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annual shareholder report
Defiance 2X Daily Long Pure Quantum ETF
QPUX
NASDAQ
This <span id="xdx_90F_eoef--ShareholderReportAnnualOrSemiAnnual_c20250501__20260430__oef--ClassAxis__custom--C000259472Member_ztHBB0MQVdt2">annual shareholder report</span> contains important information about the <span style="box-sizing: border-box">Defiance 2X Daily Long Pure Quantum ETF</span> (the "Fund") for the period <span style="box-sizing: border-box">May 1, 2025</span> to <span style="box-sizing: border-box">April 30, 2026</span>.
annual shareholder report
You can find additional information about the Fund at <span style="box-sizing: border-box"><span id="xdx_90F_eoef--AddlInfoWebsite_c20250501__20260430__oef--ClassAxis__custom--C000259472Member_zlmNEhjJl9Oa">https://www.defianceetfs.com/qpux</span></span>. You can also request this information by contacting us at <span style="box-sizing: border-box"><span id="xdx_902_eoef--AddlInfoPhoneNumber_c20250501__20260430__oef--ClassAxis__custom--C000259472Member_zAGig7OqQiy5">(833) 333-9383</span></span> or by writing to the <span style="box-sizing: border-box">Defiance 2X Daily Long Pure Quantum ETF</span>, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.
https://www.defianceetfs.com/qpux
(833) 333-9383
This report describes changes to the Fund that occurred during the reporting period.
<p id="xdx_80C_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000259472Member_dU_z68db7XLhqR7" style="font: 700 11pt/11pt Gotham Narrow-Bold,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What were the Fund costs since inception?</p>
<p style="font: 300 10pt/11pt Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(based on a hypothetical $10,000 investment)</span> </p>
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<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">Class 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">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">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 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_985_eoef--ClassName_c20250501__20260430__oef--ClassAxis__custom--C000259472Member_zTm1MgbgzSq2" style="font: 300 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">Defiance 2X Daily Long Pure Quantum ETF</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98D_eoef--ExpensesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000259472Member_zedP6nlrdWu" style="font: 300 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">$68</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98C_eoef--ExpenseRatioPct_dp_c20250501__20260430__oef--ClassAxis__custom--C000259472Member_fKg_____zD2AdyqoSJBd" style="font: 300 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">1.29%*</span> </div>
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</tr>
</table>
</div>
</div>
</div>
<p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 1pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"><span id="xdx_908_eoef--ExpensesShortPeriodFnTextBlock_c20250501__20260430__oef--ClassAxis__custom--C000259472Member_z0857T57tkqe">The Fund commenced operations August 6, 2025. Expenses for a full reporting period would be higher than the figures shown.</span></span> </p>
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<td id="xdx_F0A_zQkRECbLKC41" style="width: 15pt; text-align: right">*</td>
<td style="width: 5pt"></td>
<td id="xdx_F18_zQWpAQXWgXYh" style="text-align: justify">
Costs paid as a percentage of a $10,000 investment is an annualized figure.
</td>
</tr>
</table>
Defiance 2X Daily Long Pure Quantum ETF
68
0.0129
The Fund commenced operations August 6, 2025. Expenses for a full reporting period would be higher than the figures shown.
<p id="xdx_807_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000259472Member_dU_znHeJo9Di5yc" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Cumulative Performance</p>
<p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(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; display: flex; justify-content: center">
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<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">Date</div>
</td>
<td id="xdx_4BA_oef--ClassAxis_custom--C000259472Member_zcuM5iKEXxv4" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">Defiance 2X Daily Long Pure Quantum ETF</div>
</td>
<td id="xdx_4BF_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_ziaWdAlwlKCa" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">S&P 500® Total Return Index</div>
</td>
</tr>
<tr id="xdx_437_c20250806__20250806_eoef--AccmVal_pid_zO9grpOsAZNf" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">8/6/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10000.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10000.0
</div>
</td>
</tr>
<tr id="xdx_43D_c20250806__20250831_eoef--AccmVal_pid_zv4m3bRtXrOd" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">8/31/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
9259.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10193.0
</div>
</td>
</tr>
<tr id="xdx_439_c20250806__20250930_eoef--AccmVal_pid_zTqZlL2sLSke" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">9/30/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
19284.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10565.0
</div>
</td>
</tr>
<tr id="xdx_438_c20250806__20251031_eoef--AccmVal_pid_z47GocEShdP2" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">10/31/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
24737.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10812.0
</div>
</td>
</tr>
<tr id="xdx_438_c20250806__20251130_eoef--AccmVal_pid_z7J30JF7sabd" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">11/30/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
9878.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10839.0
</div>
</td>
</tr>
<tr id="xdx_43E_c20250806__20251231_eoef--AccmVal_pid_z4qwrFOiFzs2" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">12/31/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
7984.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10845.0
</div>
</td>
</tr>
<tr id="xdx_433_c20250806__20260131_eoef--AccmVal_pid_z9zXa6MWS4L2" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">1/31/2026</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
5525.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
11002.0
</div>
</td>
</tr>
<tr id="xdx_43C_c20250806__20260228_eoef--AccmVal_pid_zHA7Q5NAagz" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">2/28/2026</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
4309.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10919.0
</div>
</td>
</tr>
<tr id="xdx_437_c20250806__20260331_eoef--AccmVal_pid_zvhwC4WT4LMi" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">3/31/2026</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
2525.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10375.0
</div>
</td>
</tr>
<tr id="xdx_43F_c20250806__20260430_eoef--AccmVal_pid_zz7jelSX5z3" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">4/30/2026</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
4388.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
11464.0
</div>
</td>
</tr>
</table>
</div>
</div><img alt="line" src="qesstlj2l11mq1ak49n.jpg" style="box-sizing: border-box; width: 250pt; height: auto"/>
</div>
</div>
</div>
<p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p>
<p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p>
<p style="box-sizing: border-box; text-align-last: auto; display: block; font-family: Times New Roman,Times,serif; line-height: normal; color: #000"> </p>
10000.0
10000.0
9259.0
10193.0
19284.0
10565.0
24737.0
10812.0
9878.0
10839.0
7984.0
10845.0
5525.0
11002.0
4309.0
10919.0
2525.0
10375.0
4388.0
11464.0
<p id="xdx_80D_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000259472Member_dU_zYYgJKwmKOph" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Annual Performance</p>
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse">
<tr style="box-sizing: border-box; height: auto">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box">
<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">Returns for the Period ended April 30, 2026</span> </div>
</th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box">
<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">Since Inception (<span id="xdx_90E_eoef--PerfInceptionDate_c20250501__20260430__oef--ClassAxis__custom--C000259472Member_zA5uKon3LN25">8/6/2025</span>)</span> </div>
</th>
</tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">Defiance 2X Daily Long Pure Quantum ETF - at NAV</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_981_eoef--AvgAnnlRtrPct_dp_c20250806__20260430__oef--ClassAxis__custom--C000259472Member_zacHML4ijaW5" style="font: 300 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">-56.14%</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">S&P 500® Total Return Index</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_980_eoef--AvgAnnlRtrPct_dp_c20250806__20260430__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_z4FZJvQI0db6" style="font: 300 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">14.64%</span> </div>
</td>
</tr>
</table>
2025-08-06
-0.5614
0.1464
The Fund's past performance is not a good indicator of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
<span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal">Visit </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial"><span style="box-sizing: border-box">https://www.defianceetfs.com/qpux</span> </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal"> for more recent performance information.</span>
<p id="xdx_801_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000259472Member_dU_z2FWyuxh8Dr9" style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">How did the Fund perform last year and what influenced its performance?</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 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: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 51px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">From inception (August 6, 2025) through April 30, 2026, QPUX had a NAV total return of -56.14%. QPUX seeks to deliver 2x the daily performance of an actively-managed group of pure quantum company securities. High volatility within the quantum computing sector can exacerbate compounding effects, causing returns to deviate significantly from the expected 2x multiple over time.</p>
</div>
</div>
<p style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">What factors influenced performance?</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 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: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 68px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">Quantum computing stocks experienced significant volatility driven by government investment announcements, technology milestones from leading companies, and shifting investor expectations about the timeline for commercially viable quantum systems. Sector-wide enthusiasm and skepticism cycles, along with earnings results from constituent companies, shaped the underlying index performance that QPUX amplifies through its daily 2x leverage.</p>
</div>
</div>
<p id="xdx_80E_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000259472Member_dD_zKB18lAhPlYb" style="font: 700 13pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p>
<p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p>
<div style="box-sizing: border-box; text-align-last: auto">
<p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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 style="font: 300 10pt Gotham Narrow-Light,Arial; margin: -7pt 0 8pt; margin-block: 1em; margin-inline: 0px; box-sizing: border-box; text-align-last: auto; display: block; 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: fixed; border-collapse: collapse">
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">Fund Size (Thousands)</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_983_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000259472Member_z4zgzjjYByb2" style="font: 300 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">$31,142</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">Number of Holdings</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_989_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000259472Member_zTN9yuoeBVI8" style="font: 300 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">10</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">Total Advisory Fee</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_988_eoef--AdvisoryFeesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000259472Member_zyFGpOJJFs51" style="font: 300 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">$218,846</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">Portfolio Turnover</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 300 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"><span id="xdx_90C_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250501__20260430__oef--ClassAxis__custom--C000259472Member_zGLC4R8XVC88">0</span>%</span> </div>
</td>
</tr>
</table>
</div>
</div>
</div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -7pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; display: block"></span> </div>
</div>
31142000
10
218846
0
<p id="xdx_80D_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000259472Member_dD_z9UrhMqhhiZ8" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p>
<p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p>
<p style="font: 300 10pt/normal 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 style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 700 13pt/11pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 30.34px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of 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">Sector</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">%</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">Cash Equivalents</div>
</td>
<td style="box-sizing: border-box">
<div id="xdx_983_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000259472Member__us-gaap--InvestmentTypeAxis__us-gaap--CashEquivalentsMember_ziG67kUmU802" style="box-sizing: border-box; text-align-last: auto">
100.0%
</div>
</td>
</tr>
</table>
</div>
</div><img alt="bar" src="qes1st61mpuo4lg8.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/>
</div>
</div>
</div>
<p style="font: 300 8pt/0 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0; text-align: justify"> </p>
</div>
<div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 700 13pt/12pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of 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">Sector</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">%</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">Total Return Swap Contracts</div>
</td>
<td style="box-sizing: border-box">
<div id="xdx_98C_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000259472Member__us-gaap--InvestmentTypeAxis__custom--TotalReturnSwapContractsMember_z4gQintAI6Y2" style="box-sizing: border-box; text-align-last: auto">
38.3%
</div>
</td>
</tr>
</table>
</div>
</div><img alt="bar" src="qeseylk1mpuo4lt0.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/>
</div>
</div>
</div>
</div>
<div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 300 8pt/9pt Gotham Narrow-Light,Arial; margin: 4pt 0; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">Percentages are stated as a percent of net assets. Percentages for swap contracts are based on unrealized appreciation (depreciation). Cash Equivalents represents cash, short-term investments, and other assets in excess of liabilities.</p>
</div>
<p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -55pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p>
1.000
0.383
<div id="xdx_80F_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000259472Member_dD_zvChtw6q36S5" 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: #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">Top Holdings</span> </div>
</th>
<th style="border-bottom: #4f4f4f 1.4pt solid; white-space: nowrap; 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">(% of Net Assets)</span> </div>
</th>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">IonQ, Inc. Swap; Maturity Date: 11/23/2027</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98B_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000259472Member__oef--LargestHoldingAxis__custom--IonqIncSwapMaturityDate11232027Member_zZai2i6vIEp" style="font: 300 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">9.4</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">United States Treasury Bills</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000259472Member__oef--LargestHoldingAxis__custom--UnitedStatesTreasuryBillsMember_zYHiQ4CCuLBh" style="font: 300 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">8.7</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">IonQ, Inc. Swap; Maturity Date: 09/04/2026</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_981_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000259472Member__oef--LargestHoldingAxis__custom--IonqIncSwapMaturityDate09042026Member_zEGSAZfE4TOc" style="font: 300 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">6.7</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">D-Wave Quantum, Inc. Swap; Maturity Date: 03/14/2028</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_987_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000259472Member__oef--LargestHoldingAxis__custom--DWaveQuantumIncSwapMaturityDate03142028Member_zxRYk2k5eqyc" style="font: 300 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">6.6</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">Quantum Computing, Inc. Swap; Maturity Date: 11/23/2027</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_988_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000259472Member__oef--LargestHoldingAxis__custom--QuantumComputingIncSwapMaturityDate11232027Member_zXLTSOauXP3g" style="font: 300 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">4.8</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">First American Government Obligations Fund - Class X, 3.56%</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_986_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000259472Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX356Member_zbspMU1lTLjf" style="font: 300 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">3.9</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">D-Wave Quantum, Inc. Swap; Maturity Date: 09/04/2026</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98B_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000259472Member__oef--LargestHoldingAxis__custom--DWaveQuantumIncSwapMaturityDate09042026Member_zi1WA5MkVvx9" style="font: 300 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">3.4</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">Quantum Computing, Inc. Swap; Maturity Date: 09/04/2026</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98E_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000259472Member__oef--LargestHoldingAxis__custom--QuantumComputingIncSwapMaturityDate09042026Member_zzDlVmLLThph" style="font: 300 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">2.8</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">Rigetti Computing, Inc. Swap; Maturity Date: 03/14/2028</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98D_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000259472Member__oef--LargestHoldingAxis__custom--RigettiComputingIncSwapMaturityDate03142028Member_zRfOUYX9tl5k" style="font: 300 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">2.8</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">Rigetti Computing, Inc. Swap; Maturity Date: 09/04/2026</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_988_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000259472Member__oef--LargestHoldingAxis__custom--RigettiComputingIncSwapMaturityDate09042026Member_zROKgb2mRBn" style="font: 300 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">1.8</span> </div>
</td>
</tr>
</table>
</div>
<p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 2pt 0 4pt; text-align-last: auto; display: block; min-height: 26px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages for swap contracts are based on unrealized appreciation (depreciation).</p>
0.094
0.087
0.067
0.066
0.048
0.039
0.034
0.028
0.028
0.018
<p id="xdx_805_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000259472Member_dD_zWH1xaUAWwq4" style="font: 10pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0"><b>Material Fund Changes</b></p>
<p style="font: 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">After the close of trading on The Nasdaq Stock Market, LLC on <span id="xdx_906_eoef--MaterialChngDate_c20250501__20260430__oef--ClassAxis__custom--C000259472Member_zjAAkPnTeBZf">March 23, 2026</span>, the Fund effected a 1:3 reverse split of its issued and outstanding shares.</p>
2026-03-23
Defiance Daily Target 2X Long OSCR ETF
OSCX
NASDAQ
This <span id="xdx_90F_eoef--ShareholderReportAnnualOrSemiAnnual_c20250501__20260430__oef--ClassAxis__custom--C000264275Member_zVLhiJGpQdGd">annual shareholder report</span> contains important information about the Defiance Daily Target 2X Long OSCR ETF (the "Fund") for the period May 1, 2025 to April 30, 2026.
annual shareholder report
You can find additional information about the Fund at <span id="xdx_90F_eoef--AddlInfoWebsite_c20250501__20260430__oef--ClassAxis__custom--C000264275Member_zbDm0CF5z1yh">https://www.defianceetfs.com/oscx</span>. You can also request this information by contacting us at <span id="xdx_902_eoef--AddlInfoPhoneNumber_c20250501__20260430__oef--ClassAxis__custom--C000264275Member_zoCCNI1unfV5">(833) 333-9383</span> or by writing to the Defiance Daily Target 2X Long OSCR ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.
https://www.defianceetfs.com/oscx
(833) 333-9383
This report describes changes to the Fund that occurred during the reporting period.
<p id="xdx_80C_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000264275Member_dU_zQUMwbHSLxre" style="font: 700 11pt/11pt Gotham Narrow-Bold,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What were the Fund costs since inception?</p>
<p style="font: 300 10pt/11pt Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(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; height: auto; 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">Class 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">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">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 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_985_eoef--ClassName_c20250501__20260430__oef--ClassAxis__custom--C000264275Member_zOdiabxzhSW2" style="font: 300 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">Defiance Daily Target 2X Long OSCR ETF</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98D_eoef--ExpensesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000264275Member_zToThc4vnmoi" style="font: 300 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">$64</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98C_eoef--ExpenseRatioPct_dp_c20250501__20260430__oef--ClassAxis__custom--C000264275Member_fKg_____zFaMBbOBfbC" style="font: 300 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">1.32%*</span> </div>
</td>
</tr>
</table>
</div>
</div>
</div>
<p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 1pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"><span id="xdx_908_eoef--ExpensesShortPeriodFnTextBlock_c20250501__20260430__oef--ClassAxis__custom--C000264275Member_z423jXsFziK6">The Fund commenced operations September 24, 2025. Expenses for a full reporting period would be higher than the figures shown.</span></span> </p>
<table cellpadding="0" cellspacing="0" style="font: 300 8pt/normal 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_zZzwj0cTDDZf" style="width: 15pt; text-align: right">*</td>
<td style="width: 5pt"></td>
<td id="xdx_F1B_zk9kZA0Y29gl" style="text-align: justify">
Costs paid as a percentage of a $10,000 investment is an annualized figure.
</td>
</tr>
</table>
Defiance Daily Target 2X Long OSCR ETF
64
0.0132
The Fund commenced operations September 24, 2025. Expenses for a full reporting period would be higher than the figures shown.
<p id="xdx_807_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000264275Member_dU_zWhUMp4KHYr3" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Cumulative Performance</p>
<p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(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; 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">Date</div>
</td>
<td id="xdx_4BA_oef--ClassAxis_custom--C000264275Member_zho1dftNThJ2" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">Defiance Daily Target 2X Long OSCR ETF</div>
</td>
<td id="xdx_4BF_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_z4cMCO9ktCY7" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">S&P 500® Total Return Index</div>
</td>
</tr>
<tr id="xdx_435_c20250924__20250924_eoef--AccmVal_pid_ztdNRzqvTNF2" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">9/24/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10000.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10000.0
</div>
</td>
</tr>
<tr id="xdx_439_c20250924__20250930_eoef--AccmVal_pid_zB4fw49kblxh" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">9/30/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10468.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10078.0
</div>
</td>
</tr>
<tr id="xdx_439_c20250924__20251031_eoef--AccmVal_pid_zrmDIyYmkvbe" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">10/31/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
8730.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10313.0
</div>
</td>
</tr>
<tr id="xdx_430_c20250924__20251130_eoef--AccmVal_pid_zcDxnFsG5gR9" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">11/30/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
7582.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10339.0
</div>
</td>
</tr>
<tr id="xdx_438_c20250924__20251231_eoef--AccmVal_pid_zrrU5fNRVGK8" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">12/31/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
4615.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10345.0
</div>
</td>
</tr>
<tr id="xdx_43E_c20250924__20260131_eoef--AccmVal_pid_ztEpvVXISPOi" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">1/31/2026</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
4360.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10495.0
</div>
</td>
</tr>
<tr id="xdx_436_c20250924__20260228_eoef--AccmVal_pid_zhtKgBESSg46" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">2/28/2026</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
3758.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10415.0
</div>
</td>
</tr>
<tr id="xdx_438_c20250924__20260331_eoef--AccmVal_pid_zp5TFKyMvro7" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">3/31/2026</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
2507.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
9897.0
</div>
</td>
</tr>
<tr id="xdx_43C_c20250924__20260430_eoef--AccmVal_pid_zGW5sTAFdhV6" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">4/30/2026</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
6153.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10935.0
</div>
</td>
</tr>
</table>
</div>
</div><img alt="line" src="qeseylk1mpupc58j.jpg" style="box-sizing: border-box; width: 250pt; height: auto"/>
</div>
</div>
</div>
<p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p>
<p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p>
<p style="box-sizing: border-box; text-align-last: auto; display: block; font-family: Times New Roman,Times,serif; line-height: normal; color: #000"> </p>
10000.0
10000.0
10468.0
10078.0
8730.0
10313.0
7582.0
10339.0
4615.0
10345.0
4360.0
10495.0
3758.0
10415.0
2507.0
9897.0
6153.0
10935.0
<p id="xdx_80D_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000264275Member_dU_z6R8o0rjdtT3" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Annual Performance</p>
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse">
<tr style="box-sizing: border-box; height: auto">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box">
<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">Returns for the Period ended April 30, 2026</span> </div>
</th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box">
<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">Since Inception (<span id="xdx_90E_eoef--PerfInceptionDate_c20250501__20260430__oef--ClassAxis__custom--C000264275Member_zQ17ujkf1oz2">9/24/2025</span>)</span> </div>
</th>
</tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">Defiance Daily Target 2X Long OSCR ETF - at NAV</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_98B_eoef--AvgAnnlRtrPct_dp_c20250924__20260430__oef--ClassAxis__custom--C000264275Member_z5mSfrvqcSg4" style="font: 300 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">-38.49%</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">S&P 500® Total Return Index</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_98A_eoef--AvgAnnlRtrPct_dp_c20250924__20260430__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zX3yrWdYrDX6" style="font: 300 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">9.35%</span> </div>
</td>
</tr>
</table>
2025-09-24
-0.3849
0.0935
The Fund's past performance is not a good indicator of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
<span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal">Visit </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial"><span style="box-sizing: border-box">https://www.defianceetfs.com/oscx</span> </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal"> for more recent performance information.</span>
<p id="xdx_801_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000264275Member_dU_zJPhWgyM6S81" style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">How did the Fund perform last year and what influenced its performance?</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 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: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 34px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">From inception (September 24, 2025) through April 30, 2026, OSCX had a NAV total return of -38.49%. OSCX seeks to deliver twice the daily performance of OSCR (Oscar Health, Inc.). The fund's 2x leverage magnifies OSCR's daily stock movements in OSCX.</p>
</div>
</div>
<p style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">What factors influenced performance?</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 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: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 68px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">Oscar Health's stock performance was shaped by membership growth, medical loss ratio trends, and the company's profitability trajectory in the individual and small group health insurance markets. Federal policy developments related to the Affordable Care Act marketplaces, premium subsidy dynamics, and competitive positioning against larger insurers drove investor sentiment. The fund's compounding effects over the holding period caused returns to deviate from a simple 2x multiple.</p>
</div>
</div>
<p id="xdx_80E_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000264275Member_dD_zVopsEqtR9tb" style="font: 700 13pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p>
<p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p>
<div style="box-sizing: border-box; text-align-last: auto">
<p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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 style="font: 300 10pt Gotham Narrow-Light,Arial; margin: -7pt 0 8pt; margin-block: 1em; margin-inline: 0px; box-sizing: border-box; text-align-last: auto; display: block; 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: fixed; border-collapse: collapse">
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">Fund Size (Thousands)</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_983_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000264275Member_ziXosIZtWMz6" style="font: 300 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">$9,349</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">Number of Holdings</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_989_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000264275Member_zTV0mIEFvK9d" style="font: 300 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">7</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">Total Advisory Fee</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_988_eoef--AdvisoryFeesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000264275Member_zJMQj9JZ3Ro7" style="font: 300 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">$52,505</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">Portfolio Turnover</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 300 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"><span id="xdx_90C_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250501__20260430__oef--ClassAxis__custom--C000264275Member_zHZhaZZP1DS8">6,599</span>%</span> </div>
</td>
</tr>
</table>
</div>
</div>
</div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -7pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; display: block"></span> </div>
</div>
9349000
7
52505
65.99
<p id="xdx_80D_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000264275Member_dD_zgz39vH5QNcl" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p>
<p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p>
<p style="font: 300 10pt/normal 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 style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 700 13pt/11pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 30.34px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of 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">Sector</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">%</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">Cash Equivalents</div>
</td>
<td style="box-sizing: border-box">
<div id="xdx_983_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000264275Member__us-gaap--InvestmentTypeAxis__us-gaap--CashEquivalentsMember_z1J86lVafVz" style="box-sizing: border-box; text-align-last: auto">
100.0%
</div>
</td>
</tr>
</table>
</div>
</div><img alt="bar" src="qeseylk1mpuo4u9w.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/>
</div>
</div>
</div>
<p style="font: 300 8pt/0 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0; text-align: justify"> </p>
</div>
<div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 700 13pt/12pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of 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">Sector</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">%</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">Total Return Swap Contracts</div>
</td>
<td style="box-sizing: border-box">
<div id="xdx_98C_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000264275Member__us-gaap--InvestmentTypeAxis__custom--TotalReturnSwapContractsMember_zkX9PF7YmKof" style="box-sizing: border-box; text-align-last: auto">
57.8%
</div>
</td>
</tr>
</table>
</div>
</div><img alt="bar" src="qes1st61mpuo4ums.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/>
</div>
</div>
</div>
</div>
<div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 300 8pt/9pt Gotham Narrow-Light,Arial; margin: 4pt 0; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">Percentages are stated as a percent of net assets. Percentages for swap contracts are based on unrealized appreciation (depreciation). Cash Equivalents represents cash, short-term investments, and other assets in excess of liabilities.</p>
</div>
<p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -55pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p>
1.000
0.578
<div id="xdx_80F_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000264275Member_dD_z06085hx93x1" 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: #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">Top Holdings</span> </div>
</th>
<th style="border-bottom: #4f4f4f 1.4pt solid; white-space: nowrap; 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">(% of Net Assets)</span> </div>
</th>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">Oscar Health, Inc. Swap; Maturity Date: 09/28/2028</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98E_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000264275Member__oef--LargestHoldingAxis__custom--OscarHealthIncSwapMaturityDate09282028Member_zU15Js4gzkx8" style="font: 300 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">12.2</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">Oscar Health, Inc. Swap; Maturity Date: 09/08/2028</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_981_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000264275Member__oef--LargestHoldingAxis__custom--OscarHealthIncSwapMaturityDate09082028Member_z3EK1s8xKnkl" style="font: 300 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">12.1</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">Oscar Health, Inc. Swap; Maturity Date: 03/31/2033</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_987_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000264275Member__oef--LargestHoldingAxis__custom--OscarHealthIncSwapMaturityDate03312033Member_zJVSD8mappY9" style="font: 300 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">11.4</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">Oscar Health, Inc. Swap; Maturity Date: 03/18/2033</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_983_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000264275Member__oef--LargestHoldingAxis__custom--OscarHealthIncSwapMaturityDate03182033Member_zvanBaJ5o8ik" style="font: 300 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">11.1</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">Oscar Health, Inc. Swap; Maturity Date: 11/09/2027</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_984_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000264275Member__oef--LargestHoldingAxis__custom--OscarHealthIncSwapMaturityDate11092027Member_zYy1h0BzBmPd" style="font: 300 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">11.0</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">United States Treasury Bills</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000264275Member__oef--LargestHoldingAxis__custom--UnitedStatesTreasuryBillsMember_zALGVSIEmsjj" style="font: 300 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">11.0</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">First American Government Obligations Fund - Class X, 3.56%</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000264275Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX356Member_zNTIzF5nsxGb" style="font: 300 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">1.1</span> </div>
</td>
</tr>
</table>
</div>
<p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 2pt 0 4pt; text-align-last: auto; display: block; min-height: 26px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages for swap contracts are based on unrealized appreciation (depreciation).</p>
0.122
0.121
0.114
0.111
0.110
0.110
0.011
<p id="xdx_801_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000264275Member_dU_ziqrOaHOBlB8" style="font: 700 10pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Material Fund Changes</p>
<p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">After the close of trading on The Nasdaq Stock Market, LLC on <span id="xdx_903_eoef--MaterialChngDate_c20250501__20260430__oef--ClassAxis__custom--C000264275Member_zCarZsKnMh1e">March 23, 2026</span>, the Fund effected a 1:4 reverse split of its issued and outstanding shares.</p>
2026-03-23
Defiance Daily Target 2X Long RGTI ETF
RGTX
NASDAQ
This <span id="xdx_90F_eoef--ShareholderReportAnnualOrSemiAnnual_c20250501__20260430__oef--ClassAxis__custom--C000258453Member_zK1Pfzdy3YC8">annual shareholder report</span> contains important information about the Defiance Daily Target 2X Long RGTI ETF (the "Fund") for the period May 1, 2025 to April 30, 2026.
annual shareholder report
You can find additional information about the Fund at <span id="xdx_90F_eoef--AddlInfoWebsite_c20250501__20260430__oef--ClassAxis__custom--C000258453Member_zoW1LdVNSMU1">https://www.defianceetfs.com/rgtx</span>. You can also request this information by contacting us at <span id="xdx_902_eoef--AddlInfoPhoneNumber_c20250501__20260430__oef--ClassAxis__custom--C000258453Member_zWtKkeSyx9Dh">(833) 333-9383</span> or by writing to the Defiance Daily Target 2X Long RGTI ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.
https://www.defianceetfs.com/rgtx
(833) 333-9383
This report describes changes to the Fund that occurred during the reporting period.
<p id="xdx_80C_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000258453Member_dU_zCksHP3YNpB8" style="font: 700 11pt/11pt Gotham Narrow-Bold,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What were the Fund costs for the past year?</p>
<p style="font: 300 10pt/11pt Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(based on a hypothetical $10,000 investment)</span> </p>
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<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">Class Name</span> </div>
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<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">Costs of a $10,000 investment</span> </div>
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<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">Costs paid as a percentage of a $10,000 investment</span> </div>
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<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_985_eoef--ClassName_c20250501__20260430__oef--ClassAxis__custom--C000258453Member_zufk1gsOSG0j" style="font: 300 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">Defiance Daily Target 2X Long RGTI ETF</span> </div>
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<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98D_eoef--ExpensesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000258453Member_zVLVsMnckLfi" style="font: 300 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">$150</span> </div>
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<div id="xdx_98D_eoef--ExpenseRatioPct_dp_c20250501__20260430__oef--ClassAxis__custom--C000258453Member_zNFCoXgqbas5" style="font: 300 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">1.56%</span> </div>
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Defiance Daily Target 2X Long RGTI ETF
150
0.0156
<p id="xdx_807_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000258453Member_dU_z9mM8KmxcoAk" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Cumulative Performance</p>
<p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(Initial Investment of $10,000)</p>
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<div style="box-sizing: border-box; text-align-last: auto">Date</div>
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<td id="xdx_4BA_oef--ClassAxis_custom--C000258453Member_zSbQPqK9B1te" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">Defiance Daily Target 2X Long RGTI ETF</div>
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<td id="xdx_4BF_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_z4O2mS6yWMz1" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">S&P 500® Total Return Index</div>
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<tr id="xdx_43E_c20250401__20250401_eoef--AccmVal_pid_zbUlHU4ewJji" style="box-sizing: border-box">
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<div style="box-sizing: border-box; text-align-last: auto">3/31/2025</div>
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<div style="box-sizing: border-box; text-align-last: auto">
10000.0
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<div style="box-sizing: border-box; text-align-last: auto">
10000.0
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<tr id="xdx_43E_c20250401__20250430_eoef--AccmVal_pid_zVEHDGuQhjG3" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">4/30/2025</div>
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<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
11399.0
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</td>
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<div style="box-sizing: border-box; text-align-last: auto">
9932.0
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<tr id="xdx_43E_c20250401__20250531_eoef--AccmVal_pid_zetzc6zmgFad" style="box-sizing: border-box">
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<div style="box-sizing: border-box; text-align-last: auto">5/31/2025</div>
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<div style="box-sizing: border-box; text-align-last: auto">
17588.0
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<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10557.0
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<tr id="xdx_43D_c20250401__20250630_eoef--AccmVal_pid_zWgW6pdOr3Ub" style="box-sizing: border-box">
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<div style="box-sizing: border-box; text-align-last: auto">6/30/2025</div>
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<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
15881.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
11094.0
</div>
</td>
</tr>
<tr id="xdx_437_c20250401__20250731_eoef--AccmVal_pid_z3GCbgv6OwSf" style="box-sizing: border-box">
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<div style="box-sizing: border-box; text-align-last: auto">7/31/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
20993.0
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<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
11343.0
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</td>
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<tr id="xdx_43C_c20250401__20250831_eoef--AccmVal_pid_zNm3YpdDgTjb" style="box-sizing: border-box">
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<div style="box-sizing: border-box; text-align-last: auto">8/31/2025</div>
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<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
24404.0
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</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
11573.0
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</tr>
<tr id="xdx_433_c20250401__20250930_eoef--AccmVal_pid_zaBO5OqsnYBb" style="box-sizing: border-box">
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<div style="box-sizing: border-box; text-align-last: auto">9/30/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
74033.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
11996.0
</div>
</td>
</tr>
<tr id="xdx_43E_c20250401__20251031_eoef--AccmVal_pid_zS08VZdWls4k" style="box-sizing: border-box">
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<div style="box-sizing: border-box; text-align-last: auto">10/31/2025</div>
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<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
129730.0
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</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
12276.0
</div>
</td>
</tr>
<tr id="xdx_436_c20250401__20251130_eoef--AccmVal_pid_z1M1fjquH3V5" style="box-sizing: border-box">
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<div style="box-sizing: border-box; text-align-last: auto">11/30/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
37118.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
12307.0
</div>
</td>
</tr>
<tr id="xdx_435_c20250401__20251231_eoef--AccmVal_pid_zrpPXxQwdQo3" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">12/31/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
24404.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
12314.0
</div>
</td>
</tr>
<tr id="xdx_43E_c20250401__20260131_eoef--AccmVal_pid_zDADG6yFB4cg" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">1/31/2026</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
15061.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
12493.0
</div>
</td>
</tr>
<tr id="xdx_434_c20250401__20260228_eoef--AccmVal_pid_zExXF6Ju36Ge" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">2/28/2026</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
12305.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
12398.0
</div>
</td>
</tr>
<tr id="xdx_43C_c20250401__20260331_eoef--AccmVal_pid_z9O7RJanGu9b" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">3/31/2026</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
7406.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
11780.0
</div>
</td>
</tr>
<tr id="xdx_43D_c20250401__20260430_eoef--AccmVal_pid_zjOkVWlZjSEa" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">4/30/2026</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10459.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
13016.0
</div>
</td>
</tr>
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<p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p>
<p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p>
<p style="box-sizing: border-box; text-align-last: auto; display: block; font-family: Times New Roman,Times,serif; line-height: normal; color: #000"> </p>
10000.0
10000.0
11399.0
9932.0
17588.0
10557.0
15881.0
11094.0
20993.0
11343.0
24404.0
11573.0
74033.0
11996.0
129730.0
12276.0
37118.0
12307.0
24404.0
12314.0
15061.0
12493.0
12305.0
12398.0
7406.0
11780.0
10459.0
13016.0
<p id="xdx_80D_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000258453Member_dU_zmNRgCsCxeTf" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Annual Performance</p>
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<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box">
<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">Returns for the Period ended April 30, 2026</span> </div>
</th>
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<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">1 Year</span> </div>
</th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box">
<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">Since Inception (<span id="xdx_904_eoef--PerfInceptionDate_c20250501__20260430__oef--ClassAxis__custom--C000258453Member_z9ZLq4xuVlbj">3/31/2025</span>)</span> </div>
</th>
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<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">Defiance Daily Target 2X Long RGTI ETF - at NAV</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_98C_eoef--AvgAnnlRtrPct_dp_c20250501__20260430__oef--ClassAxis__custom--C000258453Member_zWsPjWlCd7yf" style="font: 300 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">-8.21%</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_980_eoef--AvgAnnlRtrPct_dp_c20250401__20260430__oef--ClassAxis__custom--C000258453Member_z0Je4SWMx9db" style="font: 300 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">4.28%</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">S&P 500® Total Return Index</span> </div>
</td>
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<div id="xdx_98B_eoef--AvgAnnlRtrPct_dp_c20250501__20260430__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zDuAcGQnkJj2" style="font: 300 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">31.05%</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_98F_eoef--AvgAnnlRtrPct_dp_c20250401__20260430__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zH3AfcWbki1g" style="font: 300 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">27.58%</span> </div>
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</table>
2025-03-31
-0.0821
0.0428
0.3105
0.2758
The Fund's past performance is not a good indicator of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
<span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal">Visit </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial"><span style="box-sizing: border-box">https://www.defianceetfs.com/rgtx</span> </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal"> for more recent performance information.</span>
<p id="xdx_801_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000258453Member_dU_zlpoYaRjviv4" style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">How did the Fund perform last year and what influenced its performance?</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 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: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 51px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">For the fiscal year ended April 30, 2026, RGTX had a NAV total return of -8.21%. RGTX seeks to deliver twice the daily performance of RGTI (Rigetti Computing Inc.). Since its inception, RGTX has experienced significant volatility reflecting the leveraged nature of the fund and the performance of Rigetti's stock.</p>
</div>
</div>
<p style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">What factors influenced performance?</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 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: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 68px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">Rigetti Computing's performance was driven by government and enterprise quantum computing contracts, technology milestones in qubit count and fidelity, and the broader competitive quantum computing landscape. Financial results highlighting the gap between revenue and investment requirements introduced volatility. Strategic partnerships and continued investor optimism about long-term quantum computing prospects were balanced against near-term profitability challenges.</p>
</div>
</div>
<p id="xdx_80E_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000258453Member_dD_z0AcYEMdhTN6" style="font: 700 13pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p>
<p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p>
<div style="box-sizing: border-box; text-align-last: auto">
<p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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 style="font: 300 10pt Gotham Narrow-Light,Arial; margin: -7pt 0 8pt; margin-block: 1em; margin-inline: 0px; box-sizing: border-box; text-align-last: auto; display: block; 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: fixed; border-collapse: collapse">
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">Fund Size (Thousands)</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_983_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000258453Member_zYZ3ImLxTnOa" style="font: 300 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">$54,842</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">Number of Holdings</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_989_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000258453Member_zEQ6QSLpfnK7" style="font: 300 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">10</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">Total Advisory Fee</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_988_eoef--AdvisoryFeesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000258453Member_zv458gHUesGc" style="font: 300 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">$878,158</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">Portfolio Turnover</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 300 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"><span id="xdx_90C_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250501__20260430__oef--ClassAxis__custom--C000258453Member_zAZCTYt4qNO9">118,871</span>%</span> </div>
</td>
</tr>
</table>
</div>
</div>
</div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -7pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; display: block"></span> </div>
</div>
54842000
10
878158
1188.71
<p id="xdx_80D_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000258453Member_dD_zAVDY5L04WE1" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p>
<p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p>
<p style="font: 300 10pt/normal 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 style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 700 13pt/11pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 30.34px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of 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">Sector</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">%</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">Cash Equivalents</div>
</td>
<td style="box-sizing: border-box">
<div id="xdx_983_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000258453Member__us-gaap--InvestmentTypeAxis__us-gaap--CashEquivalentsMember_z7QW2maUvJYe" style="box-sizing: border-box; text-align-last: auto">
100.0%
</div>
</td>
</tr>
</table>
</div>
</div><img alt="bar" src="qeseylk1mpuo48j7.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/>
</div>
</div>
</div>
<p style="font: 300 8pt/0 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0; text-align: justify"> </p>
</div>
<div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 700 13pt/12pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of 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">Sector</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">%</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">Total Return Swap Contracts</div>
</td>
<td style="box-sizing: border-box">
<div id="xdx_98C_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000258453Member__us-gaap--InvestmentTypeAxis__custom--TotalReturnSwapContractsMember_zGPWGckkrh47" style="box-sizing: border-box; text-align-last: auto">
33.8%
</div>
</td>
</tr>
</table>
</div>
</div><img alt="bar" src="qes1st61mpuo48vj.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/>
</div>
</div>
</div>
</div>
<div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 300 8pt/9pt Gotham Narrow-Light,Arial; margin: 4pt 0; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">Percentages are stated as a percent of net assets. Percentages for swap contracts are based on unrealized appreciation (depreciation). Cash Equivalents represents cash, short-term investments, and other assets in excess of liabilities.</p>
</div>
<p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -55pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p>
1.000
0.338
<div id="xdx_80F_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000258453Member_dD_z3i6q4a65Pte" 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: #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">Top Holdings</span> </div>
</th>
<th style="border-bottom: #4f4f4f 1.4pt solid; white-space: nowrap; 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">(% of Net Assets)</span> </div>
</th>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">United States Treasury Bills</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000258453Member__oef--LargestHoldingAxis__custom--UnitedStatesTreasuryBillsMember_z1TnLbSYv9H2" style="font: 300 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">15.4</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">Rigetti Computing, Inc. Swap; Maturity Date: 03/18/2033</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_981_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000258453Member__oef--LargestHoldingAxis__custom--RigettiComputingIncSwapMaturityDate03182033Member_zigSrX18NJU" style="font: 300 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">9.4</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">First American Government Obligations Fund - Class X, 3.56%</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_985_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000258453Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX356Member_z4f7QNbvcDZh" style="font: 300 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">8.5</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">Rigetti Computing, Inc. Swap; Maturity Date: 03/06/2028</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000258453Member__oef--LargestHoldingAxis__custom--RigettiComputingIncSwapMaturityDate03062028Member_zceFGc4tgHzd" style="font: 300 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">6.0</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">Rigetti Computing, Inc. Swap; Maturity Date: 09/08/2028</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_981_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000258453Member__oef--LargestHoldingAxis__custom--RigettiComputingIncSwapMaturityDate09082028Member_zF8WxFQcMnm2" style="font: 300 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">5.5</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">Rigetti Computing, Inc. Swap; Maturity Date: 01/31/2033</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98A_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000258453Member__oef--LargestHoldingAxis__custom--RigettiComputingIncSwapMaturityDate01312033Member_zSMzLlFk0dp4" style="font: 300 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">3.5</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">Rigetti Computing, Inc. Swap; Maturity Date: 02/02/2029</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98C_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000258453Member__oef--LargestHoldingAxis__custom--RigettiComputingIncSwapMaturityDate02022029Member_zxBDj2xejoE7" style="font: 300 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">3.4</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">Rigetti Computing, Inc. Swap; Maturity Date: 03/31/2033</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_987_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000258453Member__oef--LargestHoldingAxis__custom--RigettiComputingIncSwapMaturityDate03312033Member_zvSsUxcxBT78" style="font: 300 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">2.8</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">Rigetti Computing, Inc. Swap; Maturity Date: 07/01/2027</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98B_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000258453Member__oef--LargestHoldingAxis__custom--RigettiComputingIncSwapMaturityDate07012027Member_zV3htafCbYP" style="font: 300 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">2.5</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">Rigetti Computing, Inc. Swap; Maturity Date: 04/11/2031</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98D_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000258453Member__oef--LargestHoldingAxis__custom--RigettiComputingIncSwapMaturityDate04112031Member_zDhKvraYttOf" style="font: 300 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">0.9</span> </div>
</td>
</tr>
</table>
</div>
<p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 2pt 0 4pt; text-align-last: auto; display: block; min-height: 26px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages for swap contracts are based on unrealized appreciation (depreciation).</p>
0.154
0.094
0.085
0.060
0.055
0.035
0.034
0.028
0.025
0.009
<p id="xdx_803_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000258453Member_dD_zRqJiZXXlIcf" style="font: 10pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0"><b>Material Fund Changes</b></p>
<p style="font: 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">After the close of trading on The Nasdaq Stock Market, LLC on <span id="xdx_901_eoef--MaterialChngDate_c20250501__20260430__oef--ClassAxis__custom--C000258453Member_zvhxUYo5XeA3">December 8, 2025</span>, the Fund effected a 4:1 forward split of its issued and outstanding shares.</p>
<p style="font: 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">After the close of trading on The Nasdaq Stock Market, LLC on March 19, 2026, the Fund effected a 1:4 reverse split of its issued and outstanding shares.</p>
2025-12-08
Defiance Daily Target 2X Long RIOT ETF
RIOX
NYSEArca
This <span id="xdx_90F_eoef--ShareholderReportAnnualOrSemiAnnual_c20250501__20260430__oef--ClassAxis__custom--C000249985Member_zrG0XW9oc60h">annual shareholder report</span> contains important information about the Defiance Daily Target 2X Long RIOT ETF (the "Fund") for the period May 1, 2025 to April 30, 2026.
annual shareholder report
You can find additional information about the Fund at <span id="xdx_90F_eoef--AddlInfoWebsite_c20250501__20260430__oef--ClassAxis__custom--C000249985Member_zfygE7ByYWU6">https://www.defianceetfs.com/riox</span>. You can also request this information by contacting us at <span id="xdx_902_eoef--AddlInfoPhoneNumber_c20250501__20260430__oef--ClassAxis__custom--C000249985Member_zVsggvmTV2ab">(833) 333-9383</span> or by writing to the Defiance Daily Target 2X Long RIOT ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.
https://www.defianceetfs.com/riox
(833) 333-9383
This report describes changes to the Fund that occurred during the reporting period.
<p id="xdx_80C_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000249985Member_dU_zEj9Tkpvy8m8" style="font: 700 11pt/11pt Gotham Narrow-Bold,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What were the Fund costs for the past year?</p>
<p style="font: 300 10pt/11pt Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(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; height: auto; 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">Class 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">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">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 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_985_eoef--ClassName_c20250501__20260430__oef--ClassAxis__custom--C000249985Member_zlM1ws33AFFj" style="font: 300 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">Defiance Daily Target 2X Long RIOT ETF</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98D_eoef--ExpensesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000249985Member_zPYDuPhlLa4d" style="font: 300 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">$250</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_986_eoef--ExpenseRatioPct_dp_c20250501__20260430__oef--ClassAxis__custom--C000249985Member_zWje45BKLLGh" style="font: 300 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">1.62%</span> </div>
</td>
</tr>
</table>
</div>
</div>
</div>
Defiance Daily Target 2X Long RIOT ETF
250
0.0162
<p id="xdx_807_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000249985Member_dU_zUspEkOJN5Dl" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Cumulative Performance</p>
<p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(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; 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">Date</div>
</td>
<td id="xdx_4BA_oef--ClassAxis_custom--C000249985Member_zeNYNDzNyU03" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">Defiance Daily Target 2X Long RIOT ETF</div>
</td>
<td id="xdx_4BF_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_zuch5pLlNs3j" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">S&P 500® Total Return Index</div>
</td>
</tr>
<tr id="xdx_434_c20250102__20250102_eoef--AccmVal_pid_zT7Lm7JsaWxe" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">1/2/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10000.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10000.0
</div>
</td>
</tr>
<tr id="xdx_430_c20250102__20250131_eoef--AccmVal_pid_zQ238mh9G0i8" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">1/31/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
11671.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10301.0
</div>
</td>
</tr>
<tr id="xdx_432_c20250102__20250228_eoef--AccmVal_pid_zo6Q66QUX6Ff" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">2/28/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
6715.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10167.0
</div>
</td>
</tr>
<tr id="xdx_431_c20250102__20250331_eoef--AccmVal_pid_z32XdhZ0dyB8" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">3/31/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
3640.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
9594.0
</div>
</td>
</tr>
<tr id="xdx_433_c20250102__20250430_eoef--AccmVal_pid_zvwJ9cpZWQBi" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">4/30/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
3440.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
9529.0
</div>
</td>
</tr>
<tr id="xdx_436_c20250102__20250531_eoef--AccmVal_pid_zrO0QovOE1I6" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">5/31/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
4037.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10128.0
</div>
</td>
</tr>
<tr id="xdx_43F_c20250102__20250630_eoef--AccmVal_pid_zUuAANlwwz5i" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">6/30/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
7436.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10644.0
</div>
</td>
</tr>
<tr id="xdx_438_c20250102__20250731_eoef--AccmVal_pid_zGrFu2egrged" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">7/31/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10008.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10882.0
</div>
</td>
</tr>
<tr id="xdx_437_c20250102__20250831_eoef--AccmVal_pid_zowlXd9YdSja" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">8/31/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
9444.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
11103.0
</div>
</td>
</tr>
<tr id="xdx_435_c20250102__20250930_eoef--AccmVal_pid_zRH5lcQQsjG4" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">9/30/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
16726.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
11508.0
</div>
</td>
</tr>
<tr id="xdx_43A_c20250102__20251031_eoef--AccmVal_pid_z2FT4YQFCYRc" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">10/31/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
16151.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
11778.0
</div>
</td>
</tr>
<tr id="xdx_439_c20250102__20251130_eoef--AccmVal_pid_zxru9z78IVL7" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">11/30/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
9816.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
11807.0
</div>
</td>
</tr>
<tr id="xdx_436_c20250102__20251231_eoef--AccmVal_pid_zYCqkyvieMyg" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">12/31/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
5656.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
11814.0
</div>
</td>
</tr>
<tr id="xdx_43B_c20250102__20260131_eoef--AccmVal_pid_z5p003WA8Po4" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">1/31/2026</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
7694.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
11985.0
</div>
</td>
</tr>
<tr id="xdx_43B_c20250102__20260228_eoef--AccmVal_pid_zcz5aVueEE88" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">2/28/2026</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
7637.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
11894.0
</div>
</td>
</tr>
<tr id="xdx_432_c20250102__20260331_eoef--AccmVal_pid_zeUiR2uHWhth" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">3/31/2026</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
4000.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
11302.0
</div>
</td>
</tr>
<tr id="xdx_432_c20250102__20260430_eoef--AccmVal_pid_zDhGfOp6dzN2" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">4/30/2026</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
7179.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
12488.0
</div>
</td>
</tr>
</table>
</div>
</div><img alt="line" src="qeseylk1mpupbt9u.jpg" style="box-sizing: border-box; width: 250pt; height: auto"/>
</div>
</div>
</div>
<p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p>
<p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p>
<p style="box-sizing: border-box; text-align-last: auto; display: block; font-family: Times New Roman,Times,serif; line-height: normal; color: #000"> </p>
10000.0
10000.0
11671.0
10301.0
6715.0
10167.0
3640.0
9594.0
3440.0
9529.0
4037.0
10128.0
7436.0
10644.0
10008.0
10882.0
9444.0
11103.0
16726.0
11508.0
16151.0
11778.0
9816.0
11807.0
5656.0
11814.0
7694.0
11985.0
7637.0
11894.0
4000.0
11302.0
7179.0
12488.0
<p id="xdx_80D_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000249985Member_dU_z1ZEVEjzYDY7" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Annual Performance</p>
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse">
<tr style="box-sizing: border-box; height: auto">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box">
<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">Returns for the Period ended April 30, 2026</span> </div>
</th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box">
<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">1 Year</span> </div>
</th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box">
<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">Since Inception (<span id="xdx_90E_eoef--PerfInceptionDate_c20250501__20260430__oef--ClassAxis__custom--C000249985Member_zQ90f5DIUqG6">1/2/2025</span>)</span> </div>
</th>
</tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">Defiance Daily Target 2X Long RIOT ETF - at NAV</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_98A_eoef--AvgAnnlRtrPct_dp_c20250501__20260430__oef--ClassAxis__custom--C000249985Member_zRrMQSlvqcD8" style="font: 300 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">108.53%</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_98A_eoef--AvgAnnlRtrPct_dp_c20250102__20260430__oef--ClassAxis__custom--C000249985Member_zDoY4fCQr97c" style="font: 300 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">-22.15%</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">S&P 500® Total Return Index</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_987_eoef--AvgAnnlRtrPct_dp_c20250501__20260430__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zfjV0CHMSKng" style="font: 300 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">31.05%</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_980_eoef--AvgAnnlRtrPct_dp_c20250102__20260430__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zNKAFW0gWAPb" style="font: 300 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">18.28%</span> </div>
</td>
</tr>
</table>
2025-01-02
1.0853
-0.2215
0.3105
0.1828
The Fund's past performance is not a good indicator of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
<span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal">Visit </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial"><span style="box-sizing: border-box">https://www.defianceetfs.com/riox</span> </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal"> for more recent performance information.</span>
<p id="xdx_801_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000249985Member_dU_zOSXuajwYHN4" style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">How did the Fund perform last year and what influenced its performance?</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 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: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 51px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">For the fiscal year ended April 30, 2026, RIOX had a NAV total return of 108.53%. RIOX seeks to deliver twice the daily performance of RIOT (Riot Platforms, Inc.). RIOT's operations are closely tied to Bitcoin mining economics, making RIOX sensitive to both Bitcoin price movements and mining industry dynamics.</p>
</div>
</div>
<p style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">What factors influenced performance?</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 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: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 68px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">Riot Platforms' stock reflected Bitcoin price volatility, changes in Bitcoin mining difficulty and hash rate, and the impact of the Bitcoin halving on mining profitability. Operational updates including facility expansions, energy costs, and competitive positioning within the Bitcoin mining industry influenced investor sentiment. Broader cryptocurrency market conditions and regulatory developments provided additional context.</p>
</div>
</div>
<p id="xdx_80E_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000249985Member_dD_zCYSMOLRQ7th" style="font: 700 13pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p>
<p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p>
<div style="box-sizing: border-box; text-align-last: auto">
<p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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 style="font: 300 10pt Gotham Narrow-Light,Arial; margin: -7pt 0 8pt; margin-block: 1em; margin-inline: 0px; box-sizing: border-box; text-align-last: auto; display: block; 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: fixed; border-collapse: collapse">
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">Fund Size (Thousands)</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_983_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000249985Member_zIoosAka0P6b" style="font: 300 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">$22,785</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">Number of Holdings</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_989_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000249985Member_zaX4YGAvZlw8" style="font: 300 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">9</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">Total Advisory Fee</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_988_eoef--AdvisoryFeesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000249985Member_zrPjGydxl8bc" style="font: 300 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">$267,071</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">Portfolio Turnover</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 300 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"><span id="xdx_90C_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250501__20260430__oef--ClassAxis__custom--C000249985Member_zP6bMj8NrFng">34,085</span>%</span> </div>
</td>
</tr>
</table>
</div>
</div>
</div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -7pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; display: block"></span> </div>
</div>
22785000
9
267071
340.85
<p id="xdx_80D_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000249985Member_dD_zZFl3ADDZv6j" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p>
<p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p>
<p style="font: 300 10pt/normal 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 style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 700 13pt/11pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 30.34px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of 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">Sector</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">%</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">Cash Equivalents</div>
</td>
<td style="box-sizing: border-box">
<div id="xdx_983_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000249985Member__us-gaap--InvestmentTypeAxis__us-gaap--CashEquivalentsMember_zoo9Qc2os8o" style="box-sizing: border-box; text-align-last: auto">
100.0%
</div>
</td>
</tr>
</table>
</div>
</div><img alt="bar" src="qeseylk1mpuo49s2.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/>
</div>
</div>
</div>
<p style="font: 300 8pt/0 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0; text-align: justify"> </p>
</div>
<div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 700 13pt/12pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of 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">Sector</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">%</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">Total Return Swap Contracts</div>
</td>
<td style="box-sizing: border-box">
<div id="xdx_98C_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000249985Member__us-gaap--InvestmentTypeAxis__custom--TotalReturnSwapContractsMember_znKyE9NzD1yj" style="box-sizing: border-box; text-align-last: auto">
45.3%
</div>
</td>
</tr>
</table>
</div>
</div><img alt="bar" src="qes1st61mpuo4a5i.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/>
</div>
</div>
</div>
</div>
<div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 300 8pt/9pt Gotham Narrow-Light,Arial; margin: 4pt 0; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">Percentages are stated as a percent of net assets. Percentages for swap contracts are based on unrealized appreciation (depreciation). Cash Equivalents represents cash, short-term investments, and other assets in excess of liabilities.</p>
</div>
<p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -55pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p>
1.000
0.453
<div id="xdx_80F_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000249985Member_dD_zdeFE8Fd9fyl" 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: #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">Top Holdings</span> </div>
</th>
<th style="border-bottom: #4f4f4f 1.4pt solid; white-space: nowrap; 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">(% of Net Assets)</span> </div>
</th>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">Riot Platforms, Inc. Swap; Maturity Date: 09/08/2028</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000249985Member__oef--LargestHoldingAxis__custom--RiotPlatformsIncSwapMaturityDate09082028Member_zkaRbHGjTdCe" style="font: 300 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">14.2</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">Riot Platforms, Inc. Swap; Maturity Date: 09/22/2026</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_985_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000249985Member__oef--LargestHoldingAxis__custom--RiotPlatformsIncSwapMaturityDate09222026Member_zGmG6Xut8qBh" style="font: 300 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">7.5</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">Riot Platforms, Inc. Swap; Maturity Date: 03/31/2033</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_980_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000249985Member__oef--LargestHoldingAxis__custom--RiotPlatformsIncSwapMaturityDate03312033Member_z82ekdTQvec3" style="font: 300 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">7.2</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">Riot Platforms, Inc. Swap; Maturity Date: 02/04/2029</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98F_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000249985Member__oef--LargestHoldingAxis__custom--RiotPlatformsIncSwapMaturityDate02042029Member_zqE2ak6Sci1g" style="font: 300 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">6.5</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">First American Government Obligations Fund - Class X, 3.56%</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_984_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000249985Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX356Member_zOH0FsQ3fq07" style="font: 300 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">5.6</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">Riot Platforms, Inc. Swap; Maturity Date: 03/18/2033</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98F_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000249985Member__oef--LargestHoldingAxis__custom--RiotPlatformsIncSwapMaturityDate03182033Member_z76MWoSZkVOc" style="font: 300 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">5.3</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">Riot Platforms, Inc. Swap; Maturity Date: 09/01/2026</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_983_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000249985Member__oef--LargestHoldingAxis__custom--RiotPlatformsIncSwapMaturityDate09012026Member_zMGkIwg8T6E4" style="font: 300 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">4.4</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">United States Treasury Bills</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000249985Member__oef--LargestHoldingAxis__custom--UnitedStatesTreasuryBillsMember_zVuegqYLkxd9" style="font: 300 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">4.3</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">Riot Platforms, Inc. Swap; Maturity Date: 01/31/2033</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98D_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000249985Member__oef--LargestHoldingAxis__custom--RiotPlatformsIncSwapMaturityDate01312033Member_zo5sbqxRwHth" style="font: 300 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">0.0</span> </div>
</td>
</tr>
</table>
</div>
<p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 2pt 0 4pt; text-align-last: auto; display: block; min-height: 26px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages for swap contracts are based on unrealized appreciation (depreciation).</p>
0.142
0.075
0.072
0.065
0.056
0.053
0.044
0.043
0.000
<p id="xdx_80B_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000249985Member_dD_z9QijoMFM9hk" style="font: 10pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0"><b>Material Fund Changes</b></p>
<p style="font: 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">After
the close of trading on NYSE Arca, Inc. on <span id="xdx_907_eoef--MaterialChngDate_c20250501__20260430__oef--ClassAxis__custom--C000249985Member_zogJAZVmh5Sj">March
19, 2026</span>, the Fund effected a 1:3 reverse split of its issued and outstanding shares.</p>
2026-03-19
Defiance Daily Target 2X Long RKLB ETF
RKLX
NASDAQ
This <span id="xdx_90F_eoef--ShareholderReportAnnualOrSemiAnnual_c20250501__20260430__oef--ClassAxis__custom--C000258454Member_zMZKE5kX6VRg">annual shareholder report</span> contains important information about the Defiance Daily Target 2X Long RKLB ETF (the "Fund") for the period May 1, 2025 to April 30, 2026.
annual shareholder report
You can find additional information about the Fund at <span id="xdx_90F_eoef--AddlInfoWebsite_c20250501__20260430__oef--ClassAxis__custom--C000258454Member_zStur06vqrd9">https://www.defianceetfs.com/rklx</span>. You can also request this information by contacting us at <span id="xdx_902_eoef--AddlInfoPhoneNumber_c20250501__20260430__oef--ClassAxis__custom--C000258454Member_z5qJxAU4Xdzg">(833) 333-9383</span> or by writing to the Defiance Daily Target 2X Long RKLB ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.
https://www.defianceetfs.com/rklx
(833) 333-9383
This report describes changes to the Fund that occurred during the reporting period.
<p id="xdx_80C_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000258454Member_dU_zhB4Tq9WbbLh" style="font: 700 11pt/11pt Gotham Narrow-Bold,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What were the Fund costs for the past year?</p>
<p style="font: 300 10pt/11pt Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(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; height: auto; 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">Class 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">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">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 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_985_eoef--ClassName_c20250501__20260430__oef--ClassAxis__custom--C000258454Member_zY0h6xBgWyP7" style="font: 300 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">Defiance Daily Target 2X Long RKLB ETF</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98D_eoef--ExpensesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000258454Member_zQAIgJxOl81" style="font: 300 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">$532</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_983_eoef--ExpenseRatioPct_dp_c20250501__20260430__oef--ClassAxis__custom--C000258454Member_zPXHcxO4yTu9" style="font: 300 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">1.62%</span> </div>
</td>
</tr>
</table>
</div>
</div>
</div>
Defiance Daily Target 2X Long RKLB ETF
532
0.0162
<p id="xdx_807_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000258454Member_dU_z1qS2TTjnv6i" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Cumulative Performance</p>
<p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(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; 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">Date</div>
</td>
<td id="xdx_4BA_oef--ClassAxis_custom--C000258454Member_zEjr20Vycof" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">Defiance Daily Target 2X Long RKLB ETF</div>
</td>
<td id="xdx_4BF_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_zl7NEv5cTpB5" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">S&P 500® Total Return Index</div>
</td>
</tr>
<tr id="xdx_435_c20250312__20250312_eoef--AccmVal_pid_z1g4B6ttZMg2" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">3/12/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10000.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10000.0
</div>
</td>
</tr>
<tr id="xdx_43A_c20250312__20250331_eoef--AccmVal_pid_zYbRooDICvTa" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">3/31/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
9092.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10030.0
</div>
</td>
</tr>
<tr id="xdx_433_c20250312__20250430_eoef--AccmVal_pid_zUNxxNI0epw6" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">4/30/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
12248.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
9962.0
</div>
</td>
</tr>
<tr id="xdx_43B_c20250312__20250531_eoef--AccmVal_pid_znX2tI0z5av" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">5/31/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
17276.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10589.0
</div>
</td>
</tr>
<tr id="xdx_436_c20250312__20250630_eoef--AccmVal_pid_zvMU6q8JTNn9" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">6/30/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
28829.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
11127.0
</div>
</td>
</tr>
<tr id="xdx_433_c20250312__20250731_eoef--AccmVal_pid_zsmyRJPwRqfj" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">7/31/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
44479.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
11377.0
</div>
</td>
</tr>
<tr id="xdx_433_c20250312__20250831_eoef--AccmVal_pid_zu2CGTdzv7a" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">8/31/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
47692.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
11608.0
</div>
</td>
</tr>
<tr id="xdx_43C_c20250312__20250930_eoef--AccmVal_pid_zQVDrY0FGee2" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">9/30/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
42296.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
12031.0
</div>
</td>
</tr>
<tr id="xdx_431_c20250312__20251031_eoef--AccmVal_pid_zgHWHsauN7Hg" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">10/31/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
68067.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
12313.0
</div>
</td>
</tr>
<tr id="xdx_43E_c20250312__20251130_eoef--AccmVal_pid_zYMsO7JzFePa" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">11/30/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
28133.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
12343.0
</div>
</td>
</tr>
<tr id="xdx_434_c20250312__20251231_eoef--AccmVal_pid_zy8SWRuZ20Ka" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">12/31/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
68529.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
12351.0
</div>
</td>
</tr>
<tr id="xdx_430_c20250312__20260131_eoef--AccmVal_pid_zZYhumNUa2zb" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">1/31/2026</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
83946.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
12530.0
</div>
</td>
</tr>
<tr id="xdx_43C_c20250312__20260228_eoef--AccmVal_pid_z24S8DPDCCul" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">2/28/2026</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
57031.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
12435.0
</div>
</td>
</tr>
<tr id="xdx_43D_c20250312__20260331_eoef--AccmVal_pid_z1Ai61A90KFl" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">3/31/2026</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
44111.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
11815.0
</div>
</td>
</tr>
<tr id="xdx_43D_c20250312__20260430_eoef--AccmVal_pid_zFhROwqC4KSb" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">4/30/2026</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
68187.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
13055.0
</div>
</td>
</tr>
</table>
</div>
</div><img alt="line" src="qesstlj2l11mq1904kd.jpg" style="box-sizing: border-box; width: 250pt; height: auto"/>
</div>
</div>
</div>
<p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p>
<p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p>
<p style="box-sizing: border-box; text-align-last: auto; display: block; font-family: Times New Roman,Times,serif; line-height: normal; color: #000"> </p>
10000.0
10000.0
9092.0
10030.0
12248.0
9962.0
17276.0
10589.0
28829.0
11127.0
44479.0
11377.0
47692.0
11608.0
42296.0
12031.0
68067.0
12313.0
28133.0
12343.0
68529.0
12351.0
83946.0
12530.0
57031.0
12435.0
44111.0
11815.0
68187.0
13055.0
<p id="xdx_80D_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000258454Member_dU_zaPI6aisQG9f" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Annual Performance</p>
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse">
<tr style="box-sizing: border-box; height: auto">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box">
<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">Returns for the Period ended April 30, 2026</span> </div>
</th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box">
<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">1 Year</span> </div>
</th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box">
<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">Since Inception (<span id="xdx_90E_eoef--PerfInceptionDate_c20250501__20260430__oef--ClassAxis__custom--C000258454Member_za4MwHVbvJwi">3/12/2025</span>)</span> </div>
</th>
</tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">Defiance Daily Target 2X Long RKLB ETF at NAV</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_98C_eoef--AvgAnnlRtrPct_dp_c20250501__20260430__oef--ClassAxis__custom--C000258454Member_zp0myPCBxBMe" style="font: 300 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">456.72%</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_98E_eoef--AvgAnnlRtrPct_dp_c20250312__20260430__oef--ClassAxis__custom--C000258454Member_zfQzjXmqzyea" style="font: 300 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">443.28%</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">S&P 500® Total Return Index</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_987_eoef--AvgAnnlRtrPct_dp_c20250501__20260430__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zqx0yoA9wZug" style="font: 300 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">31.05%</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_980_eoef--AvgAnnlRtrPct_dp_c20250312__20260430__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_z67JQNLATzn6" style="font: 300 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">26.50%</span> </div>
</td>
</tr>
</table>
2025-03-12
4.5672
4.4328
0.3105
0.2650
The Fund's past performance is not a good indicator of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
<span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal">Visit </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial"><span style="box-sizing: border-box">https://www.defianceetfs.com/rklx</span> </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal"> for more recent performance information.</span>
<p id="xdx_801_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000258454Member_dU_zwxjjgSzjSdi" style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">How did the Fund perform last year and what influenced its performance?</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 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: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 34px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">For the fiscal year ended April 30, 2026, RKLX had a NAV total return of 456.72%. RKLX seeks to deliver twice the daily performance of RKLB (Rocket Lab Corp.). Fluctuations in RKLB's stock price are magnified in RKLX due to its leveraged structure.</p>
</div>
</div>
<p style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">What factors influenced performance?</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 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: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 68px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">Rocket Lab's performance was driven by launch cadence, contract wins from commercial and government customers, and progress on its Neutron medium-lift rocket development. Quarterly earnings relative to expectations, broader aerospace and defense sector sentiment, and investor appetite for commercial space companies influenced RKLB's stock. Strategic partnerships and the competitive landscape in launch services were also key factors.</p>
</div>
</div>
<p id="xdx_80E_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000258454Member_dD_zdUIlndIimfa" style="font: 700 13pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p>
<p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p>
<div style="box-sizing: border-box; text-align-last: auto">
<p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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 style="font: 300 10pt Gotham Narrow-Light,Arial; margin: -7pt 0 8pt; margin-block: 1em; margin-inline: 0px; box-sizing: border-box; text-align-last: auto; display: block; 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: fixed; border-collapse: collapse">
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">Fund Size (Thousands)</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_983_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000258454Member_zrDgOsBqxWp4" style="font: 300 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">$228,009</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">Number of Holdings</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_989_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000258454Member_zY2akdj7MSS3" style="font: 300 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">10</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">Total Advisory Fee</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_988_eoef--AdvisoryFeesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000258454Member_zsWUTUoP3IF6" style="font: 300 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">$1,465,426</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">Portfolio Turnover</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 300 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"><span id="xdx_90C_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250501__20260430__oef--ClassAxis__custom--C000258454Member_zZwIT02WlMye">69,322</span>%</span> </div>
</td>
</tr>
</table>
</div>
</div>
</div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -7pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; display: block"></span> </div>
</div>
228009000
10
1465426
693.22
<p id="xdx_80D_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000258454Member_dD_z57YncTEMBI3" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p>
<p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p>
<p style="font: 300 10pt/normal 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 style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 700 13pt/11pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 30.34px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of 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">Sector</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">%</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">Cash Equivalents</div>
</td>
<td style="box-sizing: border-box">
<div id="xdx_983_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000258454Member__us-gaap--InvestmentTypeAxis__us-gaap--CashEquivalentsMember_z0dKzLhS9o33" style="box-sizing: border-box; text-align-last: auto">
100.0%
</div>
</td>
</tr>
</table>
</div>
</div><img alt="bar" src="qes1st61mpuo4b1a.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/>
</div>
</div>
</div>
<p style="font: 300 8pt/0 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0; text-align: justify"> </p>
</div>
<div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 700 13pt/12pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of 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">Sector</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">%</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">Total Return Swap Contracts</div>
</td>
<td style="box-sizing: border-box">
<div id="xdx_98C_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000258454Member__us-gaap--InvestmentTypeAxis__custom--TotalReturnSwapContractsMember_znMqUVnbTr4j" style="box-sizing: border-box; text-align-last: auto">
49.4%
</div>
</td>
</tr>
</table>
</div>
</div><img alt="bar" src="qeseylk1mpuo4bdk.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/>
</div>
</div>
</div>
</div>
<div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 300 8pt/9pt Gotham Narrow-Light,Arial; margin: 4pt 0; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">Percentages are stated as a percent of net assets. Percentages for swap contracts are based on unrealized appreciation (depreciation). Cash Equivalents represents cash, short-term investments, and other assets in excess of liabilities.</p>
</div>
<p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -55pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p>
1.000
0.494
<div id="xdx_80F_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000258454Member_dD_zk16h5odV5d2" 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: #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">Top Holdings</span> </div>
</th>
<th style="border-bottom: #4f4f4f 1.4pt solid; white-space: nowrap; 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">(% of Net Assets)</span> </div>
</th>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">Rocket Lab Corp. Swap; Maturity Date: 03/18/2033</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_981_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000258454Member__oef--LargestHoldingAxis__custom--RocketLabCorpSwapMaturityDate03182033Member_zd6li6Yg6mS3" style="font: 300 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">14.6</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">Rocket Lab Corp. Swap; Maturity Date: 01/22/2029</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98D_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000258454Member__oef--LargestHoldingAxis__custom--RocketLabCorpSwapMaturityDate01222029Member_z76fnEKQOnCk" style="font: 300 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">12.8</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">Rocket Lab Corp. Swap; Maturity Date: 03/31/2033</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98E_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000258454Member__oef--LargestHoldingAxis__custom--RocketLabCorpSwapMaturityDate03312033Member_z7Z6BEQldsN3" style="font: 300 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">7.0</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">Rocket Lab Corp. Swap; Maturity Date: 08/25/2026</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98B_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000258454Member__oef--LargestHoldingAxis__custom--RocketLabCorpSwapMaturityDate08252026Member_zuT29PnzCOT2" style="font: 300 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">6.9</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">Rocket Lab Corp. Swap; Maturity Date: 10/01/2026</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000258454Member__oef--LargestHoldingAxis__custom--RocketLabCorpSwapMaturityDate10012026Member_zfRGPagC1zU" style="font: 300 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">5.6</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">United States Treasury Bills</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98F_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000258454Member__oef--LargestHoldingAxis__custom--UnitedStatesTreasuryBillsMember_zr1Djt68Ucob" style="font: 300 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">5.4</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">Rocket Lab Corp. Swap; Maturity Date: 09/15/2028</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000258454Member__oef--LargestHoldingAxis__custom--RocketLabCorpSwapMaturityDate09152028Member_za7Kd4S9Q259" style="font: 300 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">-5.0</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">Rocket Lab Corp. Swap; Maturity Date: 09/21/2026</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98E_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000258454Member__oef--LargestHoldingAxis__custom--RocketLabCorpSwapMaturityDate09212026Member_zZPM2xMvfSZ1" style="font: 300 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">3.9</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">Rocket Lab Corp. Swap; Maturity Date: 01/31/2033</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98E_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000258454Member__oef--LargestHoldingAxis__custom--RocketLabCorpSwapMaturityDate01312033Member_zhwMilwnzSDb" style="font: 300 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">3.6</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">First American Government Obligations Fund - Class X, 3.56%</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_982_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000258454Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX356Member_zRfFE8PBKpSe" style="font: 300 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">2.6</span> </div>
</td>
</tr>
</table>
</div>
<p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 2pt 0 4pt; text-align-last: auto; display: block; min-height: 26px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages for swap contracts are based on unrealized appreciation (depreciation).</p>
0.146
0.128
0.070
0.069
0.056
0.054
-0.050
0.039
0.036
0.026
<p id="xdx_802_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000258454Member_dD_zHRCSbiFsjzf" style="font: 10pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0"><b>Material Fund Changes</b></p>
<p style="font: 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">After the close of trading on The Nasdaq Stock Market, LLC on <span id="xdx_90F_eoef--MaterialChngDate_c20250501__20260430__oef--ClassAxis__custom--C000258454Member_zervBPDk6zah">December 8, 2025</span>, the Fund effected a 3:1 forward split of its issued and outstanding shares.</p>
2025-12-08
Defiance Daily Target 2X Short BMNR ETF
BMNZ
NYSEArca
This <span id="xdx_90F_eoef--ShareholderReportAnnualOrSemiAnnual_c20250501__20260430__oef--ClassAxis__custom--C000265885Member_zLAqxI28ciVh">annual shareholder report</span> contains important information about the <span style="box-sizing: border-box">Defiance Daily Target 2X Short BMNR ETF</span> (the "Fund") for the period <span style="box-sizing: border-box">May 1, 2025</span> to <span style="box-sizing: border-box">April 30, 2026</span>. You can find additional information about the Fund at <span style="box-sizing: border-box"><span id="xdx_90F_eoef--AddlInfoWebsite_c20250501__20260430__oef--ClassAxis__custom--C000265885Member_zWkQLTIwAMGb">https://www.defianceetfs.com/bmnz</span></span>. You can also request this information by contacting us at <span style="box-sizing: border-box"><span id="xdx_902_eoef--AddlInfoPhoneNumber_c20250501__20260430__oef--ClassAxis__custom--C000265885Member_zc8lvVXGkA26">(833) 333-9383</span></span> or by writing to the <span style="box-sizing: border-box">Defiance Daily Target 2X Short BMNR ETF</span>, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.
annual shareholder report
https://www.defianceetfs.com/bmnz
(833) 333-9383
<p id="xdx_80C_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000265885Member_dU_ztmSd8WZ99V7" style="font: 700 11pt/11pt Gotham Narrow-Bold,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What were the Fund costs since inception?</p>
<p style="font: 300 10pt/11pt Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(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; height: auto; 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">Class 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">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">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 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_985_eoef--ClassName_c20250501__20260430__oef--ClassAxis__custom--C000265885Member_zkC1Gojo7BUg" style="font: 300 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">Defiance Daily Target 2X Short BMNR ETF</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98D_eoef--ExpensesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000265885Member_zd8zfnaGtPAf" style="font: 300 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">$58</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98C_eoef--ExpenseRatioPct_dp_c20250501__20260430__oef--ClassAxis__custom--C000265885Member_fKg_____zdb0eKjspHha" style="font: 300 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">1.40%*</span> </div>
</td>
</tr>
</table>
</div>
</div>
</div>
<p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 1pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"><span id="xdx_908_eoef--ExpensesShortPeriodFnTextBlock_c20250501__20260430__oef--ClassAxis__custom--C000265885Member_zsgaYoAl5Bq8">The Fund commenced operations November 12, 2025. Expenses for a full reporting period would be higher than the figures shown.</span></span> </p>
<table cellpadding="0" cellspacing="0" style="font: 300 8pt/normal 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_F07_zigtx8PqUNXi" style="width: 15pt; text-align: right">*</td>
<td style="width: 5pt"></td>
<td id="xdx_F15_z3DTZOAkuVwc" style="text-align: justify">
Costs paid as a percentage of a $10,000 investment is an annualized figure.
</td>
</tr>
</table>
Defiance Daily Target 2X Short BMNR ETF
58
0.0140
The Fund commenced operations November 12, 2025. Expenses for a full reporting period would be higher than the figures shown.
<p id="xdx_807_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000265885Member_dU_zLLSy6NDZ5ia" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Cumulative Performance</p>
<p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(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; 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">Date</div>
</td>
<td id="xdx_4BA_oef--ClassAxis_custom--C000265885Member_zWhdSnYvhF1" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">Defiance Daily Target 2X Short BMNR ETF</div>
</td>
<td id="xdx_4BF_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_zYJ8UOoaoUg2" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">S&P 500® Total Return Index</div>
</td>
</tr>
<tr id="xdx_431_c20251112__20251112_eoef--AccmVal_pid_z1P1LfgoXJ9b" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">11/12/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10000.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10000.0
</div>
</td>
</tr>
<tr id="xdx_43B_c20251112__20251130_eoef--AccmVal_pid_zy31IW5bsAN7" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">11/30/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10887.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10005.0
</div>
</td>
</tr>
<tr id="xdx_43B_c20251112__20251231_eoef--AccmVal_pid_zrt0Z69pHH7" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">12/31/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
11948.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10011.0
</div>
</td>
</tr>
<tr id="xdx_43F_c20251112__20260131_eoef--AccmVal_pid_zMBeg6zBAeal" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">1/31/2026</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
11145.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10157.0
</div>
</td>
</tr>
<tr id="xdx_431_c20251112__20260228_eoef--AccmVal_pid_zHpUE0tKcvT8" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">2/28/2026</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
13894.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10079.0
</div>
</td>
</tr>
<tr id="xdx_436_c20251112__20260331_eoef--AccmVal_pid_z6ad4GfBw1m7" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">3/31/2026</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10018.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
9577.0
</div>
</td>
</tr>
<tr id="xdx_43A_c20251112__20260430_eoef--AccmVal_pid_zlOZQdywiKe5" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">4/30/2026</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
7919.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10582.0
</div>
</td>
</tr>
</table>
</div>
</div><img alt="line" src="qeseylk1mpupckfh.jpg" style="box-sizing: border-box; width: 250pt; height: auto"/>
</div>
</div>
</div>
<p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p>
<p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p>
<p style="box-sizing: border-box; text-align-last: auto; display: block; font-family: Times New Roman,Times,serif; line-height: normal; color: #000"> </p>
10000.0
10000.0
10887.0
10005.0
11948.0
10011.0
11145.0
10157.0
13894.0
10079.0
10018.0
9577.0
7919.0
10582.0
<p id="xdx_80D_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000265885Member_dU_zK8kzOhOK0Ol" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Annual Performance</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; margin-block: 1em; margin-inline: 0px; box-sizing: border-box; text-align-last: auto; display: block; padding-top: 0; color: #4f4f4f; text-indent: 0; text-align: center">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse">
<tr style="box-sizing: border-box; height: auto">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box">
<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">Returns for the Period ended April 30, 2026</span> </div>
</th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box">
<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">Since Inception (<span id="xdx_90E_eoef--PerfInceptionDate_c20250501__20260430__oef--ClassAxis__custom--C000265885Member_z4poZDpxZkUl">11/12/2025</span>)</span> </div>
</th>
</tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">Defiance Daily Target 2X Short BMNR ETF - at NAV</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_986_eoef--AvgAnnlRtrPct_dp_c20251112__20260430__oef--ClassAxis__custom--C000265885Member_zOHz6WJO5UK6" style="font: 300 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">-20.85%</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">S&P 500® Total Return Index</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_984_eoef--AvgAnnlRtrPct_dp_c20251112__20260430__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zAYWD8bH6mse" style="font: 300 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">5.82%</span> </div>
</td>
</tr>
</table>
</div>
</div>
</div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; display: block"></span> </div>
</div>
<div style="margin: 0; padding: 6pt 10pt 12pt; grid-column: 1 / 3; grid-row: 4 / 5; box-sizing: border-box; text-align-last: auto; width: 572pt">
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 0 0 6pt -6pt; text-align-last: auto; display: block; min-height: 26px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: justify"><span style="box-sizing: border-box; font-family: Gotham Narrow-Medium,Arial; font-weight: bold"><span id="xdx_905_eoef--PerformancePastDoesNotIndicateFuture_c20250501__20260430__oef--ClassAxis__custom--C000265885Member_z1WRWcRrgt9h">The Fund's past performance is not a good indicator of how the Fund will perform in the future.</span> <span id="xdx_909_eoef--NoDeductionOfTaxesTextBlock_c20250501__20260430__oef--ClassAxis__custom--C000265885Member_z4W3sGz2DPJ5">The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.</span></span> </p>
<p id="xdx_98D_eoef--UpdPerfInfoLocationTextBlock_c20250501__20260430__oef--ClassAxis__custom--C000265885Member_zODFbWChpS3i" style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 0 0 6pt -6pt; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: justify">
<span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal">Visit </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial"><span style="box-sizing: border-box">https://www.defianceetfs.com/bmnz</span> </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal"> for more recent performance information.</span>
</p>
</div>
</div>
</div>
2025-11-12
-0.2085
0.0582
The Fund's past performance is not a good indicator of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
<span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal">Visit </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial"><span style="box-sizing: border-box">https://www.defianceetfs.com/bmnz</span> </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal"> for more recent performance information.</span>
<p id="xdx_801_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000265885Member_dU_zSuTahgr1eMg" style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">How did the Fund perform last year and what influenced its performance?</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 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: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 51px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">From inception (November 12, 2025) through April 30, 2026, BMNZ had a NAV total return of -20.85%. BMNZ seeks to deliver twice the daily inverse performance of BMNR (BitMine Immersion Technologies, Inc.). As an inverse leveraged fund, it gains when BMNR declines and loses when BMNR rises.</p>
</div>
</div>
<p style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">What factors influenced performance?</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 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: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 68px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">BitMine’s stock performance—tied to Bitcoin mining economics, Bitcoin price levels, and cryptocurrency market sentiment—directly influenced BMNZ's performance through its inverse exposure. Operational updates, hash rate developments, and energy cost dynamics affecting Bitcoin mining profitability drove stock volatility. Daily rebalancing and compounding effects caused BMNZ's cumulative return to deviate from the expected -2x multiple over the holding period.</p>
</div>
</div>
<p id="xdx_80E_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000265885Member_dD_zms2zm5Mil6j" style="font: 700 13pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p>
<p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p>
<div style="box-sizing: border-box; text-align-last: auto">
<p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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 style="font: 300 10pt Gotham Narrow-Light,Arial; margin: -7pt 0 8pt; margin-block: 1em; margin-inline: 0px; box-sizing: border-box; text-align-last: auto; display: block; 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: fixed; border-collapse: collapse">
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">Fund Size (Thousands)</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_983_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000265885Member_ziVtIcpdVOJc" style="font: 300 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">$18,363</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">Number of Holdings</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_989_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000265885Member_zHUqzdZ04YZc" style="font: 300 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">7</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">Total Advisory Fee</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_988_eoef--AdvisoryFeesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000265885Member_zotfwbtkdTFc" style="font: 300 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">$99,489</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">Portfolio Turnover</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 300 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"><span id="xdx_90C_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250501__20260430__oef--ClassAxis__custom--C000265885Member_zpZR4abdZlhj">0</span>%</span> </div>
</td>
</tr>
</table>
</div>
</div>
</div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -7pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; display: block"></span> </div>
</div>
18363000
7
99489
0
<p id="xdx_80D_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000265885Member_dD_zkTFB8QTCmsa" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p>
<p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p>
<p style="font: 300 10pt/normal 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 style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 700 13pt/11pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 30.34px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of 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">Sector</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">%</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">Cash Equivalents</div>
</td>
<td style="box-sizing: border-box">
<div id="xdx_983_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000265885Member__us-gaap--InvestmentTypeAxis__us-gaap--CashEquivalentsMember_zsEJJ640kcFg" style="box-sizing: border-box; text-align-last: auto">
100.0%
</div>
</td>
</tr>
</table>
</div>
</div><img alt="bar" src="qeseylk1mpuo5ogz.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/>
</div>
</div>
</div>
<p style="font: 300 8pt/0 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0; text-align: justify"> </p>
</div>
<div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 700 13pt/12pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of 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">Sector</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">%</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">Total Return Swap Contracts</div>
</td>
<td style="box-sizing: border-box">
<div id="xdx_98C_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000265885Member__us-gaap--InvestmentTypeAxis__custom--TotalReturnSwapContractsMember_zBRuCGm7qnsj" style="box-sizing: border-box; text-align-last: auto">
0.3%
</div>
</td>
</tr>
</table>
</div>
</div><img alt="bar" src="qes1st61mpuo5oso.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/>
</div>
</div>
</div>
</div>
<div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 300 8pt/9pt Gotham Narrow-Light,Arial; margin: 4pt 0; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">Percentages are stated as a percent of net assets. Percentages for swap contracts are based on unrealized appreciation (depreciation). Cash Equivalents represents cash, short-term investments, and other assets in excess of liabilities.</p>
</div>
<p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -55pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p>
1.000
0.003
<div id="xdx_80F_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000265885Member_dD_zdB06BbCgbvd" 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: #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">Top Holdings</span> </div>
</th>
<th style="border-bottom: #4f4f4f 1.4pt solid; white-space: nowrap; 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">(% of Net Assets)</span> </div>
</th>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">First American Government Obligations Fund - Class X, 3.56%</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98C_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000265885Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX356Member_zUlOcbUVZTAh" style="font: 300 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">5.7</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">United States Treasury Bills</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000265885Member__oef--LargestHoldingAxis__custom--UnitedStatesTreasuryBillsMember_zqRkoHTwK3cb" style="font: 300 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">1.1</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">BitMine Immersion Technologies, Inc. Swap; Maturity Date: 03/30/2033</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98E_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000265885Member__oef--LargestHoldingAxis__custom--BitMineImmersionTechnologiesIncSwapMaturityDate03302033Member_fKg_____zCOKYBqh1Ree" style="font: 300 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">-0.8</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">BitMine Immersion Technologies, Inc. Swap; Maturity Date: 01/11/2028</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000265885Member__oef--LargestHoldingAxis__custom--BitMineImmersionTechnologiesIncSwapMaturityDate01112028Member_zhCc50qxNZTe" style="font: 300 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">0.5</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">BitMine Immersion Technologies, Inc. Swap; Maturity Date: 03/18/2033</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98A_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000265885Member__oef--LargestHoldingAxis__custom--BitMineImmersionTechnologiesIncSwapMaturityDate03182033Member_zdHz2dxanQnb" style="font: 300 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">0.3</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">BitMine Immersion Technologies, Inc. Swap; Maturity Date: 11/01/2028</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98C_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000265885Member__oef--LargestHoldingAxis__custom--BitMineImmersionTechnologiesIncSwapMaturityDate11012028Member_zCsn2Dj4iQ95" style="font: 300 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">0.3</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">BitMine Immersion Technologies, Inc. Swap; Maturity Date: 11/12/2028</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98B_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000265885Member__oef--LargestHoldingAxis__custom--BitMineImmersionTechnologiesIncSwapMaturityDate11122028Member_fKg_____ziOfH3cp1DV4" style="font: 300 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">0.0*</span> </div>
</td>
</tr>
</table>
</div>
<p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 2pt 0 4pt; text-align-last: auto; display: block; min-height: 26px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages for swap contracts are based on unrealized appreciation (depreciation).</p>
<table border="0" cellpadding="0" cellspacing="0" style="font: 300 8pt/normal Gotham Narrow-Light,Arial; width: 100%; margin-top: 2pt; margin-bottom: 4pt; color: #4f4f4f">
<tr style="vertical-align: top">
<td id="xdx_F09_z1kY8Bj1f7Z3" style="text-align: left">*</td>
<td id="xdx_F1C_zrfK3ouJloGk" style="text-align: left">
Less than 0.05%
</td>
</tr>
</table>
0.057
0.011
-0.008
0.005
0.003
0.003
0.000
Defiance Daily Target 2X Short HOOD ETF
HOOZ
NYSEArca
This <span id="xdx_90F_eoef--ShareholderReportAnnualOrSemiAnnual_c20250501__20260430__oef--ClassAxis__custom--C000265888Member_zLI2EtBnyLI">annual shareholder report</span> contains important information about the Defiance Daily Target 2X Short HOOD ETF (the "Fund") for the period May 1, 2025 to April 30, 2026.
annual shareholder report
You can find additional information about the Fund at <span id="xdx_90F_eoef--AddlInfoWebsite_c20250501__20260430__oef--ClassAxis__custom--C000265888Member_zi1ackFbuBj1">https://www.defianceetfs.com/hooz</span>. You can also request this information by contacting us at <span id="xdx_902_eoef--AddlInfoPhoneNumber_c20250501__20260430__oef--ClassAxis__custom--C000265888Member_zyGoasLZNUTl">(833) 333-9383</span> or by writing to the Defiance Daily Target 2X Short HOOD ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.
https://www.defianceetfs.com/hooz
(833) 333-9383
This report describes changes to the Fund that occurred during the reporting period.
<p id="xdx_80C_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000265888Member_dU_z9qBQta5PhD" style="font: 700 11pt/11pt Gotham Narrow-Bold,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What were the Fund costs since inception?</p>
<p style="font: 300 10pt/11pt Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(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; height: auto; 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">Class 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">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">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 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_985_eoef--ClassName_c20250501__20260430__oef--ClassAxis__custom--C000265888Member_zRlLGoYOOOa2" style="font: 300 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">Defiance Daily Target 2X Short HOOD ETF</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98D_eoef--ExpensesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000265888Member_zq667bKEBbl1" style="font: 300 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">$77</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98C_eoef--ExpenseRatioPct_dp_c20250501__20260430__oef--ClassAxis__custom--C000265888Member_fKg_____zToba6OBU1Rg" style="font: 300 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">1.29%*</span> </div>
</td>
</tr>
</table>
</div>
</div>
</div>
<p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 1pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"><span id="xdx_908_eoef--ExpensesShortPeriodFnTextBlock_c20250501__20260430__oef--ClassAxis__custom--C000265888Member_zp7f7mVt3IS1">The Fund commenced operations November 12, 2025. Expenses for a full reporting period would be higher than the figures shown.</span></span> </p>
<table cellpadding="0" cellspacing="0" style="font: 300 8pt/normal 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_zOc2JnKEz3fk" style="width: 15pt; text-align: right">*</td>
<td style="width: 5pt"></td>
<td id="xdx_F14_zG5UYbJBfm11" style="text-align: justify">
Costs paid as a percentage of a $10,000 investment is an annualized figure.
</td>
</tr>
</table>
Defiance Daily Target 2X Short HOOD ETF
77
0.0129
The Fund commenced operations November 12, 2025. Expenses for a full reporting period would be higher than the figures shown.
<p id="xdx_807_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000265888Member_dU_zf0hKRlZB2Sd" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Cumulative Performance</p>
<p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(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; 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">Date</div>
</td>
<td id="xdx_4BA_oef--ClassAxis_custom--C000265888Member_zLgZfDr5Wbt4" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">Defiance Daily Target 2X Short HOOD ETF</div>
</td>
<td id="xdx_4BF_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_zUdrBOiOMYGb" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">S&P 500® Total Return Index</div>
</td>
</tr>
<tr id="xdx_431_c20251112__20251112_eoef--AccmVal_pid_zLb09YgJnNPl" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">11/12/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10000.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10000.0
</div>
</td>
</tr>
<tr id="xdx_43C_c20251112__20251130_eoef--AccmVal_pid_zBuTd3FLTWxk" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">11/30/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
9516.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10005.0
</div>
</td>
</tr>
<tr id="xdx_434_c20251112__20251231_eoef--AccmVal_pid_zDEMSdi9jCm3" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">12/31/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
11389.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10011.0
</div>
</td>
</tr>
<tr id="xdx_43B_c20251112__20260131_eoef--AccmVal_pid_zwuhqQUmYENg" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">1/31/2026</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
13954.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10157.0
</div>
</td>
</tr>
<tr id="xdx_43C_c20251112__20260228_eoef--AccmVal_pid_zbBDD4J2OC3e" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">2/28/2026</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
18896.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10079.0
</div>
</td>
</tr>
<tr id="xdx_43F_c20251112__20260331_eoef--AccmVal_pid_zQ3jBJKJSGbf" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">3/31/2026</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
20352.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
9577.0
</div>
</td>
</tr>
<tr id="xdx_434_c20251112__20260430_eoef--AccmVal_pid_zI4R04amZ6uf" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">4/30/2026</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
15640.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10582.0
</div>
</td>
</tr>
</table>
</div>
</div><img alt="line" src="qeseylk1mpupcl3z.jpg" style="box-sizing: border-box; width: 250pt; height: auto"/>
</div>
</div>
</div>
<p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p>
<p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p>
<p style="box-sizing: border-box; text-align-last: auto; display: block; font-family: Times New Roman,Times,serif; line-height: normal; color: #000"> </p>
10000.0
10000.0
9516.0
10005.0
11389.0
10011.0
13954.0
10157.0
18896.0
10079.0
20352.0
9577.0
15640.0
10582.0
<p id="xdx_80D_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000265888Member_dU_zxARDDxVSlc7" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Annual Performance</p>
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse">
<tr style="box-sizing: border-box; height: auto">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box">
<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">Returns for the Period ended April 30, 2026</span> </div>
</th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box">
<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">Since Inception (<span id="xdx_90E_eoef--PerfInceptionDate_c20250501__20260430__oef--ClassAxis__custom--C000265888Member_z5VYjH40AiEc">11/12/2025</span>)</span> </div>
</th>
</tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">Defiance Daily Target 2X Short HOOD ETF - at NAV</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_986_eoef--AvgAnnlRtrPct_dp_c20251112__20260430__oef--ClassAxis__custom--C000265888Member_zxL43awGvoF3" style="font: 300 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">56.40%</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">S&P 500® Total Return Index</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_984_eoef--AvgAnnlRtrPct_dp_c20251112__20260430__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zkQ5gwiuUMN5" style="font: 300 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">5.82%</span> </div>
</td>
</tr>
</table>
2025-11-12
0.5640
0.0582
The Fund's past performance is not a good indicator of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
<span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal">Visit </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial"><span style="box-sizing: border-box">https://www.defianceetfs.com/hooz</span> </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal"> for more recent performance information.</span>
<p id="xdx_801_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000265888Member_dU_z1WKAioxQ5ng" style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">How did the Fund perform last year and what influenced its performance?</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 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: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 51px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">From inception (November 12, 2025) through April 30, 2026, HOOZ had a NAV total return of 56.40%. HOOZ seeks to deliver twice the daily inverse performance of HOOD (Robinhood Markets, Inc.). As an inverse leveraged fund, it experiences losses when HOOD's stock rises and gains when it falls.</p>
</div>
</div>
<p style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">What factors influenced performance?</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 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: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 68px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">Robinhood's retail trading volumes, product expansion initiatives, and broader market sentiment directly influenced HOOZ's performance given its inverse exposure to HOOD. Periods of elevated market volatility that drove retail trading activity and supported HOOD's stock created headwinds for HOOZ. Daily rebalancing and compounding effects caused the fund's returns to deviate from the expected -2x multiple over the holding period.</p>
</div>
</div>
<p id="xdx_80E_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000265888Member_dD_zEPqx74RUcq6" style="font: 700 13pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p>
<p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p>
<div style="box-sizing: border-box; text-align-last: auto">
<p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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 style="font: 300 10pt Gotham Narrow-Light,Arial; margin: -7pt 0 8pt; margin-block: 1em; margin-inline: 0px; box-sizing: border-box; text-align-last: auto; display: block; 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: fixed; border-collapse: collapse">
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">Fund Size (Thousands)</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_983_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000265888Member_zIdclF2lsUnc" style="font: 300 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">$5,318</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">Number of Holdings</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_989_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000265888Member_zBtyLyLaeHia" style="font: 300 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">7</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">Total Advisory Fee</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_988_eoef--AdvisoryFeesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000265888Member_zPQtBDaJ5BNk" style="font: 300 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">$32,282</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">Portfolio Turnover</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 300 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"><span id="xdx_90C_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250501__20260430__oef--ClassAxis__custom--C000265888Member_zuAauNAb9DQe">0</span>%</span> </div>
</td>
</tr>
</table>
</div>
</div>
</div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -7pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; display: block"></span> </div>
</div>
5318000
7
32282
0
<p id="xdx_80D_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000265888Member_dD_zIhoHXPVHvFk" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p>
<p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p>
<p style="font: 300 10pt/normal 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 style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 700 13pt/11pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 30.34px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of 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">
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<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">Sector</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">%</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">Cash Equivalents</div>
</td>
<td style="box-sizing: border-box">
<div id="xdx_983_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000265888Member__us-gaap--InvestmentTypeAxis__us-gaap--CashEquivalentsMember_zwNHo4F7pEad" style="box-sizing: border-box; text-align-last: auto">
100.0%
</div>
</td>
</tr>
</table>
</div>
</div><img alt="bar" src="qes1st61mpuo5pn5.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/>
</div>
</div>
</div>
<p style="font: 300 8pt/0 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0; text-align: justify"> </p>
</div>
<div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 700 13pt/12pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of 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">Sector</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">%</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">Total Return Swap Contracts</div>
</td>
<td style="box-sizing: border-box">
<div id="xdx_98C_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000265888Member__us-gaap--InvestmentTypeAxis__custom--TotalReturnSwapContractsMember_zv3fRNEe26D2" style="box-sizing: border-box; text-align-last: auto">
38.1%
</div>
</td>
</tr>
</table>
</div>
</div><img alt="bar" src="qeseylk1mpuo5pzj.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/>
</div>
</div>
</div>
</div>
<div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 300 8pt/9pt Gotham Narrow-Light,Arial; margin: 4pt 0; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">Percentages are stated as a percent of net assets. Percentages for swap contracts are based on unrealized appreciation (depreciation). Cash Equivalents represents cash, short-term investments, and other assets in excess of liabilities.</p>
</div>
<p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -55pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p>
1.000
0.381
<div id="xdx_80F_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000265888Member_dD_zv296ZMRzXVl"></div>
<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">Top Holdings</span> </div>
</th>
<th style="border-bottom: #4f4f4f 1.4pt solid; white-space: nowrap; 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">(% of Net Assets)</span> </div>
</th>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">Robinhood Markets, Inc. Swap; Maturity Date: 01/11/2028</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98C_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000265888Member__oef--LargestHoldingAxis__custom--RobinhoodMarketsIncSwapMaturityDate01112028Member_z6nZB7NVC43d" style="font: 300 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">12.4</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">Robinhood Markets, Inc. Swap; Maturity Date: 03/18/2033</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_981_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000265888Member__oef--LargestHoldingAxis__custom--RobinhoodMarketsIncSwapMaturityDate03182033Member_z0vLI52MIex7" style="font: 300 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">11.9</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">Robinhood Markets, Inc. Swap; Maturity Date: 03/31/2033</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98B_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000265888Member__oef--LargestHoldingAxis__custom--RobinhoodMarketsIncSwapMaturityDate03312033Member_zL18qCy6JjAi" style="font: 300 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">12.8</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">First American Government Obligations Fund - Class X, 3.56%</span></div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_981_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000265888Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX356Member_zngWawABQ783" style="font: 300 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">10.7</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">United States Treasury Bills</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000265888Member__oef--LargestHoldingAxis__custom--UnitedStatesTreasuryBillsMember_zS3h4tiGpPhc" style="font: 300 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">6.8</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">Robinhood Markets, Inc. Swap; Maturity Date: 11/01/2028</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_981_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000265888Member__oef--LargestHoldingAxis__custom--RobinhoodMarketsIncSwapMaturityDate11012028Member_zpnJsBpQcGm6" style="font: 300 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">3.5</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">Robinhood Markets, Inc. Swap; Maturity Date: 11/12/2028</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98C_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000265888Member__oef--LargestHoldingAxis__custom--RobinhoodMarketsIncSwapMaturityDate11122028Member_z204AHLAsqDh" style="font: 300 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">-1.4</span> </div>
</td>
</tr>
</table>
<p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 2pt 0 4pt; text-align-last: auto; display: block; min-height: 26px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages for swap contracts are based on unrealized appreciation (depreciation).</p>
0.124
0.119
0.128
0.107
0.068
0.035
-0.014
Defiance Daily Target 2X Short IONQ ETF
IONZ
NASDAQ
This <span id="xdx_90F_eoef--ShareholderReportAnnualOrSemiAnnual_c20250501__20260430__oef--ClassAxis__custom--C000260338Member_zozIjm8NOft2">annual shareholder report</span> contains important information about the Defiance Daily Target 2X Short IONQ ETF (the "Fund") for the period May 1, 2025 to April 30, 2026.
annual shareholder report
You can find additional information about the Fund at <span id="xdx_90F_eoef--AddlInfoWebsite_c20250501__20260430__oef--ClassAxis__custom--C000260338Member_zJq46Z4IpJA1">https://www.defianceetfs.com/ionz</span>. You can also request this information by contacting us at <span id="xdx_902_eoef--AddlInfoPhoneNumber_c20250501__20260430__oef--ClassAxis__custom--C000260338Member_zUIFgppYsxBe">(833) 333-9383</span> or by writing to the Defiance Daily Target 2X Short IONQ ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.
https://www.defianceetfs.com/ionz
(833) 333-9383
This report describes changes to the Fund that occurred during the reporting period.
<p id="xdx_80C_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000260338Member_dU_zol3hCd1bYU8" style="font: 700 11pt/11pt Gotham Narrow-Bold,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What were the Fund costs since inception?</p>
<p style="font: 300 10pt/11pt Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(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; height: auto; 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">Class 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">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">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 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_985_eoef--ClassName_c20250501__20260430__oef--ClassAxis__custom--C000260338Member_zWTW8qyNvTPf" style="font: 300 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">Defiance Daily Target 2X Short IONQ ETF</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98D_eoef--ExpensesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000260338Member_z2fFUj89W83k" style="font: 300 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">$86</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98C_eoef--ExpenseRatioPct_dp_c20250501__20260430__oef--ClassAxis__custom--C000260338Member_fKg_____zLsjEPoNpYA3" style="font: 300 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">1.91%*</span> </div>
</td>
</tr>
</table>
</div>
</div>
</div>
<p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 1pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"><span id="xdx_908_eoef--ExpensesShortPeriodFnTextBlock_c20250501__20260430__oef--ClassAxis__custom--C000260338Member_zvlC1QgrntA3">The Fund commenced operations June 23, 2025. Expenses for a full reporting period would be higher than the figures shown.</span></span> </p>
<table cellpadding="0" cellspacing="0" style="font: 300 8pt/normal 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_F0B_znwdKWS4coK9" style="width: 15pt; text-align: right">*</td>
<td style="width: 5pt"></td>
<td id="xdx_F1D_zZFgFe44L2e2" style="text-align: justify">
Costs paid as a percentage of a $10,000 investment is an annualized figure.
</td>
</tr>
</table>
Defiance Daily Target 2X Short IONQ ETF
86
0.0191
The Fund commenced operations June 23, 2025. Expenses for a full reporting period would be higher than the figures shown.
<p id="xdx_807_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000260338Member_dU_zIFLVhFzpSvj" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Cumulative Performance</p>
<p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(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; display: flex; justify-content: center">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
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<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">Date</div>
</td>
<td id="xdx_4BA_oef--ClassAxis_custom--C000260338Member_zEG2jeal91Kg" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">Defiance Daily Target 2X Short IONQ ETF</div>
</td>
<td id="xdx_4BF_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_zT0Bzl6TKBg9" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">S&P 500® Total Return Index</div>
</td>
</tr>
<tr id="xdx_432_c20250623__20250623_eoef--AccmVal_pid_z8QM5MfbOOE8" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">6/23/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10000.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10000.0
</div>
</td>
</tr>
<tr id="xdx_435_c20250623__20250630_eoef--AccmVal_pid_zoK1UxhDO8ji" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">6/30/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
8712.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10300.0
</div>
</td>
</tr>
<tr id="xdx_431_c20250623__20250731_eoef--AccmVal_pid_zQrTMxnk6rxf" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">7/31/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
8861.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10532.0
</div>
</td>
</tr>
<tr id="xdx_43A_c20250623__20250831_eoef--AccmVal_pid_zDIfE50JBJTk" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">8/31/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
6846.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10745.0
</div>
</td>
</tr>
<tr id="xdx_434_c20250623__20250930_eoef--AccmVal_pid_zm9B0EZCoPtb" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">9/30/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
2562.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
11137.0
</div>
</td>
</tr>
<tr id="xdx_43F_c20250623__20251031_eoef--AccmVal_pid_zmnZ6SLxJube" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">10/31/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
1706.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
11398.0
</div>
</td>
</tr>
<tr id="xdx_438_c20250623__20251130_eoef--AccmVal_pid_zix0Lf4qfzx4" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">11/30/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
2056.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
11426.0
</div>
</td>
</tr>
<tr id="xdx_43F_c20250623__20251231_eoef--AccmVal_pid_zcMgHNfYhULf" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">12/31/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
1896.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
11433.0
</div>
</td>
</tr>
<tr id="xdx_43D_c20250623__20260131_eoef--AccmVal_pid_zAAxF04TH6gg" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">1/31/2026</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
1936.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
11599.0
</div>
</td>
</tr>
<tr id="xdx_433_c20250623__20260228_eoef--AccmVal_pid_znE28eD5s1t4" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">2/28/2026</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
1338.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
11511.0
</div>
</td>
</tr>
<tr id="xdx_436_c20250623__20260331_eoef--AccmVal_pid_zjqKxTqAqTLh" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">3/31/2026</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
2063.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10937.0
</div>
</td>
</tr>
<tr id="xdx_432_c20250623__20260430_eoef--AccmVal_pid_zl5UTpgNeGP9" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">4/30/2026</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
547.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
12085.0
</div>
</td>
</tr>
</table>
</div>
</div><img alt="line" src="qesstlj2l11mq1fkgm9.jpg" style="box-sizing: border-box; width: 250pt; height: auto"/>
</div>
</div>
</div>
<p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p>
<p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p>
<p style="box-sizing: border-box; text-align-last: auto; display: block; font-family: Times New Roman,Times,serif; line-height: normal; color: #000"> </p>
10000.0
10000.0
8712.0
10300.0
8861.0
10532.0
6846.0
10745.0
2562.0
11137.0
1706.0
11398.0
2056.0
11426.0
1896.0
11433.0
1936.0
11599.0
1338.0
11511.0
2063.0
10937.0
547.0
12085.0
<p id="xdx_80D_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000260338Member_dU_zX2Ow1D0dHDb" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Annual Performance</p>
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse">
<tr style="box-sizing: border-box; height: auto">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box">
<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">Returns for the Period ended April 30, 2026</span> </div>
</th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box">
<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">Since Inception (<span id="xdx_90E_eoef--PerfInceptionDate_c20250501__20260430__oef--ClassAxis__custom--C000260338Member_zBqx7rDtIxCk">6/23/2025</span>)</span> </div>
</th>
</tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">Defiance Daily Target 2X Short IONQ ETF - at NAV</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_98D_eoef--AvgAnnlRtrPct_dp_c20250623__20260430__oef--ClassAxis__custom--C000260338Member_zAYW2y0u5Zmj" style="font: 300 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">-94.53%</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">S&P 500® Total Return Index</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_98D_eoef--AvgAnnlRtrPct_dp_c20250623__20260430__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zwlL3jMBdlX2" style="font: 300 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">20.85%</span> </div>
</td>
</tr>
</table>
2025-06-23
-0.9453
0.2085
The Fund's past performance is not a good indicator of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
<span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal">Visit </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial"><span style="box-sizing: border-box">https://www.defianceetfs.com/ionz</span> </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal"> for more recent performance information.</span>
<p id="xdx_801_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000260338Member_dU_zXPh00js1xsb" style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">How did the Fund perform last year and what influenced its performance?</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 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: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 34px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">From inception (June 23, 2025) through April 30, 2026, IONZ had a NAV total return of –94.53%. IONZ seeks to deliver twice the daily inverse performance of IONQ (IonQ, Inc.). As an inverse leveraged fund, it gains when IONQ declines and loses when IONQ rises.</p>
</div>
</div>
<p style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">What factors influenced performance?</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 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: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 68px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">IonQ's quantum computing progress, contract wins, and technology milestones drove stock volatility that directly affected IONZ's performance. Periods of strong investor optimism toward quantum computing created headwinds for the inverse fund. Daily leverage compounding over the holding period caused IONZ's cumulative return to deviate from the expected -2x multiple of IonQ's cumulative performance.</p>
</div>
</div>
<p id="xdx_80E_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000260338Member_dD_zv31kvqC4439" style="font: 700 13pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p>
<p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p>
<div style="box-sizing: border-box; text-align-last: auto">
<p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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 style="font: 300 10pt Gotham Narrow-Light,Arial; margin: -7pt 0 8pt; margin-block: 1em; margin-inline: 0px; box-sizing: border-box; text-align-last: auto; display: block; 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: fixed; border-collapse: collapse">
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">Fund Size (Thousands)</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_983_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000260338Member_zs6v5l2tUgT1" style="font: 300 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">$20,854</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">Number of Holdings</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_989_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000260338Member_z9FnaSIkDHrb" style="font: 300 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">7</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">Total Advisory Fee</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_988_eoef--AdvisoryFeesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000260338Member_zoQJUNEDnpx5" style="font: 300 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">$305,021</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">Portfolio Turnover</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 300 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"><span id="xdx_90C_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250501__20260430__oef--ClassAxis__custom--C000260338Member_zS6DpmWGIUeg">0</span>%</span> </div>
</td>
</tr>
</table>
</div>
</div>
</div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -7pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; display: block"></span> </div>
</div>
20854000
7
305021
0
<p id="xdx_80D_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000260338Member_dD_zgKIhwPhDk45" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p>
<p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p>
<p style="font: 300 10pt/normal 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 style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 700 13pt/11pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 30.34px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of 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">Sector</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">%</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">Cash Equivalents</div>
</td>
<td style="box-sizing: border-box">
<div id="xdx_983_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000260338Member__us-gaap--InvestmentTypeAxis__us-gaap--CashEquivalentsMember_zrJq7nWQg2oa" style="box-sizing: border-box; text-align-last: auto">
100.0%
</div>
</td>
</tr>
</table>
</div>
</div><img alt="bar" src="qeseylk1mpuo4wt7.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/>
</div>
</div>
</div>
<p style="font: 300 8pt/0 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0; text-align: justify"> </p>
</div>
<div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 700 13pt/12pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of 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">Sector</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">%</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">Total Return Swap Contracts</div>
</td>
<td style="box-sizing: border-box">
<div id="xdx_98C_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000260338Member__us-gaap--InvestmentTypeAxis__custom--TotalReturnSwapContractsMember_zyxMz24ho33f" style="box-sizing: border-box; text-align-last: auto">
9.1%
</div>
</td>
</tr>
</table>
</div>
</div><img alt="bar" src="qes1st61mpuo4x7s.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/>
</div>
</div>
</div>
</div>
<div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 300 8pt/9pt Gotham Narrow-Light,Arial; margin: 4pt 0; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">Percentages are stated as a percent of net assets. Percentages for swap contracts are based on unrealized appreciation (depreciation). Cash Equivalents represents cash, short-term investments, and other assets in excess of liabilities.</p>
</div>
<p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -55pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p>
1.000
0.091
<div id="xdx_80F_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000260338Member_dD_zbzu5ZqDlR12" 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: #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">Top Holdings</span> </div>
</th>
<th style="border-bottom: #4f4f4f 1.4pt solid; white-space: nowrap; 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">(% of Net Assets)</span> </div>
</th>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">United States Treasury Bills</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000260338Member__oef--LargestHoldingAxis__custom--UnitedStatesTreasuryBillsMember_zPIlGOsyPqpi" style="font: 300 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">33.1</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">First American Government Obligations Fund - Class X, 3.56%</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_981_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000260338Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX356Member_zF4TouqS5xRi" style="font: 300 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">8.0</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">IonQ, Inc. Swap; Maturity Date: 09/24/2026</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98A_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000260338Member__oef--LargestHoldingAxis__custom--IonqIncSwapMaturityDate09242026Member_zN9wjil0O5Ci" style="font: 300 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">2.6</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">IonQ, Inc. Swap; Maturity Date: 03/31/2033</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_984_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000260338Member__oef--LargestHoldingAxis__custom--IonqIncSwapMaturityDate03312033Member_z8Nxk6uj9sO4" style="font: 300 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">2.5</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">IonQ, Inc. Swap; Maturity Date: 11/16/2027</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98F_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000260338Member__oef--LargestHoldingAxis__custom--IonqIncSwapMaturityDate11162027Member_zQooPbN9f4lb" style="font: 300 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">1.8</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">IonQ, Inc. Swap; Maturity Date: 03/18/2033</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_984_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000260338Member__oef--LargestHoldingAxis__custom--IonqIncSwapMaturityDate03182033Member_zKEEfKH1lPN6" style="font: 300 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">1.3</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">IonQ, Inc. Swap; Maturity Date: 09/08/2028</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98F_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000260338Member__oef--LargestHoldingAxis__custom--IonqIncSwapMaturityDate09082028Member_zT2ec7aWCrC4" style="font: 300 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">0.9</span> </div>
</td>
</tr>
</table>
</div>
<p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 2pt 0 4pt; text-align-last: auto; display: block; min-height: 26px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages for swap contracts are based on unrealized appreciation (depreciation).</p>
0.331
0.080
0.026
0.025
0.018
0.013
0.009
<p id="xdx_807_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000260338Member_dD_zRHDV7kk7lMl" style="font: 10pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0"><b>Material Fund Changes</b></p>
<p style="font: 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">After the close of trading on The Nasdaq Stock Market, LLC on <span id="xdx_908_eoef--MaterialChngDate_c20250501__20260430__oef--ClassAxis__custom--C000260338Member_zXXRt0HFeJT4">December 8, 2025</span>, the Fund effected a 1:6 reverse split of its issued and outstanding shares.</p>
2025-12-08
Defiance Daily Target 2X Short OKLO ETF
OKLS
NYSEArca
This <span id="xdx_90F_eoef--ShareholderReportAnnualOrSemiAnnual_c20250501__20260430__oef--ClassAxis__custom--C000265876Member_zJZhHNYpmWQ6">annual shareholder report</span> contains important information about the Defiance Daily Target 2X Short OKLO ETF (the "Fund") for the period May 1, 2025 to April 30, 2026.
annual shareholder report
You can find additional information about the Fund at <span id="xdx_90F_eoef--AddlInfoWebsite_c20250501__20260430__oef--ClassAxis__custom--C000265876Member_zyuKSIz8Disa">https://www.defianceetfs.com/okls</span>. You can also request this information by contacting us at <span id="xdx_902_eoef--AddlInfoPhoneNumber_c20250501__20260430__oef--ClassAxis__custom--C000265876Member_zwulKC8Z9Vcd">(833) 333-9383</span> or by writing to the Defiance Daily Target 2X Short OKLO ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.
https://www.defianceetfs.com/okls
(833) 333-9383
This report describes changes to the Fund that occurred during the reporting period.
<p id="xdx_80C_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000265876Member_dU_zYRVnukZDG5g" style="font: 700 11pt/11pt Gotham Narrow-Bold,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What were the Fund costs since inception?</p>
<p style="font: 300 10pt/11pt Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(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; height: auto; 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">Class 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">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">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 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_985_eoef--ClassName_c20250501__20260430__oef--ClassAxis__custom--C000265876Member_zbXvS4q6cFle" style="font: 300 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">Defiance Daily Target 2X Short OKLO ETF</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98D_eoef--ExpensesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000265876Member_zyE56SlLmAz2" style="font: 300 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">$44</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98C_eoef--ExpenseRatioPct_dp_c20250501__20260430__oef--ClassAxis__custom--C000265876Member_fKg_____zUGXvreunCgg" style="font: 300 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">1.51%*</span> </div>
</td>
</tr>
</table>
</div>
</div>
</div>
<p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 1pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"><span id="xdx_908_eoef--ExpensesShortPeriodFnTextBlock_c20250501__20260430__oef--ClassAxis__custom--C000265876Member_zo0EHaE82fD">The Fund commenced operations November 25, 2025. Expenses for a full reporting period would be higher than the figures shown.</span></span> </p>
<table cellpadding="0" cellspacing="0" style="font: 300 8pt/normal 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_F0B_zmBZXUmaKBDj" style="width: 15pt; text-align: right">*</td>
<td style="width: 5pt"></td>
<td id="xdx_F1D_zCJENzEX1pe6" style="text-align: justify">
Costs paid as a percentage of a $10,000 investment is an annualized figure.
</td>
</tr>
</table>
Defiance Daily Target 2X Short OKLO ETF
44
0.0151
The Fund commenced operations November 25, 2025. Expenses for a full reporting period would be higher than the figures shown.
<p id="xdx_807_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000265876Member_dU_ziI33jhc5sX7" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Cumulative Performance</p>
<p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(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; 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">Date</div>
</td>
<td id="xdx_4BA_oef--ClassAxis_custom--C000265876Member_z7Rq8VEWVQX3" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">Defiance Daily Target 2X Short OKLO ETF</div>
</td>
<td id="xdx_4BF_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_z1w0JKCwVPyj" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">S&P 500® Total Return Index</div>
</td>
</tr>
<tr id="xdx_438_c20251125__20251125_eoef--AccmVal_pid_zFQXLntlnamb" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">11/25/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10000.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10000.0
</div>
</td>
</tr>
<tr id="xdx_432_c20251125__20251130_eoef--AccmVal_pid_zYpxkccdmaVj" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">11/30/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
8705.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10124.0
</div>
</td>
</tr>
<tr id="xdx_432_c20251125__20251231_eoef--AccmVal_pid_zmuiOkUewjK" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">12/31/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10633.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10130.0
</div>
</td>
</tr>
<tr id="xdx_43E_c20251125__20260131_eoef--AccmVal_pid_z2srUxLtfzMb" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">1/31/2026</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
6461.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10277.0
</div>
</td>
</tr>
<tr id="xdx_437_c20251125__20260228_eoef--AccmVal_pid_zSxmtiURwCIe" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">2/28/2026</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
7861.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10199.0
</div>
</td>
</tr>
<tr id="xdx_43D_c20251125__20260331_eoef--AccmVal_pid_zR3jQUMd2SMh" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">3/31/2026</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10713.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
9691.0
</div>
</td>
</tr>
<tr id="xdx_438_c20251125__20260430_eoef--AccmVal_pid_zOIMMYyyRqf7" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">4/30/2026</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
3489.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10707.0
</div>
</td>
</tr>
</table>
</div>
</div><img alt="line" src="qeseylk1mpupclsc.jpg" style="box-sizing: border-box; width: 250pt; height: auto"/>
</div>
</div>
</div>
<p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p>
<p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p>
<p style="box-sizing: border-box; text-align-last: auto; display: block; font-family: Times New Roman,Times,serif; line-height: normal; color: #000"> </p>
10000.0
10000.0
8705.0
10124.0
10633.0
10130.0
6461.0
10277.0
7861.0
10199.0
10713.0
9691.0
3489.0
10707.0
<p id="xdx_80D_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000265876Member_dU_zRGuaWjL23Uk" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Annual Performance</p>
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse">
<tr style="box-sizing: border-box; height: auto">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box">
<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">Returns for the Period ended April 30, 2026</span> </div>
</th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box">
<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">Since Inception (<span id="xdx_90E_eoef--PerfInceptionDate_c20250501__20260430__oef--ClassAxis__custom--C000265876Member_ztYboYrEfJEf">11/25/2025</span>)</span> </div>
</th>
</tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">Defiance Daily Target 2X Short OKLO ETF - at NAV</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_98E_eoef--AvgAnnlRtrPct_dp_c20251125__20260430__oef--ClassAxis__custom--C000265876Member_z5OXo8tvA2Xf" style="font: 300 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">-65.13%</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">S&P 500® Total Return Index</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_985_eoef--AvgAnnlRtrPct_dp_c20251125__20260430__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_z3gsetb7XJY5" style="font: 300 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">7.07%</span> </div>
</td>
</tr>
</table>
2025-11-25
-0.6513
0.0707
The Fund's past performance is not a good indicator of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
<span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal">Visit </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial"><span style="box-sizing: border-box">https://www.defianceetfs.com/okls</span> </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal"> for more recent performance information.</span>
<p id="xdx_801_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000265876Member_dU_zAnkWpZqdFGh" style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">How did the Fund perform last year and what influenced its performance?</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 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: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 34px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">From inception (November 25, 2025) through April 30, 2026, OKLS had a NAV total return of -65.13%. OKLS seeks to deliver twice the daily inverse performance of OKLO (Oklo Inc.). As an inverse leveraged fund, it experiences losses when OKLO's stock rises.</p>
</div>
</div>
<p style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">What factors influenced performance?</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 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: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 68px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">Oklo's regulatory milestones, data center partnerships, and investor enthusiasm for nuclear energy as a clean power source for AI infrastructure drove stock movements that created headwinds for OKLS given its inverse exposure. Periods of positive news flow around advanced fission technology licensing and government support for next-generation nuclear power amplified losses for OKLS through its leveraged inverse structure.</p>
</div>
</div>
<p id="xdx_80E_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000265876Member_dD_zZ23jIX6bp0d" style="font: 700 13pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p>
<p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p>
<div style="box-sizing: border-box; text-align-last: auto">
<p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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 style="font: 300 10pt Gotham Narrow-Light,Arial; margin: -7pt 0 8pt; margin-block: 1em; margin-inline: 0px; box-sizing: border-box; text-align-last: auto; display: block; 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: fixed; border-collapse: collapse">
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">Fund Size (Thousands)</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_983_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000265876Member_zwmLohgzjl2h" style="font: 300 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">$9,554</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">Number of Holdings</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_989_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000265876Member_zHA3fqAuaIN" style="font: 300 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">7</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">Total Advisory Fee</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_988_eoef--AdvisoryFeesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000265876Member_zK3j4vZ6mMLb" style="font: 300 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">$29,727</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">Portfolio Turnover</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 300 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"><span id="xdx_90C_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250501__20260430__oef--ClassAxis__custom--C000265876Member_zlmCPivXZ7B3">0</span>%</span> </div>
</td>
</tr>
</table>
</div>
</div>
</div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -7pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; display: block"></span> </div>
</div>
9554000
7
29727
0
<p id="xdx_80D_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000265876Member_dD_z3WF2944EV5j" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p>
<p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p>
<p style="font: 300 10pt/normal 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 style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 700 13pt/11pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 30.34px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of 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">Sector</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">%</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">Cash Equivalents</div>
</td>
<td style="box-sizing: border-box">
<div id="xdx_983_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000265876Member__us-gaap--InvestmentTypeAxis__us-gaap--CashEquivalentsMember_zPXXrs85zKj3" style="box-sizing: border-box; text-align-last: auto">
100.0%
</div>
</td>
</tr>
</table>
</div>
</div><img alt="bar" src="qeseylk1mpuo5qvq.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/>
</div>
</div>
</div>
<p style="font: 300 8pt/0 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0; text-align: justify"> </p>
</div>
<div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 700 13pt/12pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of 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">Sector</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">%</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">Total Return Swap Contracts</div>
</td>
<td style="box-sizing: border-box">
<div id="xdx_98C_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000265876Member__us-gaap--InvestmentTypeAxis__custom--TotalReturnSwapContractsMember_zNtp2oj9KFRg" style="box-sizing: border-box; text-align-last: auto">
2.4%
</div>
</td>
</tr>
</table>
</div>
</div><img alt="bar" src="qes1st61mpuo5r7g.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/>
</div>
</div>
</div>
</div>
<div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 300 8pt/9pt Gotham Narrow-Light,Arial; margin: 4pt 0; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">Percentages are stated as a percent of net assets. Percentages for swap contracts are based on unrealized appreciation (depreciation). Cash Equivalents represents cash, short-term investments, and other assets in excess of liabilities.</p>
</div>
<p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -55pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p>
1.000
0.024
<div id="xdx_80F_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000265876Member_dD_zqILEINPb5wf" 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: #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">Top Holdings</span> </div>
</th>
<th style="border-bottom: #4f4f4f 1.4pt solid; white-space: nowrap; 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">(% of Net Assets)</span> </div>
</th>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">United States Treasury Bills</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000265876Member__oef--LargestHoldingAxis__custom--UnitedStatesTreasuryBillsMember_zMBLW4f7iJv9" style="font: 300 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">25.2</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">First American Government Obligations Fund - Class X, 3.56%</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_985_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000265876Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX356Member_zXIH84XhbWc5" style="font: 300 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">2.9</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">Oklo, Inc. Swap; Maturity Date: 01/25/2028</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98C_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000265876Member__oef--LargestHoldingAxis__custom--OkloIncSwapMaturityDate01252028Member_zotbfKNzzOu3" style="font: 300 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">1.7</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">Oklo, Inc. Swap; Maturity Date: 11/01/2028</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_987_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000265876Member__oef--LargestHoldingAxis__custom--OkloIncSwapMaturityDate11012028Member_z5jOPVlqco3h" style="font: 300 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">0.7</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">Oklo, Inc. Swap; Maturity Date: 03/31/2033</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_987_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000265876Member__oef--LargestHoldingAxis__custom--OkloIncSwapMaturityDate03312033Member_fKg_____zWakyb2dx8q1" style="font: 300 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">0.0</span>*</div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">Oklo, Inc. Swap; Maturity Date: 03/18/2033</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_980_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000265876Member__oef--LargestHoldingAxis__custom--OkloIncSwapMaturityDate03182033Member_zdFUgvRy9oL6" style="font: 300 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">0.0</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">Oklo, Inc. Swap; Maturity Date: 11/24/2028</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000265876Member__oef--LargestHoldingAxis__custom--OkloIncSwapMaturityDate11242028Member_znSsuOG2IDPk" style="font: 300 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">0.0</span> </div>
</td>
</tr>
</table>
</div>
<p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 2pt 0 4pt; text-align-last: auto; display: block; min-height: 26px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages for swap contracts are based on unrealized appreciation (depreciation).</p>
<table cellpadding="0" cellspacing="0" style="font: 300 8pt/normal 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_F0B_zUFDFZ9H7GP7" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F14_zMljTqCqIvU4" style="text-align: justify">Less than 0.05%</td>
</tr></table>
0.252
0.029
0.017
0.007
0.000
0.000
0.000
<p id="xdx_807_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000265876Member_dD_zEcLM3fgEQj2" style="font: 10pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0"><b>Material Fund Changes</b></p>
<p style="font: 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">Effective <span id="xdx_90D_eoef--MaterialChngDate_c20250501__20260430__oef--ClassAxis__custom--C000265876Member_zEra10Bwo7gj">March 23, 2026</span>, the Fund executed a 1:3 reverse stock split on its issued and outstanding shares.</p>
<p style="font: 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">Between August 19-20, 2026, the Board determined to close and liquidate the OKLS ETF at the recommendation of the Adviser. The Fund will cease operations, liquidate its assets, and distribute the liquidation proceeds to shareholders on September 8, 2026.</p>
2026-03-23
Defiance Daily Target 2X Short PLTR ETF
PLTZ
NASDAQ
This <span id="xdx_90F_eoef--ShareholderReportAnnualOrSemiAnnual_c20250501__20260430__oef--ClassAxis__custom--C000260339Member_zr79DTyQGZe4">annual shareholder report</span> contains important information about the Defiance Daily Target 2X Short PLTR ETF (the "Fund") for the period May 1, 2025 to April 30, 2026.
annual shareholder report
You can find additional information about the Fund at <span id="xdx_90F_eoef--AddlInfoWebsite_c20250501__20260430__oef--ClassAxis__custom--C000260339Member_zdaUaM81Ls85">https://www.defianceetfs.com/pltz</span>. You can also request this information by contacting us at <span id="xdx_902_eoef--AddlInfoPhoneNumber_c20250501__20260430__oef--ClassAxis__custom--C000260339Member_zgIxcU9wVkYg">(833) 333-9383</span> or by writing to the Defiance Daily Target 2X Short PLTR ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.
https://www.defianceetfs.com/pltz
(833) 333-9383
This report describes changes to the Fund that occurred during the reporting period.
<p id="xdx_80C_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000260339Member_dU_zQiityysY1ik" style="font: 700 11pt/11pt Gotham Narrow-Bold,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What were the Fund costs since inception?</p>
<p style="font: 300 10pt/11pt Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(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; height: auto; 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">Class 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">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">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 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_985_eoef--ClassName_c20250501__20260430__oef--ClassAxis__custom--C000260339Member_zwLhpmdlbwd4" style="font: 300 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">Defiance Daily Target 2X Short PLTR ETF</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98D_eoef--ExpensesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000260339Member_zbZOZyxUbs3g" style="font: 300 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">$81</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98C_eoef--ExpenseRatioPct_dp_c20250501__20260430__oef--ClassAxis__custom--C000260339Member_fKg_____z5FuZFXvwTZ1" style="font: 300 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">1.30%*</span> </div>
</td>
</tr>
</table>
</div>
</div>
</div>
<p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 1pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"><span id="xdx_908_eoef--ExpensesShortPeriodFnTextBlock_c20250501__20260430__oef--ClassAxis__custom--C000260339Member_zYg23a3U6A72">The Fund commenced operations June 5, 2025. Expenses for a full reporting period would be higher than the figures shown.</span></span> </p>
<table cellpadding="0" cellspacing="0" style="font: 300 8pt/normal 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_F0E_zP4iEnqZZbre" style="width: 15pt; text-align: right">*</td>
<td style="width: 5pt"></td>
<td id="xdx_F11_zjEwdTKfZsy8" style="text-align: justify">
Costs paid as a percentage of a $10,000 investment is an annualized figure.
</td>
</tr>
</table>
Defiance Daily Target 2X Short PLTR ETF
81
0.0130
The Fund commenced operations June 5, 2025. Expenses for a full reporting period would be higher than the figures shown.
<p id="xdx_807_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000260339Member_dU_zq2ZRO6Hnclg" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Cumulative Performance</p>
<p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(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; 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">Date</div>
</td>
<td id="xdx_4BA_oef--ClassAxis_custom--C000260339Member_zwwLB0ixZnDj" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">Defiance Daily Target 2X Short PLTR ETF</div>
</td>
<td id="xdx_4BF_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_zWwvNBisB39l" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">S&P 500® Total Return Index</div>
</td>
</tr>
<tr id="xdx_431_c20250605__20250605_eoef--AccmVal_pid_zBnzmT4MmDde" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">6/5/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10000.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10000.0
</div>
</td>
</tr>
<tr id="xdx_436_c20250605__20250630_eoef--AccmVal_pid_zAPQqIXS0RX6" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">6/30/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
7307.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10457.0
</div>
</td>
</tr>
<tr id="xdx_430_c20250605__20250731_eoef--AccmVal_pid_zPn6jT9K1OGb" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">7/31/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
5256.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10692.0
</div>
</td>
</tr>
<tr id="xdx_433_c20250605__20250831_eoef--AccmVal_pid_z0CqXQnwDxQd" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">8/31/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
5000.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10908.0
</div>
</td>
</tr>
<tr id="xdx_43E_c20250605__20250930_eoef--AccmVal_pid_zEPKUsd2hY54" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">9/30/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
3576.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
11307.0
</div>
</td>
</tr>
<tr id="xdx_43B_c20250605__20251031_eoef--AccmVal_pid_zzoYiClRwShj" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">10/31/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
2807.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
11571.0
</div>
</td>
</tr>
<tr id="xdx_43F_c20250605__20251130_eoef--AccmVal_pid_zhDegLOthCkk" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">11/30/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
3596.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
11600.0
</div>
</td>
</tr>
<tr id="xdx_437_c20250605__20251231_eoef--AccmVal_pid_zMOtSJDMgb6c" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">12/31/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
3101.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
11607.0
</div>
</td>
</tr>
<tr id="xdx_436_c20250605__20260131_eoef--AccmVal_pid_zDhSu1s3Rh97" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">1/31/2026</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
4368.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
11775.0
</div>
</td>
</tr>
<tr id="xdx_43F_c20250605__20260228_eoef--AccmVal_pid_zcqH2CjUERk6" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">2/28/2026</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
4483.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
11686.0
</div>
</td>
</tr>
<tr id="xdx_434_c20250605__20260331_eoef--AccmVal_pid_zrZALXAfAFnd" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">3/31/2026</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
3652.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
11104.0
</div>
</td>
</tr>
<tr id="xdx_436_c20250605__20260430_eoef--AccmVal_pid_zzG1vfJQi11l" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">4/30/2026</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
3761.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
12269.0
</div>
</td>
</tr>
</table>
</div>
</div><img alt="line" src="qeseylk1mpupc7f3.jpg" style="box-sizing: border-box; width: 250pt; height: auto"/>
</div>
</div>
</div>
<p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p>
<p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p>
<p style="box-sizing: border-box; text-align-last: auto; display: block; font-family: Times New Roman,Times,serif; line-height: normal; color: #000"> </p>
10000.0
10000.0
7307.0
10457.0
5256.0
10692.0
5000.0
10908.0
3576.0
11307.0
2807.0
11571.0
3596.0
11600.0
3101.0
11607.0
4368.0
11775.0
4483.0
11686.0
3652.0
11104.0
3761.0
12269.0
<p id="xdx_80D_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000260339Member_dU_z7gjWorn8N5h" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Annual Performance</p>
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse">
<tr style="box-sizing: border-box; height: auto">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box">
<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">Returns for the Period ended April 30, 2026</span> </div>
</th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box">
<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">Since Inception (<span id="xdx_90E_eoef--PerfInceptionDate_c20250501__20260430__oef--ClassAxis__custom--C000260339Member_zp7a02rVysu6">6/5/2025</span>)</span> </div>
</th>
</tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">Defiance Daily Target 2X Short PLTR ETF - at NAV</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_98F_eoef--AvgAnnlRtrPct_dp_c20250605__20260430__oef--ClassAxis__custom--C000260339Member_zLwD12C543nf" style="font: 300 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">-62.39%</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">S&P 500® Total Return Index</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_986_eoef--AvgAnnlRtrPct_dp_c20250605__20260430__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zeCUE9EB01If" style="font: 300 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">22.69%</span> </div>
</td>
</tr>
</table>
2025-06-05
-0.6239
0.2269
The Fund's past performance is not a good indicator of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
<span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal">Visit </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial"><span style="box-sizing: border-box">https://www.defianceetfs.com/pltz</span> </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal"> for more recent performance information.</span>
<p id="xdx_801_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000260339Member_dU_z4k9QeH6wUmb" style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">How did the Fund perform last year and what influenced its performance?</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 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: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 34px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">From inception (June 5, 2025) through April 30, 2026, PLTZ had a NAV total return of -62.39%. PLTZ seeks to deliver twice the daily inverse performance of PLTR (Palantir Technologies Inc.). As an inverse leveraged fund, it experiences losses when PLTR's stock rises.</p>
</div>
</div>
<p style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">What factors influenced performance?</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 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: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 68px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">Palantir's stock performance was driven by government contract wins, growth in its commercial AI platform (AIP), and strong quarterly revenue results. Investor enthusiasm for AI software applications and Palantir's positioning as a defense and intelligence data analytics leader contributed to significant stock movements. These factors created headwinds for PLTZ given its inverse exposure, compounded by daily rebalancing effects over the holding period.</p>
</div>
</div>
<p id="xdx_80E_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000260339Member_dD_zZc57drG6rA4" style="font: 700 13pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p>
<p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p>
<div style="box-sizing: border-box; text-align-last: auto">
<p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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 style="font: 300 10pt Gotham Narrow-Light,Arial; margin: -7pt 0 8pt; margin-block: 1em; margin-inline: 0px; box-sizing: border-box; text-align-last: auto; display: block; 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: fixed; border-collapse: collapse">
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">Fund Size (Thousands)</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_983_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000260339Member_zSNgTnMPYt9" style="font: 300 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">$24,556</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">Number of Holdings</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_989_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000260339Member_zht9jZS45fHg" style="font: 300 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">7</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">Total Advisory Fee</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_988_eoef--AdvisoryFeesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000260339Member_zYqwzNZe2Hf2" style="font: 300 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">$616,424</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">Portfolio Turnover</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 300 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"><span id="xdx_90C_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250501__20260430__oef--ClassAxis__custom--C000260339Member_zy1hwUBFXlRi">0</span>%</span> </div>
</td>
</tr>
</table>
</div>
</div>
</div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -7pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; display: block"></span> </div>
</div>
24556000
7
616424
0
<p id="xdx_80D_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000260339Member_dD_zs9OsRJ2x3ik" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p>
<p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p>
<p style="font: 300 10pt/normal 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 style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 700 13pt/11pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 30.34px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of 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">Sector</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">%</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">Cash Equivalents</div>
</td>
<td style="box-sizing: border-box">
<div id="xdx_983_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000260339Member__us-gaap--InvestmentTypeAxis__us-gaap--CashEquivalentsMember_zRkyFhXyI9H7" style="box-sizing: border-box; text-align-last: auto">
100.0%
</div>
</td>
</tr>
</table>
</div>
</div><img alt="bar" src="qes1st61mpuo4y44.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/>
</div>
</div>
</div>
<p style="font: 300 8pt/0 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0; text-align: justify"> </p>
</div>
<div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 700 13pt/12pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of 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">Sector</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">%</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">Total Return Swap Contracts</div>
</td>
<td style="box-sizing: border-box">
<div id="xdx_98C_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000260339Member__us-gaap--InvestmentTypeAxis__custom--TotalReturnSwapContractsMember_z3ZmQz8B5Ac2" style="box-sizing: border-box; text-align-last: auto">
24.8%
</div>
</td>
</tr>
</table>
</div>
</div><img alt="bar" src="qeseylk1mpuo4yjx.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/>
</div>
</div>
</div>
</div>
<div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 300 8pt/9pt Gotham Narrow-Light,Arial; margin: 4pt 0; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">Percentages are stated as a percent of net assets. Percentages for swap contracts are based on unrealized appreciation (depreciation). Cash Equivalents represents cash, short-term investments, and other assets in excess of liabilities.</p>
</div>
<p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -55pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p>
1.000
0.248
<div id="xdx_80F_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000260339Member_dD_zzXmpkueELXe" 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: #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">Top Holdings</span> </div>
</th>
<th style="border-bottom: #4f4f4f 1.4pt solid; white-space: nowrap; 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">(% of Net Assets)</span> </div>
</th>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">Palantir Technologies, Inc. Swap; Maturity Date: 10/02/2026</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_984_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000260339Member__oef--LargestHoldingAxis__custom--PalantirTechnologiesIncSwapMaturityDate10022026Member_zXl2Nr0Z9ZDg" style="font: 300 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">-19.5</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">Palantir Technologies, Inc. Swap; Maturity Date: 09/21/2026</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98B_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000260339Member__oef--LargestHoldingAxis__custom--PalantirTechnologiesIncSwapMaturityDate09212026Member_zNhf2Ks9QTD4" style="font: 300 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">15.6</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">Palantir Technologies, Inc. Swap; Maturity Date: 03/31/2033</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_981_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000260339Member__oef--LargestHoldingAxis__custom--PalantirTechnologiesIncSwapMaturityDate03312033Member_zKV5QfjSqzci" style="font: 300 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">14.2</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">United States Treasury Bills</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_980_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000260339Member__oef--LargestHoldingAxis__custom--UnitedStatesTreasuryBillsMember_zll68TzbSezh" style="font: 300 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">14.0</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">Palantir Technologies, Inc. Swap; Maturity Date: 01/04/2028</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_982_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000260339Member__oef--LargestHoldingAxis__custom--PalantirTechnologiesIncSwapMaturityDate01042028Member_zqSOAGHu41c1" style="font: 300 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">13.1</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">First American Government Obligations Fund - Class X, 3.56%</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_981_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000260339Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX356Member_zhQq5vIUANU1" style="font: 300 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">1.8</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">Palantir Technologies, Inc. Swap; Maturity Date: 03/01/2028</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_982_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000260339Member__oef--LargestHoldingAxis__custom--PalantirTechnologiesIncSwapMaturityDate03012028Member_zcNmeCdRGXX9" style="font: 300 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">1.4</span> </div>
</td>
</tr>
</table>
</div>
<p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 2pt 0 4pt; text-align-last: auto; display: block; min-height: 26px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages for swap contracts are based on unrealized appreciation (depreciation).</p>
-0.195
0.156
0.142
0.140
0.131
0.018
0.014
<p id="xdx_80F_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000260339Member_dD_zA3uH5ukwmr5" style="font: 10pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0"><b>Material Fund Changes</b></p>
<p style="font: 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">Effective <span id="xdx_904_eoef--MaterialChngDate_c20250501__20260430__oef--ClassAxis__custom--C000260339Member_zYLzDAot39C8">December 8, 2025</span>, the Fund executed a 1:4 reverse stock split on its issued and outstanding shares.</p>
2025-12-08
Defiance Daily Target 2X Short QBTS ETF
QBTZ
NASDAQ
This <span id="xdx_90F_eoef--ShareholderReportAnnualOrSemiAnnual_c20250501__20260430__oef--ClassAxis__custom--C000261407Member_zHWyMZ0Ns7ka">annual shareholder report</span> contains important information about the Defiance Daily Target 2X Short QBTS ETF (the "Fund") for the period May 1, 2025 to April 30, 2026.
annual shareholder report
You can find additional information about the Fund at <span id="xdx_90F_eoef--AddlInfoWebsite_c20250501__20260430__oef--ClassAxis__custom--C000261407Member_zMsFdpISxQSl">https://www.defianceetfs.com/qbtz</span>. You can also request this information by contacting us at <span id="xdx_902_eoef--AddlInfoPhoneNumber_c20250501__20260430__oef--ClassAxis__custom--C000261407Member_zcRxugJcsPbi">(833) 333-9383</span> or by writing to the Defiance Daily Target 2X Short QBTS ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.
https://www.defianceetfs.com/qbtz
(833) 333-9383
This report describes changes to the Fund that occurred during the reporting period.
<p id="xdx_80C_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000261407Member_dU_zu3HUWHvyGPg" style="font: 700 11pt/11pt Gotham Narrow-Bold,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What were the Fund costs since inception?</p>
<p style="font: 300 10pt/11pt Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(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; height: auto; 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">Class 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">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">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 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_985_eoef--ClassName_c20250501__20260430__oef--ClassAxis__custom--C000261407Member_zkP3AIUO1G9e" style="font: 300 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">Defiance Daily Target 2X Short QBTS ETF</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98D_eoef--ExpensesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000261407Member_z7aBMKvo15ul" style="font: 300 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">$83</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98C_eoef--ExpenseRatioPct_dp_c20250501__20260430__oef--ClassAxis__custom--C000261407Member_fKg_____zQ8KtT6ah64i" style="font: 300 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">2.31%*</span> </div>
</td>
</tr>
</table>
</div>
</div>
</div>
<p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 1pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"><span id="xdx_908_eoef--ExpensesShortPeriodFnTextBlock_c20250501__20260430__oef--ClassAxis__custom--C000261407Member_zqNkSW3GUEE2">The Fund commenced operations October 6, 2025. Expenses for a full reporting period would be higher than the figures shown.</span></span> </p>
<table cellpadding="0" cellspacing="0" style="font: 300 8pt/normal 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_F0B_z80HOZZqVwkc" style="width: 15pt; text-align: right">*</td>
<td style="width: 5pt"></td>
<td id="xdx_F19_zwJd6kxySL24" style="text-align: justify">
Costs paid as a percentage of a $10,000 investment is an annualized figure.
</td>
</tr>
</table>
Defiance Daily Target 2X Short QBTS ETF
83
0.0231
The Fund commenced operations October 6, 2025. Expenses for a full reporting period would be higher than the figures shown.
<p id="xdx_807_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000261407Member_dU_zV7C5YILjpp" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Cumulative Performance</p>
<p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(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; 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">Date</div>
</td>
<td id="xdx_4BA_oef--ClassAxis_custom--C000261407Member_za44D8NN3L7d" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">Defiance Daily Target 2X Short QBTS ETF</div>
</td>
<td id="xdx_4BF_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_zd6N6ioeGu79" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">S&P 500® Total Return Index</div>
</td>
</tr>
<tr id="xdx_430_c20251006__20251006_eoef--AccmVal_pid_zY9pPbCzDBW7" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">10/6/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10000.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10000.0
</div>
</td>
</tr>
<tr id="xdx_438_c20251006__20251031_eoef--AccmVal_pid_zQ2iY0LjEh12" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">10/31/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
5254.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10153.0
</div>
</td>
</tr>
<tr id="xdx_43F_c20251006__20251130_eoef--AccmVal_pid_zscwZ1UKnAe3" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">11/30/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10376.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10178.0
</div>
</td>
</tr>
<tr id="xdx_438_c20251006__20251231_eoef--AccmVal_pid_zHUxMq2WzXQ4" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">12/31/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
4788.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10184.0
</div>
</td>
</tr>
<tr id="xdx_436_c20251006__20260131_eoef--AccmVal_pid_zuDQJyZXKyvj" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">1/31/2026</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
6066.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10332.0
</div>
</td>
</tr>
<tr id="xdx_432_c20251006__20260228_eoef--AccmVal_pid_zGpeDbs6g0Fj" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">2/28/2026</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
5627.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10253.0
</div>
</td>
</tr>
<tr id="xdx_43F_c20251006__20260331_eoef--AccmVal_pid_zwzWBd9Tdcuc" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">3/31/2026</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
8201.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
9743.0
</div>
</td>
</tr>
<tr id="xdx_43B_c20251006__20260430_eoef--AccmVal_pid_zWDpE8tPMpq5" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">4/30/2026</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
2650.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10765.0
</div>
</td>
</tr>
</table>
</div>
</div><img alt="line" src="qeseylk1mpupc854.jpg" style="box-sizing: border-box; width: 250pt; height: auto"/>
</div>
</div>
</div>
<p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p>
<p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p>
<p style="box-sizing: border-box; text-align-last: auto; display: block; font-family: Times New Roman,Times,serif; line-height: normal; color: #000"> </p>
10000.0
10000.0
5254.0
10153.0
10376.0
10178.0
4788.0
10184.0
6066.0
10332.0
5627.0
10253.0
8201.0
9743.0
2650.0
10765.0
<p id="xdx_80D_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000261407Member_dU_zHxYtPZKsjYe" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Annual Performance</p>
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse">
<tr style="box-sizing: border-box; height: auto">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box">
<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">Returns for the Period ended April 30, 2026</span> </div>
</th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box">
<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">Since Inception (<span id="xdx_90E_eoef--PerfInceptionDate_c20250501__20260430__oef--ClassAxis__custom--C000261407Member_zTwsbj0e8HV4">10/6/2025</span>)</span> </div>
</th>
</tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">Defiance Daily Target 2X Short QBTS ETF - at NAV</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_98F_eoef--AvgAnnlRtrPct_dp_c20251006__20260430__oef--ClassAxis__custom--C000261407Member_zn87N8d6JAWg" style="font: 300 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">-73.50%</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">S&P 500® Total Return Index</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_983_eoef--AvgAnnlRtrPct_dp_c20251006__20260430__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_z8CCH0GK1Xyi" style="font: 300 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">7.65%</span> </div>
</td>
</tr>
</table>
2025-10-06
-0.7350
0.0765
The Fund's past performance is not a good indicator of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
<span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal">Visit </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial"><span style="box-sizing: border-box">https://www.defianceetfs.com/qbtz</span> </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal"> for more recent performance information.</span>
<p id="xdx_801_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000261407Member_dU_z64bfj8MQ5kd" style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">How did the Fund perform last year and what influenced its performance?</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 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: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 51px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">From inception (October 6, 2025) through April 30, 2026, QBTZ had a NAV total return of -73.50%. QBTZ seeks to deliver twice the daily inverse performance of QBTS (D-Wave Quantum Inc.). As an inverse leveraged fund, it gains when QBTS declines and loses when QBTS rises.</p>
</div>
</div>
<p style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">What factors influenced performance?</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 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: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 68px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">D-Wave Quantum's stock volatility—driven by commercial contract wins, government quantum computing initiatives, and broader investor sentiment toward early-stage quantum technology companies—directly influenced QBTZ's performance. As an inverse fund, periods of positive momentum in quantum computing stocks created headwinds. Daily rebalancing and compounding effects caused QBTZ's returns to deviate from the expected -2x multiple over the holding period.</p>
</div>
</div>
<p id="xdx_80E_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000261407Member_dD_zOCOZ2B3Z4i4" style="font: 700 13pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p>
<p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p>
<div style="box-sizing: border-box; text-align-last: auto">
<p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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 style="font: 300 10pt Gotham Narrow-Light,Arial; margin: -7pt 0 8pt; margin-block: 1em; margin-inline: 0px; box-sizing: border-box; text-align-last: auto; display: block; 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: fixed; border-collapse: collapse">
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">Fund Size (Thousands)</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_983_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000261407Member_ztYXTuQie9jg" style="font: 300 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">$11,290</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">Number of Holdings</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_989_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000261407Member_z0mCZsQUMsK7" style="font: 300 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">7</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">Total Advisory Fee</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_988_eoef--AdvisoryFeesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000261407Member_zBtPfA1x7yQk" style="font: 300 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">$135,871</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">Portfolio Turnover</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 300 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"><span id="xdx_90C_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250501__20260430__oef--ClassAxis__custom--C000261407Member_zCdbjkMV01ch">0</span>%</span> </div>
</td>
</tr>
</table>
</div>
</div>
</div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -7pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; display: block"></span> </div>
</div>
11290000
7
135871
0
<p id="xdx_80D_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000261407Member_dD_z68xCW9ChpJ8" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p>
<p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p>
<p style="font: 300 10pt/normal 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 style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 700 13pt/11pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 30.34px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of 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">Sector</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">%</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">Cash Equivalents</div>
</td>
<td style="box-sizing: border-box">
<div id="xdx_983_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000261407Member__us-gaap--InvestmentTypeAxis__us-gaap--CashEquivalentsMember_zRk1vmOkyNwk" style="box-sizing: border-box; text-align-last: auto">
100.0%
</div>
</td>
</tr>
</table>
</div>
</div><img alt="bar" src="qeseylk1mpuo4zir.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/>
</div>
</div>
</div>
<p style="font: 300 8pt/0 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0; text-align: justify"> </p>
</div>
<div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 700 13pt/12pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of 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">Sector</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">%</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">Total Return Swap Contracts</div>
</td>
<td style="box-sizing: border-box">
<div id="xdx_98C_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000261407Member__us-gaap--InvestmentTypeAxis__custom--TotalReturnSwapContractsMember_zm3kbig1ysL8" style="box-sizing: border-box; text-align-last: auto">
35.5%
</div>
</td>
</tr>
</table>
</div>
</div><img alt="bar" src="qes1st61mpuo4zx7.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/>
</div>
</div>
</div>
</div>
<div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 300 8pt/9pt Gotham Narrow-Light,Arial; margin: 4pt 0; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">Percentages are stated as a percent of net assets. Percentages for swap contracts are based on unrealized appreciation (depreciation). Cash Equivalents represents cash, short-term investments, and other assets in excess of liabilities.</p>
</div>
<p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -55pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p>
1.000
0.355
<div id="xdx_80F_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000261407Member_dD_z1ibco1KCuki" 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: #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">Top Holdings</span> </div>
</th>
<th style="border-bottom: #4f4f4f 1.4pt solid; white-space: nowrap; 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">(% of Net Assets)</span> </div>
</th>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">D-Wave Quantum, Inc. Swap; Maturity Date: 11/16/2027</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98C_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000261407Member__oef--LargestHoldingAxis__custom--DWaveQuantumIncSwapMaturityDate11162027Member_z5rW8nFy1fkj" style="font: 300 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">30.3</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">United States Treasury Bills</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000261407Member__oef--LargestHoldingAxis__custom--UnitedStatesTreasuryBillsMember_zVNQ9ie9l7K8" style="font: 300 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">17.4</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">First American Government Obligations Fund - Class X, 3.56%</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_984_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000261407Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX356Member_zhwFveQ3pDmi" style="font: 300 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">5.6</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">D-Wave Quantum, Inc. Swap; Maturity Date: 10/9/2028</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98C_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000261407Member__oef--LargestHoldingAxis__custom--DWaveQuantumIncSwapMaturityDate1092028Member_zHIlr93Ddgs6" style="font: 300 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">2.4</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">D-Wave Quantum, Inc. Swap; Maturity Date: 03/18/2033</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000261407Member__oef--LargestHoldingAxis__custom--DWaveQuantumIncSwapMaturityDate03182033Member_z8roMDUX4hQb" style="font: 300 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">2.0</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">D-Wave Quantum, Inc. Swap; Maturity Date: 09/08/2028</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98E_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000261407Member__oef--LargestHoldingAxis__custom--DWaveQuantumIncSwapMaturityDate09082028Member_zROaOrbQ6sQ2" style="font: 300 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">0.8</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">D-Wave Quantum, Inc. Swap; Maturity Date: 03/30/2033</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_980_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000261407Member__oef--LargestHoldingAxis__custom--DWaveQuantumIncSwapMaturityDate03302033Member_ziLmPRQ4CFD4" style="font: 300 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">0.0</span> </div>
</td>
</tr>
</table>
</div>
<p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 2pt 0 4pt; text-align-last: auto; display: block; min-height: 26px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages for swap contracts are based on unrealized appreciation (depreciation).</p>
0.303
0.174
0.056
0.024
0.020
0.008
0.000
<p id="xdx_803_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000261407Member_dD_zrd323HR5YKg" style="font: 10pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0"><b>Material Fund Changes</b></p>
<p style="font: 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">Effective <span id="xdx_907_eoef--MaterialChngDate_c20250501__20260430__oef--ClassAxis__custom--C000261407Member_zCSpOmfEWAUb">March 23, 2026</span>, the Fund executed a 1:3 reverse stock split on its issued and outstanding shares.</p>
2026-03-23
Defiance Daily Target 2X Short RKLB ETF
RKLZ
NASDAQ
This <span id="xdx_90F_eoef--ShareholderReportAnnualOrSemiAnnual_c20250501__20260430__oef--ClassAxis__custom--C000260340Member_zSgJdaTbXhie">annual shareholder report</span> contains important information about the Defiance Daily Target 2X Short RKLB ETF (the "Fund") for the period May 1, 2025 to April 30, 2026.
annual shareholder report
You can find additional information about the Fund at <span id="xdx_90F_eoef--AddlInfoWebsite_c20250501__20260430__oef--ClassAxis__custom--C000260340Member_zVKgq7Y2Kvy9">https://www.defianceetfs.com/rklz</span>. You can also request this information by contacting us at <span id="xdx_902_eoef--AddlInfoPhoneNumber_c20250501__20260430__oef--ClassAxis__custom--C000260340Member_z6g8XHLqBAVe">(833) 333-9383</span> or by writing to the Defiance Daily Target 2X Short RKLB ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.
https://www.defianceetfs.com/rklz
(833) 333-9383
This report describes changes to the Fund that occurred during the reporting period.
<p id="xdx_80C_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000260340Member_dU_zLhyN0J72Nq4" style="font: 700 11pt/11pt Gotham Narrow-Bold,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What were the Fund costs since inception?</p>
<p style="font: 300 10pt/11pt Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(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; height: auto; 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">Class 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">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">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 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_985_eoef--ClassName_c20250501__20260430__oef--ClassAxis__custom--C000260340Member_zvoaa6o8yA1a" style="font: 300 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">Defiance Daily Target 2X Short RKLB ETF</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98D_eoef--ExpensesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000260340Member_zhVqySHwpidl" style="font: 300 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">$33</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98C_eoef--ExpenseRatioPct_dp_c20250501__20260430__oef--ClassAxis__custom--C000260340Member_fKg_____zEarCSLC42Wk" style="font: 300 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">1.35%*</span> </div>
</td>
</tr>
</table>
</div>
</div>
</div>
<p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 1pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"><span id="xdx_908_eoef--ExpensesShortPeriodFnTextBlock_c20250501__20260430__oef--ClassAxis__custom--C000260340Member_zi03BaU9eWc2">The Fund commenced operations November 17, 2025. Expenses for a full reporting period would be higher than the figures shown.</span></span> </p>
<table cellpadding="0" cellspacing="0" style="font: 300 8pt/normal 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_F07_zkZi7PiLBDl" style="width: 15pt; text-align: right">*</td>
<td style="width: 5pt"></td>
<td id="xdx_F15_zY2jM3sh4n5k" style="text-align: justify">
Costs paid as a percentage of a $10,000 investment is an annualized figure.
</td>
</tr>
</table>
Defiance Daily Target 2X Short RKLB ETF
33
0.0135
The Fund commenced operations November 17, 2025. Expenses for a full reporting period would be higher than the figures shown.
<p id="xdx_807_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000260340Member_dU_zUS94UwvxPnf" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Cumulative Performance</p>
<p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(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; 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">Date</div>
</td>
<td id="xdx_4BA_oef--ClassAxis_custom--C000260340Member_zme7zqt9L3gl" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">Defiance Daily Target 2X Short RKLB ETF</div>
</td>
<td id="xdx_4BF_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_zeqjNEhijEBe" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">S&P 500® Total Return Index</div>
</td>
</tr>
<tr id="xdx_430_c20251117__20251117_eoef--AccmVal_pid_zi3bbO5ZojUf" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">11/17/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10000.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10000.0
</div>
</td>
</tr>
<tr id="xdx_439_c20251117__20251130_eoef--AccmVal_pid_zd89DfpzLqnb" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">11/30/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10167.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10269.0
</div>
</td>
</tr>
<tr id="xdx_43B_c20251117__20251231_eoef--AccmVal_pid_zddZ5ZcjksLl" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">12/31/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
2571.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10276.0
</div>
</td>
</tr>
<tr id="xdx_435_c20251117__20260131_eoef--AccmVal_pid_zumxTbh4wgKh" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">1/31/2026</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
1616.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10425.0
</div>
</td>
</tr>
<tr id="xdx_43C_c20251117__20260228_eoef--AccmVal_pid_zqAZPU79nI6k" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">2/28/2026</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
1733.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10346.0
</div>
</td>
</tr>
<tr id="xdx_434_c20251117__20260331_eoef--AccmVal_pid_zkBJJzEwnVul" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">3/31/2026</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
1516.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
9830.0
</div>
</td>
</tr>
<tr id="xdx_43D_c20251117__20260430_eoef--AccmVal_pid_zX2ogkDpvjba" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">4/30/2026</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
764.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10862.0
</div>
</td>
</tr>
</table>
</div>
</div><img alt="line" src="qesstlj2l11mq16fsl4.jpg" style="box-sizing: border-box; width: 250pt; height: auto"/>
</div>
</div>
</div>
<p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p>
<p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p>
<p style="box-sizing: border-box; text-align-last: auto; display: block; font-family: Times New Roman,Times,serif; line-height: normal; color: #000"> </p>
10000.0
10000.0
10167.0
10269.0
2571.0
10276.0
1616.0
10425.0
1733.0
10346.0
1516.0
9830.0
764.0
10862.0
<p id="xdx_80D_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000260340Member_dU_zJj2Mi2bmB3i" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Annual Performance</p>
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse">
<tr style="box-sizing: border-box; height: auto">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box">
<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">Returns for the Period ended April 30, 2026</span> </div>
</th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box">
<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">Since Inception (<span id="xdx_90E_eoef--PerfInceptionDate_c20250501__20260430__oef--ClassAxis__custom--C000260340Member_zXCW1AG5eSih">11/17/2025</span>)</span> </div>
</th>
</tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">Defiance Daily Target 2X Short RKLB ETF - at NAV</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_98F_eoef--AvgAnnlRtrPct_dp_c20251117__20260430__oef--ClassAxis__custom--C000260340Member_zYrkIeYL79Vb" style="font: 300 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">-92.36%</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">S&P 500® Total Return Index</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_985_eoef--AvgAnnlRtrPct_dp_c20251117__20260430__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zR6b52DYkmG8" style="font: 300 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">8.62%</span> </div>
</td>
</tr>
</table>
2025-11-17
-0.9236
0.0862
The Fund's past performance is not a good indicator of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
<span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal">Visit </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial"><span style="box-sizing: border-box">https://www.defianceetfs.com/rklz</span> </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal"> for more recent performance information.</span>
<p id="xdx_801_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000260340Member_dU_z3i6A4lGi3Wh" style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">How did the Fund perform last year and what influenced its performance?</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 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: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 34px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">From inception (November 17, 2025) through April 30, 2026, RKLZ had a NAV total return of -92.36%. RKLZ seeks to deliver twice the daily inverse performance of RKLB (Rocket Lab Corp.). As an inverse leveraged fund, it experiences losses when RKLB's stock rises.</p>
</div>
</div>
<p style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">What factors influenced performance?</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 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: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 68px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">Rocket Lab's launch cadence, contract announcements, and progress on its Neutron rocket program drove stock volatility that directly affected RKLZ's performance. Periods of positive news flow and sector enthusiasm for commercial space companies created headwinds for RKLZ given its inverse exposure. Daily rebalancing and compounding effects caused the fund's returns to deviate from the expected -2x multiple over the holding period.</p>
</div>
</div>
<p id="xdx_80E_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000260340Member_dD_zgnmfd82ERX8" style="font: 700 13pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p>
<p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p>
<div style="box-sizing: border-box; text-align-last: auto">
<p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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 style="font: 300 10pt Gotham Narrow-Light,Arial; margin: -7pt 0 8pt; margin-block: 1em; margin-inline: 0px; box-sizing: border-box; text-align-last: auto; display: block; 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: fixed; border-collapse: collapse">
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">Fund Size (Thousands)</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_983_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000260340Member_zFBtMweoSOjh" style="font: 300 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">$8,478</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">Number of Holdings</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_989_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000260340Member_zBOR5dTAruFl" style="font: 300 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">7</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">Total Advisory Fee</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_988_eoef--AdvisoryFeesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000260340Member_zS32lkZWKl79" style="font: 300 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">$65,786</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">Portfolio Turnover</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 300 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"><span id="xdx_90C_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250501__20260430__oef--ClassAxis__custom--C000260340Member_zvTeMe4MXdy9">0</span>%</span> </div>
</td>
</tr>
</table>
</div>
</div>
</div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -7pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; display: block"></span> </div>
</div>
8478000
7
65786
0
<p id="xdx_80D_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000260340Member_dD_zpIZoVAC1ze9" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p>
<p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p>
<p style="font: 300 10pt/normal 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 style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 700 13pt/11pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 30.34px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of 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">Sector</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">%</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">Cash Equivalents</div>
</td>
<td style="box-sizing: border-box">
<div id="xdx_983_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000260340Member__us-gaap--InvestmentTypeAxis__us-gaap--CashEquivalentsMember_zmGdFbxvODV2" style="box-sizing: border-box; text-align-last: auto">
100.0%
</div>
</td>
</tr>
</table>
</div>
</div><img alt="bar" src="qeseylk1mpuo5s7x.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/>
</div>
</div>
</div>
<p style="font: 300 8pt/0 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0; text-align: justify"> </p>
</div>
<div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 700 13pt/12pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of 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">Sector</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">%</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">Total Return Swap Contracts</div>
</td>
<td style="box-sizing: border-box">
<div id="xdx_98C_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000260340Member__us-gaap--InvestmentTypeAxis__custom--TotalReturnSwapContractsMember_zYCFDYayYzs8" style="box-sizing: border-box; text-align-last: auto">10.8%</div>
</td>
</tr>
</table>
</div>
</div><img alt="bar" src="qes1st61mpuo5smg.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/>
</div>
</div>
</div>
</div>
<div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 300 8pt/9pt Gotham Narrow-Light,Arial; margin: 4pt 0; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">Percentages are stated as a percent of net assets. Percentages for swap contracts are based on unrealized appreciation (depreciation). Cash Equivalents represents cash, short-term investments, and other assets in excess of liabilities.</p>
</div>
<p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -55pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p>
1.000
0.108
<div id="xdx_80F_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000260340Member_dD_zGha8UZXcSOh" 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: #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">Top Holdings</span> </div>
</th>
<th style="border-bottom: #4f4f4f 1.4pt solid; white-space: nowrap; 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">(% of Net Assets)</span> </div>
</th>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">United States Treasury Bills</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000260340Member__oef--LargestHoldingAxis__custom--UnitedStatesTreasuryBillsMember_z32s1C1R4uIa" style="font: 300 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">52.4</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">First American Government Obligations Fund - Class X, 3.56%</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_984_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000260340Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX356Member_zqJFFaHrYgdk" style="font: 300 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">9.1</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">Rocket Lab Corp. Swap; Maturity Date: 03/31/2033</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98E_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000260340Member__oef--LargestHoldingAxis__custom--RocketLabCorpSwapMaturityDate03312033Member_zJvL1G8V6Yhg" style="font: 300 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">3.8</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">Rocket Lab Corp. Swap; Maturity Date: 11/01/2028</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98B_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000260340Member__oef--LargestHoldingAxis__custom--RocketLabCorpSwapMaturityDate11012027Member_z8CEPOMXgHDa" style="font: 300 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">3.0</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">Rocket Lab Corp. Swap; Maturity Date: 03/18/2033</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98D_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000260340Member__oef--LargestHoldingAxis__custom--RocketLabCorpSwapMaturityDate03182033Member_z8pazb7clPUf" style="font: 300 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">1.8</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">Rocket Lab Corp. Swap; Maturity Date: 11/17/2028</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98D_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000260340Member__oef--LargestHoldingAxis__custom--RocketLabCorpSwapMaturityDate11172028Member_zZdiCCP2ioxb" style="font: 300 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">1.3</span> </div>
</td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">Rocket Lab Corp. Swap; Maturity Date: 01/11/2028</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_984_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000260340Member__oef--LargestHoldingAxis__custom--RocketLabCorpSwapMaturityDate01112028Member_zt5fZFEJp2da" style="font: 300 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">0.9</span> </div>
</td>
</tr>
</table>
</div>
<p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 2pt 0 4pt; text-align-last: auto; display: block; min-height: 26px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages for swap contracts are based on unrealized appreciation (depreciation).</p>
0.524
0.091
0.038
0.030
0.018
0.013
0.009
<p id="xdx_806_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000260340Member_dD_zmfP0jc6HDNd" style="font: 10pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0"><b>Material Fund Changes</b></p>
<p style="font: 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">Effective <span id="xdx_90F_eoef--MaterialChngDate_c20250501__20260430__oef--ClassAxis__custom--C000260340Member_zpeDWyvX86N8">March 23, 2026</span>, the Fund executed a 1:8 reverse stock split on its issued and outstanding shares.</p>
2026-03-23
Defiance Daily Target 2X Short TSM ETF
STSM
NYSEArca
This <span id="xdx_90F_eoef--ShareholderReportAnnualOrSemiAnnual_c20250501__20260430__oef--ClassAxis__custom--C000265879Member_zCTmL4mEEfM8">annual shareholder report</span> contains important information about the <span style="box-sizing: border-box">Defiance Daily Target 2X Short TSM ETF</span> (the "Fund") for the period <span style="box-sizing: border-box">May 1, 2025</span> to <span style="box-sizing: border-box">April 30, 2026</span>.
annual shareholder report
You can find additional information about the Fund at <span style="box-sizing: border-box"><span id="xdx_90F_eoef--AddlInfoWebsite_c20250501__20260430__oef--ClassAxis__custom--C000265879Member_zVDwsiAoGcb6">https://www.defianceetfs.com/stsm</span></span>. You can also request this information by contacting us at <span style="box-sizing: border-box"><span id="xdx_902_eoef--AddlInfoPhoneNumber_c20250501__20260430__oef--ClassAxis__custom--C000265879Member_zrFDIijqYooa">(833) 333-9383</span></span> or by writing to the <span style="box-sizing: border-box">Defiance Daily Target 2X Short TSM ETF</span>, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.
https://www.defianceetfs.com/stsm
(833) 333-9383
This report describes changes to the Fund that occurred during the reporting period.
<p id="xdx_80C_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000265879Member_dU_z0CCw8Bme3Wk" style="font: 700 11pt/11pt Gotham Narrow-Bold,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What were the Fund costs since inception?</p>
<p style="font: 300 10pt/11pt Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(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; height: auto; 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">Class 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">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">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 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_985_eoef--ClassName_c20250501__20260430__oef--ClassAxis__custom--C000265879Member_znJGqo1tIuub" style="font: 300 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">Defiance Daily Target 2X Short TSM ETF</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98D_eoef--ExpensesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000265879Member_zplKzV4QkDdd" style="font: 300 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">$41</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98C_eoef--ExpenseRatioPct_dp_c20250501__20260430__oef--ClassAxis__custom--C000265879Member_fKg_____znpQ9bRMbQjf" style="font: 300 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">1.29%*</span> </div>
</td>
</tr>
</table>
</div>
</div>
</div>
<p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 1pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"><span id="xdx_908_eoef--ExpensesShortPeriodFnTextBlock_c20250501__20260430__oef--ClassAxis__custom--C000265879Member_zjDkR94MwMTl">The Fund commenced operations November 17, 2025. Expenses for a full reporting period would be higher than the figures shown.</span></span> </p>
<table cellpadding="0" cellspacing="0" style="font: 300 8pt/normal 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_zbRtQv49lvAc" style="width: 15pt; text-align: right">*</td>
<td style="width: 5pt"></td>
<td id="xdx_F1D_zIwf886ApcR2" style="text-align: justify">
Costs paid as a percentage of a $10,000 investment is an annualized figure.
</td>
</tr>
</table>
Defiance Daily Target 2X Short TSM ETF
41
0.0129
The Fund commenced operations November 17, 2025. Expenses for a full reporting period would be higher than the figures shown.
<p id="xdx_807_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000265879Member_dU_zGq4ZgueFnDf" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Cumulative Performance</p>
<p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(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; 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">Date</div>
</td>
<td id="xdx_4BA_oef--ClassAxis_custom--C000265879Member_z6wr22KzB3Rk" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">Defiance Daily Target 2X Short TSM ETF</div>
</td>
<td id="xdx_4BF_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_zLQ9VO06lBrg" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">S&P 500® Total Return Index</div>
</td>
</tr>
<tr id="xdx_432_c20251117__20251117_eoef--AccmVal_pid_zN5rECJq9olf" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">11/17/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10000.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10000.0
</div>
</td>
</tr>
<tr id="xdx_436_c20251117__20251130_eoef--AccmVal_pid_zcPc7P1xp4ah" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">11/30/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
9297.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10269.0
</div>
</td>
</tr>
<tr id="xdx_430_c20251117__20251231_eoef--AccmVal_pid_zprLeYrmE2Nk" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">12/31/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
8353.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10276.0
</div>
</td>
</tr>
<tr id="xdx_43A_c20251117__20260131_eoef--AccmVal_pid_zSOiwpN5oTPj" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">1/31/2026</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
6834.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10425.0
</div>
</td>
</tr>
<tr id="xdx_43A_c20251117__20260228_eoef--AccmVal_pid_zU3HbuDAcVii" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">2/28/2026</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
5138.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10346.0
</div>
</td>
</tr>
<tr id="xdx_432_c20251117__20260331_eoef--AccmVal_pid_zcMoErcfoLyi" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">3/31/2026</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
5906.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
9830.0
</div>
</td>
</tr>
<tr id="xdx_435_c20251117__20260430_eoef--AccmVal_pid_zxU08MGB1q02" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">4/30/2026</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
4126.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10862.0
</div>
</td>
</tr>
</table>
</div>
</div><img alt="line" src="qes1173ka1mpvaprxq.jpg" style="box-sizing: border-box; width: 250pt; height: auto"/>
</div>
</div>
</div>
<p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p>
<p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p>
<p style="box-sizing: border-box; text-align-last: auto; display: block; font-family: Times New Roman,Times,serif; line-height: normal; color: #000"> </p>
10000.0
10000.0
9297.0
10269.0
8353.0
10276.0
6834.0
10425.0
5138.0
10346.0
5906.0
9830.0
4126.0
10862.0
<p id="xdx_80D_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000265879Member_dU_zk4tGzzddejl" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Annual Performance</p>
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse">
<tr style="box-sizing: border-box; height: auto">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box">
<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">Returns for the Period ended April 30, 2026</span> </div>
</th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box">
<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">Since Inception (<span id="xdx_90E_eoef--PerfInceptionDate_c20250501__20260430__oef--ClassAxis__custom--C000265879Member_zeRJnd8suE48">11/17/2025</span>)</span> </div>
</th>
</tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">Defiance Daily Target 2X Short TSM ETF - at NAV</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_981_eoef--AvgAnnlRtrPct_dp_c20251117__20260430__oef--ClassAxis__custom--C000265879Member_zTIKebqO2ef8" style="font: 300 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">-58.74%</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">S&P 500® Total Return Index</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_98F_eoef--AvgAnnlRtrPct_dp_c20251117__20260430__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zATYrx04ocdd" style="font: 300 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">8.62%</span> </div>
</td>
</tr>
</table>
2025-11-17
-0.5874
0.0862
The Fund's past performance is not a good indicator of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
<span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal">Visit </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial"><span style="box-sizing: border-box">https://www.defianceetfs.com/stsm</span> </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal"> for more recent performance information.</span>
<p id="xdx_801_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000265879Member_dU_zUJAiVD7li9c" style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">How did the Fund perform last year and what influenced its performance?</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 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: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 51px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">From inception (November 17, 2025) through April 30, 2026, STSM had a NAV total return of -58.74%. STSM seeks to deliver twice the daily inverse performance of TSM (Taiwan Semiconductor Manufacturing Co. Ltd.). As an inverse leveraged fund, it experiences losses when TSM's stock rises.</p>
</div>
</div>
<p style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">What factors influenced performance?</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 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: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 68px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">TSM's stock was influenced by global semiconductor demand, capacity expansion plans, geopolitical tensions related to Taiwan, and the company's role as the leading manufacturer of advanced AI chips. Strong demand from AI-related customers and new U.S. and Japan fabrication facility investments shaped investor sentiment. These factors created headwinds for STSM during periods of TSM stock strength.</p>
</div>
</div>
<p id="xdx_80E_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000265879Member_dD_zik0vATzeYfa" style="font: 700 13pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p>
<p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p>
<div style="box-sizing: border-box; text-align-last: auto">
<p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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 style="font: 300 10pt Gotham Narrow-Light,Arial; margin: -7pt 0 8pt; margin-block: 1em; margin-inline: 0px; box-sizing: border-box; text-align-last: auto; display: block; 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: fixed; border-collapse: collapse">
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">Fund Size (Thousands)</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_983_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000265879Member_zo2fOwvmftki" style="font: 300 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">$1,155</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">Number of Holdings</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_989_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000265879Member_zy5Y8CCTQRge" style="font: 300 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">6</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">Total Advisory Fee</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_988_eoef--AdvisoryFeesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000265879Member_z9yjnsjlmZri" style="font: 300 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">$7,455</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">Portfolio Turnover</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 300 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"><span id="xdx_90C_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250501__20260430__oef--ClassAxis__custom--C000265879Member_zgsEEoJ8qVdk">0</span>%</span> </div>
</td>
</tr>
</table>
</div>
</div>
</div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -7pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; display: block"></span> </div>
</div>
1155000
6
7455
0
<p id="xdx_80D_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000265879Member_dD_z95QQUmsVg4c" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p>
<p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p>
<p style="font: 300 10pt/normal 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 style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 700 13pt/11pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 30.34px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of 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">Sector</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">%</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">Cash Equivalents</div>
</td>
<td style="box-sizing: border-box">
<div id="xdx_983_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000265879Member__us-gaap--InvestmentTypeAxis__us-gaap--CashEquivalentsMember_z9PvudBKlP0h" style="box-sizing: border-box; text-align-last: auto">
100.0%
</div>
</td>
</tr>
</table>
</div>
</div><img alt="bar" src="qes1st61mpuo5tot.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/>
</div>
</div>
</div>
<p style="font: 300 8pt/0 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0; text-align: justify"> </p>
</div>
<div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 700 13pt/12pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of 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">Sector</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">%</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">Total Return Swap Contracts</div>
</td>
<td style="box-sizing: border-box">
<div id="xdx_98C_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000265879Member__us-gaap--InvestmentTypeAxis__custom--TotalReturnSwapContractsMember_zXxVtREOItW5" style="box-sizing: border-box; text-align-last: auto">-6.9%</div>
</td>
</tr>
</table>
</div>
</div><img alt="bar" src="qes2y14n1mqiqsgo0.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/>
</div>
</div>
</div>
</div>
<div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 300 8pt/9pt Gotham Narrow-Light,Arial; margin: 4pt 0; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">Percentages
are stated as a percent of net assets. Percentages for swap contracts are based on unrealized appreciation (depreciation).
Cash Equivalents represents cash, short-term investments and other assets in excess of liabilities.</p>
</div>
<p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -55pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p>
1.000
-0.069
<div id="xdx_80F_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000265879Member_dD_z5qrZSpvKbsd" 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: #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">Top Holdings</span> </div>
</th>
<th style="border-bottom: #4f4f4f 1.4pt solid; white-space: nowrap; 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">(% of Net Assets)</span> </div>
</th>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">United States Treasury Bills</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000265879Member__oef--LargestHoldingAxis__custom--UnitedStatesTreasuryBillsMember_zLgrLuYcZ5T6" style="font: 300 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">25.1</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">Taiwan Semiconductor Manufacturing Co. Ltd. Swap; Maturity Date: 01/11/2028</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98A_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000265879Member__oef--LargestHoldingAxis__custom--TaiwanSemiconductorManufacturingCoLtdSwapMaturityDate01112028Member_zR23ClByocY9" style="font: 300 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">-3.2</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">Taiwan Semiconductor Manufacturing Co. Ltd. Swap; Maturity Date: 11/17/2028</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98B_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000265879Member__oef--LargestHoldingAxis__custom--TaiwanSemiconductorManufacturingCoLtdSwapMaturityDate11172028Member_z3pGVb762fcf" style="font: 300 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">-2.1</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">Taiwan Semiconductor Manufacturing Co. Ltd. Swap; Maturity Date: 11/01/2028</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_987_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000265879Member__oef--LargestHoldingAxis__custom--TaiwanSemiconductorManufacturingCoLtdSwapMaturityDate11012028Member_zELoFq1Lt9yj" style="font: 300 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">-1.6</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">First American Government Obligations Fund - Class X, 3.56%</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_987_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000265879Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX356Member_zIgKn03QzUyh" style="font: 300 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">0.3</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">Taiwan Semiconductor Manufacturing Co. Ltd. Swap; Maturity Date: 03/31/2033</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_982_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000265879Member__oef--LargestHoldingAxis__custom--TaiwanSemiconductorManufacturingCoLtdSwapMaturityDate03312033Member_zl9y6rFZY5If" style="font: 300 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">0.0</span> </div>
</td>
</tr>
</table>
</div>
<p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 2pt 0 4pt; text-align-last: auto; display: block; min-height: 26px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages for swap contracts are based on unrealized appreciation (depreciation).</p>
0.251
-0.032
-0.021
-0.016
0.003
0.000
<p id="xdx_803_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000265879Member_dD_zqtbOW9qKS0i" style="font: 10pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0"><b>Material Fund Changes</b></p>
<p style="font: 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">Effective <span id="xdx_906_eoef--MaterialChngDate_c20250501__20260430__oef--ClassAxis__custom--C000265879Member_zCs8L5OcVSm7">March 23, 2026</span>, the Fund executed a 1:3 reverse stock split on its issued and outstanding shares.</p>
2026-03-23
Defiance Daily Target 2X Short ASTS ETF
ASTN
CboeBZX
This <span id="xdx_90F_eoef--ShareholderReportAnnualOrSemiAnnual_c20250501__20260430__oef--ClassAxis__custom--C000265882Member_zy54RNyIJg77">annual shareholder report</span> contains important information about the <span style="box-sizing: border-box">Defiance Daily Target 2X Short ASTS ETF</span> (the "Fund") for the period <span style="box-sizing: border-box">May 1, 2025</span> to <span style="box-sizing: border-box">April 30, 2026</span>.
annual shareholder report
You can find additional information about the Fund at <span style="box-sizing: border-box"><span id="xdx_90F_eoef--AddlInfoWebsite_c20250501__20260430__oef--ClassAxis__custom--C000265882Member_zwGpisdQrrg1">https://www.defianceetfs.com/astn</span></span>. You can also request this information by contacting us at <span style="box-sizing: border-box"><span id="xdx_902_eoef--AddlInfoPhoneNumber_c20250501__20260430__oef--ClassAxis__custom--C000265882Member_zl8deOp8cASi">(833) 333-9383</span></span> or by writing to the <span style="box-sizing: border-box">Defiance Daily Target 2X Short ASTS ETF</span>, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.
https://www.defianceetfs.com/astn
(833) 333-9383
<p id="xdx_80C_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000265882Member_dU_ztnIXqGszOY9" style="font: 700 11pt/11pt Gotham Narrow-Bold,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What were the Fund costs since inception?</p>
<p style="font: 300 10pt/11pt Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(based on a hypothetical $10,000 investment)</span> </p>
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<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">Class 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">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">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 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_985_eoef--ClassName_c20250501__20260430__oef--ClassAxis__custom--C000265882Member_zIPmWtYV0dOf" style="font: 300 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">Defiance Daily Target 2X Short ASTS ETF</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98D_eoef--ExpensesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000265882Member_z4SOQeB6Obge" style="font: 300 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">$27</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98C_eoef--ExpenseRatioPct_dp_c20250501__20260430__oef--ClassAxis__custom--C000265882Member_fKg_____zSoYdCcyTEZd" style="font: 300 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">1.31%*</span> </div>
</td>
</tr>
</table>
</div>
</div>
</div>
<p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 1pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"><span id="xdx_908_eoef--ExpensesShortPeriodFnTextBlock_c20250501__20260430__oef--ClassAxis__custom--C000265882Member_zpxbDSewYgk">The Fund commenced operations February 5, 2026. Expenses for a full reporting period would be higher than the figures shown.</span></span> </p>
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<td id="xdx_F0D_zqxjF6TopsQ7" style="width: 15pt; text-align: right">*</td>
<td style="width: 5pt"></td>
<td id="xdx_F1C_zC4WigLglZVa" style="text-align: justify">
Costs paid as a percentage of a $10,000 investment is an annualized figure.
</td>
</tr>
</table>
Defiance Daily Target 2X Short ASTS ETF
27
0.0131
The Fund commenced operations February 5, 2026. Expenses for a full reporting period would be higher than the figures shown.
<p id="xdx_807_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000265882Member_dU_zx3F52KtFfw9" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Cumulative Performance</p>
<p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(Initial Investment of $10,000)</p>
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<div style="box-sizing: border-box; text-align-last: auto">
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<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">Date</div>
</td>
<td id="xdx_4BA_oef--ClassAxis_custom--C000265882Member_zWZNjqM1DKj9" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">Defiance Daily Target 2X Short ASTS ETF</div>
</td>
<td id="xdx_4BF_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_zbvPWMVOtdh2" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">S&P 500® Total Return Index</div>
</td>
</tr>
<tr id="xdx_43D_c20260205__20260205_eoef--AccmVal_pid_zboj9okUxzm3" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">2/5/2026</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10000.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10000.0
</div>
</td>
</tr>
<tr id="xdx_43C_c20260205__20260228_eoef--AccmVal_pid_zfWZJFa0qn8h" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">2/28/2026</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
11820.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10129.0
</div>
</td>
</tr>
<tr id="xdx_435_c20260205__20260331_eoef--AccmVal_pid_z6nWSaMauf48" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">3/31/2026</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
7607.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
9624.0
</div>
</td>
</tr>
<tr id="xdx_43A_c20260205__20260430_eoef--AccmVal_pid_z1eme2R0rnyk" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">4/30/2026</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
7890.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10634.0
</div>
</td>
</tr>
</table>
</div>
</div><img alt="line" src="qeseylk1mpupcjqs.jpg" style="box-sizing: border-box; width: 250pt; height: auto"/>
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<p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p>
<p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p>
<p style="box-sizing: border-box; text-align-last: auto; display: block; font-family: Times New Roman,Times,serif; line-height: normal; color: #000"> </p>
10000.0
10000.0
11820.0
10129.0
7607.0
9624.0
7890.0
10634.0
<p id="xdx_80D_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000265882Member_dU_zLGOqmt4bKvl" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Annual Performance</p>
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse">
<tr style="box-sizing: border-box; height: auto">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box">
<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">Returns for the Period ended April 30, 2026</span> </div>
</th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box">
<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">Since Inception (<span id="xdx_90E_eoef--PerfInceptionDate_c20250501__20260430__oef--ClassAxis__custom--C000265882Member_zZ8OwnB9zsIb">2/5/2026</span>)</span> </div>
</th>
</tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">Defiance Daily Target 2X Short ASTS ETF - at NAV</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_98D_eoef--AvgAnnlRtrPct_dp_c20260205__20260430__oef--ClassAxis__custom--C000265882Member_zDSzv5VExFUh" style="font: 300 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">-21.10%</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">S&P 500® Total Return Index</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_986_eoef--AvgAnnlRtrPct_dp_c20260205__20260430__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zLrZ5ywxiEi9" style="font: 300 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">6.34%</span> </div>
</td>
</tr>
</table>
2026-02-05
-0.2110
0.0634
The Fund's past performance is not a good indicator of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
<span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal">Visit </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial"><span style="box-sizing: border-box">https://www.defianceetfs.com/astn</span> </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal"> for more recent performance information.</span>
<p id="xdx_801_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000265882Member_dU_zqlcAm0lxsia" style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">How did the Fund perform last year and what influenced its performance?</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 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: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 51px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">From inception (February 5, 2026) through April 30, 2026, ASTN had a NAV total return of -21.10%. ASTN seeks to deliver twice the daily inverse performance of ASTS (AST SpaceMobile, Inc.). As an inverse leveraged fund, it experiences losses when ASTS's stock rises.</p>
</div>
</div>
<p style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">What factors influenced performance?</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 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: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 68px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">AST SpaceMobile's satellite broadband deployment progress, partnership announcements with wireless carriers, and investor enthusiasm for direct-to-device satellite connectivity drove stock movements that influenced ASTN's performance through its inverse exposure. Periods of positive news flow around satellite launches and commercial service milestones created headwinds for ASTN. Daily rebalancing and compounding effects caused returns to deviate from the expected -2x multiple over the holding period.</p>
</div>
</div>
<p id="xdx_80E_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000265882Member_dD_zGFIWJbJw9m7" style="font: 700 13pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p>
<p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p>
<div style="box-sizing: border-box; text-align-last: auto">
<p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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 style="font: 300 10pt Gotham Narrow-Light,Arial; margin: -7pt 0 8pt; margin-block: 1em; margin-inline: 0px; box-sizing: border-box; text-align-last: auto; display: block; 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: fixed; border-collapse: collapse">
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">Fund Size (Thousands)</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_983_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000265882Member_zD6AASrx0xX7" style="font: 300 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">$1,578</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">Number of Holdings</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_989_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000265882Member_zCnSnyhl2yp" style="font: 300 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">5</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">Total Advisory Fee</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_988_eoef--AdvisoryFeesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000265882Member_zxUTAG3Kb1Cg" style="font: 300 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">$10,252</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">Portfolio Turnover</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 300 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"><span id="xdx_90C_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250501__20260430__oef--ClassAxis__custom--C000265882Member_zrXTmzdnw7X3">0</span>%</span> </div>
</td>
</tr>
</table>
</div>
</div>
</div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -7pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; display: block"></span> </div>
</div>
1578000
5
10252
0
<p id="xdx_80D_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000265882Member_dD_zPKtrPWnwywa" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p>
<p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p>
<p style="font: 300 10pt/normal 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 style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 700 13pt/11pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 30.34px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of 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">Sector</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">%</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">Cash Equivalents</div>
</td>
<td style="box-sizing: border-box">
<div id="xdx_983_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000265882Member__us-gaap--InvestmentTypeAxis__us-gaap--CashEquivalentsMember_z71SpiQFpW2" style="box-sizing: border-box; text-align-last: auto">
100.0%
</div>
</td>
</tr>
</table>
</div>
</div><img alt="bar" src="qeseylk1mpuo5n78.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/>
</div>
</div>
</div>
<p style="font: 300 8pt/0 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0; text-align: justify"> </p>
</div>
<div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 700 13pt/12pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of 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">Sector</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">%</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">Total Return Swap Contracts</div>
</td>
<td style="box-sizing: border-box">
<div id="xdx_98C_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000265882Member__us-gaap--InvestmentTypeAxis__custom--TotalReturnSwapContractsMember_z8KYRN6VHXBj" style="box-sizing: border-box; text-align-last: auto">
37.7%
</div>
</td>
</tr>
</table>
</div>
</div><img alt="bar" src="qes1st61mpuo5nk7.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/>
</div>
</div>
</div>
</div>
<div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 300 8pt/9pt Gotham Narrow-Light,Arial; margin: 4pt 0; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">Percentages are stated as a percent of net assets. Percentages for swap contracts are based on unrealized appreciation (depreciation). Cash Equivalents represents cash, short-term investments, and other assets in excess of liabilities.</p>
</div>
<p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -55pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p>
1.000
0.377
<div id="xdx_80F_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000265882Member_dD_zJuqGFG9Rjag" 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: #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">Top Holdings</span> </div>
</th>
<th style="border-bottom: #4f4f4f 1.4pt solid; white-space: nowrap; 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">(% of Net Assets)</span> </div>
</th>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">U.S. Treasury Bill, 5/21/2026, 3.46%<span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"></span> </span></div>
</td>
<td style="border-bottom: #000 1pt solid; white-space: nowrap; box-sizing: border-box; line-height: normal">
<div id="xdx_987_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000265882Member__oef--LargestHoldingAxis__custom--USTreasuryBill5212026346Member_zUBW19xanSti" style="font: 300 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">39.2</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">AST SpaceMobile, Inc. Swap; Maturity Date: 03/07/2028</span></div>
</td>
<td style="border-bottom: #000 1pt solid; white-space: nowrap; box-sizing: border-box; line-height: normal">
<div id="xdx_987_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000265882Member__oef--LargestHoldingAxis__custom--ASTSpaceMobileIncSwapMaturityDate03072028Member_zVBggrHMeYla" style="font: 300 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">25.1</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">AST SpaceMobile, Inc. Swap; Maturity Date: 09/08/2028</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; white-space: nowrap; box-sizing: border-box; line-height: normal">
<div id="xdx_98F_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000265882Member__oef--LargestHoldingAxis__custom--ASTSpaceMobileIncSwapMaturityDate09082028Member_zlRwgN8WRACg" style="font: 300 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">24.1</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">AST SpaceMobile, Inc. Swap; Maturity Date: 02/05/2029</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; white-space: nowrap; box-sizing: border-box; line-height: normal">
<div id="xdx_98F_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000265882Member__oef--LargestHoldingAxis__custom--ASTSpaceMobileIncSwapMaturityDate02052029Member_zhKCxcqdh9Ef" style="font: 300 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">-11.6</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">First American Government Obligations Fund - Class X, 3.56%</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; white-space: nowrap; box-sizing: border-box; line-height: normal">
<div id="xdx_987_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000265882Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX356Member_z7UrjiOwyGr9" style="font: 300 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">0.7</span> </div>
</td>
</tr>
</table>
</div>
<p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 2pt 0 4pt; text-align-last: auto; display: block; min-height: 26px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages for swap contracts are based on unrealized appreciation (depreciation).</p>
0.392
0.251
0.241
-0.116
0.007
Defiance Daily Target 2X Long RCAT ETF
RCAX
NASDAQ
This <span id="xdx_90F_eoef--ShareholderReportAnnualOrSemiAnnual_c20250501__20260430__oef--ClassAxis__custom--C000264266Member_zsx9hsZKLFPh">annual shareholder report</span> contains important information about the Defiance Daily Target 2X Long RCAT ETF (the "Fund") for the period May 1, 2025 to April 30, 2026.
annual shareholder report
You can find additional information about the Fund at <span id="xdx_90F_eoef--AddlInfoWebsite_c20250501__20260430__oef--ClassAxis__custom--C000264266Member_zkDwo5EsZw4b">https://www.defianceetfs.com/rcax</span>. You can also request this information by contacting us at <span id="xdx_902_eoef--AddlInfoPhoneNumber_c20250501__20260430__oef--ClassAxis__custom--C000264266Member_zwjZJqz3KLA">(833) 333-9383</span> or by writing to the Defiance Daily Target 2X Long RCAT ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.
https://www.defianceetfs.com/rcax
(833) 333-9383
<p id="xdx_80C_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000264266Member_dU_zrKcuyDNnTe8" style="font: 700 11pt/11pt Gotham Narrow-Bold,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What were the Fund costs since inception?</p>
<p style="font: 300 10pt/11pt Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 14.67px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(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; height: auto; 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">Class 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">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">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 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_985_eoef--ClassName_c20250501__20260430__oef--ClassAxis__custom--C000264266Member_z4lvPVvBWOb8" style="font: 300 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">Defiance Daily Target 2X Long RCAT ETF</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98D_eoef--ExpensesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000264266Member_z1yfjd2njge2" style="font: 300 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">$49</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98C_eoef--ExpenseRatioPct_dp_c20250501__20260430__oef--ClassAxis__custom--C000264266Member_fKg_____zEPoLmb1p9uk" style="font: 300 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">1.30%*</span> </div>
</td>
</tr>
</table>
</div>
</div>
</div>
<p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 1pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"><span id="xdx_908_eoef--ExpensesShortPeriodFnTextBlock_c20250501__20260430__oef--ClassAxis__custom--C000264266Member_zONG5EOQUTQk">The Fund commenced operations February 2, 2026. Expenses for a full reporting period would be higher than the figures shown.</span></span> </p>
<table cellpadding="0" cellspacing="0" style="font: 300 8pt/normal 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_F0C_zimpDw68xe48" style="width: 15pt; text-align: right">*</td>
<td style="width: 5pt"></td>
<td id="xdx_F14_zAux6xak6FX" style="text-align: justify">
Costs paid as a percentage of a $10,000 investment is an annualized figure.
</td>
</tr>
</table>
Defiance Daily Target 2X Long RCAT ETF
49
0.0130
The Fund commenced operations February 2, 2026. Expenses for a full reporting period would be higher than the figures shown.
<p id="xdx_807_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000264266Member_dU_zImXc4C8RrC" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Cumulative Performance</p>
<p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(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; 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">Date</div>
</td>
<td id="xdx_4BA_oef--ClassAxis_custom--C000264266Member_z8R7qA2KXyJl" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">Defiance Daily Target 2X Long RCAT ETF</div>
</td>
<td id="xdx_4BF_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_zFqOzd4Qgqn" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">S&P 500® Total Return Index</div>
</td>
</tr>
<tr id="xdx_43B_c20260202__20260202_eoef--AccmVal_pid_zE77Fh6JmIA1" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">2/2/2026</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10000.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10000.0
</div>
</td>
</tr>
<tr id="xdx_43A_c20260202__20260228_eoef--AccmVal_pid_zyQGzC61XfRh" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">2/28/2026</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
6569.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
9870.0
</div>
</td>
</tr>
<tr id="xdx_435_c20260202__20260331_eoef--AccmVal_pid_zUxhBpwfNn7k" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">3/31/2026</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
6883.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
9379.0
</div>
</td>
</tr>
<tr id="xdx_430_c20260202__20260430_eoef--AccmVal_pid_zrbbuxIxuwIl" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">4/30/2026</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
5035.0
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">
10363.0
</div>
</td>
</tr>
</table>
</div>
</div><img alt="line" src="qeseylk1mpupch0w.jpg" style="box-sizing: border-box; width: 250pt; height: auto"/>
</div>
</div>
</div>
<p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p>
<p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p>
<p style="box-sizing: border-box; text-align-last: auto; display: block; font-family: Times New Roman,Times,serif; line-height: normal; color: #000"> </p>
10000.0
10000.0
6569.0
9870.0
6883.0
9379.0
5035.0
10363.0
<p id="xdx_80D_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000264266Member_dU_zv48OR9kQ7f1" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Annual Performance</p>
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse">
<tr style="box-sizing: border-box; height: auto">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box">
<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">Returns for the Period ended April 30, 2026</span> </div>
</th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box">
<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">Since Inception (<span id="xdx_90E_eoef--PerfInceptionDate_c20250501__20260430__oef--ClassAxis__custom--C000264266Member_zQFaPh84YbP9">2/2/2026</span>)</span> </div>
</th>
</tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">Defiance Daily Target 2X Long RCAT ETF - at NAV</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_98E_eoef--AvgAnnlRtrPct_dp_c20260202__20260430__oef--ClassAxis__custom--C000264266Member_zuAnWM1wa5jh" style="font: 300 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">-49.65%</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">S&P 500® Total Return Index</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_98B_eoef--AvgAnnlRtrPct_dp_c20260202__20260430__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zf4503c1lk7l" style="font: 300 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">3.63%</span> </div>
</td>
</tr>
</table>
2026-02-02
-0.4965
0.0363
The Fund's past performance is not a good indicator of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
<span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal">Visit </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial"><span style="box-sizing: border-box">https://www.defianceetfs.com/rcax</span> </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: normal"> for more recent performance information.</span>
<p id="xdx_801_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000264266Member_dU_zv4SAOoR7Wy5" style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">How did the Fund perform last year and what influenced its performance?</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 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: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 34px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">From inception (February 2, 2026) through April 30, 2026, RCAX had a NAV total return of -49.65%. RCAX seeks to deliver twice the daily performance of RCAT (Red Cat Holdings, Inc.). The fund's 2x leverage magnifies RCAT's daily stock movements in RCAX.</p>
</div>
</div>
<p style="font: 700 11pt/normal Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">What factors influenced performance?</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 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: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 68px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block">Red Cat Holdings' stock performance was driven by defense and security contract awards for its tactical drone systems, including deployment in military and law enforcement applications. Growing demand for small unmanned aerial systems in defense contexts, government procurement activity, and the company's revenue growth relative to investor expectations shaped stock volatility amplified through RCAX's 2x leverage.</p>
</div>
</div>
<p id="xdx_80E_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000264266Member_dD_zXTTo8G6bKv4" style="font: 700 13pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p>
<p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p>
<div style="box-sizing: border-box; text-align-last: auto">
<p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -7pt 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 style="font: 300 10pt Gotham Narrow-Light,Arial; margin: -7pt 0 8pt; margin-block: 1em; margin-inline: 0px; box-sizing: border-box; text-align-last: auto; display: block; 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: fixed; border-collapse: collapse">
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">Fund Size (Thousands)</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_983_eus-gaap--AssetsNet_iI_pn3n3_c20260430__oef--ClassAxis__custom--C000264266Member_zIc5ejQRMdD5" style="font: 300 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">$8,863</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">Number of Holdings</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_989_eoef--HoldingsCount_iI_uHoldings_c20260430__oef--ClassAxis__custom--C000264266Member_zpYeXIxo47U1" style="font: 300 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">7</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">Total Advisory Fee</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_988_eoef--AdvisoryFeesPaidAmt_c20250501__20260430__oef--ClassAxis__custom--C000264266Member_zyYXeQjlYo73" style="font: 300 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">$17,675</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 500 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">Portfolio Turnover</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: 300 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"><span id="xdx_90C_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250501__20260430__oef--ClassAxis__custom--C000264266Member_zTn8rDo4t93f">0</span>%</span> </div>
</td>
</tr>
</table>
</div>
</div>
</div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: -7pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; display: block"></span> </div>
</div>
8863000
7
17675
0
<p id="xdx_80D_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000264266Member_dD_zaV2aOXPa9G3" style="font: 700 18pt/normal Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 29px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p>
<p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box">April 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt">)</span> </p>
<p style="font: 300 10pt/normal 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 style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 700 13pt/11pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 30.34px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Investments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of 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">Sector</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">%</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">Cash Equivalents</div>
</td>
<td style="box-sizing: border-box">
<div id="xdx_983_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000264266Member__us-gaap--InvestmentTypeAxis__us-gaap--CashEquivalentsMember_zyfNrrWKTc6g" style="box-sizing: border-box; text-align-last: auto">
100.0%
</div>
</td>
</tr>
</table>
</div>
</div><img alt="bar" src="qes1st61mpuo5gob.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/>
</div>
</div>
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<p style="font: 300 8pt/0 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0; text-align: justify"> </p>
</div>
<div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 700 13pt/12pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Security Type - Other Financial Instruments<br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">(% of 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">
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<table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none">
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<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">Sector</div>
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<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">%</div>
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<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto">Total Return Swap Contracts</div>
</td>
<td style="box-sizing: border-box">
<div id="xdx_98C_eoef--PctOfNav_iI_c20260430__oef--ClassAxis__custom--C000264266Member__us-gaap--InvestmentTypeAxis__custom--TotalReturnSwapContractsMember_zSlIkRbIgaAj" style="box-sizing: border-box; text-align-last: auto">
4.4%
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</div><img alt="bar" src="qeseylk1mpuo5h25.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/>
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<div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 300 8pt/9pt Gotham Narrow-Light,Arial; margin: 4pt 0; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: left">Percentages are stated as a percent of net assets. Percentages for swap contracts are based on unrealized appreciation (depreciation). Cash Equivalents represents cash, short-term investments, and other assets in excess of liabilities.</p>
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<p style="font: 300 10pt/normal Gotham Narrow-Light,Arial; margin: -55pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p>
1.000
0.044
<div id="xdx_80F_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000264266Member_dD_zaj3Jb1I5vz3" 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: #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">Top Holdings</span> </div>
</th>
<th style="border-bottom: #4f4f4f 1.4pt solid; white-space: nowrap; 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">(% of Net Assets)</span> </div>
</th>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">United States Treasury Bills</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_989_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000264266Member__oef--LargestHoldingAxis__custom--UnitedStatesTreasuryBillsMember_zEdqJ93Ff6I4" style="font: 300 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">21.8</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">First American Government Obligations Fund - Class X, 3.56%</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98E_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000264266Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX356Member_zHDheziubNDi" style="font: 300 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">5.8</span> </div>
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<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">Red Cat Holdings, Inc. Swap; Maturity Date: 09/08/2028</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98F_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000264266Member__oef--LargestHoldingAxis__custom--RedCatHoldingsIncSwapMaturityDate09082028Member_zaZQIkr8Krdg" style="font: 300 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">2.4</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">Red Cat Holdings, Inc. Swap; Maturity Date: 02/02/2029</span> </div>
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<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98C_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000264266Member__oef--LargestHoldingAxis__custom--RedCatHoldingsIncSwapMaturityDate02022029Member_zFYMBseOmLs9" style="font: 300 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">1.7</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">Red Cat Holdings, Inc. Swap; Maturity Date: 02/22/2028</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_987_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000264266Member__oef--LargestHoldingAxis__custom--RedCatHoldingsIncSwapMaturityDate02222028Member_zClOS7UQTIsa" style="font: 300 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">0.3</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">Red Cat Holdings, Inc. Swap; Maturity Date: 01/31/2033</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 300 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"><span id="xdx_90B_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000264266Member__oef--LargestHoldingAxis__custom--RedCatHoldingsIncSwapMaturityDate01312033Member_fKg_____zmELx3jwU8Cf">0.0</span>*</span> </div>
</td>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 500 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">Red Cat Holdings, Inc. Swap; Maturity Date: 03/30/2033</span> </div>
</td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 300 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"><span id="xdx_901_eoef--PctOfNav_iI_dp_c20260430__oef--ClassAxis__custom--C000264266Member__oef--LargestHoldingAxis__custom--RedCatHoldingsIncSwapMaturityDate03302033Member_fXg_____zndlrUzFO39d">-0.0</span>^</span> </div>
</td>
</tr>
</table>
</div>
<p style="font: 300 8pt/normal Gotham Narrow-Light,Arial; margin: 2pt 0 4pt; text-align-last: auto; display: block; min-height: 26px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Percentages for swap contracts are based on unrealized appreciation (depreciation).</p>
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<tr style="vertical-align: top">
<td id="xdx_F0C_z0Ka2eK2a272" style="text-align: left">*</td>
<td id="xdx_F12_zmihzJkIKcOh" style="text-align: left">
Less than 0.05%
</td>
</tr>
<tr style="vertical-align: top">
<td id="xdx_F0C_z0Ka2eK2a273" style="text-align: left">^</td>
<td id="xdx_F12_zmihzJkIKcOs" style="text-align: left">
Less than -0.05%
</td>
</tr>
</table>
0.218
0.058
0.024
0.017
0.003
0.000
-0.000