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margin: 0pt 0; text-align: justify">The investment objective of TrueShares Quarterly Bull Hedge ETF (the “Fund”) is total return with substantial protection of principal.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Fees and Expenses of the Fund <p id="xdx_A83_eoef--ExpenseNarrativeTextBlock_zbjdIVYxWY84" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div id="xdx_A85_eoef--AnnualFundOperatingExpensesTableTextBlock_zHtltXSrkz0g"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_z2Xeqx5UOpId" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: top"> <td style="border-top: black 1pt solid; width: 85%; padding-top: 0.05pt; padding-left: 0.35pt"><p id="xdx_983_eoef--OperatingExpensesCaption_c20260805__20260805__dei--LegalEntityAxis__custom--S000085521Member_gBFOEC-IQEQN_zv2Wu9hfgv87" style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses </b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_C05_gBFOEC-IQEQN_zay3jdVVidS8">(expenses that you pay each year as a percentage of the value of your investment)</span></span></p></td> <td style="width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: top"> <td style="padding-left: 0.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fees </span></td> <td id="xdx_987_eoef--ManagementFeesOverAssets_dp_c20260805__20260805__oef--ClassAxis__custom--C000250806Member_znGc14yS8xog" style="padding-left: 5.45pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.79%</span></td></tr> <tr style="vertical-align: top"> <td style="padding-left: 0.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution and/or Service (12b-1) Fees</span></td> <td style="padding-right: 0.05pt; padding-left: 5.45pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_eoef--DistributionAndService12b1FeesOverAssets_dpn_c20260805__20260805__oef--ClassAxis__custom--C000250806Member_zUrswFLYxkXb">None</span></span></td></tr> <tr style="vertical-align: top"> <td style="padding-left: 0.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses</span></td> <td id="xdx_988_eoef--OtherExpensesOverAssets_dp_c20260805__20260805__oef--ClassAxis__custom--C000250806Member_zC5CbNHg8Gjg" style="padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">0.00%</span></span></td></tr> <tr style="vertical-align: top"> <td style="border-bottom: black 1pt solid; padding-top: 0.25pt; padding-left: 0.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total Annual Fund Operating Expenses</b></span></td> <td id="xdx_988_eoef--ExpensesOverAssets_dp_c20260805__20260805__oef--ClassAxis__custom--C000250806Member_zqeOu01jCSsg" style="border-bottom: black 1pt solid; padding-top: 0.25pt; padding-left: 5.45pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.79%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0079 0 0.0000 0.0079 Expense Example <p id="xdx_A8D_eoef--ExpenseExampleNarrativeTextBlock_z275XPbYj6Yf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div id="xdx_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_zGz4JGu61DJ7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zPwR5JYgaPtd" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td id="xdx_487_eoef--ExpenseExampleYear01_ziUskVFOOQlj" style="border-top: black 1pt solid; width: 25%; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_48F_eoef--ExpenseExampleYear03_zjvfnOzjYE96" style="border-top: black 1pt solid; width: 25%; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></td> <td id="xdx_488_eoef--ExpenseExampleYear05_z37tpZ34QqEi" style="border-top: black 1pt solid; width: 25%; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5 Years</b></span></td> <td id="xdx_480_eoef--ExpenseExampleYear10_zikVOFVm7jT6" style="border-top: black 1pt solid; width: 25%; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10 Years</b></span></td></tr> <tr id="xdx_417_20260805__20260805__oef--ClassAxis__custom--C000250806Member_z5ixjGsBOfZa" style="vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$81</span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$252</span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$439</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$977</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 81 252 439 977 Portfolio Turnover <p id="xdx_A87_eoef--PortfolioTurnoverTextBlock_zpUZvanANHJb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. For the fiscal year ended October 31, 2025, the Fund’s portfolio turnover rate was <span id="xdx_909_eoef--PortfolioTurnoverRate_c20260805__20260805__dei--LegalEntityAxis__custom--S000085521Member_zatD6DXgX037">0</span>% of the average value of its portfolio.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 0 Principal Investment Strategies of the Fund <p id="xdx_A89_eoef--StrategyNarrativeTextBlock_z1f9cgLAGT2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is an actively managed ETF that aims to provide the benefits of partial equity exposure while mitigating the risk posed by a decline in U.S. equity markets. The adviser’s strategy is designed to achieve the Fund’s goals, typically, over rolling three-month periods. This strategy potentially results in growth with lower volatility and mitigated downside equity market risk (sometimes referred to as “tail risk”). The Fund seeks to achieve its goals by combining: (1) an investment of substantially all its assets in a portfolio of short-term income-generating debt securities with (2) a modest investment in call options on securities or indexes that are representative of U.S. large capitalization companies. Over the long-term, the adviser expects income from the debt securities and capital gains from call options to combine to fulfill the “total return” aspect of the Fund’s investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Income Component</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund seeks income through a strategy focused on high-quality short-term fixed income debt securities. The Fund anticipates a typical maturity of three months for its income portfolio but may invest in securities with a duration of one-year or less. The Fund invests without restriction as to issuer type but anticipates investing primarily in securities of the U.S. Government, its agencies, instrumentalities and sponsored enterprises; fixed-income ETFs; and corporations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">To generate higher income, the Fund may also employ an option box spread strategy. While gains from options are capital gains, this options strategy is commonly referred to as an income producer and, therefore, is included in the Fund’s income component description. A box spread is a four-part, same expiration date, option portfolio with a maturity payout that does not vary and is considered a form of synthetic money market instrument. For example, the four parts of a box spread could be composed of (i) a long $5 in-the-money call option position paired with (ii) a written $5 out-of-the-money call option position; and (iii) a long $5 in-the-money put option position paired with (iv) a written $5 out-of-the-money put option position. At expiration of the options, no matter what the price of the underlying reference asset is, the payout to the Fund will be $10. If the Fund can construct this portfolio for less than $10 it will be profitable at expiration.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The chart below illustrates the $10 payout that results from the example above. As the call leg increases in value, the put leg decreases in value such that, in total, the payoff is always $10.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red"><img alt="" src="qbul497001.jpg"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">When the call options and income-generating investments carry matching maturities, an amount equal to the yield from the income strategy, net of the Fund’s management fee, is deployed to trade call options. If the income-generating investments carry a duration longer than the call positions, the amount invested in call options will be an amount equal to annualized income net of management fee and divided by the number of three-month segments remaining until maturity and capped at that amount for each rolling three-month period. At times, the presence of an extreme low-rate environment could make generating income more challenging, which may result in the Fund utilizing a maximum of one percent (net of the Fund’s management fee) of portfolio principal per three-month rolling period to implement the call options strategy.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Call Options Component</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund invests a modest portion of its portfolio in standardized exchange-listed options or in exchange-traded FLexible EXchange Options^® (“FLEX Options”), which are customized exchange-traded option contracts available through the Chicago Board Option Exchange (“Cboe”) that are guaranteed for settlement by The Options Clearing Corporation (“OCC”). The adviser selects options on securities, indexes, or ETFs that it believes are representative of U.S. large capitalization companies. The Fund defines large-capitalization companies as those with market capitalizations above $10 billion at the time of measurement, and defines U.S. companies as those organized in the U.S.; having a class of securities whose principal securities market is in the U.S.; or derives 50% or more of its total revenues or earnings from goods produced, sales made, or services provided in the U.S., or maintains 50% or more of its employees, assets, investments, operations, or other business activity in the U.S.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A call option gives the owner the right, but not the obligation, to buy a reference asset at a specified price (strike price) within or at the end of a specific time period. In the event the reference asset declines in value, the value of a call option generally will decrease, whereas the value of a call option will generally increase if the reference asset appreciates in value. Under normal circumstances, the Fund anticipates trading options on rolling three-month periods (i.e., quarterly); however, the Fund may trade options with expiration dates that are modestly longer or shorter than three months for a number of reasons such as if market volatility renders them more cost-effective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At the beginning of each three-month period, the Fund purchases out-of-the-money (above current market price) or at-the-money call options. The adviser evaluates the relative prices of at-the-money and out-of-the-money options and selects those with the highest expected return in light of then-recent U.S. large capitalization equity market volatility. To help offset the cost of purchased call options, the Fund may sell farther out-of-the-money call options. This paired call option strategy is referred to as a bull call spread in option industry parlance. This paired strategy reflects a generally bullish outlook that is tempered by a view that the market will not rise above the strike price of the written option. The partial amount of equity upside the Fund captures is primarily dictated by the adviser’s strategy of targeting investments in call options set to an amount approximately equal to the amount of income generated by the Fund’s portfolio. The partial amount of equity upside the Fund captures is secondarily influenced by written call options as they will reduce the net cost of the options positions but limit upside. Using these options strategies, based on recent market conditions, the adviser anticipates that the Fund will capture 20% to 40% of U.S. large capitalization equity market gains on a quarter-to-quarter basis.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Substantial Protection of Principal</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The income component of the Fund’s portfolio is expected to represent at least 98% of its assets on a quarter-to-quarter basis, which the adviser believes will fulfil the “substantial protection of principal” aspect of the Fund’s investment objective. For example, even if a 2% call options component of the Fund’s portfolio expired worthless, the Fund would still have at least 98% of its value preserved by the high-quality short-term fixed income debt securities portfolio. Actual value preserved is expected to be somewhat higher than 98% because interest earned is expected to be higher than Fund expenses. The adviser believes that protection of at least 98% of principal on a quarter-to-quarter basis, even in adverse low-rate environments, would be considered substantial protection by most investors.</p> As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsRiskMember_zUXqHfcYANmk"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify"><b>Options Risk.</b> Buying and selling (writing) options are speculative activities and entail greater than ordinary investment risks. As the buyer of a call option, the Fund risks losing the entire premium invested in the option if the Fund does not exercise the option. Written call options will limit the Fund’s participation in gains above the strike price of the written option.</td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--FlexOptionsRiskMember_zOc31Hk3r1hi"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify"><b>FLEX Options Risk. </b>The Fund may invest in FLEX Options issued and guaranteed for settlement by the OCC. The Fund bears the risk that the OCC will be unable or unwilling to perform its obligations under the FLEX Options contracts. Additionally, FLEX Options may become illiquid, and in such cases, the Fund may have difficulty closing out certain FLEX Options positions at desired times and prices.</td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zOGpf3GNJ5Ad"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify"><b>Derivatives Risk. </b>Options are a derivative investment. The Fund’s use of derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset or index. Derivative prices may be highly volatile at times and may fluctuate substantially during a short period of time.</td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveManagementRiskMember_zSMUwImllBM5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify"><b>Active Management Risk</b>. The adviser’s judgments about an investment may prove to be incorrect or fail to have the intended results, which could adversely impact the Fund’s performance. The adviser’s tail risk strategy may not fully protect the Fund from declines in the market and will not allow the Fund to fully participate in market upside. When the adviser selects out-of-the-money call options, the Fund will not participate in equity market gains until they exceed the strike price of the call option. Lower interest rates or higher call option prices will tend to increase the cost of mitigating the risk posed by a decline in U.S. large capitalization equity markets.</td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityMarketRiskMember_zQn7q399G2N4"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify"><b>Equity Market Risk. </b>The Fund invests in options that track the performance of U.S. large capitalization companies, which are made up of common stocks. Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. These investor perceptions are based on various and unpredictable factors including, expectations regarding government, economic, monetary and fiscal policies; inflation and interest rates; economic expansion or contraction; and global or regional political, economic and banking crises.</td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zDQSPRY46Ira"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify"><b>Early Close/Trading Halt Risk. </b>An exchange or market may close or issue trading halts on specific securities, or the ability to buy or sell certain securities or financial instruments may be restricted, which may prevent the Fund from buying or selling certain securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and may incur substantial trading losses.</td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfStructureRisksMember_zaBu7xucE7Lc"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify"><b>ETF Structure Risks.</b> The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks:</td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div style="display: none"><span id="xdx_916_exdx--NextElement_zeLsz4YiPod5"></span></div> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsAPsMarketMakersandLiquidityProvidersConcentrationRiskMember_zMjYf92Xd0Rd"></div> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">○</td><td style="text-align: justify"><i>Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk.</i> The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div style="display: none"><span id="xdx_91F_exdx--NextElement_zKVDQnWdvR3g"></span></div> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsofBuyingorSellingSharesMember_z5Ta71BcR064"></div> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">○</td><td style="text-align: justify"><i>Costs of Buying or Selling Shares. </i>Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid-ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div style="display: none"><span id="xdx_91F_exdx--NextElement_zHCg57MXThpa"></span></div> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeatPricesOtherThanNAVMember_zPVHnl0Qcp7i"></div> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">○</td><td style="text-align: justify"><i>Shares May Trade at Prices Other Than NAV. </i>As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div style="display: none"><span id="xdx_91D_exdx--NextElement_z7Eqanq293h9"></span></div> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zSKgUNo5gAgl"></div> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">○</td><td style="text-align: justify"><i>Trading</i>. Although Shares are listed for trading on Cboe BZX Exchange, Inc. (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares, and this could lead to differences between the market price of the Shares and the underlying value of those Shares.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zmDnRBECxQRl"></div> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><b>Fixed Income Securities Risk. </b>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryRiskMember_zQfWTYdORc2g"></div> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><b>Limited History Risk</b>. The Fund has a limited history of operations for investors to evaluate. Investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategies, may be unable to implement certain of its investment strategies or may fail to attract sufficient assets, any of which could result in the Fund being liquidated and terminated at any time without shareholder approval and at a time that may not be favorable for all shareholders. Such a liquidation could have negative tax consequences for shareholders and will cause shareholders to incur expenses of liquidation.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsPremiumTaxRiskMember_zs6YS9Eq1te8"></div> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><b>Options Premium Tax Risk.</b> The Fund’s investment strategy may limit its ability to distribute dividends eligible for treatment as qualified dividend income, which for non-corporate shareholders are subject to federal income tax at rates of up to 20%. The Fund’s investment strategy may also limit its ability to distribute dividends eligible for the dividends-received deduction for corporate shareholders. For these reasons, a significant portion of distributions received by Fund shareholders may be subject to tax at effective tax rates that are higher than the rates that would apply if the Fund were to engage in a different investment strategy. You should consult your tax advisor as to the tax consequences of acquiring, owning and disposing of Shares in the Fund.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--TurnoverRateRiskMember_zJJIUo0hLzak"></div> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><b>Turnover Rate Risk. </b>The Fund may have portfolio turnover rates significantly in excess of 100%. Increased portfolio turnover causes the Fund to incur higher brokerage costs, which may adversely affect the Fund’s performance and may produce increased taxable distributions.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentRiskMember_zj3JHvLDEw17"></div> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><b>U.S. Government Risk.</b> U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> Performance <p id="xdx_A8F_eoef--PerformanceNarrativeTextBlock_zuPpbcNrpGI9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_909_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260805__20260805__dei--LegalEntityAxis__custom--S000085521Member_zcWUvWnqftE1">The following performance information indicates some of the risks of investing in the Fund. The table shows the Fund’s average annual total return over time compared to one or more broad measures of market performance.</span> Both the bar chart and table assume that all dividends and distributions are reinvested in the Fund. <span id="xdx_908_eoef--PerformancePastDoesNotIndicateFuture_c20260805__20260805__dei--LegalEntityAxis__custom--S000085521Member_z4EmMRKROaQh">The Fund’s past performance (before and after taxes) may not indicate future results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Updated performance information is available on the Fund’s website at <span id="xdx_90B_eoef--PerformanceAvailabilityWebSiteAddress_c20260805__20260805__dei--LegalEntityAxis__custom--S000085521Member_zMV2ouFgRcTa">www.True-Shares.com</span> (the website does not form a part of this prospectus) or at no charge by calling the Fund’s Distributor at <span id="xdx_90F_eoef--PerformanceAvailabilityPhone_c20260805__20260805__dei--LegalEntityAxis__custom--S000085521Member_zZkx6jvk7UH4">1.877.774.TRUE (8783)</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b> </b></p> The following performance information indicates some of the risks of investing in the Fund. The table shows the Fund’s average annual total return over time compared to one or more broad measures of market performance. The Fund’s past performance (before and after taxes) may not indicate future results. www.True-Shares.com 1.877.774.TRUE (8783) Annual Total Returns (For the Calendar Year ended 12/31) <p id="xdx_A87_eoef--BarChartTableTextBlock_zN5eiY2htxAl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; width: 50%">Years</td> <td style="display: none; width: 50%">Returns</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2025</td> <td id="xdx_984_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000250806Member_zmvIuKt42vt" style="display: none">4.53%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red"><img alt="" src="qbul497002.jpg"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red"> </p> 0.0453 <div id="xdx_A85_eoef--BarChartClosingTextBlock_zi0OCVyqrgla"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zdtsEC0v3oOd" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="border-top: gray 1pt solid; width: 73%; border-bottom: gray 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-top: gray 1pt solid; width: 11%; border-bottom: gray 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Return</b></span></td> <td style="border-top: gray 1pt solid; width: 1%; border-bottom: gray 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-top: gray 1pt solid; width: 15%; border-bottom: gray 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Quarter/Year</b></span></td></tr> <tr style="vertical-align: top"> <td style="border-bottom: gray 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_eoef--HighestQuarterlyReturnLabel_c20260805__20260805__dei--LegalEntityAxis__custom--S000085521Member_zGLBidFrwQhk">Highest Return</span></span></td> <td style="border-bottom: gray 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eoef--BarChartHighestQuarterlyReturn_dp_c20260805__20260805__dei--LegalEntityAxis__custom--S000085521Member_zGZhtfkygxt6">2.68</span>%</span></td> <td style="border-bottom: gray 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: gray 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eoef--BarChartHighestQuarterlyReturnDate_dxL_c20260805__20260805__dei--LegalEntityAxis__custom--S000085521Member_zX1qOkefXGB4" title="::XDX::2025-09-30"><span style="-sec-ix-hidden: xdx2ixbrl0072">Q3/2025</span></span></span></td></tr> <tr style="vertical-align: top"> <td style="border-bottom: gray 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_eoef--LowestQuarterlyReturnLabel_c20260805__20260805__dei--LegalEntityAxis__custom--S000085521Member_zyWwL58NRIa8">Lowest Return</span></span></td> <td style="border-bottom: gray 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_eoef--BarChartLowestQuarterlyReturn_dp_c20260805__20260805__dei--LegalEntityAxis__custom--S000085521Member_zplkyxSERq2b">-0.73</span>%</span></td> <td style="border-bottom: gray 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: gray 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_eoef--BarChartLowestQuarterlyReturnDate_dxL_c20260805__20260805__dei--LegalEntityAxis__custom--S000085521Member_zHEOBurQY9X6" title="::XDX::2025-12-31"><span style="-sec-ix-hidden: xdx2ixbrl0075">Q4/2025</span></span></span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> Highest Return 0.0268 Lowest Return -0.0073 <div id="xdx_A80_eoef--PerformanceTableTextBlock_zuGjI6IccBSg"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zE2tdp3IB9Ik" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: top"> <td id="xdx_988_eoef--PerformanceTableHeading_c20260805__20260805__dei--LegalEntityAxis__custom--S000085521Member_zd7VTPkjrG53" style="border-bottom: black 1pt solid; width: 73%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Average Annual Total Returns (<i>for the periods ended December 31, 2025</i>)</b></span></td> <td id="xdx_49A_20250101__20251231_zKZkhpDpGKFh" style="border-bottom: black 1pt solid; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_49E_20240628__20251231_zkuXtFbHD6K5" style="border-bottom: black 1pt solid; width: 15%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr> <td style="border-bottom: black 1pt solid; vertical-align: top"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Since Inception </b></span><br/> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(<span id="xdx_909_eoef--PerfInceptionDate_c20240628__20251231__oef--ClassAxis__custom--C000250806Member_zUj50BDpvUU6">June 28, 2024</span>)</b></span></td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000250806Member_zkpRJwYGwBNc" style="vertical-align: top"> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Returns before taxes</span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.53%</span></td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.46%</span></td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000250806Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zk8rAP5vCWu3" style="vertical-align: top"> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Returns after taxes on distributions</span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.03%</span></td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.67%</span></td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000250806Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z7SBl6RkCod9" style="vertical-align: top"> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Returns after taxes on distributions and sale of Fund shares</span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.69%</span></td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.48%</span></td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500TotalReturnIndexMember_zUE9Kr4nxfl1" style="vertical-align: top"> <td style="border-bottom: black 1pt solid; padding-top: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>S&amp;P 500 Total Return Index <span id="xdx_902_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260805__20260805__dei--LegalEntityAxis__custom--S000085521Member_zQevEhfAenpj">(reflects no deduction for fees, expenses or taxes)</span></b> </span></td> <td style="border-bottom: black 1pt solid; padding-top: 10pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.88%</span></td> <td style="border-bottom: black 1pt solid; padding-top: 10pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; padding-top: 10pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.66%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Average Annual Total Returns (for the periods ended December 31, 2025) 2024-06-28 0.0453 0.0346 0.0103 0.0067 0.0269 0.0148 (reflects no deduction for fees, expenses or taxes) 0.1788 0.1766 <p id="xdx_A86_eoef--PerformanceTableClosingTextBlock_zQE7UlR6uNda" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_909_eoef--PerformanceTableUsesHighestFederalRate_c20260805__20260805__dei--LegalEntityAxis__custom--S000085521Member_zPmJjwuXOrt9">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. <span id="xdx_907_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260805__20260805__dei--LegalEntityAxis__custom--S000085521Member_zS2Hb6WsqE2g">The after-tax return information shown above does not apply to Fund shares held through tax-deferred or tax-exempt arrangements such as 401(k) plans or individual retirement accounts (“IRAs”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax return information shown above does not apply to Fund shares held through tax-deferred or tax-exempt arrangements such as 401(k) plans or individual retirement accounts (“IRAs”). FUND SUMMARY—TRUESHARES QUARTERLY BEAR HEDGE ETF Investment Objective <p id="xdx_A89_eoef--ObjectivePrimaryTextBlock_zSaUoI8s9Hu7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The investment objective of TrueShares Quarterly Bear Hedge ETF (the “Fund”) is substantial protection of principal with total return.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Fees and Expenses of the Fund <p id="xdx_A86_eoef--ExpenseNarrativeTextBlock_zOeFfPfTMCm6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div id="xdx_A80_eoef--AnnualFundOperatingExpensesTableTextBlock_zuUEdkn0tMGc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zo0EryaTuk4f" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: top"> <td style="border-top: black 1pt solid; width: 85%"><p id="xdx_98E_eoef--OperatingExpensesCaption_c20260805__20260805__dei--LegalEntityAxis__custom--S000085520Member_gBFOEC-JIKPL_zwlk87ABCbY9" style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_C04_gBFOEC-JIKPL_zeOXWjn9J1i2">(expenses that you pay each year as a percentage of the value of your investment)</span></span></p></td> <td style="width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fees</span></td> <td id="xdx_98A_eoef--ManagementFeesOverAssets_dp_c20260805__20260805__oef--ClassAxis__custom--C000250805Member_fMQ_____ztjo83YCCjWd" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.79%</span></td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution and/or Service (12b-1) Fees</span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_eoef--DistributionAndService12b1FeesOverAssets_dpn_c20260805__20260805__oef--ClassAxis__custom--C000250805Member_fMQ_____zD0ORiVynPug">None</span></span></td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses</span></td> <td id="xdx_983_eoef--OtherExpensesOverAssets_dp_c20260805__20260805__oef--ClassAxis__custom--C000250805Member_fMQ_____zJ3NNeC6Nxk5" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td></tr> <tr style="vertical-align: top"> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total Annual Fund Operating Expenses</b></span></td> <td id="xdx_98B_eoef--ExpensesOverAssets_dp_c20260805__20260805__oef--ClassAxis__custom--C000250805Member_fMQ_____z0lEz8VM1zW6" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.79%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0079 0 0.0000 0.0079 Expense Example <p id="xdx_A81_eoef--ExpenseExampleNarrativeTextBlock_zasBuinhV4qh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div id="xdx_A82_eoef--ExpenseExampleWithRedemptionTableTextBlock_zN81kJbUILde"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zLjiq1binfMi" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td id="xdx_487_eoef--ExpenseExampleYear01_zIicSVEn6E1g" style="border-top: black 1pt solid; width: 25%; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_486_eoef--ExpenseExampleYear03_zo4MW3sv6Zyc" style="border-top: black 1pt solid; width: 25%; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></td> <td id="xdx_48E_eoef--ExpenseExampleYear05_zIwAgeKCsog1" style="border-top: black 1pt solid; width: 25%; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5 Years</b></span></td> <td id="xdx_481_eoef--ExpenseExampleYear10_znZZd477Bzt2" style="border-top: black 1pt solid; width: 25%; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10 Years</b></span></td></tr> <tr id="xdx_418_20260805__20260805__oef--ClassAxis__custom--C000250805Member_z7mYMhhmSzDi" style="vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$81</span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$252</span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$439</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$977</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 81 252 439 977 Portfolio Turnover <p id="xdx_A87_eoef--PortfolioTurnoverTextBlock_zxGYqT2bETrk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. For the fiscal year ended October 31, 2025, the Fund’s portfolio turnover rate was <span id="xdx_90A_eoef--PortfolioTurnoverRate_c20260805__20260805__dei--LegalEntityAxis__custom--S000085520Member_z1MK6joOYSb1">0</span>% of the average value of its portfolio.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 0 Principal Investment Strategies of the Fund <p id="xdx_A8D_eoef--StrategyNarrativeTextBlock_zq2e6eGEBd24" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">TrueShares Quarterly Bear Hedge ETF</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is an actively managed ETF that aims to provide substantial protection of principal and generation of interest income while maintaining the potential to create positive returns in the event of a decline in U.S. equity markets. The adviser’s strategy is designed to achieve the Fund’s goals, typically, over rolling three-month periods. This strategy potentially results in capital gains during high volatility environments. The Fund seeks to achieve these goals by combining: (1) an investment of substantially all its assets in a portfolio of short-term income-generating debt securities with (2) a modest investment in put options on securities or indexes that are representative of U.S. large capitalization companies. Over the long-term, the adviser expects income from the debt securities and capital gains from put options to combine to fulfill the “total return” aspect of the Fund’s investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Substantial Protection of Principal</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The income component of the Fund’s portfolio is expected to represent at least 98% of its assets on a quarter-to-quarter basis, which the adviser believes will fulfil the “substantial protection of principal” aspect of the Fund’s investment objective. For example, even if a 2% put options component of the Fund’s portfolio expired worthless, the Fund would still have at least 98% of its value preserved by the high-quality short-term fixed income debt securities portfolio. Actual value preserved is expected to be somewhat higher than 98% because interest earned is expected to be higher than Fund expenses. The adviser believes that protection of at least 98% of principal on a quarter-to-quarter basis, even in adverse low-rate environments, would be considered substantial protection by most investors.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Income Component</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund seeks income through a strategy focused on high-quality short-term fixed income debt securities. The Fund anticipates a typical maturity of three months for its income portfolio but may invest in securities with a duration of one-year or less. The Fund invests without restriction as to issuer type but anticipates investing primarily in securities of the U.S. Government, its agencies, instrumentalities and sponsored enterprises; fixed-income ETFs; and corporations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">To generate higher income, the Fund may also employ an option box spread strategy. While gains from options are capital gains, this options strategy is commonly referred to as an income producer and, therefore, is included in the Fund’s income component description. A box spread is a four-part, same expiration date, option portfolio with a maturity payout that does not vary and is considered a form of synthetic money market instrument. For example, the four parts of a box spread could be composed of (i) a long $5 in-the-money call option position paired with (ii) a written $5 out-of-the-money call option position; and (iii) a long $5 in-the-money put option position paired with (iv) a written $5 out-of-the-money put option position. At expiration of the options, no matter what the price of the underlying reference asset is, the payout to the Fund will be $10. If the Fund can construct this portfolio for less than $10 it will be profitable at expiration.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The chart below illustrates the $10 payout that results from the example above. As the call leg increases in value, the put leg decreases in value such that, in total, the payoff is always $10.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red"><img alt="" src="qbul497003.jpg"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">When the put options and income-generating investments carry matching maturities, an amount equal to the yield from the income strategy, net of the Fund’s management fee, is deployed to trade put options. If the income-generating investments carry a duration longer than the put positions, the amount invested in put options will be an amount equal to annualized income utilized net of management fee and divided by the number of three-month segments remaining until maturity and capped at that amount for each rolling three-month period. At times, the presence of an extreme low-rate environment could make generating income more challenging. In these circumstances, the Fund may utilize a maximum of one percent (net of the Fund’s management fee) of portfolio principal per three-month rolling period to implement the put options strategy.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Put Options Component</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund invests a modest portion of its portfolio in standardized exchange-listed options or in exchange-traded FLexible EXchange Options® (“FLEX Options”), which are customized exchange-traded option contracts available through the Chicago Board Option Exchange (“Cboe”) that are guaranteed for settlement by The Options Clearing Corporation (“OCC”). The adviser selects options on securities, indexes, or ETFs that it believes are representative of the performance of U.S. large capitalization companies. The Fund defines large-capitalization companies as those with market capitalizations above $10 billion at the time of measurement, and defines U.S. companies as those organized in the U.S.; having a class of securities whose principal securities market is in the U.S.; or derives 50% or more of its total revenues or earnings from goods produced, sales made, or services provided in the U.S., or maintains 50% or more of its employees, assets, investments, operations, or other business activity in the U.S.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">When the Fund purchases a put option, the Fund has the right, but not the obligation, to sell a reference asset at a specified price (strike price) within or at the end of a specific time period. In the event the reference asset declines in value, the value of a put option generally will increase. In the event the reference asset appreciates in value, the value of a put option generally will decrease and may become worthless. Under normal circumstances, the Fund anticipates trading options on rolling three-month periods (i.e., quarterly); however, the Fund may trade options with expiration dates that are modestly longer or shorter than three months for a number of reasons such as if market volatility renders them more cost-effective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At the beginning of each three-month period, the Fund purchases out-of-the-money (above current market price) or at-the-money put options. The adviser evaluates the relative prices of at-the-money and out-of-the-money options and selects those with the highest expected return in light of then-recent U.S. large capitalization equity market volatility. To help offset the cost of purchased put options, the Fund may sell farther out-of-the-money put options. This paired put option strategy is referred to as a bear put spread in option industry parlance. This paired strategy reflects a generally bearish outlook that is tempered by a view that the market will not fall below the strike price of the written option.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund’s strategy is designed to benefit from meaningful declines in the domestic large cap equity market (sometimes referred to as “tail risk”). The Fund’s equity market risk is limited to the risk that the put options will expire worthless. If, however, the value of the reference asset falls below the put option’s strike price, the option finishes “in-the-money” and the option seller pays the Fund the difference between the strike price and the value of the reference asset. In such an instance, employing the put option strategy may generate a positive return. Because puts increase in value when the reference asset declines, the Fund benefits from a market decline. The partial amount of equity market downside the Fund captures is influenced by written put options as they will reduce the net cost of the options positions but limit downside capture. Using these options strategies, based on recent market conditions, the adviser anticipates that the Fund could reap a positive benefit equal to 20% to 40% of U.S. large capitalization equity market declines on a quarter-to-quarter basis.</p> As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsRiskMember_z6dZHOZoJdqc"></div> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><b>Options Risk.</b> Buying and selling (writing) options are speculative activities and entail greater than ordinary investment risks. As the buyer of a put option, the Fund risks losing the entire premium invested in the option if the Fund does not exercise the option. Written put options will limit the Fund’s participation in price drops below the strike price of the written option.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--FlexOptionsRiskMember_zQPcus4Lz9y9"></div> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><b>FLEX Options Risk. </b>The Fund may invest in FLEX Options issued and guaranteed for settlement by the OCC. The Fund bears the risk that the OCC will be unable or unwilling to perform its obligations under the FLEX Options contracts. Additionally, FLEX Options may become illiquid, and in such cases, the Fund may have difficulty closing out certain FLEX Options positions at desired times and prices.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zmlGcZgCUtUj"></div> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><b>Derivatives Risk. </b>Options are a derivative investment. The Fund’s use of derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset or index. Derivative prices may be highly volatile at times and may fluctuate substantially during a short period of time.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveManagementRiskMember_zMT0pJnkORVg"></div> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><b>Active Management Risk. </b>The adviser’s judgments about an investment may prove to be incorrect or fail to have the intended results, which could adversely impact the Fund’s performance. The adviser’s tail risk strategy is not designed for upside participation in the markets and will underperform in rising equity markets relative to traditional long-only equity strategies. While the adviser’s strategy is designed to benefit from meaningful declines in the domestic large cap equity market, the Fund will not fully benefit from any given downswing in the market. When the adviser selects out-of-the-money put options, the Fund will not participate in equity market declines until they exceed the strike price of the put option. Lower interest rates or higher put option prices will tend to increase the cost of attempting to benefit from meaningful declines in the U.S. large capitalization equity markets.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityMarketRiskMember_zUWDsEySBXM"></div> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><b>Equity Market Risk. </b>The Fund invests in options that track the performance of U.S. large capitalization companies, which are made up of common stocks. Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. These investor perceptions are based on various and unpredictable factors including, expectations regarding government, economic, monetary and fiscal policies; inflation and interest rates; economic expansion or contraction; and global or regional political, economic and banking crises.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zZdhy1Xqfdll"></div> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><b>Early Close/Trading Halt Risk. </b>An exchange or market may close or issue trading halts on specific securities, or the ability to buy or sell certain securities or financial instruments may be restricted, which may prevent the Fund from buying or selling certain securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and may incur substantial trading losses.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfStructureRisksMember_zKxe4oQ2EGD7"></div> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><b>ETF Structure Risks.</b> The Fund is an ETF and, as a result of an ETF’s structure, it is exposed to the following risks:</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div style="display: none"><span id="xdx_914_exdx--NextElement_zAOBQiVCdPT6"></span></div> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsAPsMarketMakersandLiquidityProvidersConcentrationRiskMember_zClQt0KjQmLk"></div> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">○</td><td style="text-align: justify"><i>Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk.</i> The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div style="display: none"><span id="xdx_91D_exdx--NextElement_zyYtjkfKzwy3"></span></div> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsofBuyingorSellingSharesMember_zBQdqOsutcHf"></div> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">○</td><td style="text-align: justify"><i>Costs of Buying or Selling Shares. </i>Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid-ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div style="display: none"><span id="xdx_915_exdx--NextElement_ziO6wfKqAb8i"></span></div> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeatPricesOtherThanNAVMember_z1hyRHDqYv18"></div> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">○</td><td style="text-align: justify"><i>Shares May Trade at Prices Other Than NAV. </i>As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div style="display: none"><span id="xdx_913_exdx--NextElement_z8SvuParhMC"></span></div> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zYUtLAdpDrr5"></div> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">○</td><td style="text-align: justify"><i>Trading</i>. Although Shares are listed for trading on Cboe BZX Exchange, Inc. (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares, and this could lead to differences between the market price of the Shares and the underlying value of those Shares.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_z5qwaAK8Jh42"></div> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><b>Fixed Income Securities Risk. </b>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryRiskMember_za0HXtQqzY3g"></div> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><b>Limited History Risk</b>. The Fund has a limited history of operations for investors to evaluate. Investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategies, may be unable to implement certain of its investment strategies or may fail to attract sufficient assets, any of which could result in the Fund being liquidated and terminated at any time without shareholder approval and at a time that may not be favorable for all shareholders. Such a liquidation could have negative tax consequences for shareholders and will cause shareholders to incur expenses of liquidation.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_zasFFNnUGgwi"></div> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><b>Market and Geopolitical Risk. </b>The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, international conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsPremiumTaxRiskMember_zRLx6n2NxL3h"></div> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><b>Options Premium Tax Risk.</b> The Fund’s investment strategy may limit its ability to distribute dividends eligible for treatment as qualified dividend income, which for non-corporate shareholders are subject to federal income tax at rates of up to 20%. The Fund’s investment strategy may also limit its ability to distribute dividends eligible for the dividends-received deduction for corporate shareholders. For these reasons, a significant portion of distributions received by Fund shareholders may be subject to tax at effective tax rates that are higher than the rates that would apply if the Fund were to engage in a different investment strategy. You should consult your tax advisor as to the tax consequences of acquiring, owning and disposing of Shares in the Fund.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--TurnoverRateRiskMember_z1eIG8KdU9Kc"></div> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><b>Turnover Rate Risk. </b>The Fund may have portfolio turnover rates significantly in excess of 100%. Increased portfolio turnover causes the Fund to incur higher brokerage costs, which may adversely affect the Fund’s performance and may produce increased taxable distributions.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentRiskMember_zkYDmfnz8Bzl"></div> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><b>U.S. Government Risk.</b> U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> Performance <p id="xdx_A87_eoef--PerformanceNarrativeTextBlock_zaAdUXjjOPL5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_907_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260805__20260805__dei--LegalEntityAxis__custom--S000085520Member_zFVN3twBF8S6">The following performance information indicates some of the risks of investing in the Fund. The table shows the Fund’s average annual total return over time compared to one or more broad measures of market performance.</span> Both the bar chart and table assume that all dividends and distributions are reinvested in the Fund. <span id="xdx_90E_eoef--PerformancePastDoesNotIndicateFuture_c20260805__20260805__dei--LegalEntityAxis__custom--S000085520Member_z7sordLI8cof">The Fund’s past performance (before and after taxes) may not indicate future results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Updated performance information is available on the Fund’s website at <span id="xdx_901_eoef--PerformanceAvailabilityWebSiteAddress_c20260805__20260805__dei--LegalEntityAxis__custom--S000085520Member_zop10kvx1WB8">www.True-Shares.com</span> (the website does not form a part of this prospectus) or at no charge by calling the Fund’s Distributor at <span id="xdx_90E_eoef--PerformanceAvailabilityPhone_c20260805__20260805__dei--LegalEntityAxis__custom--S000085520Member_zvSkBMYXOkgl">1.877.774.TRUE (8783)</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> The following performance information indicates some of the risks of investing in the Fund. The table shows the Fund’s average annual total return over time compared to one or more broad measures of market performance. The Fund’s past performance (before and after taxes) may not indicate future results. www.True-Shares.com 1.877.774.TRUE (8783) Annual Total Returns (For the Calendar Year ended 12/31) <p id="xdx_A81_eoef--BarChartTableTextBlock_zXcB1IAuQApf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; width: 50%">Years</td> <td style="display: none; width: 50%">Returns</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2025</td> <td id="xdx_989_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000250805Member_zzepXdOiLjgl" style="display: none">-0.27%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red"><img alt="" src="qbul497004.jpg"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red"> </p> -0.0027 <div id="xdx_A84_eoef--BarChartClosingTextBlock_zIbrZX2RsvVb"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zi4aV73g9bAg" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="border-top: gray 1pt solid; width: 73%; border-bottom: gray 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-top: gray 1pt solid; width: 11%; border-bottom: gray 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Return</b></span></td> <td style="border-top: gray 1pt solid; width: 1%; border-bottom: gray 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-top: gray 1pt solid; width: 15%; border-bottom: gray 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Quarter/Year</b></span></td></tr> <tr style="vertical-align: top"> <td style="border-bottom: gray 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eoef--HighestQuarterlyReturnLabel_c20260805__20260805__dei--LegalEntityAxis__custom--S000085520Member_zqPZxxXyHF56">Highest Return</span></span></td> <td style="border-bottom: gray 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_eoef--BarChartHighestQuarterlyReturn_dp_c20260805__20260805__dei--LegalEntityAxis__custom--S000085520Member_z9YsoSvcOhfh">0.16</span>%</span></td> <td style="border-bottom: gray 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: gray 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eoef--BarChartHighestQuarterlyReturnDate_dxL_c20260805__20260805__dei--LegalEntityAxis__custom--S000085520Member_zvNV2JHmlXRf" title="::XDX::2025-03-31"><span style="-sec-ix-hidden: xdx2ixbrl0153">Q1/2025</span></span></span></td></tr> <tr style="vertical-align: top"> <td style="border-bottom: gray 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eoef--LowestQuarterlyReturnLabel_c20260805__20260805__dei--LegalEntityAxis__custom--S000085520Member_zN2IoEV7lev5">Lowest Return</span></span></td> <td style="border-bottom: gray 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eoef--BarChartLowestQuarterlyReturn_dp_c20260805__20260805__dei--LegalEntityAxis__custom--S000085520Member_zdRhzb590yHl">-0.23</span>%</span></td> <td style="border-bottom: gray 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: gray 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_eoef--BarChartLowestQuarterlyReturnDate_dxL_c20260805__20260805__dei--LegalEntityAxis__custom--S000085520Member_zHtA8f04h0a8" title="::XDX::2025-12-31"><span style="-sec-ix-hidden: xdx2ixbrl0156">Q4/2025</span></span></span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> Highest Return 0.0016 Lowest Return -0.0023 <div id="xdx_A8B_eoef--PerformanceTableTextBlock_zRY1E4I9h9ve"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zU5PHHFTWVu" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: top"> <td id="xdx_984_eoef--PerformanceTableHeading_c20260805__20260805__dei--LegalEntityAxis__custom--S000085520Member_zAyjPqsFn8g4" style="border-bottom: black 1pt solid; width: 73%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Average Annual Total Returns (<i>for the periods ended December 31, 2025</i>)</b></span></td> <td id="xdx_49A_20250101__20251231_zolXDQDlFe9k" style="border-bottom: black 1pt solid; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_49F_20240628__20251231_z4BF3j3Ly2Hi" style="border-bottom: black 1pt solid; width: 15%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr> <td style="border-bottom: black 1pt solid; vertical-align: top"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Since Inception </b></span><br/> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(<span id="xdx_90B_eoef--PerfInceptionDate_c20240628__20251231__oef--ClassAxis__custom--C000250805Member_zHBZRxWRzScg">June 28, 2024</span>)</b></span></td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000250805Member_zYrF5XEBcA5" style="vertical-align: top"> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Returns before taxes</span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-0.27%</span></td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-0.11%</span></td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000250805Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z6JgYuGuUc9e" style="vertical-align: top"> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Returns after taxes on distributions</span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-1.56%</span></td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-1.33%</span></td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000250805Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zVCBLdI7Q0Ab" style="vertical-align: top"> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Returns after taxes on distributions and sale of Fund shares</span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-0.16%</span></td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-0.59%</span></td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500TotalReturnIndexMember_zywqKkLnlVSl" style="vertical-align: top"> <td style="border-bottom: black 1pt solid; padding-top: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>S&amp;P 500 Total Return Index <span id="xdx_909_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260805__20260805__dei--LegalEntityAxis__custom--S000085520Member_zlhB4fJs0n36">(reflects no deduction for fees, expenses or taxes)</span></b></span></td> <td style="border-bottom: black 1pt solid; padding-top: 10pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.88%</span></td> <td style="border-bottom: black 1pt solid; padding-top: 10pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; padding-top: 10pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.66%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Average Annual Total Returns (for the periods ended December 31, 2025) 2024-06-28 -0.0027 -0.0011 -0.0156 -0.0133 -0.0016 -0.0059 (reflects no deduction for fees, expenses or taxes) 0.1788 0.1766 <p id="xdx_A8B_eoef--PerformanceTableClosingTextBlock_zwSmNHr1GG1k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_908_eoef--PerformanceTableUsesHighestFederalRate_c20260805__20260805__dei--LegalEntityAxis__custom--S000085520Member_zY6JMhkY9swf">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. <span id="xdx_90C_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260805__20260805__dei--LegalEntityAxis__custom--S000085520Member_zA9vh1eAIc7h">The after-tax return information shown above does not apply to Fund shares held through tax-deferred or tax-exempt arrangements such as 401(k) plans or individual retirement accounts (“IRAs”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax return information shown above does not apply to Fund shares held through tax-deferred or tax-exempt arrangements such as 401(k) plans or individual retirement accounts (“IRAs”).