Shareholder Report
Nov. 30, 2025
Sep. 30, 2025
May 31, 2026
USD ($)
holding
This annual shareholder report contains important information about the Towle Value ETF (the “Fund”) for the period of October 1, 2025 to May 31, 2026 (the “Period”). You can find additional information about the Fund at https://www.towleetfs.com/. You can also request this information by contacting us at (215) 330-4476. For information regarding your Fund shares or account, including account balances, transactions, or distributions, please contact your financial intermediary. This report describes changes to the Fund that occurred during the Period. | |||||||||||
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy information, visit https://www.towleetfs.com/. You can also request information by calling (215) 330-4476.
Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents or you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.
| WHAT WERE THE FUND COSTS FOR THE PERIOD? (based on a hypothetical $10,000 investment) | |||||||||||
| COST OF $10,000 INVESTMENT | COST PAID AS A PERCENTAGE OF $10,000 INVESTMENT | ||||||||||
| $112 | 1.02% | ||||||||||
| WHAT FACTORS INFLUENCED PERFORMANCE FOR THE PERIOD? | |||||||||||
For the Period ending May 31, 2026, the Fund was up 20.41% (NAV, net of fees). This compares to 22.15% for the S&P 500 Total Return Index. The Fund invests in companies the Sub-Adviser considers to be undervalued.
TOP PERFORMANCE CONTRIBUTORS
Energy | From a portfolio allocation perspective, the biggest contributor to positive performance was the Fund’s exposure to the Energy sector. Two holdings in this sector produced returns north of 135% for the Period – ProPetro Holding Corp. (PUMP) and Liberty Energy, Inc. (LBRT). Par Pacific Holdings, Inc. (PARR) and PBF Energy Inc. (PBF) also returned over 35% during the Period.
Information Technology | The second largest contributor to positive performance during the Period was the Fund’s exposure to the Information Technology sector. TD SYNNEX Corporation (SNX), Arrow Electronics, Inc. (ARW), and Methode Electronics, Inc. (MEI) and yielded returns greater than 55% for the Period.
Consumer Discretionary | The Consumer Discretionary sector was the third largest contributor to the Fund’s portfolio, led by Gold.com, Inc. (GOLD), BorgWarner Inc. (BWA), Lear Corporation (LEAR), and Magna International Inc. (MGA) all returning over 40% for the Period.
TOP PERFORMANCE DETRACTORS
Health Care | The largest detractor to the Fund’s performance was the Health Care sector, which was down approximately 43% during the Period. This underperformance was led by Accendra Health, Inc. (ACH), down approximately 41% for Period.
| PERFORMANCE | |||||||||||
| 1 Year | 5 Years | 10 Years | |||||||||
| Towle Value ETF - NAV | 35.54% | 3.54% | 7.95% | ||||||||
| S&P 500 Total Return Index | 29.78% | 14.15% | 15.65% | ||||||||
The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit https://www.towleetfs.com/for more recent performance information. | |||||||||||
| KEY FUND STATISTICS (as of Period End) | ||||||||||||||||||||
| Net Assets | $202,135,322 | Portfolio Turnover Rate* | 89% | |||||||||||||||||
| # of Portfolio Holdings | 42 | Fund Advisory Fees | $662,279 | |||||||||||||||||
| *Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year. Excludes impact of in-kind transactions. | ||||||||||||||||||||
| SECTOR WEIGHTING (as a % of Net Assets) | |||||
| Consumer Discretionary | 18.4% | ||||
| Industrials | 14.4% | ||||
| Energy | 13.3% | ||||
| Materials | 12.4% | ||||
| Information Technology | 12.3% | ||||
| Financials | 10.6% | ||||
| Consumer Staples | 7.8% | ||||
| Health Care | 5.4% | ||||
| Communication Services | 2.3% | ||||
| Real Estate | 2.3% | ||||
| Cash and Cash Equivalents | 0.8% | ||||
| TOP 10 HOLDINGS (as a % of Net Assets) | |||||
| Oscar Health, Inc. - Class A | 3.6% | ||||
| TD SYNNEX Corp. | 3.5% | ||||
| BorgWarner, Inc. | 3.4% | ||||
| Arrow Electronics, Inc. | 3.3% | ||||
| United Natural Foods, Inc. | 3.3% | ||||
| Cleveland-Cliffs, Inc. | 3.3% | ||||
| Magna International, Inc. | 2.9% | ||||
| ArcBest Corp. | 2.8% | ||||
| Molina Healthcare, Inc. | 2.8% | ||||
| Gold.com, Inc. | 2.8% | ||||