0001924868 2025-12-01 2026-05-31 0001924868 fcus:C000240296Member 2025-12-01 2026-05-31 0001924868 fcus:C000240296Member 2026-05-31 0001924868 fcus:C000240296Member us-gaap:TechnologySectorMember 2026-05-31 0001924868 fcus:C000240296Member us-gaap:EnergySectorMember 2026-05-31 0001924868 fcus:C000240296Member oef:IndustrialSectorMember 2026-05-31 0001924868 fcus:C000240296Member oef:MaterialsSectorMember 2026-05-31 0001924868 fcus:C000240296Member oef:ConsumerStaplesSectorMember 2026-05-31 0001924868 fcus:C000240296Member us-gaap:HealthcareSectorMember 2026-05-31 0001924868 fcus:C000240296Member us-gaap:CashAndCashEquivalentsMember 2026-05-31 0001924868 fcus:C000240296Member fcus:CienaCorpMember 2026-05-31 0001924868 fcus:C000240296Member fcus:BloomEnergyCorpClassAMember 2026-05-31 0001924868 fcus:C000240296Member fcus:LumentumHoldingsIncMember 2026-05-31 0001924868 fcus:C000240296Member fcus:SandiskCorpMember 2026-05-31 0001924868 fcus:C000240296Member fcus:MicronTechnologyIncMember 2026-05-31 0001924868 fcus:C000240296Member fcus:WesternDigitalCorpMember 2026-05-31 0001924868 fcus:C000240296Member fcus:DarlingIngredientsIncMember 2026-05-31 0001924868 fcus:C000240296Member fcus:SeagateTechnologyHoldingsPLCMember 2026-05-31 0001924868 fcus:C000240296Member fcus:IntelCorpMember 2026-05-31 0001924868 fcus:C000240296Member fcus:TTMTechnologiesIncMember 2026-05-31 iso4217:USD pure fcus:Holdings false N-1A 0001924868 N-CSRS Tidal Trust II 2026-05-31 semi-annual shareholder report Pinnacle Focused Opportunities ETF FCUS NYSEArca This <span id="xdx_901_eoef--ShareholderReportAnnualOrSemiAnnual_c20251201__20260531__oef--ClassAxis__custom--C000240296Member_z23CBz1IXYNl">semi-annual shareholder report</span> contains important information about the <span style="box-sizing: border-box; font-weight: normal">Pinnacle Focused Opportunities ETF</span> (the "Fund") for the period <span style="box-sizing: border-box; font-weight: normal">December 1, 2025</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_909_eoef--AddlInfoWebsite_c20251201__20260531__oef--ClassAxis__custom--C000240296Member_z7a3R3Bv9qb8">www.pinnacleetfs.com/fcus/</span></span>. You can also request this information by contacting us at <span style="box-sizing: border-box; font-weight: normal"><span id="xdx_906_eoef--AddlInfoPhoneNumber_c20251201__20260531__oef--ClassAxis__custom--C000240296Member_zynohPsobmzl">(844) 466-6723</span></span> or by writing to the <span style="box-sizing: border-box; font-weight: normal">Pinnacle Focused Opportunities ETF</span> c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701. www.pinnacleetfs.com/fcus/ (844) 466-6723 <p id="xdx_80C_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000240296Member_dD_zwAO9BiF4uO2" 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 $10,000 investment*</span> </div> </th> </tr> <tr style="box-sizing: border-box; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_90F_eoef--ClassName_c20251201__20260531__oef--ClassAxis__custom--C000240296Member_zMaOizlLpPqb">Pinnacle Focused Opportunities ETF</span></span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$<span id="xdx_902_eoef--ExpensesPaidAmt_c20251201__20260531__oef--ClassAxis__custom--C000240296Member_ztdtPuRWRBEa">48</span></span> </div> </td> <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: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_90F_eoef--ExpenseRatioPct_c20251201__20260531__oef--ClassAxis__custom--C000240296Member_fKg_____zAZfhNMbvpl5">0.79%</span></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_F0F_zvIkKoqfdMa3" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F1B_zikr1SmQeu6b" 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> Pinnacle Focused Opportunities ETF 48 0.0079 <p id="xdx_80D_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000240296Member_dD_z4ITZisoCJel" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 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_986_eus-gaap--AssetsNet_iI_pn3n3_c20260531__oef--ClassAxis__custom--C000240296Member_zuKdlQlxx3L4" 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">$89,278</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_983_eoef--HoldingsCount_iI_uHoldings_c20260531__oef--ClassAxis__custom--C000240296Member_zS9WLGeW0veb" 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">31</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_983_eoef--AdvisoryFeesPaidAmt_c20251201__20260531__oef--ClassAxis__custom--C000240296Member_zFh5OzbCjbk9" 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">$237,556</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--C000240296Member_zzoWh5Mfp3v3" 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">252%</span> </div> </td> </tr> </table> </div> </div> </div> 89278000 31 237556 2.52 <p id="xdx_80E_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000240296Member_dD_zRimQqu3lmz1" style="font: 700 13pt/13pt Gotham Narrow-Bold,Arial; margin: 9pt 0 0; text-align-last: auto; display: block; min-height: 35.91px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Sector Breakdown<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: 400"><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; 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">Technology</div> </td> <td style="box-sizing: border-box"> <div id="xdx_983_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000240296Member__oef--IndustrySectorAxis__us-gaap--TechnologySectorMember_zxOiAojerp48" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">45.4%</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">Energy</div> </td> <td style="box-sizing: border-box"> <div id="xdx_982_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000240296Member__oef--IndustrySectorAxis__us-gaap--EnergySectorMember_zM1Otc0PMt68" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">19.6%</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">Industrials</div> </td> <td style="box-sizing: border-box"> <div id="xdx_986_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000240296Member__oef--IndustrySectorAxis__oef--IndustrialSectorMember_zHabHhqUHZW3" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">12.7%</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_98A_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000240296Member__oef--IndustrySectorAxis__oef--MaterialsSectorMember_zQy5yo7qKMBc" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">12.2%</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">Consumer Staples</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98C_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000240296Member__oef--IndustrySectorAxis__oef--ConsumerStaplesSectorMember_z5Wx7FEsWb6a" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">7.5%</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">Health Care</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98D_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000240296Member__oef--IndustrySectorAxis__us-gaap--HealthcareSectorMember_zU0XF8q9N0Al" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">2.5%</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">Cash &amp; Cash Equivalents</div> </td> <td style="box-sizing: border-box"> <div id="xdx_98B_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000240296Member__oef--IndustrySectorAxis__us-gaap--CashAndCashEquivalentsMember_z3QcAUWiD6Q6" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.1%</div> </td> </tr> </table> </div> </div><img alt="bar" src="qes2adk41mrzex21v.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/> </div> </div> </div> <p style="font: normal 8pt/1.4 Gotham Narrow-Light,Arial; margin: 4pt 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 liabilities in excess of other assets.</p> 0.454 0.196 0.127 0.122 0.075 0.025 0.001 <div id="xdx_805_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000240296Member_dD_zrrn2wjI8162" style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 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">Ciena Corp.</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--C000240296Member__oef--LargestHoldingAxis__custom--CienaCorpMember_z9b0kVkIiLVb" 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">4.5%</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">Bloom Energy Corp. - Class A</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eoef--PctOfNav_iI_dp_c20260531__oef--ClassAxis__custom--C000240296Member__oef--LargestHoldingAxis__custom--BloomEnergyCorpClassAMember_zpE7LiuVae7k" 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">4.4%</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">Lumentum Holdings, Inc.</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_982_eoef--PctOfNav_iI_dp_c20260531__oef--ClassAxis__custom--C000240296Member__oef--LargestHoldingAxis__custom--LumentumHoldingsIncMember_z3Nw4I7uXOka" 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">4.3%</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">Sandisk Corp.</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98F_eoef--PctOfNav_iI_dp_c20260531__oef--ClassAxis__custom--C000240296Member__oef--LargestHoldingAxis__custom--SandiskCorpMember_z2dSbOSZeCu3" 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">4.3%</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">Micron Technology, Inc.</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_982_eoef--PctOfNav_iI_dp_c20260531__oef--ClassAxis__custom--C000240296Member__oef--LargestHoldingAxis__custom--MicronTechnologyIncMember_zUBCPsHFmYP4" 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">4.2%</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">Western Digital Corp.</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eoef--PctOfNav_iI_dp_c20260531__oef--ClassAxis__custom--C000240296Member__oef--LargestHoldingAxis__custom--WesternDigitalCorpMember_zQPf8EfzLcV1" 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">4.2%</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">Darling Ingredients, Inc.</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--C000240296Member__oef--LargestHoldingAxis__custom--DarlingIngredientsIncMember_zsAc2ChI9h5d" 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">4.2%</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">Seagate Technology Holdings PLC</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98F_eoef--PctOfNav_iI_dp_c20260531__oef--ClassAxis__custom--C000240296Member__oef--LargestHoldingAxis__custom--SeagateTechnologyHoldingsPLCMember_zykCMoiDWMEa" 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">4.2%</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">Intel Corp.</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_987_eoef--PctOfNav_iI_dp_c20260531__oef--ClassAxis__custom--C000240296Member__oef--LargestHoldingAxis__custom--IntelCorpMember_zlq2nv1wvlIa" 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">4.1%</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">TTM Technologies, Inc.</span> </div> </td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_987_eoef--PctOfNav_iI_dp_c20260531__oef--ClassAxis__custom--C000240296Member__oef--LargestHoldingAxis__custom--TTMTechnologiesIncMember_zn91FOXjlCDj" 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">4.1%</span> </div> </td> </tr> </table> 0.045 0.044 0.043 0.043 0.042 0.042 0.042 0.042 0.041 0.041 Costs paid as a percentage of $10,000 is an annualized figure.