0001742912 2026-01-01 2026-06-30 0001742912 par:C000215408Member 2026-01-01 2026-06-30 0001742912 par:C000233167Member 2026-01-01 2026-06-30 0001742912 par:C000215408Member 2026-06-30 0001742912 par:C000233167Member 2026-06-30 0001742912 us-gaap:USTreasurySecuritiesMember par:C000215408Member 2026-06-30 0001742912 us-gaap:ExchangeTradedFundsMember par:C000215408Member 2026-06-30 0001742912 par:USTreasuryBillsMember par:C000215408Member 2026-06-30 0001742912 par:C000215408Member oef:MaterialsSectorMember 2026-06-30 0001742912 par:C000215408Member par:OilAndGasSectorMember 2026-06-30 0001742912 par:C000215408Member par:IndustrialProductsSectorMember 2026-06-30 0001742912 par:C000215408Member par:RenewableEnergySectorMember 2026-06-30 0001742912 par:C000215408Member oef:ConsumerStaplesSectorMember 2026-06-30 0001742912 par:C000215408Member oef:UtilitiesSectorMember 2026-06-30 0001742912 par:C000215408Member oef:ConsumerDiscretionarySectorMember 2026-06-30 0001742912 par:C000215408Member par:IndustrialServicesSectorMember 2026-06-30 0001742912 par:C000215408Member par:CashAndOtherSectorMember 2026-06-30 0001742912 us-gaap:USTreasurySecuritiesMember par:C000233167Member 2026-06-30 0001742912 us-gaap:ExchangeTradedFundsMember par:C000233167Member 2026-06-30 0001742912 par:C000233167Member oef:MaterialsSectorMember 2026-06-30 0001742912 par:C000233167Member par:OilAndGasSectorMember 2026-06-30 0001742912 par:C000233167Member par:IndustrialProductsSectorMember 2026-06-30 0001742912 par:C000233167Member par:RenewableEnergySectorMember 2026-06-30 0001742912 par:C000233167Member oef:ConsumerStaplesSectorMember 2026-06-30 0001742912 par:C000233167Member oef:UtilitiesSectorMember 2026-06-30 0001742912 par:C000233167Member oef:ConsumerDiscretionarySectorMember 2026-06-30 0001742912 par:C000233167Member par:IndustrialServicesSectorMember 2026-06-30 0001742912 par:C000233167Member par:CashAndOtherSectorMember 2026-06-30 0001742912 par:C000215408Member par:VanguardTotalStockMarketETFMember 2026-06-30 0001742912 par:C000215408Member par:USTreasuryBill7282026355Member 2026-06-30 0001742912 par:C000215408Member par:SPDRGoldMiniSharesTrustMember 2026-06-30 0001742912 par:C000215408Member par:VanguardFTSEEmergingMarketsETFMember 2026-06-30 0001742912 par:C000215408Member par:VanguardFTSEDevelopedMarketsETFMember 2026-06-30 0001742912 par:C000215408Member par:UnitedStatesTreasuryInflationIndexedBonds13802152044Member 2026-06-30 0001742912 par:C000215408Member par:UnitedStatesTreasuryInflationIndexedBonds07502152045Member 2026-06-30 0001742912 par:C000215408Member par:UnitedStatesTreasuryInflationIndexedBonds06302152043Member 2026-06-30 0001742912 par:C000215408Member par:UnitedStatesTreasuryInflationIndexedBonds10002152046Member 2026-06-30 0001742912 par:C000215408Member par:UnitedStatesTreasuryInflationIndexedBonds10002152048Member 2026-06-30 0001742912 par:C000233167Member par:SPDRGoldMiniSharesTrustMember 2026-06-30 0001742912 par:C000233167Member par:UnitedStatesTreasuryInflationIndexedBonds13802152044Member 2026-06-30 0001742912 par:C000233167Member par:VanguardFTSEEmergingMarketsETFMember 2026-06-30 0001742912 par:C000233167Member par:UnitedStatesTreasuryInflationIndexedBonds10002152046Member 2026-06-30 0001742912 par:C000233167Member par:UnitedStatesTreasuryInflationIndexedBonds07502152045Member 2026-06-30 0001742912 par:C000233167Member par:UnitedStatesTreasuryInflationIndexedBonds06302152043Member 2026-06-30 0001742912 par:C000233167Member par:UnitedStatesTreasuryInflationIndexedBonds08802152047Member 2026-06-30 0001742912 par:C000233167Member par:UnitedStatesTreasuryInflationIndexedBonds10002152048Member 2026-06-30 0001742912 par:C000233167Member par:VanguardExtendedMarketETFMember 2026-06-30 0001742912 par:C000233167Member par:UnitedStatesTreasuryInflationIndexedBonds15002152053Member 2026-06-30 iso4217:USD pure par:Holdings false N-1A 0001742912 N-CSRS Tidal Trust I 2026-06-30 semi-annual shareholder report RPAR Risk Parity ETF RPAR NYSEArca This <span id="xdx_903_eoef--ShareholderReportAnnualOrSemiAnnual_c20260101__20260630__oef--ClassAxis__custom--C000215408Member_zQxM49wPVpKb">semi-annual shareholder report</span> contains important information about the <span style="box-sizing: border-box; font-weight: normal">RPAR Risk Parity ETF</span> (the "Fund") for the period <span style="box-sizing: border-box; font-weight: normal">January 1, 2026</span> to <span style="box-sizing: border-box; font-weight: normal">June 30, 2026</span>. semi-annual shareholder report You can find additional information about the Fund at <span style="box-sizing: border-box; font-weight: normal"><span id="xdx_90B_eoef--AddlInfoWebsite_c20260101__20260630__oef--ClassAxis__custom--C000215408Member_zf4hOnRecug7">www.rparetf.com/rpar</span></span>. You can also request this information by contacting us at <span style="box-sizing: border-box; font-weight: normal"><span id="xdx_909_eoef--AddlInfoPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000215408Member_zWH8KIrN20cg">833-540-0039</span></span> or by sending an e-mail request to <span style="box-sizing: border-box; font-weight: normal"><span id="xdx_903_eoef--AddlInfoEmail_c20260101__20260630__oef--ClassAxis__custom--C000215408Member_zYqSOw9Hvve">info@rparetf.com</span></span>. www.rparetf.com/rpar 833-540-0039 info@rparetf.com This report describes changes to the Fund that occurred during the reporting period. <p id="xdx_80E_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000215408Member_zRuYSb1xro2j" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0">What were the Fund costs for the past six months?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: -4pt 0 2pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(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; font-weight: bold">Fund Name</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Costs of a $10,000 investment</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Costs paid as a percentage of a $10,000 investment*</span></div></th></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_905_eoef--FundName_c20260101__20260630__oef--ClassAxis__custom--C000215408Member_zo780rgsPB2k">RPAR Risk Parity ETF</span></span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98B_eoef--ExpensesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000215408Member_zsLd5IoGdtHl" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$25</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--ExpenseRatioPct_dp_c20260101__20260630__oef--ClassAxis__custom--C000215408Member_fKg_____zjbxwasNN3v7" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">0.49%</span></div></td></tr> </table></div></div></div> <table cellpadding="0" cellspacing="0" style="font: normal 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F09_zsPS4n9Q3458" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F14_zG0V6XfdJjGb" style="text-align: justify">Costs paid as a percentage of $10,000 is an annualized figure.</td> </tr></table> <p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: -10pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> RPAR Risk Parity ETF 25 0.0049 <p id="xdx_803_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000215408Member_zwZlmvSsTHEa" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: -4pt 0 0; text-align-last: auto; display: block; min-height: 24.26px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: -4pt 0 4pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box; font-weight: normal">June 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">)</span></p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Fund Size (Thousands)</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98C_eus-gaap--AssetsNet_iE_pn3n3_c20260101__20260630__oef--ClassAxis__custom--C000215408Member_zWHhDwZUagI2" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$586,026</span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Number of Holdings</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_987_eoef--HoldingsCount_iI_uHoldings_c20260630__oef--ClassAxis__custom--C000215408Member_ziFgoWsHrcd" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">150</span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Total Advisory Fee Paid</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98F_eoef--AdvisoryFeesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000215408Member_z8rb0iRVkXwl" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$1,437,857</span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Portfolio Turnover</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98F_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20260101__20260630__oef--ClassAxis__custom--C000215408Member_zwQ8ggQuf7Qi" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">11%</span></div></td></tr> </table></div></div></div> 586026000 150 1437857 0.11 <p id="xdx_806_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000215408Member_zdGxtgXs0VLb" style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 4pt 0 0; text-align-last: auto; display: block; min-height: 33.6px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box; font-weight: normal">June 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">)</span></p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt"></span></p><div style="border-right: #000 0.94pt solid; margin: 0 0 3.75pt; padding: 0 20pt 0 0; grid-column: 1 / 2; grid-row: 3 / 4; box-sizing: border-box; text-align-last: auto; width: 286pt; height: auto; min-width: 0; overflow-wrap: break-word"> <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: 700 13pt/13pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 17.33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Sector/Security Type Breakdown</p> <p style="font: 10pt/13pt Gotham Narrow-Light,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 17.95px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-family: Gotham Narrow-Light Italic,Arial; font-weight: 400; font-style: italic"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(% of Total Net Assets)</span></span></p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">sector</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">%</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">U.S. Treasury Securities</div></td> <td style="box-sizing: border-box"> <div id="xdx_980_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000215408Member__us-gaap--InvestmentTypeAxis__us-gaap--USTreasurySecuritiesMember_z4PoCB2mSRAe" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.355</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Exchange Traded Funds</div></td> <td style="box-sizing: border-box"> <div id="xdx_98D_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000215408Member__us-gaap--InvestmentTypeAxis__us-gaap--ExchangeTradedFundsMember_z0ALcjBzuGqi" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.346</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">U.S. Treasury Bills</div></td> <td style="box-sizing: border-box"> <div id="xdx_98F_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000215408Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryBillsMember_zPZqQmQcUb5f" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.118</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Materials</div></td> <td style="box-sizing: border-box"> <div id="xdx_98B_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000215408Member__oef--IndustrySectorAxis__oef--MaterialsSectorMember_zbJkcisvbN3d" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.062</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Oil &amp; Gas</div></td> <td style="box-sizing: border-box"> <div id="xdx_986_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000215408Member__oef--IndustrySectorAxis__custom--OilAndGasSectorMember_z7wNBgFXYoa8" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.05</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Industrial Products</div></td> <td style="box-sizing: border-box"> <div id="xdx_98C_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000215408Member__oef--IndustrySectorAxis__custom--IndustrialProductsSectorMember_zAU47m1DGEQ" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.019</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Renewable Energy</div></td> <td style="box-sizing: border-box"> <div id="xdx_98B_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000215408Member__oef--IndustrySectorAxis__custom--RenewableEnergySectorMember_z9mIcAMQzdnd" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.007</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Consumer Staple Products</div></td> <td style="box-sizing: border-box"> <div id="xdx_989_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000215408Member__oef--IndustrySectorAxis__oef--ConsumerStaplesSectorMember_zqWDSH7uYYw3" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.003</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Utilities</div></td> <td style="box-sizing: border-box"> <div id="xdx_98F_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000215408Member__oef--IndustrySectorAxis__oef--UtilitiesSectorMember_zQQB5A2zqLtl" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.003</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Consumer Discretionary Products</div></td> <td style="box-sizing: border-box"> <div id="xdx_98A_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000215408Member__oef--IndustrySectorAxis__oef--ConsumerDiscretionarySectorMember_zFQ0TUhfSbn4" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.001</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Industrial Services</div></td> <td style="box-sizing: border-box"> <div id="xdx_98A_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000215408Member__oef--IndustrySectorAxis__custom--IndustrialServicesSectorMember_zT5PMJpCo2Ga" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.000</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Cash &amp; Other*</div></td> <td style="box-sizing: border-box"> <div id="xdx_98A_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000215408Member__oef--IndustrySectorAxis__custom--CashAndOtherSectorMember_fKg_____zajkPEBoIJR4" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.036</div></td></tr> </table></div></div><img alt="bar" src="qes2jxcb1mstdq72s.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/></div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font: normal 8pt/1.4 Gotham Narrow-Light,Arial; width: 100%; margin-bottom: 4pt; color: #4f4f4f"> <tr style="vertical-align: top"> <td id="xdx_F03_zT7QBc7HkDzl" style="text-align: left">*</td> <td id="xdx_F19_zj7JJhHqUz71" style="text-align: left">Includes Futures Contracts</td></tr> </table> </div></div></div> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: -24pt 0 8pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> 0.355 0.346 0.118 0.062 0.05 0.019 0.007 0.003 0.003 0.001 0.000 0.036 <div id="xdx_803_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000215408Member_zlOefAcrmrd" 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; font-weight: bold">Top Ten Holdings/Issuers</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">(% of Total Net Assets)</span></div></th></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Vanguard Total Stock Market ETF</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_986_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000215408Member__oef--LargestHoldingAxis__custom--VanguardTotalStockMarketETFMember_zHw6sZ3E4884" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">12.7%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">U.S. Treasury Bill, 7/28/2026, 3.55%</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000215408Member__oef--LargestHoldingAxis__custom--USTreasuryBill7282026355Member_zmhK956lxljd" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">11.8%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">SPDR Gold MiniShares Trust</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98B_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000215408Member__oef--LargestHoldingAxis__custom--SPDRGoldMiniSharesTrustMember_z1HDFkzksWgh" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">9.3%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Vanguard FTSE Emerging Markets ETF</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98C_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000215408Member__oef--LargestHoldingAxis__custom--VanguardFTSEEmergingMarketsETFMember_z5vvv6hEZr02" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">7.6%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Vanguard FTSE Developed Markets ETF</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_988_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000215408Member__oef--LargestHoldingAxis__custom--VanguardFTSEDevelopedMarketsETFMember_zvtMPix1mj72" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">5.1%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">United States Treasury Inflation Indexed Bonds 1.38%, 02/15/2044</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98F_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000215408Member__oef--LargestHoldingAxis__custom--UnitedStatesTreasuryInflationIndexedBonds13802152044Member_zR0ueftqX3h9" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">3.8%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">United States Treasury Inflation Indexed Bonds 0.75%, 02/15/2045</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000215408Member__oef--LargestHoldingAxis__custom--UnitedStatesTreasuryInflationIndexedBonds07502152045Member_zO0eyKU3jK97" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">3.3%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">United States Treasury Inflation Indexed Bonds 0.63%, 02/15/2043</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98A_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000215408Member__oef--LargestHoldingAxis__custom--UnitedStatesTreasuryInflationIndexedBonds06302152043Member_z522cD8lLMLd" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">3.1%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">United States Treasury Inflation Indexed Bonds 1.00%, 02/15/2046</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98A_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000215408Member__oef--LargestHoldingAxis__custom--UnitedStatesTreasuryInflationIndexedBonds10002152046Member_zncz31rQEDpl" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">3.1%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">United States Treasury Inflation Indexed Bonds 1.00%, 02/15/2048</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000215408Member__oef--LargestHoldingAxis__custom--UnitedStatesTreasuryInflationIndexedBonds10002152048Member_zv24ebjhD1d2" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">2.8%</span></div></td></tr> </table></div> 0.127 0.118 0.093 0.076 0.051 0.038 0.033 0.031 0.031 0.028 This is a summary of certain changes to the Fund. For more complete information, you may review the Fund's prospectus. <p id="xdx_80D_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000215408Member_dU_zIlVKOoU1Urd" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: 0 0 -2pt; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0"><span style="box-sizing: border-box; font-size: 10pt; font-weight: bold">Fund Changes</span></p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 10pt/9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 10pt/10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 41.86px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; display: block"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal"><span id="xdx_906_eoef--MaterialFundChngExpensesTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000215408Member_z1UE9yEbXuIc">Effective <span id="xdx_90B_eoef--MaterialChngDate_c20260101__20260630__oef--ClassAxis__custom--C000215408Member_zIlBLObrXvt">May 1, 2026</span>, the fee waiver agreement with Tidal Investments LLC ("Tidal"), the Fund's investment advisor, that reduced the unitary management fee payable to Tidal by the Fund from 0.50% to 0.48% of the Fund's average daily net assets terminated. Starting May 1, 2026, the Fund began paying Tidal the full unitary management fee.</span></span></p></div></div> Effective <span id="xdx_90B_eoef--MaterialChngDate_c20260101__20260630__oef--ClassAxis__custom--C000215408Member_zIlBLObrXvt">May 1, 2026</span>, the fee waiver agreement with Tidal Investments LLC ("Tidal"), the Fund's investment advisor, that reduced the unitary management fee payable to Tidal by the Fund from 0.50% to 0.48% of the Fund's average daily net assets terminated. Starting May 1, 2026, the Fund began paying Tidal the full unitary management fee. 2026-05-01 UPAR Ultra Risk Parity ETF UPAR NYSEArca This <span id="xdx_903_eoef--ShareholderReportAnnualOrSemiAnnual_c20260101__20260630__oef--ClassAxis__custom--C000233167Member_zgf1gMLbujm5">semi-annual shareholder report</span> contains important information about the <span style="box-sizing: border-box; font-weight: normal">UPAR Ultra Risk Parity ETF</span> (the "Fund") for the period <span style="box-sizing: border-box; font-weight: normal">January 1, 2026</span> to <span style="box-sizing: border-box; font-weight: normal">June 30, 2026</span>. semi-annual shareholder report You can find additional information about the Fund at <span style="box-sizing: border-box; font-weight: normal"><span id="xdx_90B_eoef--AddlInfoWebsite_c20260101__20260630__oef--ClassAxis__custom--C000233167Member_z89p54S1EzI1">www.rparetf.com/upar</span></span>. You can also request this information by contacting us at <span style="box-sizing: border-box; font-weight: normal"><span id="xdx_909_eoef--AddlInfoPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000233167Member_zGVJaLS3r72l">833-540-0039</span></span> or by sending an e-mail request to <span style="box-sizing: border-box; font-weight: normal"><span id="xdx_903_eoef--AddlInfoEmail_c20260101__20260630__oef--ClassAxis__custom--C000233167Member_z8OVzf3m4Ipf">info@rparetf.com</span></span>. www.rparetf.com/upar 833-540-0039 info@rparetf.com This report describes changes to the Fund that occurred during the reporting period. <p id="xdx_80E_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000233167Member_zCcDCcrXOwB9" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0">What were the Fund costs for the past six months?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: -4pt 0 2pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(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; font-weight: bold">Fund Name</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Costs of a $10,000 investment</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Costs paid as a percentage of a $10,000 investment*</span></div></th></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_905_eoef--FundName_c20260101__20260630__oef--ClassAxis__custom--C000233167Member_zsVKvwd8HAzd">UPAR Ultra Risk Parity ETF</span></span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98B_eoef--ExpensesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000233167Member_zP6Thjvr0KQh" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$33</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--ExpenseRatioPct_dp_c20260101__20260630__oef--ClassAxis__custom--C000233167Member_fKg_____zRe2PeOcRr4i" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">0.64%</span></div></td></tr> </table></div></div></div> <table cellpadding="0" cellspacing="0" style="font: normal 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F03_ziJO2nJbRkHd" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F1B_zM4ItBuQEWzb" style="text-align: justify">Costs paid as a percentage of $10,000 is an annualized figure.</td> </tr></table> <p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: -10pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> UPAR Ultra Risk Parity ETF 33 0.0064 <p id="xdx_80F_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000233167Member_zW0jNp0d6704" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: -4pt 0 0; text-align-last: auto; display: block; min-height: 24.26px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Key Fund Statistics</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: -4pt 0 4pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box; font-weight: normal">June 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">)</span></p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Fund Size (Thousands)</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98C_eus-gaap--AssetsNet_iE_pn3n3_c20260101__20260630__oef--ClassAxis__custom--C000233167Member_zYuOJaPpSJKg" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$59,169</span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Number of Holdings</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--HoldingsCount_iI_uHoldings_c20260630__oef--ClassAxis__custom--C000233167Member_zDnsC3mJTFrc" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">150</span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Total Advisory Fee Paid</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98F_eoef--AdvisoryFeesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000233167Member_zKTFAAAmvcK8" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$212,596</span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Portfolio Turnover</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98F_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20260101__20260630__oef--ClassAxis__custom--C000233167Member_zyODSWnoSPP4" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">14%</span></div></td></tr> </table></div></div></div> 59169000 150 212596 0.14 <p id="xdx_806_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000233167Member_zk7oM2fwLdr6" style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 4pt 0 0; text-align-last: auto; display: block; min-height: 33.6px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0">What did the Fund invest in?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(as of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box; font-weight: normal">June 30, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">)</span></p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt"></span></p><div style="border-right: #000 0.94pt solid; margin: 0 0 3.75pt; padding: 0 20pt 0 0; grid-column: 1 / 2; grid-row: 3 / 4; box-sizing: border-box; text-align-last: auto; width: 286pt; height: auto; min-width: 0; overflow-wrap: break-word"> <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: 700 13pt/13pt Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 17.33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">Sector/Security Type Breakdown</p> <p style="font: 10pt/13pt Gotham Narrow-Light,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 17.95px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-family: Gotham Narrow-Light Italic,Arial; font-weight: 400; font-style: italic"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(% of Total Net Assets)</span></span></p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">sector</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">%</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">U.S. Treasury Securities</div></td> <td style="box-sizing: border-box"> <div id="xdx_98A_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000233167Member__us-gaap--InvestmentTypeAxis__us-gaap--USTreasurySecuritiesMember_z3SuvNGmPHMi" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.499</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Exchange-Traded Funds</div></td> <td style="box-sizing: border-box"> <div id="xdx_98B_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000233167Member__us-gaap--InvestmentTypeAxis__us-gaap--ExchangeTradedFundsMember_zhuuIfX1nbh4" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.241</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Materials</div></td> <td style="box-sizing: border-box"> <div id="xdx_98B_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000233167Member__oef--IndustrySectorAxis__oef--MaterialsSectorMember_zdgWCABXzfXe" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.088</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Oil &amp; Gas</div></td> <td style="box-sizing: border-box"> <div id="xdx_983_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000233167Member__oef--IndustrySectorAxis__custom--OilAndGasSectorMember_zqH1vHVquRl8" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.07</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Industrial Products</div></td> <td style="box-sizing: border-box"> <div id="xdx_982_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000233167Member__oef--IndustrySectorAxis__custom--IndustrialProductsSectorMember_zv9naFuaNBuj" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.026</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Renewable Energy</div></td> <td style="box-sizing: border-box"> <div id="xdx_98A_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000233167Member__oef--IndustrySectorAxis__custom--RenewableEnergySectorMember_zwykydAD0sse" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.01</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Consumer Staple Products</div></td> <td style="box-sizing: border-box"> <div id="xdx_980_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000233167Member__oef--IndustrySectorAxis__oef--ConsumerStaplesSectorMember_zBcRlWPBgebf" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.005</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Utilities</div></td> <td style="box-sizing: border-box"> <div id="xdx_98E_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000233167Member__oef--IndustrySectorAxis__oef--UtilitiesSectorMember_zJoaGWN3zTD7" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.004</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Consumer Discretionary Products</div></td> <td style="box-sizing: border-box"> <div id="xdx_989_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000233167Member__oef--IndustrySectorAxis__oef--ConsumerDiscretionarySectorMember_zeEVhhJOloS9" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.001</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Industrial Services</div></td> <td style="box-sizing: border-box"> <div id="xdx_986_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000233167Member__oef--IndustrySectorAxis__custom--IndustrialServicesSectorMember_zpcPqN1BwkXh" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Cash &amp; Other*</div></td> <td style="box-sizing: border-box"> <div id="xdx_981_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000233167Member__oef--IndustrySectorAxis__custom--CashAndOtherSectorMember_fKg_____z0HxJFlSugub" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.056</div></td></tr> </table></div></div><img alt="bar" src="qes2jxcb1mstdov1r.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/></div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font: normal 8pt/1.4 Gotham Narrow-Light,Arial; width: 100%; margin-bottom: 4pt; color: #4f4f4f"> <tr style="vertical-align: top"> <td id="xdx_F0D_zKCseCb8jThe" style="text-align: left">*</td> <td id="xdx_F15_zqNlZaOaxL0j" style="text-align: left">Includes Futures Contracts</td></tr> </table> </div></div></div> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: -24pt 0 8pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> 0.499 0.241 0.088 0.07 0.026 0.01 0.005 0.004 0.001 0 0.056 <div id="xdx_803_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000233167Member_zazrEVTQMxW2" 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; font-weight: bold">Top Ten Holdings/Issuers</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal"> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">(% of Total Net</span></div> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Assets)</span></div></th></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">SPDR Gold MiniShares Trust</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_986_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000233167Member__oef--LargestHoldingAxis__custom--SPDRGoldMiniSharesTrustMember_z06YMOeljmW1" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">13.0%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">United States Treasury Inflation Indexed</span></div> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Bonds 1.38%, 02/15/2044</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_983_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000233167Member__oef--LargestHoldingAxis__custom--UnitedStatesTreasuryInflationIndexedBonds13802152044Member_ziRJqd9wdn4c" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">5.4%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Vanguard FTSE Emerging</span></div> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Markets ETF</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000233167Member__oef--LargestHoldingAxis__custom--VanguardFTSEEmergingMarketsETFMember_zh5CHOcLznkc" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">5.1%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">United States Treasury Inflation Indexed</span></div> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Bonds 1.00%, 02/15/2046</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000233167Member__oef--LargestHoldingAxis__custom--UnitedStatesTreasuryInflationIndexedBonds10002152046Member_zawzt4PTfX8a" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">4.5%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">United States Treasury Inflation Indexed</span></div> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Bonds 0.75%, 02/15/2045</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000233167Member__oef--LargestHoldingAxis__custom--UnitedStatesTreasuryInflationIndexedBonds07502152045Member_z7Sq7Cq1aNB2" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">4.4%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">United States Treasury Inflation Indexed</span></div> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Bonds 0.63%, 02/15/2043</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98B_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000233167Member__oef--LargestHoldingAxis__custom--UnitedStatesTreasuryInflationIndexedBonds06302152043Member_ziKOZbXfDyl8" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">4.3%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">United States Treasury Inflation Indexed</span></div> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Bonds 0.88%, 02/15/2047</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000233167Member__oef--LargestHoldingAxis__custom--UnitedStatesTreasuryInflationIndexedBonds08802152047Member_z3geiW8gh4Nk" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">3.8%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">United States Treasury Inflation Indexed</span></div> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Bonds 1.00%, 02/15/2048</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98F_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000233167Member__oef--LargestHoldingAxis__custom--UnitedStatesTreasuryInflationIndexedBonds10002152048Member_zvPkj7AlkbJ1" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">3.8%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Vanguard Extended Market ETF</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_988_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000233167Member__oef--LargestHoldingAxis__custom--VanguardExtendedMarketETFMember_z1VUc4gwwFTa" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">3.6%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">United States Treasury Inflation Indexed</span></div> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Bonds 1.50%, 02/15/2053</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_980_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000233167Member__oef--LargestHoldingAxis__custom--UnitedStatesTreasuryInflationIndexedBonds15002152053Member_zmjjHsQsPx0k" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">3.3%</span></div></td></tr> </table></div> 0.130 0.054 0.051 0.045 0.044 0.043 0.038 0.038 0.036 0.033 This is a summary of certain changes to the Fund. For more complete information, you may review the Fund's prospectus. <p id="xdx_80D_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000233167Member_dU_zPVVKEbLEtag" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: 0 0 -2pt; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0"><span style="box-sizing: border-box; font-size: 10pt; font-weight: bold">Fund Changes</span></p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 10pt/9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 10pt/9pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 37.88px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal"><span id="xdx_902_eoef--MaterialFundChngExpensesTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000233167Member_zN5bqO1jkSBf">Effective <span id="xdx_90B_eoef--MaterialChngDate_c20260101__20260630__oef--ClassAxis__custom--C000233167Member_zLZm32Ndcfhd">May 1, 2026</span>, the fee waiver agreement with Tidal Investments LLC ("Tidal"), the Fund's investment adviser, that reduced the unitary management fee payable to Tidal by the Fund from 0.65% to 0.63% of the Fund's average daily net assets terminated. Starting May 1, 2026, the Fund began paying Tidal the full unitary management fee.</span></span></p></div></div> Effective <span id="xdx_90B_eoef--MaterialChngDate_c20260101__20260630__oef--ClassAxis__custom--C000233167Member_zLZm32Ndcfhd">May 1, 2026</span>, the fee waiver agreement with Tidal Investments LLC ("Tidal"), the Fund's investment adviser, that reduced the unitary management fee payable to Tidal by the Fund from 0.65% to 0.63% of the Fund's average daily net assets terminated. Starting May 1, 2026, the Fund began paying Tidal the full unitary management fee. 2026-05-01 Costs paid as a percentage of $10,000 is an annualized figure. Includes Futures Contracts Costs paid as a percentage of $10,000 is an annualized figure. Includes Futures Contracts