0001924868 2025-12-01 2026-05-31 0001924868 quantify:C000268854Member 2025-12-01 2026-05-31 0001924868 quantify:C000268857Member 2025-12-01 2026-05-31 0001924868 quantify:C000268854Member 2026-05-31 0001924868 quantify:PurchasedCallOptionsMember quantify:C000268854Member 2026-05-31 0001924868 us-gaap:CashAndCashEquivalentsMember quantify:C000268854Member 2026-05-31 0001924868 quantify:WrittenPutOptionsMember quantify:C000268854Member 2026-05-31 0001924868 quantify:WrittenCallOptionsMember quantify:C000268854Member 2026-05-31 0001924868 quantify:C000268854Member quantify:FirstAmericanGovernmentObligationsFundClassX355Member 2026-05-31 0001924868 quantify:C000268854Member quantify:SPDRGoldSharesExpiration12312026ExercisePrice40001Member 2026-05-31 0001924868 quantify:C000268854Member quantify:ISharesBitcoinTrustETFExpiration12182026ExercisePrice4001Member 2026-05-31 0001924868 quantify:C000268854Member quantify:ISharesBitcoinTrustETFExpiration652026ExercisePrice4300Member 2026-05-31 0001924868 quantify:C000268854Member quantify:SPDRGoldSharesExpiration652026ExercisePrice41700Member 2026-05-31 0001924868 quantify:C000268854Member quantify:SPDRGoldSharesExpiration652026ExercisePrice42000Member 2026-05-31 0001924868 quantify:C000268857Member 2026-05-31 0001924868 quantify:PurchasedCallOptionsMember quantify:C000268857Member 2026-05-31 0001924868 us-gaap:CashAndCashEquivalentsMember quantify:C000268857Member 2026-05-31 0001924868 quantify:WrittenCallOptionsMember quantify:C000268857Member 2026-05-31 0001924868 quantify:WrittenPutOptionsMember quantify:C000268857Member 2026-05-31 0001924868 quantify:C000268857Member quantify:StateStreetSPDRSAndP500ETFTrustExpiration1152027ExercisePrice67001Member 2026-05-31 0001924868 quantify:C000268857Member quantify:FirstAmericanGovernmentObligationsFundClassX355Member 2026-05-31 0001924868 quantify:C000268857Member quantify:ISharesBitcoinTrustETFExpiration12182026ExercisePrice4001Member 2026-05-31 0001924868 quantify:C000268857Member quantify:StateStreetSPDRSAndP500ETFTrustExpiration8212026ExercisePrice73500Member 2026-05-31 0001924868 quantify:C000268857Member quantify:ISharesBitcoinTrustETFExpiration652026ExercisePrice4300Member 2026-05-31 iso4217:USD pure quantify:Holdings false N-1A 0001924868 N-CSRS Tidal Trust II 2026-05-31 semi-annual shareholder report IncomeSTKd 1x Bitcoin & 1x Gold Premium ETF ISBG CboeBZX This <span id="xdx_90D_eoef--ShareholderReportAnnualOrSemiAnnual_c20251201__20260531__oef--ClassAxis__custom--C000268854Member_z8dSkyzt4p96">semi-annual shareholder report</span> contains important information about the <span style="box-sizing: border-box; font-weight: normal">IncomeSTKd 1x Bitcoin &amp; 1x Gold Premium ETF</span> (the "Fund") for the period <span style="box-sizing: border-box; font-weight: normal">January 20, 2026 (commencement of operations)</span> to <span style="box-sizing: border-box; font-weight: normal">May 31, 2026</span>. semi-annual shareholder report You can find additional information about the Fund at <span style="box-sizing: border-box; font-weight: normal"><span id="xdx_90E_eoef--AddlInfoWebsite_c20251201__20260531__oef--ClassAxis__custom--C000268854Member_zrzJZwOhLMPb">www.quantifyfunds.com/optionsbasedincome/isbg/</span></span>. You can also request this information by contacting us at <span style="box-sizing: border-box; font-weight: normal"><span id="xdx_90C_eoef--AddlInfoPhoneNumber_c20251201__20260531__oef--ClassAxis__custom--C000268854Member_zrmCeVRY7276">(855) 843-2534</span></span> or by writing to the <span style="box-sizing: border-box; font-weight: normal">IncomeSTKd 1x Bitcoin &amp; 1x Gold Premium ETF</span> c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701. www.quantifyfunds.com/optionsbasedincome/isbg/ (855) 843-2534 <p id="xdx_80B_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000268854Member_zjrZoRcrkFvc" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: -5pt 0 0; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0">What were the Fund costs for the past six months?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: -3pt 0 6pt; 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; font-weight: normal">(based on a hypothetical $10,000 investment)</span></p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Fund Name</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Costs of a $10,000 investment</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Costs paid as a percentage of a $10,000 investment</span></div></th></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_90F_eoef--FundName_c20251201__20260531__oef--ClassAxis__custom--C000268854Member_zXsnQ00BbrLb">IncomeSTKd 1x Bitcoin &amp; 1x Gold Premium ETF</span> </span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_982_eoef--ExpensesPaidAmt_c20251201__20260531__oef--ClassAxis__custom--C000268854Member_fKg_____zBSxFfE9Dee6" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$41*</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_983_eoef--ExpenseRatioPct_dp_c20251201__20260531__oef--ClassAxis__custom--C000268854Member_fKio___zgzK0pAfFGq3" style="font: 9pt Gotham Narrow-Light,Arial; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; margin-top: 0; margin-bottom: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">1.29%**</span></div></td></tr> </table></div></div></div> <table cellpadding="0" cellspacing="0" style="font: normal 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F09_zuoOUPjcS9Ai" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F12_zQeaPJWEd9Zb" style="text-align: justify"><span id="xdx_904_eoef--ExpensesShortPeriodFnTextBlock_c20251201__20260531__oef--ClassAxis__custom--C000268854Member_zET1XwPTRTIi">The Fund commenced operations on January 20, 2026. Expenses for a full reporting period would be higher than the figures shown.</span></td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: normal 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F05_z91XsNqOfswb" style="width: 15pt; text-align: right">**</td><td style="width: 5pt"></td><td id="xdx_F10_zb0R8PT8Abdh" style="text-align: justify">Costs paid as a percentage of $10,000 is an annualized figure.</td> </tr></table> <p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: -10pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> IncomeSTKd 1x Bitcoin & 1x Gold Premium ETF 41 0.0129 The Fund commenced operations on January 20, 2026. Expenses for a full reporting period would be higher than the figures shown. <p id="xdx_808_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000268854Member_dU_z5KVoAu5WqYb" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 8pt 0 0; text-align-last: auto; display: block; min-height: 24.26px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: -2pt 0 2pt; 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; font-weight: normal">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box; font-weight: normal">May 31, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">)</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; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; 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 Size (Thousands)</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eus-gaap--AssetsNet_iI_pn3n3_c20260531__oef--ClassAxis__custom--C000268854Member_zKWpuJNYl1g5" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$4,790</span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; 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: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_986_eoef--HoldingsCount_iI_uHoldings_c20260531__oef--ClassAxis__custom--C000268854Member_zVnVNlHWeR23" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; 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</span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Total Advisory Fee</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eoef--AdvisoryFeesPaidAmt_c20251201__20260531__oef--ClassAxis__custom--C000268854Member_zxKUDai7943" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$14,313</span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; 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</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20251201__20260531__oef--ClassAxis__custom--C000268854Member_z74qoytCnn5d" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; 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> </table></div></div></div> 4790000 6 14313 0 <p id="xdx_807_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000268854Member_dU_zkqjtXIIOvij" style="font: 700 13pt/13pt Gotham Narrow-Bold,Arial; margin: 8pt 0 0; text-align-last: auto; display: block; min-height: 17.33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments</p> <p style="font: 10pt/13pt Gotham Narrow-Light,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 17.95px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(% of Total Net Assets)</span></p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; 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> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">raw</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">Purchased Call Options</div></td> <td style="box-sizing: border-box"> <div id="xdx_985_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000268854Member__us-gaap--InvestmentTypeAxis__custom--PurchasedCallOptionsMember_zyDE2WiJSOx7" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.386</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">38.6</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">Cash &amp; Cash Equivalents</div></td> <td style="box-sizing: border-box"> <div id="xdx_982_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000268854Member__us-gaap--InvestmentTypeAxis__us-gaap--CashAndCashEquivalentsMember_ztcS4xAQhoI3" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.614</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">61.4</div></td></tr> </table></div></div><img alt="bar" src="qes7p9k9x1ms6lim1f.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/></div></div></div> <p style="font: 700 13pt/13pt Gotham Narrow-Bold,Arial; margin: 4pt 0 0; text-align-last: auto; display: block; min-height: 17.33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments</p> <p style="font: 10pt/13pt Gotham Narrow-Light,Arial; margin: 2pt 0 -12pt; text-align-last: auto; display: block; min-height: 17.95px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(% of Total Net Assets)</span></p> <p style="font: 10pt/13pt Gotham Narrow-Light,Arial; margin: 2pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt"></span></p> <p style="font: 10pt/13pt Gotham Narrow-Light,Arial; margin: 2pt 0 -12pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt"></span></p> <p style="font: 10pt/13pt Gotham Narrow-Light,Arial; margin: 2pt 0 -12pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt"></span></p> <p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 8pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <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">Written Put Options</div></td> <td style="box-sizing: border-box"> <div id="xdx_985_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000268854Member__us-gaap--InvestmentTypeAxis__custom--WrittenPutOptionsMember_zSlXqCjzg4V8" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">-3.3%</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">Written Call Options</div></td> <td style="box-sizing: border-box"> <div id="xdx_984_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000268854Member__us-gaap--InvestmentTypeAxis__custom--WrittenCallOptionsMember_zoOUkttAfHL7" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">-0.7%</div></td></tr> </table></div></div><img alt="bar" src="qes7p9k9x1ms6kut2q.jpg" style="box-sizing: border-box; width: 100%; height: auto"/></div></div> <p style="font: normal 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29.84px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages are based on total net assets. Cash &amp; Cash Equivalents represents cash, short-term investments and other assets in excess of liabilities.</p> 0.386 0.614 -0.033 -0.007 <div id="xdx_80A_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000268854Member_dU_zNKWScWadK49" style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 4pt 0 0; text-align-last: auto; display: block; min-height: 33.6px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: -4pt 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-size: 9pt; font-weight: normal">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box; font-weight: normal">May 31, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">)</span></p> <p style="font: 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"><span style="box-sizing: border-box; font-size: 9pt"></span></p></div> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: -24pt 0 8pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </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: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Top Holdings</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: 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: #4f4f4f 1pt 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: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">First American Government Obligations Fund - Class X, 3.55%</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98E_eoef--PctOfNav_iI_dp_c20260531__oef--ClassAxis__custom--C000268854Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX355Member_zLO6DIb1Hpmi" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">25.9</span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; 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, Expiration: 12/31/2026; Exercise Price: $400.01</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--PctOfNav_iI_dp_c20260531__oef--ClassAxis__custom--C000268854Member__oef--LargestHoldingAxis__custom--SPDRGoldSharesExpiration12312026ExercisePrice40001Member_zOqj0NperBmf" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">20.6</span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; 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, Expiration: 12/18/2026; Exercise Price: $40.01</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_988_eoef--PctOfNav_iI_dp_c20260531__oef--ClassAxis__custom--C000268854Member__oef--LargestHoldingAxis__custom--ISharesBitcoinTrustETFExpiration12182026ExercisePrice4001Member_zHR0AttGNLei" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">18.0</span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; 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, Expiration: 6/5/2026; Exercise Price: $43.00</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_988_eoef--PctOfNav_iI_dp_c20260531__oef--ClassAxis__custom--C000268854Member__oef--LargestHoldingAxis__custom--ISharesBitcoinTrustETFExpiration652026ExercisePrice4300Member_z0UEZigzl9Fl" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">-2.8</span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; 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, Expiration: 6/5/2026; Exercise Price: $417.00</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98E_eoef--PctOfNav_iI_dp_c20260531__oef--ClassAxis__custom--C000268854Member__oef--LargestHoldingAxis__custom--SPDRGoldSharesExpiration652026ExercisePrice41700Member_zq4qOHzCBhBk" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">-0.7</span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; 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, Expiration: 6/5/2026; Exercise Price: $420.00</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98A_eoef--PctOfNav_iI_dp_c20260531__oef--ClassAxis__custom--C000268854Member__oef--LargestHoldingAxis__custom--SPDRGoldSharesExpiration652026ExercisePrice42000Member_zdiBdEOIpYKl" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">-0.5</span></div></td></tr> </table> 0.259 0.206 0.180 -0.028 -0.007 -0.005 IncomeSTKd 1x US Stocks & 1x Bitcoin Premium ETF ISSB CboeBZX This <span id="xdx_906_eoef--ShareholderReportAnnualOrSemiAnnual_c20251201__20260531__oef--ClassAxis__custom--C000268857Member_zIZ8zX96Kk2h">semi-annual shareholder report</span> contains important information about the <span style="box-sizing: border-box; font-weight: normal">IncomeSTKd 1x US Stocks &amp; 1x Bitcoin Premium ETF</span> (the "Fund") for the period <span style="box-sizing: border-box; font-weight: normal">January 20, 2026 (commencement of operations)</span> to <span style="box-sizing: border-box; font-weight: normal">May 31, 2026</span>. semi-annual shareholder report You can find additional information about the Fund at <span style="box-sizing: border-box; font-weight: normal"><span id="xdx_90F_eoef--AddlInfoWebsite_c20251201__20260531__oef--ClassAxis__custom--C000268857Member_zTdhqZakqBL9">www.quantifyfunds.com/optionsbasedincome/issb/</span></span>. You can also request this information by contacting us at <span style="box-sizing: border-box; font-weight: normal"><span id="xdx_903_eoef--AddlInfoPhoneNumber_c20251201__20260531__oef--ClassAxis__custom--C000268857Member_zvMUMXLtklF3">(855) 843-2534</span></span> or by writing to the <span style="box-sizing: border-box; font-weight: normal">IncomeSTKd 1x US Stocks &amp; 1x Bitcoin Premium ETF</span> c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701. www.quantifyfunds.com/optionsbasedincome/issb/ (855) 843-2534 <p id="xdx_80B_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000268857Member_zbmD1I0qhw8j" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: -5pt 0 0; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0">What were the Fund costs for the past six months?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: -3pt 0 6pt; 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; font-weight: normal">(based on a hypothetical $10,000 investment)</span></p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; line-height: normal"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Fund Name</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Costs of a $10,000 investment</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Costs paid as a percentage of a $10,000 investment</span></div></th></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_90F_eoef--FundName_c20251201__20260531__oef--ClassAxis__custom--C000268857Member_z7TKoiyS7Fy1">IncomeSTKd 1x US Stocks &amp; 1x Bitcoin Premium ETF</span></span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_982_eoef--ExpensesPaidAmt_c20251201__20260531__oef--ClassAxis__custom--C000268857Member_fKg_____z6SUGp6vkLW8" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$45*</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_983_eoef--ExpenseRatioPct_dp_c20251201__20260531__oef--ClassAxis__custom--C000268857Member_fKio___zIudFedgcJI3" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">1.31%**</span></div></td></tr> </table></div></div></div> <table cellpadding="0" cellspacing="0" style="font: normal 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F01_z7scBRRvFZai" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F12_zGLPfH5o6lfi" style="text-align: justify"><span id="xdx_90E_eoef--ExpensesShortPeriodFnTextBlock_c20251201__20260531__oef--ClassAxis__custom--C000268857Member_zcjWpaFwusa6">The Fund commenced operations on January 20, 2026. Expenses for a full reporting period would be higher than the figures shown.</span></td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: normal 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F03_zWxp285F8Xd1" style="width: 15pt; text-align: right">**</td><td style="width: 5pt"></td><td id="xdx_F1F_zTgGFLjquprl" style="text-align: justify">Costs paid as a percentage of $10,000 is an annualized figure.</td> </tr></table> <p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: -10pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> IncomeSTKd 1x US Stocks & 1x Bitcoin Premium ETF 45 0.0131 The Fund commenced operations on January 20, 2026. Expenses for a full reporting period would be higher than the figures shown. <p id="xdx_808_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000268857Member_dU_zDuf3hRF2gM5" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 8pt 0 0; text-align-last: auto; display: block; min-height: 24.26px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: -2pt 0 2pt; 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; font-weight: normal">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box; font-weight: normal">May 31, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">)</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; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; 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 Size (Thousands)</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98C_eus-gaap--AssetsNet_iI_pn3n3_c20260531__oef--ClassAxis__custom--C000268857Member_znZKn8dcQ8A1" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$2,164</span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; 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: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_980_eoef--HoldingsCount_iI_uHoldings_c20260531__oef--ClassAxis__custom--C000268857Member_zKq56V8dhvbd" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; 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</span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Total Advisory Fee</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eoef--AdvisoryFeesPaidAmt_c20251201__20260531__oef--ClassAxis__custom--C000268857Member_z0CzAD75wCC" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$5,677</span></div></td></tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; 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</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20251201__20260531__oef--ClassAxis__custom--C000268857Member_zwxolD9UGoui" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; 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> </table></div></div></div> 2164000 5 5677 0 <p id="xdx_807_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000268857Member_dU_zOiiOYr4syxb" style="font: 700 13pt/13pt Gotham Narrow-Bold,Arial; margin: 8pt 0 0; text-align-last: auto; display: block; min-height: 17.33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments</p> <p style="font: 10pt/13pt Gotham Narrow-Light,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 17.95px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(% of Total Net Assets)</span></p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; 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">Purchased Call Options</div></td> <td style="box-sizing: border-box"> <div id="xdx_988_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000268857Member__us-gaap--InvestmentTypeAxis__custom--PurchasedCallOptionsMember_zRp3tmgVC0Xl" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.678</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">Cash &amp; Cash Equivalents</div></td> <td style="box-sizing: border-box"> <div id="xdx_98E_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000268857Member__us-gaap--InvestmentTypeAxis__us-gaap--CashAndCashEquivalentsMember_z4vkkZry8h8g" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.322</div></td></tr> </table></div></div><img alt="bar" src="qes7p9k9x1ms6lhb6y.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/></div></div></div> <p style="font: 700 13pt/13pt Gotham Narrow-Bold,Arial; margin: 4pt 0 0; text-align-last: auto; display: block; min-height: 17.33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments</p> <p style="font: 10pt/13pt Gotham Narrow-Light,Arial; margin: 2pt 0 -12pt; text-align-last: auto; display: block; min-height: 17.95px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(% of Total Net Assets)</span></p> <p style="font: 10pt/13pt Gotham Narrow-Light,Arial; margin: 2pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt"></span></p> <p style="font: 10pt/13pt Gotham Narrow-Light,Arial; margin: 2pt 0 -12pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt"></span></p> <p style="font: 10pt/13pt Gotham Narrow-Light,Arial; margin: 2pt 0 -12pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt"></span></p> <p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 8pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <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">Written Call Options</div></td> <td style="box-sizing: border-box"> <div id="xdx_983_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000268857Member__us-gaap--InvestmentTypeAxis__custom--WrittenCallOptionsMember_zI3iSaGK56ef" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">-12.5%</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">Written Put Options</div></td> <td style="box-sizing: border-box"> <div id="xdx_98C_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000268857Member__us-gaap--InvestmentTypeAxis__custom--WrittenPutOptionsMember_zj4MjyxQn7cb" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">-2.4%</div></td></tr> </table></div></div><img alt="bar" src="qes4sh1ms6jaqrx.jpg" style="box-sizing: border-box; width: 100%; height: auto"/></div></div> <p style="font: normal 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29.84px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages are based on total net assets. Cash &amp; Cash Equivalents represents cash, short-term investments and other assets in excess of liabilities.</p> 0.678 0.322 -0.125 -0.024 <div id="xdx_80A_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000268857Member_dU_zJWFC198LGGd" style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 4pt 0 0; text-align-last: auto; display: block; min-height: 33.6px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: -4pt 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-size: 9pt; font-weight: normal">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box; font-weight: normal">May 31, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">)</span></p> <p style="font: 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"><span style="box-sizing: border-box; font-size: 9pt"></span></p></div> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: -24pt 0 8pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </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: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Top Holdings</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: 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: #4f4f4f 1pt 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: #4f4f4f; 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, Expiration: 1/15/2027; Exercise Price: $670.01</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_986_eoef--PctOfNav_iI_dp_c20260531__oef--ClassAxis__custom--C000268857Member__oef--LargestHoldingAxis__custom--StateStreetSPDRSAndP500ETFTrustExpiration1152027ExercisePrice67001Member_zIAQiUwnkoE3" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">52.5</span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">First American Government Obligations Fund - Class X, 3.55%</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98E_eoef--PctOfNav_iI_dp_c20260531__oef--ClassAxis__custom--C000268857Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX355Member_zOo4JvuDJAzh" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">28.7</span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; 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, Expiration: 12/18/2026; Exercise Price: $40.01</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_988_eoef--PctOfNav_iI_dp_c20260531__oef--ClassAxis__custom--C000268857Member__oef--LargestHoldingAxis__custom--ISharesBitcoinTrustETFExpiration12182026ExercisePrice4001Member_zHNsjMLHRYnd" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">15.3</span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; 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, Expiration: 8/21/2026; Exercise Price: $735.00</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98A_eoef--PctOfNav_iI_dp_c20260531__oef--ClassAxis__custom--C000268857Member__oef--LargestHoldingAxis__custom--StateStreetSPDRSAndP500ETFTrustExpiration8212026ExercisePrice73500Member_zxKhZ4Ah99mj" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">-12.5</span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; 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, Expiration: 6/5/2026; Exercise Price: $43.00</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_988_eoef--PctOfNav_iI_dp_c20260531__oef--ClassAxis__custom--C000268857Member__oef--LargestHoldingAxis__custom--ISharesBitcoinTrustETFExpiration652026ExercisePrice4300Member_zgJ7k1RtDqo2" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; 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> 0.525 0.287 0.153 -0.125 -0.024 The Fund commenced operations on January 20, 2026. Expenses for a full reporting period would be higher than the figures shown. Costs paid as a percentage of $10,000 is an annualized figure. The Fund commenced operations on January 20, 2026. Expenses for a full reporting period would be higher than the figures shown. Costs paid as a percentage of $10,000 is an annualized figure.