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N-1A 0001464413 N-CSR Starboard Investment Trust 2026-05-31 Adaptive Alpha Opportunities ETF AGOX NYSEArca annual shareholder report This <span id="xdx_90D_eoef--ShareholderReportAnnualOrSemiAnnual_c20250601__20260531__oef--ClassAxis__custom--C000223904Member_zhkMacRUn79g">annual shareholder report</span> contains important information about Adaptive Alpha Opportunities ETF (the "Fund") for the period June 1, 2025 to May 31, 2026. annual shareholder report You can find additional information about the Fund at <span id="xdx_90D_eoef--AddlInfoWebsite_c20250601__20260531__oef--ClassAxis__custom--C000223904Member_zRU6yho8zh8l">https://etfpages.com/AGOX</span>. You can also request this information by contacting us at <span id="xdx_905_eoef--AddlInfoPhoneNumber_c20250601__20260531__oef--ClassAxis__custom--C000223904Member_zFBRhS8JxMg">(800) 773-3863</span>. https://etfpages.com/AGOX (800) 773-3863 <p id="xdx_804_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000223904Member_dD_zIkSCrwkdXX1" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #000; text-align: left; text-indent: 0">What were the Fund costs for the past year?</p> <p style="font: 400 10pt/1.4 Gotham Narrow-Light,Arial; margin: -7pt 0 8pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-family: Gotham Narrow-Light Italic,Arial; font-weight: 400; font-style: italic"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(based on a hypothetical $10,000 investment)</span> </span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #000 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Fund Name</span> </div> </th> <th style="border-bottom: #000 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Costs of a $10,000 investment</span> </div> </th> <th style="border-bottom: #000 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_908_eoef--FundName_c20250601__20260531__oef--ClassAxis__custom--C000223904Member_zt5zrM1sT1U">Adaptive Alpha Opportunities ETF</span></span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--ExpensesPaidAmt_c20250601__20260531__oef--ClassAxis__custom--C000223904Member_z66fW8RAVbtj" style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$140</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div id="xdx_988_eoef--ExpenseRatioPct_dp_c20250601__20260531__oef--ClassAxis__custom--C000223904Member_zmyCtQupCGG5" style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">1.24%</span> </div> </td> </tr> </table> </div> </div> </div> <p style="font: 400 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"> </p> Adaptive Alpha Opportunities ETF 140 0.0124 <p id="xdx_80D_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000223904Member_dD_zMwVDJ1w9Scd" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: 0 0 1pt; text-align-last: auto; display: block; min-height: 41.05px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #000; text-align: left; text-indent: 0">How did the Fund perform last year and what affected its performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 400 10pt Gotham Narrow-Light,Arial; margin: 0 0 5pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 400 10pt/11pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 63.67px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: justify"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">For the fiscal year ended May 31, 2026, the Fund returned 26.69%. The Fund underperformed the MSCI ACWI Index and outperformed the Morningstar Moderate Aggressive Target Risk Index, which returned 30.80% and 22.67%, respectively, for the same period.</span> </p> </div> </div> <p style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: 0 0 1pt; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #000; text-align: left; text-indent: 0">Factors that Impacted the Fund's Performance</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 400 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 400 10pt/11pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 111.42px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: justify"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">Adaptive Alpha Opportunities ETF remains largely diversified across countries and sectors. There are periods where AGOX uses its’ ‘global-go-anywhere’ classification to take advantage of a focused approach to a sector or group of sectors. During the 1 year period ending on 5/31/2026, AGOX held modest allocations towards tech and semiconductor related positions, as well as Communication Services, Healthcare, and Infrastructure ETFs.</span> </p> <p style="font: 400 10pt/11pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0; text-align: justify"><span style="box-sizing: border-box; font-size: 9pt"></span> </p> <p style="font: 400 10pt/11pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 15.91px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: justify"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">The main detractors from performance include:</span> </p> <p style="font: 400 10pt/11pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0; text-align: justify"><span style="box-sizing: border-box; font-size: 9pt"></span> </p> <p style="font: 400 10pt/11pt Gotham Narrow-Light,Arial; margin: 0 0 8pt 9pt; text-align-last: auto; display: block; min-height: 31.83px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: justify; text-indent: -9pt"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">• Cloudflare Inc (NET) had a rescaled portfolio weight of 0.55% and detracted (2.60%) during the period.</span> </p> <p style="font: 400 10pt/11pt Gotham Narrow-Light,Arial; margin: 0 0 8pt 8pt; text-align-last: auto; display: block; min-height: 31.83px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: justify; text-indent: -8pt"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">• Strategy Inc Class A (MSTR) had a rescaled portfolio weight of 0.37% and detracted (1.68%) during the period.</span> </p> <p style="font: 400 10pt/11pt Gotham Narrow-Light,Arial; margin: 0 0 8pt 8pt; text-align-last: auto; display: block; min-height: 31.83px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: justify; text-indent: -8pt"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">• Coinbase Global Inc (COIN) had a rescaled portfolio weight of 0.39% and detracted (1.22%) during the period.</span> </p> <p style="font: 400 10pt/11pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0; text-align: justify"><span style="box-sizing: border-box; font-size: 9pt"></span> </p> <p style="font: 400 10pt/11pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 15.91px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: justify"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">The main contributors to performance include:</span> </p> <p style="font: 400 10pt/11pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0; text-align: justify"><span style="box-sizing: border-box; font-size: 9pt"></span> </p> <p style="font: 400 10pt/11pt Gotham Narrow-Light,Arial; margin: 0 0 8pt 9pt; text-align-last: auto; display: block; min-height: 31.83px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: justify; text-indent: -9pt"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">• VanEck Semiconductor ETF (SMH) had a rescaled portfolio weight of 5.43% and contributed 7.79% during the period.</span> </p> <p style="font: 400 10pt/11pt Gotham Narrow-Light,Arial; margin: 0 0 8pt 8pt; text-align-last: auto; display: block; min-height: 31.83px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: justify; text-indent: -8pt"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">• Invesco QQQ Trust (QQQ) had a rescaled portfolio weight of 7.89% and contributed 4.52% during the period.</span> </p> <p style="font: 400 10pt/11pt Gotham Narrow-Light,Arial; margin: 0 0 8pt 8pt; text-align-last: auto; display: block; min-height: 31.83px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: justify; text-indent: -8pt"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">• State Street Technology Select Sector SPDR ETF (XLK) had a rescaled portfolio weight of 2.51% and contributed 4.46% during the period.</span> </p> </div> </div> <p style="font: 400 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p id="xdx_807_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000223904Member_dD_zMc57yOLYAVc" style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 8pt 0 0; text-align-last: auto; display: block; min-height: 33.59px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #000; text-align: left; text-indent: 0">Cumulative Performance</p> <p style="font: 400 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">From <span style="box-sizing: border-box; font-weight: normal">June 1, 2025</span> through <span style="box-sizing: border-box; font-weight: normal">May 31, 2026</span> </p> <p style="font: 400 10pt/1.4 Gotham Narrow-Light,Arial; margin: -8pt 0 0; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Initial Investment of $10,000</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Date</div> </td> <td id="xdx_4BE_oef--ClassAxis_custom--C000223904Member_z2VDvxWdXXT5" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Adaptive Alpha Opportunities ETF ($37,218)</div> </td> <td id="xdx_4B9_oef--BroadBasedIndexAxis_custom--MsciAcwiIndexMember_zYN2CpErHNF6" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">MSCI ACWI Index ($35,027)</div> </td> <td id="xdx_4B4_oef--BroadBasedIndexAxis_custom--MorningstarModerateAggressiveTargetRiskIndexMember_zOgXMOUNixWg" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Morningstar Moderate Aggressive Target Risk Index ($26,482)</div> </td> </tr> <tr id="xdx_433_c20160531__20160531_eoef--AccmVal_pid_zJC7xRmdvhkb" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">5/31/2016</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10000</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10000</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10000</div> </td> </tr> <tr id="xdx_43E_c20160531__20170531_eoef--AccmVal_pid_znu1wOQzaFOk" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">5/31/2017</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">12353</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11818</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11491</div> </td> </tr> <tr id="xdx_435_c20160531__20180531_eoef--AccmVal_pid_zTPuxoUD0JK5" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">5/31/2018</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">14822</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">13286</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">12668</div> </td> </tr> <tr id="xdx_430_c20160531__20190531_eoef--AccmVal_pid_zUgWjOD9LhNh" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">5/31/2019</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">14175</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">13186</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">12793</div> </td> </tr> <tr id="xdx_430_c20160531__20200531_eoef--AccmVal_pid_zdDSoedcNgZi" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">5/31/2020</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">16674</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">13974</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">13364</div> </td> </tr> <tr id="xdx_43E_c20160531__20210531_eoef--AccmVal_pid_zAcSCkiheRAa" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">5/31/2021</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">24346</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">19901</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">18000</div> </td> </tr> <tr id="xdx_43E_c20160531__20220531_eoef--AccmVal_pid_zXZxaK57BMUl" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">5/31/2022</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">22386</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">18642</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">16669</div> </td> </tr> <tr id="xdx_434_c20160531__20230531_eoef--AccmVal_pid_zzUcfTpv5UOd" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">5/31/2023</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">22226</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">18898</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">16460</div> </td> </tr> <tr id="xdx_439_c20160531__20240531_eoef--AccmVal_pid_zwbORry4oprl" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">5/31/2024</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">26674</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">23458</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">19282</div> </td> </tr> <tr id="xdx_438_c20160531__20250531_eoef--AccmVal_pid_zBXEoTgqyaV9" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">5/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">29377</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">26780</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">21587</div> </td> </tr> <tr id="xdx_434_c20160531__20260531_eoef--AccmVal_pid_zESud2IPSKf5" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">5/31/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">37217</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">35027</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">26482</div> </td> </tr> </table> </div> </div><img alt="line" src="qes79v1qb1mrmhfet5.jpg" style="box-sizing: border-box; width: 100%; height: auto"/> </div> </div> <p style="font: 400 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #000; text-align: left; text-indent: 0"> </p> 10000 10000 10000 12353 11818 11491 14822 13286 12668 14175 13186 12793 16674 13974 13364 24346 19901 18000 22386 18642 16669 22226 18898 16460 26674 23458 19282 29377 26780 21587 37217 35027 26482 <p id="xdx_808_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000223904Member_dD_zGIL8i3vCZmj" style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.59px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #000; text-align: left; text-indent: 0">Average Annual Total Returns</p> <p style="font: 400 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt"><i style="box-sizing: border-box; font-weight: normal">(as of </i></span><span style="box-sizing: border-box; font-family: Gotham Narrow-Light Italic,Arial; font-style: italic"><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box; font-weight: normal">May 31, 2026</span> </span> </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Light Italic,Arial; font-weight: 400; font-style: italic"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">)</span> </span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 400 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; padding-top: 0; color: #4f4f4f; text-align: left; text-indent: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #000 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"></span> </div> </th> <th style="border-bottom: #000 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">1 Year</span> </div> </th> <th style="border-bottom: #000 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">5 Year</span> </div> </th> <th style="border-bottom: #000 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">10 Year</span> </div> </th> <th style="border-bottom: #000 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Since</span> </div> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Inception</span> </div> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">(<span id="xdx_906_eoef--PerfInceptionDate_dd_c20250601__20260531__oef--ClassAxis__custom--C000223904Member_zpl7npLRZj6a">09/20/12</span>)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Adaptive Alpha Opportunities ETF</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_90D_eoef--AvgAnnlRtrPct_dp_c20250601__20260531__oef--ClassAxis__custom--C000223904Member_zw3msL8p6Vvd">26.69</span>%</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_907_eoef--AvgAnnlRtrPct_dp_c20210601__20260531__oef--ClassAxis__custom--C000223904Member_z8vrZppOsCue">8.86</span>%</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_901_eoef--AvgAnnlRtrPct_dp_c20160601__20260531__oef--ClassAxis__custom--C000223904Member_zERXpABe1xhf">14.04</span>%</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_90E_eoef--AvgAnnlRtrPct_dp_c20120920__20260531__oef--ClassAxis__custom--C000223904Member_zanRH1plmBSk">11.93</span>%</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">MSCI ACWI Index</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_902_eoef--AvgAnnlRtrPct_dp_c20250601__20260531__oef--BroadBasedIndexAxis__custom--MsciAcwiIndexMember_zK4XAQZsnCw9">30.80</span>%</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_90D_eoef--AvgAnnlRtrPct_dp_c20210601__20260531__oef--BroadBasedIndexAxis__custom--MsciAcwiIndexMember_zetU4r0VeG5a">11.96</span>%</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_906_eoef--AvgAnnlRtrPct_dp_c20160601__20260531__oef--BroadBasedIndexAxis__custom--MsciAcwiIndexMember_zpFCs9LNeFb6">13.35</span>%</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_901_eoef--AvgAnnlRtrPct_dp_c20120920__20260531__oef--BroadBasedIndexAxis__custom--MsciAcwiIndexMember_zAIdpzKHGrTa">11.81</span>%</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Morningstar Moderate Aggressive</span> </div> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Target Risk Index</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_90F_eoef--AvgAnnlRtrPct_dp_c20250601__20260531__oef--BroadBasedIndexAxis__custom--MorningstarModerateAggressiveTargetRiskIndexMember_zcBS4b4ILVR8">22.67</span>%</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_90B_eoef--AvgAnnlRtrPct_dp_c20210601__20260531__oef--BroadBasedIndexAxis__custom--MorningstarModerateAggressiveTargetRiskIndexMember_zofWpvYtPoOk">8.02</span>%</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_90D_eoef--AvgAnnlRtrPct_dp_c20160601__20260531__oef--BroadBasedIndexAxis__custom--MorningstarModerateAggressiveTargetRiskIndexMember_zWuwizFM5vp1">10.23</span>%</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_907_eoef--AvgAnnlRtrPct_dp_c20120920__20260531__oef--BroadBasedIndexAxis__custom--MorningstarModerateAggressiveTargetRiskIndexMember_zL327FVfwaPa">9.37</span>%</span> </div> </td> </tr> </table></div> </div> </div> 2012-09-20 0.2669 0.0886 0.1404 0.1193 0.3080 0.1196 0.1335 0.1181 0.2267 0.0802 0.1023 0.0937 Visit https://etfpages.com/AGOX for more recent performance information. The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <p id="xdx_802_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000223904Member_dD_z2yP87G1jcpl" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.23px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #000; text-align: left; text-indent: 0">Key Fund Statistics</p> <p style="font: 400 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-family: Gotham Narrow-Light Italic,Arial; font-weight: 400; font-style: italic"><span style="box-sizing: border-box; color: #000"><span style="box-sizing: border-box; font-size: 9pt"><i style="box-sizing: border-box; font-weight: normal">(as of </i></span> </span> </span><i style="box-sizing: border-box"><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box; color: #000"><span style="box-sizing: border-box; font-weight: normal">May 31, 2026</span> </span> </span></i><span style="box-sizing: border-box; color: #000"><span style="box-sizing: border-box; font-size: 9pt"><i style="box-sizing: border-box; font-weight: normal">)</i></span> </span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 400 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; padding-top: 0; color: #4f4f4f; text-align: left; text-indent: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Net Assets</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98C_eus-gaap--AssetsNet_iI_pp0p0_c20260531__oef--ClassAxis__custom--C000223904Member_zSTwg369nKmj" style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$385,961,450</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Number of Holdings</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div id="xdx_986_eoef--HoldingsCount_iI_uHoldings_c20260531__oef--ClassAxis__custom--C000223904Member_z0jAoApH3g1i" style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">330</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Net Advisory Fee</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98F_eoef--AdvisoryFeesPaidAmt_c20250601__20260531__oef--ClassAxis__custom--C000223904Member_zAIYBGGLf4sh" style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$3,525,129</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Portfolio Turnover Rate</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eus-gaap--InvestmentCompanyPortfolioTurnover_c20250601__20260531__oef--ClassAxis__custom--C000223904Member_zu3dLpbEk5Z" style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">2,621.38%</span> </div> </td> </tr> </table> </div> </div> </div> <p style="font: 400 8pt/1.4 Gotham Narrow-Light,Arial; margin: -16pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #000; text-align: left; text-indent: 0"><br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial"><span style="box-sizing: border-box; color: #000"><span style="box-sizing: border-box; font-size: 9pt"></span> </span> </span> </p> 385961450 330 3525129 26.2138 <p id="xdx_80C_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000223904Member_dD_zp0EyGKA115" style="font: 700 16pt/1.4 Gotham Narrow-Bold,Arial; margin: 0 0 3pt; text-align-last: auto; display: block; min-height: 29.84px; align-content: center; line-height: 29.86px; box-sizing: border-box; color: #000; text-align: left; text-indent: 0">What did the Fund invest in?</p> <p style="font: 400 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-family: Gotham Narrow-Light Italic,Arial; font-style: italic"><span style="box-sizing: border-box; color: #000"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(as of </span> </span> </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box; color: #000"><span style="box-sizing: border-box; font-family: Gotham Narrow-Light Italic,Arial; font-style: italic"><span style="box-sizing: border-box; font-weight: normal">May 31, 2026</span> </span> </span> </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Light Italic,Arial; font-style: italic"><span style="box-sizing: border-box; color: #000"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">)</span> </span> </span><br/></p> <p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 16pt 0 0; text-align-last: auto; display: block; min-height: 24.23px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #000; text-align: left; text-indent: 0">Sector Breakdown <span style="box-sizing: border-box; font-family: Gotham Narrow-Light Italic,Arial; font-weight: 400; font-style: italic"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(% of Total Net Assets)</span> </span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Technology</div> </td> <td style="box-sizing: border-box"> <div id="xdx_983_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000223904Member__oef--IndustrySectorAxis__us-gaap--TechnologySectorMember_z2FVpTU494n6" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">8.0%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Financials</div> </td> <td style="box-sizing: border-box"> <div id="xdx_981_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000223904Member__oef--IndustrySectorAxis__us-gaap--FinancialServicesSectorMember_zUUwmShC4O9i" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">7.9%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Industrials</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98D_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000223904Member__oef--IndustrySectorAxis__oef--IndustrialSectorMember_z0Vq5tckclF3" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">7.8%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Global Funds</div> </td> <td style="box-sizing: border-box"> <div id="xdx_982_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000223904Member__oef--IndustrySectorAxis__custom--GlobalFundsMember_zHl1nJU06UHf" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">6.1%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Health Care</div> </td> <td style="box-sizing: border-box"> <div id="xdx_980_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000223904Member__oef--IndustrySectorAxis__us-gaap--HealthcareSectorMember_zFuZeX4Y8IH2" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">5.8%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Communications</div> </td> <td style="box-sizing: border-box"> <div id="xdx_985_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000223904Member__oef--IndustrySectorAxis__oef--CommunicationsSectorMember_zQRDfnNjJ3If" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">4.6%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Commodities</div> </td> <td style="box-sizing: border-box"> <div id="xdx_980_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000223904Member__oef--IndustrySectorAxis__us-gaap--CommodityMember_zwNKz9uqXvn4" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">3.4%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Real Estate</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98B_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000223904Member__oef--IndustrySectorAxis__us-gaap--RealEstateSectorMember_zTEwiF7b9fZa" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">1.4%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Aerospace &amp; Defense</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98D_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000223904Member__oef--IndustrySectorAxis__custom--AerospaceAndDefenseMember_zneVrr7lQsGe" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">1.0%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Materials</div> </td> <td style="box-sizing: border-box"> <div id="xdx_980_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000223904Member__oef--IndustrySectorAxis__oef--MaterialsSectorMember_zpVLK8zOFW7b" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.6%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes79v1qb1mrmhhvem.jpg" style="box-sizing: border-box; width: 100%; height: auto"/> </div> </div> 0.080 0.079 0.078 0.061 0.058 0.046 0.034 0.014 0.010 0.006 <div id="xdx_806_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000223904Member_dD_zYOeKffHMkIj" style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #000 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Top Ten Holdings</span> </div> </th> <th style="border-bottom: #000 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">(% of Total Net Assets)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Fidelity Government Portfolio</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98F_eoef--PctOfNav_iI_dp_c20260531__oef--ClassAxis__custom--C000223904Member__oef--LargestHoldingAxis__custom--FidelityGovernmentPortfolioMember_ztCXFDppB8jj" style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">26.8</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Invesco QQQ Trust Series 1</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98B_eoef--PctOfNav_iI_dp_c20260531__oef--ClassAxis__custom--C000223904Member__oef--LargestHoldingAxis__custom--InvescoQQQTrustSeries1Member_zP9Jm932jcEl" style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">6.2</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">State Street Health Care Select Sector SPDR ETF</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98C_eoef--PctOfNav_iI_dp_c20260531__oef--ClassAxis__custom--C000223904Member__oef--LargestHoldingAxis__custom--StateStreetHealthCareSelectSectorSPDRETFMember_zrACKaWF9pwj" style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">5.8</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">State Street Technology Select Sector SPDR ETF</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eoef--PctOfNav_iI_dp_c20260531__oef--ClassAxis__custom--C000223904Member__oef--LargestHoldingAxis__custom--StateStreetTechnologySelectSectorSPDRETFMember_zJSNIpwuwln9" style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">5.2</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">State Street Communication Services</span> </div> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Select Sector SPDR ETF</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--PctOfNav_iI_dp_c20260531__oef--ClassAxis__custom--C000223904Member__oef--LargestHoldingAxis__custom--StateStreetCommunicationServicesSelectSectorSPDRETFMember_ztwRhyhoO3W8" style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">4.6</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Vanguard FTSE Emerging Markets ETF</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--PctOfNav_iI_dp_c20260531__oef--ClassAxis__custom--C000223904Member__oef--LargestHoldingAxis__custom--VanguardFTSEEmergingMarketsETFMember_zbPgUW5BBGUg" style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">4.6</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Invesco QQQ Trust Series 1</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98A_eoef--PctOfNav_iI_dp_c20260531__oef--ClassAxis__custom--C000223904Member__oef--LargestHoldingAxis__custom--InvescosQQQTrustSeries1Member_zdfXkR236YV4" style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">4.4</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Western Digital Corp</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eoef--PctOfNav_iI_dp_c20260531__oef--ClassAxis__custom--C000223904Member__oef--LargestHoldingAxis__custom--WesternDigitalCorpMember_zZswidh9syd4" style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">3.7</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">State Street SPDR S&amp;P 500 ETF Trust</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98E_eoef--PctOfNav_iI_dp_c20260531__oef--ClassAxis__custom--C000223904Member__oef--LargestHoldingAxis__custom--StateStreetSPDRSAndP500ETFTrustMember_zIGkAEdGH6L" style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">3.2</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">iShares Global Infrastructure ETF</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div id="xdx_983_eoef--PctOfNav_iI_dp_c20260531__oef--ClassAxis__custom--C000223904Member__oef--LargestHoldingAxis__custom--ISharesGlobalInfrastructureETFMember_zVqLvseUBC7f" style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">2.9</span> </div> </td> </tr> </table></div> 0.268 0.062 0.058 0.052 0.046 0.046 0.044 0.037 0.032 0.029 Adaptive Hedged Multi-Asset Income ETF AMAX NYSEArca This <span id="xdx_908_eoef--ShareholderReportAnnualOrSemiAnnual_c20250601__20260531__oef--ClassAxis__custom--C000227946Member_zO5qCjM7xFn4">annual shareholder report</span> contains important information about Adaptive Hedged Multi-Asset Income ETF (the "Fund") for the period June 1, 2025 to May 31, 2026. annual shareholder report You can find additional information about the Fund at <span id="xdx_90F_eoef--AddlInfoWebsite_c20250601__20260531__oef--ClassAxis__custom--C000227946Member_zhofH4KwAmt7">https://etfpages.com/AMAX</span>. You can also request this information by contacting us at <span id="xdx_904_eoef--AddlInfoPhoneNumber_c20250601__20260531__oef--ClassAxis__custom--C000227946Member_zwMialDbyLvk">(800) 773-3863</span>. https://etfpages.com/AMAX (800) 773-3863 <p id="xdx_803_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000227946Member_dD_zFcTM5k3lqOb" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #000; text-align: left; text-indent: 0">What were the Fund costs for the past year?</p> <p style="font: 400 10pt/1.4 Gotham Narrow-Light,Arial; margin: -7pt 0 8pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-family: Gotham Narrow-Light Italic,Arial; font-weight: 400; font-style: italic"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(based on a hypothetical $10,000 investment)</span> </span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #000 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Fund Name</span> </div> </th> <th style="border-bottom: #000 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Costs of a $10,000 investment</span> </div> </th> <th style="border-bottom: #000 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_908_eoef--FundName_c20250601__20260531__oef--ClassAxis__custom--C000227946Member_zSYZLck9XmMi">Adaptive Hedged Multi-Asset Income ETF</span></span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--ExpensesPaidAmt_c20250601__20260531__oef--ClassAxis__custom--C000227946Member_zgBe2gkDEPIj" style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$123</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98F_eoef--ExpenseRatioPct_dp_c20250601__20260531__oef--ClassAxis__custom--C000227946Member_zqg1gyyHCpfc" style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">1.15%</span> </div> </td> </tr> </table> </div> </div> </div> <p style="font: 400 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"> </p> Adaptive Hedged Multi-Asset Income ETF 123 0.0115 <p id="xdx_80D_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000227946Member_dD_zZ3J6k0PkdI5" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: 0 0 1pt; text-align-last: auto; display: block; min-height: 41.05px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #000; text-align: left; text-indent: 0">How did the Fund perform last year and what affected its performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 400 10pt Gotham Narrow-Light,Arial; margin: 0 0 5pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 400 10pt/11pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 44px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; font-size: 10pt; font-weight: normal">For the fiscal year ended May 31, 2026, the Fund returned 13.08%. The Fund outperformed the Bloomberg Capital US Aggregate Bond Index, which returned 5.13% for the same period.</span> </p> </div> </div> <p style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: 0 0 1pt; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #000; text-align: left; text-indent: 0">Factors that Impacted the Fund's Performance</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 400 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 400 10pt/11pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 73.33px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; font-size: 10pt; font-weight: normal">Adaptive Hedged Multi Asset Income ETF (AMAX) maintained a Equities-Treasuries-Gold-Bitcoin four part portfolio. AMAX continued using bitcoin related ETFs and equities to generate covered call premium income for the fund, as well as fund the purchase of long protective puts.</span> </p> <p style="font: 400 10pt/11pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; font-size: 10pt"></span> </p> <p style="font: 400 10pt/11pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 14.66px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; font-size: 10pt; font-weight: normal">The main detractors from performance include:</span> </p> <p style="font: 400 10pt/11pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; font-size: 10pt"></span> </p> <p style="font: 400 10pt/11pt Gotham Narrow-Light,Arial; margin: 0 0 8pt 10pt; text-align-last: auto; min-height: 44px; align-content: center; box-sizing: border-box; color: #4f4f4f; display: block; text-align: justify; text-indent: -10pt"><span style="box-sizing: border-box; font-size: 10pt; font-weight: normal">• YieldMax META Option Income Strategy ETF (FBY) had a rescaled portfolio weight of 2.14% and detracted (0.21%) during the period.</span> </p> <p style="font: 400 10pt/11pt Gotham Narrow-Light,Arial; margin: 0 0 8pt 9pt; text-align-last: auto; min-height: 44px; align-content: center; box-sizing: border-box; color: #4f4f4f; display: block; text-align: justify; text-indent: -9pt"><span style="box-sizing: border-box; font-size: 10pt; font-weight: normal">• YieldMax MSFT Option Income Strategy ETF (MSFO) had a rescaled portfolio weight of 2.31% and detracted (0.04%) during the period.</span> </p> <p style="font: 400 10pt/11pt Gotham Narrow-Light,Arial; margin: 0 0 8pt 8pt; text-align-last: auto; min-height: 29.33px; align-content: center; box-sizing: border-box; color: #4f4f4f; display: block; text-align: justify; text-indent: -8pt"><span style="box-sizing: border-box; font-size: 10pt; font-weight: normal">• Strategy Inc Class A (MSTR) had a rescaled portfolio weight of 19.57% and detracted (17.72%) during the period.</span> </p> <p style="font: 400 10pt/11pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; font-size: 10pt"></span> </p> <p style="font: 400 10pt/11pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 14.66px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; font-size: 10pt; font-weight: normal">The main contributors to performance include:</span> </p> <p style="font: 400 10pt/11pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; font-size: 10pt"></span> </p> <p style="font: 400 10pt/11pt Gotham Narrow-Light,Arial; margin: 0 0 8pt 8pt; text-align-last: auto; min-height: 29.33px; align-content: center; box-sizing: border-box; color: #4f4f4f; display: block; text-align: justify; text-indent: -8pt"><span style="box-sizing: border-box; font-size: 10pt; font-weight: normal">• VanEck Gold Miners ETF (GDX) had a rescaled portfolio weight of 16.30% and contributed 9.49% during the period.</span> </p> <p style="font: 400 10pt/11pt Gotham Narrow-Light,Arial; margin: 0 0 8pt 8pt; text-align-last: auto; min-height: 29.33px; align-content: center; box-sizing: border-box; color: #4f4f4f; display: block; text-align: justify; text-indent: -8pt"><span style="box-sizing: border-box; font-size: 10pt; font-weight: normal">• Invesco QQQ Trust (QQQ) had a rescaled portfolio weight of 12.01% and contributed 3.69% during the period.</span> </p> <p style="font: 400 10pt/11pt Gotham Narrow-Light,Arial; margin: 0 0 8pt 10pt; text-align-last: auto; min-height: 44px; align-content: center; box-sizing: border-box; color: #4f4f4f; display: block; text-align: justify; text-indent: -10pt"><span style="box-sizing: border-box; font-size: 10pt; font-weight: normal">• State Street® SPDR® S&amp;P 500® ETF (SPY) had a rescaled portfolio weight of 31.09% and contributed 8.63% during the period.</span> </p> </div> </div> <p style="font: 400 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p id="xdx_80D_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000227946Member_dD_zs756OYlGSGj" style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 8pt 0 0; text-align-last: auto; display: block; min-height: 33.59px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #000; text-align: left; text-indent: 0">Cumulative Performance</p> <p style="font: 400 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">From <span style="box-sizing: border-box; font-weight: normal">June 1, 2025</span> through <span style="box-sizing: border-box; font-weight: normal">May 31, 2026</span> </p> <p style="font: 400 10pt/1.4 Gotham Narrow-Light,Arial; margin: -8pt 0 0; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Initial Investment of $10,000</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Date</div> </td> <td id="xdx_4B0_oef--ClassAxis_custom--C000227946Member_z96cki52dFk" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Adaptive Hedged Multi-Asset Income ETF ($14,386)</div> </td> <td id="xdx_4B7_oef--BroadBasedIndexAxis_custom--BloombergCapitalUSAggregateBondIndexMember_ztXp1Vm3kLPa" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Bloomberg Capital US Aggregate Bond Index ($11,836)</div> </td> </tr> <tr id="xdx_43D_c20160531__20160531_eoef--AccmVal_pid_zngZ4hInHsX3" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">5/31/2016</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10000</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10000</div> </td> </tr> <tr id="xdx_436_c20160531__20170531_eoef--AccmVal_pid_ziHCJXiDuyvg" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">5/31/2017</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10856</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10157</div> </td> </tr> <tr id="xdx_43D_c20160531__20180531_eoef--AccmVal_pid_zxggTtVcBFpa" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">5/31/2018</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11065</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10119</div> </td> </tr> <tr id="xdx_431_c20160531__20190531_eoef--AccmVal_pid_zpELs8GOPRg2" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">5/31/2019</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11737</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10767</div> </td> </tr> <tr id="xdx_438_c20160531__20200531_eoef--AccmVal_pid_z6tY6rGuHYu7" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">5/31/2020</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11547</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11781</div> </td> </tr> <tr id="xdx_433_c20160531__20210531_eoef--AccmVal_pid_zI5avvLC0Ml2" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">5/31/2021</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">12000</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11733</div> </td> </tr> <tr id="xdx_43C_c20160531__20220531_eoef--AccmVal_pid_zptdnAI7cSwd" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">5/31/2022</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11095</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10768</div> </td> </tr> <tr id="xdx_433_c20160531__20230531_eoef--AccmVal_pid_zny8rjbdYQM2" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">5/31/2023</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10978</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10537</div> </td> </tr> <tr id="xdx_439_c20160531__20240531_eoef--AccmVal_pid_zI2aUUJGmiod" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">5/31/2024</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11966</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10675</div> </td> </tr> <tr id="xdx_43C_c20160531__20250531_eoef--AccmVal_pid_zKQUFwv5vchk" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">5/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">12722</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11258</div> </td> </tr> <tr id="xdx_439_c20160531__20260531_eoef--AccmVal_pid_zmyd4daogJDi" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">5/31/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">14416</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11836</div> </td> </tr> </table> </div> </div><img alt="line" src="qes79v1qb1mrmieqnn.jpg" style="box-sizing: border-box; width: 100%; height: auto"/> </div> </div> <p style="font: 400 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #000; text-align: left; text-indent: 0"> </p> 10000 10000 10856 10157 11065 10119 11737 10767 11547 11781 12000 11733 11095 10768 10978 10537 11966 10675 12722 11258 14416 11836 <p id="xdx_80D_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000227946Member_dD_zFRxS3TL75Q9" style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.59px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #000; text-align: left; text-indent: 0">Average Annual Total Returns</p> <p style="font: 400 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt"><i style="box-sizing: border-box; font-weight: normal">(as of </i></span><span style="box-sizing: border-box; font-family: Gotham Narrow-Light Italic,Arial; font-style: italic"><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box; font-weight: normal">May 31, 2026</span> </span> </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Light Italic,Arial; font-weight: 400; font-style: italic"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">)</span> </span> </p> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #000 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"></span> </div> </th> <th style="border-bottom: #000 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">1 Year</span> </div> </th> <th style="border-bottom: #000 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">5 Year</span> </div> </th> <th style="border-bottom: #000 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">10 Year</span> </div> </th> <th style="border-bottom: #000 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Since</span> </div> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Inception</span> </div> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">(<span id="xdx_90B_eoef--PerfInceptionDate_dd_c20250601__20260531__oef--ClassAxis__custom--C000227946Member_zGWnE13vi8n5">10/02/09</span>)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Adaptive Hedged Multi-Asset Income ETF</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_90D_eoef--AvgAnnlRtrPct_dp_c20250601__20260531__oef--ClassAxis__custom--C000227946Member_zgGNCh8r3Ejj">13.08</span>%</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_902_eoef--AvgAnnlRtrPct_dp_c20210601__20260531__oef--ClassAxis__custom--C000227946Member_z19hI3E7as8j">3.69</span>%</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_90E_eoef--AvgAnnlRtrPct_dp_c20160601__20260531__oef--ClassAxis__custom--C000227946Member_z7nGBF8f107l">3.70</span>%</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_90F_eoef--AvgAnnlRtrPct_dp_c20091002__20260531__oef--ClassAxis__custom--C000227946Member_zEdUN3E5fZW4">3.01</span>%</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Bloomberg Capital US Aggregate</span> </div> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Bond Index</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_90D_eoef--AvgAnnlRtrPct_dp_c20250601__20260531__oef--BroadBasedIndexAxis__custom--BloombergCapitalUSAggregateBondIndexMember_zgKkeCZJNsP9">5.13</span>%</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_903_eoef--AvgAnnlRtrPct_dp_c20210601__20260531__oef--BroadBasedIndexAxis__custom--BloombergCapitalUSAggregateBondIndexMember_zyEkGOM2uFw9">0.17</span>%</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_90B_eoef--AvgAnnlRtrPct_dp_c20160601__20260531__oef--BroadBasedIndexAxis__custom--BloombergCapitalUSAggregateBondIndexMember_zfszURWpnIc8">1.70</span>%</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_907_eoef--AvgAnnlRtrPct_dp_c20091002__20260531__oef--BroadBasedIndexAxis__custom--BloombergCapitalUSAggregateBondIndexMember_zJpDpn13PO33">2.58</span>%</span> </div> </td> </tr> </table> 2009-10-02 0.1308 0.0369 0.0370 0.0301 0.0513 0.0017 0.0170 0.0258 Visit <span style="margin: 0; padding: 0; text-decoration: none; box-sizing: border-box; color: inherit; cursor: pointer; font-weight: 400">https://etfpages.com/AMAX</span> for more recent performance information. The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <p id="xdx_807_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000227946Member_dD_zBWNsVnk6rra" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.23px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #000; text-align: left; text-indent: 0">Key Fund Statistics</p> <p style="font: 400 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-family: Gotham Narrow-Light Italic,Arial; font-weight: 400; font-style: italic"><span style="box-sizing: border-box; color: #000"><span style="box-sizing: border-box; font-size: 9pt"><i style="box-sizing: border-box; font-weight: normal">(as of </i></span> </span> </span><i style="box-sizing: border-box"><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box; color: #000"><span style="box-sizing: border-box; font-weight: normal">May 31, 2026</span> </span> </span></i><span style="box-sizing: border-box; color: #000"><span style="box-sizing: border-box; font-size: 9pt"><i style="box-sizing: border-box; font-weight: normal">)</i></span> </span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 400 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; padding-top: 0; color: #4f4f4f; text-align: left; text-indent: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Net Assets</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div id="xdx_986_eus-gaap--AssetsNet_iI_pp0p0_c20260531__oef--ClassAxis__custom--C000227946Member_zuWLL5mdSEXi" style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$67,771,624</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Number of Holdings</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98B_eoef--HoldingsCount_iI_uHoldings_c20260531__oef--ClassAxis__custom--C000227946Member_zSH85lw7Z4q9" style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">25</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Net Advisory Fee</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--AdvisoryFeesPaidAmt_c20250601__20260531__oef--ClassAxis__custom--C000227946Member_zs5Esswo8Sfc" style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$183,818</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Portfolio Turnover Rate</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eus-gaap--InvestmentCompanyPortfolioTurnover_c20250601__20260531__oef--ClassAxis__custom--C000227946Member_z7SK4DetF818" style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">538.32%</span> </div> </td> </tr> </table> </div> </div> </div> <p style="font: 400 8pt/1.4 Gotham Narrow-Light,Arial; margin: -16pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #000; text-align: left; text-indent: 0"><br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial"><span style="box-sizing: border-box; color: #000"><span style="box-sizing: border-box; font-size: 9pt"></span> </span> </span> </p> 67771624 25 183818 5.3832 <p id="xdx_804_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000227946Member_dD_zzxpYWhqZnN9" style="font: 700 16pt/1.4 Gotham Narrow-Bold,Arial; margin: 0 0 3pt; text-align-last: auto; display: block; min-height: 29.84px; align-content: center; line-height: 29.86px; box-sizing: border-box; color: #000; text-align: left; text-indent: 0">What did the Fund invest in?</p> <p style="font: 400 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-family: Gotham Narrow-Light Italic,Arial; font-style: italic"><span style="box-sizing: border-box; color: #000"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(as of </span> </span> </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box; color: #000"><span style="box-sizing: border-box; font-family: Gotham Narrow-Light Italic,Arial; font-style: italic"><span style="box-sizing: border-box; font-weight: normal">May 31, 2026</span> </span> </span> </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Light Italic,Arial; font-style: italic"><span style="box-sizing: border-box; color: #000"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">)</span> </span> </span><br/></p> <p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 16pt 0 0; text-align-last: auto; display: block; min-height: 24.23px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #000; text-align: left; text-indent: 0">Security Type Breakdown <span style="box-sizing: border-box; font-family: Gotham Narrow-Light Italic,Arial; font-weight: 400; font-style: italic"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(% of Total Net Assets)</span> </span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Exchange-Traded Products</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98B_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000227946Member__oef--IndustrySectorAxis__custom--ExchangeTradedProductsMember_zLwUsziu5V53" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">73.0%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Short-Term Investment</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98A_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000227946Member__oef--IndustrySectorAxis__custom--ShortTermInvestmentMember_zF3NwbxEofD9" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">14.5%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Common Stocks</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98D_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000227946Member__oef--IndustrySectorAxis__custom--CommonStocksMember_zJc5hsM69rkf" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">7.3%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Options Purchased</div> </td> <td style="box-sizing: border-box"> <div id="xdx_986_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000227946Member__oef--IndustrySectorAxis__custom--OptionsPurchasedMember_zxRjBXYa4Qbi" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.8%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Collateralized Mortgage Obligations</div> </td> <td style="box-sizing: border-box"> <div id="xdx_989_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000227946Member__oef--IndustrySectorAxis__us-gaap--CollateralizedMortgageObligationsMember_zAJd9dTQHLz4" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.5%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Options Written</div> </td> <td style="box-sizing: border-box"> <div id="xdx_985_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000227946Member__oef--IndustrySectorAxis__custom--OptionsWrittenMember_zd0hyTzfTG1j" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">-0.3%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes79v1qb1mrnyq21d.jpg" style="box-sizing: border-box; width: 100%; height: auto"/> </div> </div> 0.730 0.145 0.073 0.008 0.005 -0.003 <div id="xdx_801_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000227946Member_dD_zbONDI8Tnt44" style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #000 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Top Ten Holdings</span> </div> </th> <th style="border-bottom: #000 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">(% of Total Net Assets)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">iShares 20+ Year Treasury Bond ETF</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eoef--PctOfNav_iI_dp_c20260531__oef--ClassAxis__custom--C000227946Member__oef--LargestHoldingAxis__custom--IShares20YearTreasuryBondETFMember_zFRZBdt8aytc" style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">20.9</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">State Street SPDR S&amp;P 500 ETF Trust</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div id="xdx_980_eoef--PctOfNav_iI_dp_c20260531__oef--ClassAxis__custom--C000227946Member__oef--LargestHoldingAxis__custom--StateStreetSPDRSAndP500ETFTrustMember_zV9evT06VAYl" style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">13.1</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">FT Vest Gold Strategy Target Income ETF</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eoef--PctOfNav_iI_dp_c20260531__oef--ClassAxis__custom--C000227946Member__oef--LargestHoldingAxis__custom--FtVestGoldStrategyTargetIncomeEtfMember_zJBjfM0qyRNg" style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">11.5</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Strategy Inc.</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98F_eoef--PctOfNav_iI_dp_c20260531__oef--ClassAxis__custom--C000227946Member__oef--LargestHoldingAxis__custom--StrategyIncMember_zN3nCmCh7741" style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">7.3</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">iShares Bitcoin Trust ETF</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div id="xdx_988_eoef--PctOfNav_iI_dp_c20260531__oef--ClassAxis__custom--C000227946Member__oef--LargestHoldingAxis__custom--ISharesBitcoinTrustEtfMember_zStE1SGefG14" style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">7.2</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">State Street SPDR Portfolio S&amp;P 500 Growth ETF</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--PctOfNav_iI_dp_c20260531__oef--ClassAxis__custom--C000227946Member__oef--LargestHoldingAxis__custom--StateStreetSPDRPortfolioSAndP500GrowthETFMember_zrxxBsRVFP5g" style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">6.3</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">VanEck Gold Miners ETF/USA</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98B_eoef--PctOfNav_iI_dp_c20260531__oef--ClassAxis__custom--C000227946Member__oef--LargestHoldingAxis__custom--VanEckGoldMinersETFUSAMember_zfX99tGsmLoj" style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">5.0</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">UBS AG ETRACS Crude Oil Shares Covered Call ETN</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--PctOfNav_iI_dp_c20260531__oef--ClassAxis__custom--C000227946Member__oef--LargestHoldingAxis__custom--UBSAGETRACSCrudeOilSharesCoveredCallETNMember_zxyLbnGlYDy5" style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">3.5</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">YieldMax GOOGL Option Income Strategy ETF</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div id="xdx_987_eoef--PctOfNav_iI_dp_c20260531__oef--ClassAxis__custom--C000227946Member__oef--LargestHoldingAxis__custom--YieldMaxGOOGLOptionIncomeStrategyETFMember_zCEAlVABHKMi" style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">1.3</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">YieldMax AAPL Option Income Strategy ETF</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eoef--PctOfNav_iI_dp_c20260531__oef--ClassAxis__custom--C000227946Member__oef--LargestHoldingAxis__custom--YieldMaxAAPLOptionIncomeStrategyETFMember_z4SVTBOCVrW" style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">1.0</span> </div> </td> </tr> </table></div> 0.209 0.131 0.115 0.073 0.072 0.063 0.050 0.035 0.013 0.010 RH Tactical Outlook ETF RHTX NYSEArca This <span id="xdx_90C_eoef--ShareholderReportAnnualOrSemiAnnual_c20250601__20260531__oef--ClassAxis__custom--C000227949Member_zDqTStNawowb">annual shareholder report</span> contains important information about RH Tactical Outlook ETF (the "Fund") for the period June 1, 2025 to May 31, 2026. annual shareholder report You can find additional information about the Fund at <span id="xdx_909_eoef--AddlInfoWebsite_c20250601__20260531__oef--ClassAxis__custom--C000227949Member_zKeeM3Zofoz7">https://etfpages.com/RHTX</span>. You can also request this information by contacting us at <span id="xdx_900_eoef--AddlInfoPhoneNumber_c20250601__20260531__oef--ClassAxis__custom--C000227949Member_zbSHn19VnY1b">(800) 773‑3863</span>. https://etfpages.com/RHTX (800) 773‑3863 <p id="xdx_802_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000227949Member_dD_za8Sl32GyNOb" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #000; text-align: left; text-indent: 0">What were the Fund costs for the past year?</p> <p style="font: 400 10pt/1.4 Gotham Narrow-Light,Arial; margin: -7pt 0 8pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-family: Gotham Narrow-Light Italic,Arial; font-weight: 400; font-style: italic"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(based on a hypothetical $10,000 investment)</span> </span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #000 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Fund Name</span> </div> </th> <th style="border-bottom: #000 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Costs of a $10,000 investment</span> </div> </th> <th style="border-bottom: #000 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_903_eoef--FundName_c20250601__20260531__oef--ClassAxis__custom--C000227949Member_zxjPJwboZdF8">RH Tactical Outlook ETF</span></span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--ExpensesPaidAmt_c20250601__20260531__oef--ClassAxis__custom--C000227949Member_zIT6ctEZegak" style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$159</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98F_eoef--ExpenseRatioPct_dp_c20250601__20260531__oef--ClassAxis__custom--C000227949Member_zq309bwlQgxc" style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">1.40%</span> </div> </td> </tr> </table> </div> </div> </div> <p style="font: 400 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"> </p> RH Tactical Outlook ETF 159 0.0140 <p id="xdx_80A_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000227949Member_dD_zkDnUtiOU45d" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: 0 0 1pt; text-align-last: auto; display: block; min-height: 41.05px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #000; text-align: left; text-indent: 0">How did the Fund perform last year and what affected its performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 400 10pt Gotham Narrow-Light,Arial; margin: 0 0 5pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 400 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 93.35px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block; text-align: justify">For the fiscal year ended May 31, 2026, the Fund returned 27.08%. The Fund underperformed the CRSP US Total Market Index, and outperformed the Morningstar Moderate Aggressive Target Risk Index, which returned 28.35% and 22.67%, respectively, for the same period.</p> </div> </div> <p style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: 0 0 1pt; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #000; text-align: left; text-indent: 0">Factors that Impacted the Fund's Performance</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 400 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 400 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 168.04px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block; text-align: justify">RH Tactical Outlook ETF (RHTX) maintained its multi-cap equity and precious metal exposure for the majority of the year. Although the precious metals that RHTX holds (GLD, SLV) provide some diversification benefit, the large equity bias in the portfolio allows the overall portfolio to go through drawdowns with broader equity indices. RHTX continued using bitcoin related ETFs and equities to generate covered call premium income for the fund, as well as fund the purchase of long protective puts.</p> <p style="font: 400 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"></p> <p style="font: 400 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block; text-align: justify">The main detractors from performance include:</p> <p style="font: 400 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"></p> <p style="font: 400 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt 8pt; text-align-last: auto; min-height: 37.34px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; display: block; text-align: justify; text-indent: -9pt">• Strategy Class A (MSTR) had a rescaled portfolio weight of 4.87% and detracted (3.18%) during the period.</p> <p style="font: 400 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"></p> <p style="font: 400 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block; text-align: justify">The main contributors to performance include:</p> <p style="font: 400 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"></p> <p style="font: 400 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt 9pt; text-align-last: auto; min-height: 56.01px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; display: block; text-align: justify; text-indent: -10pt">• State Street® SPDR® S&amp;P 500® ETF (SPY) had a rescaled portfolio weight of 57.19% and contributed 16.11% during the period.</p> </div> </div> <p style="font: 400 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p id="xdx_803_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000227949Member_dD_zpSG40i5Izf" style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 8pt 0 0; text-align-last: auto; display: block; min-height: 33.59px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #000; text-align: left; text-indent: 0">Cumulative Performance</p> <p style="font: 400 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">From <span style="box-sizing: border-box; font-weight: normal">June 1, 2025</span> through <span style="box-sizing: border-box; font-weight: normal">May 31, 2026</span> </p> <p style="font: 400 10pt/1.4 Gotham Narrow-Light,Arial; margin: -8pt 0 0; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Initial Investment of $10,000</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Date</div> </td> <td id="xdx_4B8_oef--ClassAxis_custom--C000227949Member_zgCGkRarHoge" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">RH Tactical Outlook ETF ($22,112)</div> </td> <td id="xdx_4B5_oef--BroadBasedIndexAxis_custom--CrspUsTotalMarketIndexMember_zJYo8yPY3M11" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">CRSP US Total Market Index ($34,829)</div> </td> <td id="xdx_4BC_oef--BroadBasedIndexAxis_custom--MorningstarModerateAggressiveTargetRiskIndexMember_z481WIfLS8I8" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Morningstar Moderate Aggressive Target Risk Index ($26,482)</div> </td> </tr> <tr id="xdx_430_c20160531__20160531_eoef--AccmVal_pid_zQhOKwUJwM6b" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">5/31/2016</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10000</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10000</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10000</div> </td> </tr> <tr id="xdx_43D_c20160531__20170531_eoef--AccmVal_pid_zILVBklILyW3" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">5/31/2017</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11182</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11537</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11491</div> </td> </tr> <tr id="xdx_434_c20160531__20180531_eoef--AccmVal_pid_zSIZjhOxDFCc" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">5/31/2018</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">12732</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">13037</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">12668</div> </td> </tr> <tr id="xdx_434_c20160531__20190531_eoef--AccmVal_pid_zyXNAaoFgdbg" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">5/31/2019</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">12663</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">13125</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">12793</div> </td> </tr> <tr id="xdx_431_c20160531__20200531_eoef--AccmVal_pid_zxzoNUDkN5Z9" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">5/31/2020</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">12303</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">14343</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">13364</div> </td> </tr> <tr id="xdx_43B_c20160531__20210531_eoef--AccmVal_pid_zBGF1UnbcRLh" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">5/31/2021</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">15639</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">20349</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">18000</div> </td> </tr> <tr id="xdx_434_c20160531__20220531_eoef--AccmVal_pid_zGClRX6LUyik" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">5/31/2022</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">14850</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">19277</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">16669</div> </td> </tr> <tr id="xdx_439_c20160531__20230531_eoef--AccmVal_pid_zrONiMgjtrFf" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">5/31/2023</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">13894</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">19347</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">16460</div> </td> </tr> <tr id="xdx_437_c20160531__20240531_eoef--AccmVal_pid_zzL69l4ctv7j" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">5/31/2024</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">16309</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">24328</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">19282</div> </td> </tr> <tr id="xdx_434_c20160531__20250531_eoef--AccmVal_pid_zvCrgqMTwawe" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">5/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">17400</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">27137</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">21587</div> </td> </tr> <tr id="xdx_43D_c20160531__20260531_eoef--AccmVal_pid_zKlQfUnfA1if" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">5/31/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">22112</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">34829</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">26482</div> </td> </tr> </table> </div> </div><img alt="line" src="qes4azzd1mrmjon3b.jpg" style="box-sizing: border-box; width: 100%; height: auto"/> </div> </div> <p style="font: 400 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #000; text-align: left; text-indent: 0"> </p> 10000 10000 10000 11182 11537 11491 12732 13037 12668 12663 13125 12793 12303 14343 13364 15639 20349 18000 14850 19277 16669 13894 19347 16460 16309 24328 19282 17400 27137 21587 22112 34829 26482 <p id="xdx_80C_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000227949Member_dD_zpowe3uDBe14" style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.59px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #000; text-align: left; text-indent: 0">Average Annual Total Returns</p> <p style="font: 400 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt"><i style="box-sizing: border-box; font-weight: normal">(as of </i></span><span style="box-sizing: border-box; font-family: Gotham Narrow-Light Italic,Arial; font-style: italic"><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box; font-weight: normal">May 31, 2026</span> </span> </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Light Italic,Arial; font-weight: 400; font-style: italic"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">)</span> </span> </p> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #000 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"></span> </div> </th> <th style="border-bottom: #000 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">1 Year</span> </div> </th> <th style="border-bottom: #000 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">5 Year</span> </div> </th> <th style="border-bottom: #000 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">10 Year</span> </div> </th> <th style="border-bottom: #000 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Since</span> </div> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Inception</span> </div> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">(<span id="xdx_901_eoef--PerfInceptionDate_dd_c20250601__20260531__oef--ClassAxis__custom--C000227949Member_zOE31tmylTXg">09/20/12</span>)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">RH Tactical Outlook ETF</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_903_eoef--AvgAnnlRtrPct_dp_c20250601__20260531__oef--ClassAxis__custom--C000227949Member_zLR4J8mxz4eg">27.08</span>%</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_90B_eoef--AvgAnnlRtrPct_dp_c20210601__20260531__oef--ClassAxis__custom--C000227949Member_zPwN9deDWtid">7.17</span>%</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_90D_eoef--AvgAnnlRtrPct_dp_c20160601__20260531__oef--ClassAxis__custom--C000227949Member_zYSQUBZQY4pj">8.26</span>%</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_90B_eoef--AvgAnnlRtrPct_dp_c20120920__20260531__oef--ClassAxis__custom--C000227949Member_zTEjdcNNRD84">7.60</span>%</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">CRSP US Total Market Index</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_90A_eoef--AvgAnnlRtrPct_dp_c20250601__20260531__oef--BroadBasedIndexAxis__custom--CrspUsTotalMarketIndexMember_zJ334aT4XuNb">28.35</span>%</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_909_eoef--AvgAnnlRtrPct_dp_c20210601__20260531__oef--BroadBasedIndexAxis__custom--CrspUsTotalMarketIndexMember_zhhkMcJi0Una">11.35</span>%</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_904_eoef--AvgAnnlRtrPct_dp_c20160601__20260531__oef--BroadBasedIndexAxis__custom--CrspUsTotalMarketIndexMember_zRwJbt44pVw1">13.29</span>%</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_900_eoef--AvgAnnlRtrPct_dp_c20120920__20260531__oef--BroadBasedIndexAxis__custom--CrspUsTotalMarketIndexMember_zZEKIkMsexdg">12.45</span>%</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Morningstar Moderate Aggressive</span> </div> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Target Risk Index</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_907_eoef--AvgAnnlRtrPct_dp_c20250601__20260531__oef--BroadBasedIndexAxis__custom--MorningstarModerateAggressiveTargetRiskIndexOneMember_ziYHyfty5fId">22.67</span>%</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_907_eoef--AvgAnnlRtrPct_dp_c20210601__20260531__oef--BroadBasedIndexAxis__custom--MorningstarModerateAggressiveTargetRiskIndexOneMember_zBfSd1fyE3r2">8.03</span>%</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_90A_eoef--AvgAnnlRtrPct_dp_c20160601__20260531__oef--BroadBasedIndexAxis__custom--MorningstarModerateAggressiveTargetRiskIndexOneMember_zODlG66z5JBb">10.23</span>%</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_902_eoef--AvgAnnlRtrPct_dp_c20120920__20260531__oef--BroadBasedIndexAxis__custom--MorningstarModerateAggressiveTargetRiskIndexOneMember_z3bZlYspzOVc">9.37</span>%</span> </div> </td> </tr> </table> 2012-09-20 0.2708 0.0717 0.0826 0.0760 0.2835 0.1135 0.1329 0.1245 0.2267 0.0803 0.1023 0.0937 Visit <span style="margin: 0; padding: 0; text-decoration: none; box-sizing: border-box; color: inherit; cursor: pointer; font-weight: 400">https://etfpages.com/RHTX</span> for more recent performance information. The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <p id="xdx_806_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000227949Member_dD_zNPYfTLtwqL2" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.23px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #000; text-align: left; text-indent: 0">Key Fund Statistics</p> <p style="font: 400 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-family: Gotham Narrow-Light Italic,Arial; font-weight: 400; font-style: italic"><span style="box-sizing: border-box; color: #000"><span style="box-sizing: border-box; font-size: 9pt"><i style="box-sizing: border-box; font-weight: normal">(as of </i></span> </span> </span><i style="box-sizing: border-box"><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box; color: #000"><span style="box-sizing: border-box; font-weight: normal">May 31, 2026</span> </span> </span></i><span style="box-sizing: border-box; color: #000"><span style="box-sizing: border-box; font-size: 9pt"><i style="box-sizing: border-box; font-weight: normal">)</i></span> </span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 400 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; padding-top: 0; color: #4f4f4f; text-align: left; text-indent: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Net Assets</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div id="xdx_988_eus-gaap--AssetsNet_iI_pp0p0_c20260531__oef--ClassAxis__custom--C000227949Member_z2kXDqWTFDD4" style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$8,239,965</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Number of Holdings</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div id="xdx_982_eoef--HoldingsCount_iI_uHoldings_c20260531__oef--ClassAxis__custom--C000227949Member_zbYnYgl6mq96" style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">9</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Net Advisory Fee</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div id="xdx_988_eoef--AdvisoryFeesPaidAmt_c20250601__20260531__oef--ClassAxis__custom--C000227949Member_z2gl9bfLAR9j" style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$0</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Portfolio Turnover Rate</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98B_eus-gaap--InvestmentCompanyPortfolioTurnover_c20250601__20260531__oef--ClassAxis__custom--C000227949Member_zp4vS3EudK7l" style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">46.92%</span> </div> </td> </tr> </table> </div> </div> </div> <p style="font: 400 8pt/1.4 Gotham Narrow-Light,Arial; margin: -16pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #000; text-align: left; text-indent: 0"><br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial"><span style="box-sizing: border-box; color: #000"><span style="box-sizing: border-box; font-size: 9pt"></span> </span> </span> </p> 8239965 9 0 0.4692 <p id="xdx_80D_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000227949Member_dD_zbBlaxphYcN5" style="font: 700 16pt/1.4 Gotham Narrow-Bold,Arial; margin: 0 0 3pt; text-align-last: auto; display: block; min-height: 29.84px; align-content: center; line-height: 29.86px; box-sizing: border-box; color: #000; text-align: left; text-indent: 0">What did the Fund invest in?</p> <p style="font: 400 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-family: Gotham Narrow-Light Italic,Arial; font-style: italic"><span style="box-sizing: border-box; color: #000"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(as of </span> </span> </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box; color: #000"><span style="box-sizing: border-box; font-family: Gotham Narrow-Light Italic,Arial; font-style: italic"><span style="box-sizing: border-box; font-weight: normal">May 31, 2026</span> </span> </span> </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Light Italic,Arial; font-style: italic"><span style="box-sizing: border-box; color: #000"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">)</span> </span> </span><br/></p> <p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 16pt 0 0; text-align-last: auto; display: block; min-height: 24.23px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #000; text-align: left; text-indent: 0">Security Type Breakdown <span style="box-sizing: border-box; font-family: Gotham Narrow-Light Italic,Arial; font-weight: 400; font-style: italic"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(% of Total Net Assets)</span> </span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Exchange-Traded Products</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98C_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000227949Member__oef--IndustrySectorAxis__custom--ExchangeTradedProductsMember_zOJtkGsEYO1l" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">91.5%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Short-Term Investment</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98B_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000227949Member__oef--IndustrySectorAxis__custom--ShortTermInvestmentMember_zsUFdGeLGoD8" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">6.3%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Common Stocks</div> </td> <td style="box-sizing: border-box"> <div id="xdx_983_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000227949Member__oef--IndustrySectorAxis__custom--CommonStocksMember_zhHo4W8DccN9" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">2.3%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes4azzd1mrnyx3mj.jpg" style="box-sizing: border-box; width: 100%; height: auto"/> </div> </div> 0.915 0.063 0.023 <div id="xdx_804_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000227949Member_dD_zWoowtiCwSHe" style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #000 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Top Holdings</span> </div> </th> <th style="border-bottom: #000 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">(% of Total Net Assets)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">State Street SPDR S&amp;P 500 ETF Trust</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98E_eoef--PctOfNav_iI_dp_c20260531__oef--ClassAxis__custom--C000227949Member__oef--LargestHoldingAxis__custom--StateStreetSPDRSAndP500ETFTrustMember_zwuNS1MqDpug" style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">44.8</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">State Street SPDR Portfolio S&amp;P 400 Mid Cap ETF</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div id="xdx_987_eoef--PctOfNav_iI_dp_c20260531__oef--ClassAxis__custom--C000227949Member__oef--LargestHoldingAxis__custom--StateStreetSPDRPortfolioSAndP400MidCapETFMember_z9OBSj5XU2Z9" style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">20.9</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">iShares Silver Trust</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98A_eoef--PctOfNav_iI_dp_c20260531__oef--ClassAxis__custom--C000227949Member__oef--LargestHoldingAxis__custom--ISharesSilverTrustMember_zy5pcd3qXpPb" style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">9.8</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">SPDR Gold Shares</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98F_eoef--PctOfNav_iI_dp_c20260531__oef--ClassAxis__custom--C000227949Member__oef--LargestHoldingAxis__custom--SPDRGoldSharesMember_zyvZXU21W0Zf" style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">8.4</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">iShares Russell 2000 ETF</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98C_eoef--PctOfNav_iI_dp_c20260531__oef--ClassAxis__custom--C000227949Member__oef--LargestHoldingAxis__custom--ISharesRussell2000ETFMember_zY7hZZ3nGYLf" style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">7.5</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Fidelity Government Portfolio</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--PctOfNav_iI_dp_c20260531__oef--ClassAxis__custom--C000227949Member__oef--LargestHoldingAxis__custom--FidelityGovernmentPortfolioMember_zaB21dsOCJWh" style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">6.3</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Strategy Inc.</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div id="xdx_986_eoef--PctOfNav_iI_dp_c20260531__oef--ClassAxis__custom--C000227949Member__oef--LargestHoldingAxis__custom--StrategyIncMember_zZ3AuRNhnKxg" style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">2.3</span> </div> </td> </tr> </table></div> 0.448 0.209 0.098 0.084 0.075 0.063 0.023 RH Tactical Rotation ETF RHRX NYSEArca This <span id="xdx_900_eoef--ShareholderReportAnnualOrSemiAnnual_c20250601__20260531__oef--ClassAxis__custom--C000227947Member_zHHqgzwE1g9k">annual shareholder report</span> contains important information about RH Tactical Rotation ETF (the "Fund") for the period June 1, 2025 to May 31, 2026. annual shareholder report You can find additional information about the Fund at <span id="xdx_90D_eoef--AddlInfoWebsite_c20250601__20260531__oef--ClassAxis__custom--C000227947Member_zgzUwlEaeU2i">https://etfpages.com/RHRX</span>. You can also request this information by contacting us at <span id="xdx_90C_eoef--AddlInfoPhoneNumber_c20250601__20260531__oef--ClassAxis__custom--C000227947Member_zkV7Dg1g4Nwf">(800) 773‑3863</span>. https://etfpages.com/RHRX (800) 773‑3863 <p id="xdx_802_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000227947Member_dD_z7OHc7ybnKSh" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #000; text-align: left; text-indent: 0">What were the Fund costs for the past year?</p> <p style="font: 400 10pt/1.4 Gotham Narrow-Light,Arial; margin: -7pt 0 8pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-family: Gotham Narrow-Light Italic,Arial; font-weight: 400; font-style: italic"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(based on a hypothetical $10,000 investment)</span> </span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #000 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Fund Name</span> </div> </th> <th style="border-bottom: #000 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Costs of a $10,000 investment</span> </div> </th> <th style="border-bottom: #000 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Costs paid as a percentage of a $10,000 investment</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_903_eoef--FundName_c20250601__20260531__oef--ClassAxis__custom--C000227947Member_z65F8V65zKHa">RH Tactical Rotation ETF</span></span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div id="xdx_988_eoef--ExpensesPaidAmt_c20250601__20260531__oef--ClassAxis__custom--C000227947Member_zPxoTX6OHSV7" style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$151</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98A_eoef--ExpenseRatioPct_dp_c20250601__20260531__oef--ClassAxis__custom--C000227947Member_zMfNLlRi6sK9" style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">1.25%</span> </div> </td> </tr> </table> </div> </div> </div> <p style="font: 400 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"> </p> RH Tactical Rotation ETF 151 0.0125 <p id="xdx_80C_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000227947Member_dD_z13vdFLsuod4" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: 0 0 1pt; text-align-last: auto; display: block; min-height: 41.05px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #000; text-align: left; text-indent: 0">How did the Fund perform last year and what affected its performance?</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 400 10pt Gotham Narrow-Light,Arial; margin: 0 0 5pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 400 10pt/13pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 69.29px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; font-size: 10pt; font-weight: normal">For the fiscal year ended May 31, 2026, the Fund returned 40.88%. The Fund outperformed the S&amp;P 500 Index and the Morningstar Moderate Aggressive Target Risk Index, which returned 29.78% and 22.67%, respectively, for the same period.</span> </p> </div> </div> <p style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: 0 0 1pt; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #000; text-align: left; text-indent: 0">Factors that Impacted the Fund's Performance</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 400 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 400 10pt/13pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 103.94px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; font-size: 10pt; font-weight: normal">RH Tactical Rotation maintained its half broad equities, half ‘tri-sector’ approach utilizing third party research to choose in-favor sectors to hold at any given time. RH Tactical Rotation ETF also used ‘Adaptive Growth or Value’ (GVI) model to determine when to tilt the broad equities portion of the portfolio between growth and value styles.</span> </p> <p style="font: 400 10pt/13pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; font-size: 10pt"></span> </p> <p style="font: 400 10pt/13pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 17.32px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; font-size: 10pt; font-weight: normal">The main detractors from performance include:</span> </p> <p style="font: 400 10pt/13pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; font-size: 10pt"></span> </p> <p style="font: 400 10pt/13pt Gotham Narrow-Light,Arial; margin: 0 0 8pt 7pt; text-align-last: auto; min-height: 51.97px; align-content: center; box-sizing: border-box; color: #4f4f4f; display: block; text-align: justify; text-indent: -8pt">• <span style="box-sizing: border-box; font-size: 10pt; font-weight: normal">State Street Health Care Select Sector SPDR ETF (XLV) had a rescaled portfolio weight of 0.69% and detracted (0.18%) during the period.</span> </p> <p style="font: 400 10pt/13pt Gotham Narrow-Light,Arial; margin: 0 0 8pt 7pt; text-align-last: auto; min-height: 51.97px; align-content: center; box-sizing: border-box; color: #4f4f4f; display: block; text-align: justify; text-indent: -8pt">• <span style="box-sizing: border-box; font-size: 10pt; font-weight: normal">State Street Utilities Select Sector SPDR ETF (XLU) had a rescaled portfolio weight of 1.49% and detracted (0.03%) during the period.</span> </p> <p style="font: 400 10pt/13pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; font-size: 10pt"></span> </p> <p style="font: 400 10pt/13pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 17.32px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; font-size: 10pt; font-weight: normal">The main contributors to performance include:</span> </p> <p style="font: 400 10pt/13pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; font-size: 10pt"></span> </p> <p style="font: 400 10pt/13pt Gotham Narrow-Light,Arial; margin: 0 0 8pt 7pt; text-align-last: auto; min-height: 34.64px; align-content: center; box-sizing: border-box; color: #4f4f4f; display: block; text-align: justify; text-indent: -8pt">• <span style="box-sizing: border-box; font-size: 10pt; font-weight: normal">SPDR S&amp;P 500 ETF (SPY) had a rescaled portfolio weight of 23.22% and contributed 7.51% during the period.</span> </p> <p style="font: 400 10pt/13pt Gotham Narrow-Light,Arial; margin: 0 0 8pt 7pt; text-align-last: auto; min-height: 34.64px; align-content: center; box-sizing: border-box; color: #4f4f4f; display: block; text-align: justify; text-indent: -8pt">• <span style="box-sizing: border-box; font-size: 10pt; font-weight: normal">iShares Semiconductor ETF (SMH) had a rescaled portfolio weight of 7.06% and contributed 14.22% during the period.</span> </p> </div> </div> <p style="font: 400 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <p id="xdx_807_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000227947Member_dD_zDq82NCR0mc1" style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 8pt 0 0; text-align-last: auto; display: block; min-height: 33.59px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #000; text-align: left; text-indent: 0">Cumulative Performance</p> <p style="font: 400 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">From <span style="box-sizing: border-box; font-weight: normal">June 1, 2025</span> through <span style="box-sizing: border-box; font-weight: normal">May 31, 2026</span> </p> <p style="font: 400 10pt/1.4 Gotham Narrow-Light,Arial; margin: -8pt 0 0; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Initial Investment of $10,000</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Date</div> </td> <td id="xdx_4B4_oef--ClassAxis_custom--C000227947Member_zVxkt1Lid4r3" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">RH Tactical Rotation ETF ($23,426)</div> </td> <td id="xdx_4B7_oef--BroadBasedIndexAxis_custom--SAndP500IndexMember_zNCh9nPGVpj" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">S&amp;P 500 Index ($42,796)</div> </td> <td id="xdx_4B0_oef--BroadBasedIndexAxis_custom--MorningstarModerateAggressiveTargetRiskIndexOneMember_zFxBMXgVRch" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Morningstar Moderate Aggressive Target Risk Index ($26,482)</div> </td> </tr> <tr id="xdx_435_c20160531__20160531_eoef--AccmVal_pid_z9VK94ysOwK3" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">5/31/2016</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10000</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10000</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10000</div> </td> </tr> <tr id="xdx_431_c20160531__20170531_eoef--AccmVal_pid_ztmiAnH1Lfqe" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">5/31/2017</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11350</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11749</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11491</div> </td> </tr> <tr id="xdx_439_c20160531__20180531_eoef--AccmVal_pid_zpsV4A5U3bwh" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">5/31/2018</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">12289</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">13439</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">12668</div> </td> </tr> <tr id="xdx_43B_c20160531__20190531_eoef--AccmVal_pid_zr96B3ji3jD8" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">5/31/2019</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11874</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">13947</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">12793</div> </td> </tr> <tr id="xdx_435_c20160531__20200531_eoef--AccmVal_pid_z3RywpYOD0Q7" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">5/31/2020</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10926</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">15738</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">13364</div> </td> </tr> <tr id="xdx_436_c20160531__20210531_eoef--AccmVal_pid_zVvwo1137ZVl" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">5/31/2021</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">14182</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">22083</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">18000</div> </td> </tr> <tr id="xdx_43E_c20160531__20220531_eoef--AccmVal_pid_zMiYOixCDj8f" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">5/31/2022</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">13524</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">22017</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">16669</div> </td> </tr> <tr id="xdx_433_c20160531__20230531_eoef--AccmVal_pid_zRpmnBr8h87h" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">5/31/2023</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">12619</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">22660</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">16460</div> </td> </tr> <tr id="xdx_43B_c20160531__20240531_eoef--AccmVal_pid_zp2sdqEFAn8b" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">5/31/2024</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">15767</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">29047</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">19282</div> </td> </tr> <tr id="xdx_439_c20160531__20250531_eoef--AccmVal_pid_zE2psG7IDLRg" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">5/31/2025</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">16628</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">32975</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">21587</div> </td> </tr> <tr id="xdx_437_c20160531__20260531_eoef--AccmVal_pid_z4u33tGL4n8g" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">5/31/2026</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">23426</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">42796</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">26482</div> </td> </tr> </table> </div> </div><img alt="line" src="qes4azzd1mrmj7l5w.jpg" style="box-sizing: border-box; width: 100%; height: auto"/> </div> </div> <p style="font: 400 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #000; text-align: left; text-indent: 0"> </p> 10000 10000 10000 11350 11749 11491 12289 13439 12668 11874 13947 12793 10926 15738 13364 14182 22083 18000 13524 22017 16669 12619 22660 16460 15767 29047 19282 16628 32975 21587 23426 42796 26482 <p id="xdx_807_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000227947Member_dD_zjlD0ZVevbXg" style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.59px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #000; text-align: left; text-indent: 0">Average Annual Total Returns</p> <p style="font: 400 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt"><i style="box-sizing: border-box; font-weight: normal">(as of </i></span><span style="box-sizing: border-box; font-family: Gotham Narrow-Light Italic,Arial; font-style: italic"><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box; font-weight: normal">May 31, 2026</span> </span> </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Light Italic,Arial; font-weight: 400; font-style: italic"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">)</span> </span> </p> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #000 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"></span> </div> </th> <th style="border-bottom: #000 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">1 Year</span> </div> </th> <th style="border-bottom: #000 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">5 Year</span> </div> </th> <th style="border-bottom: #000 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">10 Year</span> </div> </th> <th style="border-bottom: #000 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Since</span> </div> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Inception</span> </div> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">(<span id="xdx_90B_eoef--PerfInceptionDate_dd_c20250601__20260531__oef--ClassAxis__custom--C000227947Member_zHFVDfEGGp72">09/20/12</span>)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">RH Tactical Rotation ETF</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_901_eoef--AvgAnnlRtrPct_dp_c20250601__20260531__oef--ClassAxis__custom--C000227947Member_zH4NQXuif2lf">40.88</span>%</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_90B_eoef--AvgAnnlRtrPct_dp_c20210601__20260531__oef--ClassAxis__custom--C000227947Member_z96fuQjCoTCd">10.56</span>%</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_90A_eoef--AvgAnnlRtrPct_dp_c20160601__20260531__oef--ClassAxis__custom--C000227947Member_zOZasx5DMeg">8.89</span>%</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_90E_eoef--AvgAnnlRtrPct_dp_c20120920__20260531__oef--ClassAxis__custom--C000227947Member_z8A3hAKzWmZd">8.38</span>%</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">S&amp;P 500 Index</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_900_eoef--AvgAnnlRtrPct_dp_c20250601__20260531__oef--BroadBasedIndexAxis__custom--SAndP500IndexMember_zIIUL9yzjeQh">29.78</span>%</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_90B_eoef--AvgAnnlRtrPct_dp_c20210601__20260531__oef--BroadBasedIndexAxis__custom--SAndP500IndexMember_zazmTpP8pHub">14.15</span>%</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_909_eoef--AvgAnnlRtrPct_dp_c20160601__20260531__oef--BroadBasedIndexAxis__custom--SAndP500IndexMember_zcrIZazkmRdb">15.65</span>%</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_906_eoef--AvgAnnlRtrPct_dp_c20120920__20260531__oef--BroadBasedIndexAxis__custom--SAndP500IndexMember_zNc4C8zfy405">14.83</span>%</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Morningstar Moderate Aggressive</span> </div> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Target Risk Index</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_903_eoef--AvgAnnlRtrPct_dp_c20250601__20260531__oef--BroadBasedIndexAxis__custom--MorningstarModerateAggressiveTargetRiskIndexOneMember_zXASq3Uejz15">22.67</span>%</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_90C_eoef--AvgAnnlRtrPct_dp_c20210601__20260531__oef--BroadBasedIndexAxis__custom--MorningstarModerateAggressiveTargetRiskIndexOneMember_zG7kHvjbRcJ2">8.03</span>%</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_90F_eoef--AvgAnnlRtrPct_dp_c20160601__20260531__oef--BroadBasedIndexAxis__custom--MorningstarModerateAggressiveTargetRiskIndexOneMember_zzu1qlEl3059">10.23</span>%</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_904_eoef--AvgAnnlRtrPct_dp_c20120920__20260531__oef--BroadBasedIndexAxis__custom--MorningstarModerateAggressiveTargetRiskIndexOneMember_zFQsA09PPjag">9.37</span>%</span> </div> </td> </tr> </table> 2012-09-20 0.4088 0.1056 0.0889 0.0838 0.2978 0.1415 0.1565 0.1483 0.2267 0.0803 0.1023 0.0937 Visit <span style="margin: 0; padding: 0; text-decoration: none; box-sizing: border-box; color: inherit; cursor: pointer; font-weight: 400">https://etfpages.com/RHRX</span> for more recent performance information. The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. <p id="xdx_806_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000227947Member_dD_znbr9VAZLii1" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.23px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #000; text-align: left; text-indent: 0">Key Fund Statistics</p> <p style="font: 400 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-family: Gotham Narrow-Light Italic,Arial; font-weight: 400; font-style: italic"><span style="box-sizing: border-box; color: #000"><span style="box-sizing: border-box; font-size: 9pt"><i style="box-sizing: border-box; font-weight: normal">(as of </i></span> </span> </span><i style="box-sizing: border-box"><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box; color: #000"><span style="box-sizing: border-box; font-weight: normal">May 31, 2026</span> </span> </span></i><span style="box-sizing: border-box; color: #000"><span style="box-sizing: border-box; font-size: 9pt"><i style="box-sizing: border-box; font-weight: normal">)</i></span> </span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 400 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; padding-top: 0; color: #4f4f4f; text-align: left; text-indent: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Net Assets</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div id="xdx_987_eus-gaap--AssetsNet_iI_pip0_c20260531__oef--ClassAxis__custom--C000227947Member_zzDtAQxVNpaf" style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$36,132,154</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Number of Holdings</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div id="xdx_982_eoef--HoldingsCount_iI_uHoldings_c20260531__oef--ClassAxis__custom--C000227947Member_zLndxmHcd0ii" style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">7</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Net Advisory Fee</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98C_eoef--AdvisoryFeesPaidAmt_c20250601__20260531__oef--ClassAxis__custom--C000227947Member_zJ975BSeiFJb" style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$30,916</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Portfolio Turnover Rate</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div id="xdx_980_eus-gaap--InvestmentCompanyPortfolioTurnover_c20250601__20260531__oef--ClassAxis__custom--C000227947Member_zFiYtH5VUzwb" style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">226.73%</span> </div> </td> </tr> </table> </div> </div> </div> <p style="font: 400 8pt/1.4 Gotham Narrow-Light,Arial; margin: -16pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #000; text-align: left; text-indent: 0"><br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial"><span style="box-sizing: border-box; color: #000"><span style="box-sizing: border-box; font-size: 9pt"></span> </span> </span> </p> 36132154 7 30916 2.2673 <p id="xdx_80F_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000227947Member_dD_zaQtfkR1fKIk" style="font: 700 16pt/1.4 Gotham Narrow-Bold,Arial; margin: 0 0 3pt; text-align-last: auto; display: block; min-height: 29.84px; align-content: center; line-height: 29.86px; box-sizing: border-box; color: #000; text-align: left; text-indent: 0">What did the Fund invest in?</p> <p style="font: 400 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-family: Gotham Narrow-Light Italic,Arial; font-style: italic"><span style="box-sizing: border-box; color: #000"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(as of </span> </span> </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box; color: #000"><span style="box-sizing: border-box; font-family: Gotham Narrow-Light Italic,Arial; font-style: italic"><span style="box-sizing: border-box; font-weight: normal">May 31, 2026</span> </span> </span> </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Light Italic,Arial; font-style: italic"><span style="box-sizing: border-box; color: #000"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">)</span> </span> </span><br/></p> <p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 16pt 0 0; text-align-last: auto; display: block; min-height: 24.23px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #000; text-align: left; text-indent: 0">Sector Breakdown <span style="box-sizing: border-box; font-family: Gotham Narrow-Light Italic,Arial; font-weight: 400; font-style: italic"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(% of Total Net Assets)</span> </span> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">sector</div> </td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Financials</div> </td> <td style="box-sizing: border-box"> <div id="xdx_984_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000227947Member__oef--IndustrySectorAxis__us-gaap--FinancialServicesSectorMember_zFw8quQK65S2" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">65.3%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Technology</div> </td> <td style="box-sizing: border-box"> <div id="xdx_984_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000227947Member__oef--IndustrySectorAxis__us-gaap--TechnologySectorMember_zpjDRp9BYQuc" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">16.1%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Industrials</div> </td> <td style="box-sizing: border-box"> <div id="xdx_985_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000227947Member__oef--IndustrySectorAxis__oef--IndustrialSectorMember_zlYiU1Sy0e5i" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">8.5%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Materials</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98D_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000227947Member__oef--IndustrySectorAxis__oef--MaterialsSectorMember_zBq790jmu0gi" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">8.4%</div> </td> </tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Short-Term Investment</div> </td> <td style="box-sizing: border-box"> <div id="xdx_981_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000227947Member__oef--IndustrySectorAxis__custom--ShortTermInvestmentMember_z3appt7QRY91" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">2.4%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qesaz3wbo1mrc822fy.jpg" style="box-sizing: border-box; width: 100%; height: auto"/> </div> </div> 0.653 0.161 0.085 0.084 0.024 <div id="xdx_80E_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000227947Member_dD_zOpZSA0rZUbc" style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <th style="border-bottom: #000 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Top Holdings</span> </div> </th> <th style="border-bottom: #000 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">(% of Total Net Assets)</span> </div> </th> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">State Street SPDR S&amp;P 500 ETF Trust</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98C_eoef--PctOfNav_iI_dp_c20260531__oef--ClassAxis__custom--C000227947Member__oef--LargestHoldingAxis__custom--StateStreetSPDRSAndP500ETFTrustMember_z92Gfd6USYJi" style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">47.0</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">State Street SPDR Portfolio S&amp;P 500 Growth ETF</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div id="xdx_983_eoef--PctOfNav_iI_dp_c20260531__oef--ClassAxis__custom--C000227947Member__oef--LargestHoldingAxis__custom--StateStreetSPDRPortfolioSAndP500GrowthETFMember_zs2eJfBJAf07" style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">18.3</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">iShares Semiconductor ETF</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eoef--PctOfNav_iI_dp_c20260531__oef--ClassAxis__custom--C000227947Member__oef--LargestHoldingAxis__custom--ISharesSemiconductorETFMember_zge3FNCqwTeb" style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">16.1</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">State Street Industrial Select Sector SPDR ETF</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98B_eoef--PctOfNav_iI_dp_c20260531__oef--ClassAxis__custom--C000227947Member__oef--LargestHoldingAxis__custom--StateStreetIndustrialSelectSectorSPDRETFMember_ziRvfcFy3xud" style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">8.5</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">State Street Materials Select Sector SPDR ETF</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98F_eoef--PctOfNav_iI_dp_c20260531__oef--ClassAxis__custom--C000227947Member__oef--LargestHoldingAxis__custom--StateStreetMaterialsSelectSectorSPDRETFMember_zE5FKXkf0Xa6" style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">8.4</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Fidelity Government Portfolio</span> </div> </td> <td style="border-bottom: #000 1px solid; box-sizing: border-box; line-height: normal"> <div id="xdx_980_eoef--PctOfNav_iI_dp_c20260531__oef--ClassAxis__custom--C000227947Member__oef--LargestHoldingAxis__custom--FidelityGovernmentPortfolioMember_zyxHAmOGPAHc" style="font: 400 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">2.4</span> </div> </td> </tr> </table></div> 0.470 0.183 0.161 0.085 0.084 0.024