12/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10000.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10000.0 </div> </td> </tr> <tr id="xdx_432_c20250312__20250331_eoef--AccmVal_pid_zkwTvHmn8Hu9" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 7083.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10030.0 </div> </td> </tr> <tr id="xdx_43E_c20250312__20250430_eoef--AccmVal_pid_zl9fJZh94zBc" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">4/30/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 7807.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 9962.0 </div> </td> </tr> <tr id="xdx_43F_c20250312__20250531_eoef--AccmVal_pid_z7jPPHxfrsf5" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">5/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 20250.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10589.0 </div> </td> </tr> <tr id="xdx_430_c20250312__20250630_eoef--AccmVal_pid_zF0KGiUtaYPf" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">6/30/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10747.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11127.0 </div> </td> </tr> <tr id="xdx_439_c20250312__20250731_eoef--AccmVal_pid_zwDzFg20MaF3" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 17681.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11377.0 </div> </td> </tr> <tr id="xdx_439_c20250312__20250831_eoef--AccmVal_pid_zqKPSgvW8Iah" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 6739.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11608.0 </div> </td> </tr> <tr id="xdx_437_c20250312__20250930_eoef--AccmVal_pid_z4ScWSzIf434" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9/30/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11293.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12031.0 </div> </td> </tr> <tr id="xdx_437_c20250312__20251031_eoef--AccmVal_pid_z6sxmQ5z0pF3" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 6439.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12313.0 </div> </td> </tr> <tr id="xdx_438_c20250312__20251130_eoef--AccmVal_pid_zuVFW8IbiL4k" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11/30/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 4656.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12343.0 </div> </td> </tr> <tr id="xdx_43D_c20250312__20251231_eoef--AccmVal_pid_zxHXumAHQa2f" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 2968.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12351.0 </div> </td> </tr> <tr id="xdx_431_c20250312__20260131_eoef--AccmVal_pid_z3VEalTvokMd" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1/31/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 1951.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12530.0 </div> </td> </tr> <tr id="xdx_435_c20250312__20260228_eoef--AccmVal_pid_zoIfWLeVmcfj" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">2/28/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 498.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12435.0 </div> </td> </tr> <tr id="xdx_432_c20250312__20260331_eoef--AccmVal_pid_zgnBJKLoUqyi" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 841.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11815.0 </div> </td> </tr> <tr id="xdx_439_c20250312__20260430_eoef--AccmVal_pid_zxI2HurAv9E5" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">4/30/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 1313.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 13055.0 </div> </td> </tr> </table> </div> </div><img alt="line" src="qeseylk1mpupbnou.jpg" style="box-sizing: border-box; width: 250pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="box-sizing: border-box; text-align-last: auto; display: block; font-family: Times New Roman,Times,serif; line-height: normal; color: #000"> </p> 10000.0 10000.0 7083.0 10030.0 7807.0 9962.0 20250.0 10589.0 10747.0 11127.0 17681.0 11377.0 6739.0 11608.0 11293.0 12031.0 6439.0 12313.0 4656.0 12343.0 2968.0 12351.0 1951.0 12530.0 498.0 12435.0 841.0 11815.0 1313.0 13055.0 <p id="xdx_80D_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000258447Member_dU_z6aOFbSyafz7" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Annual Performance</p> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Returns for the Period ended April 30, 2026</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">1 Year</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Since Inception (<span id="xdx_90E_eoef--PerfInceptionDate_c20250501__20260430__oef--ClassAxis__custom--C000258447Member_zNRMI48YqpA2">3/12/2025</span>)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Defiance Daily Target 2X Long HIMS ETF - at NAV</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_98A_eoef--AvgAnnlRtrPct_dp_c20250501__20260430__oef--ClassAxis__custom--C000258447Member_zFjfuIwVsA15" style="font: 300 9pt Gotham Narrow-Light,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">-83.18%</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_98B_eoef--AvgAnnlRtrPct_dp_c20250312__20260430__oef--ClassAxis__custom--C000258447Member_zogBmYuOuoS3" style="font: 300 9pt Gotham Narrow-Light,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">-83.18%</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">S&amp;P 500® Total Return Index</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_981_eoef--AvgAnnlRtrPct_dp_c20250501__20260430__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zXJIR7UWJCYl" style="font: 300 9pt Gotham Narrow-Light,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">31.05%</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_983_eoef--AvgAnnlRtrPct_dp_c20250312__20260430__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zIzcATZPUjS5" style="font: 300 9pt Gotham Narrow-Light,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">26.50%</span> </div> </td> </tr> </table> 2025-03-12 -0.8318 -0.8318 0.3105 0.2650 The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal">Visit </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial"><span style="box-sizing: border-box">https://www.defianceetfs.com/himz</span> </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal"> for more recent performance information.</span> <p id="xdx_801_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000258447Member_dU_zTHqQu37niJb" style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">How did the Fund perform last year and what influenced its performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 51px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">For the fiscal year ended April 30, 2026, HIMZ had a NAV total return of -83.18%. HIMZ seeks to deliver twice the daily performance of HIMS (Hims &amp; Hers Health, Inc.). The fund's 2x leverage means that over periods longer than a day, compounding effects can lead to returns that deviate significantly from the expected multiple.</p> </div> </div> <p style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">What factors influenced performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 68px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">Hims &amp; Hers Health's stock was shaped by regulatory developments around compounded GLP-1 medications, competitive pressures from traditional pharmaceutical companies, and the company's strategic pivots toward personalized treatment offerings. Revenue growth, subscriber metrics, and management's ability to adapt to the evolving telehealth and pharmaceutical regulatory landscape were key drivers of stock volatility.</p> </div> </div> <p id="xdx_80E_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000258447Member_dD_zuLxr9osbzNb" style="font: 700 13pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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"> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; font-size: 9pt"></span> </p> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: -7pt 0 8pt; margin-block: 1em; margin-inline: 0px; box-sizing: border-box; text-align-last: auto; display: block; padding-top: 0; color: #4f4f4f; text-align: left; text-indent: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_983_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000258447Member_zS9yMW6tZ1a5" style="font: 300 9pt Gotham Narrow-Light,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">$157,282</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_989_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000258447Member_zIBhsahAB2U9" style="font: 300 9pt Gotham Narrow-Light,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">10</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div id="xdx_988_eoef--AdvisoryFeesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000258447Member_zc09HBEmfiE5" style="font: 300 9pt Gotham Narrow-Light,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">$1,596,613</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div style="font: 300 9pt Gotham Narrow-Light,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_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250501__20260430__oef--ClassAxis__custom--C000258447Member_zAdLhk5Jpcgd">33,431</span>%</span> </div> </td> </tr> </table> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; display: block"></span> </div> </div> 157282000 10 1596613 334.31 <div id="xdx_80D_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000258447Member_dD_z9iBI72sy0Ua" style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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> <p style="font: 300 10pt/normal Gotham Narrow-Light,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; font-size: 9pt"></span> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/11pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 30.34px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_983_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000258447Member__us-gaap--InvestmentTypeAxis__us-gaap--CashEquivalentsMember_z9Rfuq0PPqDe" style="box-sizing: border-box; text-align-last: auto"> 100.0% </div> </td> </tr> </table> </div> </div><img alt="bar" src="qeseylk1mpuo40wr.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/0 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0; text-align: justify"> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/12pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Total Return Swap Contracts</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98C_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000258447Member__us-gaap--InvestmentTypeAxis__custom--TotalReturnSwapContractsMember_zQwFSINiAIq9" style="box-sizing: border-box; text-align-last: auto"> 63.9% </div> </td> </tr> </table> </div> </div><img alt="bar" src="qes1st61mpuo41b4.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 300 8pt/9pt Gotham Narrow-Light,Arial; margin: 4pt 0; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">Percentages are stated as a percent of net assets. Percentages for swap contracts are based on unrealized appreciation (depreciation). Cash Equivalents represents cash, short-term investments, and other assets in excess of liabilities.</p> </div> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -55pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> 1.000 0.639 <div id="xdx_80F_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000258447Member_dD_z6Cil0gDCxe2" 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: 700 13pt Gotham Narrow-Bold,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; white-space: nowrap; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,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: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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 Bills</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000258447Member__oef--LargestHoldingAxis__custom--UnitedStatesTreasuryBillsMember_zKO0uTnbVM63" style="font: 300 9pt Gotham Narrow-Light,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">14.4</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Hims &amp; Hers Health, Inc. Swap; Maturity Date: 09/08/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_986_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000258447Member__oef--LargestHoldingAxis__custom--HimsandHersHealthIncSwapMaturityDate09082028Member_zqtpKScZeTf1" style="font: 300 9pt Gotham Narrow-Light,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">10.4</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Hims &amp; Hers Health, Inc. Swap; Maturity Date: 02/01/2027</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_988_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000258447Member__oef--LargestHoldingAxis__custom--HimsandHersHealthIncSwapMaturityDate02012027Member_zsHP5guKkwb8" style="font: 300 9pt Gotham Narrow-Light,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">10.2</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Hims &amp; Hers Health, Inc. Swap; Maturity Date: 01/11/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_983_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000258447Member__oef--LargestHoldingAxis__custom--HimsandHersHealthIncSwapMaturityDate01112028Member_zT7tipE8SVM8" style="font: 300 9pt Gotham Narrow-Light,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">10.0</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Hims &amp; Hers Health, Inc. Swap; Maturity Date: 03/31/2033</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98B_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000258447Member__oef--LargestHoldingAxis__custom--HimsandHersHealthIncSwapMaturityDate03312033Member_zOuhzgaC30tj" style="font: 300 9pt Gotham Narrow-Light,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: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Hims &amp; Hers Health, Inc. Swap; Maturity Date: 10/01/2026</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_987_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000258447Member__oef--LargestHoldingAxis__custom--HimsandHersHealthIncSwapMaturityDate10012026Member_zVnMhudSk4l9" style="font: 300 9pt Gotham Narrow-Light,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">9.4</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Hims &amp; Hers Health, Inc. Swap; Maturity Date: 10/01/2026</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000258447Member__oef--LargestHoldingAxis__custom--HimsandHersHealthIncSwapMaturityDate100120261Member_zHV3BOeoSBSd" style="font: 300 9pt Gotham Narrow-Light,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">8.3</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Hims &amp; Hers Health, Inc. Swap; Maturity Date: 03/18/2033</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000258447Member__oef--LargestHoldingAxis__custom--HimsandHersHealthIncSwapMaturityDate03182033Member_zzOZLCps5wz8" style="font: 300 9pt Gotham Narrow-Light,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">5.0</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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, 3.56%</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000258447Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX356Member_zTREPRRand28" style="font: 300 9pt Gotham Narrow-Light,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">2.1</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Hims &amp; Hers Health, Inc. Swap; Maturity Date: 04/14/2031</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_980_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000258447Member__oef--LargestHoldingAxis__custom--HimsandHersHealthIncSwapMaturityDate04112031Member_zmqmbPaRFUG1" style="font: 300 9pt Gotham Narrow-Light,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">1.1</span> </div> </td> </tr> </table> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 2pt 0 4pt; text-align-last: auto; display: block; min-height: 26px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages for swap contracts are based on unrealized appreciation (depreciation).</p> 0.144 0.104 0.102 0.100 0.096 0.094 0.083 0.050 0.021 0.011 <p id="xdx_80B_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000258447Member_dD_zNZzCsHiS6x5" style="font: 700 10pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Fund Changes</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 50px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">After the close of trading on The Nasdaq Stock Market, LLC. on <span id="xdx_905_eoef--MaterialChngDate_c20250501__20260430__oef--ClassAxis__custom--C000258447Member_ztbyfgm9iLZg">March 19, 2026</span>, the Fund effected a 1:14 reverse split of its issued and outstanding shares.</p> 2026-03-19 Defiance Daily Target 2X Long HOOD ETF HOOX NASDAQ This <span id="xdx_90F_eoef--ShareholderReportAnnualOrSemiAnnual_c20250501__20260430__oef--ClassAxis__custom--C000258448Member_zl9cmGUO8uM1">annual shareholder report</span> contains important information about the Defiance Daily Target 2X Long HOOD ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. annual shareholder report You can find additional information about the Fund at <span id="xdx_90F_eoef--AddlInfoWebsite_c20250501__20260430__oef--ClassAxis__custom--C000258448Member_zZ0RK4UzUIPd">https://www.defianceetfs.com/hoox</span>. You can also request this information by contacting us at <span id="xdx_902_eoef--AddlInfoPhoneNumber_c20250501__20260430__oef--ClassAxis__custom--C000258448Member_zh3OIwdP6W45">(833) 333-9383</span> or by writing to the Defiance Daily Target 2X Long HOOD ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701. https://www.defianceetfs.com/hoox (833) 333-9383 <p id="xdx_80C_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000258448Member_dU_zUbx95xnwjnc" style="font: 700 11pt/11pt Gotham Narrow-Bold,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">What were the Fund costs for the past year?</p> <p style="font: 300 10pt/11pt Gotham Narrow-Light,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"><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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--ClassName_c20250501__20260430__oef--ClassAxis__custom--C000258448Member_zo3NuHxmvcS" style="font: 300 9pt Gotham Narrow-Light,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">Defiance Daily Target 2X Long HOOD ETF</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--ExpensesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000258448Member_zTk4VcKuB029" style="font: 300 9pt Gotham Narrow-Light,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">$71</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98C_eoef--ExpenseRatioPct_dp_c20250501__20260430__oef--ClassAxis__custom--C000258448Member_fKg_____zPepnkqEGQ99" style="font: 300 9pt Gotham Narrow-Light,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">1.31%*</span> </div> </td> </tr> </table> </div> </div> </div> <table cellpadding="0" cellspacing="0" style="font: 300 8pt/normal Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td id="xdx_F03_zQzkSph7K8s2" style="width: 15pt; text-align: right">*</td> <td style="width: 5pt"></td> <td id="xdx_F13_zWEDVSk1v5c7" style="text-align: justify"> Costs paid as a percentage of a $10,000 investment is an annualized figure. </td> </tr> </table> Defiance Daily Target 2X Long HOOD ETF 71 0.0131 <p id="xdx_807_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000258448Member_dU_z3BZ2fn3dovl" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Cumulative Performance</p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(Initial Investment of $10,000)</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Date</div> </td> <td id="xdx_4BA_oef--ClassAxis_custom--C000258448Member_zSCBbS46TOx7" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Defiance Daily Target 2X Long HOOD ETF</div> </td> <td id="xdx_4BF_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_zLrARIh6ag5k" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">S&amp;P 500® Total Return Index</div> </td> </tr> <tr id="xdx_437_c20250318__20250318_eoef--AccmVal_pid_znl0bZZaC0r4" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/18/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10000.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10000.0 </div> </td> </tr> <tr id="xdx_431_c20250318__20250331_eoef--AccmVal_pid_zoFevoJuWbk6" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10489.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 9998.0 </div> </td> </tr> <tr id="xdx_437_c20250318__20250430_eoef--AccmVal_pid_zrUPSNUIetk8" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">4/30/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 13126.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 9931.0 </div> </td> </tr> <tr id="xdx_43E_c20250318__20250531_eoef--AccmVal_pid_zoh2Uc4vR0I4" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">5/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 22854.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10556.0 </div> </td> </tr> <tr id="xdx_433_c20250318__20250630_eoef--AccmVal_pid_zuP9msTguUbd" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">6/30/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 43781.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11092.0 </div> </td> </tr> <tr id="xdx_434_c20250318__20250731_eoef--AccmVal_pid_zUKuqPDuAPCh" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 51178.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11341.0 </div> </td> </tr> <tr id="xdx_437_c20250318__20250831_eoef--AccmVal_pid_z2O1igmDvEdj" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 50213.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11571.0 </div> </td> </tr> <tr id="xdx_43A_c20250318__20250930_eoef--AccmVal_pid_zN5uqBt3ratd" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9/30/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 90068.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11994.0 </div> </td> </tr> <tr id="xdx_43C_c20250318__20251031_eoef--AccmVal_pid_zoTUGjrVIRVf" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 89561.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12275.0 </div> </td> </tr> <tr id="xdx_437_c20250318__20251130_eoef--AccmVal_pid_zGODk50q2ALa" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11/30/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 63193.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12305.0 </div> </td> </tr> <tr id="xdx_43C_c20250318__20251231_eoef--AccmVal_pid_z30J36uyOjEl" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 46912.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12312.0 </div> </td> </tr> <tr id="xdx_438_c20250318__20260131_eoef--AccmVal_pid_zwqTh4GyDztl" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1/31/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 35080.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12491.0 </div> </td> </tr> <tr id="xdx_430_c20250318__20260228_eoef--AccmVal_pid_zzhVvqzneprb" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">2/28/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 18528.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12396.0 </div> </td> </tr> <tr id="xdx_437_c20250318__20260331_eoef--AccmVal_pid_zB6MtNeZ1Qnh" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 14718.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11778.0 </div> </td> </tr> <tr id="xdx_436_c20250318__20260430_eoef--AccmVal_pid_zuxAXBgSvja7" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">4/30/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 15177.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 13014.0 </div> </td> </tr> </table> </div> </div><img alt="line" src="qesstlj2l11mq19cumd.jpg" style="box-sizing: border-box; width: 250pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="box-sizing: border-box; text-align-last: auto; display: block; font-family: Times New Roman,Times,serif; line-height: normal; color: #000"> </p> 10000.0 10000.0 10489.0 9998.0 13126.0 9931.0 22854.0 10556.0 43781.0 11092.0 51178.0 11341.0 50213.0 11571.0 90068.0 11994.0 89561.0 12275.0 63193.0 12305.0 46912.0 12312.0 35080.0 12491.0 18528.0 12396.0 14718.0 11778.0 15177.0 13014.0 <p id="xdx_80D_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000258448Member_dU_z5jMSE0XISlj" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Annual Performance</p> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Returns for the Period ended April 30, 2026</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">1 Year</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Since Inception (<span id="xdx_90E_eoef--PerfInceptionDate_c20250501__20260430__oef--ClassAxis__custom--C000258448Member_zWvb87WRTafj">3/18/2025</span>)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Defiance Daily Target 2X Long HOOD ETF - at NAV</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_98E_eoef--AvgAnnlRtrPct_dp_c20250501__20260430__oef--ClassAxis__custom--C000258448Member_z6xrcS17dtp1" style="font: 300 9pt Gotham Narrow-Light,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">15.62%</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_981_eoef--AvgAnnlRtrPct_dp_c20250318__20260430__oef--ClassAxis__custom--C000258448Member_zsaAS5WhbEXb" style="font: 300 9pt Gotham Narrow-Light,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">45.24%</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">S&amp;P 500® Total Return Index</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_98E_eoef--AvgAnnlRtrPct_dp_c20250501__20260430__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_z40I6JsdlyT8" style="font: 300 9pt Gotham Narrow-Light,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">31.05%</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_98F_eoef--AvgAnnlRtrPct_dp_c20250318__20260430__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zMMGXqp37bVg" style="font: 300 9pt Gotham Narrow-Light,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">26.58%</span> </div> </td> </tr> </table> 2025-03-18 0.1562 0.4524 0.3105 0.2658 The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal">Visit </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial"><span style="box-sizing: border-box">https://www.defianceetfs.com/hoox</span> </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal"> for more recent performance information.</span> <p id="xdx_801_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000258448Member_dU_zsbOH7hCMzO6" style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">How did the Fund perform last year and what influenced its performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 34px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">For the fiscal year ended April 30, 2026, HOOX had a NAV total return of 15.62%. HOOX seeks to deliver twice the daily performance of HOOD (Robinhood Markets, Inc.). Any fluctuations in HOOD's stock price are magnified in HOOX through its 2x daily leverage.</p> </div> </div> <p style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">What factors influenced performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 51px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">Robinhood's stock performance was influenced by retail trading volumes sensitive to broader market volatility and investor engagement levels. The company's expansion into new products including credit cards, retirement accounts, and international markets, along with the regulatory environment for retail brokerage and cryptocurrency trading, shaped investor sentiment.</p> </div> </div> <p id="xdx_80E_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000258448Member_dD_zBhJ0dCswQa" style="font: 700 13pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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"> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; font-size: 9pt"></span> </p> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: -7pt 0 8pt; margin-block: 1em; margin-inline: 0px; box-sizing: border-box; text-align-last: auto; display: block; padding-top: 0; color: #4f4f4f; text-align: left; text-indent: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_983_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000258448Member_zDnjSLUtn3Ba" style="font: 300 9pt Gotham Narrow-Light,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">$14,835</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_989_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000258448Member_zjyLNQYOseBa" style="font: 300 9pt Gotham Narrow-Light,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</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div id="xdx_988_eoef--AdvisoryFeesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000258448Member_zEWWD2JehxI5" style="font: 300 9pt Gotham Narrow-Light,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">$224,272</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div style="font: 300 9pt Gotham Narrow-Light,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_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250501__20260430__oef--ClassAxis__custom--C000258448Member_zfNED8UpeBY9">32,932</span>%</span> </div> </td> </tr> </table> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; display: block"></span> </div> </div> 14835000 8 224272 329.32 <p id="xdx_80D_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000258448Member_dD_zgyna4dtxZDf" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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> <p style="font: 300 10pt/normal Gotham Narrow-Light,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; font-size: 9pt"></span> </p> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/11pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 30.34px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_983_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000258448Member__us-gaap--InvestmentTypeAxis__us-gaap--CashEquivalentsMember_z51co5qNqT6c" style="box-sizing: border-box; text-align-last: auto"> 100.0% </div> </td> </tr> </table> </div> </div><img alt="bar" src="qes1st61mpuo427q.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/0 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0; text-align: justify"> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/12pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Total Return Swap Contracts</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98C_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000258448Member__us-gaap--InvestmentTypeAxis__custom--TotalReturnSwapContractsMember_zmZrkxdUnlK3" style="box-sizing: border-box; text-align-last: auto"> 4.1% </div> </td> </tr> </table> </div> </div><img alt="bar" src="qeseylk1mpuo42le.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 300 8pt/9pt Gotham Narrow-Light,Arial; margin: 4pt 0; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">Percentages are stated as a percent of net assets. Percentages for swap contracts are based on unrealized appreciation (depreciation). Cash Equivalents represents cash, short-term investments, and other assets in excess of liabilities.</p> </div> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -55pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> 1.000 0.041 <div id="xdx_80F_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000258448Member_dD_zM8ljM5f6efj" 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: 700 13pt Gotham Narrow-Bold,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; white-space: nowrap; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,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: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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 Bills</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000258448Member__oef--LargestHoldingAxis__custom--UnitedStatesTreasuryBillsMember_zi4scKqNBx99" style="font: 300 9pt Gotham Narrow-Light,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">21.0</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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, 3.56%</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_988_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000258448Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX356Member_z8iBqfgrySvg" style="font: 300 9pt Gotham Narrow-Light,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> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Robinhood Markets, Inc. Swap; Maturity Date: 02/02/2029</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_987_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000258448Member__oef--LargestHoldingAxis__custom--RobinhoodMarketsIncSwapMaturityDate02022029Member_zhXAc8vvvmfi" style="font: 300 9pt Gotham Narrow-Light,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">1.9</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Robinhood Markets, Inc. Swap; Maturity Date: 10/01/2026</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_983_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000258448Member__oef--LargestHoldingAxis__custom--RobinhoodMarketsIncSwapMaturityDate10012026Member_zbBeQm1m1o2a" style="font: 300 9pt Gotham Narrow-Light,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">0.9</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Robinhood Markets, Inc. Swap; Maturity Date: 03/18/2033</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000258448Member__oef--LargestHoldingAxis__custom--RobinhoodMarketsIncSwapMaturityDate03182033Member_zbaIN2aGIWub" style="font: 300 9pt Gotham Narrow-Light,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">0.9</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Robinhood Markets, Inc. Swap; Maturity Date: 09/08/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98F_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000258448Member__oef--LargestHoldingAxis__custom--RobinhoodMarketsIncSwapMaturityDate09082028Member_zTNrsUSJVHec" style="font: 300 9pt Gotham Narrow-Light,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">0.7</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Robinhood Markets, Inc. Swap; Maturity Date: 03/31/2033</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_983_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000258448Member__oef--LargestHoldingAxis__custom--RobinhoodMarketsIncSwapMaturityDate03312033Member_zcngJqpWnf4i" style="font: 300 9pt Gotham Narrow-Light,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">0.0</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Robinhood Markets, Inc. Swap; Maturity Date: 11/16/2027</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98A_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000258448Member__oef--LargestHoldingAxis__custom--RobinhoodMarketsIncSwapMaturityDate11162027Member_zZ7UoLCd1L38" style="font: 300 9pt Gotham Narrow-Light,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">-0.2</span> </div> </td> </tr> </table> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 2pt 0 4pt; text-align-last: auto; display: block; min-height: 26px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages for swap contracts are based on unrealized appreciation (depreciation).</p> 0.210 0.041 0.019 0.009 0.009 0.007 0.000 -0.002 <p id="xdx_80F_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000258448Member_dD_z4m4cTzUF1v6" style="font: 700 10pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Fund Changes</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 35px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">After the close of trading on NYSE Arca, Inc. on <span id="xdx_90F_eoef--MaterialChngDate_c20250501__20260430__oef--ClassAxis__custom--C000258448Member_zyPpZg0iAalc">March 19, 2026</span>, the Fund effected a 1:3 reverse split of its issued and outstanding shares. </p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 35px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">After the close of trading on NYSE Arca, Inc. on December 8, 2025, the Fund effected a 4:1 forward split of its issued and outstanding shares. </p> 2026-03-19 Defiance Daily Target 2X Long IONQ ETF IONX NASDAQ This <span id="xdx_90F_eoef--ShareholderReportAnnualOrSemiAnnual_c20250501__20260430__oef--ClassAxis__custom--C000258449Member_zkf9yRhaF8c3">annual shareholder report</span> contains important information about the Defiance Daily Target 2X Long IONQ ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. <span id="xdx_906_eoef--AddlInfoTextBlock_c20250501__20260430__oef--ClassAxis__custom--C000258449Member_zs50MyqYciOj">You can find additional information about the Fund at <span id="xdx_90F_eoef--AddlInfoWebsite_c20250501__20260430__oef--ClassAxis__custom--C000258449Member_zuzICo3dgcGl">https://www.defianceetfs.com/ionx</span>. You can also request this information by contacting us at <span id="xdx_902_eoef--AddlInfoPhoneNumber_c20250501__20260430__oef--ClassAxis__custom--C000258449Member_zFVZ5REYQyoj">(833) 333-9383</span> or by writing to the Defiance Daily Target 2X Long IONQ ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.</span> annual shareholder report You can find additional information about the Fund at <span id="xdx_90F_eoef--AddlInfoWebsite_c20250501__20260430__oef--ClassAxis__custom--C000258449Member_zuzICo3dgcGl">https://www.defianceetfs.com/ionx</span>. You can also request this information by contacting us at <span id="xdx_902_eoef--AddlInfoPhoneNumber_c20250501__20260430__oef--ClassAxis__custom--C000258449Member_zFVZ5REYQyoj">(833) 333-9383</span> or by writing to the Defiance Daily Target 2X Long IONQ ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701. https://www.defianceetfs.com/ionx (833) 333-9383 <p id="xdx_80C_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000258449Member_dU_ztlbKL9IL1t3" style="font: 700 11pt/11pt Gotham Narrow-Bold,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">What were the Fund costs for the past year?</p> <p style="font: 300 10pt/11pt Gotham Narrow-Light,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"><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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--ClassName_c20250501__20260430__oef--ClassAxis__custom--C000258449Member_ziq5Sit3GBV9" style="font: 300 9pt Gotham Narrow-Light,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">Defiance Daily Target 2X Long IONQ ETF</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--ExpensesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000258449Member_zSz1N4E3laYg" style="font: 300 9pt Gotham Narrow-Light,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">$66</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98C_eoef--ExpenseRatioPct_dp_c20250501__20260430__oef--ClassAxis__custom--C000258449Member_fKg_____z9fW7sAMSor1" style="font: 300 9pt Gotham Narrow-Light,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">1.37%*</span> </div> </td> </tr> </table> </div> </div> </div> <table cellpadding="0" cellspacing="0" style="font: 300 8pt/normal Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td id="xdx_F05_z2R7MLG0ntFk" style="width: 15pt; text-align: right">*</td> <td style="width: 5pt"></td> <td id="xdx_F13_zESISHrxlCZ6" style="text-align: justify"> Costs paid as a percentage of a $10,000 investment is an annualized figure. </td> </tr> </table> Defiance Daily Target 2X Long IONQ ETF 66 0.0137 <p id="xdx_807_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000258449Member_dU_z94zVSJYULHc" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Cumulative Performance</p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(Initial Investment of $10,000)</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Date</div> </td> <td id="xdx_4BA_oef--ClassAxis_custom--C000258449Member_zsfIj6zMzsli" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Defiance Daily Target 2X Long IONQ ETF</div> </td> <td id="xdx_4BF_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_zEVUPbJAf9T8" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">S&amp;P 500® Total Return Index</div> </td> </tr> <tr id="xdx_436_c20250311__20250311_eoef--AccmVal_pid_zZwEEw7iqng" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/11/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10000.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10000.0 </div> </td> </tr> <tr id="xdx_438_c20250311__20250331_eoef--AccmVal_pid_z3EvPRxIrIHa" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12534.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10079.0 </div> </td> </tr> <tr id="xdx_435_c20250311__20250430_eoef--AccmVal_pid_ztokwU883jxf" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">4/30/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 17254.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10011.0 </div> </td> </tr> <tr id="xdx_43F_c20250311__20250531_eoef--AccmVal_pid_zEd7q1ae9Jyh" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">5/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 32317.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10641.0 </div> </td> </tr> <tr id="xdx_43E_c20250311__20250630_eoef--AccmVal_pid_zsWBcSThucui" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">6/30/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 34906.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11182.0 </div> </td> </tr> <tr id="xdx_431_c20250311__20250731_eoef--AccmVal_pid_zCL5kTPWGwi" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 28235.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11433.0 </div> </td> </tr> <tr id="xdx_436_c20250311__20250831_eoef--AccmVal_pid_zlTJpAfsiuI3" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 30655.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11665.0 </div> </td> </tr> <tr id="xdx_437_c20250311__20250930_eoef--AccmVal_pid_zt2XF0MnKCRg" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9/30/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 58617.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12090.0 </div> </td> </tr> <tr id="xdx_437_c20250311__20251031_eoef--AccmVal_pid_z49jYa0sOKVj" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 52840.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12373.0 </div> </td> </tr> <tr id="xdx_439_c20250311__20251130_eoef--AccmVal_pid_ztTpdlW79pa4" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11/30/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 29358.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12404.0 </div> </td> </tr> <tr id="xdx_438_c20250311__20251231_eoef--AccmVal_pid_zD09Qwyqj5B1" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 22200.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12411.0 </div> </td> </tr> <tr id="xdx_433_c20250311__20260131_eoef--AccmVal_pid_zf3YKNhuSiR5" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1/31/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 16525.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12591.0 </div> </td> </tr> <tr id="xdx_435_c20250311__20260228_eoef--AccmVal_pid_zrfKUvKZrss2" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">2/28/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 13317.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12496.0 </div> </td> </tr> <tr id="xdx_439_c20250311__20260331_eoef--AccmVal_pid_zULvQUS13u12" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 7105.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11873.0 </div> </td> </tr> <tr id="xdx_43F_c20250311__20260430_eoef--AccmVal_pid_zuOEOJKthoP6" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">4/30/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 15585.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 13119.0 </div> </td> </tr> </table> </div> </div><img alt="line" src="qesstlj2l11mq1dvsgj.jpg" style="box-sizing: border-box; width: 250pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="box-sizing: border-box; text-align-last: auto; display: block; font-family: Times New Roman,Times,serif; line-height: normal; color: #000"> </p> 10000.0 10000.0 12534.0 10079.0 17254.0 10011.0 32317.0 10641.0 34906.0 11182.0 28235.0 11433.0 30655.0 11665.0 58617.0 12090.0 52840.0 12373.0 29358.0 12404.0 22200.0 12411.0 16525.0 12591.0 13317.0 12496.0 7105.0 11873.0 15585.0 13119.0 <p id="xdx_80D_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000258449Member_dU_zEIZuIMsl0zi" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Annual Performance</p> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Returns for the Period ended April 30, 2026</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">1 Year</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Since Inception (<span id="xdx_90E_eoef--PerfInceptionDate_c20250501__20260430__oef--ClassAxis__custom--C000258449Member_zzxEBFsHmKvh">3/11/25</span>)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Defiance Daily Target 2X Long IONQ ETF - at NAV</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_989_eoef--AvgAnnlRtrPct_dp_c20250501__20260430__oef--ClassAxis__custom--C000258449Member_zXXI8rRvfCha" style="font: 300 9pt Gotham Narrow-Light,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">-9.68%</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_98A_eoef--AvgAnnlRtrPct_dp_c20250311__20260430__oef--ClassAxis__custom--C000258449Member_z8eEprjjIMej" style="font: 300 9pt Gotham Narrow-Light,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">47.74%</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">S&amp;P 500® Total Return Index</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_984_eoef--AvgAnnlRtrPct_dp_c20250501__20260430__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_z85KmV6vO6yh" style="font: 300 9pt Gotham Narrow-Light,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">31.05%</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_981_eoef--AvgAnnlRtrPct_dp_c20250311__20260430__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zx4aLJl2fXj7" style="font: 300 9pt Gotham Narrow-Light,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">26.97%</span> </div> </td> </tr> </table> 2025-03-11 -0.0968 0.4774 0.3105 0.2697 The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal">Visit </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial"><span style="box-sizing: border-box">https://www.defianceetfs.com/ionx</span> </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal"> for more recent performance information.</span> <p id="xdx_801_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000258449Member_dU_znzmExkOEwB1" style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">How did the Fund perform last year and what influenced its performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 51px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">For the fiscal year ended April 30, 2026, IONX had a NAV total return of -9.68%. IONX seeks to deliver twice the daily performance of IONQ (IonQ, Inc.). High volatility in IONQ's stock can exacerbate compounding effects, leading to greater divergence from the expected 2x multiple over time.</p> </div> </div> <p style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">What factors influenced performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 68px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">IONQ's stock was influenced by developments in the commercial quantum computing market, including new customer contracts, government initiatives, and technology milestones. Skepticism from industry peers regarding near-term quantum computing viability was balanced against strategic investments and insider confidence. Quarterly financial results and revenue growth relative to expectations drove episodic volatility amplified through IONX's leveraged structure.</p> </div> </div> <p id="xdx_80E_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000258449Member_dD_zExLtKLa33h7" style="font: 700 13pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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"> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; font-size: 9pt"></span> </p> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: -7pt 0 8pt; margin-block: 1em; margin-inline: 0px; box-sizing: border-box; text-align-last: auto; display: block; padding-top: 0; color: #4f4f4f; text-align: left; text-indent: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_983_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000258449Member_zdOFs1XDJjF8" style="font: 300 9pt Gotham Narrow-Light,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">$288,070</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_989_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000258449Member_zI9pHguo5WS9" style="font: 300 9pt Gotham Narrow-Light,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">10</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div id="xdx_988_eoef--AdvisoryFeesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000258449Member_zb7jcyJkTLoi" style="font: 300 9pt Gotham Narrow-Light,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">$1,885,789</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div style="font: 300 9pt Gotham Narrow-Light,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_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250501__20260430__oef--ClassAxis__custom--C000258449Member_z3ynQOW5ide">33,055</span>%</span> </div> </td> </tr> </table> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; display: block"></span> </div> </div> 288070000 10 1885789 330.55 <p id="xdx_80D_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000258449Member_dD_zQa0yJ5GHBNa" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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> <p style="font: 300 10pt/normal Gotham Narrow-Light,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; font-size: 9pt"></span> </p> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/11pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 30.34px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_983_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000258449Member__us-gaap--InvestmentTypeAxis__us-gaap--CashEquivalentsMember_zBGkPYmtKFw9" style="box-sizing: border-box; text-align-last: auto"> 100.0% </div> </td> </tr> </table> </div> </div><img alt="bar" src="qeseylk1mpuo43h4.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/0 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0; text-align: justify"> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/12pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Total Return Swap Contracts</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98C_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000258449Member__us-gaap--InvestmentTypeAxis__custom--TotalReturnSwapContractsMember_zarHv5LoN2wk" style="box-sizing: border-box; text-align-last: auto"> 66.1% </div> </td> </tr> </table> </div> </div><img alt="bar" src="qes1st61mpuo43tw.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 300 8pt/9pt Gotham Narrow-Light,Arial; margin: 4pt 0; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">Percentages are stated as a percent of net assets. Percentages for swap contracts are based on unrealized appreciation (depreciation). Cash Equivalents represents cash, short-term investments, and other assets in excess of liabilities.</p> </div> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -55pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> 1.000 0.661 <div id="xdx_80F_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000258449Member_dD_zmaAx8JCiXRg" 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: 700 13pt Gotham Narrow-Bold,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; white-space: nowrap; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,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: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">IonQ, Inc. Swap; Maturity Date: 03/18/2033</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_982_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000258449Member__oef--LargestHoldingAxis__custom--IonqIncSwapMaturityDate03182033Member_zkDwySD4qZ65" style="font: 300 9pt Gotham Narrow-Light,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">14.0</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">IonQ, Inc. Swap; Maturity Date: 11/23/2027</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_983_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000258449Member__oef--LargestHoldingAxis__custom--IonqIncSwapMaturityDate11232027Member_z39LEv4cTWDi" style="font: 300 9pt Gotham Narrow-Light,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">13.0</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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 Bills</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000258449Member__oef--LargestHoldingAxis__custom--UnitedStatesTreasuryBillsMember_zAwtb6AUyp7c" style="font: 300 9pt Gotham Narrow-Light,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">9.9</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">IonQ, Inc. Swap; Maturity Date: 03/31/2033</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_986_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000258449Member__oef--LargestHoldingAxis__custom--IonqIncSwapMaturityDate03312033Member_ztzg8Beeo1Se" style="font: 300 9pt Gotham Narrow-Light,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">8.2</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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, 3.56%</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98B_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000258449Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX356Member_zEhpWR5Q72ye" style="font: 300 9pt Gotham Narrow-Light,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">8.1</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">IonQ, Inc. Swap; Maturity Date: 02/02/2029</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_980_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000258449Member__oef--LargestHoldingAxis__custom--IonQIncSwapMaturityDate02022029Member_zc4OfeCUnGL7" style="font: 300 9pt Gotham Narrow-Light,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">8.0</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">IonQ, Inc. Swap; Maturity Date: 09/08/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_988_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000258449Member__oef--LargestHoldingAxis__custom--IonqIncSwapMaturityDate09082028Member_zpCf2ZqgroFc" style="font: 300 9pt Gotham Narrow-Light,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">7.9</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">IonQ, Inc. Swap; Maturity Date: 01/31/2033</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98A_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000258449Member__oef--LargestHoldingAxis__custom--IonQIncSwapMaturityDate01312033Member_zwMNqXDV5DI3" style="font: 300 9pt Gotham Narrow-Light,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">7.9</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">IonQ, Inc. Swap; Maturity Date: 07/01/2027</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_980_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000258449Member__oef--LargestHoldingAxis__custom--IonQIncSwapMaturityDate07012027Member_zrZi3uG3nsoa" style="font: 300 9pt Gotham Narrow-Light,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">6.0</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">IonQ, Inc. Swap; Maturity Date: 04/14/2031</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98E_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000258449Member__oef--LargestHoldingAxis__custom--IonQIncSwapMaturityDate04142031Member_zayS4uJ57CD2" style="font: 300 9pt Gotham Narrow-Light,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">1.1</span> </div> </td> </tr> </table> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 2pt 0 4pt; text-align-last: auto; display: block; min-height: 26px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages for swap contracts are based on unrealized appreciation (depreciation).</p> 0.140 0.130 0.099 0.082 0.081 0.080 0.079 0.079 0.060 0.011 <p id="xdx_805_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000258449Member_dD_zq7ajUAlag6" style="font: 700 10pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Fund Changes</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 35px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">After the close of trading on The Nasdaq Stock Market LLC. on <span id="xdx_900_eoef--MaterialChngDate_c20250501__20260430__oef--ClassAxis__custom--C000258449Member_zusu7NmY7g38">March 19, 2026</span>, the Fund effected a 1:3 reverse split of its issued and outstanding shares.</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 35px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">After the close of trading on The Nasdaq Stock Market LLC.. on December 8, 2025, the Fund effected a 2:1 forward split of its issued and outstanding shares.</p> 2026-03-19 Defiance Daily Target 2X Long IREN ETF IRE NYSEArca This <span id="xdx_90F_eoef--ShareholderReportAnnualOrSemiAnnual_c20250501__20260430__oef--ClassAxis__custom--C000264696Member_zVWmz5XBrCNa">annual shareholder report</span> contains important information about the Defiance Daily Target 2X Long IREN ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. annual shareholder report You can find additional information about the Fund at <span id="xdx_90F_eoef--AddlInfoWebsite_c20250501__20260430__oef--ClassAxis__custom--C000264696Member_zbjIKxwCOfCe">https://www.defianceetfs.com/ire</span>. You can also request this information by contacting us at <span id="xdx_902_eoef--AddlInfoPhoneNumber_c20250501__20260430__oef--ClassAxis__custom--C000264696Member_zVhLgsUTGDa1">(833) 333-9383</span> or by writing to the Defiance Daily Target 2X Long IREN ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701. https://www.defianceetfs.com/ire (833) 333-9383 <p id="xdx_80C_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000264696Member_dU_z4vykic5vWgc" style="font: 700 11pt/11pt Gotham Narrow-Bold,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">What were the Fund costs for the past year?</p> <p style="font: 300 10pt/11pt Gotham Narrow-Light,Arial; margin: 0; 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"><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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--ClassName_c20250501__20260430__oef--ClassAxis__custom--C000264696Member_zXrhLFYj9DVf" style="font: 300 9pt Gotham Narrow-Light,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">Defiance Daily Target 2X Long IREN ETF</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--ExpensesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000264696Member_zb71rXCdzy3i" style="font: 300 9pt Gotham Narrow-Light,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">$45</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98C_eoef--ExpenseRatioPct_dp_c20250501__20260430__oef--ClassAxis__custom--C000264696Member_fKg_____zns0QPDmMJli" style="font: 300 9pt Gotham Narrow-Light,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">1.35%*</span> </div> </td> </tr> </table> </div> </div> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 1pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"><span id="xdx_908_eoef--ExpensesShortPeriodFnTextBlock_c20250501__20260430__oef--ClassAxis__custom--C000264696Member_zA2npUaPt52i">The Fund commenced operations October 20, 2025. Expenses for a full reporting period would be higher than the figures shown.</span></span> </p> <table cellpadding="0" cellspacing="0" style="font: 300 8pt/normal Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td id="xdx_F05_zUv0POIYIMxg" style="width: 15pt; text-align: right">*</td> <td style="width: 5pt"></td> <td id="xdx_F19_zlzF37h6xZNh" style="text-align: justify"> Costs paid as a percentage of a $10,000 investment is an annualized figure. </td> </tr> </table> Defiance Daily Target 2X Long IREN ETF 45 0.0135 The Fund commenced operations October 20, 2025. Expenses for a full reporting period would be higher than the figures shown. <p id="xdx_807_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000264696Member_dU_zJ8bGXFAcWng" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Cumulative Performance</p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(Initial Investment of $10,000)</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Date</div> </td> <td id="xdx_4BA_oef--ClassAxis_custom--C000264696Member_zgsrb84Afqn7" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Defiance Daily Target 2X Long IREN ETF</div> </td> <td id="xdx_4BF_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_zCMFAmMpVPv2" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">S&amp;P 500® Total Return Index</div> </td> </tr> <tr id="xdx_43E_c20251020__20251020_eoef--AccmVal_pid_zE80r5rn4ex4" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10/20/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10000.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10000.0 </div> </td> </tr> <tr id="xdx_435_c20251020__20251031_eoef--AccmVal_pid_zJmzYxR65e8a" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10078.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10158.0 </div> </td> </tr> <tr id="xdx_43F_c20251020__20251130_eoef--AccmVal_pid_zJpUdQvGGNej" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11/30/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 5431.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10183.0 </div> </td> </tr> <tr id="xdx_432_c20251020__20251231_eoef--AccmVal_pid_zCl9pVT4XdU" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 2969.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10189.0 </div> </td> </tr> <tr id="xdx_438_c20251020__20260131_eoef--AccmVal_pid_zY8J7gxyhVj5" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1/31/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 5277.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10337.0 </div> </td> </tr> <tr id="xdx_439_c20251020__20260228_eoef--AccmVal_pid_ztwxr2u37J83" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">2/28/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 2649.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10258.0 </div> </td> </tr> <tr id="xdx_43F_c20251020__20260331_eoef--AccmVal_pid_zKoVOu0jDNs3" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 1640.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 9747.0 </div> </td> </tr> <tr id="xdx_433_c20251020__20260430_eoef--AccmVal_pid_zi4Ifs9L9396" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">4/30/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 2669.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10770.0 </div> </td> </tr> </table> </div> </div><img alt="line" src="qeseylk1mpupc2dg.jpg" style="box-sizing: border-box; width: 250pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="box-sizing: border-box; text-align-last: auto; display: block; font-family: Times New Roman,Times,serif; line-height: normal; color: #000"> </p> 10000.0 10000.0 10078.0 10158.0 5431.0 10183.0 2969.0 10189.0 5277.0 10337.0 2649.0 10258.0 1640.0 9747.0 2669.0 10770.0 <p id="xdx_80D_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000264696Member_dU_zyMCGISRLgs5" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Annual Performance</p> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Returns for the Period ended April 30, 2026</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Since Inception (<span id="xdx_90E_eoef--PerfInceptionDate_c20250501__20260430__oef--ClassAxis__custom--C000264696Member_zcnCxn05WEV9">10/20/2025</span>)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Defiance Daily Target 2X Long IREN ETF - at NAV</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_984_eoef--AvgAnnlRtrPct_dp_c20251020__20260430__oef--ClassAxis__custom--C000264696Member_zh57pxZaNXbl" style="font: 300 9pt Gotham Narrow-Light,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">-73.32%</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">S&amp;P 500® Total Return Index</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_980_eoef--AvgAnnlRtrPct_dp_c20251020__20260430__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zXGrCJf3RQT7" style="font: 300 9pt Gotham Narrow-Light,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">7.70%</span> </div> </td> </tr> </table> 2025-10-20 -0.7332 0.0770 The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal">Visit </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial"><span style="box-sizing: border-box">https://www.defianceetfs.com/ire</span> </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal"> for more recent performance information.</span> <p id="xdx_801_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000264696Member_dU_zABybOkkbjH6" style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">How did the Fund perform last year and what influenced its performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 34px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">From inception (October 20, 2025) through April 30, 2026, IRE had a NAV total return of -73.32%. IRE seeks to deliver twice the daily performance of IREN (IREN Limited, formerly Iris Energy). The fund's 2x leverage magnifies IREN's daily stock movements in IRE.</p> </div> </div> <p style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">What factors influenced performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 68px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">IREN's stock performance was driven by Bitcoin mining economics including Bitcoin price levels, network difficulty, and the post-halving impact on mining profitability. The company's expansion into AI cloud computing services using its high-performance computing infrastructure provided an additional revenue driver. Energy costs, hash rate growth, and broader cryptocurrency market sentiment influenced stock volatility amplified through IRE's 2x leverage.</p> </div> </div> <p id="xdx_80E_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000264696Member_dD_zD6ThcxfNKD7" style="font: 700 13pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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"> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; font-size: 9pt"></span> </p> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: -7pt 0 8pt; margin-block: 1em; margin-inline: 0px; box-sizing: border-box; text-align-last: auto; display: block; padding-top: 0; color: #4f4f4f; text-align: left; text-indent: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_983_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000264696Member_zoGgWei10rSd" style="font: 300 9pt Gotham Narrow-Light,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">$311,599</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_989_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000264696Member_z5qc66BsUN0e" style="font: 300 9pt Gotham Narrow-Light,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">10</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div id="xdx_988_eoef--AdvisoryFeesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000264696Member_zkSPkjphgvq5" style="font: 300 9pt Gotham Narrow-Light,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">$1,617,103</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div style="font: 300 9pt Gotham Narrow-Light,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_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250501__20260430__oef--ClassAxis__custom--C000264696Member_zweU7X8jj6ok">80</span>%</span> </div> </td> </tr> </table> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; display: block"></span> </div> </div> 311599000 10 1617103 0.80 <p id="xdx_80D_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000264696Member_dD_z1Dqao0ciJQ1" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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> <p style="font: 300 10pt/normal Gotham Narrow-Light,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; font-size: 9pt"></span> </p> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/11pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 30.34px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_983_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000264696Member__us-gaap--InvestmentTypeAxis__us-gaap--CashEquivalentsMember_z4QC6vOrZkK9" style="box-sizing: border-box; text-align-last: auto"> 100.0% </div> </td> </tr> </table> </div> </div><img alt="bar" src="qeseylk1mpuo4pbn.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/0 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0; text-align: justify"> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/12pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Total Return Swap Contracts</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98C_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000264696Member__us-gaap--InvestmentTypeAxis__custom--TotalReturnSwapContractsMember_zHXd5PMiaTbd" style="box-sizing: border-box; text-align-last: auto"> 50.7% </div> </td> </tr> </table> </div> </div><img alt="bar" src="qes1st61mpuo4pp8.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 300 8pt/9pt Gotham Narrow-Light,Arial; margin: 4pt 0; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">Percentages are stated as a percent of net assets. Percentages for swap contracts are based on unrealized appreciation (depreciation). Cash Equivalents represents cash, short-term investments, and other assets in excess of liabilities.</p> </div> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -55pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> 1.000 0.507 <div id="xdx_80F_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000264696Member_dD_zBCM7LV6lzNf" 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: 700 13pt Gotham Narrow-Bold,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; white-space: nowrap; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,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: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">IREN Limited Swap; Maturity Date: 11/23/2027</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000264696Member__oef--LargestHoldingAxis__custom--IRENLimitedSwapMaturityDate11232027Member_z4jBdId3vRTi" style="font: 300 9pt Gotham Narrow-Light,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">12.3</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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 Bills</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000264696Member__oef--LargestHoldingAxis__custom--UnitedStatesTreasuryBillsMember_zxfn1kqpLqa8" style="font: 300 9pt Gotham Narrow-Light,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">9.7</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">IREN Limited Swap; Maturity Date: 10/19/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98F_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000264696Member__oef--LargestHoldingAxis__custom--IRENLimitedSwapMaturityDate10192028Member_zLsrfGjaWGUh" style="font: 300 9pt Gotham Narrow-Light,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">9.4</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">IREN Limited Swap; Maturity Date: 11/01/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000264696Member__oef--LargestHoldingAxis__custom--IRENLimitedSwapMaturityDate11012028Member_zMuDDMQlRVk4" style="font: 300 9pt Gotham Narrow-Light,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">9.3</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">IREN Limited Swap; Maturity Date: 01/31/2033</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98C_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000264696Member__oef--LargestHoldingAxis__custom--IRENLimitedSwapMaturityDate01312033Member_z4K2ZwYuvBt9" style="font: 300 9pt Gotham Narrow-Light,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">8.2</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">IREN Limited Swap; Maturity Date: 03/18/2033</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_986_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000264696Member__oef--LargestHoldingAxis__custom--IRENLimitedSwapMaturityDate03182033Member_zHKpNlkoKhPd" style="font: 300 9pt Gotham Narrow-Light,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">8.0</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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, 3.56%</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98F_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000264696Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX356Member_zD0ORbsZtdfh" style="font: 300 9pt Gotham Narrow-Light,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">2.4</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">IREN Limited Swap; Maturity Date: 02/01/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_983_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000264696Member__oef--LargestHoldingAxis__custom--IRENLimitedSwapMaturityDate02012028Member_zk3PNtGydBoe" style="font: 300 9pt Gotham Narrow-Light,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">2.2</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">IREN Limited Swap; Maturity Date: 03/31/2033</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000264696Member__oef--LargestHoldingAxis__custom--IRENLimitedSwapMaturityDate03312033Member_z4DQ91RyvY5f" style="font: 300 9pt Gotham Narrow-Light,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">1.4</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">IREN Limited Swap; Maturity Date: 04/14/2031</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_988_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000264696Member__oef--LargestHoldingAxis__custom--IRENLimitedSwapMaturityDate04112031Member_zfc7tIALQopi" style="font: 300 9pt Gotham Narrow-Light,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> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 2pt 0 4pt; text-align-last: auto; display: block; min-height: 26px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages for swap contracts are based on unrealized appreciation (depreciation).</p> 0.123 0.097 0.094 0.093 0.082 0.080 0.024 0.022 0.014 -0.001 <p id="xdx_807_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000264696Member_dD_zF4SvtDyWxJ2" style="font: 700 10pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Fund Changes</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 35px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">After the close of trading on NYSE Arca, Inc. on <span id="xdx_905_eoef--MaterialChngDate_c20250501__20260430__oef--ClassAxis__custom--C000264696Member_zvRwlfiirBf8">March 20, 2026</span>, the Fund effected a 1:4 reverse split of its issued and outstanding shares.</p> 2026-03-20 Defiance Daily Target 2X Long KEEL ETF KEEX CboeBZX This <span id="xdx_90F_eoef--ShareholderReportAnnualOrSemiAnnual_c20250501__20260430__oef--ClassAxis__custom--C000269217Member_z92kgFdM9H14">annual shareholder report</span> contains important information about the Defiance Daily Target 2X Long KEEL ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. annual shareholder report You can find additional information about the Fund at <span id="xdx_90F_eoef--AddlInfoWebsite_c20250501__20260430__oef--ClassAxis__custom--C000269217Member_zpRbYBx0tzI">https://www.defianceetfs.com/keex</span>. You can also request this information by contacting us at <span id="xdx_902_eoef--AddlInfoPhoneNumber_c20250501__20260430__oef--ClassAxis__custom--C000269217Member_z8KOfSH41Di5">(833) 333-9383</span> or by writing to the Defiance Daily Target 2X Long KEEL ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701. https://www.defianceetfs.com/keex (833) 333-9383 <p id="xdx_80C_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000269217Member_dU_zk2RsecmBu04" style="font: 700 11pt/11pt Gotham Narrow-Bold,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">What were the Fund costs for the past year?</p> <p style="font: 300 10pt/11pt Gotham Narrow-Light,Arial; margin: 0; 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"><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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--ClassName_c20250501__20260430__oef--ClassAxis__custom--C000269217Member_zsw5EiDorzrg" style="font: 300 9pt Gotham Narrow-Light,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">Defiance Daily Target 2X Long KEEL ETF</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--ExpensesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000269217Member_zTQjxfyF24dg" style="font: 300 9pt Gotham Narrow-Light,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">$44</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98C_eoef--ExpenseRatioPct_dp_c20250501__20260430__oef--ClassAxis__custom--C000269217Member_fKg_____zWZApcO5sq5f" style="font: 300 9pt Gotham Narrow-Light,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">1.35%*</span> </div> </td> </tr> </table> </div> </div> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 1pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"><span id="xdx_908_eoef--ExpensesShortPeriodFnTextBlock_c20250501__20260430__oef--ClassAxis__custom--C000269217Member_zG9kUbTMwZx4">The Fund commenced operations December 29, 2025. Expenses for a full reporting period would be higher than the figures shown.</span></span> </p> <table cellpadding="0" cellspacing="0" style="font: 300 8pt/normal Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td id="xdx_F0A_zvcLYFj7efr6" style="width: 15pt; text-align: right">*</td> <td style="width: 5pt"></td> <td id="xdx_F13_zaPcFDPlwWgc" style="text-align: justify"> Costs paid as a percentage of a $10,000 investment is an annualized figure. </td> </tr> </table> Defiance Daily Target 2X Long KEEL ETF 44 0.0135 The Fund commenced operations December 29, 2025. Expenses for a full reporting period would be higher than the figures shown. <p id="xdx_807_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000269217Member_dU_z57HXwtw3U2f" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Cumulative Performance</p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(Initial Investment of $10,000)</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Date</div> </td> <td id="xdx_4BA_oef--ClassAxis_custom--C000269217Member_zNcGYV0GjFKg" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Defiance Daily Target 2X Long KEEL ETF</div> </td> <td id="xdx_4BF_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_zIOqnZgpZpld" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">S&amp;P 500® Total Return Index</div> </td> </tr> <tr id="xdx_438_c20251229__20251229_eoef--AccmVal_pid_zbjzHCHBYdW6" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12/29/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10000.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10000.0 </div> </td> </tr> <tr id="xdx_438_c20251229__20251231_eoef--AccmVal_pid_zCSTzPjG1mQg" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 9099.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 9914.0 </div> </td> </tr> <tr id="xdx_435_c20251229__20260131_eoef--AccmVal_pid_zW6ACZwLRYt5" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1/31/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 8341.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10057.0 </div> </td> </tr> <tr id="xdx_436_c20251229__20260228_eoef--AccmVal_pid_zv3IwoIAee9d" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">2/28/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 6336.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 9981.0 </div> </td> </tr> <tr id="xdx_437_c20251229__20260331_eoef--AccmVal_pid_zfz2hb27uYli" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 4463.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 9484.0 </div> </td> </tr> <tr id="xdx_435_c20251229__20260430_eoef--AccmVal_pid_z8nOLTkhSVud" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">4/30/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 9532.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10479.0 </div> </td> </tr> </table> </div> </div><img alt="line" src="qeseylk1mpupcogc.jpg" style="box-sizing: border-box; width: 250pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="box-sizing: border-box; text-align-last: auto; display: block; font-family: Times New Roman,Times,serif; line-height: normal; color: #000"> </p> 10000.0 10000.0 9099.0 9914.0 8341.0 10057.0 6336.0 9981.0 4463.0 9484.0 9532.0 10479.0 <p id="xdx_80D_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000269217Member_dU_zmBGdOqB2wk2" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Annual Performance</p> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Returns for the Period ended April 30, 2026</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Since Inception (<span id="xdx_90E_eoef--PerfInceptionDate_c20250501__20260430__oef--ClassAxis__custom--C000269217Member_zB4pxGAkEPN4">12/29/2025</span>)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Defiance Daily Target 2X Long KEEL ETF - at NAV</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_98E_eoef--AvgAnnlRtrPct_dp_c20251229__20260430__oef--ClassAxis__custom--C000269217Member_zFigvKxTS1Mf" style="font: 300 9pt Gotham Narrow-Light,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">-4.71%</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">S&amp;P 500® Total Return Index</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_981_eoef--AvgAnnlRtrPct_dp_c20251229__20260430__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_z21tPuxEcu51" style="font: 300 9pt Gotham Narrow-Light,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">4.79%</span> </div> </td> </tr> </table> 2025-12-29 -0.0471 0.0479 The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal">Visit </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial"><span style="box-sizing: border-box">https://www.defianceetfs.com/keex</span> </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal"> for more recent performance information.</span> <p id="xdx_801_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000269217Member_dU_zqlkTMZSnbr" style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">How did the Fund perform last year and what influenced its performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 34px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">From inception (December 29, 2025) through April 30, 2026, KEEX had a NAV total return of -4.71%. KEEX seeks to deliver twice the daily performance of KEEL (Keel Infrastructure Corp.). The fund's 2x leverage magnifies KEEL's daily stock movements in KEEX.</p> </div> </div> <p style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">What factors influenced performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 51px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">The underlying stock's performance was shaped by company-specific developments, financial results, and broader sector dynamics relevant to its business operations. The fund's 2x daily leverage reset means that performance over periods longer than one day will deviate from a simple 2x multiple of the underlying stock's cumulative return, particularly during periods of elevated volatility.</p> </div> </div> <p id="xdx_80E_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000269217Member_dD_zx8UM0jYpT01" style="font: 700 13pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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"> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; font-size: 9pt"></span> </p> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: -7pt 0 8pt; margin-block: 1em; margin-inline: 0px; box-sizing: border-box; text-align-last: auto; display: block; padding-top: 0; color: #4f4f4f; text-align: left; text-indent: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_983_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000269217Member_zsEKWpHqISsf" style="font: 300 9pt Gotham Narrow-Light,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">$3,811</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_989_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000269217Member_zTpdCRsr17Ri" style="font: 300 9pt Gotham Narrow-Light,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</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div id="xdx_988_eoef--AdvisoryFeesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000269217Member_zlMZbxiG4ZSe" style="font: 300 9pt Gotham Narrow-Light,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">$6,491</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div style="font: 300 9pt Gotham Narrow-Light,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_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250501__20260430__oef--ClassAxis__custom--C000269217Member_zvYdkEUhz437">0</span>%</span> </div> </td> </tr> </table> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; display: block"></span> </div> </div> 3811000 7 6491 0 <p id="xdx_80D_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000269217Member_dD_zymIUjJNPAA6" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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> <p style="font: 300 10pt/normal Gotham Narrow-Light,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; font-size: 9pt"></span> </p> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/11pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 30.34px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_983_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000269217Member__us-gaap--InvestmentTypeAxis__us-gaap--CashEquivalentsMember_zsrHlZVo5kZ6" style="box-sizing: border-box; text-align-last: auto"> 100.0% </div> </td> </tr> </table> </div> </div><img alt="bar" src="qes1st61mpuo5wam.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/0 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0; text-align: justify"> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/12pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Total Return Swap Contracts</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98C_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000269217Member__us-gaap--InvestmentTypeAxis__custom--TotalReturnSwapContractsMember_z1ucB9wcfZ7i" style="box-sizing: border-box; text-align-last: auto"> 23.2% </div> </td> </tr> </table> </div> </div><img alt="bar" src="qeseylk1mpuo5wng.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 300 8pt/9pt Gotham Narrow-Light,Arial; margin: 4pt 0; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">Percentages are stated as a percent of net assets. Percentages for swap contracts are based on unrealized appreciation (depreciation). Cash Equivalents represents cash, short-term investments, and other assets in excess of liabilities.</p> </div> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -55pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> 1.000 0.232 <div id="xdx_80F_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000269217Member_dD_ziLfagnmHZw5" 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: 700 13pt Gotham Narrow-Bold,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; white-space: nowrap; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,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: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Keel Infrastructure Corp. Swap; Maturity Date: 01/31/2033</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000269217Member__oef--LargestHoldingAxis__custom--KEELInfrastructureCorpSwapMaturityDate01312033Member_zutHSFXbpFxj" style="font: 300 9pt Gotham Narrow-Light,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">7.5</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Keel Infrastructure Corp. Swap; Maturity Date: 02/08/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98F_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000269217Member__oef--LargestHoldingAxis__custom--KEELInfrastructureCorpSwapMaturityDate02082028Member_zFL6wxfGNAf8" style="font: 300 9pt Gotham Narrow-Light,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; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Keel Infrastructure Corp. Swap; Maturity Date: 09/08/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_980_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000269217Member__oef--LargestHoldingAxis__custom--KEELInfrastructureCorpSwapMaturityDate09082028Member_zatMlrjUNSrh" style="font: 300 9pt Gotham Narrow-Light,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">6.9</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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 Bills</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000269217Member__oef--LargestHoldingAxis__custom--UnitedStatesTreasuryBillsMember_zcxgPVEFnpt3" style="font: 300 9pt Gotham Narrow-Light,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">6.3</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Keel Infrastructure Corp. Swap; Maturity Date: 12/28/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_983_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000269217Member__oef--LargestHoldingAxis__custom--KEELInfrastructureCorpSwapMaturityDate12282028Member_zaJA5fCJcGK9" style="font: 300 9pt Gotham Narrow-Light,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">1.5</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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, 3.56%</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_986_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000269217Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX356Member_zF3IaS54dIX7" style="font: 300 9pt Gotham Narrow-Light,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">1.5</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Keel Infrastructure Corp. Swap; Maturity Date: 04/29/2033</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000269217Member__oef--LargestHoldingAxis__custom--KEELInfrastructureCorpSwapMaturityDate04292033Member_zsV0CJ1CJ9Vc" style="font: 300 9pt Gotham Narrow-Light,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">0.0</span> </div> </td> </tr> </table> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 2pt 0 4pt; text-align-last: auto; display: block; min-height: 26px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages for swap contracts are based on unrealized appreciation (depreciation).</p> 0.075 0.073 0.069 0.063 0.015 0.015 0.000 <p id="xdx_800_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000269217Member_dD_zpLTMGWbtklf" style="font: 700 10pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Fund Changes</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 35px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">After the close of trading on Cboe BZX Exchange, Inc. on <span id="xdx_909_eoef--MaterialChngDate_c20250501__20260430__oef--ClassAxis__custom--C000269217Member_zc53DOxSkiCl">March 20, 2026</span>, the Fund effected a 1:2 reverse split of its issued and outstanding shares.</p> 2026-03-20 Defiance Daily Target 2X Long LLY ETF LLYX NYSEArca This <span id="xdx_90F_eoef--ShareholderReportAnnualOrSemiAnnual_c20250501__20260430__oef--ClassAxis__custom--C000250001Member_zdmOdtPzxQsi">annual shareholder report</span> contains important information about the Defiance Daily Target 2X Long LLY ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. annual shareholder report You can find additional information about the Fund at <span id="xdx_90F_eoef--AddlInfoWebsite_c20250501__20260430__oef--ClassAxis__custom--C000250001Member_zIAmlY0j0hJf">https://www.defianceetfs.com/llyx</span>. You can also request this information by contacting us at <span id="xdx_902_eoef--AddlInfoPhoneNumber_c20250501__20260430__oef--ClassAxis__custom--C000250001Member_z3ptoWc9V9Kj">(833) 333-9383</span> or by writing to the Defiance Daily Target 2X Long LLY ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701. https://www.defianceetfs.com/llyx (833) 333-9383 <p id="xdx_80C_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000250001Member_dU_zKHh4e4Y7XQ6" style="font: 700 11pt/11pt Gotham Narrow-Bold,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">What were the Fund costs for the past year?</p> <p style="font: 300 10pt/11pt Gotham Narrow-Light,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"><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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--ClassName_c20250501__20260430__oef--ClassAxis__custom--C000250001Member_zR873xh2t3de" style="font: 300 9pt Gotham Narrow-Light,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">Defiance Daily Target 2X Long LLY ETF</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--ExpensesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000250001Member_zoQSN1gIuxca" style="font: 300 9pt Gotham Narrow-Light,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">$67</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98C_eoef--ExpenseRatioPct_dp_c20250501__20260430__oef--ClassAxis__custom--C000250001Member_fKg_____zupCDrxhIIT3" style="font: 300 9pt Gotham Narrow-Light,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">1.48%*</span> </div> </td> </tr> </table> </div> </div> </div> <table cellpadding="0" cellspacing="0" style="font: 300 8pt/normal Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td id="xdx_F01_zX1RddfKKzAh" style="width: 15pt; text-align: right">*</td> <td style="width: 5pt"></td> <td id="xdx_F1D_zEkTp1XdphJ5" style="text-align: justify"> Costs paid as a percentage of a $10,000 investment is an annualized figure. </td> </tr> </table> Defiance Daily Target 2X Long LLY ETF 67 0.0148 <p id="xdx_807_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000250001Member_dU_zmORi7MX4U4d" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Cumulative Performance</p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(Initial Investment of $10,000)</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Date</div> </td> <td id="xdx_4BA_oef--ClassAxis_custom--C000250001Member_zV5hXcQ3QROg" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Defiance Daily Target 2X Long LLY ETF</div> </td> <td id="xdx_4BF_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_zwFcyXZhxpa5" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">S&amp;P 500® Total Return Index</div> </td> </tr> <tr id="xdx_436_c20240807__20240807_eoef--AccmVal_pid_znHUnU0b3op4" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8/7/2024</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10000.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10000.0 </div> </td> </tr> <tr id="xdx_430_c20240807__20240831_eoef--AccmVal_pid_zv4FDdQIQB5b" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8/31/2024</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 15121.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10877.0 </div> </td> </tr> <tr id="xdx_43E_c20240807__20240930_eoef--AccmVal_pid_zEfmaHHGS9b7" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9/30/2024</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12643.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11109.0 </div> </td> </tr> <tr id="xdx_430_c20240807__20241031_eoef--AccmVal_pid_zWyk0yuijfPk" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10/31/2024</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10871.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11008.0 </div> </td> </tr> <tr id="xdx_43E_c20240807__20241130_eoef--AccmVal_pid_zZ4lOO9zRIc3" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11/30/2024</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 9780.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11655.0 </div> </td> </tr> <tr id="xdx_437_c20240807__20241231_eoef--AccmVal_pid_zI4jKMJBFKkl" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12/31/2024</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 9062.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11377.0 </div> </td> </tr> <tr id="xdx_43B_c20240807__20250131_eoef--AccmVal_pid_zH768meVqC57" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 9774.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11694.0 </div> </td> </tr> <tr id="xdx_438_c20240807__20250228_eoef--AccmVal_pid_zyERMGlEyGp1" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">2/28/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12447.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11541.0 </div> </td> </tr> <tr id="xdx_438_c20240807__20250331_eoef--AccmVal_pid_zqpsCoMzEG02" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 9803.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10891.0 </div> </td> </tr> <tr id="xdx_435_c20240807__20250430_eoef--AccmVal_pid_zfszPAZQ63P" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">4/30/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11117.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10817.0 </div> </td> </tr> <tr id="xdx_43B_c20240807__20250531_eoef--AccmVal_pid_zFLMAmnnApF6" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">5/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 7197.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11498.0 </div> </td> </tr> <tr id="xdx_43D_c20240807__20250630_eoef--AccmVal_pid_z2vpNbVVd6Ec" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">6/30/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 7909.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12082.0 </div> </td> </tr> <tr id="xdx_433_c20240807__20250731_eoef--AccmVal_pid_zL8RSI2bF2wd" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 6979.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12354.0 </div> </td> </tr> <tr id="xdx_433_c20240807__20250831_eoef--AccmVal_pid_zVavWbj3IeYg" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 6534.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12604.0 </div> </td> </tr> <tr id="xdx_43E_c20240807__20250930_eoef--AccmVal_pid_zegqz1JbkY38" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9/30/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 6961.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 13064.0 </div> </td> </tr> <tr id="xdx_43C_c20240807__20251031_eoef--AccmVal_pid_zdmMYHnohej1" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 8696.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 13370.0 </div> </td> </tr> <tr id="xdx_43B_c20240807__20251130_eoef--AccmVal_pid_zY99QH3pcZKi" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11/30/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 13295.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 13403.0 </div> </td> </tr> <tr id="xdx_43B_c20240807__20251231_eoef--AccmVal_pid_zlurHv678yGf" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 13085.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 13411.0 </div> </td> </tr> <tr id="xdx_431_c20240807__20260131_eoef--AccmVal_pid_zDoKazc59BLl" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1/31/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11947.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 13605.0 </div> </td> </tr> <tr id="xdx_438_c20240807__20260228_eoef--AccmVal_pid_zhRxYQKPR8Da" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">2/28/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11925.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 13502.0 </div> </td> </tr> <tr id="xdx_433_c20240807__20260331_eoef--AccmVal_pid_zhfFi3zbe0lh" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 8905.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12830.0 </div> </td> </tr> <tr id="xdx_43C_c20240807__20260430_eoef--AccmVal_pid_z2f3bxf0r2x2" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">4/30/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 8955.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 14176.0 </div> </td> </tr> </table> </div> </div><img alt="line" src="qeseylk1mpupbpxq.jpg" style="box-sizing: border-box; width: 250pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="box-sizing: border-box; text-align-last: auto; display: block; font-family: Times New Roman,Times,serif; line-height: normal; color: #000"> </p> 10000.0 10000.0 15121.0 10877.0 12643.0 11109.0 10871.0 11008.0 9780.0 11655.0 9062.0 11377.0 9774.0 11694.0 12447.0 11541.0 9803.0 10891.0 11117.0 10817.0 7197.0 11498.0 7909.0 12082.0 6979.0 12354.0 6534.0 12604.0 6961.0 13064.0 8696.0 13370.0 13295.0 13403.0 13085.0 13411.0 11947.0 13605.0 11925.0 13502.0 8905.0 12830.0 8955.0 14176.0 <p id="xdx_80D_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000250001Member_dU_zPi74sdKd2H8" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Annual Performance</p> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Returns for the Period ended April 30, 2026</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">1 Year</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Since Inception (<span id="xdx_90E_eoef--PerfInceptionDate_c20250501__20260430__oef--ClassAxis__custom--C000250001Member_z0UPuOwnP66f">8/7/2024</span>)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Defiance Daily Target 2X Long LLY ETF - at NAV</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_986_eoef--AvgAnnlRtrPct_dp_c20250501__20260430__oef--ClassAxis__custom--C000250001Member_zzYNQOeqg0kb" style="font: 300 9pt Gotham Narrow-Light,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">-19.45%</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_985_eoef--AvgAnnlRtrPct_dp_c20240807__20260430__oef--ClassAxis__custom--C000250001Member_zrAftTiGcnJ5" style="font: 300 9pt Gotham Narrow-Light,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">-6.19%</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">S&amp;P 500® Total Return Index</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_98B_eoef--AvgAnnlRtrPct_dp_c20250501__20260430__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zt6Y2Wy9HtH6" style="font: 300 9pt Gotham Narrow-Light,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">31.05%</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_984_eoef--AvgAnnlRtrPct_dp_c20240807__20260430__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zi8A6fyZDkze" style="font: 300 9pt Gotham Narrow-Light,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">22.37%</span> </div> </td> </tr> </table> 2024-08-07 -0.1945 -0.0619 0.3105 0.2237 The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal">Visit </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial"><span style="box-sizing: border-box">https://www.defianceetfs.com/llyx</span> </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal"> for more recent performance information.</span> <p id="xdx_801_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000250001Member_dU_zH67Xttwnsg1" style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">How did the Fund perform last year and what influenced its performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 34px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">For the fiscal year ended April 30, 2026, LLYX had a NAV total return of -19.45%. LLYX seeks to deliver twice the daily performance of LLY (Eli Lilly and Company). Any fluctuations in LLY's stock price are magnified in LLYX due to its 2x daily leverage.</p> </div> </div> <p style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">What factors influenced performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 68px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">Eli Lilly's stock performance was driven by continued momentum in its weight-loss and diabetes drug portfolio, including tirzepatide (Mounjaro/Zepbound). Financial results, pipeline developments, and competitive dynamics within the GLP-1 drug market influenced investor sentiment throughout the fiscal year. Broader healthcare sector trends and macroeconomic conditions also affected LLY's valuation.</p> </div> </div> <p id="xdx_80E_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000250001Member_dD_zBd4oIQgNxPk" style="font: 700 13pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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"> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; font-size: 9pt"></span> </p> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: -7pt 0 8pt; margin-block: 1em; margin-inline: 0px; box-sizing: border-box; text-align-last: auto; display: block; padding-top: 0; color: #4f4f4f; text-align: left; text-indent: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_983_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000250001Member_zlwhhuOuscck" style="font: 300 9pt Gotham Narrow-Light,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">$66,670</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_989_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000250001Member_zxT8VdHSmgDc" style="font: 300 9pt Gotham Narrow-Light,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</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div id="xdx_988_eoef--AdvisoryFeesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000250001Member_zDia7PB8br94" style="font: 300 9pt Gotham Narrow-Light,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">$653,222</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div style="font: 300 9pt Gotham Narrow-Light,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_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250501__20260430__oef--ClassAxis__custom--C000250001Member_zLePSpET2Hk7">28,390</span>%</span> </div> </td> </tr> </table> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; display: block"></span> </div> </div> 66670000 8 653222 283.90 <p id="xdx_80D_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000250001Member_dD_zk4kigF8jmM1" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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> <p style="font: 300 10pt/normal Gotham Narrow-Light,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; font-size: 9pt"></span> </p> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/11pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 30.34px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_983_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000250001Member__us-gaap--InvestmentTypeAxis__us-gaap--CashEquivalentsMember_zr2clknzLPC7" style="box-sizing: border-box; text-align-last: auto"> 100.0% </div> </td> </tr> </table> </div> </div><img alt="bar" src="qes1st61mpuo44pd.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/0 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0; text-align: justify"> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/12pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Total Return Swap Contracts</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98C_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000250001Member__us-gaap--InvestmentTypeAxis__custom--TotalReturnSwapContractsMember_zuogmWsrGPGi" style="box-sizing: border-box; text-align-last: auto"> 22.3% </div> </td> </tr> </table> </div> </div><img alt="bar" src="qeseylk1mpuo451z.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 300 8pt/9pt Gotham Narrow-Light,Arial; margin: 4pt 0; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">Percentages are stated as a percent of net assets. Percentages for swap contracts are based on unrealized appreciation (depreciation). Cash Equivalents represents cash, short-term investments, and other assets in excess of liabilities.</p> </div> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -55pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> 1.000 0.223 <div id="xdx_80F_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000250001Member_dD_zN8GyYrx4Scj" 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: 700 13pt Gotham Narrow-Bold,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; white-space: nowrap; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,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: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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 Bills</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000250001Member__oef--LargestHoldingAxis__custom--UnitedStatesTreasuryBillsMember_zzGJTvd57Evi" style="font: 300 9pt Gotham Narrow-Light,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">32.7</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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, 3.56%</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_983_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000250001Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX356Member_zDR05s0qGiQg" style="font: 300 9pt Gotham Narrow-Light,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">10.6</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Eli Lilly &amp; Co. Swap; Maturity Date: 09/08/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000250001Member__oef--LargestHoldingAxis__custom--EliLillyandCoSwapMaturityDate09082028Member_zEjIWyxCYY9h" style="font: 300 9pt Gotham Narrow-Light,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; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Eli Lilly &amp; Co. Swap; Maturity Date: 10/16/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000250001Member__oef--LargestHoldingAxis__custom--EliLillyandCoSwapMaturityDate10132028Member_zaWWWWeKor88" style="font: 300 9pt Gotham Narrow-Light,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: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Eli Lilly &amp; Co. Swap; Maturity Date: 10/14/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_982_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000250001Member__oef--LargestHoldingAxis__custom--EliLillyandCoSwapMaturityDate10142028Member_z6kmoXjfKAbk" style="font: 300 9pt Gotham Narrow-Light,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> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Eli Lilly &amp; Co. Swap; Maturity Date: 03/31/2033</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98E_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000250001Member__oef--LargestHoldingAxis__custom--EliLillyCoSwapMaturityDate03312033Member_zvuqDHu5vde5" style="font: 300 9pt Gotham Narrow-Light,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">2.6</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Eli Lilly &amp; Co. Swap; Maturity Date: 10/29/2026</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98A_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000250001Member__oef--LargestHoldingAxis__custom--EliLillyandCoSwapMaturityDate10292026Member_zMHJmAGeQWhh" style="font: 300 9pt Gotham Narrow-Light,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">2.2</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Eli Lilly &amp; Co. Swap; Maturity Date: 10/01/2026</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98C_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000250001Member__oef--LargestHoldingAxis__custom--EliLillyandCoSwapMaturityDate10012026Member_z5JRpARhvHQa" style="font: 300 9pt Gotham Narrow-Light,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">1.6</span> </div> </td> </tr> </table> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 2pt 0 4pt; text-align-last: auto; display: block; min-height: 26px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages for swap contracts are based on unrealized appreciation (depreciation).</p> 0.327 0.106 0.057 0.042 0.041 0.026 0.022 0.016 Defiance Daily Target 2X Long LMND ETF LMNX NASDAQ This <span id="xdx_90F_eoef--ShareholderReportAnnualOrSemiAnnual_c20250501__20260430__oef--ClassAxis__custom--C000264272Member_zaOV6pH1EK11">annual shareholder report</span> contains important information about the Defiance Daily Target 2X Long LMND ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. annual shareholder report You can find additional information about the Fund at <span id="xdx_90F_eoef--AddlInfoWebsite_c20250501__20260430__oef--ClassAxis__custom--C000264272Member_zRephAcYjvFf">https://www.defianceetfs.com/lmnx</span>. You can also request this information by contacting us at <span id="xdx_902_eoef--AddlInfoPhoneNumber_c20250501__20260430__oef--ClassAxis__custom--C000264272Member_zDhMjftvJ1Xd">(833) 333-9383</span> or by writing to the Defiance Daily Target 2X Long LMND ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701. https://www.defianceetfs.com/lmnx (833) 333-9383 <p id="xdx_80C_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000264272Member_dU_z18Dbr8Qglfh" style="font: 700 11pt/11pt Gotham Narrow-Bold,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">What were the Fund costs for the past year?</p> <p style="font: 300 10pt/11pt Gotham Narrow-Light,Arial; margin: 0; 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"><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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--ClassName_c20250501__20260430__oef--ClassAxis__custom--C000264272Member_z1HPylKYXV14" style="font: 300 9pt Gotham Narrow-Light,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">Defiance Daily Target 2X Long LMND ETF</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--ExpensesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000264272Member_zMsQPpogJEh7" style="font: 300 9pt Gotham Narrow-Light,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">$65</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98C_eoef--ExpenseRatioPct_dp_c20250501__20260430__oef--ClassAxis__custom--C000264272Member_fKg_____zNAaCnVUsRT5" style="font: 300 9pt Gotham Narrow-Light,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">1.42%*</span> </div> </td> </tr> </table> </div> </div> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 1pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"><span id="xdx_908_eoef--ExpensesShortPeriodFnTextBlock_c20250501__20260430__oef--ClassAxis__custom--C000264272Member_zH9vzyjnn7F4">The Fund commenced operations October 15, 2025. Expenses for a full reporting period would be higher than the figures shown.</span></span> </p> <table cellpadding="0" cellspacing="0" style="font: 300 8pt/normal Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td id="xdx_F04_znOqkmoyfLW2" style="width: 15pt; text-align: right">*</td> <td style="width: 5pt"></td> <td id="xdx_F16_zXf5IBYUgTql" style="text-align: justify"> Costs paid as a percentage of a $10,000 investment is an annualized figure. </td> </tr> </table> Defiance Daily Target 2X Long LMND ETF 65 0.0142 The Fund commenced operations October 15, 2025. Expenses for a full reporting period would be higher than the figures shown. <p id="xdx_807_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000264272Member_dU_zkbLB8TbPuIg" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Cumulative Performance</p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(Initial Investment of $10,000)</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Date</div> </td> <td id="xdx_4BA_oef--ClassAxis_custom--C000264272Member_zCnAV4LCp7s6" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Defiance Daily Target 2X Long LMND ETF</div> </td> <td id="xdx_4BF_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_zLi3ihKV22mb" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">S&amp;P 500® Total Return Index</div> </td> </tr> <tr id="xdx_437_c20251015__20251015_eoef--AccmVal_pid_zdcuaO0t3f2k" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10/15/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10000.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10000.0 </div> </td> </tr> <tr id="xdx_43D_c20251015__20251031_eoef--AccmVal_pid_zYTEVxTJMcLg" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12537.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10256.0 </div> </td> </tr> <tr id="xdx_43E_c20251015__20251130_eoef--AccmVal_pid_zgbXBqsvIOii" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11/30/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 18813.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10281.0 </div> </td> </tr> <tr id="xdx_432_c20251015__20251231_eoef--AccmVal_pid_zLWhLuZp2akh" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 14840.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10287.0 </div> </td> </tr> <tr id="xdx_43A_c20251015__20260131_eoef--AccmVal_pid_zNQCa3fgVy47" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1/31/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 20648.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10436.0 </div> </td> </tr> <tr id="xdx_43E_c20251015__20260228_eoef--AccmVal_pid_zHsmVC4Kkkid" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">2/28/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 6617.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10357.0 </div> </td> </tr> <tr id="xdx_438_c20251015__20260331_eoef--AccmVal_pid_zCjpGdBb6zIk" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 9089.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 9841.0 </div> </td> </tr> <tr id="xdx_430_c20251015__20260430_eoef--AccmVal_pid_zfQbMJAIwks9" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">4/30/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 6868.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10874.0 </div> </td> </tr> </table> </div> </div><img alt="line" src="qesstlj2l11mq19a72v.jpg" style="box-sizing: border-box; width: 250pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="box-sizing: border-box; text-align-last: auto; display: block; font-family: Times New Roman,Times,serif; line-height: normal; color: #000"> </p> 10000.0 10000.0 12537.0 10256.0 18813.0 10281.0 14840.0 10287.0 20648.0 10436.0 6617.0 10357.0 9089.0 9841.0 6868.0 10874.0 <p id="xdx_80D_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000264272Member_dU_zQd0LWO21Xb7" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Annual Performance</p> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Returns for the Period ended April 30, 2026</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Since Inception (<span id="xdx_90E_eoef--PerfInceptionDate_c20250501__20260430__oef--ClassAxis__custom--C000264272Member_zdWXRywnPEba">10/15/25</span>)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Defiance Daily Target 2X Long LMND ETF - at NAV</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_985_eoef--AvgAnnlRtrPct_dp_c20251015__20260430__oef--ClassAxis__custom--C000264272Member_zgYne5Z6wnla" style="font: 300 9pt Gotham Narrow-Light,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">-31.34%</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">S&amp;P 500® Total Return Index</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_985_eoef--AvgAnnlRtrPct_dp_c20251015__20260430__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zvI24Aj1GaK6" style="font: 300 9pt Gotham Narrow-Light,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">8.74%</span> </div> </td> </tr> </table> 2025-10-15 -0.3134 0.0874 The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal">Visit </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial"><span style="box-sizing: border-box">https://www.defianceetfs.com/lmnx</span> </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal"> for more recent performance information.</span> <p id="xdx_801_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000264272Member_dU_z5MM2YlfnqQj" style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">How did the Fund perform last year and what influenced its performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 51px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">From inception (October 15, 2025) through April 30, 2026, LMNX had a NAV total return of -31.34%. LMNX seeks to deliver twice the daily performance of LMND (Lemonade, Inc.). The fund's 2x daily leverage magnifies both gains and losses relative to LMND's daily stock movements.</p> </div> </div> <p style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">What factors influenced performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 68px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">Lemonade's stock performance was shaped by its growth in insurance premiums, loss ratio improvements, and the company's path toward profitability in its AI-driven insurance model. Competitive dynamics in the insurtech space, broader interest rate impacts on insurance pricing, and quarterly financial results relative to investor expectations drove stock volatility amplified through LMNX's leveraged structure.</p> </div> </div> <p id="xdx_80E_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000264272Member_dD_z6SZLbpwM7e" style="font: 700 13pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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"> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; font-size: 9pt"></span> </p> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: -7pt 0 8pt; margin-block: 1em; margin-inline: 0px; box-sizing: border-box; text-align-last: auto; display: block; padding-top: 0; color: #4f4f4f; text-align: left; text-indent: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_983_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000264272Member_zk7HXwhbXeqa" style="font: 300 9pt Gotham Narrow-Light,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">$5,768</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_989_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000264272Member_zJgTfAapOdp8" style="font: 300 9pt Gotham Narrow-Light,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</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div id="xdx_988_eoef--AdvisoryFeesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000264272Member_z1PcF6DQPky3" style="font: 300 9pt Gotham Narrow-Light,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">$32,254</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div style="font: 300 9pt Gotham Narrow-Light,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_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250501__20260430__oef--ClassAxis__custom--C000264272Member_z0eN7RpkqjY8">124</span>%</span> </div> </td> </tr> </table> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; display: block"></span> </div> </div> 5768000 8 32254 1.24 <p id="xdx_80D_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000264272Member_dD_zjytRE5Lve91" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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> <p style="font: 300 10pt/normal Gotham Narrow-Light,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; font-size: 9pt"></span> </p> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/11pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 30.34px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_983_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000264272Member__us-gaap--InvestmentTypeAxis__us-gaap--CashEquivalentsMember_z0T2MGyZX3Di" style="box-sizing: border-box; text-align-last: auto"> 100.0% </div> </td> </tr> </table> </div> </div><img alt="bar" src="qes1st61mpuo4qlm.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/0 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0; text-align: justify"> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/12pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Total Return Swap Contracts</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98C_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000264272Member__us-gaap--InvestmentTypeAxis__custom--TotalReturnSwapContractsMember_zVRKqAy7dIo7" style="box-sizing: border-box; text-align-last: auto"> 11.3% </div> </td> </tr> </table> </div> </div><img alt="bar" src="qeseylk1mpuo4qzi.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 300 8pt/9pt Gotham Narrow-Light,Arial; margin: 4pt 0; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">Percentages are stated as a percent of net assets. Percentages for swap contracts are based on unrealized appreciation (depreciation). Cash Equivalents represents cash, short-term investments, and other assets in excess of liabilities.</p> </div> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -55pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> 1.000 0.113 <div id="xdx_80F_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000264272Member_dD_zqnh6ySIJMG5" 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: 700 13pt Gotham Narrow-Bold,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; white-space: nowrap; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,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: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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 Bills</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000264272Member__oef--LargestHoldingAxis__custom--UnitedStatesTreasuryBillsMember_zgwh1MArIQHl" style="font: 300 9pt Gotham Narrow-Light,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">12.6</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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, 3.56%</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98B_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000264272Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX356Member_zX67ynXOHm2b" style="font: 300 9pt Gotham Narrow-Light,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">6.1</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Lemonade, Inc. Swap; Maturity Date: 10/20/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98C_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000264272Member__oef--LargestHoldingAxis__custom--LemonadeIncSwapMaturityDate10202028Member_ziz46nJxJ253" style="font: 300 9pt Gotham Narrow-Light,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">3.0</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Lemonade, Inc. Swap; Maturity Date: 09/08/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_986_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000264272Member__oef--LargestHoldingAxis__custom--LemonadeIncSwapMaturityDate09082028Member_zNfh7NsFrsTj" style="font: 300 9pt Gotham Narrow-Light,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">2.9</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Lemonade, Inc. Swap; Maturity Date: 01/04/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_982_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000264272Member__oef--LargestHoldingAxis__custom--LemonadeIncSwapMaturityDate01042028Member_zHvLUlZHKp65" style="font: 300 9pt Gotham Narrow-Light,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">2.8</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Lemonade, Inc. Swap; Maturity Date: 03/31/2033</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_980_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000264272Member__oef--LargestHoldingAxis__custom--LemonadeIncSwapMaturityDate03312033Member_zXW8FbpsJUq3" style="font: 300 9pt Gotham Narrow-Light,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">2.7</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Lemonade, Inc. Swap; Maturity Date: 03/18/2033</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_987_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000264272Member__oef--LargestHoldingAxis__custom--LemonadeIncSwapMaturityDate03182033Member_zYWjwd61ASZe" style="font: 300 9pt Gotham Narrow-Light,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">0.0</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Lemonade, Inc. Swap; Maturity Date: 01/31/2033</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_986_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000264272Member__oef--LargestHoldingAxis__custom--LemonadeIncSwapMaturityDate01312033Member_zvGEnIpnV6j3" style="font: 300 9pt Gotham Narrow-Light,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">0.0</span> </div> </td> </tr> </table> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 2pt 0 4pt; text-align-last: auto; display: block; min-height: 26px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages for swap contracts are based on unrealized appreciation (depreciation).</p> 0.126 0.061 0.030 0.029 0.028 0.027 0.000 0.000 Defiance Daily Target 2X Long LUNR ETF LUNL CboeBZX This <span id="xdx_90F_eoef--ShareholderReportAnnualOrSemiAnnual_c20250501__20260430__oef--ClassAxis__custom--C000269221Member_z87XXpw0FGF9">annual shareholder report</span> contains important information about the Defiance Daily Target 2X Long LUNR ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. annual shareholder report You can find additional information about the Fund at <span id="xdx_90F_eoef--AddlInfoWebsite_c20250501__20260430__oef--ClassAxis__custom--C000269221Member_z7b7sKO4gpl9">https://www.defianceetfs.com/lunl</span>. You can also request this information by contacting us at <span id="xdx_902_eoef--AddlInfoPhoneNumber_c20250501__20260430__oef--ClassAxis__custom--C000269221Member_zCZZICwlQR5c">(833) 333-9383</span> or by writing to the Defiance Daily Target 2X Long LUNR ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701. https://www.defianceetfs.com/lunl (833) 333-9383 <p id="xdx_80C_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000269221Member_dU_zsXb03N4B91f" style="font: 700 11pt/11pt Gotham Narrow-Bold,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">What were the Fund costs for the past year?</p> <p style="font: 300 10pt/11pt Gotham Narrow-Light,Arial; margin: 0; 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"><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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--ClassName_c20250501__20260430__oef--ClassAxis__custom--C000269221Member_z0RwkrmEqkM4" style="font: 300 9pt Gotham Narrow-Light,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">Defiance Daily Target 2X Long LUNR ETF</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--ExpensesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000269221Member_zk9m4TkaOWN7" style="font: 300 9pt Gotham Narrow-Light,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">$40</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98C_eoef--ExpenseRatioPct_dp_c20250501__20260430__oef--ClassAxis__custom--C000269221Member_fKg_____zhmJl3TPd7Md" style="font: 300 9pt Gotham Narrow-Light,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">1.34%*</span> </div> </td> </tr> </table> </div> </div> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 1pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"><span id="xdx_908_eoef--ExpensesShortPeriodFnTextBlock_c20250501__20260430__oef--ClassAxis__custom--C000269221Member_zumWYFyIyOp8">The Fund commenced operations January 12, 2026. Expenses for a full reporting period would be higher than the figures shown.</span></span> </p> <table cellpadding="0" cellspacing="0" style="font: 300 8pt/normal Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td id="xdx_F04_zghYGJI6qORf" style="width: 15pt; text-align: right">*</td> <td style="width: 5pt"></td> <td id="xdx_F1C_z0gf4LYbqbL3" style="text-align: justify"> Costs paid as a percentage of a $10,000 investment is an annualized figure. </td> </tr> </table> Defiance Daily Target 2X Long LUNR ETF 40 0.0134 The Fund commenced operations January 12, 2026. Expenses for a full reporting period would be higher than the figures shown. <p id="xdx_807_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000269221Member_dU_zhVhfzscE16f" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Cumulative Performance</p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(Initial Investment of $10,000)</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Date</div> </td> <td id="xdx_4BA_oef--ClassAxis_custom--C000269221Member_zxbykkVWvn9i" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Defiance Daily Target 2X Long LUNR ETF</div> </td> <td id="xdx_4BF_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_zUWwXjzCkwr1" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">S&amp;P 500® Total Return Index</div> </td> </tr> <tr id="xdx_43B_c20260112__20260112_eoef--AccmVal_pid_z5SkxVSRmJcg" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1/12/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10000.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10000.0 </div> </td> </tr> <tr id="xdx_438_c20260112__20260131_eoef--AccmVal_pid_zaVp6atLrkJc" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1/31/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 8759.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 9949.0 </div> </td> </tr> <tr id="xdx_43A_c20260112__20260228_eoef--AccmVal_pid_zXGsu5NxNhxb" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">2/28/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 5353.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 9873.0 </div> </td> </tr> <tr id="xdx_43E_c20260112__20260331_eoef--AccmVal_pid_zFPzSVClZK3c" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 5865.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 9382.0 </div> </td> </tr> <tr id="xdx_43D_c20260112__20260430_eoef--AccmVal_pid_zzvDbPjUOFPa" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">4/30/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 9770.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10366.0 </div> </td> </tr> </table> </div> </div><img alt="line" src="qeseylk1mpupcczc.jpg" style="box-sizing: border-box; width: 250pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="box-sizing: border-box; text-align-last: auto; display: block; font-family: Times New Roman,Times,serif; line-height: normal; color: #000"> </p> 10000.0 10000.0 8759.0 9949.0 5353.0 9873.0 5865.0 9382.0 9770.0 10366.0 <p id="xdx_80D_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000269221Member_dU_z1x2d0ryztQl" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Annual Performance</p> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Returns for the Period ended April 30, 2026</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Since Inception (<span id="xdx_90E_eoef--PerfInceptionDate_c20250501__20260430__oef--ClassAxis__custom--C000269221Member_zvCYkbSvIFAk">1/12/2026</span>)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Defiance Daily Target 2X Long LUNR ETF - at NAV</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_989_eoef--AvgAnnlRtrPct_dp_c20260112__20260430__oef--ClassAxis__custom--C000269221Member_zyjwUSd5n6Ck" style="font: 300 9pt Gotham Narrow-Light,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">-2.31%</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">S&amp;P 500® Total Return Index</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_987_eoef--AvgAnnlRtrPct_dp_c20260112__20260430__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zzC9EdCwEGb9" style="font: 300 9pt Gotham Narrow-Light,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">3.66%</span> </div> </td> </tr> </table> 2026-01-12 -0.0231 0.0366 The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal">Visit </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial"><span style="box-sizing: border-box">https://www.defianceetfs.com/lunl</span> </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal"> for more recent performance information.</span> <p id="xdx_801_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000269221Member_dU_zm8BmALcVsz3" style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">How did the Fund perform last year and what influenced its performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 34px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">From inception (January 12, 2026) through April 30, 2026, LUNL had a NAV total return of -2.31%. LUNL seeks to deliver twice the daily performance of LUNR (Intuitive Machines, Inc.). The fund's 2x leverage magnifies LUNR's daily stock movements in LUNL.</p> </div> </div> <p style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">What factors influenced performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 68px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">Intuitive Machines' stock was driven by NASA contract activity under the Commercial Lunar Payload Services (CLPS) program, mission outcomes, and the company's positioning in lunar logistics and infrastructure. Broader investor sentiment toward commercial space exploration and government spending on lunar programs influenced stock performance. Mission announcements and outcomes drove episodic volatility amplified through LUNL's 2x leverage.</p> </div> </div> <p id="xdx_80E_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000269221Member_dD_zHzw9ou44Vh6" style="font: 700 13pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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"> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; font-size: 9pt"></span> </p> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: -7pt 0 8pt; margin-block: 1em; margin-inline: 0px; box-sizing: border-box; text-align-last: auto; display: block; padding-top: 0; color: #4f4f4f; text-align: left; text-indent: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_983_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000269221Member_zvKK7pprigLe" style="font: 300 9pt Gotham Narrow-Light,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">$45,524</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_989_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000269221Member_znKYT43Lj1kj" style="font: 300 9pt Gotham Narrow-Light,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</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div id="xdx_988_eoef--AdvisoryFeesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000269221Member_z3EB1vkssOw" style="font: 300 9pt Gotham Narrow-Light,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">$41,819</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div style="font: 300 9pt Gotham Narrow-Light,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_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250501__20260430__oef--ClassAxis__custom--C000269221Member_z295R97kyRtl">0</span>%</span> </div> </td> </tr> </table> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; display: block"></span> </div> </div> 45524000 8 41819 0 <p id="xdx_80D_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000269221Member_dD_zvPWtZcjjZs9" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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> <p style="font: 300 10pt/normal Gotham Narrow-Light,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; font-size: 9pt"></span> </p> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/11pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 30.34px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_983_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000269221Member__us-gaap--InvestmentTypeAxis__us-gaap--CashEquivalentsMember_zHE0y7MWVGyg" style="box-sizing: border-box; text-align-last: auto"> 100.0% </div> </td> </tr> </table> </div> </div><img alt="bar" src="qes1st61mpuo58ps.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/0 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0; text-align: justify"> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/12pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Total Return Swap Contracts</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98C_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000269221Member__us-gaap--InvestmentTypeAxis__custom--TotalReturnSwapContractsMember_zRxsANql9r43" style="box-sizing: border-box; text-align-last: auto"> 17.8% </div> </td> </tr> </table> </div> </div><img alt="bar" src="qeseylk1mpuo591m.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 300 8pt/9pt Gotham Narrow-Light,Arial; margin: 4pt 0; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">Percentages are stated as a percent of net assets. Percentages for swap contracts are based on unrealized appreciation (depreciation). Cash Equivalents represents cash, short-term investments, and other assets in excess of liabilities.</p> </div> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -55pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> 1.000 0.178 <div id="xdx_80F_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000269221Member_dD_z0ylQHZsMw3d" 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: 700 13pt Gotham Narrow-Bold,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; white-space: nowrap; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,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: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Intuitive Machines, Inc. Swap; Maturity Date: 01/31/2033</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000269221Member__oef--LargestHoldingAxis__custom--IntuitiveMachinesIncSwapMaturityDate01312033Member_zGmk2qlQYrIg" style="font: 300 9pt Gotham Narrow-Light,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">6.0</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Intuitive Machines, Inc. Swap; Maturity Date: 02/22/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000269221Member__oef--LargestHoldingAxis__custom--IntuitiveMachinesIncSwapMaturityDate02222028Member_zXu3cFfEQgh9" style="font: 300 9pt Gotham Narrow-Light,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: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Intuitive Machines, Inc. Swap; Maturity Date: 09/08/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000269221Member__oef--LargestHoldingAxis__custom--IntuitiveMachinesIncSwapMaturityDate09082028Member_zP99CweQJfvi" style="font: 300 9pt Gotham Narrow-Light,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: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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, 3.56%</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_980_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000269221Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX356Member_z6V7TJMuaxU7" style="font: 300 9pt Gotham Narrow-Light,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: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Intuitive Machines, Inc. Swap; Maturity Date: 01/12/2029</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_983_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000269221Member__oef--LargestHoldingAxis__custom--IntuitiveMachinesIncSwapMaturityDate01122029Member_zHC3li0YeE2a" style="font: 300 9pt Gotham Narrow-Light,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">2.3</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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 Bills</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000269221Member__oef--LargestHoldingAxis__custom--UnitedStatesTreasuryBillsMember_zAVVqq9SzwX3" style="font: 300 9pt Gotham Narrow-Light,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: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Intuitive Machines, Inc. Swap; Maturity Date: 03/30/2033</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,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--C000269221Member__oef--LargestHoldingAxis__custom--IntuitiveMachinesIncSwapMaturityDate03302033Member_fKg_____zzPtRL7ytohj">0.0</span>*</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Intuitive Machines, Inc. Swap; Maturity Date: 04/29/2033</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000269221Member__oef--LargestHoldingAxis__custom--IntuitiveMachinesIncSwapMaturityDate04292033Member_z0ggmt3FMtZ8" style="font: 300 9pt Gotham Narrow-Light,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">0.0</span> </div> </td> </tr> </table> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 2pt 0 4pt; text-align-last: auto; display: block; min-height: 26px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages for swap contracts are based on unrealized appreciation (depreciation).</p> <table border="0" cellpadding="0" cellspacing="0" style="font: 300 8pt/normal Gotham Narrow-Light,Arial; width: 100%; margin-top: 2pt; margin-bottom: 4pt; color: #4f4f4f"> <tr style="vertical-align: top"> <td id="xdx_F0F_zMwIhKF3H46i" style="text-align: left">*</td> <td id="xdx_F12_zf5XviaWYkj9" style="text-align: left"> Less than 0.05% </td> </tr> </table> 0.060 0.048 0.047 0.042 0.023 0.017 0.000 0.000 Defiance Daily Target 2X Long MP ETF MPL NYSEArca This <span id="xdx_90B_eoef--ShareholderReportAnnualOrSemiAnnual_c20250501__20260430__oef--ClassAxis__custom--C000264697Member_zganFRxIs276">annual shareholder report</span> contains important information about the Defiance Daily Target 2X Long MP ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. annual shareholder report You can find additional information about the Fund at <span id="xdx_903_eoef--AddlInfoWebsite_c20250501__20260430__oef--ClassAxis__custom--C000264697Member_zPwy2xEAOKic">https://www.defianceetfs.com/mpl</span>. You can also request this information by contacting us at <span id="xdx_90B_eoef--AddlInfoPhoneNumber_c20250501__20260430__oef--ClassAxis__custom--C000264697Member_zeqjhLhn30Mk">(833) 333-9383</span> or by writing to the Defiance Daily Target 2X Long MP ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701. https://www.defianceetfs.com/mpl (833) 333-9383 <p id="xdx_800_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000264697Member_dD_zoxvag9G4OBb" style="font: 700 11pt/11pt Gotham Narrow-Bold,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">What were the Fund costs for the past year?</p> <p style="font: 300 10pt/11pt Gotham Narrow-Light,Arial; margin: 0; 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"><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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_90E_eoef--ClassName_c20250501__20260430__oef--ClassAxis__custom--C000264697Member_zHnRUHdwOTM9">Defiance Daily Target 2X Long MP ETF</span></span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$<span id="xdx_90C_eoef--ExpensesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000264697Member_z3L9VT4N01n6">100</span></span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,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_907_eoef--ExpenseRatioPct_dp_c20250501__20260430__oef--ClassAxis__custom--C000264697Member_fKg_____zKhJh7kgI76b">2.68</span>%*</span> </div> </td> </tr> </table> </div> </div> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 1pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"><span id="xdx_90F_eoef--ExpensesShortPeriodFnTextBlock_c20250501__20260430__oef--ClassAxis__custom--C000264697Member_zsPMm1xUPyV2">The Fund commenced operations October 20, 2025. Expenses for a full reporting period would be higher than the figures shown.</span></span> </p> <table cellpadding="0" cellspacing="0" style="font: 300 8pt/normal Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td id="xdx_F07_zQQoBQ9eZ8D5" style="width: 15pt; text-align: right">*</td> <td style="width: 5pt"></td> <td id="xdx_F1D_zewpk6cAoXPj" style="text-align: justify"> Costs paid as a percentage of a $10,000 investment is an annualized figure. </td> </tr> </table> Defiance Daily Target 2X Long MP ETF 100 0.0268 The Fund commenced operations October 20, 2025. Expenses for a full reporting period would be higher than the figures shown. <p id="xdx_807_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000264697Member_dU_zM08PM80RN8" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Cumulative Performance</p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(Initial Investment of $10,000)</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Date</div> </td> <td id="xdx_4BA_oef--ClassAxis_custom--C000264697Member_zb4hJYj4t50a" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Defiance Daily Target 2X Long MP ETF</div> </td> <td id="xdx_4BF_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_zJl0Z4SnjSth" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">S&amp;P 500® Total Return Index</div> </td> </tr> <tr id="xdx_438_c20251020__20251020_eoef--AccmVal_pid_zpJSsJH7scig" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10/20/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10000.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10000.0 </div> </td> </tr> <tr id="xdx_438_c20251020__20251031_eoef--AccmVal_pid_zTl0Mzls4SWc" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 5600.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10158.0 </div> </td> </tr> <tr id="xdx_434_c20251020__20251130_eoef--AccmVal_pid_zYJc4VQzOpxg" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11/30/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 4943.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10183.0 </div> </td> </tr> <tr id="xdx_431_c20251020__20251231_eoef--AccmVal_pid_z5abhisVJYY1" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 3154.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10189.0 </div> </td> </tr> <tr id="xdx_439_c20251020__20260131_eoef--AccmVal_pid_zFPwqGWn4owe" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1/31/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 3979.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10337.0 </div> </td> </tr> <tr id="xdx_43F_c20251020__20260228_eoef--AccmVal_pid_zvLhT82kvY0i" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">2/28/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 3796.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10258.0 </div> </td> </tr> <tr id="xdx_439_c20251020__20260331_eoef--AccmVal_pid_zM6vRPJxeAT8" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 2374.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 9747.0 </div> </td> </tr> <tr id="xdx_437_c20251020__20260430_eoef--AccmVal_pid_z9AbZXgq63Id" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">4/30/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 4167.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10770.0 </div> </td> </tr> </table> </div> </div><img alt="line" src="qeseylk1mpupc3qd.jpg" style="box-sizing: border-box; width: 250pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="box-sizing: border-box; text-align-last: auto; display: block; font-family: Times New Roman,Times,serif; line-height: normal; color: #000"> </p> 10000.0 10000.0 5600.0 10158.0 4943.0 10183.0 3154.0 10189.0 3979.0 10337.0 3796.0 10258.0 2374.0 9747.0 4167.0 10770.0 <p id="xdx_80D_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000264697Member_dU_zazKOKlWmFif" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Annual Performance</p> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Returns for the Period ended April 30, 2026</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Since Inception (<span id="xdx_90E_eoef--PerfInceptionDate_c20250501__20260430__oef--ClassAxis__custom--C000264697Member_zxVPzZCIlh2e">10/20/25</span>)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Defiance Daily Target 2X Long MP ETF - at NAV</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_98E_eoef--AvgAnnlRtrPct_dp_c20251020__20260430__oef--ClassAxis__custom--C000264697Member_z1dezL31zEte" style="font: 300 9pt Gotham Narrow-Light,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">-58.35%</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">S&amp;P 500® Total Return Index</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_982_eoef--AvgAnnlRtrPct_dp_c20251020__20260430__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zH3FkYVInIw3" style="font: 300 9pt Gotham Narrow-Light,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">7.70%</span> </div> </td> </tr> </table> 2025-10-20 -0.5835 0.0770 The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal">Visit </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial"><span style="box-sizing: border-box">https://www.defianceetfs.com/mpl</span> </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal"> for more recent performance information.</span> <p id="xdx_801_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000264697Member_dU_zndkHI6bH0Mg" style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">How did the Fund perform last year and what influenced its performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 51px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">From inception (October 20, 2025) through April 30, 2026, MPL had a NAV total return of -58.35%. MPL seeks to deliver twice the daily performance of MP (MP Materials Corp.). The fund's 2x daily leverage magnifies both gains and losses relative to MP's daily stock movements.</p> </div> </div> <p style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">What factors influenced performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 68px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">MP Materials' stock performance was influenced by rare earth element pricing dynamics, the company's progress expanding its processing and magnet manufacturing capabilities, and the strategic importance of domestic rare earth supply chains for defense and clean energy applications. U.S. government policy supporting critical minerals production and competitive dynamics with international rare earth producers shaped investor sentiment.</p> </div> </div> <p id="xdx_80B_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000264697Member_dD_zIqqJra2G0g5" style="font: 700 13pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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"> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; font-size: 9pt"></span> </p> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: -7pt 0 8pt; margin-block: 1em; margin-inline: 0px; box-sizing: border-box; text-align-last: auto; display: block; padding-top: 0; color: #4f4f4f; text-align: left; text-indent: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 300 9pt Gotham Narrow-Light,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_iE_pn3n3_c20250501__20260430__oef--ClassAxis__custom--C000264697Member_zQH4mOPO4j68">5,665</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 300 9pt Gotham Narrow-Light,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--HoldingsCount_iE_uHoldings_c20250501__20260430__oef--ClassAxis__custom--C000264697Member_zkzKhFlSzqr">7</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div style="font: 300 9pt Gotham Narrow-Light,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--AdvisoryFeesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000264697Member_z6L0eYPXeQm">46,364</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div style="font: 300 9pt Gotham Narrow-Light,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_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250501__20260430__oef--ClassAxis__custom--C000264697Member_zHHvbwDbDoI3">0</span>%</span> </div> </td> </tr> </table> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; display: block"></span> </div> </div> 5665000 7 46364 0 <p id="xdx_80A_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000264697Member_dD_zViVnniHBox9" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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> <p style="font: 300 10pt/normal Gotham Narrow-Light,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; font-size: 9pt"></span> </p> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/11pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 30.34px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_985_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000264697Member__us-gaap--InvestmentTypeAxis__us-gaap--CashEquivalentsMember_zcaxFa3PgDO5" style="box-sizing: border-box; text-align-last: auto"> 100.0% </div> </td> </tr> </table> </div> </div><img alt="bar" src="qeseylk1mpuo4rt6.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/0 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0; text-align: justify"> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/12pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Total Return Swap Contracts</div> </td> <td style="box-sizing: border-box"> <div id="xdx_986_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000264697Member__us-gaap--InvestmentTypeAxis__custom--TotalReturnSwapContractsMember_zp0quBFupoUc" style="box-sizing: border-box; text-align-last: auto"> 37.1% </div> </td> </tr> </table> </div> </div><img alt="bar" src="qes1st61mpuo4s6q.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 300 8pt/9pt Gotham Narrow-Light,Arial; margin: 4pt 0; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">Percentages are stated as a percent of net assets. Percentages for swap contracts are based on unrealized appreciation (depreciation). Cash Equivalents represents cash, short-term investments, and other assets in excess of liabilities.</p> </div> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -55pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> 1.000 0.371 <div id="xdx_80A_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000264697Member_dD_zVAt65og9lGc" 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: 700 13pt Gotham Narrow-Bold,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; white-space: nowrap; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,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: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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 Bills</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,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--C000264697Member__oef--LargestHoldingAxis__custom--UnitedStatesTreasuryBillsMember_z8xhVEsgrmd5">12.3</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">MP Materials Corp. Swap; Maturity Date: 03/31/2033</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,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--C000264697Member__oef--LargestHoldingAxis__custom--MPMaterialsCorpSwapMaturityDate03312033Member_zrT2j1T2In64">9.4</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">MP Materials Corp. Swap; Maturity Date: 11/01/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,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--C000264697Member__oef--LargestHoldingAxis__custom--MPMaterialsCorpSwapMaturityDate11012028Member_zT8dyO8IC371">7.6</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">MP Materials Corp. Swap; Maturity Date: 10/25/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,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--C000264697Member__oef--LargestHoldingAxis__custom--MPMaterialsCorpSwapMaturityDate10252028Member_zvGfbsojAFfg">7.4</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">MP Materials Corp. Swap; Maturity Date: 11/23/2027</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,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--C000264697Member__oef--LargestHoldingAxis__custom--MPMaterialsCorpSwapMaturityDate11232027Member_zF9ttdr3Vn44">7.3</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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, 3.56%</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,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--C000264697Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX356Member_zzDeouX1Xw81">5.4</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">MP Materials Corp. Swap; Maturity Date: 03/18/2033</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,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_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000264697Member__oef--LargestHoldingAxis__custom--MPMaterialsCorpSwapMaturityDate03182033Member_zQAkI5M1xGA1">5.4</span></span> </div> </td> </tr> </table> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 2pt 0 4pt; text-align-last: auto; display: block; min-height: 26px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages for swap contracts are based on unrealized appreciation (depreciation).</p> 0.123 0.094 0.076 0.074 0.073 0.054 0.054 <p id="xdx_805_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000264697Member_dD_zpDa9kP3H6S8" style="font: 700 10pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Fund Changes</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 34px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">After the close of trading on NYSE Arca, Inc. on <span id="xdx_907_eoef--MaterialChngDate_c20250501__20260430__oef--ClassAxis__custom--C000264697Member_zpAeg7YOdKAb">March 20, 2026</span>, the Fund effected a 1:3 reverse split of its issued and outstanding shares.</p> 2026-03-20 Defiance Daily Target 2X Long MRNA ETF MRNX NYSEArca This <span id="xdx_901_eoef--ShareholderReportAnnualOrSemiAnnual_c20250501__20260430__oef--ClassAxis__custom--C000265119Member_zmaUodgnMzuf">annual shareholder report</span> contains important information about the Defiance Daily Target 2X Long MRNA ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. annual shareholder report You can find additional information about the Fund at <span id="xdx_90C_eoef--AddlInfoWebsite_c20250501__20260430__oef--ClassAxis__custom--C000265119Member_zou4v8Xy2UWe">https://www.defianceetfs.com/mrnx</span>. You can also request this information by contacting us at <span id="xdx_902_eoef--AddlInfoPhoneNumber_c20250501__20260430__oef--ClassAxis__custom--C000265119Member_zYwjzVeU37Hk">(833) 333-9383</span> or by writing to the Defiance Daily Target 2X Long MRNA ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701. https://www.defianceetfs.com/mrnx (833) 333-9383 <p id="xdx_80C_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000265119Member_dU_zNdstwwKFOo" style="font: 700 11pt/11pt Gotham Narrow-Bold,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">What were the Fund costs for the past year?</p> <p style="font: 300 10pt/11pt Gotham Narrow-Light,Arial; margin: 0; 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"><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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--ClassName_c20250501__20260430__oef--ClassAxis__custom--C000265119Member_zsEZcpASRymd" style="font: 300 9pt Gotham Narrow-Light,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">Defiance Daily Target 2X Long MRNA ETF</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--ExpensesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000265119Member_zn4WIMb1kz08" style="font: 300 9pt Gotham Narrow-Light,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">$33</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98F_eoef--ExpenseRatioPct_dp_c20250501__20260430__oef--ClassAxis__custom--C000265119Member_fKg_____zR5PBXXvvYF9" style="font: 300 9pt Gotham Narrow-Light,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">1.34%*</span> </div> </td> </tr> </table> </div> </div> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 1pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"><span id="xdx_908_eoef--ExpensesShortPeriodFnTextBlock_c20250501__20260430__oef--ClassAxis__custom--C000265119Member_z3l0kOmL7Dk5">The Fund commenced operations February 3, 2026. Expenses for a full reporting period would be higher than the figures shown.</span></span> </p> <table cellpadding="0" cellspacing="0" style="font: 300 8pt/normal Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td id="xdx_F0C_zYRbxPqKYwje" style="width: 15pt; text-align: right">*</td> <td style="width: 5pt"></td> <td id="xdx_F13_z5ZcCeSfNUN5" style="text-align: justify"> Costs paid as a percentage of a $10,000 investment is an annualized figure. </td> </tr> </table> Defiance Daily Target 2X Long MRNA ETF 33 0.0134 The Fund commenced operations February 3, 2026. Expenses for a full reporting period would be higher than the figures shown. <p id="xdx_807_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000265119Member_dU_zGettdxJAfGi" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Cumulative Performance</p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(Initial Investment of $10,000)</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Date</div> </td> <td id="xdx_4BA_oef--ClassAxis_custom--C000265119Member_zLlIQOAtln52" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Defiance Daily Target 2X Long MRNA ETF</div> </td> <td id="xdx_4BF_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_z4Dr2PNLYZK4" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">S&amp;P 500® Total Return Index</div> </td> </tr> <tr id="xdx_435_c20260203__20260203_eoef--AccmVal_pid_ztdwr1Wlsd26" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">2/3/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10000.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10000.0 </div> </td> </tr> <tr id="xdx_439_c20260203__20260228_eoef--AccmVal_pid_zhCFke8Tqvo9" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">2/28/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 15605.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 9954.0 </div> </td> </tr> <tr id="xdx_434_c20260203__20260331_eoef--AccmVal_pid_zeFVg9O00si" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 13138.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 9458.0 </div> </td> </tr> <tr id="xdx_439_c20260203__20260430_eoef--AccmVal_pid_zWkOWnRR30Zf" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">4/30/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10400.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10451.0 </div> </td> </tr> </table> </div> </div><img alt="line" src="qeseylk1mpupcdmq.jpg" style="box-sizing: border-box; width: 250pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="box-sizing: border-box; text-align-last: auto; display: block; font-family: Times New Roman,Times,serif; line-height: normal; color: #000"> </p> 10000.0 10000.0 15605.0 9954.0 13138.0 9458.0 10400.0 10451.0 <p id="xdx_80D_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000265119Member_dU_zsT18s10XUda" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Annual Performance</p> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Returns for the Period ended April 30, 2026</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Since Inception (<span id="xdx_900_eoef--PerfInceptionDate_c20250501__20260430__oef--ClassAxis__custom--C000265119Member_zI6lIalcymZj">2/3/2026</span>)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Defiance Daily Target 2X Long MRNA ETF - at NAV</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_984_eoef--AvgAnnlRtrPct_dp_c20260203__20260430__oef--ClassAxis__custom--C000265119Member_zgsMYgsyQ5ac" style="font: 300 9pt Gotham Narrow-Light,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">3.96%</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">S&amp;P 500® Total Return Index</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_988_eoef--AvgAnnlRtrPct_dp_c20260203__20260430__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_z3koa8zhG9A2" style="font: 300 9pt Gotham Narrow-Light,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">4.51%</span> </div> </td> </tr> </table> 2026-02-03 0.0396 0.0451 The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal">Visit </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial"><span style="box-sizing: border-box">https://www.defianceetfs.com/mrnx</span> </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal"> for more recent performance information.</span> <p id="xdx_801_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000265119Member_dU_zahAso6T8vf5" style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">How did the Fund perform last year and what influenced its performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 34px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">From inception (February 3, 2026) through April 30, 2026, MRNX had a NAV total return of 3.96%. MRNX seeks to deliver twice the daily performance of MRNA (Moderna, Inc.). The fund's 2x leverage magnifies MRNA's daily stock movements in MRNX.</p> </div> </div> <p style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">What factors influenced performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 68px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">Moderna's stock performance was shaped by mRNA vaccine and therapeutic pipeline developments, including respiratory vaccine portfolio updates, oncology program progress, and revenue trends from its COVID-19 vaccine franchise. Competitive dynamics with Pfizer/BioNTech in respiratory vaccines and the broader pharmaceutical pipeline investor sentiment influenced stock movements. Clinical trial results and regulatory updates drove episodic volatility amplified through MRNX's leveraged structure.</p> </div> </div> <p id="xdx_80E_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000265119Member_dD_zIgwjvIi3Kvl" style="font: 700 13pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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"> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; font-size: 9pt"></span> </p> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: -7pt 0 8pt; margin-block: 1em; margin-inline: 0px; box-sizing: border-box; text-align-last: auto; display: block; padding-top: 0; color: #4f4f4f; text-align: left; text-indent: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_983_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000265119Member_zLWdHr8rok41" style="font: 300 9pt Gotham Narrow-Light,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">$416</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_989_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000265119Member_z7SWMtGwuLPi" style="font: 300 9pt Gotham Narrow-Light,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</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div id="xdx_988_eoef--AdvisoryFeesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000265119Member_z2dZH3S4UaB2" style="font: 300 9pt Gotham Narrow-Light,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">$3,046</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div style="font: 300 9pt Gotham Narrow-Light,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_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250501__20260430__oef--ClassAxis__custom--C000265119Member_zlCgTFr1Nncl">0</span>%</span> </div> </td> </tr> </table> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; display: block"></span> </div> </div> 416000 6 3046 0 <p id="xdx_80D_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000265119Member_dD_zyxbSC37tu6h" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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> <p style="font: 300 10pt/normal Gotham Narrow-Light,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; font-size: 9pt"></span> </p> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/11pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 30.34px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_983_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000265119Member__us-gaap--InvestmentTypeAxis__us-gaap--CashEquivalentsMember_zLe0jxe6Ef0a" style="box-sizing: border-box; text-align-last: auto"> 100.0% </div> </td> </tr> </table> </div> </div><img alt="bar" src="qeseylk1mpuo5abp.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/0 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0; text-align: justify"> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/12pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Total Return Swap Contracts</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98C_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000265119Member__us-gaap--InvestmentTypeAxis__custom--TotalReturnSwapContractsMember_zKxbFD3kqA1h" style="box-sizing: border-box; text-align-last: auto"> 10.9% </div> </td> </tr> </table> </div> </div><img alt="bar" src="qes1st61mpuo5aof.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 300 8pt/9pt Gotham Narrow-Light,Arial; margin: 4pt 0; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">Percentages are stated as a percent of net assets. Percentages for swap contracts are based on unrealized appreciation (depreciation). Cash Equivalents represents cash, short-term investments, and other assets in excess of liabilities.</p> </div> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -55pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> 1.000 0.109 <div id="xdx_80F_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000265119Member_dD_zEwx4Y0ktKCi" 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: 700 13pt Gotham Narrow-Bold,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; white-space: nowrap; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,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: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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 Bills</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000265119Member__oef--LargestHoldingAxis__custom--UnitedStatesTreasuryBillsMember_zt4FvJnlQkW" style="font: 300 9pt Gotham Narrow-Light,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">21.6</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Moderna, Inc. Swap; Maturity Date: 03/07/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000265119Member__oef--LargestHoldingAxis__custom--ModernaIncSwapMaturityDate03072028Member_zWUUEYoSNKm4" style="font: 300 9pt Gotham Narrow-Light,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">6.4</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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, 3.56%</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000265119Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX356Member_z4mOpSyQeYuh" style="font: 300 9pt Gotham Narrow-Light,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: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Moderna, Inc. Swap; Maturity Date: 03/31/2033</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000265119Member__oef--LargestHoldingAxis__custom--ModernaIncSwapMaturityDate03312033Member_zgKm73QcemT2" style="font: 300 9pt Gotham Narrow-Light,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">4.0</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Moderna, Inc. Swap; Maturity Date: 02/02/2029</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000265119Member__oef--LargestHoldingAxis__custom--ModernaIncSwapMaturityDate02022029Member_z9cqAZrgAYef" style="font: 300 9pt Gotham Narrow-Light,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">0.3</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Moderna, Inc. Swap; Maturity Date: 09/08/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000265119Member__oef--LargestHoldingAxis__custom--ModernaIncSwapMaturityDate09082028Member_zBljs9uDxwhj" style="font: 300 9pt Gotham Narrow-Light,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">0.2</span> </div> </td> </tr> </table> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 2pt 0 4pt; text-align-last: auto; display: block; min-height: 26px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages for swap contracts are based on unrealized appreciation (depreciation).</p> 0.216 0.064 0.043 0.040 0.003 0.002 Defiance Daily Target 2X Long MSTR ETF MSTX NASDAQ This <span id="xdx_900_eoef--ShareholderReportAnnualOrSemiAnnual_c20250501__20260430__oef--ClassAxis__custom--C000250002Member_zU1rmmn3QuFb">annual shareholder report</span> contains important information about the Defiance Daily Target 2X Long MSTR ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. annual shareholder report You can find additional information about the Fund at <span id="xdx_903_eoef--AddlInfoWebsite_c20250501__20260430__oef--ClassAxis__custom--C000250002Member_zsz09zKNmY63">https://www.defianceetfs.com/mstx</span>. You can also request this information by contacting us at <span id="xdx_905_eoef--AddlInfoPhoneNumber_c20250501__20260430__oef--ClassAxis__custom--C000250002Member_znKUzf5tNyI2">(833) 333-9383</span> or by writing to the Defiance Daily Target 2X Long MSTR ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701. https://www.defianceetfs.com/mstx (833) 333-9383 <p id="xdx_80F_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000250002Member_dD_zUKknkvZm8S8" style="font: 700 11pt/11pt Gotham Narrow-Bold,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">What were the Fund costs for the past year?</p> <p style="font: 300 10pt/11pt Gotham Narrow-Light,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"><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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_903_eoef--ClassName_c20250501__20260430__oef--ClassAxis__custom--C000250002Member_z64FytXa8JK3">Defiance Daily Target 2X Long MSTR ETF</span></span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$<span id="xdx_90F_eoef--ExpensesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000250002Member_zFPPen6iO6we">70</span></span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,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_901_eoef--ExpenseRatioPct_dp_c20250501__20260430__oef--ClassAxis__custom--C000250002Member_fKg_____zIW0wNv9Atzj">1.30</span>%*</span> </div> </td> </tr> </table> </div> </div> </div> <table cellpadding="0" cellspacing="0" style="font: 300 8pt/normal Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td id="xdx_F05_z6zD9FJDghu7" style="width: 15pt; text-align: right">*</td> <td style="width: 5pt"></td> <td id="xdx_F16_zNcmnBEWBdzk" style="text-align: justify"> Costs paid as a percentage of a $10,000 investment is an annualized figure. </td> </tr> </table> Defiance Daily Target 2X Long MSTR ETF 70 0.0130 <p id="xdx_807_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000250002Member_dU_zJe99XHtL2jl" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Cumulative Performance</p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(Initial Investment of $10,000)</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Date</div> </td> <td id="xdx_4BA_oef--ClassAxis_custom--C000250002Member_zmujDpU7kwPb" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Defiance Daily Target 2X Long MSTR ETF</div> </td> <td id="xdx_4BF_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_z04a8riu8xO5" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">S&amp;P 500® Total Return Index</div> </td> </tr> <tr id="xdx_43D_c20240814__20240814_eoef--AccmVal_pid_zfcHVlmGyM2a" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8/14/2024</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10000.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10000.0 </div> </td> </tr> <tr id="xdx_439_c20240814__20240831_eoef--AccmVal_pid_zeJ91e0RrDU7" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8/31/2024</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 9989.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10364.0 </div> </td> </tr> <tr id="xdx_43A_c20240814__20240930_eoef--AccmVal_pid_zBfC5yqixLSa" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9/30/2024</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 14501.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10585.0 </div> </td> </tr> <tr id="xdx_436_c20240814__20241031_eoef--AccmVal_pid_zgoDjUJpSAT7" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10/31/2024</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 25836.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10489.0 </div> </td> </tr> <tr id="xdx_43A_c20240814__20241130_eoef--AccmVal_pid_z6yxsQyKKaE1" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11/30/2024</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 49589.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11105.0 </div> </td> </tr> <tr id="xdx_438_c20240814__20241231_eoef--AccmVal_pid_zePsz9mGt3p6" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12/31/2024</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 24801.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10840.0 </div> </td> </tr> <tr id="xdx_43A_c20240814__20250131_eoef--AccmVal_pid_zLOqRTtGTdHc" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 30698.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11142.0 </div> </td> </tr> <tr id="xdx_435_c20240814__20250228_eoef--AccmVal_pid_z5PzQpZ9YGmk" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">2/28/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 16534.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10997.0 </div> </td> </tr> <tr id="xdx_439_c20240814__20250331_eoef--AccmVal_pid_zrvTp3AB6cU7" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 18206.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10377.0 </div> </td> </tr> <tr id="xdx_437_c20240814__20250430_eoef--AccmVal_pid_zozazp970j2b" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">4/30/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 27599.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10307.0 </div> </td> </tr> <tr id="xdx_433_c20240814__20250531_eoef--AccmVal_pid_znUUqnTlEeBd" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">5/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 24769.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10956.0 </div> </td> </tr> <tr id="xdx_430_c20240814__20250630_eoef--AccmVal_pid_zPJzC7pZkRvl" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">6/30/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 28453.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11513.0 </div> </td> </tr> <tr id="xdx_431_c20240814__20250731_eoef--AccmVal_pid_zXFbjAe5APTb" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 26483.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11771.0 </div> </td> </tr> <tr id="xdx_434_c20240814__20250831_eoef--AccmVal_pid_zySufzm9xfJc" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 17103.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12010.0 </div> </td> </tr> <tr id="xdx_437_c20240814__20250930_eoef--AccmVal_pid_z6oDbybjLK55" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9/30/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 15083.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12448.0 </div> </td> </tr> <tr id="xdx_43C_c20240814__20251031_eoef--AccmVal_pid_ztB5lFtzTAPi" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 9783.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12739.0 </div> </td> </tr> <tr id="xdx_43E_c20240814__20251130_eoef--AccmVal_pid_zg862hSvMuKe" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11/30/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 3906.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12771.0 </div> </td> </tr> <tr id="xdx_436_c20240814__20251231_eoef--AccmVal_pid_zBXdnn154c21" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 2713.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12778.0 </div> </td> </tr> <tr id="xdx_431_c20240814__20260131_eoef--AccmVal_pid_zaTw94kExU5l" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1/31/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 2454.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12964.0 </div> </td> </tr> <tr id="xdx_434_c20240814__20260228_eoef--AccmVal_pid_zoV5IVVJ1XQk" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">2/28/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 1581.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12865.0 </div> </td> </tr> <tr id="xdx_43C_c20240814__20260331_eoef--AccmVal_pid_zq3h9YaSIvX1" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 1376.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12225.0 </div> </td> </tr> <tr id="xdx_43F_c20240814__20260430_eoef--AccmVal_pid_zryGOdqYX5pi" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">4/30/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 2266.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 13507.0 </div> </td> </tr> </table> </div> </div><img alt="line" src="qeseylk1mpupbqn7.jpg" style="box-sizing: border-box; width: 250pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="box-sizing: border-box; text-align-last: auto; display: block; font-family: Times New Roman,Times,serif; line-height: normal; color: #000"> </p> 10000.0 10000.0 9989.0 10364.0 14501.0 10585.0 25836.0 10489.0 49589.0 11105.0 24801.0 10840.0 30698.0 11142.0 16534.0 10997.0 18206.0 10377.0 27599.0 10307.0 24769.0 10956.0 28453.0 11513.0 26483.0 11771.0 17103.0 12010.0 15083.0 12448.0 9783.0 12739.0 3906.0 12771.0 2713.0 12778.0 2454.0 12964.0 1581.0 12865.0 1376.0 12225.0 2266.0 13507.0 <p id="xdx_80D_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000250002Member_dU_zFdgK2BlosX3" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Annual Performance</p> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Returns for the Period ended April 30, 2026</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">1 Year</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Since Inception (<span id="xdx_90E_eoef--PerfInceptionDate_c20250501__20260430__oef--ClassAxis__custom--C000250002Member_zNPacKexHJng">8/14/2024</span>)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Defiance Daily Target 2X Long MSTR ETF - at NAV</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_98B_eoef--AvgAnnlRtrPct_dp_c20250501__20260430__oef--ClassAxis__custom--C000250002Member_zWkPoLGX1jij" style="font: 300 9pt Gotham Narrow-Light,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">-91.79%</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_982_eoef--AvgAnnlRtrPct_dp_c20240814__20260430__oef--ClassAxis__custom--C000250002Member_zxeo08j1SSa3" style="font: 300 9pt Gotham Narrow-Light,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">-58.04%</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">S&amp;P 500® Total Return Index</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_98A_eoef--AvgAnnlRtrPct_dp_c20250501__20260430__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zTtSmS4ncwHd" style="font: 300 9pt Gotham Narrow-Light,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">31.05%</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_98F_eoef--AvgAnnlRtrPct_dp_c20240814__20260430__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zC00eMi6KkKj" style="font: 300 9pt Gotham Narrow-Light,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">19.23%</span> </div> </td> </tr> </table> 2024-08-14 -0.9179 -0.5804 0.3105 0.1923 The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal">Visit </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial"><span style="box-sizing: border-box">https://www.defianceetfs.com/mstx</span> </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal"> for more recent performance information.</span> <p id="xdx_801_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000250002Member_dU_zLimDTAa7ib4" style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">How did the Fund perform last year and what influenced its performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 51px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">For the fiscal year ended April 30, 2026, MSTX had a NAV total return of -91.79%. MSTX seeks to deliver twice the daily performance of MSTR (Strategy, Inc., formerly MicroStrategy). The fund's returns are closely tied to Bitcoin's price movements via MSTR's Bitcoin holdings.</p> </div> </div> <p style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">What factors influenced performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 68px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">Strategy's continued Bitcoin accumulation, fluctuations in Bitcoin's price, and broader cryptocurrency market sentiment were the primary performance drivers. The company's capital markets activity and regulatory developments in the digital asset space also influenced MSTR's stock. The daily leverage and volatility drag from compounding added meaningful deviation from a simple 2x multiple over the full year.</p> </div> </div> <p id="xdx_800_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000250002Member_dD_zV5D34XA98y4" style="font: 700 13pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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"> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; font-size: 9pt"></span> </p> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: -7pt 0 8pt; margin-block: 1em; margin-inline: 0px; box-sizing: border-box; text-align-last: auto; display: block; padding-top: 0; color: #4f4f4f; text-align: left; text-indent: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 300 9pt Gotham Narrow-Light,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_eus-gaap--AssetsNet_iE_pn3n3_c20250501__20260430__oef--ClassAxis__custom--C000250002Member_zDB75PSXMtFh">377,369</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 300 9pt Gotham Narrow-Light,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--HoldingsCount_iE_uHoldings_c20250501__20260430__oef--ClassAxis__custom--C000250002Member_zhbTCAjUxRUa">9</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div style="font: 300 9pt Gotham Narrow-Light,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--AdvisoryFeesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000250002Member_z2vcWVByDFoi">8,912,516</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div style="font: 300 9pt Gotham Narrow-Light,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_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250501__20260430__oef--ClassAxis__custom--C000250002Member_zU7x8PTFcSBi">3,157</span>%</span> </div> </td> </tr> </table> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; display: block"></span> </div> </div> 377369000 9 8912516 31.57 <p id="xdx_80C_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000250002Member_dD_zRoVLjTPC3ql" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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> <p style="font: 300 10pt/normal Gotham Narrow-Light,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; font-size: 9pt"></span> </p> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/11pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 30.34px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_986_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000250002Member__us-gaap--InvestmentTypeAxis__us-gaap--CashEquivalentsMember_zwZ71oFacUql" style="box-sizing: border-box; text-align-last: auto"> 100.0% </div> </td> </tr> </table> </div> </div><img alt="bar" src="qeseylk1mpuo45xw.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/0 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0; text-align: justify"> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/12pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Total Return Swap Contracts</div> </td> <td style="box-sizing: border-box"> <div id="xdx_982_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000250002Member__us-gaap--InvestmentTypeAxis__custom--TotalReturnSwapContractsMember_z84vjvSD4Tpf" style="box-sizing: border-box; text-align-last: auto"> 42.5% </div> </td> </tr> </table> </div> </div><img alt="bar" src="qes1st61mpuo46bh.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 300 8pt/9pt Gotham Narrow-Light,Arial; margin: 4pt 0; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">Percentages are stated as a percent of net assets. Percentages for swap contracts are based on unrealized appreciation (depreciation). Cash Equivalents represents cash, short-term investments, and other assets in excess of liabilities.</p> </div> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -55pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> 1.000 0.425 <div id="xdx_807_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000250002Member_dD_z8GxP4bRqMk3" style="font: 700 13pt Gotham Narrow-Bold,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> <div style="font: 700 13pt Gotham Narrow-Bold,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> <div style="font: 500 9pt Gotham Narrow-Medium,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">Strategy, Inc. Swap; Maturity Date: 10/05/2026</span> </div> <div style="font: 300 9pt Gotham Narrow-Light,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--C000250002Member__oef--LargestHoldingAxis__custom--StrategyIncSwapMaturityDate10052026Member_z3fFWFzPxLPg">10.5</span></span> </div> <div style="font: 500 9pt Gotham Narrow-Medium,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">Strategy, Inc. Swap; Maturity Date: 11/08/2027</span> </div> <div style="font: 300 9pt Gotham Narrow-Light,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--C000250002Member__oef--LargestHoldingAxis__custom--StrategyIncSwapMaturityDate11082027Member_zZ9tjEuMW5p8">9.4</span></span> </div> <div style="font: 500 9pt Gotham Narrow-Medium,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 Bills</span> </div> <div style="font: 300 9pt Gotham Narrow-Light,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--C000250002Member__oef--LargestHoldingAxis__custom--UnitedStatesTreasuryBillsMember_zthIwVKIUl5l">8.4</span></span> </div> <div style="font: 500 9pt Gotham Narrow-Medium,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">Strategy, Inc. Swap; Maturity Date: 09/22/2028</span> </div> <div style="font: 300 9pt Gotham Narrow-Light,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--C000250002Member__oef--LargestHoldingAxis__custom--StrategyIncSwapMaturityDate09222028Member_zSgatL4H1beb">8.1</span></span> </div> <div style="font: 500 9pt Gotham Narrow-Medium,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">Strategy, Inc. Swap; Maturity Date: 03/18/2033</span> </div> <div style="font: 300 9pt Gotham Narrow-Light,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--C000250002Member__oef--LargestHoldingAxis__custom--StrategyIncSwapMaturityDate03182033Member_zYCtZyankyZb">6.2</span></span> </div> <div style="font: 500 9pt Gotham Narrow-Medium,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, 3.56%</span> </div> <div style="font: 300 9pt Gotham Narrow-Light,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--C000250002Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX356Member_zf5vyPETizJ9">6.1</span></span> </div> <div style="font: 500 9pt Gotham Narrow-Medium,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">Strategy, Inc. Swap; Maturity Date: 10/01/2026</span> </div> <div style="font: 300 9pt Gotham Narrow-Light,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--C000250002Member__oef--LargestHoldingAxis__custom--StrategyIncSwapMaturityDate10012026Member_zCwe8kCdmO4">4.8</span></span> </div> <div style="font: 500 9pt Gotham Narrow-Medium,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">Strategy, Inc. Swap; Maturity Date: 01/31/2033</span> </div> <div style="font: 300 9pt Gotham Narrow-Light,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--C000250002Member__oef--LargestHoldingAxis__custom--StrategyIncSwapMaturityDate01312033Member_z9MT4Payy8M1">3.4</span></span> </div> <div style="font: 500 9pt Gotham Narrow-Medium,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">Dreyfus Government Cash Management - Class Institutional, 3.52%</span> </div> <div style="font: 300 9pt Gotham Narrow-Light,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--C000250002Member__oef--LargestHoldingAxis__custom--DreyfusGovernmentCashManagementClassInstitutional352Member_za28z2tu8FUb">0.0*</span></span> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 2pt 0 4pt; text-align-last: auto; display: block; min-height: 26px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages for swap contracts are based on unrealized appreciation (depreciation).</p> 0.105 0.094 0.084 0.081 0.062 0.061 0.048 0.034 0.000 <p id="xdx_803_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000250002Member_dD_zV5056ygEn07" style="font: 700 10pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Fund Changes</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 34px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">After the close of trading on The Nasdaq Stock Market, LLC on <span id="xdx_901_eoef--MaterialChngDate_c20250501__20260430__oef--ClassAxis__custom--C000250002Member_z9YyDg4nxk39">March 19, 2026</span>, the Fund effected a 1:10 reverse split of its issued and outstanding shares.</p> 2026-03-19 Defiance Daily Target 2X Long NOK ETF LNOK CboeBZX This <span id="xdx_90F_eoef--ShareholderReportAnnualOrSemiAnnual_c20250501__20260430__oef--ClassAxis__custom--C000269896Member_zSb9lwJq15R2">annual shareholder report</span> contains important information about the Defiance Daily Target 2X Long NOK ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. annual shareholder report You can find additional information about the Fund at <span id="xdx_90F_eoef--AddlInfoWebsite_c20250501__20260430__oef--ClassAxis__custom--C000269896Member_zqVRBTpuH74g">https://www.defianceetfs.com/lnok</span>. You can also request this information by contacting us at <span id="xdx_902_eoef--AddlInfoPhoneNumber_c20250501__20260430__oef--ClassAxis__custom--C000269896Member_zHoV866Gwc18">(833) 333-9383</span> or by writing to the Defiance Daily Target 2X Long NOK ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701. https://www.defianceetfs.com/lnok (833) 333-9383 This report describes changes to the Fund that occurred during the reporting period. <p id="xdx_80C_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000269896Member_dU_zfzIAnb4d9Hc" style="font: 700 11pt/11pt Gotham Narrow-Bold,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">What were the Fund costs for the past year?</p> <p style="font: 300 10pt/11pt Gotham Narrow-Light,Arial; margin: 0; 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"><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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--ClassName_c20250501__20260430__oef--ClassAxis__custom--C000269896Member_zf8CzNyZBx62" style="font: 300 9pt Gotham Narrow-Light,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">Defiance Daily Target 2X Long NOK ETF</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--ExpensesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000269896Member_zbPqs0YBRpGj" style="font: 300 9pt Gotham Narrow-Light,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">$183</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98C_eoef--ExpenseRatioPct_dp_c20250501__20260430__oef--ClassAxis__custom--C000269896Member_fKg_____zK1aBIOa1Nl2" style="font: 300 9pt Gotham Narrow-Light,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">1.30%*</span> </div> </td> </tr> </table> </div> </div> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 1pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"><span id="xdx_908_eoef--ExpensesShortPeriodFnTextBlock_c20250501__20260430__oef--ClassAxis__custom--C000269896Member_zySkiRkaKW37">The Fund commenced operations January 20, 2026. Expenses for a full reporting period would be higher than the figures shown.</span></span> </p> <table cellpadding="0" cellspacing="0" style="font: 300 8pt/normal Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td id="xdx_F0C_zGHRnOO1Afxl" style="width: 15pt; text-align: right">*</td> <td style="width: 5pt"></td> <td id="xdx_F17_znVfLFihWkd2" style="text-align: justify"> Costs paid as a percentage of a $10,000 investment is an annualized figure. </td> </tr> </table> Defiance Daily Target 2X Long NOK ETF 183 0.0130 The Fund commenced operations January 20, 2026. Expenses for a full reporting period would be higher than the figures shown. <p id="xdx_807_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000269896Member_dU_zlcAc7ABRuL5" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Cumulative Performance</p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(Initial Investment of $10,000)</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Date</div> </td> <td id="xdx_4BA_oef--ClassAxis_custom--C000269896Member_zFfW7QkiOTo" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Defiance Daily Target 2X Long NOK ETF</div> </td> <td id="xdx_4BF_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_z94nlgM38x67" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">S&amp;P 500® Total Return Index</div> </td> </tr> <tr id="xdx_43E_c20260120__20260120_eoef--AccmVal_pid_zawat3XlspHk" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1/20/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10000.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10000.0 </div> </td> </tr> <tr id="xdx_43D_c20260120__20260131_eoef--AccmVal_pid_z04M8Pr3Dkd8" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1/31/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 9912.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10211.0 </div> </td> </tr> <tr id="xdx_439_c20260120__20260228_eoef--AccmVal_pid_z1sYPDCrDDg" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">2/28/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 14056.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10134.0 </div> </td> </tr> <tr id="xdx_43E_c20260120__20260331_eoef--AccmVal_pid_zoAs56uUdXr8" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 14721.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 9629.0 </div> </td> </tr> <tr id="xdx_43C_c20260120__20260430_eoef--AccmVal_pid_zplEUWV8Amg2" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">4/30/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 35918.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10640.0 </div> </td> </tr> </table> </div> </div><img alt="line" src="qesr1dnut1mqb31pep.jpg" style="box-sizing: border-box; width: 250pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="box-sizing: border-box; text-align-last: auto; display: block; font-family: Times New Roman,Times,serif; line-height: normal; color: #000"> </p> 10000.0 10000.0 9912.0 10211.0 14056.0 10134.0 14721.0 9629.0 35918.0 10640.0 <p id="xdx_80D_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000269896Member_dU_zqfn9dnYtIe7" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Annual Performance</p> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Returns for the Period ended April 30, 2026</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Since Inception (<span id="xdx_90E_eoef--PerfInceptionDate_c20250501__20260430__oef--ClassAxis__custom--C000269896Member_zR8Ekl1A1Ef">1/20/2026</span>)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Defiance Daily Target 2X Long NOK ETF - at NAV</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_98B_eoef--AvgAnnlRtrPct_dp_c20260120__20260430__oef--ClassAxis__custom--C000269896Member_zwcu6bg41OD4" style="font: 300 9pt Gotham Narrow-Light,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">259.08%</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">S&amp;P 500® Total Return Index</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_98F_eoef--AvgAnnlRtrPct_dp_c20260120__20260430__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zeQ0EHGa0aOl" style="font: 300 9pt Gotham Narrow-Light,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">6.40%</span> </div> </td> </tr> </table> 2026-01-20 2.5908 0.0640 The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal">Visit </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial"><span style="box-sizing: border-box">https://www.defianceetfs.com/lnok</span> </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal"> for more recent performance information.</span> <p id="xdx_801_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000269896Member_dU_zZoOMjK9jjKj" style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">How did the Fund perform last year and what influenced its performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 34px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">From inception (January 20, 2026) through April 30, 2026, LNOK had a NAV total return of 259.08%. LNOK seeks to deliver twice the daily performance of NOK (Nokia Corporation). The fund's 2x leverage magnifies NOK's daily stock movements in LNOK.</p> </div> </div> <p style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">What factors influenced performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 68px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">Nokia's stock performance was shaped by demand for its network infrastructure equipment, including 5G Radio Access Network (RAN) buildout activity, enterprise private networks, and government broadband initiatives. Competitive dynamics versus Ericsson and Huawei in global telecom equipment markets, quarterly financial results, and strategic restructuring progress influenced investor sentiment. The fund's compounding effects caused returns to deviate from a simple 2x multiple over the holding period.</p> </div> </div> <p id="xdx_80E_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000269896Member_dD_zFUURXuNv616" style="font: 700 13pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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"> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; font-size: 9pt"></span> </p> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: -7pt 0 8pt; margin-block: 1em; margin-inline: 0px; box-sizing: border-box; text-align-last: auto; display: block; padding-top: 0; color: #4f4f4f; text-align: left; text-indent: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_983_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000269896Member_zeObJAfpfFBe" style="font: 300 9pt Gotham Narrow-Light,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">$26,572</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_989_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000269896Member_zqUmrfTa6Ttj" style="font: 300 9pt Gotham Narrow-Light,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</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div id="xdx_988_eoef--AdvisoryFeesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000269896Member_zcEvi49SrzGf" style="font: 300 9pt Gotham Narrow-Light,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">$11,404</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div style="font: 300 9pt Gotham Narrow-Light,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_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250501__20260430__oef--ClassAxis__custom--C000269896Member_zTnCzgOFjZ7e">0</span>%</span> </div> </td> </tr> </table> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; display: block"></span> </div> </div> 26572000 6 11404 0 <p id="xdx_80D_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000269896Member_dD_z3t19mgxz9Lb" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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> <p style="font: 300 10pt/normal Gotham Narrow-Light,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; font-size: 9pt"></span> </p> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/11pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 30.34px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_983_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000269896Member__us-gaap--InvestmentTypeAxis__us-gaap--CashEquivalentsMember_zzXzWlGHMChi" style="box-sizing: border-box; text-align-last: auto"> 100.0% </div> </td> </tr> </table> </div> </div><img alt="bar" src="qes1st61mpuo5bm1.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/0 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0; text-align: justify"> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/12pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Total Return Swap Contracts</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98C_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000269896Member__us-gaap--InvestmentTypeAxis__custom--TotalReturnSwapContractsMember_zxvyEA17slCf" style="box-sizing: border-box; text-align-last: auto"> 32.6% </div> </td> </tr> </table> </div> </div><img alt="bar" src="qeseylk1mpuo5byx.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 300 8pt/9pt Gotham Narrow-Light,Arial; margin: 4pt 0; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">Percentages are stated as a percent of net assets. Percentages for swap contracts are based on unrealized appreciation (depreciation). Cash Equivalents represents cash, short-term investments, and other assets in excess of liabilities.</p> </div> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -55pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> 1.000 0.326 <div id="xdx_806_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000269896Member_dD_zeTUCZ4aOAf4" 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: 700 13pt Gotham Narrow-Bold,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; white-space: nowrap; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,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: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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 Bills</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000269896Member__oef--LargestHoldingAxis__custom--UnitedStatesTreasuryBillsMember_z2kPD90uuon2" style="font: 300 9pt Gotham Narrow-Light,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">11.1</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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, 3.56%</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000269896Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX356Member_zJpPeVTlXQb2" style="font: 300 9pt Gotham Narrow-Light,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">10.6</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Nokia Oyj Swap; Maturity Date: 03/31/2033</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000269896Member__oef--LargestHoldingAxis__custom--NokiaOyjSwapMaturityDate03312033Member_zDyOZEfyObzi" style="font: 300 9pt Gotham Narrow-Light,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">9.9</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Nokia Oyj Swap; Maturity Date: 02/22/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_988_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000269896Member__oef--LargestHoldingAxis__custom--NokiaOyjSwapMaturityDate02222028Member_z407vkqh3TR7" style="font: 300 9pt Gotham Narrow-Light,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">8.2</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Nokia Oyj Swap; Maturity Date: 09/08/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_986_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000269896Member__oef--LargestHoldingAxis__custom--NokiaOyjSwapMaturityDate09082028Member_zN9GRGuPfl16" style="font: 300 9pt Gotham Narrow-Light,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">7.6</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Nokia Oyj Swap; Maturity Date: 01/19/2029</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98E_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000269896Member__oef--LargestHoldingAxis__custom--NokiaOyjSwapMaturityDate01192029Member_zIvyJROrubbh" style="font: 300 9pt Gotham Narrow-Light,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">6.9</span> </div> </td> </tr> </table> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 2pt 0 4pt; text-align-last: auto; display: block; min-height: 26px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages for swap contracts are based on unrealized appreciation (depreciation).</p> 0.111 0.106 0.099 0.082 0.076 0.069 Defiance Daily Target 2X Long NVO ETF NVOX NYSEArca This <span id="xdx_90C_eoef--ShareholderReportAnnualOrSemiAnnual_c20250501__20260430__oef--ClassAxis__custom--C000250003Member_zUQW1K63kJCf">annual shareholder report</span> contains important information about the Defiance Daily Target 2X Long NVO ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. annual shareholder report You can find additional information about the Fund at <span id="xdx_90F_eoef--AddlInfoWebsite_c20250501__20260430__oef--ClassAxis__custom--C000250003Member_zst4gp27qWsi">https://www.defianceetfs.com/nvox</span>. You can also request this information by contacting us at <span id="xdx_907_eoef--AddlInfoPhoneNumber_c20250501__20260430__oef--ClassAxis__custom--C000250003Member_zNWBbWYheuv9">(833) 333-9383</span> or by writing to the Defiance Daily Target 2X Long NVO ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701. https://www.defianceetfs.com/nvox (833) 333-9383 This report describes changes to the Fund that occurred during the reporting period. <p id="xdx_804_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000250003Member_dD_z1JMVqSYegmj" style="font: 700 11pt/11pt Gotham Narrow-Bold,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">What were the Fund costs for the past year?</p> <p style="font: 300 10pt/11pt Gotham Narrow-Light,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"><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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_906_eoef--ClassName_c20250501__20260430__oef--ClassAxis__custom--C000250003Member_zwxFq7ea0Oe2">Defiance Daily Target 2X Long NVO ETF</span></span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$<span id="xdx_90F_eoef--ExpensesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000250003Member_zAemiV5YFWS8">82</span></span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,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_907_eoef--ExpenseRatioPct_dp_c20250501__20260430__oef--ClassAxis__custom--C000250003Member_fKg_____zGpa7pyh4xY6">1.30</span>%*</span> </div> </td> </tr> </table> </div> </div> </div> <table cellpadding="0" cellspacing="0" style="font: 300 8pt/normal Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td id="xdx_F04_z3ndazcuYg67" style="width: 15pt; text-align: right">*</td> <td style="width: 5pt"></td> <td id="xdx_F13_zWesgDMcf1x7" style="text-align: justify"> Costs paid as a percentage of a $10,000 investment is an annualized figure. </td> </tr> </table> Defiance Daily Target 2X Long NVO ETF 82 0.0130 <p id="xdx_807_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000250003Member_dU_zSOXIdLRXFF4" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Cumulative Performance</p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(Initial Investment of $10,000)</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Date</div> </td> <td id="xdx_4BA_oef--ClassAxis_custom--C000250003Member_zbZSobLIoIJa" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Defiance Daily Target 2X Long NVO ETF</div> </td> <td id="xdx_4BF_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_zlgk2uBPkp6l" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">S&amp;P 500® Total Return Index</div> </td> </tr> <tr id="xdx_439_c20241202__20241202_eoef--AccmVal_pid_zXdDk95cMs3" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12/2/2024</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10000.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10000.0 </div> </td> </tr> <tr id="xdx_43B_c20241202__20241231_eoef--AccmVal_pid_ztHgbCW3xrRk" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12/31/2024</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 5873.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 9737.0 </div> </td> </tr> <tr id="xdx_434_c20241202__20250131_eoef--AccmVal_pid_zHGdd5t9xoZ2" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 5483.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10008.0 </div> </td> </tr> <tr id="xdx_431_c20241202__20250228_eoef--AccmVal_pid_zz96lRhLxsta" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">2/28/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 6168.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 9877.0 </div> </td> </tr> <tr id="xdx_436_c20241202__20250331_eoef--AccmVal_pid_z4LZG7T0fUed" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 3601.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 9321.0 </div> </td> </tr> <tr id="xdx_43B_c20241202__20250430_eoef--AccmVal_pid_zeEgTFRxFL0k" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">4/30/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 3131.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 9257.0 </div> </td> </tr> <tr id="xdx_438_c20241202__20250531_eoef--AccmVal_pid_zNPNiu1BRPH5" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">5/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 3517.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 9840.0 </div> </td> </tr> <tr id="xdx_43F_c20241202__20250630_eoef--AccmVal_pid_zqKAAfGJhRuk" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">6/30/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 3185.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10341.0 </div> </td> </tr> <tr id="xdx_435_c20241202__20250731_eoef--AccmVal_pid_zJgGkLwe44ld" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 1322.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10573.0 </div> </td> </tr> <tr id="xdx_437_c20241202__20250831_eoef--AccmVal_pid_zitz5nld60q4" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 1874.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10787.0 </div> </td> </tr> <tr id="xdx_43A_c20241202__20250930_eoef--AccmVal_pid_zG5S77novUq7" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9/30/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 1770.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11181.0 </div> </td> </tr> <tr id="xdx_437_c20241202__20251031_eoef--AccmVal_pid_zVMYE4OCrpZ" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 1370.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11442.0 </div> </td> </tr> <tr id="xdx_433_c20241202__20251130_eoef--AccmVal_pid_z6BEg3fbuJT3" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11/30/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 1321.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11471.0 </div> </td> </tr> <tr id="xdx_437_c20241202__20251231_eoef--AccmVal_pid_zBKSyv0PXVF9" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 1367.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11478.0 </div> </td> </tr> <tr id="xdx_436_c20241202__20260131_eoef--AccmVal_pid_zUPzBH17nwRa" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1/31/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 1803.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11644.0 </div> </td> </tr> <tr id="xdx_437_c20241202__20260228_eoef--AccmVal_pid_zp57hI57XGkb" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">2/28/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 642.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11555.0 </div> </td> </tr> <tr id="xdx_435_c20241202__20260331_eoef--AccmVal_pid_zj4pC9bArPqf" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 638.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10980.0 </div> </td> </tr> <tr id="xdx_432_c20241202__20260430_eoef--AccmVal_pid_zaLGWOlvJGv7" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">4/30/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 817.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12132.0 </div> </td> </tr> </table> </div> </div><img alt="line" src="qeseylk1mpupbrcn.jpg" style="box-sizing: border-box; width: 250pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="box-sizing: border-box; text-align-last: auto; display: block; font-family: Times New Roman,Times,serif; line-height: normal; color: #000"> </p> 10000.0 10000.0 5873.0 9737.0 5483.0 10008.0 6168.0 9877.0 3601.0 9321.0 3131.0 9257.0 3517.0 9840.0 3185.0 10341.0 1322.0 10573.0 1874.0 10787.0 1770.0 11181.0 1370.0 11442.0 1321.0 11471.0 1367.0 11478.0 1803.0 11644.0 642.0 11555.0 638.0 10980.0 817.0 12132.0 <p id="xdx_80D_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000250003Member_dU_z2e2bcURhcvc" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Annual Performance</p> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Returns for the Period ended April 30, 2026</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">1 Year</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Since Inception (<span id="xdx_908_eoef--PerfInceptionDate_c20250501__20260430__oef--ClassAxis__custom--C000250003Member_zBr6U0WEYrd1">12/2/2024</span>)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Defiance Daily Target 2X Long NVO ETF - at NAV</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_985_eoef--AvgAnnlRtrPct_dp_c20250501__20260430__oef--ClassAxis__custom--C000250003Member_zlM6Ioy9EZk" style="font: 300 9pt Gotham Narrow-Light,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">-73.92%</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_98A_eoef--AvgAnnlRtrPct_dp_c20241202__20260430__oef--ClassAxis__custom--C000250003Member_zD48jft6GKKc" style="font: 300 9pt Gotham Narrow-Light,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">-83.11%</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">S&amp;P 500® Total Return Index</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_985_eoef--AvgAnnlRtrPct_dp_c20250501__20260430__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zklG1h6SbBW3" style="font: 300 9pt Gotham Narrow-Light,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">31.05%</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_988_eoef--AvgAnnlRtrPct_dp_c20241202__20260430__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zPRtCiXiY5xk" style="font: 300 9pt Gotham Narrow-Light,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">14.71%</span> </div> </td> </tr> </table> 2024-12-02 -0.7392 -0.8311 0.3105 0.1471 The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal">Visit </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial"><span style="box-sizing: border-box">https://www.defianceetfs.com/nvox</span> </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal"> for more recent performance information.</span> <p id="xdx_801_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000250003Member_dU_z2yIsesDrHqb" style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">How did the Fund perform last year and what influenced its performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 51px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">For the fiscal year ended April 30, 2026, NVOX had a NAV total return of -73.92%. NVOX seeks to deliver twice the daily performance of NVO (Novo Nordisk A/S). The fund's daily leverage reset means performance over multi-day periods will deviate from a simple 2x multiple, particularly in volatile markets.</p> </div> </div> <p style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">What factors influenced performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 68px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">Novo Nordisk's stock was influenced by competitive pressures in the GLP-1 weight-loss drug market, pipeline updates for next-generation obesity treatments, and clinical trial outcomes. Leadership transitions, U.S. pricing and regulatory dynamics for obesity drugs, and quarterly financial results affected investor confidence. Volatility drag from daily compounding further amplified these fluctuations on NVOX's returns.</p> </div> </div> <p id="xdx_801_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000250003Member_dD_zGk1iM48z4eb" style="font: 700 13pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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"> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; font-size: 9pt"></span> </p> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: -7pt 0 8pt; margin-block: 1em; margin-inline: 0px; box-sizing: border-box; text-align-last: auto; display: block; padding-top: 0; color: #4f4f4f; text-align: left; text-indent: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 300 9pt Gotham Narrow-Light,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_eus-gaap--AssetsNet_iE_pn3n3_c20250501__20260430__oef--ClassAxis__custom--C000250003Member_zD7CxeWdxYya">45,208</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 300 9pt Gotham Narrow-Light,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--HoldingsCount_iE_uHoldings_c20250501__20260430__oef--ClassAxis__custom--C000250003Member_zw2WPjEKNpC4">9</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div style="font: 300 9pt Gotham Narrow-Light,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--AdvisoryFeesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000250003Member_zJ8YZQ2frGPi">735,069</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div style="font: 300 9pt Gotham Narrow-Light,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_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250501__20260430__oef--ClassAxis__custom--C000250003Member_zSMWhIR4uxY2">1,643</span>%</span> </div> </td> </tr> </table> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; display: block"></span> </div> </div> 45208000 9 735069 16.43 <p id="xdx_808_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000250003Member_dD_zbH3LwZcEWY" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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> <p style="font: 300 10pt/normal Gotham Narrow-Light,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; font-size: 9pt"></span> </p> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/11pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 30.34px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_982_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000250003Member__us-gaap--InvestmentTypeAxis__us-gaap--CashEquivalentsMember_zbIc4H2IJq69" style="box-sizing: border-box; text-align-last: auto"> 100.0% </div> </td> </tr> </table> </div> </div><img alt="bar" src="qes1st61mpuo47a1.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/0 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0; text-align: justify"> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/12pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Total Return Swap Contracts</div> </td> <td style="box-sizing: border-box"> <div id="xdx_984_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000250003Member__us-gaap--InvestmentTypeAxis__custom--TotalReturnSwapContractsMember_zZIorKxrIqhb" style="box-sizing: border-box; text-align-last: auto"> 20.4% </div> </td> </tr> </table> </div> </div><img alt="bar" src="qeseylk1mpuo47nr.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 300 8pt/9pt Gotham Narrow-Light,Arial; margin: 4pt 0; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">Percentages are stated as a percent of net assets. Percentages for swap contracts are based on unrealized appreciation (depreciation). Cash Equivalents represents cash, short-term investments, and other assets in excess of liabilities.</p> </div> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -55pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> 1.000 0.204 <div id="xdx_806_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000250003Member_dD_z3mVLroRfX7l" style="font: 700 13pt Gotham Narrow-Bold,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> <div style="font: 700 13pt Gotham Narrow-Bold,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> <div style="font: 500 9pt Gotham Narrow-Medium,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 Bills</span> </div> <div style="font: 300 9pt Gotham Narrow-Light,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--C000250003Member__oef--LargestHoldingAxis__custom--UnitedStatesTreasuryBillsMember_z2wcNUL0Wy93">18.3</span></span> </div> <div style="font: 500 9pt Gotham Narrow-Medium,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, 3.56%</span> </div> <div style="font: 300 9pt Gotham Narrow-Light,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--C000250003Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX356Member_zSShmAFCxgXc">9.9</span></span> </div> <div style="font: 500 9pt Gotham Narrow-Medium,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">Novo Nordisk A/S Swap; Maturity Date: 10/06/2026</span> </div> <div style="font: 300 9pt Gotham Narrow-Light,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--C000250003Member__oef--LargestHoldingAxis__custom--NovoNordiskASSwapMaturityDate10062026Member_zQTPIGLxxXXd">9.2</span></span> </div> <div style="font: 500 9pt Gotham Narrow-Medium,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">Novo Nordisk A/S Swap; Maturity Date: 03/31/2033</span> </div> <div style="font: 300 9pt Gotham Narrow-Light,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--C000250003Member__oef--LargestHoldingAxis__custom--NovoNordiskASSwapMaturityDate03312033Member_zdr80JpJ57xj">2.6</span></span> </div> <div style="font: 500 9pt Gotham Narrow-Medium,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">Novo Nordisk A/S Swap; Maturity Date: 09/28/2028</span> </div> <div style="font: 300 9pt Gotham Narrow-Light,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--C000250003Member__oef--LargestHoldingAxis__custom--NovoNordiskASSwapMaturityDate09282028Member_zsAIVCnG3y5h">2.5</span></span> </div> <div style="font: 500 9pt Gotham Narrow-Medium,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">Novo Nordisk A/S Swap; Maturity Date: 08/25/2026</span> </div> <div style="font: 300 9pt Gotham Narrow-Light,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--C000250003Member__oef--LargestHoldingAxis__custom--NovoNordiskASSwapMaturityDate08252026Member_zxWcTQoBu9hf">2.4</span></span> </div> <div style="font: 500 9pt Gotham Narrow-Medium,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">Novo Nordisk A/S Swap; Maturity Date: 01/31/2033</span> </div> <div style="font: 300 9pt Gotham Narrow-Light,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--C000250003Member__oef--LargestHoldingAxis__custom--NovoNordiskASSwapMaturityDate01312033Member_zc1d5DIlSnh3">2.3</span></span> </div> <div style="font: 500 9pt Gotham Narrow-Medium,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">Novo Nordisk A/S Swap; Maturity Date: 12/31/2026</span> </div> <div style="font: 300 9pt Gotham Narrow-Light,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--C000250003Member__oef--LargestHoldingAxis__custom--NovoNordiskASSwapMaturityDate12312026Member_zFL0dxwL1Icj">1.5</span></span> </div> <div style="font: 500 9pt Gotham Narrow-Medium,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">Novo Nordisk A/S Swap; Maturity Date: 09/24/2026</span> </div> <div style="font: 300 9pt Gotham Narrow-Light,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--C000250003Member__oef--LargestHoldingAxis__custom--NovoNordiskASSwapMaturityDate09242026Member_zMG5kDb2qOX8">-0.1</span></span> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 2pt 0 4pt; text-align-last: auto; display: block; min-height: 26px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages for swap contracts are based on unrealized appreciation (depreciation).</p> 0.183 0.099 0.092 0.026 0.025 0.024 0.023 0.015 -0.001 <p id="xdx_802_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000250003Member_dD_z98WfJsflH19" style="font: 700 10pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Fund Changes</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 34px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">After the close of trading on NYSE Arca, inc. on <span id="xdx_906_eoef--MaterialChngDate_c20250501__20260430__oef--ClassAxis__custom--C000250003Member_zCtrfDotVw89">December 8, 2025</span>, the Fund effected a 1:8 reverse split of its issued and outstanding shares.</p> 2025-12-08 Defiance Daily Target 2X Long OKLO ETF OKLL NASDAQ This <span id="xdx_900_eoef--ShareholderReportAnnualOrSemiAnnual_c20250501__20260430__oef--ClassAxis__custom--C000261405Member_z9CdwChIBb6h">annual shareholder report</span> contains important information about the Defiance Daily Target 2X Long OKLO ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. annual shareholder report You can find additional information about the Fund at <span id="xdx_903_eoef--AddlInfoWebsite_c20250501__20260430__oef--ClassAxis__custom--C000261405Member_z28CH8eRAEk7">https://www.defianceetfs.com/okll</span>. You can also request this information by contacting us at <span id="xdx_90C_eoef--AddlInfoPhoneNumber_c20250501__20260430__oef--ClassAxis__custom--C000261405Member_z1WKB2oFmnLb">(833) 333-9383</span> or by writing to the Defiance Daily Target 2X Long OKLO ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701. https://www.defianceetfs.com/okll (833) 333-9383 <p id="xdx_805_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000261405Member_dD_zUceJNZmzuLf" style="font: 700 11pt/11pt Gotham Narrow-Bold,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">What were the Fund costs for the past year?</p> <p style="font: 300 10pt/11pt Gotham Narrow-Light,Arial; margin: 0; 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"><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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_90E_eoef--ClassName_c20250501__20260430__oef--ClassAxis__custom--C000261405Member_zanTOqdlwaoj">Defiance Daily Target 2X Long OKLO ETF</span></span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$<span id="xdx_901_eoef--ExpensesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000261405Member_z5FOSeD8Vo03">97</span></span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,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_90E_eoef--ExpenseRatioPct_dp_c20250501__20260430__oef--ClassAxis__custom--C000261405Member_fKg_____zGWpLQXbgjM7">1.45</span>%*</span> </div> </td> </tr> </table> </div> </div> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 1pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"><span id="xdx_907_eoef--ExpensesShortPeriodFnTextBlock_c20250501__20260430__oef--ClassAxis__custom--C000261405Member_zKoPvTRfbnT4">The Fund commenced operations June 23, 2025. Expenses for a full reporting period would be higher than the figures shown.</span></span> </p> <table cellpadding="0" cellspacing="0" style="font: 300 8pt/normal Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td id="xdx_F0D_zJdw8G46VCDk" style="width: 15pt; text-align: right">*</td> <td style="width: 5pt"></td> <td id="xdx_F11_zHEMrTJ9twvl" style="text-align: justify"> Costs paid as a percentage of a $10,000 investment is an annualized figure. </td> </tr> </table> Defiance Daily Target 2X Long OKLO ETF 97 0.0145 The Fund commenced operations June 23, 2025. Expenses for a full reporting period would be higher than the figures shown. <p id="xdx_807_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000261405Member_dU_z0Tt1HKcRhCd" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Cumulative Performance</p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(Initial Investment of $10,000)</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Date</div> </td> <td id="xdx_4B9_oef--ClassAxis_custom--C000261405Member_zR7Gqhv92Eol" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Defiance Daily Target 2X Long OKLO ETF</div> </td> <td id="xdx_4BF_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_zW7eHKDd18T2" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">S&amp;P 500® Total Return Index</div> </td> </tr> <tr id="xdx_437_c20250623__20250623_eoef--AccmVal_pid_z8GaI9KdwTLk" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">6/23/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10000.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10000.0 </div> </td> </tr> <tr id="xdx_439_c20250623__20250630_eoef--AccmVal_pid_zZaieRKplxpi" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">6/30/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10091.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10300.0 </div> </td> </tr> <tr id="xdx_435_c20250623__20250731_eoef--AccmVal_pid_zKVQlzPazuxe" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 17352.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10532.0 </div> </td> </tr> <tr id="xdx_431_c20250623__20250831_eoef--AccmVal_pid_zimjMO7crFo3" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 14986.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10745.0 </div> </td> </tr> <tr id="xdx_432_c20250623__20250930_eoef--AccmVal_pid_zksJcw6jHKUi" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9/30/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 30078.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11137.0 </div> </td> </tr> <tr id="xdx_436_c20250623__20251031_eoef--AccmVal_pid_zbt9oqUQ6Eb1" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 36939.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11398.0 </div> </td> </tr> <tr id="xdx_43D_c20250623__20251130_eoef--AccmVal_pid_zn8udb1Vkrx" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11/30/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 15290.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11426.0 </div> </td> </tr> <tr id="xdx_437_c20250623__20251231_eoef--AccmVal_pid_z2SYW5lsKeH4" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 8379.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11433.0 </div> </td> </tr> <tr id="xdx_436_c20250623__20260131_eoef--AccmVal_pid_zmYGI6hMqU2i" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1/31/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 9356.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11599.0 </div> </td> </tr> <tr id="xdx_434_c20250623__20260228_eoef--AccmVal_pid_zR4tSKNEMs9j" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">2/28/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 5242.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11511.0 </div> </td> </tr> <tr id="xdx_436_c20250623__20260331_eoef--AccmVal_pid_zZIYxdGEGFUi" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 3019.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10937.0 </div> </td> </tr> <tr id="xdx_43B_c20250623__20260430_eoef--AccmVal_pid_z0xLmuqft6T4" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">4/30/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 5723.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12085.0 </div> </td> </tr> </table> </div> </div><img alt="line" src="qesstlj2l11mq196gvi.jpg" style="box-sizing: border-box; width: 250pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="box-sizing: border-box; text-align-last: auto; display: block; font-family: Times New Roman,Times,serif; line-height: normal; color: #000"> </p> 10000.0 10000.0 10091.0 10300.0 17352.0 10532.0 14986.0 10745.0 30078.0 11137.0 36939.0 11398.0 15290.0 11426.0 8379.0 11433.0 9356.0 11599.0 5242.0 11511.0 3019.0 10937.0 5723.0 12085.0 <p id="xdx_80D_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000261405Member_dU_zYzffcW9zzWh" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Annual Performance</p> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Returns for the Period ended April 30, 2026</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Since Inception (<span id="xdx_90E_eoef--PerfInceptionDate_c20250501__20260430__oef--ClassAxis__custom--C000261405Member_z8xqkrPLpG7g">6/23/2025</span>)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Defiance Daily Target 2X Long OKLO ETF - at NAV</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_989_eoef--AvgAnnlRtrPct_dp_c20250623__20260430__oef--ClassAxis__custom--C000261405Member_z2u3CdsvTaPk" style="font: 300 9pt Gotham Narrow-Light,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">-42.78%</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">S&amp;P 500® Total Return Index</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_98E_eoef--AvgAnnlRtrPct_dp_c20250623__20260430__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zDegtYCg59gi" style="font: 300 9pt Gotham Narrow-Light,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">20.85%</span> </div> </td> </tr> </table> 2025-06-23 -0.4278 0.2085 The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal">Visit </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial"><span style="box-sizing: border-box">https://www.defianceetfs.com/okll</span> </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal"> for more recent performance information.</span> <p id="xdx_801_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000261405Member_dU_zN7rLhPmxdJk" style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">How did the Fund perform last year and what influenced its performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 34px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">From inception (June 23, 2025) through April 30, 2026, OKLL had a NAV total return of -42.78%. OKLL seeks to deliver twice the daily performance of OKLO (Oklo Inc.). Fluctuations in OKLO's stock price are magnified in OKLL due to its leveraged structure.</p> </div> </div> <p style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">What factors influenced performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 68px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">Oklo's stock performance was influenced by regulatory progress on its advanced fission reactor applications, partnerships with data center and AI infrastructure customers, and broader investor interest in nuclear energy as a clean power source. Government policy toward advanced nuclear technologies and the competitive landscape in next-generation nuclear power development drove stock volatility amplified through OKLL's 2x leverage.</p> </div> </div> <p id="xdx_80A_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000261405Member_dD_zOazc40HJn9e" style="font: 700 13pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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"> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; font-size: 9pt"></span> </p> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: -7pt 0 8pt; margin-block: 1em; margin-inline: 0px; box-sizing: border-box; text-align-last: auto; display: block; padding-top: 0; color: #4f4f4f; text-align: left; text-indent: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 300 9pt Gotham Narrow-Light,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_eus-gaap--AssetsNet_iE_pn3n3_c20250501__20260430__oef--ClassAxis__custom--C000261405Member_zSoD8uLuWzeb">300,821</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 300 9pt Gotham Narrow-Light,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--HoldingsCount_iE_uHoldings_c20250501__20260430__oef--ClassAxis__custom--C000261405Member_z9cJjbDCdVY7">9</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div style="font: 300 9pt Gotham Narrow-Light,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--AdvisoryFeesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000261405Member_znsQZdadukU9">1,404,461</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span id="xdx_90D_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250501__20260430__oef--ClassAxis__custom--C000261405Member_zsq620RNhQZ7">55,886</span>%</div> </td> </tr> </table> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; display: block"></span> </div> </div> 300821000 9 1404461 558.86 <p id="xdx_808_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000261405Member_dD_zjJB3T0D3iMe" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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> <p style="font: 300 10pt/normal Gotham Narrow-Light,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; font-size: 9pt"></span> </p> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/11pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 30.34px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98D_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000261405Member__us-gaap--InvestmentTypeAxis__us-gaap--CashEquivalentsMember_zMPpsGtJVtX2" style="box-sizing: border-box; text-align-last: auto"> 100.0% </div> </td> </tr> </table> </div> </div><img alt="bar" src="qes1st61mpuo4t1g.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/0 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0; text-align: justify"> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/12pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Total Return Swap Contracts</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98B_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000261405Member__us-gaap--InvestmentTypeAxis__custom--TotalReturnSwapContractsMember_zxpShnKm9gW1" style="box-sizing: border-box; text-align-last: auto"> 42.3% </div> </td> </tr> </table> </div> </div><img alt="bar" src="qeseylk1mpuo4tf9.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 300 8pt/9pt Gotham Narrow-Light,Arial; margin: 4pt 0; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">Percentages are stated as a percent of net assets. Percentages for swap contracts are based on unrealized appreciation (depreciation). Cash Equivalents represents cash, short-term investments, and other assets in excess of liabilities.</p> </div> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -55pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> 1.000 0.423 <div id="xdx_808_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000261405Member_dD_zqVmuz1jrbx" 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: 700 13pt Gotham Narrow-Bold,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; white-space: nowrap; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,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: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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 Bills</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,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--C000261405Member__oef--LargestHoldingAxis__custom--UnitedStatesTreasuryBillsMember_zj6pOoJHcsq5">7.6</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Oklo, Inc. Swap; Maturity Date: 01/25/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,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--C000261405Member__oef--LargestHoldingAxis__custom--OkloIncSwapMaturityDate01252028Member_z30gzIRkXtE1">7.3</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Oklo, Inc. Swap; Maturity Date: 09/23/2026</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,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--C000261405Member__oef--LargestHoldingAxis__custom--OkloIncSwapMaturityDate09232026Member_zea6wEp7Zs4c">6.8</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Oklo, Inc. Swap; Maturity Date: 03/18/2033</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,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--C000261405Member__oef--LargestHoldingAxis__custom--OkloIncSwapMaturityDate03182033Member_zy5DnY2Bk5Ib">6.8</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Oklo, Inc. Swap; Maturity Date: 07/23/2026</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,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--C000261405Member__oef--LargestHoldingAxis__custom--OkloIncSwapMaturityDate07232026Member_zuakJxNomj33">5.9</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Oklo, Inc. Swap; Maturity Date: 03/31/2033</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,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--C000261405Member__oef--LargestHoldingAxis__custom--OkloIncSwapMaturityDate03312033Member_zFYQrmvXqoa1">5.6</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Oklo, Inc. Swap; Maturity Date: 01/31/2033</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,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--C000261405Member__oef--LargestHoldingAxis__custom--OkloIncSwapMaturityDate01312033Member_zDZFtIFReCJg">5.5</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Oklo, Inc. Swap; Maturity Date: 12/01/2026</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,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--C000261405Member__oef--LargestHoldingAxis__custom--OkloIncSwapMaturityDate12012026Member_zTi6nIwTrBG5">4.3</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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, 3.56%</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,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--C000261405Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX356Member_zfBOEluMo0Fa">4.2</span></span> </div> </td> </tr> </table> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 2pt 0 4pt; text-align-last: auto; display: block; min-height: 26px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages for swap contracts are based on unrealized appreciation (depreciation).</p> 0.076 0.073 0.068 0.068 0.059 0.056 0.055 0.043 0.042 <p id="xdx_805_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000261405Member_dD_zlBsFJh0IAyb" style="font: 700 10pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Fund Changes</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 34px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">After the close of trading on The Nasdaq Stock Market, LLC on <span id="xdx_90D_eoef--MaterialChngDate_c20250501__20260430__oef--ClassAxis__custom--C000261405Member_zfTyytvsyoo8">March 23, 2026</span>, the Fund effected a 1:7 reverse split of its issued and outstanding shares.</p> 2026-03-23 Defiance Daily Target 2X Long ONDS ETF ONDL CboeBZX This <span id="xdx_90F_eoef--ShareholderReportAnnualOrSemiAnnual_c20250501__20260430__oef--ClassAxis__custom--C000269222Member_zL2IZcpm0VPj">annual shareholder report</span> contains important information about the Defiance Daily Target 2X Long ONDS ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. annual shareholder report You can find additional information about the Fund at <span id="xdx_90F_eoef--AddlInfoWebsite_c20250501__20260430__oef--ClassAxis__custom--C000269222Member_zx1wP1gpiE2h">https://www.defianceetfs.com/ondl</span>. You can also request this information by contacting us at <span id="xdx_902_eoef--AddlInfoPhoneNumber_c20250501__20260430__oef--ClassAxis__custom--C000269222Member_zkKwwRkdw0Jl">(833) 333-9383</span> or by writing to the Defiance Daily Target 2X Long ONDS ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701. https://www.defianceetfs.com/ondl (833) 333-9383 <p id="xdx_80C_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000269222Member_dU_zu6QlI7lBwm5" style="font: 700 11pt/11pt Gotham Narrow-Bold,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">What were the Fund costs for the past year?</p> <p style="font: 300 10pt/11pt Gotham Narrow-Light,Arial; margin: 0; 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"><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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--ClassName_c20250501__20260430__oef--ClassAxis__custom--C000269222Member_zQqPvMnyBKoa" style="font: 300 9pt Gotham Narrow-Light,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">Defiance Daily Target 2X Long ONDS ETF</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--ExpensesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000269222Member_zDfdUJ6a0yfd" style="font: 300 9pt Gotham Narrow-Light,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">$42</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98C_eoef--ExpenseRatioPct_dp_c20250501__20260430__oef--ClassAxis__custom--C000269222Member_fKg_____zjloaPmPG9b3" style="font: 300 9pt Gotham Narrow-Light,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">1.32%*</span> </div> </td> </tr> </table> </div> </div> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 1pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"><span id="xdx_908_eoef--ExpensesShortPeriodFnTextBlock_c20250501__20260430__oef--ClassAxis__custom--C000269222Member_zyJlaL2wxN66">The Fund commenced operations December 29, 2025. Expenses for a full reporting period would be higher than the figures shown.</span></span> </p> <table cellpadding="0" cellspacing="0" style="font: 300 8pt/normal Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td id="xdx_F08_znsh8n2O161i" style="width: 15pt; text-align: right">*</td> <td style="width: 5pt"></td> <td id="xdx_F1A_zkLsDAsUisM7" style="text-align: justify"> Costs paid as a percentage of a $10,000 investment is an annualized figure. </td> </tr> </table> Defiance Daily Target 2X Long ONDS ETF 42 0.0132 The Fund commenced operations December 29, 2025. Expenses for a full reporting period would be higher than the figures shown. <p id="xdx_807_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000269222Member_dU_zFKwegzIEZll" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Cumulative Performance</p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(Initial Investment of $10,000)</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Date</div> </td> <td id="xdx_4BA_oef--ClassAxis_custom--C000269222Member_zy8Gjg396E37" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Defiance Daily Target 2X Long ONDS ETF</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">S&amp;P 500® Total Return Index</div> </td> </tr> <tr id="xdx_43F_c20251229__20251229_eoef--AccmVal_pid_zadeY6v84DI" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12/29/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10000.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10000.0</div> </td> </tr> <tr id="xdx_43F_c20251229__20251231_eoef--AccmVal_pid_zpiPr7bwHHml" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 13161.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9914.0</div> </td> </tr> <tr id="xdx_433_c20251229__20260131_eoef--AccmVal_pid_zPMSYcaDhhIk" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1/31/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12949.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10057.0</div> </td> </tr> <tr id="xdx_436_c20251229__20260228_eoef--AccmVal_pid_zzxFPGvBk335" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">2/28/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10515.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9981.0</div> </td> </tr> <tr id="xdx_434_c20251229__20260331_eoef--AccmVal_pid_zHYPZelPUJzf" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 7576.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9484.0</div> </td> </tr> <tr id="xdx_43E_c20251229__20260430_eoef--AccmVal_pid_zPaoRJrOtko8" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">4/30/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 8668.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10479.0</div> </td> </tr> </table> </div> </div><img alt="line" src="qeseylk1mpupcf1a.jpg" style="box-sizing: border-box; width: 250pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="box-sizing: border-box; text-align-last: auto; display: block; font-family: Times New Roman,Times,serif; line-height: normal; color: #000"> </p> 10000.0 13161.0 12949.0 10515.0 7576.0 8668.0 <p id="xdx_80D_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000269222Member_dU_zhZHMNsFh9a6" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Annual Performance</p> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Returns for the Period ended April 30, 2026</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Since Inception (<span id="xdx_90E_eoef--PerfInceptionDate_c20250501__20260430__oef--ClassAxis__custom--C000269222Member_znVfZG7dni65">12/29/2025</span>)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Defiance Daily Target 2X Long ONDS ETF - at NAV</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_988_eoef--AvgAnnlRtrPct_dp_c20251229__20260430__oef--ClassAxis__custom--C000269222Member_zaDMyGTbOj79" style="font: 300 9pt Gotham Narrow-Light,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">-13.30%</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">S&amp;P 500® Total Return Index</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_983_eoef--AvgAnnlRtrPct_dp_c20251229__20260430__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zz2nH8zlcCH6" style="font: 300 9pt Gotham Narrow-Light,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">4.79%</span> </div> </td> </tr> </table> 2025-12-29 -0.1330 0.0479 The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal">Visit </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial"><span style="box-sizing: border-box">https://www.defianceetfs.com/ondl</span> </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal"> for more recent performance information.</span> <p id="xdx_801_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000269222Member_dU_zPCAVYdmpi7a" style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">How did the Fund perform last year and what influenced its performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 34px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">From inception (December 29, 2025) through April 30, 2026, ONDL had a NAV total return of -13.30%. ONDL seeks to deliver twice the daily performance of ONDS (Ondas Holdings, Inc.). The fund's 2x leverage magnifies ONDS's daily stock movements in ONDL.</p> </div> </div> <p style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">What factors influenced performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 68px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">Ondas Holdings' stock performance was driven by contract awards and deployment progress for its autonomous drone and industrial automation platforms, including its American Robotics and Ondas Networks subsidiaries. Defense and critical infrastructure sector demand for autonomous systems, partnership announcements, and quarterly revenue trends relative to expectations drove stock volatility amplified through ONDL's 2x leverage.</p> </div> </div> <p id="xdx_80E_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000269222Member_dD_zVvaQjnupML2" style="font: 700 13pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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"> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; font-size: 9pt"></span> </p> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: -7pt 0 8pt; margin-block: 1em; margin-inline: 0px; box-sizing: border-box; text-align-last: auto; display: block; padding-top: 0; color: #4f4f4f; text-align: left; text-indent: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_983_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000269222Member_zYT1kqyyCHg8" style="font: 300 9pt Gotham Narrow-Light,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">$51,846</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_989_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000269222Member_zoQIEXXY8PAi" style="font: 300 9pt Gotham Narrow-Light,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</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div id="xdx_988_eoef--AdvisoryFeesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000269222Member_zxwewY99pEZg" style="font: 300 9pt Gotham Narrow-Light,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">$192,168</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div style="font: 300 9pt Gotham Narrow-Light,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_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250501__20260430__oef--ClassAxis__custom--C000269222Member_zBwIhoqIWlol">0</span>%</span> </div> </td> </tr> </table> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; display: block"></span> </div> </div> 51846000 8 192168 0 <p id="xdx_80D_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000269222Member_dD_zKjkqJBm2yR2" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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> <p style="font: 300 10pt/normal Gotham Narrow-Light,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; font-size: 9pt"></span> </p> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/11pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 30.34px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_983_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000269222Member__us-gaap--InvestmentTypeAxis__us-gaap--CashEquivalentsMember_z7WPZvdVpNDi" style="box-sizing: border-box; text-align-last: auto"> 100.0% </div> </td> </tr> </table> </div> </div><img alt="bar" src="qeseylk1mpuo5csy.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/0 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0; text-align: justify"> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/12pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Total Return Swap Contracts</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98C_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000269222Member__us-gaap--InvestmentTypeAxis__custom--TotalReturnSwapContractsMember_zZCZeJAUfpX8" style="box-sizing: border-box; text-align-last: auto"> 11.5% </div> </td> </tr> </table> </div> </div><img alt="bar" src="qes1st61mpuo5d5o.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 300 8pt/9pt Gotham Narrow-Light,Arial; margin: 4pt 0; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">Percentages are stated as a percent of net assets. Percentages for swap contracts are based on unrealized appreciation (depreciation). Cash Equivalents represents cash, short-term investments, and other assets in excess of liabilities.</p> </div> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -55pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> 1.000 0.115 <div id="xdx_80F_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000269222Member_dD_z6Ao3OvOkSGd" 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: 700 13pt Gotham Narrow-Bold,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; white-space: nowrap; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,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: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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 Bills</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000269222Member__oef--LargestHoldingAxis__custom--UnitedStatesTreasuryBillsMember_zWSTa8IVyrOh" style="font: 300 9pt Gotham Narrow-Light,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">5.0</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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 Holdings, Inc. Swap; Maturity Date: 09/08/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000269222Member__oef--LargestHoldingAxis__custom--OndasHoldingIncSwapMaturityDate09082028Member_z2b9feWL771j" style="font: 300 9pt Gotham Narrow-Light,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: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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, 3.56%</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98B_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000269222Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX356Member_z11wzKevTsjl" style="font: 300 9pt Gotham Narrow-Light,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: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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 Holdings, Inc. Swap; Maturity Date: 01/31/2033</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_986_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000269222Member__oef--LargestHoldingAxis__custom--OndasHoldingIncSwapMaturityDate01312033Member_zEkvModwXp3l" style="font: 300 9pt Gotham Narrow-Light,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">3.2</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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 Holdings, Inc. Swap; Maturity Date: 02/08/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000269222Member__oef--LargestHoldingAxis__custom--OndasHoldingIncSwapMaturityDate02082028Member_zXM0F2Jkqlub" style="font: 300 9pt Gotham Narrow-Light,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">2.0</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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 Holdings, Inc. Swap; Maturity Date: 12/28/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000269222Member__oef--LargestHoldingAxis__custom--OndasHoldingIncSwapMaturityDate12282028Member_zCLwfRrjnrjg" style="font: 300 9pt Gotham Narrow-Light,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">0.8</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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 Holdings, Inc. Swap; Maturity Date: 03/30/2033</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98F_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000269222Member__oef--LargestHoldingAxis__custom--OndasHoldingIncSwapMaturityDate03302033Member_zD9xrXMxLLsl" style="font: 300 9pt Gotham Narrow-Light,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">0.5</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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 Holdings, Inc. Swap; Maturity Date: 04/14/2031</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000269222Member__oef--LargestHoldingAxis__custom--OndasHoldingIncSwapMaturityDate04112031Member_zBugJchYhzZb" style="font: 300 9pt Gotham Narrow-Light,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">0.2</span> </div> </td> </tr> </table> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 2pt 0 4pt; text-align-last: auto; display: block; min-height: 26px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages for swap contracts are based on unrealized appreciation (depreciation).</p> 0.050 0.047 0.042 0.032 0.020 0.008 0.005 0.002 Defiance Daily Target 2X Long ORCL ETF Defiance Daily Target 2X Long ORCL ETF ORCX NASDAQ This <span id="xdx_905_eoef--ShareholderReportAnnualOrSemiAnnual_c20250501__20260430__oef--ClassAxis__custom--C000256583Member_z3CQpdB6QVWg">annual shareholder report</span> contains important information about the Defiance Daily Target 2X Long ORCL ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. annual shareholder report You can find additional information about the Fund at <span id="xdx_903_eoef--AddlInfoWebsite_c20250501__20260430__oef--ClassAxis__custom--C000256583Member_zfWHoAokyfd4">https://www.defianceetfs.com/orcx</span>. You can also request this information by contacting us at <span id="xdx_909_eoef--AddlInfoPhoneNumber_c20250501__20260430__oef--ClassAxis__custom--C000256583Member_zw2VM8YB4lLl">(833) 333-9383</span> or by writing to the Defiance Daily Target 2X Long ORCL ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701. https://www.defianceetfs.com/orcx (833) 333-9383 <p id="xdx_809_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000256583Member_dD_zosQF5IiPfLb" style="font: 700 11pt/11pt Gotham Narrow-Bold,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">What were the Fund costs for the past year?</p> <p style="font: 300 10pt/11pt Gotham Narrow-Light,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"><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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Defiance Daily Target 2X Long ORCL ETF</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$<span id="xdx_901_eoef--ExpensesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000256583Member_ziMGF1BG6C49">60</span></span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,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_90F_eoef--ExpenseRatioPct_dp_c20250501__20260430__oef--ClassAxis__custom--C000256583Member_fKg_____zT5NP1Q0Vfah">1.30</span>%*</span> </div> </td> </tr> </table> </div> </div> </div> <table cellpadding="0" cellspacing="0" style="font: 300 8pt/normal Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td id="xdx_F04_zOY2inDuamYc" style="width: 15pt; text-align: right">*</td> <td style="width: 5pt"></td> <td id="xdx_F1A_z4HnidxUxEa5" style="text-align: justify"> Costs paid as a percentage of a $10,000 investment is an annualized figure. </td> </tr> </table> 60 0.0130 <p id="xdx_807_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000256583Member_dU_zjR96vpOMSPk" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Cumulative Performance</p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(Initial Investment of $10,000)</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Date</div> </td> <td id="xdx_4BA_oef--ClassAxis_custom--C000256583Member_zoZ9Y7k4zqL4" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Defiance Daily Target 2X Long ORCL ETF</div> </td> <td id="xdx_4BF_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_z5NQPuYcpyW1" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">S&amp;P 500® Total Return Index</div> </td> </tr> <tr id="xdx_43B_c20250206__20250206_eoef--AccmVal_pid_zRkOXB186l3c" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">2/6/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10000.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10000.0 </div> </td> </tr> <tr id="xdx_433_c20250206__20250228_eoef--AccmVal_pid_zgWR1SEVtmmi" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">2/28/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 9125.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 9799.0 </div> </td> </tr> <tr id="xdx_436_c20250206__20250331_eoef--AccmVal_pid_zlM9VyLmDvZb" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 6270.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 9247.0 </div> </td> </tr> <tr id="xdx_43E_c20250206__20250430_eoef--AccmVal_pid_zLhJh7hGgKn5" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">4/30/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 6126.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 9184.0 </div> </td> </tr> <tr id="xdx_438_c20250206__20250531_eoef--AccmVal_pid_zbY41MsEltB" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">5/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 8317.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 9762.0 </div> </td> </tr> <tr id="xdx_438_c20250206__20250630_eoef--AccmVal_pid_zslY9weinuhj" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">6/30/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 13995.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10259.0 </div> </td> </tr> <tr id="xdx_43E_c20250206__20250731_eoef--AccmVal_pid_zomNlJLbEXTe" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 18536.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10489.0 </div> </td> </tr> <tr id="xdx_437_c20250206__20250831_eoef--AccmVal_pid_zuZ7UxBPdzpj" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 14335.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10702.0 </div> </td> </tr> <tr id="xdx_43B_c20250206__20250930_eoef--AccmVal_pid_z5lsyC21YaUh" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9/30/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 19906.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11092.0 </div> </td> </tr> <tr id="xdx_439_c20250206__20251031_eoef--AccmVal_pid_z7RqvwStbtNj" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 16820.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11352.0 </div> </td> </tr> <tr id="xdx_43B_c20250206__20251130_eoef--AccmVal_pid_z9epUeiUwIG5" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11/30/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 9644.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11380.0 </div> </td> </tr> <tr id="xdx_43E_c20250206__20251231_eoef--AccmVal_pid_z35sZ0TrXi08" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 8616.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11387.0 </div> </td> </tr> <tr id="xdx_437_c20250206__20260131_eoef--AccmVal_pid_zf5HlGjhrkN3" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1/31/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 6006.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11552.0 </div> </td> </tr> <tr id="xdx_43E_c20250206__20260228_eoef--AccmVal_pid_z1SiEIdbPl94" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">2/28/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 4492.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11464.0 </div> </td> </tr> <tr id="xdx_43D_c20250206__20260331_eoef--AccmVal_pid_zAYZ56S2DJ82" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 4453.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10893.0 </div> </td> </tr> <tr id="xdx_437_c20250206__20260430_eoef--AccmVal_pid_zbqqxsrC1MS9" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">4/30/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 5182.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12036.0 </div> </td> </tr> </table> </div> </div><img alt="line" src="qeseylk1mpupbxz8.jpg" style="box-sizing: border-box; width: 250pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="box-sizing: border-box; text-align-last: auto; display: block; font-family: Times New Roman,Times,serif; line-height: normal; color: #000"> </p> 10000.0 10000.0 9125.0 9799.0 6270.0 9247.0 6126.0 9184.0 8317.0 9762.0 13995.0 10259.0 18536.0 10489.0 14335.0 10702.0 19906.0 11092.0 16820.0 11352.0 9644.0 11380.0 8616.0 11387.0 6006.0 11552.0 4492.0 11464.0 4453.0 10893.0 5182.0 12036.0 <p id="xdx_80D_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000256583Member_dU_zSIzGkMEO2ea" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Annual Performance</p> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Returns for the Period ended April 30, 2026</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">1 Year</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Since Inception (<span id="xdx_90E_eoef--PerfInceptionDate_c20250501__20260430__oef--ClassAxis__custom--C000256583Member_ztgiW65DcfZ5">2/6/2025</span>)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Defiance Daily Target 2X Long ORCL ETF - at NAV</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_981_eoef--AvgAnnlRtrPct_dp_c20250501__20260430__oef--ClassAxis__custom--C000256583Member_zHkKJGvsZKDd" style="font: 300 9pt Gotham Narrow-Light,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">-15.43%</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_989_eoef--AvgAnnlRtrPct_dp_c20250206__20260430__oef--ClassAxis__custom--C000256583Member_zb5OZwtJ2FHa" style="font: 300 9pt Gotham Narrow-Light,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">-41.47%</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">S&amp;P 500® Total Return Index</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_988_eoef--AvgAnnlRtrPct_dp_c20250501__20260430__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zZ2oaqarhK5j" style="font: 300 9pt Gotham Narrow-Light,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">31.05%</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_987_eoef--AvgAnnlRtrPct_dp_c20250206__20260430__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zAgUz4VPHJxf" style="font: 300 9pt Gotham Narrow-Light,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">16.30%</span> </div> </td> </tr> </table> 2025-02-06 -0.1543 -0.4147 0.3105 0.1630 The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal">Visit </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial"><span style="box-sizing: border-box">https://www.defianceetfs.com/orcx</span> </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal"> for more recent performance information.</span> <p id="xdx_801_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000256583Member_dU_zE2zDRAJt2Gc" style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">How did the Fund perform last year and what influenced its performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 34px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">For the fiscal year ended April 30, 2026, ORCX had a NAV total return of -15.43%. ORCX seeks to deliver twice the daily performance of ORCL (Oracle Corporation). Fluctuations in Oracle's stock price are magnified in ORCX due to its leveraged structure.</p> </div> </div> <p style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">What factors influenced performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 51px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">Oracle's performance was driven by its cloud infrastructure growth, AI-related data center investments, and expansion of multi-cloud partnerships. The company's cloud revenue trajectory and involvement in government and enterprise AI workloads influenced investor sentiment. Broader cloud computing sector dynamics and interest rate sensitivity of tech valuations added to stock volatility.</p> </div> </div> <p id="xdx_80A_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000256583Member_dD_zOic01cY3Sgj" style="font: 700 13pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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"> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; font-size: 9pt"></span> </p> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: -7pt 0 8pt; margin-block: 1em; margin-inline: 0px; box-sizing: border-box; text-align-last: auto; display: block; padding-top: 0; color: #4f4f4f; text-align: left; text-indent: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 300 9pt Gotham Narrow-Light,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_iE_pn3n3_c20250501__20260430__oef--ClassAxis__custom--C000256583Member_zr8blTUyeADf">287,872</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 300 9pt Gotham Narrow-Light,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--HoldingsCount_iE_uHoldings_c20250501__20260430__oef--ClassAxis__custom--C000256583Member_zKat10M7Jlhd">9</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div style="font: 300 9pt Gotham Narrow-Light,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--AdvisoryFeesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000256583Member_zYDng6kyp6s9">2,020,937</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div style="font: 300 9pt Gotham Narrow-Light,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_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250501__20260430__oef--ClassAxis__custom--C000256583Member_zaOIG5gyFkHe">1,829</span>%</span> </div> </td> </tr> </table> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; display: block"></span> </div> </div> 287872000 9 2020937 18.29 <p id="xdx_804_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000256583Member_dD_zl0udDHxThC4" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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> <p style="font: 300 10pt/normal Gotham Narrow-Light,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; font-size: 9pt"></span> </p> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/11pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 30.34px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98A_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000256583Member__us-gaap--InvestmentTypeAxis__us-gaap--CashEquivalentsMember_zdhcDpKT0ZO1" style="box-sizing: border-box; text-align-last: auto"> 100.0% </div> </td> </tr> </table> </div> </div><img alt="bar" src="qeseylk1mpuo4hvt.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/0 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0; text-align: justify"> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/12pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Total Return Swap Contracts</div> </td> <td style="box-sizing: border-box"> <div id="xdx_987_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000256583Member__us-gaap--InvestmentTypeAxis__custom--TotalReturnSwapContractsMember_zvTmDJpgA4Nf" style="box-sizing: border-box; text-align-last: auto"> 22.6% </div> </td> </tr> </table> </div> </div><img alt="bar" src="qes1st61mpuo4i7l.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 300 8pt/9pt Gotham Narrow-Light,Arial; margin: 4pt 0; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">Percentages are stated as a percent of net assets. Percentages for swap contracts are based on unrealized appreciation (depreciation). Cash Equivalents represents cash, short-term investments, and other assets in excess of liabilities.</p> </div> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -55pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> 1.000 0.226 <div id="xdx_805_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000256583Member_dD_zggNFBuFrWPd" 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: 700 13pt Gotham Narrow-Bold,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; white-space: nowrap; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,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: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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 Bills</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,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--C000256583Member__oef--LargestHoldingAxis__custom--UnitedStatesTreasuryBillsMember_z6XUMd9rpqu4">33.1</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Oracle Corp. Swap; Maturity Date: 01/23/2029</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,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--C000256583Member__oef--LargestHoldingAxis__custom--OracleCorpSwapMaturityDate01222029Member_z4gf3CLxmlx9">6.0</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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, 3.56%</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,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--C000256583Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX356Member_zSNYLUhj4K94">4.5</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Oracle Corp. Swap; Maturity Date: 01/04/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,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--C000256583Member__oef--LargestHoldingAxis__custom--OracleCorpSwapMaturityDate01042028Member_zPcPaNaQCB61">3.8</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Oracle Corp. Swap; Maturity Date: 09/08/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,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--C000256583Member__oef--LargestHoldingAxis__custom--OracleCorpSwapMaturityDate09082028Member_zc7NhyHd1JHc">3.4</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Oracle Corp. Swap; Maturity Date: 02/02/2029</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,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--C000256583Member__oef--LargestHoldingAxis__custom--OracleCorpSwapMaturityDate02022029Member_zClu3TqeVLN8">2.7</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Oracle Corp. Swap; Maturity Date: 02/01/2027</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,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--C000256583Member__oef--LargestHoldingAxis__custom--OracleCorpSwapMaturityDate02012027Member_zBv4Fo1vbf2b">2.6</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Oracle Corp. Swap; Maturity Date: 03/31/2033</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,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--C000256583Member__oef--LargestHoldingAxis__custom--OracleCorpSwapMaturityDate03312033Member_zOuSTA7zAkf4">2.2</span></span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Oracle Corp. Swap; Maturity Date: 10/01/2026</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 300 9pt Gotham Narrow-Light,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--C000256583Member__oef--LargestHoldingAxis__custom--OracleCorpSwapMaturityDate10012026Member_zE6ZWE3bcAPc">1.7</span></span> </div> </td> </tr> </table> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 2pt 0 4pt; text-align-last: auto; display: block; min-height: 26px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages for swap contracts are based on unrealized appreciation (depreciation).</p> 0.331 0.060 0.045 0.038 0.034 0.027 0.026 0.022 0.017 <p id="xdx_808_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000256583Member_dD_zZFSqQVqDO6i" style="font: 700 10pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Fund Changes</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 35px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">After the close of trading on The Nasdaq Stock Market, LLC. on <span id="xdx_901_eoef--MaterialChngDate_c20250501__20260430__oef--ClassAxis__custom--C000256583Member_zk155kHEaXde">March 20, 2026</span>, the Fund effected a 1:3 reverse split of its issued and outstanding shares.</p> 2026-03-20 Defiance Daily Target 2X Long PL ETF PLU CboeBZX This <span id="xdx_90F_eoef--ShareholderReportAnnualOrSemiAnnual_c20250501__20260430__oef--ClassAxis__custom--C000269224Member_zC6yALUIQQ1i">annual shareholder report</span> contains important information about the Defiance Daily Target 2X Long PL ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. annual shareholder report You can find additional information about the Fund at <span id="xdx_90F_eoef--AddlInfoWebsite_c20250501__20260430__oef--ClassAxis__custom--C000269224Member_zOjlcv4WwOs4">https://www.defianceetfs.com/plu</span>. You can also request this information by contacting us at <span id="xdx_902_eoef--AddlInfoPhoneNumber_c20250501__20260430__oef--ClassAxis__custom--C000269224Member_zcnt61ZGzn2d">(833) 333-9383</span> or by writing to the Defiance Daily Target 2X Long PL ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701. https://www.defianceetfs.com/plu (833) 333-9383 <p id="xdx_80C_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000269224Member_dU_zaX2wLxt0T35" style="font: 700 11pt/11pt Gotham Narrow-Bold,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">What were the Fund costs for the past year?</p> <p style="font: 300 10pt/11pt Gotham Narrow-Light,Arial; margin: 0; 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"><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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--ClassName_c20250501__20260430__oef--ClassAxis__custom--C000269224Member_zOFE6cnB56P3" style="font: 300 9pt Gotham Narrow-Light,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">Defiance Daily Target 2X Long PL ETF</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--ExpensesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000269224Member_zUnkbsoJuoSl" style="font: 300 9pt Gotham Narrow-Light,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">$66</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98C_eoef--ExpenseRatioPct_dp_c20250501__20260430__oef--ClassAxis__custom--C000269224Member_fKg_____znJGku1Iv97h" style="font: 300 9pt Gotham Narrow-Light,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">1.42%*</span> </div> </td> </tr> </table> </div> </div> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 1pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"><span id="xdx_908_eoef--ExpensesShortPeriodFnTextBlock_c20250501__20260430__oef--ClassAxis__custom--C000269224Member_zEPJgjQ4acAl">The Fund commenced operations January 6, 2026. Expenses for a full reporting period would be higher than the figures shown.</span></span> </p> <table cellpadding="0" cellspacing="0" style="font: 300 8pt/normal Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td id="xdx_F0B_zcojnwGipYH3" style="width: 15pt; text-align: right">*</td> <td style="width: 5pt"></td> <td id="xdx_F14_zOEUcgjg27s1" style="text-align: justify"> Costs paid as a percentage of a $10,000 investment is an annualized figure. </td> </tr> </table> Defiance Daily Target 2X Long PL ETF 66 0.0142 The Fund commenced operations January 6, 2026. Expenses for a full reporting period would be higher than the figures shown. <p id="xdx_807_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000269224Member_dU_zYCZqeWId11i" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Cumulative Performance</p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(Initial Investment of $10,000)</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Date</div> </td> <td id="xdx_4BA_oef--ClassAxis_custom--C000269224Member_z7DVubV7Xi2" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Defiance Daily Target 2X Long PL ETF</div> </td> <td id="xdx_4BF_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_zAHYver2h114" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">S&amp;P 500® Total Return Index</div> </td> </tr> <tr id="xdx_43B_c20260106__20260106_eoef--AccmVal_pid_zypAP5b5WIa4" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1/6/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10000.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10000.0 </div> </td> </tr> <tr id="xdx_439_c20260106__20260131_eoef--AccmVal_pid_zKj0eZP8dQEf" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1/31/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12387.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 9997.0 </div> </td> </tr> <tr id="xdx_431_c20260106__20260228_eoef--AccmVal_pid_zkcyXphaARD8" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">2/28/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10650.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 9921.0 </div> </td> </tr> <tr id="xdx_435_c20260106__20260331_eoef--AccmVal_pid_z8D6IpHFBCt9" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12379.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 9427.0 </div> </td> </tr> <tr id="xdx_43A_c20260106__20260430_eoef--AccmVal_pid_zSfBl9eifuSi" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">4/30/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 19686.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10416.0 </div> </td> </tr> </table> </div> </div><img alt="line" src="qeseylk1mpupcfq4.jpg" style="box-sizing: border-box; width: 250pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="box-sizing: border-box; text-align-last: auto; display: block; font-family: Times New Roman,Times,serif; line-height: normal; color: #000"> </p> 10000.0 10000.0 12387.0 9997.0 10650.0 9921.0 12379.0 9427.0 19686.0 10416.0 <p id="xdx_80D_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000269224Member_dU_zszVTshvpuwf" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Annual Performance</p> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Returns for the Period ended April 30, 2026</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Since Inception (<span id="xdx_90E_eoef--PerfInceptionDate_c20250501__20260430__oef--ClassAxis__custom--C000269224Member_zjBzZv5lpfp8">1/6/2026</span>)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Defiance Daily Target 2X Long PL ETF - at NAV</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_98F_eoef--AvgAnnlRtrPct_dp_c20260106__20260430__oef--ClassAxis__custom--C000269224Member_zaWqcZrKHTB5" style="font: 300 9pt Gotham Narrow-Light,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">96.85%</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">S&amp;P 500® Total Return Index</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_989_eoef--AvgAnnlRtrPct_dp_c20260106__20260430__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zwzdNGdwCWM4" style="font: 300 9pt Gotham Narrow-Light,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">4.16%</span> </div> </td> </tr> </table> 2026-01-06 0.9685 0.0416 The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal">Visit </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial"><span style="box-sizing: border-box">https://www.defianceetfs.com/plu</span> </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal"> for more recent performance information.</span> <p id="xdx_801_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000269224Member_dU_zOpbDmrjW6od" style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">How did the Fund perform last year and what influenced its performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 34px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">From inception (January 6, 2026) through April 30, 2026, PLU had a NAV total return of 96.85%. PLU seeks to deliver twice the daily performance of PL (Planet Labs PBC). The fund's 2x leverage magnifies PL's daily stock movements in PLU.</p> </div> </div> <p style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">What factors influenced performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 68px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">Planet Labs' stock performance was influenced by growth in its satellite imagery subscription business, government and defense contract activity, and the competitive landscape in Earth observation data services. Quarterly revenue growth, customer retention metrics, and the company's path toward profitability drove investor sentiment. Broader interest in geospatial intelligence and satellite data applications contributed to stock movements amplified through PLU's 2x leverage.</p> </div> </div> <p id="xdx_80E_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000269224Member_dD_z9uPQf6mD8Jk" style="font: 700 13pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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"> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; font-size: 9pt"></span> </p> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: -7pt 0 8pt; margin-block: 1em; margin-inline: 0px; box-sizing: border-box; text-align-last: auto; display: block; padding-top: 0; color: #4f4f4f; text-align: left; text-indent: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_983_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000269224Member_zHcO45Nk6Bj1" style="font: 300 9pt Gotham Narrow-Light,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">$31,469</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_989_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000269224Member_zJYr77SNAgni" style="font: 300 9pt Gotham Narrow-Light,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</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div id="xdx_988_eoef--AdvisoryFeesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000269224Member_zMd6zBi1S3Yg" style="font: 300 9pt Gotham Narrow-Light,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">$28,579</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div style="font: 300 9pt Gotham Narrow-Light,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_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250501__20260430__oef--ClassAxis__custom--C000269224Member_zKN8ZxXR0iS">0</span>%</span> </div> </td> </tr> </table> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; display: block"></span> </div> </div> 31469000 8 28579 0 <p id="xdx_80D_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000269224Member_dD_zzqsBW96KWJg" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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> <p style="font: 300 10pt/normal Gotham Narrow-Light,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; font-size: 9pt"></span> </p> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/11pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 30.34px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_983_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000269224Member__us-gaap--InvestmentTypeAxis__us-gaap--CashEquivalentsMember_zjtb3Y9OvmI1" style="box-sizing: border-box; text-align-last: auto"> 100.0% </div> </td> </tr> </table> </div> </div><img alt="bar" src="qes1st61mpuo5e12.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/0 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0; text-align: justify"> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/12pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Total Return Swap Contracts</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98C_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000269224Member__us-gaap--InvestmentTypeAxis__custom--TotalReturnSwapContractsMember_zCFIpO6M6m13" style="box-sizing: border-box; text-align-last: auto"> 18.9% </div> </td> </tr> </table> </div> </div><img alt="bar" src="qeseylk1mpuo5ees.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 300 8pt/9pt Gotham Narrow-Light,Arial; margin: 4pt 0; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">Percentages are stated as a percent of net assets. Percentages for swap contracts are based on unrealized appreciation (depreciation). Cash Equivalents represents cash, short-term investments, and other assets in excess of liabilities.</p> </div> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -55pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> 1.000 0.189 <div id="xdx_80F_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000269224Member_dD_zZo7fyeh91pi" 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: 700 13pt Gotham Narrow-Bold,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; white-space: nowrap; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,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: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Planet Labs PBC Swap; Maturity Date: 09/08/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000269224Member__oef--LargestHoldingAxis__custom--PlanetLabsPBCSwapMaturityDate09082028Member_zcgmBgjpCJ08" style="font: 300 9pt Gotham Narrow-Light,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">5.5</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Planet Labs PBC Swap; Maturity Date: 02/22/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98B_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000269224Member__oef--LargestHoldingAxis__custom--PlanetLabsPBCSwapMaturityDate02222028Member_zD2t3OHk7dC5" style="font: 300 9pt Gotham Narrow-Light,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">5.3</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Planet Labs PBC Swap; Maturity Date: 01/05/2029</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98F_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000269224Member__oef--LargestHoldingAxis__custom--PlanetLabsPBCSwapMaturityDate01052029Member_zeqPa1xMdTCi" style="font: 300 9pt Gotham Narrow-Light,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">5.1</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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, 3.56%</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_987_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000269224Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX356Member_zJ6GQEvWdv9i" style="font: 300 9pt Gotham Narrow-Light,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">4.0</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Planet Labs PBC Swap; Maturity Date: 01/31/2033</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000269224Member__oef--LargestHoldingAxis__custom--PlanetLabsPBCSwapMaturityDate01312033Member_zW55PgWunxRl" style="font: 300 9pt Gotham Narrow-Light,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">2.7</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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 Bills</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000269224Member__oef--LargestHoldingAxis__custom--UnitedStatesTreasuryBillsMember_z6hs6oq79lt6" style="font: 300 9pt Gotham Narrow-Light,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">2.6</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Planet Labs PBC Swap; Maturity Date: 03/30/2033</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_983_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000269224Member__oef--LargestHoldingAxis__custom--PlanetLabsPBCSwapMaturityDate03302033Member_zCJAbG4u81y9" style="font: 300 9pt Gotham Narrow-Light,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">0.2</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Planet Labs PBC Swap; Maturity Date: 04/29/2033</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_987_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000269224Member__oef--LargestHoldingAxis__custom--PlanetLabsPBCSwapMaturityDate04292033Member_zylN7W6Ej1U1" style="font: 300 9pt Gotham Narrow-Light,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">0.0</span> </div> </td> </tr> </table> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 2pt 0 4pt; text-align-last: auto; display: block; min-height: 26px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages for swap contracts are based on unrealized appreciation (depreciation).</p> 0.055 0.053 0.051 0.040 0.027 0.026 0.002 0.000 Defiance Daily Target 2X Long POET ETF POEL NASDAQ This <span id="xdx_90F_eoef--ShareholderReportAnnualOrSemiAnnual_c20250501__20260430__oef--ClassAxis__custom--C000270924Member_zOW1VFOWFls4">annual shareholder report</span> contains important information about the Defiance Daily Target 2X Long POET ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. annual shareholder report You can find additional information about the Fund at <span id="xdx_90F_eoef--AddlInfoWebsite_c20250501__20260430__oef--ClassAxis__custom--C000270924Member_z1cOZV6r456k">https://www.defianceetfs.com/poel</span>. You can also request this information by contacting us at <span id="xdx_902_eoef--AddlInfoPhoneNumber_c20250501__20260430__oef--ClassAxis__custom--C000270924Member_zwH7b9XFMXfi">(833) 333-9383</span> or by writing to the Defiance Daily Target 2X Long POET ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701. https://www.defianceetfs.com/poel (833) 333-9383 <p id="xdx_80C_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000270924Member_dU_zmv41JnFhPG4" style="font: 700 11pt/11pt Gotham Narrow-Bold,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">What were the Fund costs for the past year?</p> <p style="font: 300 10pt/11pt Gotham Narrow-Light,Arial; margin: 0; 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"><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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--ClassName_c20250501__20260430__oef--ClassAxis__custom--C000270924Member_zOdgkBIEELj2" style="font: 300 9pt Gotham Narrow-Light,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">Defiance Daily Target 2X Long POET ETF</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--ExpensesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000270924Member_z3a45GYfVmmj" style="font: 300 9pt Gotham Narrow-Light,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">$0</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98C_eoef--ExpenseRatioPct_dp_c20250501__20260430__oef--ClassAxis__custom--C000270924Member_fKg_____zoyLpvrkTjyd" style="font: 300 9pt Gotham Narrow-Light,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">0.00%*</span> </div> </td> </tr> </table> </div> </div> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 1pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"><span id="xdx_908_eoef--ExpensesShortPeriodFnTextBlock_c20250501__20260430__oef--ClassAxis__custom--C000270924Member_zDxcD3qEsuY7">The Fund commenced operations April 30, 2026. Expenses for a full reporting period would be higher than the figures shown.</span></span> </p> <table cellpadding="0" cellspacing="0" style="font: 300 8pt/normal Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td id="xdx_F05_zWnjYFTNQnCe" style="width: 15pt; text-align: right">*</td> <td style="width: 5pt"></td> <td id="xdx_F10_zcXPTEmSS4H4" style="text-align: justify"> Costs paid as a percentage of a $10,000 investment is an annualized figure. </td> </tr> </table> Defiance Daily Target 2X Long POET ETF 0 0.0000 The Fund commenced operations April 30, 2026. Expenses for a full reporting period would be higher than the figures shown. <p id="xdx_807_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000270924Member_dU_zdhyYhEPt0nl" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Cumulative Performance</p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(Initial Investment of $10,000)</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Date</div> </td> <td id="xdx_4BA_oef--ClassAxis_custom--C000270924Member_zmG43M86iJfh" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Defiance Daily Target 2X Long POET ETF</div> </td> <td id="xdx_4BF_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_z8SJvdEAMHBf" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">S&amp;P 500® Total Return Index</div> </td> </tr> <tr id="xdx_438_c20260430__20260430_eoef--AccmVal_pid_zGAUjPsDE0q9" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">4/30/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10000.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10000.0 </div> </td> </tr> </table> </div> </div><img alt="line" src="qeseylk1mpupcgdb.jpg" style="box-sizing: border-box; width: 250pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="box-sizing: border-box; text-align-last: auto; display: block; font-family: Times New Roman,Times,serif; line-height: normal; color: #000"> </p> 10000.0 10000.0 <p id="xdx_80D_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000270924Member_dU_zxWuWOKshFld" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Annual Performance</p> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Returns for the Period ended April 30, 2026</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Since Inception (<span id="xdx_90E_eoef--PerfInceptionDate_c20250501__20260430__oef--ClassAxis__custom--C000270924Member_zKogPYOpyYxd">4/30/2026</span>)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Defiance Daily Target 2X Long POET ETF - at NAV</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_98B_eoef--AvgAnnlRtrPct_dp_c20260430__20260430__oef--ClassAxis__custom--C000270924Member_z0rqbqbb88Cl" style="font: 300 9pt Gotham Narrow-Light,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">0.00%</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">S&amp;P 500® Total Return Index</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_983_eoef--AvgAnnlRtrPct_dp_c20260430__20260430__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndex1Member_zeTBbFZoWL19" style="font: 300 9pt Gotham Narrow-Light,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">1.03%</span> </div> </td> </tr> </table> 2026-04-30 0.0000 0.0103 The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal">Visit </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial"><span style="box-sizing: border-box">https://www.defianceetfs.com/poel</span> </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal"> for more recent performance information.</span> <p id="xdx_801_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000270924Member_dU_zBUlHb98Abl9" style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">How did the Fund perform last year and what influenced its performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 34px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">With inception on April 30, 2026, POEL had a NAV total return of 0.00<b style="box-sizing: border-box">%</b>. POEL seeks to deliver twice the daily performance of POET (POET Technologies Inc.). Any fluctuations in POET's stock price are magnified in POEL due to its 2x daily leverage.</p> </div> </div> <p style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">What factors influenced performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 51px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">Due to the Fund’s launch late in the reporting period, there was minimal operating activity to analyze for the Defiance Daily Target 2X Long POET ETF. As a result, performance and portfolio activity for the period were limited and may not be representative of the Fund’s ongoing investment strategy or future results.</p> </div> </div> <p id="xdx_80E_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000270924Member_dD_zSkq4lZRW1Ci" style="font: 700 13pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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"> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; font-size: 9pt"></span> </p> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: -7pt 0 8pt; margin-block: 1em; margin-inline: 0px; box-sizing: border-box; text-align-last: auto; display: block; padding-top: 0; color: #4f4f4f; text-align: left; text-indent: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_983_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000270924Member_zl2mg6LSRYv4" style="font: 300 9pt Gotham Narrow-Light,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">$1,000</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_989_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000270924Member_zCLIFsjczz42" style="font: 300 9pt Gotham Narrow-Light,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</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div id="xdx_988_eoef--AdvisoryFeesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000270924Member_zcStsczWX2N3" style="font: 300 9pt Gotham Narrow-Light,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</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div style="font: 300 9pt Gotham Narrow-Light,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_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250501__20260430__oef--ClassAxis__custom--C000270924Member_zAvKnDda33s2">0</span>%</span> </div> </td> </tr> </table> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; display: block"></span> </div> </div> 1000000 3 0 0 <p id="xdx_80D_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000270924Member_dD_z3JRgEbNHmaa" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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> <p style="font: 300 10pt/normal Gotham Narrow-Light,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; font-size: 9pt"></span> </p> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/11pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 30.34px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_983_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000270924Member__us-gaap--InvestmentTypeAxis__us-gaap--CashEquivalentsMember_zP5GQVwuhClf" style="box-sizing: border-box; text-align-last: auto"> 0% </div> </td> </tr> </table> </div> </div><img alt="bar" src="qeseylk1mpuo5fa6.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/0 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0; text-align: justify"> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/12pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Total Return Swap Contracts</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98C_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000270924Member__us-gaap--InvestmentTypeAxis__custom--TotalReturnSwapContractsMember_zAo6ZOXEleW9" style="box-sizing: border-box; text-align-last: auto"> 0.0% </div> </td> </tr> </table> </div> </div><img alt="bar" src="qes1st61mpuo5fne.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 300 8pt/9pt Gotham Narrow-Light,Arial; margin: 4pt 0; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">Percentages are stated as a percent of net assets. Percentages for swap contracts are based on unrealized appreciation (depreciation). Cash Equivalents represents cash, short-term investments, and other assets in excess of liabilities.</p> </div> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -55pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> 0 0.000 <div id="xdx_80F_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000270924Member_dD_z6wAAxXCtXmf" 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: 700 13pt Gotham Narrow-Bold,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; white-space: nowrap; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,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: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">POET Technologies, Inc. Swap; Maturity Date: 05/01/2033</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98A_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000270924Member__oef--LargestHoldingAxis__custom--POETTechnologiesIncSwapMaturityDate05012033Member_zeJYnxBIhhbf" style="font: 300 9pt Gotham Narrow-Light,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">0.0</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">POET Technologies, Inc. Swap; Maturity Date: 07/10/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_986_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000270924Member__oef--LargestHoldingAxis__custom--POETTechnologiesIncSwapMaturityDate07102028Member_z8pgZdLxQmWi" style="font: 300 9pt Gotham Narrow-Light,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">0.0</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">POET Technologies, Inc. Swap; Maturity Date: 11/30/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98F_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000270924Member__oef--LargestHoldingAxis__custom--POETTechnologiesIncSwapMaturityDate11302028Member_zgYo3wUjaPO1" style="font: 300 9pt Gotham Narrow-Light,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">0.0</span> </div> </td> </tr> </table> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 2pt 0 4pt; text-align-last: auto; display: block; min-height: 26px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages for swap contracts are based on unrealized appreciation (depreciation).</p> 0.000 0.000 0.000 Defiance Daily Target 2X Long QS ETF QSU NYSEArca This <span id="xdx_90F_eoef--ShareholderReportAnnualOrSemiAnnual_c20250501__20260430__oef--ClassAxis__custom--C000264698Member_zKLVVZJqd8x8">annual shareholder report</span> contains important information about the Defiance Daily Target 2X Long QS ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. annual shareholder report You can find additional information about the Fund at <span id="xdx_90F_eoef--AddlInfoWebsite_c20250501__20260430__oef--ClassAxis__custom--C000264698Member_zYeqCGAWHVz1">https://www.defianceetfs.com/qsu</span>. You can also request this information by contacting us at <span id="xdx_902_eoef--AddlInfoPhoneNumber_c20250501__20260430__oef--ClassAxis__custom--C000264698Member_zmuxfXXtUgQ9">(833) 333-9383</span> or by writing to the Defiance Daily Target 2X Long QS ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701. https://www.defianceetfs.com/qsu (833) 333-9383 <p id="xdx_80C_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000264698Member_dU_zjOmnN6oaOb" style="font: 700 11pt/11pt Gotham Narrow-Bold,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">What were the Fund costs for the past year?</p> <p style="font: 300 10pt/11pt Gotham Narrow-Light,Arial; margin: 0; 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"><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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--ClassName_c20250501__20260430__oef--ClassAxis__custom--C000264698Member_zrslunDcLXLi" style="font: 300 9pt Gotham Narrow-Light,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">Defiance Daily Target 2X Long QS ETF</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--ExpensesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000264698Member_zBlOWnt8UrPa" style="font: 300 9pt Gotham Narrow-Light,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">$39</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98C_eoef--ExpenseRatioPct_dp_c20250501__20260430__oef--ClassAxis__custom--C000264698Member_fKg_____z2obpARpOu2b" style="font: 300 9pt Gotham Narrow-Light,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">1.32%*</span> </div> </td> </tr> </table> </div> </div> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 1pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"><span id="xdx_908_eoef--ExpensesShortPeriodFnTextBlock_c20250501__20260430__oef--ClassAxis__custom--C000264698Member_z13P6L1e7Jqi">The Fund commenced operations October 20, 2025. Expenses for a full reporting period would be higher than the figures shown.</span></span> </p> <table cellpadding="0" cellspacing="0" style="font: 300 8pt/normal Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td id="xdx_F00_zQdBien1uM97" style="width: 15pt; text-align: right">*</td> <td style="width: 5pt"></td> <td id="xdx_F1E_zOiBHKaR7Cgg" style="text-align: justify"> Costs paid as a percentage of a $10,000 investment is an annualized figure. </td> </tr> </table> Defiance Daily Target 2X Long QS ETF 39 0.0132 The Fund commenced operations October 20, 2025. Expenses for a full reporting period would be higher than the figures shown. <p id="xdx_807_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000264698Member_dU_zY5ur4AKSak4" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Cumulative Performance</p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(Initial Investment of $10,000)</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Date</div> </td> <td id="xdx_4BA_oef--ClassAxis_custom--C000264698Member_zr4WCE03c3Ak" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Defiance Daily Target 2X Long QS ETF</div> </td> <td id="xdx_4BF_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_zZYrEu3Lx1ed" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">S&amp;P 500® Total Return Index</div> </td> </tr> <tr id="xdx_432_c20251020__20251020_eoef--AccmVal_pid_zscafNn9reke" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10/20/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10000.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10000.0 </div> </td> </tr> <tr id="xdx_433_c20251020__20251031_eoef--AccmVal_pid_zITGsIHpIG9k" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12086.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10158.0 </div> </td> </tr> <tr id="xdx_43F_c20251020__20251130_eoef--AccmVal_pid_zSvYQcx1bvRg" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11/30/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 4808.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10183.0 </div> </td> </tr> <tr id="xdx_434_c20251020__20251231_eoef--AccmVal_pid_zNw8u9fENeZf" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 3287.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10189.0 </div> </td> </tr> <tr id="xdx_436_c20251020__20260131_eoef--AccmVal_pid_z5JAGhdZDLOb" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1/31/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 2226.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10337.0 </div> </td> </tr> <tr id="xdx_432_c20251020__20260228_eoef--AccmVal_pid_zGzmBLrPafa2" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">2/28/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 1252.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10258.0 </div> </td> </tr> <tr id="xdx_435_c20251020__20260331_eoef--AccmVal_pid_zqE6LvFFs7Vb" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 999.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 9747.0 </div> </td> </tr> <tr id="xdx_43E_c20251020__20260430_eoef--AccmVal_pid_zCgK6LQo6lci" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">4/30/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 1241.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10770.0 </div> </td> </tr> </table> </div> </div><img alt="line" src="qeseylk1mpupc5ya.jpg" style="box-sizing: border-box; width: 250pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="box-sizing: border-box; text-align-last: auto; display: block; font-family: Times New Roman,Times,serif; line-height: normal; color: #000"> </p> 10000.0 10000.0 12086.0 10158.0 4808.0 10183.0 3287.0 10189.0 2226.0 10337.0 1252.0 10258.0 999.0 9747.0 1241.0 10770.0 <p id="xdx_80D_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000264698Member_dU_zD8uCYM4w39f" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Annual Performance</p> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Returns for the Period ended April 30, 2026</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Since Inception (<span id="xdx_90E_eoef--PerfInceptionDate_c20250501__20260430__oef--ClassAxis__custom--C000264698Member_zz62ElkulwPd">10/20/2025</span>)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Defiance Daily Target 2X Long QS ETF - at NAV</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_982_eoef--AvgAnnlRtrPct_dp_c20251020__20260430__oef--ClassAxis__custom--C000264698Member_zqCPLGNBEy0l" style="font: 300 9pt Gotham Narrow-Light,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">-87.59%</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">S&amp;P 500® Total Return Index</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_98B_eoef--AvgAnnlRtrPct_dp_c20251020__20260430__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zqVFUVUwjS5c" style="font: 300 9pt Gotham Narrow-Light,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">7.70%</span> </div> </td> </tr> </table> 2025-10-20 -0.8759 0.0770 The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal">Visit </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial"><span style="box-sizing: border-box">https://www.defianceetfs.com/qsu</span> </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal"> for more recent performance information.</span> <p id="xdx_801_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000264698Member_dU_zdz6GaUG4Uhg" style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">How did the Fund perform last year and what influenced its performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 51px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">From inception (October 20, 2025) through April 30, 2026, QSU had a NAV total return of -87.59%. QSU seeks to deliver twice the daily performance of QS (QuantumScape Corporation). The fund's 2x leverage magnifies QS's daily stock movements, which can be highly volatile given the early-stage nature of the underlying company.</p> </div> </div> <p style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">What factors influenced performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 68px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">QuantumScape's stock was driven by progress in its solid-state battery technology development, manufacturing scale-up milestones, and partnerships with automotive OEMs. Investor sentiment toward electric vehicle battery technology and the competitive landscape for next-generation energy storage solutions influenced stock performance. Quarterly updates on technical and commercial milestones relative to expectations drove episodic volatility amplified through QSU's leveraged structure.</p> </div> </div> <p id="xdx_80E_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000264698Member_dD_zSVtahznxTTj" style="font: 700 13pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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"> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; font-size: 9pt"></span> </p> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: -7pt 0 8pt; margin-block: 1em; margin-inline: 0px; box-sizing: border-box; text-align-last: auto; display: block; padding-top: 0; color: #4f4f4f; text-align: left; text-indent: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_983_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000264698Member_zXLQ0kRySoO1" style="font: 300 9pt Gotham Narrow-Light,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">$16,477</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_989_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000264698Member_z00Vlu7J3PJi" style="font: 300 9pt Gotham Narrow-Light,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</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div id="xdx_988_eoef--AdvisoryFeesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000264698Member_zYSzAfPBabV8" style="font: 300 9pt Gotham Narrow-Light,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">$95,087</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div style="font: 300 9pt Gotham Narrow-Light,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_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250501__20260430__oef--ClassAxis__custom--C000264698Member_zY3EqkULVLA">0</span>%</span> </div> </td> </tr> </table> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; display: block"></span> </div> </div> 16477000 9 95087 0 <p id="xdx_80D_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000264698Member_dD_z7ivySbZN2z3" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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> <p style="font: 300 10pt/normal Gotham Narrow-Light,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; font-size: 9pt"></span> </p> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/11pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 30.34px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_983_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000264698Member__us-gaap--InvestmentTypeAxis__us-gaap--CashEquivalentsMember_zkWK2u68a0uk" style="box-sizing: border-box; text-align-last: auto"> 100.0% </div> </td> </tr> </table> </div> </div><img alt="bar" src="qes1st61mpuo4vhb.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/0 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0; text-align: justify"> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/12pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Total Return Swap Contracts</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98C_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000264698Member__us-gaap--InvestmentTypeAxis__custom--TotalReturnSwapContractsMember_zk3xzv6Z2Dgl" style="box-sizing: border-box; text-align-last: auto"> 14.8% </div> </td> </tr> </table> </div> </div><img alt="bar" src="qeseylk1mpuo4vu5.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 300 8pt/9pt Gotham Narrow-Light,Arial; margin: 4pt 0; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">Percentages are stated as a percent of net assets. Percentages for swap contracts are based on unrealized appreciation (depreciation). Cash Equivalents represents cash, short-term investments, and other assets in excess of liabilities.</p> </div> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -55pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> 1.000 0.148 <div id="xdx_80F_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000264698Member_dD_zTpNZBe0xIL6" 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: 700 13pt Gotham Narrow-Bold,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; white-space: nowrap; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,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: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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 Bills</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000264698Member__oef--LargestHoldingAxis__custom--UnitedStatesTreasuryBillsMember_zNWsaUaJcp12" style="font: 300 9pt Gotham Narrow-Light,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">19.2</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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, 3.56%</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000264698Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX356Member_z41J1qBxt2Ek" style="font: 300 9pt Gotham Narrow-Light,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; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">QuantumScape Corp. Swap; Maturity Date: 11/01/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_982_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000264698Member__oef--LargestHoldingAxis__custom--QuantumScapeCorpSwapMaturityDate11012028Member_zbwY4n4lbma7" style="font: 300 9pt Gotham Narrow-Light,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">5.2</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">QuantumScape Corp. Swap; Maturity Date: 01/04/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000264698Member__oef--LargestHoldingAxis__custom--QuantumScapeCorpSwapMaturityDate01042028Member_zthFu4K8xo2k" style="font: 300 9pt Gotham Narrow-Light,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> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">QuantumScape Corp. Swap; Maturity Date: 03/18/2033</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000264698Member__oef--LargestHoldingAxis__custom--QuantumScapeCorpSwapMaturityDate03182033Member_z6Q0FxVH8QD9" style="font: 300 9pt Gotham Narrow-Light,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: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">QuantumScape Corp. Swap; Maturity Date: 03/31/2033</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98F_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000264698Member__oef--LargestHoldingAxis__custom--QuantumScapeCorpSwapMaturityDate03312033Member_zHm4c2k1ZFul" style="font: 300 9pt Gotham Narrow-Light,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">1.6</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">QuantumScape Corp. Swap; Maturity Date: 10/19/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98C_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000264698Member__oef--LargestHoldingAxis__custom--QuantumScapeCorpSwapMaturityDate10192028Member_zv4kdadqLhRi" style="font: 300 9pt Gotham Narrow-Light,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">1.1</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">QuantumScape Corp. Swap; Maturity Date: 04/14/2031</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_986_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000264698Member__oef--LargestHoldingAxis__custom--QuantumScapeCorpSwapMaturityDate04112031Member_z8lofBZdJ5Hg" style="font: 300 9pt Gotham Narrow-Light,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">0.8</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">QuantumScape Corp. Swap; Maturity Date: 01/31/2033</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000264698Member__oef--LargestHoldingAxis__custom--QuantumScapeCorpSwapMaturityDate01312033Member_z8aiJf1F0cP3" style="font: 300 9pt Gotham Narrow-Light,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">0.2</span> </div> </td> </tr> </table> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 2pt 0 4pt; text-align-last: auto; display: block; min-height: 26px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages for swap contracts are based on unrealized appreciation (depreciation).</p> 0.192 0.078 0.052 0.041 0.017 0.016 0.011 0.008 0.002 <p id="xdx_80E_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000264698Member_dD_z3JGbT7JhVxh" style="font: 700 10pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Fund Changes</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 35px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">After the close of trading on NYSE Arca, Inc. on <span id="xdx_90B_eoef--MaterialChngDate_c20250501__20260430__oef--ClassAxis__custom--C000264698Member_zuZcHtA5KQNk">March 20, 2026</span>, the Fund effected a 1:6 reverse split of its issued and outstanding shares.</p> 2026-03-20 Defiance Daily Target 2X Long RKT ETF RKTL CboeBZX This <span id="xdx_90F_eoef--ShareholderReportAnnualOrSemiAnnual_c20250501__20260430__oef--ClassAxis__custom--C000269225Member_zDOVqT34eB12">annual shareholder report</span> contains important information about the Defiance Daily Target 2X Long RKT ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. annual shareholder report You can find additional information about the Fund at <span id="xdx_90F_eoef--AddlInfoWebsite_c20250501__20260430__oef--ClassAxis__custom--C000269225Member_zyxVluUA1iwk">https://www.defianceetfs.com/rkt</span>l. You can also request this information by contacting us at <span id="xdx_902_eoef--AddlInfoPhoneNumber_c20250501__20260430__oef--ClassAxis__custom--C000269225Member_zErqjBNndc4i">(833) 333-9383</span> or by writing to the Defiance Daily Target 2X Long RKT ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701. https://www.defianceetfs.com/rkt (833) 333-9383 This report describes changes to the Fund that occurred during the reporting period. <p id="xdx_80C_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000269225Member_dU_zLWVPWVtYNsl" style="font: 700 11pt/11pt Gotham Narrow-Bold,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">What were the Fund costs for the past year?</p> <p style="font: 300 10pt/11pt Gotham Narrow-Light,Arial; margin: 0; 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"><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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--ClassName_c20250501__20260430__oef--ClassAxis__custom--C000269225Member_z1wyXCw86E6a" style="font: 300 9pt Gotham Narrow-Light,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">Defiance Daily Target 2X Long RKT ETF</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--ExpensesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000269225Member_zlY7xhVCSBcg" style="font: 300 9pt Gotham Narrow-Light,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">$29</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98C_eoef--ExpenseRatioPct_dp_c20250501__20260430__oef--ClassAxis__custom--C000269225Member_fKg_____zDO3U8c9wgo" style="font: 300 9pt Gotham Narrow-Light,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">1.44%*</span> </div> </td> </tr> </table> </div> </div> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 1pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"><span id="xdx_908_eoef--ExpensesShortPeriodFnTextBlock_c20250501__20260430__oef--ClassAxis__custom--C000269225Member_zJtx6Jno3yS1">The Fund commenced operations January 12, 2026. Expenses for a full reporting period would be higher than the figures shown.</span></span> </p> <table cellpadding="0" cellspacing="0" style="font: 300 8pt/normal Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td id="xdx_F03_zmUxaMD9v5oc" style="width: 15pt; text-align: right">*</td> <td style="width: 5pt"></td> <td id="xdx_F1A_zQFKQqcjIYmj" style="text-align: justify"> Costs paid as a percentage of a $10,000 investment is an annualized figure. </td> </tr> </table> Defiance Daily Target 2X Long RKT ETF 29 0.0144 The Fund commenced operations January 12, 2026. Expenses for a full reporting period would be higher than the figures shown. <p id="xdx_807_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000269225Member_dU_z8d6E1oeDeFf" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Cumulative Performance</p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(Initial Investment of $10,000)</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Date</div> </td> <td id="xdx_4BA_oef--ClassAxis_custom--C000269225Member_zeI9DDGRO092" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Defiance Daily Target 2X Long RKT ETF</div> </td> <td id="xdx_4BF_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_z4nsQMmXV8o5" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">S&amp;P 500® Total Return Index</div> </td> </tr> <tr id="xdx_43D_c20260112__20260112_eoef--AccmVal_pid_zM0tcoRjIaV3" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1/12/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10000.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10000.0 </div> </td> </tr> <tr id="xdx_430_c20260112__20260131_eoef--AccmVal_pid_zfiyH18BJIWc" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1/31/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 5721.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 9949.0 </div> </td> </tr> <tr id="xdx_43E_c20260112__20260228_eoef--AccmVal_pid_zTpIsfPBMIhd" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">2/28/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 5578.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 9873.0 </div> </td> </tr> <tr id="xdx_430_c20260112__20260331_eoef--AccmVal_pid_zBGxGFqR169b" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 3227.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 9382.0 </div> </td> </tr> <tr id="xdx_43A_c20260112__20260430_eoef--AccmVal_pid_zWGvoVCsdz5f" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">4/30/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 3256.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10366.0 </div> </td> </tr> </table> </div> </div><img alt="line" src="qeseylk1mpupchoh.jpg" style="box-sizing: border-box; width: 250pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="box-sizing: border-box; text-align-last: auto; display: block; font-family: Times New Roman,Times,serif; line-height: normal; color: #000"> </p> 10000.0 10000.0 5721.0 9949.0 5578.0 9873.0 3227.0 9382.0 3256.0 10366.0 <p id="xdx_80D_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000269225Member_dU_zEle2jA1XVKa" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Annual Performance</p> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Returns for the Period ended April 30, 2026</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Since Inception (<span id="xdx_90E_eoef--PerfInceptionDate_c20250501__20260430__oef--ClassAxis__custom--C000269225Member_zxEJjIRLDTkk">1/12/2026</span>)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Defiance Daily Target 2X Long RKT ETF - at NAV</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_981_eoef--AvgAnnlRtrPct_dp_c20260112__20260430__oef--ClassAxis__custom--C000269225Member_zkYqIwJWFmH6" style="font: 300 9pt Gotham Narrow-Light,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">-67.44%</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">S&amp;P 500® Total Return Index</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_98A_eoef--AvgAnnlRtrPct_dp_c20260112__20260430__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_z1gbduZ9aG75" style="font: 300 9pt Gotham Narrow-Light,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">3.66%</span> </div> </td> </tr> </table> 2026-01-12 -0.6744 0.0366 The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal">Visit </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial"><span style="box-sizing: border-box">https://www.defianceetfs.com/rktl</span> </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal"> for more recent performance information.</span> <p id="xdx_801_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000269225Member_dU_zqmVu6DLDr6b" style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">How did the Fund perform last year and what influenced its performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 34px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">From inception (January 12, 2026) through April 30, 2026, RKTL had a NAV total return of -67.44%. RKTL seeks to deliver twice the daily performance of RKT (Rocket Companies, Inc.). The fund's 2x leverage magnifies RKT's daily stock movements in RKTL.</p> </div> </div> <p style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">What factors influenced performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 68px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">Rocket Companies' stock performance was shaped by the mortgage origination environment, particularly sensitivity to interest rate movements that drive refinancing and purchase mortgage volumes. The Federal Reserve's rate trajectory, housing market activity, and the company's market share in digital mortgage origination influenced investor sentiment. Quarterly origination volumes and margin trends relative to expectations drove stock volatility amplified through RKTL's leveraged structure.</p> </div> </div> <p id="xdx_80E_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000269225Member_dD_zUJLkrfJHaef" style="font: 700 13pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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"> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; font-size: 9pt"></span> </p> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: -7pt 0 8pt; margin-block: 1em; margin-inline: 0px; box-sizing: border-box; text-align-last: auto; display: block; padding-top: 0; color: #4f4f4f; text-align: left; text-indent: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_983_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000269225Member_z3Ff0lYdY6zb" style="font: 300 9pt Gotham Narrow-Light,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">$1,693</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_989_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000269225Member_zOYMSxKR2CXd" style="font: 300 9pt Gotham Narrow-Light,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</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div id="xdx_988_eoef--AdvisoryFeesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000269225Member_zwm5acDjCCrk" style="font: 300 9pt Gotham Narrow-Light,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">$7,593</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div style="font: 300 9pt Gotham Narrow-Light,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_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250501__20260430__oef--ClassAxis__custom--C000269225Member_zdPtFeItMk2f">0</span>%</span> </div> </td> </tr> </table> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; display: block"></span> </div> </div> 1693000 7 7593 0 <p id="xdx_80D_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000269225Member_dD_zd9MWbWMwRvd" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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> <p style="font: 300 10pt/normal Gotham Narrow-Light,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; font-size: 9pt"></span> </p> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/11pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 30.34px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_983_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000269225Member__us-gaap--InvestmentTypeAxis__us-gaap--CashEquivalentsMember_zfHPIj1vcWhd" style="box-sizing: border-box; text-align-last: auto"> 100.0% </div> </td> </tr> </table> </div> </div><img alt="bar" src="qeseylk1mpuo5hx1.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/0 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0; text-align: justify"> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/12pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Total Return Swap Contracts</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98C_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000269225Member__us-gaap--InvestmentTypeAxis__custom--TotalReturnSwapContractsMember_znV2ybbdpPib" style="box-sizing: border-box; text-align-last: auto"> 6.8% </div> </td> </tr> </table> </div> </div><img alt="bar" src="qes1st61mpuo5i9h.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 300 8pt/9pt Gotham Narrow-Light,Arial; margin: 4pt 0; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">Percentages are stated as a percent of net assets. Percentages for swap contracts are based on unrealized appreciation (depreciation). Cash Equivalents represents cash, short-term investments, and other assets in excess of liabilities.</p> </div> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -55pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> 1.000 0.068 <div id="xdx_80F_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000269225Member_dD_ziLq1pdXtGwh" 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: 700 13pt Gotham Narrow-Bold,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; white-space: nowrap; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,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: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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 Bills</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000269225Member__oef--LargestHoldingAxis__custom--UnitedStatesTreasuryBillsMember_zNcIHP5oSxke" style="font: 300 9pt Gotham Narrow-Light,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">19.5</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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, 3.56%</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_982_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000269225Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX356Member_zH1CWKARxeCd" style="font: 300 9pt Gotham Narrow-Light,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">3.4</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Rocket Cos., Inc. Swap; Maturity Date: 03/31/2033</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000269225Member__oef--LargestHoldingAxis__custom--RocketCosIncSwapMaturityDate03312033Member_zJslZJz9FEqg" style="font: 300 9pt Gotham Narrow-Light,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">3.1</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Rocket Cos., Inc. Swap; Maturity Date: 09/08/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_982_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000269225Member__oef--LargestHoldingAxis__custom--RocketCosIncSwapMaturityDate09082028Member_zB0tyM7nIba7" style="font: 300 9pt Gotham Narrow-Light,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">1.3</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Rocket Cos., Inc. Swap; Maturity Date: 01/12/2029</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_982_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000269225Member__oef--LargestHoldingAxis__custom--RocketCosIncSwapMaturityDate01122029Member_zCKZbH4qI6ka" style="font: 300 9pt Gotham Narrow-Light,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">1.1</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Rocket Cos., Inc. Swap; Maturity Date: 02/22/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98E_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000269225Member__oef--LargestHoldingAxis__custom--RocketCosIncSwapMaturityDate02222028Member_zxVSKkbdbU5k" style="font: 300 9pt Gotham Narrow-Light,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">1.0</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Rocket Cos., Inc. Swap; Maturity Date: 01/31/2033</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000269225Member__oef--LargestHoldingAxis__custom--RocketCosIncSwapMaturityDate01312033Member_zsJCRbGRRdBg" style="font: 300 9pt Gotham Narrow-Light,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">0.3</span> </div> </td> </tr> </table> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 2pt 0 4pt; text-align-last: auto; display: block; min-height: 26px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages for swap contracts are based on unrealized appreciation (depreciation).</p> 0.195 0.034 0.031 0.013 0.011 0.010 0.003 <p id="xdx_802_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000269225Member_dD_z4h02GOC3fI" style="font: 10pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0"><b>Fund Changes</b></p> <p style="font: 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">After the close of trading on Cboe BZX Exchange, Inc. on <span id="xdx_909_eoef--MaterialChngDate_c20250501__20260430__oef--ClassAxis__custom--C000269225Member_zk7EPLWUt3dd">March 20, 2026</span>, the Fund effected a 1:2 reverse split of its issued and outstanding shares.</p> 2026-03-20 Defiance Daily Target 2X Long SMCI ETF SMCX NASDAQ This <span id="xdx_90F_eoef--ShareholderReportAnnualOrSemiAnnual_c20250501__20260430__oef--ClassAxis__custom--C000250005Member_zjqGPHjFcXPf">annual shareholder report</span> contains important information about the Defiance Daily Target 2X Long SMCI ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. annual shareholder report You can find additional information about the Fund at <span id="xdx_90F_eoef--AddlInfoWebsite_c20250501__20260430__oef--ClassAxis__custom--C000250005Member_z0BlnHlJRup5">https://www.defianceetfs.com/smcx</span>. You can also request this information by contacting us at <span id="xdx_902_eoef--AddlInfoPhoneNumber_c20250501__20260430__oef--ClassAxis__custom--C000250005Member_zsfYGWzOqcol">(833) 333-9383</span> or by writing to the Defiance Daily Target 2X Long SMCI ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701. https://www.defianceetfs.com/smcx (833) 333-9383 This report describes changes to the Fund that occurred during the reporting period. <p id="xdx_80C_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000250005Member_dU_z7DmECpzIPfj" style="font: 700 11pt/11pt Gotham Narrow-Bold,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">What were the Fund costs for the past year?</p> <p style="font: 300 10pt/11pt Gotham Narrow-Light,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"><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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--ClassName_c20250501__20260430__oef--ClassAxis__custom--C000250005Member_zKPJZZ2NhK57" style="font: 300 9pt Gotham Narrow-Light,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">Defiance Daily Target 2X Long SMCI ETF</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--ExpensesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000250005Member_zjYbtApRssEa" style="font: 300 9pt Gotham Narrow-Light,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">$82</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--ExpenseRatioPct_dp_c20250501__20260430__oef--ClassAxis__custom--C000250005Member_zeMlYOcTDhQ1" style="font: 300 9pt Gotham Narrow-Light,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">1.31%</span> </div> </td> </tr> </table> </div> </div> </div> Defiance Daily Target 2X Long SMCI ETF 82 0.0131 <p id="xdx_807_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000250005Member_dU_zghpPzdo0IW" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Cumulative Performance</p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(Initial Investment of $10,000)</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Date</div> </td> <td id="xdx_4BA_oef--ClassAxis_custom--C000250005Member_zZUgSNsWPaxd" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Defiance Daily Target 2X Long SMCI ETF</div> </td> <td id="xdx_4BF_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_zDnbi5OPtIX7" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">S&amp;P 500® Total Return Index</div> </td> </tr> <tr id="xdx_43E_c20240821__20240821_eoef--AccmVal_pid_zWd4UUC8ysJl" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8/21/2024</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10000.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10000.0 </div> </td> </tr> <tr id="xdx_43A_c20240821__20240831_eoef--AccmVal_pid_zvFEamZJwuL3" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8/31/2024</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 4554.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10052.0 </div> </td> </tr> <tr id="xdx_434_c20240821__20240930_eoef--AccmVal_pid_zxnt3encoBR5" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9/30/2024</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 3882.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10267.0 </div> </td> </tr> <tr id="xdx_433_c20240821__20241031_eoef--AccmVal_pid_zp2nysQC56Eh" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10/31/2024</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 1356.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10174.0 </div> </td> </tr> <tr id="xdx_43B_c20240821__20241130_eoef--AccmVal_pid_z7sB9j3upTPe" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11/30/2024</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 1265.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10771.0 </div> </td> </tr> <tr id="xdx_43F_c20240821__20241231_eoef--AccmVal_pid_zaY93muxkrz1" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12/31/2024</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 982.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10514.0 </div> </td> </tr> <tr id="xdx_434_c20240821__20250131_eoef--AccmVal_pid_zx0u7CnAJk78" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 796.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10807.0 </div> </td> </tr> <tr id="xdx_430_c20240821__20250228_eoef--AccmVal_pid_zhFivc028xgg" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">2/28/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 1353.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10666.0 </div> </td> </tr> <tr id="xdx_436_c20240821__20250331_eoef--AccmVal_pid_zOzOo4JWUPC1" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 808.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10065.0 </div> </td> </tr> <tr id="xdx_439_c20240821__20250430_eoef--AccmVal_pid_zrB01EnnwlK6" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">4/30/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 613.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 9997.0 </div> </td> </tr> <tr id="xdx_433_c20240821__20250531_eoef--AccmVal_pid_zdLpBpBfBhL3" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">5/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 884.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10626.0 </div> </td> </tr> <tr id="xdx_431_c20240821__20250630_eoef--AccmVal_pid_zI9rPRN1Y61f" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">6/30/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 1235.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11167.0 </div> </td> </tr> <tr id="xdx_43A_c20240821__20250731_eoef--AccmVal_pid_zUsEajdaLJxd" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 1691.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11417.0 </div> </td> </tr> <tr id="xdx_430_c20240821__20250831_eoef--AccmVal_pid_zBHsFUwhkzvh" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 757.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11649.0 </div> </td> </tr> <tr id="xdx_432_c20240821__20250930_eoef--AccmVal_pid_zi5fDbyR2UAd" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9/30/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 972.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12074.0 </div> </td> </tr> <tr id="xdx_43F_c20240821__20251031_eoef--AccmVal_pid_zo5l03vIzrcf" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 1056.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12356.0 </div> </td> </tr> <tr id="xdx_43A_c20240821__20251130_eoef--AccmVal_pid_z6T87Lt4VEgi" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11/30/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 414.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12387.0 </div> </td> </tr> <tr id="xdx_433_c20240821__20251231_eoef--AccmVal_pid_zjGDfnEUzxfa" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 298.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12394.0 </div> </td> </tr> <tr id="xdx_438_c20240821__20260131_eoef--AccmVal_pid_zaBV5jqablD" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1/31/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 280.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12574.0 </div> </td> </tr> <tr id="xdx_434_c20240821__20260228_eoef--AccmVal_pid_zaamvLEyQ0Rh" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">2/28/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 321.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12478.0 </div> </td> </tr> <tr id="xdx_438_c20240821__20260331_eoef--AccmVal_pid_zALh75kQduQh" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 112.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11857.0 </div> </td> </tr> <tr id="xdx_437_c20240821__20260430_eoef--AccmVal_pid_zqYrGwuqPRY3" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">4/30/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 150.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 13101.0 </div> </td> </tr> </table> </div> </div><img alt="line" src="qeseylk1mpupbuvy.jpg" style="box-sizing: border-box; width: 250pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="box-sizing: border-box; text-align-last: auto; display: block; font-family: Times New Roman,Times,serif; line-height: normal; color: #000"> </p> 10000.0 10000.0 4554.0 10052.0 3882.0 10267.0 1356.0 10174.0 1265.0 10771.0 982.0 10514.0 796.0 10807.0 1353.0 10666.0 808.0 10065.0 613.0 9997.0 884.0 10626.0 1235.0 11167.0 1691.0 11417.0 757.0 11649.0 972.0 12074.0 1056.0 12356.0 414.0 12387.0 298.0 12394.0 280.0 12574.0 321.0 12478.0 112.0 11857.0 150.0 13101.0 <p id="xdx_80D_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000250005Member_dU_zFFuTb1fEH7k" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Annual Performance</p> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Returns for the Period ended April 30, 2026</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">1 Year</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Since Inception (<span id="xdx_90E_eoef--PerfInceptionDate_c20250501__20260430__oef--ClassAxis__custom--C000250005Member_zPlNhvqNeN1g">8/21/2024</span>)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Defiance Daily Target 2X Long SMCI ETF - at NAV</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_985_eoef--AvgAnnlRtrPct_dp_c20250501__20260430__oef--ClassAxis__custom--C000250005Member_zLvkdmTGugXi" style="font: 300 9pt Gotham Narrow-Light,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">-75.48%</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_98E_eoef--AvgAnnlRtrPct_dp_c20240821__20260430__oef--ClassAxis__custom--C000250005Member_zmq2fjEyYgWi" style="font: 300 9pt Gotham Narrow-Light,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">-91.65%</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">S&amp;P 500® Total Return Index</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_982_eoef--AvgAnnlRtrPct_dp_c20250501__20260430__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zEYasxB2TBol" style="font: 300 9pt Gotham Narrow-Light,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">31.05%</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_98D_eoef--AvgAnnlRtrPct_dp_c20240821__20260430__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zPdzHx9MlfN1" style="font: 300 9pt Gotham Narrow-Light,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">17.33%</span> </div> </td> </tr> </table> 2024-08-21 -0.7548 -0.9165 0.3105 0.1733 The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal">Visit </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial"><span style="box-sizing: border-box">https://www.defianceetfs.com/smcx</span> </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal"> for more recent performance information.</span> <p id="xdx_801_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000250005Member_dU_zosSgLmHIvsh" style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">How did the Fund perform last year and what influenced its performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 34px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">For the fiscal year ended April 30, 2026, SMCX had a NAV total return of -75.48%. SMCX seeks to deliver twice the daily performance of SMCI (Super Micro Computer, Inc.). The fund utilizes derivatives, including swap agreements to achieve its 2x leverage.</p> </div> </div> <p style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">What factors influenced performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 68px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">Super Micro Computer's stock was shaped by ongoing scrutiny of its accounting practices and corporate governance, competitive dynamics in the AI server market, and fluctuating demand for high-performance computing infrastructure. The resolution of its SEC filing delays and analyst sentiment toward the broader AI infrastructure buildout also influenced SMCI's stock, amplified through the fund's leveraged structure.</p> </div> </div> <p id="xdx_80E_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000250005Member_dD_z5yPVymMjDKi" style="font: 700 13pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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"> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; font-size: 9pt"></span> </p> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: -7pt 0 8pt; margin-block: 1em; margin-inline: 0px; box-sizing: border-box; text-align-last: auto; display: block; padding-top: 0; color: #4f4f4f; text-align: left; text-indent: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_983_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000250005Member_zcw4VTcF0Ajj" style="font: 300 9pt Gotham Narrow-Light,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">$100,973</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_989_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000250005Member_zBN4rq58e41f" style="font: 300 9pt Gotham Narrow-Light,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">11</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div id="xdx_988_eoef--AdvisoryFeesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000250005Member_z28md7MS7pM3" style="font: 300 9pt Gotham Narrow-Light,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">$2,952,779</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span id="xdx_90C_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250501__20260430__oef--ClassAxis__custom--C000250005Member_zkxlhsW917v6">8,386</span>%</div> </td> </tr> </table> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; display: block"></span> </div> </div> 100973000 11 2952779 83.86 <p id="xdx_80D_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000250005Member_dD_z1ZJzP73uUrk" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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> <p style="font: 300 10pt/normal Gotham Narrow-Light,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; font-size: 9pt"></span> </p> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/11pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 30.34px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_983_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000250005Member__us-gaap--InvestmentTypeAxis__us-gaap--CashEquivalentsMember_zZpF6zKu6Vy5" style="box-sizing: border-box; text-align-last: auto"> 100.0% </div> </td> </tr> </table> </div> </div><img alt="bar" src="qeseylk1mpuo4cb2.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/0 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0; text-align: justify"> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/12pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Total Return Swap Contracts</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98C_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000250005Member__us-gaap--InvestmentTypeAxis__custom--TotalReturnSwapContractsMember_znoUdIt1tVY6" style="box-sizing: border-box; text-align-last: auto"> 23.9% </div> </td> </tr> </table> </div> </div><img alt="bar" src="qes1st61mpuo4coh.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 300 8pt/9pt Gotham Narrow-Light,Arial; margin: 4pt 0; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">Percentages are stated as a percent of net assets. Percentages for swap contracts are based on unrealized appreciation (depreciation). Cash Equivalents represents cash, short-term investments, and other assets in excess of liabilities.</p> </div> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -55pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> 1.000 0.239 <div id="xdx_80F_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000250005Member_dD_zJVJ5cbEM7g9" 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: 700 13pt Gotham Narrow-Bold,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; white-space: nowrap; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,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: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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, 3.56%</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_986_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000250005Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX356Member_z2GmVLOlCCPf" style="font: 300 9pt Gotham Narrow-Light,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">9.2</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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 Bills</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000250005Member__oef--LargestHoldingAxis__custom--UnitedStatesTreasuryBillsMember_zFZqos8Lukul" style="font: 300 9pt Gotham Narrow-Light,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">8.9</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Super Micro Computer, Inc. Swap: Maturity Date: 03/18/2033</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98B_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000250005Member__oef--LargestHoldingAxis__custom--SuperMicroComputerIncSwapMaturityDate03182033Member_zvKBtRENtKui" style="font: 300 9pt Gotham Narrow-Light,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">6.7</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Super Micro Computer, Inc. Swap: Maturity Date: 10/06/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_983_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000250005Member__oef--LargestHoldingAxis__custom--SuperMicroComputerIncSwapMaturityDate10052028Member_zaCathYjbw17" style="font: 300 9pt Gotham Narrow-Light,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: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Super Micro Computer, Inc. Swap: Maturity Date: 12/14/2027</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000250005Member__oef--LargestHoldingAxis__custom--SuperMicroComputerIncSwapMaturityDate12142027Member_zpsz9gUxK0o2" style="font: 300 9pt Gotham Narrow-Light,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">3.7</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Super Micro Computer, Inc. Swap: Maturity Date: 09/08/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000250005Member__oef--LargestHoldingAxis__custom--SuperMicroComputerIncSwapMaturityDate09082028Member_zxdahYbBaX8c" style="font: 300 9pt Gotham Narrow-Light,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">3.3</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Super Micro Computer, Inc. Swap: Maturity Date: 01/31/2033</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98F_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000250005Member__oef--LargestHoldingAxis__custom--SuperMicroComputerIncSwapMaturityDate01312033Member_zEsxVUE74cjh" style="font: 300 9pt Gotham Narrow-Light,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">2.0</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Super Micro Computer, Inc. Swap: Maturity Date: 09/18/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98E_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000250005Member__oef--LargestHoldingAxis__custom--SuperMicroComputerIncSwapMaturityDate09182028Member_zasjNtYuvOab" style="font: 300 9pt Gotham Narrow-Light,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">1.9</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Super Micro Computer, Inc. Swap: Maturity Date: 10/01/2026</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98F_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000250005Member__oef--LargestHoldingAxis__custom--SuperMicroComputerIncSwapMaturityDate10012026Member_zkl8aNQlgL76" style="font: 300 9pt Gotham Narrow-Light,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">1.2</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Super Micro Computer, Inc. Swap: Maturity Date: 03/31/2033</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98F_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000250005Member__oef--LargestHoldingAxis__custom--SuperMicroComputerIncSwapMaturityDate03312033Member_zB0cmHlf5l35" style="font: 300 9pt Gotham Narrow-Light,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">1.0</span> </div> </td> </tr> </table> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 2pt 0 4pt; text-align-last: auto; display: block; min-height: 26px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages for swap contracts are based on unrealized appreciation (depreciation).</p> 0.092 0.089 0.067 0.042 0.037 0.033 0.020 0.019 0.012 0.010 <p id="xdx_80C_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000250005Member_dD_zeoJTyZgDOH4" style="font: 10pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0"><b>Fund Changes</b></p> <p style="font: 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">After the close of trading on The Nasdaq Stock Market, LLC on <span id="xdx_908_eoef--MaterialChngDate_c20250501__20260430__oef--ClassAxis__custom--C000250005Member_zTeSfXRE1FKf">March 19, 2026</span>, the Fund effected a 1:2 reverse split of its issued and outstanding shares.</p> 2026-03-19 Defiance Daily Target 2X Long SOFI ETF SOFX NASDAQ This <span id="xdx_90F_eoef--ShareholderReportAnnualOrSemiAnnual_c20250501__20260430__oef--ClassAxis__custom--C000256584Member_zPh0Izgy8xTk">annual shareholder report</span> contains important information about the Defiance Daily Target 2X Long SOFI ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. annual shareholder report You can find additional information about the Fund at <span id="xdx_90F_eoef--AddlInfoWebsite_c20250501__20260430__oef--ClassAxis__custom--C000256584Member_zqIxzsLhsjJ4">https://www.defianceetfs.com/sofx</span>. You can also request this information by contacting us at <span id="xdx_902_eoef--AddlInfoPhoneNumber_c20250501__20260430__oef--ClassAxis__custom--C000256584Member_zW9AqNXhk4Pb">(833) 333-9383</span> or by writing to the Defiance Daily Target 2X Long SOFI ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701. https://www.defianceetfs.com/sofx (833) 333-9383 <p id="xdx_80C_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000256584Member_dU_zjKOIYC4VwSl" style="font: 700 11pt/11pt Gotham Narrow-Bold,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">What were the Fund costs for the past year?</p> <p style="font: 300 10pt/11pt Gotham Narrow-Light,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"><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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--ClassName_c20250501__20260430__oef--ClassAxis__custom--C000256584Member_zQaNpIdMOIFa" style="font: 300 9pt Gotham Narrow-Light,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">Defiance Daily Target 2X Long SOFI ETF</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--ExpensesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000256584Member_zK8ntTcerYE7" style="font: 300 9pt Gotham Narrow-Light,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">$131</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--ExpenseRatioPct_dp_c20250501__20260430__oef--ClassAxis__custom--C000256584Member_z0MHnTXufxbl" style="font: 300 9pt Gotham Narrow-Light,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">1.32%</span> </div> </td> </tr> </table> </div> </div> </div> Defiance Daily Target 2X Long SOFI ETF 131 0.0132 <p id="xdx_807_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000256584Member_dU_zgmFuUHruILi" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Cumulative Performance</p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(Initial Investment of $10,000)</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Date</div> </td> <td id="xdx_4BA_oef--ClassAxis_custom--C000256584Member_z0qyffVogiu2" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Defiance Daily Target 2X Long SOFI ETF</div> </td> <td id="xdx_4BF_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_zIs9prUpj9y5" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">S&amp;P 500® Total Return Index</div> </td> </tr> <tr id="xdx_431_c20250115__20250115_eoef--AccmVal_pid_zSF54q6cfpxa" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1/15/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10000.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10000.0 </div> </td> </tr> <tr id="xdx_439_c20250115__20250131_eoef--AccmVal_pid_zSk0EQMZo9H2" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10019.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10155.0 </div> </td> </tr> <tr id="xdx_431_c20250115__20250228_eoef--AccmVal_pid_zrLwEURkhb8l" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">2/28/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 8146.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10023.0 </div> </td> </tr> <tr id="xdx_430_c20250115__20250331_eoef--AccmVal_pid_zVppuujcIub5" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 4909.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 9458.0 </div> </td> </tr> <tr id="xdx_43A_c20250115__20250430_eoef--AccmVal_pid_zV0kCUp6iyk5" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">4/30/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 5113.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 9394.0 </div> </td> </tr> <tr id="xdx_434_c20250115__20250531_eoef--AccmVal_pid_zu89xOthJ9H3" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">5/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 5629.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 9985.0 </div> </td> </tr> <tr id="xdx_434_c20250115__20250630_eoef--AccmVal_pid_zVfcIRtaNju5" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">6/30/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10177.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10493.0 </div> </td> </tr> <tr id="xdx_433_c20250115__20250731_eoef--AccmVal_pid_zbsT8JgIToQh" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 15175.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10728.0 </div> </td> </tr> <tr id="xdx_43E_c20250115__20250831_eoef--AccmVal_pid_zMF2ZPeRhev4" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 18629.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10946.0 </div> </td> </tr> <tr id="xdx_437_c20250115__20250930_eoef--AccmVal_pid_zd30Hy1evbsi" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9/30/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 19398.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11345.0 </div> </td> </tr> <tr id="xdx_43D_c20250115__20251031_eoef--AccmVal_pid_zAFUYBDq6mik" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 22926.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11611.0 </div> </td> </tr> <tr id="xdx_435_c20250115__20251130_eoef--AccmVal_pid_zWySK2d3anf" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11/30/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 21319.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11639.0 </div> </td> </tr> <tr id="xdx_430_c20250115__20251231_eoef--AccmVal_pid_zzQUqSADzw0e" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 15978.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11647.0 </div> </td> </tr> <tr id="xdx_433_c20250115__20260131_eoef--AccmVal_pid_z0lz7CNTwi3d" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1/31/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11658.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11815.0 </div> </td> </tr> <tr id="xdx_43F_c20250115__20260228_eoef--AccmVal_pid_zpNX5B5QJGAi" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">2/28/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 6764.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11726.0 </div> </td> </tr> <tr id="xdx_43E_c20250115__20260331_eoef--AccmVal_pid_zV3nDVMNR2Ac" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 5242.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11142.0 </div> </td> </tr> <tr id="xdx_43C_c20250115__20260430_eoef--AccmVal_pid_zaDo8nfFG9Hb" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">4/30/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 5044.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12311.0 </div> </td> </tr> </table> </div> </div><img alt="line" src="qeseylk1mpupbynt.jpg" style="box-sizing: border-box; width: 250pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="box-sizing: border-box; text-align-last: auto; display: block; font-family: Times New Roman,Times,serif; line-height: normal; color: #000"> </p> 10000.0 10000.0 10019.0 10155.0 8146.0 10023.0 4909.0 9458.0 5113.0 9394.0 5629.0 9985.0 10177.0 10493.0 15175.0 10728.0 18629.0 10946.0 19398.0 11345.0 22926.0 11611.0 21319.0 11639.0 15978.0 11647.0 11658.0 11815.0 6764.0 11726.0 5242.0 11142.0 5044.0 12311.0 <p id="xdx_80D_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000256584Member_dU_zRjS8nSwwfRi" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Annual Performance</p> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Returns for the Period ended April 30, 2026</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">1 Year</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Since Inception (<span id="xdx_90E_eoef--PerfInceptionDate_c20250501__20260430__oef--ClassAxis__custom--C000256584Member_zFPN0q9U0EMc">1/15/2025</span>)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Defiance Daily Target 2X Long SOFI ETF - at NAV</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_982_eoef--AvgAnnlRtrPct_dp_c20250501__20260430__oef--ClassAxis__custom--C000256584Member_z5W05YnnKawi" style="font: 300 9pt Gotham Narrow-Light,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">-1.36%</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_986_eoef--AvgAnnlRtrPct_dp_c20250115__20260430__oef--ClassAxis__custom--C000256584Member_zZnIQ52xLUse" style="font: 300 9pt Gotham Narrow-Light,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">-41.23%</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">S&amp;P 500® Total Return Index</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_98C_eoef--AvgAnnlRtrPct_dp_c20250501__20260430__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zU0fvhyaGm22" style="font: 300 9pt Gotham Narrow-Light,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">31.05%</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_982_eoef--AvgAnnlRtrPct_dp_c20250115__20260430__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zhkhsJRqLGaj" style="font: 300 9pt Gotham Narrow-Light,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">17.52%</span> </div> </td> </tr> </table> 2025-01-15 -0.0136 -0.4123 0.3105 0.1752 The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal">Visit </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial"><span style="box-sizing: border-box">https://www.defianceetfs.com/sofx</span> </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal"> for more recent performance information.</span> <p id="xdx_801_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000256584Member_dU_z40mlxxux56h" style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">How did the Fund perform last year and what influenced its performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 34px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">For the fiscal year ended April 30, 2026, SOFX had a NAV total return of -1.36%. SOFX seeks to deliver twice the daily performance of SOFI (SoFi Technologies, Inc.). Any fluctuations in SOFI's stock price are magnified in SOFX through its 2x daily leverage.</p> </div> </div> <p style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">What factors influenced performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 68px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">SoFi's performance was shaped by the interest rate environment affecting its lending and banking segments, growth in its financial services and technology platform businesses, and management's forward guidance. Macroeconomic factors including Federal Reserve policy, consumer credit trends, and fintech sector sentiment drove stock volatility. SOFX's compounding effects over the holding period added additional deviation from the expected 2x multiple.</p> </div> </div> <p id="xdx_80E_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000256584Member_dD_znziAxZAkCJ4" style="font: 700 13pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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"> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; font-size: 9pt"></span> </p> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: -7pt 0 8pt; margin-block: 1em; margin-inline: 0px; box-sizing: border-box; text-align-last: auto; display: block; padding-top: 0; color: #4f4f4f; text-align: left; text-indent: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_983_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000256584Member_zOCEQ3W7BfRc" style="font: 300 9pt Gotham Narrow-Light,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">$59,828</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_989_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000256584Member_z58ym77684B8" style="font: 300 9pt Gotham Narrow-Light,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">10</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div id="xdx_988_eoef--AdvisoryFeesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000256584Member_zowBHXnPhOn7" style="font: 300 9pt Gotham Narrow-Light,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">$810,269</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span id="xdx_90C_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250501__20260430__oef--ClassAxis__custom--C000256584Member_ziK0s0UXxJs8">72,985</span>%</div> </td> </tr> </table> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; display: block"></span> </div> </div> 59828000 10 810269 729.85 <p id="xdx_80D_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000256584Member_dD_z0xNZO14Gieg" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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> <p style="font: 300 10pt/normal Gotham Narrow-Light,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; font-size: 9pt"></span> </p> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/11pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 30.34px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_983_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000256584Member__us-gaap--InvestmentTypeAxis__us-gaap--CashEquivalentsMember_ztPocHRn7KN6" style="box-sizing: border-box; text-align-last: auto"> 100.0% </div> </td> </tr> </table> </div> </div><img alt="bar" src="qes1st61mpuo4j1p.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/0 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0; text-align: justify"> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/12pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Total Return Swap Contracts</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98C_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000256584Member__us-gaap--InvestmentTypeAxis__custom--TotalReturnSwapContractsMember_zQtpGWMhW5mh" style="box-sizing: border-box; text-align-last: auto"> 5.7% </div> </td> </tr> </table> </div> </div><img alt="bar" src="qeseylk1mpuo4jd7.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 300 8pt/9pt Gotham Narrow-Light,Arial; margin: 4pt 0; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">Percentages are stated as a percent of net assets. Percentages for swap contracts are based on unrealized appreciation (depreciation). Cash Equivalents represents cash, short-term investments, and other assets in excess of liabilities.</p> </div> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -55pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> 1.000 0.057 <div id="xdx_80F_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000256584Member_dD_zrQXjBwyU84c" 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: 700 13pt Gotham Narrow-Bold,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; white-space: nowrap; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,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: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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 Bills</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000256584Member__oef--LargestHoldingAxis__custom--UnitedStatesTreasuryBillsMember_z1Ktmw55v3wb" style="font: 300 9pt Gotham Narrow-Light,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">22.2</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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, 3.56%</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98A_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000256584Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX356Member_zeqIjgSCBSrc" style="font: 300 9pt Gotham Narrow-Light,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">5.9</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">SoFi Technologies, Inc. Swap; Maturity Date: 04/14/2031</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_980_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000256584Member__oef--LargestHoldingAxis__custom--SoFiTechnologiesIncSwapMaturityDate04112031Member_zfDMGwqn8FJ5" style="font: 300 9pt Gotham Narrow-Light,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">1.0</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">SoFi Technologies, Inc. Swap; Maturity Date: 02/02/2029</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_986_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000256584Member__oef--LargestHoldingAxis__custom--SoFiTechnologiesIncSwapMaturityDate02022029Member_zScdoHEO45Ij" style="font: 300 9pt Gotham Narrow-Light,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">0.9</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">SoFi Technologies, Inc. Swap; Maturity Date: 09/08/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000256584Member__oef--LargestHoldingAxis__custom--SoFiTechnologiesIncSwapMaturityDate09082028Member_zHwah66LSTEg" style="font: 300 9pt Gotham Narrow-Light,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">0.9</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">SoFi Technologies, Inc. Swap; Maturity Date: 03/31/2033</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_982_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000256584Member__oef--LargestHoldingAxis__custom--SoFiTechnologiesIncSwapMaturityDate03312033Member_zgLhMfjSvYKa" style="font: 300 9pt Gotham Narrow-Light,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">0.8</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">SoFi Technologies, Inc. Swap; Maturity Date: 10/01/2026</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000256584Member__oef--LargestHoldingAxis__custom--SoFiTechnologiesIncSwapMaturityDate10012026Member_zlZ8xmbLc7Sa" style="font: 300 9pt Gotham Narrow-Light,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">0.7</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">SoFi Technologies, Inc. Swap; Maturity Date: 01/31/2033</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_986_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000256584Member__oef--LargestHoldingAxis__custom--SoFiTechnologiesIncSwapMaturityDate01312033Member_zRpGOW5DcsHd" style="font: 300 9pt Gotham Narrow-Light,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">0.6</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">SoFi Technologies, Inc. Swap; Maturity Date: 03/18/2033</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_982_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000256584Member__oef--LargestHoldingAxis__custom--SoFiTechnologiesIncSwapMaturityDate03182033Member_zV5TvlI4KfNj" style="font: 300 9pt Gotham Narrow-Light,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">0.5</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">SoFi Technologies, Inc. Swap; Maturity Date: 03/07/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_983_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000256584Member__oef--LargestHoldingAxis__custom--SoFiTechnologiesIncSwapMaturityDate03072028Member_zNGmnvxq69ih" style="font: 300 9pt Gotham Narrow-Light,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">0.4</span> </div> </td> </tr> </table> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 2pt 0 4pt; text-align-last: auto; display: block; min-height: 26px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages for swap contracts are based on unrealized appreciation (depreciation).</p> 0.222 0.059 0.010 0.009 0.009 0.008 0.007 0.006 0.005 0.004 Defiance Daily Target 2X Long SOUN ETF SOUX NASDAQ This <span id="xdx_90F_eoef--ShareholderReportAnnualOrSemiAnnual_c20250501__20260430__oef--ClassAxis__custom--C000258445Member_zOtgWuxq6Oe8">annual shareholder report</span> contains important information about the Defiance Daily Target 2X Long SOUN ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. annual shareholder report You can find additional information about the Fund at <span id="xdx_90F_eoef--AddlInfoWebsite_c20250501__20260430__oef--ClassAxis__custom--C000258445Member_z8NNrKCI11q6">https://www.defianceetfs.com/soux</span>. You can also request this information by contacting us at <span id="xdx_902_eoef--AddlInfoPhoneNumber_c20250501__20260430__oef--ClassAxis__custom--C000258445Member_zwGhemIMUzE2">(833) 333-9383</span> or by writing to the Defiance Daily Target 2X Long SOUN ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701. https://www.defianceetfs.com/soux (833) 333-9383 This report describes changes to the Fund that occurred during the reporting period. <p id="xdx_80C_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000258445Member_dU_zirrKZBqyly4" style="font: 700 11pt/11pt Gotham Narrow-Bold,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">What were the Fund costs for the past year?</p> <p style="font: 300 10pt/11pt Gotham Narrow-Light,Arial; margin: 0; 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"><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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--ClassName_c20250501__20260430__oef--ClassAxis__custom--C000258445Member_zztIowwHDYgk" style="font: 300 9pt Gotham Narrow-Light,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">Defiance Daily Target 2X Long SOUN ETF</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--ExpensesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000258445Member_zPgQ1XHnUR44" style="font: 300 9pt Gotham Narrow-Light,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">$73</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98C_eoef--ExpenseRatioPct_dp_c20250501__20260430__oef--ClassAxis__custom--C000258445Member_fKg_____z6uJK4OHdsPa" style="font: 300 9pt Gotham Narrow-Light,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">1.31%*</span> </div> </td> </tr> </table> </div> </div> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 1pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"><span id="xdx_908_eoef--ExpensesShortPeriodFnTextBlock_c20250501__20260430__oef--ClassAxis__custom--C000258445Member_z4Yy49oiHwo3">The Fund commenced operations June 23, 2025. Expenses for a full reporting period would be higher than the figures shown.</span></span> </p> <table cellpadding="0" cellspacing="0" style="font: 300 8pt/normal Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td id="xdx_F03_zmReXCQpQlna" style="width: 15pt; text-align: right">*</td> <td style="width: 5pt"></td> <td id="xdx_F1C_zpMJfPpWV2d8" style="text-align: justify"> Costs paid as a percentage of a $10,000 investment is an annualized figure. </td> </tr> </table> Defiance Daily Target 2X Long SOUN ETF 73 0.0131 The Fund commenced operations June 23, 2025. Expenses for a full reporting period would be higher than the figures shown. <p id="xdx_807_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000258445Member_dU_zrh8rNb0qMqd" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Cumulative Performance</p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(Initial Investment of $10,000)</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Date</div> </td> <td id="xdx_4BA_oef--ClassAxis_custom--C000258445Member_zf4yHzHcZAa6" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Defiance Daily Target 2X Long SOUN ETF</div> </td> <td id="xdx_4BF_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_zXPHdlflRlxk" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">S&amp;P 500® Total Return Index</div> </td> </tr> <tr id="xdx_437_c20250623__20250623_eoef--AccmVal_pid_z3DYKXliLtaf" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">6/23/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10000.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10000.0 </div> </td> </tr> <tr id="xdx_436_c20250623__20250630_eoef--AccmVal_pid_zJgQW7rFJXNg" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">6/30/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12598.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10300.0 </div> </td> </tr> <tr id="xdx_434_c20250623__20250731_eoef--AccmVal_pid_zsc7LqtObq48" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10881.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10532.0 </div> </td> </tr> <tr id="xdx_431_c20250623__20250831_eoef--AccmVal_pid_z3fpkh7LpzC3" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 15268.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10745.0 </div> </td> </tr> <tr id="xdx_430_c20250623__20250930_eoef--AccmVal_pid_zRkww97h09f9" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9/30/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 21817.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11137.0 </div> </td> </tr> <tr id="xdx_439_c20250623__20251031_eoef--AccmVal_pid_zKsPARgxfjY6" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 23812.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11398.0 </div> </td> </tr> <tr id="xdx_435_c20250623__20251130_eoef--AccmVal_pid_zAd0MmUlwvob" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11/30/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10140.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11426.0 </div> </td> </tr> <tr id="xdx_43A_c20250623__20251231_eoef--AccmVal_pid_zBMTkiYNVmh3" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 6537.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11433.0 </div> </td> </tr> <tr id="xdx_43E_c20250623__20260131_eoef--AccmVal_pid_z0yKxP0BwBt5" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1/31/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 4410.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11599.0 </div> </td> </tr> <tr id="xdx_43F_c20250623__20260228_eoef--AccmVal_pid_zZlgeGvnCyjj" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">2/28/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 4189.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11511.0 </div> </td> </tr> <tr id="xdx_43F_c20250623__20260331_eoef--AccmVal_pid_z2daq4E0CG0f" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 2455.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10937.0 </div> </td> </tr> <tr id="xdx_43B_c20250623__20260430_eoef--AccmVal_pid_z9Q6ml7AUl12" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">4/30/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 3086.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12085.0 </div> </td> </tr> </table> </div> </div><img alt="line" src="qes4893751mq18xpyj.jpg" style="box-sizing: border-box; width: 250pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="box-sizing: border-box; text-align-last: auto; display: block; font-family: Times New Roman,Times,serif; line-height: normal; color: #000"> </p> 10000.0 10000.0 12598.0 10300.0 10881.0 10532.0 15268.0 10745.0 21817.0 11137.0 23812.0 11398.0 10140.0 11426.0 6537.0 11433.0 4410.0 11599.0 4189.0 11511.0 2455.0 10937.0 3086.0 12085.0 <p id="xdx_80D_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000258445Member_dU_zaWiTEyeoTnj" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Annual Performance</p> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Returns for the Period ended April 30, 2026</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Since Inception (<span id="xdx_90E_eoef--PerfInceptionDate_c20250501__20260430__oef--ClassAxis__custom--C000258445Member_znNhbhKa36Ak">6/23/2025</span>)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Defiance Daily Target 2X Long SOUN ETF - at NAV</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_987_eoef--AvgAnnlRtrPct_dp_c20250623__20260430__oef--ClassAxis__custom--C000258445Member_zenrzTqcMef3" style="font: 300 9pt Gotham Narrow-Light,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">-69.19%</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">S&amp;P 500® Total Return Index</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_98F_eoef--AvgAnnlRtrPct_dp_c20250623__20260430__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_za8f2I0hBRCd" style="font: 300 9pt Gotham Narrow-Light,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">20.85%</span> </div> </td> </tr> </table> 2025-06-23 -0.6919 0.2085 The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal">Visit </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial"><span style="box-sizing: border-box">https://www.defianceetfs.com/soux</span> </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal"> for more recent performance information.</span> <p id="xdx_801_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000258445Member_dU_z4XpJcYbhjH5" style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">How did the Fund perform last year and what influenced its performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 51px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">From inception (June 23, 2025) through April 30, 2026, SOUX had a NAV total return of -69.14%. SOUX seeks to deliver twice the daily performance of SOUN (SoundHound AI, Inc.). The fund's 2x daily leverage magnifies both gains and losses relative to SOUN's daily stock movements.</p> </div> </div> <p style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">What factors influenced performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 68px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">SoundHound AI's stock was driven by growth in its voice AI platform deployments across automotive, restaurant, and enterprise segments, revenue growth trends, and investor sentiment toward AI-powered software businesses. New customer announcements, quarterly financial results relative to expectations, and the broader AI sector landscape contributed to stock volatility amplified through SOUX's leveraged structure.</p> </div> </div> <p id="xdx_80E_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000258445Member_dD_zHGquJImydtk" style="font: 700 13pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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"> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; font-size: 9pt"></span> </p> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: -7pt 0 8pt; margin-block: 1em; margin-inline: 0px; box-sizing: border-box; text-align-last: auto; display: block; padding-top: 0; color: #4f4f4f; text-align: left; text-indent: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_983_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000258445Member_zmiaHM0vZ1G" style="font: 300 9pt Gotham Narrow-Light,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">$16,976</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_989_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000258445Member_zeM0r4d4nMhg" style="font: 300 9pt Gotham Narrow-Light,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">10</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div id="xdx_988_eoef--AdvisoryFeesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000258445Member_zJMpgWromVC1" style="font: 300 9pt Gotham Narrow-Light,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">$213,895</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span id="xdx_90C_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250501__20260430__oef--ClassAxis__custom--C000258445Member_zq5uxR0Vp0jc">40,021</span>%</div> </td> </tr> </table> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; display: block"></span> </div> </div> 16976000 10 213895 400.21 <p id="xdx_80D_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000258445Member_dD_zjc3TiAlPRY2" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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> <p style="font: 300 10pt/normal Gotham Narrow-Light,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; font-size: 9pt"></span> </p> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/11pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 30.34px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_983_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000258445Member__us-gaap--InvestmentTypeAxis__us-gaap--CashEquivalentsMember_zXcammMAz0Ll" style="box-sizing: border-box; text-align-last: auto"> 100.0% </div> </td> </tr> </table> </div> </div><img alt="bar" src="qes1st61mpuo4dqw.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/0 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0; text-align: justify"> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/12pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Total Return Swap Contracts</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98C_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000258445Member__us-gaap--InvestmentTypeAxis__custom--TotalReturnSwapContractsMember_zXbvib690gDf" style="box-sizing: border-box; text-align-last: auto"> 24.1% </div> </td> </tr> </table> </div> </div><img alt="bar" src="qeseylk1mpuo4e3e.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 300 8pt/9pt Gotham Narrow-Light,Arial; margin: 4pt 0; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">Percentages are stated as a percent of net assets. Percentages for swap contracts are based on unrealized appreciation (depreciation). Cash Equivalents represents cash, short-term investments, and other assets in excess of liabilities.</p> </div> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -55pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> 1.000 0.241 <div id="xdx_80F_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000258445Member_dD_zfcERMkVyB94" 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: 700 13pt Gotham Narrow-Bold,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; white-space: nowrap; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,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: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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 Bills</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000258445Member__oef--LargestHoldingAxis__custom--UnitedStatesTreasuryBillsMember_zGhrlTyyUMY7" style="font: 300 9pt Gotham Narrow-Light,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">17.9</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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, 3.56%</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_987_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000258445Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX356Member_z90PLRNKmvu5" style="font: 300 9pt Gotham Narrow-Light,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">8.1</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Soundhound AI, Inc. Swap; Maturity Date: 02/01/2027</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98B_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000258445Member__oef--LargestHoldingAxis__custom--SoundhoundAIIncSwapMaturityDate02012027Member_zVNwWx5QCN9l" style="font: 300 9pt Gotham Narrow-Light,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">4.4</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Soundhound AI, Inc. Swap; Maturity Date: 01/31/2033</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000258445Member__oef--LargestHoldingAxis__custom--SoundhoundAIIncSwapMaturityDate01312033Member_zK2VbCzzT5Fa" style="font: 300 9pt Gotham Narrow-Light,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">4.0</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Soundhound AI, Inc. Swap; Maturity Date: 07/23/2026</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000258445Member__oef--LargestHoldingAxis__custom--SoundhoundAIIncSwapMaturityDate07232026Member_z3xjqKkP0Gf3" style="font: 300 9pt Gotham Narrow-Light,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">3.8</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Soundhound AI, Inc. Swap; Maturity Date: 09/08/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000258445Member__oef--LargestHoldingAxis__custom--SoundhoundAIIncSwapMaturityDate09082028Member_zY9sMsPpbs45" style="font: 300 9pt Gotham Narrow-Light,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">3.7</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Soundhound AI, Inc. Swap; Maturity Date: 03/14/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98B_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000258445Member__oef--LargestHoldingAxis__custom--SoundhoundAIIncSwapMaturityDate03142028Member_zvL7LddALP81" style="font: 300 9pt Gotham Narrow-Light,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">3.0</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Soundhound AI, Inc. Swap; Maturity Date: 03/31/2033</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000258445Member__oef--LargestHoldingAxis__custom--SoundhoundAIIncSwapMaturityDate03312033Member_zU2W1zCLx13j" style="font: 300 9pt Gotham Narrow-Light,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">2.9</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Soundhound AI, Inc. Swap; Maturity Date: 03/18/2033</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_987_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000258445Member__oef--LargestHoldingAxis__custom--SoundhoundAIIncSwapMaturityDate03182033Member_z08ECCqCc6f9" style="font: 300 9pt Gotham Narrow-Light,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">2.4</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Soundhound AI, Inc. Swap; Maturity Date: 04/14/2031</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000258445Member__oef--LargestHoldingAxis__custom--SoundhoundAIIncSwapMaturityDate04112031Member_zepEQNBMKvT8" style="font: 300 9pt Gotham Narrow-Light,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> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 2pt 0 4pt; text-align-last: auto; display: block; min-height: 26px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages for swap contracts are based on unrealized appreciation (depreciation).</p> 0.179 0.081 0.044 0.040 0.038 0.037 0.030 0.029 0.024 -0.001 <p id="xdx_804_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000258445Member_dD_z6wS6XI297O9" style="font: 10pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0"><b>Fund Changes</b></p> <p style="font: 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">After the close of trading on The Nasdaq Stock Market, LLC on <span id="xdx_902_eoef--MaterialChngDate_c20250501__20260430__oef--ClassAxis__custom--C000258445Member_zieXC20PN9E">March 19, 2026</span>, the Fund effected a 1:4 reverse split of its issued and outstanding shares.</p> 2026-03-19 Defiance Daily Target 2X Long VST ETF VSTL NASDAQ This <span id="xdx_90F_eoef--ShareholderReportAnnualOrSemiAnnual_c20250501__20260430__oef--ClassAxis__custom--C000258446Member_zCYBc2CIyEa5">annual shareholder report</span> contains important information about the <span style="box-sizing: border-box">Defiance Daily Target 2X Long VST ETF</span> (the "Fund") for the period <span style="box-sizing: border-box">May 1, 2025</span> to <span style="box-sizing: border-box">April 30, 2026</span>. annual shareholder report You can find additional information about the Fund at <span style="box-sizing: border-box"><span id="xdx_90F_eoef--AddlInfoWebsite_c20250501__20260430__oef--ClassAxis__custom--C000258446Member_zY3N9bUkXIDb">https://www.defianceetfs.com/vstl</span></span>. You can also request this information by contacting us at <span style="box-sizing: border-box"><span id="xdx_902_eoef--AddlInfoPhoneNumber_c20250501__20260430__oef--ClassAxis__custom--C000258446Member_z0MoXtffZIfh">(833) 333-9383</span></span> or by writing to the <span style="box-sizing: border-box">Defiance Daily Target 2X Long VST ETF</span>, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701. https://www.defianceetfs.com/vstl (833) 333-9383 This report describes changes to the Fund that occurred during the reporting period. <p id="xdx_80C_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000258446Member_dU_zMm6UlRcUMe8" style="font: 700 11pt/11pt Gotham Narrow-Bold,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">What were the Fund costs for the past year?</p> <p style="font: 300 10pt/11pt Gotham Narrow-Light,Arial; margin: 0; 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"><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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--ClassName_c20250501__20260430__oef--ClassAxis__custom--C000258446Member_z0QSU7vRjnih" style="font: 300 9pt Gotham Narrow-Light,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">Defiance Daily Target 2X Long VST ETF</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--ExpensesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000258446Member_zVsks76vw4Dd" style="font: 300 9pt Gotham Narrow-Light,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">$76</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98C_eoef--ExpenseRatioPct_dp_c20250501__20260430__oef--ClassAxis__custom--C000258446Member_fKg_____z2Po0VxcWkVb" style="font: 300 9pt Gotham Narrow-Light,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">1.29%*</span> </div> </td> </tr> </table> </div> </div> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 1pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"><span id="xdx_908_eoef--ExpensesShortPeriodFnTextBlock_c20250501__20260430__oef--ClassAxis__custom--C000258446Member_zhnx5D2wMFO6">The Fund commenced operations July 21, 2025. Expenses for a full reporting period would be higher than the figures shown.</span></span> </p> <table cellpadding="0" cellspacing="0" style="font: 300 8pt/normal Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td id="xdx_F0B_z6jW8tmCISoa" style="width: 15pt; text-align: right">*</td> <td style="width: 5pt"></td> <td id="xdx_F10_zpPzSrqQeZW7" style="text-align: justify"> Costs paid as a percentage of a $10,000 investment is an annualized figure. </td> </tr> </table> Defiance Daily Target 2X Long VST ETF 76 0.0129 The Fund commenced operations July 21, 2025. Expenses for a full reporting period would be higher than the figures shown. <p id="xdx_807_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000258446Member_dU_zRtajhTF8pRl" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Cumulative Performance</p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(Initial Investment of $10,000)</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Date</div> </td> <td id="xdx_4BA_oef--ClassAxis_custom--C000258446Member_zAktEvgRlUOi" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Defiance Daily Target 2X Long VST ETF</div> </td> <td id="xdx_4BF_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_znZ5CJjIahA9" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">S&amp;P 500® Total Return Index</div> </td> </tr> <tr id="xdx_43C_c20250721__20250721_eoef--AccmVal_pid_zSL2zGuols7h" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7/21/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10000.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10000.0 </div> </td> </tr> <tr id="xdx_438_c20250721__20250731_eoef--AccmVal_pid_ztGUAwa63GX7" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12138.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10055.0 </div> </td> </tr> <tr id="xdx_43C_c20250721__20250831_eoef--AccmVal_pid_zzLNSRuaEqJc" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 9755.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10259.0 </div> </td> </tr> <tr id="xdx_43C_c20250721__20250930_eoef--AccmVal_pid_z8860KKU4rFf" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9/30/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10183.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10634.0 </div> </td> </tr> <tr id="xdx_43F_c20250721__20251031_eoef--AccmVal_pid_zcMpnHWx3x1f" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 9037.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10883.0 </div> </td> </tr> <tr id="xdx_438_c20250721__20251130_eoef--AccmVal_pid_zbxm3OFIQgT7" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11/30/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 7935.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10909.0 </div> </td> </tr> <tr id="xdx_435_c20250721__20251231_eoef--AccmVal_pid_zuPZnlrUGZk4" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 6273.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10916.0 </div> </td> </tr> <tr id="xdx_430_c20250721__20260131_eoef--AccmVal_pid_zpdKLHjokCd8" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1/31/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 5710.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11074.0 </div> </td> </tr> <tr id="xdx_432_c20250721__20260228_eoef--AccmVal_pid_zSN1JUqtFKB3" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">2/28/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 6679.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10990.0 </div> </td> </tr> <tr id="xdx_43D_c20250721__20260331_eoef--AccmVal_pid_zGBJXb7E0o4g" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 4743.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10443.0 </div> </td> </tr> <tr id="xdx_43D_c20250721__20260430_eoef--AccmVal_pid_zdeECPNkN4vi" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">4/30/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 5085.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11539.0 </div> </td> </tr> </table> </div> </div><img alt="line" src="qeseylk1mpupbwaz.jpg" style="box-sizing: border-box; width: 250pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="box-sizing: border-box; text-align-last: auto; display: block; font-family: Times New Roman,Times,serif; line-height: normal; color: #000"> </p> 10000.0 10000.0 12138.0 10055.0 9755.0 10259.0 10183.0 10634.0 9037.0 10883.0 7935.0 10909.0 6273.0 10916.0 5710.0 11074.0 6679.0 10990.0 4743.0 10443.0 5085.0 11539.0 <p id="xdx_80D_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000258446Member_dU_zxt1wCCn0Qrf" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Annual Performance</p> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Returns for the Period ended April 30, 2026</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Since Inception (<span id="xdx_90E_eoef--PerfInceptionDate_c20250501__20260430__oef--ClassAxis__custom--C000258446Member_z14wTop8UYte">7/21/2025</span>)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Defiance Daily Target 2X Long VST ETF - at NAV</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_987_eoef--AvgAnnlRtrPct_dp_c20250721__20260430__oef--ClassAxis__custom--C000258446Member_ztW1JnBNw3x5" style="font: 300 9pt Gotham Narrow-Light,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">-49.15%</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">S&amp;P 500® Total Return Index</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_984_eoef--AvgAnnlRtrPct_dp_c20250721__20260430__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_ziZZ3xIFF0k3" style="font: 300 9pt Gotham Narrow-Light,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">15.39%</span> </div> </td> </tr> </table> 2025-07-21 -0.4915 0.1539 The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal">Visit </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial"><span style="box-sizing: border-box">https://www.defianceetfs.com/vstl</span> </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal"> for more recent performance information.</span> <p id="xdx_801_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000258446Member_dU_z0H7qGvvfjpk" style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">How did the Fund perform last year and what influenced its performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 34px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">From inception (July 21, 2025) through April 30, 2026, VSTL had a NAV total return of -49.15%. VSTL seeks to deliver twice the daily performance of VST (Vistra Corp.). Fluctuations in VST's stock price are magnified in VSTL through its 2x daily leverage.</p> </div> </div> <p style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">What factors influenced performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 68px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">Vistra's performance was driven by power demand growth from data centers and AI infrastructure, natural gas and power pricing dynamics, and the company's nuclear power generation assets. Energy market conditions, regulatory developments in electricity markets, and Vistra's capacity payments and hedging strategies influenced investor sentiment. The fund's compounding effects over the holding period caused returns to deviate from a simple 2x multiple.</p> </div> </div> <p id="xdx_80E_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000258446Member_dD_zyRswA3iIjDe" style="font: 700 13pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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"> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; font-size: 9pt"></span> </p> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: -7pt 0 8pt; margin-block: 1em; margin-inline: 0px; box-sizing: border-box; text-align-last: auto; display: block; padding-top: 0; color: #4f4f4f; text-align: left; text-indent: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_983_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000258446Member_zrU5pBOfIv21" style="font: 300 9pt Gotham Narrow-Light,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">$7,017</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_989_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000258446Member_z6MgLiLtHbhh" style="font: 300 9pt Gotham Narrow-Light,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</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div id="xdx_988_eoef--AdvisoryFeesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000258446Member_zpPed5cCZR88" style="font: 300 9pt Gotham Narrow-Light,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">$57,417</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div style="font: 300 9pt Gotham Narrow-Light,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_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250501__20260430__oef--ClassAxis__custom--C000258446Member_zXXHWPtK4Suh">1,600</span>%</span> </div> </td> </tr> </table> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; display: block"></span> </div> </div> 7017000 9 57417 16 <p id="xdx_80D_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000258446Member_dD_zIxfIbFb6Mig" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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> <p style="font: 300 10pt/normal Gotham Narrow-Light,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; font-size: 9pt"></span> </p> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/11pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 30.34px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_983_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000258446Member__us-gaap--InvestmentTypeAxis__us-gaap--CashEquivalentsMember_zaYrMQJG0xwe" style="box-sizing: border-box; text-align-last: auto"> 100.0% </div> </td> </tr> </table> </div> </div><img alt="bar" src="qeseylk1mpuo4f6k.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/0 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0; text-align: justify"> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/12pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Total Return Swap Contracts</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98C_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000258446Member__us-gaap--InvestmentTypeAxis__custom--TotalReturnSwapContractsMember_zUzXJEG4kx6h" style="box-sizing: border-box; text-align-last: auto"> 8.9% </div> </td> </tr> </table> </div> </div><img alt="bar" src="qes1st61mpuo4fo0.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 300 8pt/9pt Gotham Narrow-Light,Arial; margin: 4pt 0; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">Percentages are stated as a percent of net assets. Percentages for swap contracts are based on unrealized appreciation (depreciation). Cash Equivalents represents cash, short-term investments, and other assets in excess of liabilities.</p> </div> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -55pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> 1.000 0.089 <div id="xdx_80F_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000258446Member_dD_zvHgwBMWrH82" 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: 700 13pt Gotham Narrow-Bold,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; white-space: nowrap; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,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: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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 Bills</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000258446Member__oef--LargestHoldingAxis__custom--UnitedStatesTreasuryBillsMember_zVU3PpmRpXwd" style="font: 300 9pt Gotham Narrow-Light,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">21.9</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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, 3.56%</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_980_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000258446Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX356Member_zXJj3ZOdnJK2" style="font: 300 9pt Gotham Narrow-Light,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">8.5</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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. Swap; Maturity Date: 01/23/2029</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98F_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000258446Member__oef--LargestHoldingAxis__custom--VistraCorpSwapMaturityDate01232029Member_zU8ZfDYAqSu7" style="font: 300 9pt Gotham Narrow-Light,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: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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. Swap; Maturity Date: 03/31/2033</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000258446Member__oef--LargestHoldingAxis__custom--VistraCorpSwapMaturityDate03312033Member_z9tWytNEKdN2" style="font: 300 9pt Gotham Narrow-Light,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">2.8</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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. Swap; Maturity Date: 02/01/2027</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000258446Member__oef--LargestHoldingAxis__custom--VistraCorpSwapMaturityDate02012027Member_z2w6taX2W0Zb" style="font: 300 9pt Gotham Narrow-Light,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: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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. Swap; Maturity Date: 10/01/2026</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98C_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000258446Member__oef--LargestHoldingAxis__custom--VistraCorpSwapMaturityDate10012026Member_z3NuSaPZX7Si" style="font: 300 9pt Gotham Narrow-Light,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">-1.6</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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. Swap; Maturity Date: 01/11/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98E_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000258446Member__oef--LargestHoldingAxis__custom--VistraCorpSwapMaturityDate01112028Member_zZSFw0z99Dxk" style="font: 300 9pt Gotham Narrow-Light,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">1.0</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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. Swap; Maturity Date: 09/08/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000258446Member__oef--LargestHoldingAxis__custom--VistraCorpSwapMaturityDate09082028Member_zRf7pGHJ1Cgd" style="font: 300 9pt Gotham Narrow-Light,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">0.7</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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. Swap; Maturity Date: 03/18/2033</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_980_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000258446Member__oef--LargestHoldingAxis__custom--VistraCorpSwapMaturityDate03182033Member_znJFkjncwHzj" style="font: 300 9pt Gotham Narrow-Light,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">0.0</span> </div> </td> </tr> </table> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 2pt 0 4pt; text-align-last: auto; display: block; min-height: 26px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages for swap contracts are based on unrealized appreciation (depreciation).</p> 0.219 0.085 0.043 0.028 0.017 -0.016 0.010 0.007 0.000 <p id="xdx_803_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000258446Member_dD_zWKtijWwPx4g" style="font: 10pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0"><b>Fund Changes</b></p> <p style="font: 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">After the close of trading on The Nasdaq Stock Market, LLC on <span id="xdx_901_eoef--MaterialChngDate_c20250501__20260430__oef--ClassAxis__custom--C000258446Member_zyrw0zpuNfcf">March 19, 2026</span>, the Fund effected a 1:3 reverse split of its issued and outstanding shares.</p> 2026-03-19 Defiance Daily Target 2X Long ZETA ETF ZETX NYSEArca This <span id="xdx_90F_eoef--ShareholderReportAnnualOrSemiAnnual_c20250501__20260430__oef--ClassAxis__custom--C000264267Member_zd4gYughgVQd">annual shareholder report</span> contains important information about the <span style="box-sizing: border-box">Defiance Daily Target 2X Long ZETA ETF</span> (the "Fund") for the period <span style="box-sizing: border-box">May 1, 2025</span> to <span style="box-sizing: border-box">April 30, 2026</span>. annual shareholder report You can find additional information about the Fund at <span style="box-sizing: border-box"><span id="xdx_90F_eoef--AddlInfoWebsite_c20250501__20260430__oef--ClassAxis__custom--C000264267Member_zFXrWYF1JEvb">https://www.defianceetfs.com/zetx</span></span>. You can also request this information by contacting us at <span style="box-sizing: border-box"><span id="xdx_902_eoef--AddlInfoPhoneNumber_c20250501__20260430__oef--ClassAxis__custom--C000264267Member_zr7SkxbxTNT7">(833) 333-9383</span></span> or by writing to the <span style="box-sizing: border-box">Defiance Daily Target 2X Long ZETA ETF</span>, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701. https://www.defianceetfs.com/zetx (833) 333-9383 <p id="xdx_80C_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000264267Member_dU_zLz8K9UsdqR6" style="font: 700 11pt/11pt Gotham Narrow-Bold,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">What were the Fund costs for the past year?</p> <p style="font: 300 10pt/11pt Gotham Narrow-Light,Arial; margin: 0; 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"><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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--ClassName_c20250501__20260430__oef--ClassAxis__custom--C000264267Member_zFLrT9cTXFQi" style="font: 300 9pt Gotham Narrow-Light,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">Defiance Daily Target 2X Long ZETA ETF</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--ExpensesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000264267Member_zTRf0Qftht73" style="font: 300 9pt Gotham Narrow-Light,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">$30</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98C_eoef--ExpenseRatioPct_dp_c20250501__20260430__oef--ClassAxis__custom--C000264267Member_fKg_____zkEur3yuSUC4" style="font: 300 9pt Gotham Narrow-Light,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">1.31%*</span> </div> </td> </tr> </table> </div> </div> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 1pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"><span id="xdx_908_eoef--ExpensesShortPeriodFnTextBlock_c20250501__20260430__oef--ClassAxis__custom--C000264267Member_z3rvAQ4t14cd">The Fund commenced operations February 3, 2026. Expenses for a full reporting period would be higher than the figures shown.</span></span> </p> <table cellpadding="0" cellspacing="0" style="font: 300 8pt/normal Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td id="xdx_F07_zify6bLKMcW" style="width: 15pt; text-align: right">*</td> <td style="width: 5pt"></td> <td id="xdx_F18_zRh2MnCRJvc" style="text-align: justify"> Costs paid as a percentage of a $10,000 investment is an annualized figure. </td> </tr> </table> Defiance Daily Target 2X Long ZETA ETF 30 0.0131 The Fund commenced operations February 3, 2026. Expenses for a full reporting period would be higher than the figures shown. <p id="xdx_807_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000264267Member_dU_zIoILTj0f1Sf" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Cumulative Performance</p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(Initial Investment of $10,000)</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Date</div> </td> <td id="xdx_4BA_oef--ClassAxis_custom--C000264267Member_zTVuT2QouyT9" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Defiance Daily Target 2X Long ZETA ETF</div> </td> <td id="xdx_4BF_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_zjHudHlNwT37" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">S&amp;P 500® Total Return Index</div> </td> </tr> <tr id="xdx_431_c20260203__20260203_eoef--AccmVal_pid_zPseyb8plZBl" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">2/3/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10000.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10000.0 </div> </td> </tr> <tr id="xdx_431_c20260203__20260228_eoef--AccmVal_pid_zRtUGFcBABJ4" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">2/28/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 8529.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 9954.0 </div> </td> </tr> <tr id="xdx_434_c20260203__20260331_eoef--AccmVal_pid_zCTo3YnjYuI5" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 7123.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 9458.0 </div> </td> </tr> <tr id="xdx_43E_c20260203__20260430_eoef--AccmVal_pid_zMJAruUePAr1" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">4/30/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 9159.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10451.0 </div> </td> </tr> </table> </div> </div><img alt="line" src="qeseylk1mpupciea.jpg" style="box-sizing: border-box; width: 250pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="box-sizing: border-box; text-align-last: auto; display: block; font-family: Times New Roman,Times,serif; line-height: normal; color: #000"> </p> 10000.0 10000.0 8529.0 9954.0 7123.0 9458.0 9159.0 10451.0 <p id="xdx_80D_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000264267Member_dU_zWNDfR5HkU47" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Annual Performance</p> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Returns for the Period ended April 30, 2026</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Since Inception (<span id="xdx_90E_eoef--PerfInceptionDate_c20250501__20260430__oef--ClassAxis__custom--C000264267Member_zjOKDvSjWWBg">2/3/2026</span>)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Defiance Daily Target 2X Long ZETA ETF - at NAV</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_985_eoef--AvgAnnlRtrPct_dp_c20260203__20260430__oef--ClassAxis__custom--C000264267Member_zYXRwewuphEa" style="font: 300 9pt Gotham Narrow-Light,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">-8.46%</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">S&amp;P 500® Total Return Index</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_982_eoef--AvgAnnlRtrPct_dp_c20260203__20260430__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zYJ2sB2BAfC" style="font: 300 9pt Gotham Narrow-Light,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">4.51%</span> </div> </td> </tr> </table> 2026-02-03 -0.0846 0.0451 The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal">Visit </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial"><span style="box-sizing: border-box">https://www.defianceetfs.com/zetx</span> </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal"> for more recent performance information.</span> <p id="xdx_801_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000264267Member_dU_z6rwUg25qmJh" style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">How did the Fund perform last year and what influenced its performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 34px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">From inception (February 3, 2026) through April 30, 2026, ZETX had a NAV total return of -8.46%. ZETX seeks to deliver twice the daily performance of ZETA (Zeta Global Holdings Corp.). The fund's 2x leverage magnifies ZETA's daily stock movements in ZETX.</p> </div> </div> <p style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">What factors influenced performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 68px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">Zeta Global's stock performance was shaped by growth in its AI-powered marketing technology platform, customer acquisition trends, and revenue performance relative to expectations. Broader digital advertising market conditions, competitive dynamics in marketing automation, and the company's enterprise customer expansion drove investor sentiment. Quarterly financial results and guidance updates drove stock volatility amplified through ZETX's 2x leverage.</p> </div> </div> <p id="xdx_80E_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000264267Member_dD_zA92zUtGErXj" style="font: 700 13pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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"> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; font-size: 9pt"></span> </p> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: -7pt 0 8pt; margin-block: 1em; margin-inline: 0px; box-sizing: border-box; text-align-last: auto; display: block; padding-top: 0; color: #4f4f4f; text-align: left; text-indent: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_983_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000264267Member_zhC8oa6uw6vg" style="font: 300 9pt Gotham Narrow-Light,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">$3,845</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_989_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000264267Member_zZLQTiMHsuDg" style="font: 300 9pt Gotham Narrow-Light,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</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div id="xdx_988_eoef--AdvisoryFeesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000264267Member_zUfWCJ8lIYG7" style="font: 300 9pt Gotham Narrow-Light,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">$4,757</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div style="font: 300 9pt Gotham Narrow-Light,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_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250501__20260430__oef--ClassAxis__custom--C000264267Member_zLm7YyYqGbj3">0</span>%</span> </div> </td> </tr> </table> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; display: block"></span> </div> </div> 3845000 7 4757 0 <p id="xdx_80D_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000264267Member_dD_zV7ujS29X2Db" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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> <p style="font: 300 10pt/normal Gotham Narrow-Light,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; font-size: 9pt"></span> </p> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/11pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 30.34px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_983_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000264267Member__us-gaap--InvestmentTypeAxis__us-gaap--CashEquivalentsMember_zxpnggaZTw65" style="box-sizing: border-box; text-align-last: auto"> 100.0% </div> </td> </tr> </table> </div> </div><img alt="bar" src="qeseylk1mpuo5kl4.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/0 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0; text-align: justify"> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/12pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Total Return Swap Contracts</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98C_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000264267Member__us-gaap--InvestmentTypeAxis__custom--TotalReturnSwapContractsMember_z5V8fZfzKkia" style="box-sizing: border-box; text-align-last: auto"> 11.0% </div> </td> </tr> </table> </div> </div><img alt="bar" src="qes1st61mpuo5l08.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 300 8pt/9pt Gotham Narrow-Light,Arial; margin: 4pt 0; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">Percentages are stated as a percent of net assets. Percentages for swap contracts are based on unrealized appreciation (depreciation). Cash Equivalents represents cash, short-term investments, and other assets in excess of liabilities.</p> </div> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -55pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> 1.000 0.110 <div id="xdx_80F_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000264267Member_dD_zQUngZBETnqf" 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: 700 13pt Gotham Narrow-Bold,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; white-space: nowrap; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,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: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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 Bills</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000264267Member__oef--LargestHoldingAxis__custom--UnitedStatesTreasuryBillsMember_zqyUep0ZzQd4" style="font: 300 9pt Gotham Narrow-Light,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: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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, 3.56%</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_988_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000264267Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX356Member_zcOdQhMDnvWi" style="font: 300 9pt Gotham Narrow-Light,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">3.5</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Zeta Global Holdings Corp. Swap; Maturity Date: 03/07/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98F_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000264267Member__oef--LargestHoldingAxis__custom--ZetaGlobalHoldingsCorpSwapMaturityDate03072028Member_zjsrUzUpGzy6" style="font: 300 9pt Gotham Narrow-Light,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">3.0</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Zeta Global Holdings Corp. Swap; Maturity Date: 09/08/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_980_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000264267Member__oef--LargestHoldingAxis__custom--ZetaGlobalHoldingsCorpSwapMaturityDate09082028Member_zWmJp0dz772l" style="font: 300 9pt Gotham Narrow-Light,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">2.9</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Zeta Global Holdings Corp. Swap; Maturity Date: 02/02/2029</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_980_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000264267Member__oef--LargestHoldingAxis__custom--ZetaGlobalHoldingsCorpSwapMaturityDate02022029Member_zmVioLO3Ht5l" style="font: 300 9pt Gotham Narrow-Light,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">2.7</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Zeta Global Holdings Corp. Swap; Maturity Date: 03/31/2033</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000264267Member__oef--LargestHoldingAxis__custom--ZetaGlobalHoldingsCorpSwapMaturityDate03312033Member_ziFDq3r7OWp2" style="font: 300 9pt Gotham Narrow-Light,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">2.3</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Zeta Global Holdings Corp. Swap; Maturity Date: 01/31/2033</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_983_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000264267Member__oef--LargestHoldingAxis__custom--ZetaGlobalHoldingsCorpSwapMaturityDate01312033Member_zDyvC2mSgZpl" style="font: 300 9pt Gotham Narrow-Light,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> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 2pt 0 4pt; text-align-last: auto; display: block; min-height: 26px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages for swap contracts are based on unrealized appreciation (depreciation).</p> 0.047 0.035 0.030 0.029 0.027 0.023 0.001 Defiance Daily Target 2X Short AMD ETF DAMD NYSEArca This <span id="xdx_90F_eoef--ShareholderReportAnnualOrSemiAnnual_c20250501__20260430__oef--ClassAxis__custom--C000265871Member_zRMOymWtkUee">annual shareholder report</span> contains important information about the <span style="box-sizing: border-box">Defiance Daily Target 2X Short AMD ETF</span> (the "Fund") for the period <span style="box-sizing: border-box">May 1, 2025</span> to <span style="box-sizing: border-box">April 30, 2026</span>. annual shareholder report You can find additional information about the Fund at <span style="box-sizing: border-box"><span id="xdx_90F_eoef--AddlInfoWebsite_c20250501__20260430__oef--ClassAxis__custom--C000265871Member_z7zc3xvIx7u5">https://www.defianceetfs.com/damd</span></span>. You can also request this information by contacting us at <span style="box-sizing: border-box"><span id="xdx_902_eoef--AddlInfoPhoneNumber_c20250501__20260430__oef--ClassAxis__custom--C000265871Member_zXX7vHk8Xof">(833) 333-9383</span></span> or by writing to the <span style="box-sizing: border-box">Defiance Daily Target 2X Short AMD ETF</span>, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701. https://www.defianceetfs.com/damd (833) 333-9383 <p id="xdx_80C_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000265871Member_dU_z11JuC14dtk1" style="font: 700 11pt/11pt Gotham Narrow-Bold,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">What were the Fund costs for the past year?</p> <p style="font: 300 10pt/11pt Gotham Narrow-Light,Arial; margin: 0; 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"><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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--ClassName_c20250501__20260430__oef--ClassAxis__custom--C000265871Member_zLY8qzDqY324" style="font: 300 9pt Gotham Narrow-Light,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">Defiance Daily Target 2X Short AMD ETF</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--ExpensesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000265871Member_zFMKypfcIaGc" style="font: 300 9pt Gotham Narrow-Light,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">$38</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98C_eoef--ExpenseRatioPct_dp_c20250501__20260430__oef--ClassAxis__custom--C000265871Member_fKg_____zJvK12FwhfR8" style="font: 300 9pt Gotham Narrow-Light,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">1.29%*</span> </div> </td> </tr> </table> </div> </div> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 1pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"><span id="xdx_908_eoef--ExpensesShortPeriodFnTextBlock_c20250501__20260430__oef--ClassAxis__custom--C000265871Member_zvw7MuqNkLg1">The Fund commenced operations November 13, 2025. Expenses for a full reporting period would be higher than the figures shown.</span></span> </p> <table cellpadding="0" cellspacing="0" style="font: 300 8pt/normal Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td id="xdx_F0F_zTkR32QS3RQd" style="width: 15pt; text-align: right">*</td> <td style="width: 5pt"></td> <td id="xdx_F19_znd97R6F73Sf" style="text-align: justify"> Costs paid as a percentage of a $10,000 investment is an annualized figure. </td> </tr> </table> Defiance Daily Target 2X Short AMD ETF 38 0.0129 The Fund commenced operations November 13, 2025. Expenses for a full reporting period would be higher than the figures shown. <p id="xdx_807_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000265871Member_dU_zdxYDu8dqah" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Cumulative Performance</p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(Initial Investment of $10,000)</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Date</div> </td> <td id="xdx_4BA_oef--ClassAxis_custom--C000265871Member_zwe66pHiFtNi" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Defiance Daily Target 2X Short AMD ETF</div> </td> <td id="xdx_4BF_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_zKHooXvNEgy9" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">S&amp;P 500® Total Return Index</div> </td> </tr> <tr id="xdx_43C_c20251113__20251113_eoef--AccmVal_pid_zxzLdtLX8VB6" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11/13/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10000.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10000.0 </div> </td> </tr> <tr id="xdx_43C_c20251113__20251130_eoef--AccmVal_pid_zccjGBhukKD1" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11/30/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12384.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10173.0 </div> </td> </tr> <tr id="xdx_434_c20251113__20251231_eoef--AccmVal_pid_zxDJHzG5P5oa" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12375.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10180.0 </div> </td> </tr> <tr id="xdx_436_c20251113__20260131_eoef--AccmVal_pid_z8jOiC4kQto7" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1/31/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 9492.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10327.0 </div> </td> </tr> <tr id="xdx_43A_c20251113__20260228_eoef--AccmVal_pid_zLkHGqGARzMc" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">2/28/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11328.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10249.0 </div> </td> </tr> <tr id="xdx_431_c20251113__20260331_eoef--AccmVal_pid_zhVM6YKA6wpg" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10132.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 9738.0 </div> </td> </tr> <tr id="xdx_437_c20251113__20260430_eoef--AccmVal_pid_zCZPXsTOKbT" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">4/30/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 2875.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10760.0 </div> </td> </tr> </table> </div> </div><img alt="line" src="qeseylk1mpupcj24.jpg" style="box-sizing: border-box; width: 250pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="box-sizing: border-box; text-align-last: auto; display: block; font-family: Times New Roman,Times,serif; line-height: normal; color: #000"> </p> 10000.0 10000.0 12384.0 10173.0 12375.0 10180.0 9492.0 10327.0 11328.0 10249.0 10132.0 9738.0 2875.0 10760.0 <p id="xdx_80D_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000265871Member_dU_z0BHVWerXxsf" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Annual Performance</p> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Returns for the Period ended April 30, 2026</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Since Inception (<span id="xdx_90E_eoef--PerfInceptionDate_c20250501__20260430__oef--ClassAxis__custom--C000265871Member_zvWNcSwt7V29">11/13/2025</span>)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Defiance Daily Target 2X Short AMD ETF - at NAV</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_98D_eoef--AvgAnnlRtrPct_dp_c20251113__20260430__oef--ClassAxis__custom--C000265871Member_zzdHRTZifdkh" style="font: 300 9pt Gotham Narrow-Light,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">-71.25%</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">S&amp;P 500® Total Return Index</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_982_eoef--AvgAnnlRtrPct_dp_c20251113__20260430__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zuJiQfdep6L5" style="font: 300 9pt Gotham Narrow-Light,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">7.60%</span> </div> </td> </tr> </table> 2025-11-13 -0.7125 0.0760 The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal">Visit </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial"><span style="box-sizing: border-box">https://www.defianceetfs.com/damd</span> </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal"> for more recent performance information.</span> <p id="xdx_801_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000265871Member_dU_zjW5t0DNqdbh" style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">How did the Fund perform last year and what influenced its performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 51px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">From inception (November 13, 2025) through April 30, 2026, DAMD had a NAV total return of -71.25%. DAMD seeks to deliver twice the daily inverse performance of AMD (Advanced Micro Devices, Inc.). As an inverse leveraged fund, it experiences losses when AMD's stock rises.</p> </div> </div> <p style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">What factors influenced performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 68px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">AMD's stock performance was shaped by competitive dynamics in the CPU and GPU markets against Intel and NVIDIA, adoption of its AI accelerator chips (Instinct MI series) by cloud and enterprise customers, and quarterly financial results. The broader semiconductor sector cycle, hyperscaler AI capex spending, and AMD's market share in data center GPUs influenced investor sentiment. These factors created headwinds for DAMD during periods of AMD stock appreciation.</p> </div> </div> <p id="xdx_80E_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000265871Member_dD_z5FT5bnubHIk" style="font: 700 13pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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"> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; font-size: 9pt"></span> </p> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: -7pt 0 8pt; margin-block: 1em; margin-inline: 0px; box-sizing: border-box; text-align-last: auto; display: block; padding-top: 0; color: #4f4f4f; text-align: left; text-indent: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_983_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000265871Member_z9a5AWzs4Grk" style="font: 300 9pt Gotham Narrow-Light,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">$27,029</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_989_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000265871Member_zAtNfsUt1a5f" style="font: 300 9pt Gotham Narrow-Light,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</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div id="xdx_988_eoef--AdvisoryFeesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000265871Member_zfbVQc0oRgZe" style="font: 300 9pt Gotham Narrow-Light,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">$25,186</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div style="font: 300 9pt Gotham Narrow-Light,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_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250501__20260430__oef--ClassAxis__custom--C000265871Member_zn9aiEenym36">0</span>%</span> </div> </td> </tr> </table> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; display: block"></span> </div> </div> 27029000 6 25186 0 <p id="xdx_80D_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000265871Member_dD_zkrlqRirlbgj" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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> <p style="font: 300 10pt/normal Gotham Narrow-Light,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; font-size: 9pt"></span> </p> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/11pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 30.34px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_983_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000265871Member__us-gaap--InvestmentTypeAxis__us-gaap--CashEquivalentsMember_z28e8oh97Sy6" style="box-sizing: border-box; text-align-last: auto"> 100.0% </div> </td> </tr> </table> </div> </div><img alt="bar" src="qes1st61mpuo5lxu.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/0 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0; text-align: justify"> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/12pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Total Return Swap Contracts</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98C_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000265871Member__us-gaap--InvestmentTypeAxis__custom--TotalReturnSwapContractsMember_zGqTe2MkYz6d" style="box-sizing: border-box; text-align-last: auto">-2.8%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qeseylk1mpuo5mbw.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 300 8pt/9pt Gotham Narrow-Light,Arial; margin: 4pt 0; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">Percentages are stated as a percent of net assets. Percentages for swap contracts are based on unrealized appreciation (depreciation). Cash Equivalents represents cash, short-term investments, and other assets in excess of liabilities.</p> </div> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -55pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> 1.000 -0.028 <div id="xdx_80F_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000265871Member_dD_zaqeylINvCXa" 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: 700 13pt Gotham Narrow-Bold,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; white-space: nowrap; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,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: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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 Bills</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000265871Member__oef--LargestHoldingAxis__custom--UnitedStatesTreasuryBillsMember_zlrTgqZeNbkd" style="font: 300 9pt Gotham Narrow-Light,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">16.5</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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, 3.56%</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_982_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000265871Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX356Member_zhcIshq5Ymdf" style="font: 300 9pt Gotham Narrow-Light,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">3.3</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Advanced Micro Devices Inc. Swap; Maturity Date: 11/13/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000265871Member__oef--LargestHoldingAxis__custom--AdvancedMicroDevicesIncSwapMaturityDate11132028Member_zuYuGMcWZqz6" style="font: 300 9pt Gotham Narrow-Light,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">-1.0</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Advanced Micro Devices Inc. Swap; Maturity Date: 01/11/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98F_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000265871Member__oef--LargestHoldingAxis__custom--AdvancedMicroDevicesIncSwapMaturityDate01112028Member_zPJLSsxhsn56" style="font: 300 9pt Gotham Narrow-Light,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">-0.8</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Advanced Micro Devices Inc. Swap; Maturity Date: 11/01/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98B_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000265871Member__oef--LargestHoldingAxis__custom--AdvancedMicroDevicesIncSwapMaturityDate11012028Member_zeDggtvOH1o5" style="font: 300 9pt Gotham Narrow-Light,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">-0.8</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Advanced Micro Devices Inc. Swap; Maturity Date: 03/31/2033</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000265871Member__oef--LargestHoldingAxis__custom--AdvancedMicroDevicesIncSwapMaturityDate03312033Member_z2mVZK2eSHO" style="font: 300 9pt Gotham Narrow-Light,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">0.0</span> </div> </td> </tr> </table> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 2pt 0 4pt; text-align-last: auto; display: block; min-height: 26px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages for swap contracts are based on unrealized appreciation (depreciation).</p> 0.165 0.033 -0.010 -0.008 -0.008 0.000 Defiance Daily Target 2X Short MSTR ETF SMST NASDAQ This <span id="xdx_90F_eoef--ShareholderReportAnnualOrSemiAnnual_c20250501__20260430__oef--ClassAxis__custom--C000250371Member_zk6l07GHhWij">annual shareholder report</span> contains important information about the Defiance Daily Target 2X Short MSTR ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. annual shareholder report You can find additional information about the Fund at <span id="xdx_90F_eoef--AddlInfoWebsite_c20250501__20260430__oef--ClassAxis__custom--C000250371Member_z6ooMO2ALrvg">https://www.defianceetfs.com/smst</span>. You can also request this information by contacting us at <span id="xdx_902_eoef--AddlInfoPhoneNumber_c20250501__20260430__oef--ClassAxis__custom--C000250371Member_zSLE1mpLkCKj">(833) 333-9383</span> or by writing to the Defiance Daily Target 2X Short MSTR ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701. https://www.defianceetfs.com/smst (833) 333-9383 <p id="xdx_80C_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000250371Member_dU_zJtK6iYCZ8T9" style="font: 700 11pt/11pt Gotham Narrow-Bold,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">What were the Fund costs for the past year?</p> <p style="font: 300 10pt/11pt Gotham Narrow-Light,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"><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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--ClassName_c20250501__20260430__oef--ClassAxis__custom--C000250371Member_zDesHCiVDSd4" style="font: 300 9pt Gotham Narrow-Light,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">Defiance Daily Target 2X Short MSTR ETF</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--ExpensesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000250371Member_zZtZ4kUpF1gf" style="font: 300 9pt Gotham Narrow-Light,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">$141</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98C_eoef--ExpenseRatioPct_dp_c20250501__20260430__oef--ClassAxis__custom--C000250371Member_fKg_____zw482SVhdJPj" style="font: 300 9pt Gotham Narrow-Light,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">1.37%*</span> </div> </td> </tr> </table> </div> </div> </div> <table cellpadding="0" cellspacing="0" style="font: 300 8pt/normal Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td id="xdx_F0B_zrJI4DNEmII2" style="width: 15pt; text-align: right">*</td> <td style="width: 5pt"></td> <td id="xdx_F1C_zK7aAacntqog" style="text-align: justify"> Costs paid as a percentage of a $10,000 investment is an annualized figure. </td> </tr> </table> Defiance Daily Target 2X Short MSTR ETF 141 0.0137 <p id="xdx_807_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000250371Member_dU_zV5vtiD0gJhd" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Cumulative Performance</p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(Initial Investment of $10,000)</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Date</div> </td> <td id="xdx_4BA_oef--ClassAxis_custom--C000250371Member_z71oXDpX7Hf1" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Defiance Daily Target 2X Short MSTR ETF</div> </td> <td id="xdx_4BF_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_zO3mlPgpQYm2" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">S&amp;P 500® Total Return Index</div> </td> </tr> <tr id="xdx_43A_c20240820__20240820_eoef--AccmVal_pid_zmqtFnL79swf" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8/20/2024</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10000.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10000.0 </div> </td> </tr> <tr id="xdx_433_c20240820__20240831_eoef--AccmVal_pid_zfMTBkHgnkU3" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8/31/2024</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 9648.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10095.0 </div> </td> </tr> <tr id="xdx_43A_c20240820__20240930_eoef--AccmVal_pid_zWmkl4qtLU7b" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9/30/2024</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 6025.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10311.0 </div> </td> </tr> <tr id="xdx_43C_c20240820__20241031_eoef--AccmVal_pid_zLN0sTfEhvA7" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10/31/2024</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 3032.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10217.0 </div> </td> </tr> <tr id="xdx_43E_c20240820__20241130_eoef--AccmVal_pid_zxnLBP5HGUTc" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11/30/2024</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 610.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10817.0 </div> </td> </tr> <tr id="xdx_433_c20240820__20241231_eoef--AccmVal_pid_z1XDrbiEOP1f" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12/31/2024</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 834.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10559.0 </div> </td> </tr> <tr id="xdx_434_c20240820__20250131_eoef--AccmVal_pid_zHWsaN2BjG53" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 508.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10853.0 </div> </td> </tr> <tr id="xdx_437_c20240820__20250228_eoef--AccmVal_pid_zZx5VbjvPwZe" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">2/28/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 751.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10712.0 </div> </td> </tr> <tr id="xdx_43C_c20240820__20250331_eoef--AccmVal_pid_zTZw1LJjOMG8" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 410.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10108.0 </div> </td> </tr> <tr id="xdx_438_c20240820__20250430_eoef--AccmVal_pid_zsGvaYRkWaG8" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">4/30/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 151.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10040.0 </div> </td> </tr> <tr id="xdx_438_c20240820__20250531_eoef--AccmVal_pid_z59nLtWgNHBf" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">5/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 150.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10672.0 </div> </td> </tr> <tr id="xdx_43A_c20240820__20250630_eoef--AccmVal_pid_z83FraDwPVMh" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">6/30/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 120.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11214.0 </div> </td> </tr> <tr id="xdx_436_c20240820__20250731_eoef--AccmVal_pid_z12w7EvXnZVl" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 111.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11466.0 </div> </td> </tr> <tr id="xdx_432_c20240820__20250831_eoef--AccmVal_pid_zz2zIVLxILZ9" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 145.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11698.0 </div> </td> </tr> <tr id="xdx_438_c20240820__20250930_eoef--AccmVal_pid_zJC05wRSnX3a" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9/30/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 147.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12125.0 </div> </td> </tr> <tr id="xdx_434_c20240820__20251031_eoef--AccmVal_pid_zRQ9Y5LXNZ2f" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 184.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12409.0 </div> </td> </tr> <tr id="xdx_434_c20240820__20251130_eoef--AccmVal_pid_ziE695THLUfj" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11/30/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 373.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12440.0 </div> </td> </tr> <tr id="xdx_431_c20240820__20251231_eoef--AccmVal_pid_zgLKjC05Tdc9" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 465.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12447.0 </div> </td> </tr> <tr id="xdx_43D_c20240820__20260131_eoef--AccmVal_pid_zG9H9PUoTND8" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1/31/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 423.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12628.0 </div> </td> </tr> <tr id="xdx_436_c20240820__20260228_eoef--AccmVal_pid_zTWrNq7sPLN" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">2/28/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 349.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12532.0 </div> </td> </tr> <tr id="xdx_43B_c20240820__20260331_eoef--AccmVal_pid_zBQraKphtUV9" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 329.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11908.0 </div> </td> </tr> <tr id="xdx_438_c20240820__20260430_eoef--AccmVal_pid_zyD37MNgW7Of" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">4/30/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 160.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 13157.0 </div> </td> </tr> </table> </div> </div><img alt="line" src="qeseylk1mpupbxay.jpg" style="box-sizing: border-box; width: 250pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="box-sizing: border-box; text-align-last: auto; display: block; font-family: Times New Roman,Times,serif; line-height: normal; color: #000"> </p> 10000.0 10000.0 9648.0 10095.0 6025.0 10311.0 3032.0 10217.0 610.0 10817.0 834.0 10559.0 508.0 10853.0 751.0 10712.0 410.0 10108.0 151.0 10040.0 150.0 10672.0 120.0 11214.0 111.0 11466.0 145.0 11698.0 147.0 12125.0 184.0 12409.0 373.0 12440.0 465.0 12447.0 423.0 12628.0 349.0 12532.0 329.0 11908.0 160.0 13157.0 <p id="xdx_80D_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000250371Member_dU_zoRvq5dO7Sei" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Annual Performance</p> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Returns for the Period ended April 30, 2026</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">1 Year</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Since Inception (<span id="xdx_90E_eoef--PerfInceptionDate_c20250501__20260430__oef--ClassAxis__custom--C000250371Member_zD8ettMXSZ89">8/20/2024</span>)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Defiance Daily Target 2X Short MSTR ETF - at NAV</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_980_eoef--AvgAnnlRtrPct_dp_c20250501__20260430__oef--ClassAxis__custom--C000250371Member_z0bRMklYXpLi" style="font: 300 9pt Gotham Narrow-Light,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">6.30%</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_984_eoef--AvgAnnlRtrPct_dp_c20240820__20260430__oef--ClassAxis__custom--C000250371Member_zAl4Uy590bM3" style="font: 300 9pt Gotham Narrow-Light,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">-91.29%</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">S&amp;P 500® Total Return Index</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_98A_eoef--AvgAnnlRtrPct_dp_c20250501__20260430__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zxDguzbIoAme" style="font: 300 9pt Gotham Narrow-Light,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">31.05%</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_987_eoef--AvgAnnlRtrPct_dp_c20240820__20260430__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_z3d2IqNbLkzk" style="font: 300 9pt Gotham Narrow-Light,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">17.59%</span> </div> </td> </tr> </table> 2024-08-20 0.0630 -0.9129 0.3105 0.1759 The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal">Visit </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial"><span style="box-sizing: border-box">https://www.defianceetfs.com/smst</span> </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal"> for more recent performance information.</span> <p id="xdx_801_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000250371Member_dU_z4XnW7J31B02" style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">How did the Fund perform last year and what influenced its performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 34px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">For the fiscal year ended April 30, 2026, SMST had a NAV total return of 6.30%. SMST seeks to deliver twice the daily inverse performance of MSTR. As an inverse leveraged fund, it experiences losses when MSTR's stock rises and gains when it falls.</p> </div> </div> <p style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">What factors influenced performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 51px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">MSTR's strong correlation with Bitcoin prices was the primary driver of SMST's performance. Periods of Bitcoin appreciation contributed to losses for SMST due to its inverse exposure. Daily rebalancing and volatility drag caused the fund's returns to deviate from the expected -2x multiple over longer holding periods, a structural characteristic of leveraged inverse products.</p> </div> </div> <p id="xdx_80E_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000250371Member_dD_zjnCNN2MW741" style="font: 700 13pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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"> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; font-size: 9pt"></span> </p> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: -7pt 0 8pt; margin-block: 1em; margin-inline: 0px; box-sizing: border-box; text-align-last: auto; display: block; padding-top: 0; color: #4f4f4f; text-align: left; text-indent: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_98B_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000250371Member_zwJYpi5hkid" style="font: 300 9pt Gotham Narrow-Light,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">$28,949</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_989_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000250371Member_zIB1nLPsaORf" style="font: 300 9pt Gotham Narrow-Light,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</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div id="xdx_988_eoef--AdvisoryFeesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000250371Member_zeFdhQBCg0pe" style="font: 300 9pt Gotham Narrow-Light,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">$435,011</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div style="font: 300 9pt Gotham Narrow-Light,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_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250501__20260430__oef--ClassAxis__custom--C000250371Member_zBpWXE2GORS2">0</span>%</span> </div> </td> </tr> </table> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; display: block"></span> </div> </div> 28949000 7 435011 0 <p id="xdx_80D_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000250371Member_dD_zqVkTbKaX1t1" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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> <p style="font: 300 10pt/normal Gotham Narrow-Light,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; font-size: 9pt"></span> </p> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/11pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 30.34px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_983_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000250371Member__us-gaap--InvestmentTypeAxis__us-gaap--CashEquivalentsMember_zWRUIaD3GjOb" style="box-sizing: border-box; text-align-last: auto"> 100.0% </div> </td> </tr> </table> </div> </div><img alt="bar" src="qes1st61mpuo4gmp.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/0 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0; text-align: justify"> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/12pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Total Return Swap Contracts</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98C_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000250371Member__us-gaap--InvestmentTypeAxis__custom--TotalReturnSwapContractsMember_zfIZxVLjpsMi" style="box-sizing: border-box; text-align-last: auto"> 6.8% </div> </td> </tr> </table> </div> </div><img alt="bar" src="qeseylk1mpuo4gzq.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 300 8pt/9pt Gotham Narrow-Light,Arial; margin: 4pt 0; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">Percentages are stated as a percent of net assets. Percentages for swap contracts are based on unrealized appreciation (depreciation). Cash Equivalents represents cash, short-term investments, and other assets in excess of liabilities.</p> </div> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -55pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> 1.000 0.068 <div id="xdx_80F_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000250371Member_dD_zi48X0x9MMSd" 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: 700 13pt Gotham Narrow-Bold,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; white-space: nowrap; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,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: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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 Bills</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000250371Member__oef--LargestHoldingAxis__custom--UnitedStatesTreasuryBillsMember_zGoiNRuJi2Eh" style="font: 300 9pt Gotham Narrow-Light,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">21.3</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Strategy, Inc. Swap; Maturity Date: 12/01/2027</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_988_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000250371Member__oef--LargestHoldingAxis__custom--StrategyIncSwapMaturityDate12012027Member_z4oVRCJV11mh" style="font: 300 9pt Gotham Narrow-Light,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">3.0</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Strategy, Inc. Swap; Maturity Date: 09/24/2026</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000250371Member__oef--LargestHoldingAxis__custom--StrategyIncSwapMaturityDate09242026Member_ziv12AnAOYe7" style="font: 300 9pt Gotham Narrow-Light,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">2.7</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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, 3.56%</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98C_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000250371Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX356Member_zP9iL1gHbjA2" style="font: 300 9pt Gotham Narrow-Light,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">1.2</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Strategy, Inc. Swap; Maturity Date: 09/08/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000250371Member__oef--LargestHoldingAxis__custom--StrategyIncSwapMaturityDate09082028Member_zAfQdNUYn9Uf" style="font: 300 9pt Gotham Narrow-Light,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">0.6</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Strategy, Inc. Swap; Maturity Date: 03/18/2033</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98B_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000250371Member__oef--LargestHoldingAxis__custom--StrategyIncSwapMaturityDate03182033Member_zAzVX5DBVqug" style="font: 300 9pt Gotham Narrow-Light,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">0.4</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Strategy, Inc. Swap; Maturity Date: 01/25/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_988_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000250371Member__oef--LargestHoldingAxis__custom--StrategyIncSwapMaturityDate01252028Member_zqzHwCKKJxa" style="font: 300 9pt Gotham Narrow-Light,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">0.0</span> </div> </td> </tr> </table> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 2pt 0 4pt; text-align-last: auto; display: block; min-height: 26px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages are stated as a percent of net assets. Percentages for swap contracts are based on unrealized appreciation (depreciation). Cash Equivalents represents cash, short-term investments, and other assets in excess of liabilities.</p> 0.213 0.030 0.027 0.012 0.006 0.004 0.000 Defiance Daily Target 2X Short SMCI ETF SMCZ NASDAQ This <span id="xdx_90F_eoef--ShareholderReportAnnualOrSemiAnnual_c20250501__20260430__oef--ClassAxis__custom--C000259171Member_z7aiJbICqG9d">annual shareholder report</span> contains important information about the Defiance Daily Target 2X Short SMCI ETF (the "Fund") for the period May 1, 2025 to April 30, 2026. annual shareholder report You can find additional information about the Fund at <span id="xdx_90F_eoef--AddlInfoWebsite_c20250501__20260430__oef--ClassAxis__custom--C000259171Member_zKjFvMXd9vEg">https://www.defianceetfs.com/smcz</span>. You can also request this information by contacting us at <span id="xdx_902_eoef--AddlInfoPhoneNumber_c20250501__20260430__oef--ClassAxis__custom--C000259171Member_zyh2PCzb64D5">(833) 333-9383</span> or by writing to the Defiance Daily Target 2X Short SMCI ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701. https://www.defianceetfs.com/smcz (833) 333-9383 This report describes changes to the Fund that occurred during the reporting period. <p id="xdx_80C_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000259171Member_dU_zUGJJg8YiOoa" style="font: 700 11pt/11pt Gotham Narrow-Bold,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">What were the Fund costs for the past year?</p> <p style="font: 300 10pt/11pt Gotham Narrow-Light,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"><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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,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: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--ClassName_c20250501__20260430__oef--ClassAxis__custom--C000259171Member_z6yuX6wtTPTk" style="font: 300 9pt Gotham Narrow-Light,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">Defiance Daily Target 2X Short SMCI ETF</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--ExpensesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000259171Member_zYyAwruluFbe" style="font: 300 9pt Gotham Narrow-Light,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">$93</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98C_eoef--ExpenseRatioPct_dp_c20250501__20260430__oef--ClassAxis__custom--C000259171Member_fKg_____zFS1lP8Apqtg" style="font: 300 9pt Gotham Narrow-Light,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">1.54%*</span> </div> </td> </tr> </table> </div> </div> </div> <table cellpadding="0" cellspacing="0" style="font: 300 8pt/normal Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td id="xdx_F02_z4V49JVCg5xk" style="width: 15pt; text-align: right">*</td> <td style="width: 5pt"></td> <td id="xdx_F17_z2TqQ2xYNZh5" style="text-align: justify"> Costs paid as a percentage of a $10,000 investment is an annualized figure. </td> </tr> </table> Defiance Daily Target 2X Short SMCI ETF 93 0.0154 <p id="xdx_807_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000259171Member_dU_zFRdLEehQ6Ac" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Cumulative Performance</p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(Initial Investment of $10,000)</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Date</div> </td> <td id="xdx_4BA_oef--ClassAxis_custom--C000259171Member_zE1Yfe2VRFB3" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Defiance Daily Target 2X Short SMCI ETF</div> </td> <td id="xdx_4BF_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_z64aGypsI3ac" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">S&amp;P 500® Total Return Index</div> </td> </tr> <tr id="xdx_437_c20250401__20250401_eoef--AccmVal_pid_zR7RaJQCF3pi" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10000.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10000.0 </div> </td> </tr> <tr id="xdx_43A_c20250401__20250430_eoef--AccmVal_pid_zr6mdOKDwz6d" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">4/30/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 8538.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 9932.0 </div> </td> </tr> <tr id="xdx_43A_c20250401__20250531_eoef--AccmVal_pid_z3fFdLguivGa" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">5/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 4278.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 10557.0 </div> </td> </tr> <tr id="xdx_439_c20250401__20250630_eoef--AccmVal_pid_z8qNz9p5w8G8" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">6/30/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 2497.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11094.0 </div> </td> </tr> <tr id="xdx_43B_c20250401__20250731_eoef--AccmVal_pid_zrrpSAPNGy4f" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">7/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 1569.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11343.0 </div> </td> </tr> <tr id="xdx_431_c20250401__20250831_eoef--AccmVal_pid_z11RupYqda44" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">8/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 2746.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11573.0 </div> </td> </tr> <tr id="xdx_433_c20250401__20250930_eoef--AccmVal_pid_zq15gBHj2Rwe" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9/30/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 1994.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11996.0 </div> </td> </tr> <tr id="xdx_434_c20250401__20251031_eoef--AccmVal_pid_zmSDvoczLJOh" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 1465.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12276.0 </div> </td> </tr> <tr id="xdx_433_c20250401__20251130_eoef--AccmVal_pid_zPIKEAbjDUfd" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11/30/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 2979.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12307.0 </div> </td> </tr> <tr id="xdx_43C_c20250401__20251231_eoef--AccmVal_pid_ztk9JN0NPatk" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 3712.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12314.0 </div> </td> </tr> <tr id="xdx_434_c20250401__20260131_eoef--AccmVal_pid_zjG5jBSpqwkj" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1/31/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 3366.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12493.0 </div> </td> </tr> <tr id="xdx_43A_c20250401__20260228_eoef--AccmVal_pid_zWG7fFBcFUlk" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">2/28/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 2196.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 12398.0 </div> </td> </tr> <tr id="xdx_430_c20250401__20260331_eoef--AccmVal_pid_zH47PVn1RLUf" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 2902.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 11780.0 </div> </td> </tr> <tr id="xdx_43C_c20250401__20260430_eoef--AccmVal_pid_zC6pYEo9Xel8" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">4/30/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 1731.0 </div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto"> 13016.0 </div> </td> </tr> </table> </div> </div><img alt="line" src="qesstlj2l11mq16abf4.jpg" style="box-sizing: border-box; width: 250pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p style="box-sizing: border-box; text-align-last: auto; display: block; font-family: Times New Roman,Times,serif; line-height: normal; color: #000"> </p> 10000.0 10000.0 8538.0 9932.0 4278.0 10557.0 2497.0 11094.0 1569.0 11343.0 2746.0 11573.0 1994.0 11996.0 1465.0 12276.0 2979.0 12307.0 3712.0 12314.0 3366.0 12493.0 2196.0 12398.0 2902.0 11780.0 1731.0 13016.0 <p id="xdx_80D_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000259171Member_dU_zJ4pEgeZV9yj" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Annual Performance</p> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Returns for the Period ended April 30, 2026</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">1 Year</span> </div> </th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,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">Since Inception (<span id="xdx_90E_eoef--PerfInceptionDate_c20250501__20260430__oef--ClassAxis__custom--C000259171Member_zJUV7EcT1QU8">3/31/2025</span>)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Defiance Daily Target 2X Short SMCI ETF - at NAV</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_98D_eoef--AvgAnnlRtrPct_dp_c20250501__20260430__oef--ClassAxis__custom--C000259171Member_zZ9bbx1dnJll" style="font: 300 9pt Gotham Narrow-Light,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">-79.72%</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_98E_eoef--AvgAnnlRtrPct_dp_c20250401__20260430__oef--ClassAxis__custom--C000259171Member_zYiCpoelLnOc" style="font: 300 9pt Gotham Narrow-Light,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">-80.22%</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">S&amp;P 500® Total Return Index</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_980_eoef--AvgAnnlRtrPct_dp_c20250501__20260430__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zjTItDzRCwIl" style="font: 300 9pt Gotham Narrow-Light,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">31.05%</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_987_eoef--AvgAnnlRtrPct_dp_c20250401__20260430__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zEq0Z6bqX5N5" style="font: 300 9pt Gotham Narrow-Light,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">27.58%</span> </div> </td> </tr> </table> 2025-03-31 -0.7972 -0.8022 0.3105 0.2758 The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal">Visit </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial"><span style="box-sizing: border-box">https://www.defianceetfs.com/smcz</span> </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal"> for more recent performance information.</span> <p id="xdx_801_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000259171Member_dU_zsVVsjjEVJJc" style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">How did the Fund perform last year and what influenced its performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 51px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">For the fiscal year ended April 30, 2026, SMCZ had a NAV total return of -79.72%. SMCZ seeks to deliver twice the daily inverse performance of SMCI (Super Micro Computer, Inc.). As an inverse leveraged fund, it gains when SMCI declines and loses when SMCI rises.</p> </div> </div> <p style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">What factors influenced performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 68px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">SMCI's stock volatility—driven by accounting-related uncertainties, AI server market dynamics, and corporate governance concerns—directly influenced SMCZ's performance. The daily rebalancing mechanism and compounding effects caused SMCZ's returns to diverge from the expected -2x multiple over longer holding periods. Periods where SMCI recovered from prior declines were particularly impactful given the asymmetric nature of leveraged inverse exposure.</p> </div> </div> <p id="xdx_80E_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000259171Member_dD_zbQZLxWpUTE7" style="font: 700 13pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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"> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; font-size: 9pt"></span> </p> <div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: -7pt 0 8pt; margin-block: 1em; margin-inline: 0px; box-sizing: border-box; text-align-last: auto; display: block; padding-top: 0; color: #4f4f4f; text-align: left; text-indent: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Size (Thousands)</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_983_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000259171Member_zgPBI8nI5jpe" style="font: 300 9pt Gotham Narrow-Light,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">$2,881</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div id="xdx_989_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000259171Member_zZCvbyX4YhVf" style="font: 300 9pt Gotham Narrow-Light,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</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div id="xdx_988_eoef--AdvisoryFeesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000259171Member_z73C2JWXIJ6b" style="font: 300 9pt Gotham Narrow-Light,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">$115,622</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 500 9pt Gotham Narrow-Medium,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: #000 1pt solid; box-sizing: border-box"> <div style="font: 300 9pt Gotham Narrow-Light,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_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250501__20260430__oef--ClassAxis__custom--C000259171Member_zvkUnug0p3l7">0</span>%</span> </div> </td> </tr> </table> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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; display: block"></span> </div> </div> 2881000 7 115622 0 <p id="xdx_80D_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000259171Member_dD_zyeGwqpTMbNc" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; 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> <p style="font: 300 10pt/normal Gotham Narrow-Light,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; font-size: 9pt"></span> </p> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/11pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 30.34px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_983_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000259171Member__us-gaap--InvestmentTypeAxis__us-gaap--CashEquivalentsMember_zwLumMkIbJs2" style="box-sizing: border-box; text-align-last: auto"> 100.0% </div> </td> </tr> </table> </div> </div><img alt="bar" src="qeseylk1mpuo4k7o.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: 300 8pt/0 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0; text-align: justify"> </p> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/12pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of Net Assets)</span> </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">Total Return Swap Contracts</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98C_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000259171Member__us-gaap--InvestmentTypeAxis__custom--TotalReturnSwapContractsMember_zUoN4lAUFBHh" style="box-sizing: border-box; text-align-last: auto"> 15.8% </div> </td> </tr> </table> </div> </div><img alt="bar" src="qes1st61mpuo4kks.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> </div> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 300 8pt/9pt Gotham Narrow-Light,Arial; margin: 4pt 0; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">Percentages are stated as a percent of net assets. Percentages for swap contracts are based on unrealized appreciation (depreciation). Cash Equivalents represents cash, short-term investments, and other assets in excess of liabilities.</p> </div> <p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -55pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> 1.000 0.158 <div id="xdx_80F_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000259171Member_dD_zqwmvoTOOJff" 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: 700 13pt Gotham Narrow-Bold,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; white-space: nowrap; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,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: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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 Bills</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000259171Member__oef--LargestHoldingAxis__custom--UnitedStatesTreasuryBillsMember_zo2ItOQ01ehk" style="font: 300 9pt Gotham Narrow-Light,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">39.1</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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, 3.56%</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_983_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000259171Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX356Member_zKmm0oRxQQja" style="font: 300 9pt Gotham Narrow-Light,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">8.7</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Super Micro Computer, Inc. Swap; Maturity Date: 09/21/2026</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000259171Member__oef--LargestHoldingAxis__custom--SuperMicroComputerIncSwapMaturityDate09212026Member_zxv5sRzPhQXf" style="font: 300 9pt Gotham Narrow-Light,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">8.4</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Super Micro Computer, Inc. Swap; Maturity Date: 03/31/2033</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000259171Member__oef--LargestHoldingAxis__custom--SuperMicroComputerIncSwapMaturityDate03312033Member_zYS2NK7Nhlke" style="font: 300 9pt Gotham Narrow-Light,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">2.7</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Super Micro Computer, Inc. Swap; Maturity Date: 03/18/2033</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000259171Member__oef--LargestHoldingAxis__custom--SuperMicroComputerIncSwapMaturityDate03182033Member_zmFez8B6owGe" style="font: 300 9pt Gotham Narrow-Light,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">2.0</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Super Micro Computer, Inc. Swap; Maturity Date: 01/25/2028</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_987_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000259171Member__oef--LargestHoldingAxis__custom--SuperMicroComputerIncSwapMaturityDate01252028Member_zyXeH7Jytg97" style="font: 300 9pt Gotham Narrow-Light,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">1.5</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 500 9pt Gotham Narrow-Medium,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">Super Micro Computer, Inc. Swap; Maturity Date: 09/24/2026</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000259171Member__oef--LargestHoldingAxis__custom--SuperMicroComputerIncSwapMaturityDate09242026Member_zeZXgc3JqrYj" style="font: 300 9pt Gotham Narrow-Light,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">1.1</span> </div> </td> </tr> </table> </div> <p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 2pt 0 4pt; text-align-last: auto; display: block; min-height: 26px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages for swap contracts are based on unrealized appreciation (depreciation).</p> 0.391 0.087 0.084 0.027 0.020 0.015 0.011 <p id="xdx_801_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000259171Member_dD_zljYbaODaXh6" style="font: 10pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0"><b>Material Fund Changes</b></p> <p style="font: 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">Effective <span id="xdx_900_eoef--MaterialChngDate_c20250501__20260430__oef--ClassAxis__custom--C000259171Member_zCy0ZArj9QQi">December 8, 2025</span>, the Fund executed a 1:8 reverse stock split on its issued and outstanding shares.</p> 2025-12-08 Costs paid as a percentage of a $10,000 investment is an annualized figure. Costs paid as a percentage of a $10,000 investment is an annualized figure. Costs paid as a percentage of a $10,000 investment is an annualized figure. Costs paid as a percentage of a $10,000 investment is an annualized figure. Costs paid as a percentage of a $10,000 investment is an annualized figure. Costs paid as a percentage of a $10,000 investment is an annualized figure. Costs paid as a percentage of a $10,000 investment is an annualized figure. Costs paid as a percentage of a $10,000 investment is an annualized figure. Costs paid as a percentage of a $10,000 investment is an annualized figure. Costs paid as a percentage of a $10,000 investment is an annualized figure. Costs paid as a percentage of a $10,000 investment is an annualized figure. Costs paid as a percentage of a $10,000 investment is an annualized figure. Costs paid as a percentage of a $10,000 investment is an annualized figure. Costs paid as a percentage of a $10,000 investment is an annualized figure. Costs paid as a percentage of a $10,000 investment is an annualized figure. Costs paid as a percentage of a $10,000 investment is an annualized figure. Costs paid as a percentage of a $10,000 investment is an annualized figure. Less than 0.05% Costs paid as a percentage of a $10,000 investment is an annualized figure. Costs paid as a percentage of a $10,000 investment is an annualized figure. Costs paid as a percentage of a $10,000 investment is an annualized figure. Costs paid as a percentage of a $10,000 investment is an annualized figure. Costs paid as a percentage of a $10,000 investment is an annualized figure. Costs paid as a percentage of a $10,000 investment is an annualized figure. Costs paid as a percentage of a $10,000 investment is an annualized figure. Costs paid as a percentage of a $10,000 investment is an annualized figure. Costs paid as a percentage of a $10,000 investment is an annualized figure. Costs paid as a percentage of a $10,000 investment is an annualized figure. Costs paid as a percentage of a $10,000 investment is an annualized figure. Costs paid as a percentage of a $10,000 investment is an annualized figure. Costs paid as a percentage of a $10,000 investment is an annualized figure. Costs paid as a percentage of a $10,000 investment is an annualized figure. Costs paid as a percentage of a $10,000 investment is an annualized figure. Costs paid as a percentage of a $10,000 investment is an annualized figure. Costs paid as a percentage of a $10,000 investment is an annualized figure. Costs paid as a percentage of a $10,000 investment is an annualized figure.