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Annual shareholder report
Cambria Chesapeake Pure Trend ETF
MFUT
CboeBZX
This
<span id="xdx_90F_eoef--ShareholderReportAnnualOrSemiAnnual_c20250701__20260630__oef--ClassAxis__custom--C000249937Member_zvC6HCWpo7Ya">annual shareholder report</span> contains important information about the Cambria
Chesapeake Pure Trend ETF (the "Fund") for the period July 1,
2025 to June 30, 2026.
annual shareholder report
You can find additional
information about the Fund at <span id="xdx_903_eoef--AddlInfoWebsite_c20250701__20260630__oef--ClassAxis__custom--C000249937Member_zd6hktbwDrsh">www.cambriafunds.com/mfut</span>.
You can also request this information by contacting us at <span id="xdx_90E_eoef--AddlInfoPhoneNumber_c20250701__20260630__oef--ClassAxis__custom--C000249937Member_zhgew4T4MAl8">(855) 843‑2534</span>
or by writing to the Cambria Chesapeake Pure Trend ETF, c/o U.S.
Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201‑0701.
www.cambriafunds.com/mfut
(855) 843‑2534
<p id="xdx_805_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000249937Member_zyS2gsSFQmfg" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: 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-align: left; text-indent: 0; font-weight: bold">What were the Fund costs for the past year?</p>
<p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(based on a hypothetical $10,000 investment)</span><br/><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial"><span style="box-sizing: border-box; font-size: 9pt"></span>
</span>
</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<th style="border-bottom: #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; font-weight: bold"><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; font-weight: bold"><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; font-weight: bold"><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 $10,000 investment</span>
</div>
</th>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_987_eoef--FundName_c20250701__20260630__oef--ClassAxis__custom--C000249937Member_zg4pw6OexWK2" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">Cambria Chesapeake Pure Trend ETF</span>
</div>
</td>
<td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$<span id="xdx_907_eoef--ExpensesPaidAmt_c20250701__20260630__oef--ClassAxis__custom--C000249937Member_zay35omzKfmc">131</span></span>
</div>
</td>
<td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_902_eoef--ExpenseRatioPct_dp_c20250701__20260630__oef--ClassAxis__custom--C000249937Member_fKg_____zYDu5tdY1TKj">1.16</span>%*</span>
</div>
</td>
</tr>
</table>
</div>
</div>
</div>
<table cellpadding="0" cellspacing="0" style="font: normal 8pt/1.4 Gotham Narrow-Light,Arial; color: #4f4f4f; margin-top: 0; margin-bottom: 6pt; width: 100%">
<tr style="vertical-align: top; text-align: justify">
<td id="xdx_F03_zWrMXVzNMgw" style="width: 15pt; text-align: right">*</td>
<td style="width: 5pt"></td>
<td id="xdx_F1C_zoa88BVEQLNl" style="text-align: justify">
Costs paid as a percentage of a $10,000 investment is an annualized figure.
</td>
</tr>
</table>
Cambria Chesapeake Pure Trend ETF
131
0.0116
<p id="xdx_802_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000249937Member_zbMJ2tAiegh7" style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0 0 -6pt; text-align-last: auto; display: block; min-height: 33.59px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center; font-weight: bold">Cumulative Performance</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none">
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Date</div>
</td>
<td id="xdx_4BC_oef--ClassAxis_custom--C000249937Member_zlxh8iHeOUji" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Cambria Chesapeake Pure Trend ETF - at NAV - $9,256</div>
</td>
<td id="xdx_4B3_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_z19ZTP3SmfN6" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">S&P 500 Total Return Index - $14,517</div>
</td>
</tr>
<tr id="xdx_43D_c20240528__20240528_eoef--AccmVal_zkpHKvBqHpQ4" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">5/28/2024</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">
10000
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">
10000
</div>
</td>
</tr>
<tr id="xdx_430_c20240528__20240531_eoef--AccmVal_zZP8OxqptZW8" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">5/31/2024</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">
9965
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">
9948
</div>
</td>
</tr>
<tr id="xdx_43E_c20240528__20240630_eoef--AccmVal_zLq0JsOfAQ1l" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">6/30/2024</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">
9620
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">
10305
</div>
</td>
</tr>
<tr id="xdx_430_c20240528__20240731_eoef--AccmVal_zNNDFWBYCdZ" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">7/31/2024</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">
9299
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">
10431
</div>
</td>
</tr>
<tr id="xdx_435_c20240528__20240831_eoef--AccmVal_zZk0qqeVFX1f" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">8/31/2024</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">
8907
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">
10684
</div>
</td>
</tr>
<tr id="xdx_436_c20240528__20240930_eoef--AccmVal_zKwIaitoENHb" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">9/30/2024</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">
9090
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">
10912
</div>
</td>
</tr>
<tr id="xdx_436_c20240528__20241031_eoef--AccmVal_zPf0SEdcWPK9" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10/31/2024</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">
8286
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">
10813
</div>
</td>
</tr>
<tr id="xdx_434_c20240528__20241130_eoef--AccmVal_zUqSAkmFAjah" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11/30/2024</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">
8452
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">
11448
</div>
</td>
</tr>
<tr id="xdx_43B_c20240528__20241231_eoef--AccmVal_zAgxLVzMmMja" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">12/31/2024</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">
8321
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">
11175
</div>
</td>
</tr>
<tr id="xdx_437_c20240528__20250131_eoef--AccmVal_zZCJM4TAGEad" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">1/31/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">
8317
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">
11486
</div>
</td>
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<tr id="xdx_43A_c20240528__20250228_eoef--AccmVal_zrrkNS7y7rv4" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">2/28/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">
7950
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">
11336
</div>
</td>
</tr>
<tr id="xdx_43F_c20240528__20250331_eoef--AccmVal_z9mUCpNFo0kd" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">3/31/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">
7813
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">
10697
</div>
</td>
</tr>
<tr id="xdx_437_c20240528__20250430_eoef--AccmVal_zic6AVQ7kpOa" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">4/30/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">
7261
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">
10625
</div>
</td>
</tr>
<tr id="xdx_436_c20240528__20250531_eoef--AccmVal_zOkrhuiMFgRh" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">5/31/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">
7202
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">
11294
</div>
</td>
</tr>
<tr id="xdx_439_c20240528__20250630_eoef--AccmVal_zORJPvEbA0lb" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">6/30/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">
7350
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">
11868
</div>
</td>
</tr>
<tr id="xdx_435_c20240528__20250731_eoef--AccmVal_zwZOKd8ja4b" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">7/31/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">
7308
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">
12134
</div>
</td>
</tr>
<tr id="xdx_435_c20240528__20250831_eoef--AccmVal_zzHVedVfWORd" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">8/31/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">
7554
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">
12380
</div>
</td>
</tr>
<tr id="xdx_43A_c20240528__20250930_eoef--AccmVal_zJ98Scg9PcJi" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">9/30/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">
7790
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">
12832
</div>
</td>
</tr>
<tr id="xdx_43F_c20240528__20251031_eoef--AccmVal_zv8pTmB5EnHl" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10/31/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">
7768
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">
13133
</div>
</td>
</tr>
<tr id="xdx_43B_c20240528__20251130_eoef--AccmVal_z0Y9x6TO9iK4" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11/30/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">
7943
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">
13165
</div>
</td>
</tr>
<tr id="xdx_433_c20240528__20251231_eoef--AccmVal_zUCbPJrkAVu5" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">12/31/2025</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">
8190
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">
13173
</div>
</td>
</tr>
<tr id="xdx_436_c20240528__20260131_eoef--AccmVal_zCreOH6gl8D4" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">1/31/2026</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">
8852
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">
13364
</div>
</td>
</tr>
<tr id="xdx_436_c20240528__20260228_eoef--AccmVal_zbJsu2WBikzj" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">2/28/2026</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">
9102
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">
13262
</div>
</td>
</tr>
<tr id="xdx_433_c20240528__20260331_eoef--AccmVal_zlgF8vbRju5l" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">3/31/2026</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">
8862
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">
12602
</div>
</td>
</tr>
<tr id="xdx_433_c20240528__20260430_eoef--AccmVal_zURJgQrv4Eq6" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">4/30/2026</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">
9547
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">
13924
</div>
</td>
</tr>
<tr id="xdx_43B_c20240528__20260531_eoef--AccmVal_zJRlxlvCHsma" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">5/31/2026</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">
9795
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">
14657
</div>
</td>
</tr>
<tr id="xdx_434_c20240528__20260630_eoef--AccmVal_zrLqTyX0hUF8" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">6/30/2026</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">
9256
</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">
14517
</div>
</td>
</tr>
</table>
</div>
</div><img alt="line" src="qes9cne381msyvf3jb.jpg" style="box-sizing: border-box; width: 100%; height: auto"/>
</div>
</div>
<p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; text-align-last: auto; display: block; min-height: 14.92px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"> </p>
<p style="font: 16px/1.4 Times New Roman,Times,serif; text-align-last: auto; display: block; color: #000; min-height: 22.38px; align-content: center; line-height: 22.4px; box-sizing: border-box"> </p>
10000
10000
9965
9948
9620
10305
9299
10431
8907
10684
9090
10912
8286
10813
8452
11448
8321
11175
8317
11486
7950
11336
7813
10697
7261
10625
7202
11294
7350
11868
7308
12134
7554
12380
7790
12832
7768
13133
7943
13165
8190
13173
8852
13364
9102
13262
8862
12602
9547
13924
9795
14657
9256
14517
<p id="xdx_802_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000249937Member_z8qSGnbtg6yc" style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.59px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center; font-weight: bold">Annual Performance</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; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Average Annual Returns for the</span>
</div>
<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; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Periods Ended June 30, 2026:</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; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">1 Year</span>
</div>
</th>
<th style="border-bottom: #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; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Since Inception</span>
</div>
<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; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">(<span id="xdx_90E_eoef--PerfInceptionDate_c20250701__20260630__oef--ClassAxis__custom--C000249937Member_z2AcOO6EldD8">5/28/24</span>)</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">Cambria Chesapeake Pure</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">Trend ETF - at NAV</span>
</div>
</td>
<td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_980_eoef--AvgAnnlRtrPct_dp_c20250701__20260630__oef--ClassAxis__custom--C000249937Member_zvj8ro8JyFY7" 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">25.93%</span>
</div>
</td>
<td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_986_eoef--AvgAnnlRtrPct_dp_c20240528__20260630__oef--ClassAxis__custom--C000249937Member_ziWfiOKRcD6f" 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">-3.63%</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">S&P 500 Total Return Index</span>
</div>
</td>
<td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_989_eoef--AvgAnnlRtrPct_dp_c20250701__20260630__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_z5w93sNWJoh4" 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">22.32%</span>
</div>
</td>
<td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98B_eoef--AvgAnnlRtrPct_dp_c20240528__20260630__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zTwn16XOVjMi" 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">19.52%</span>
</div>
</td>
</tr>
</table>
</div>
</div>
</div>
2024-05-28
0.2593
-0.0363
0.2232
0.1952
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.
Visit
www.cambriafunds.com/mfut for more recent performance information.
<p id="xdx_80A_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000249937Member_gL1FAPTB-BM_zARF3L76Gocb" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0; font-weight: bold">How did the Fund perform last year and what affected its performance?</p>
<p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: 700">For the period </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: bold"><span style="box-sizing: border-box; font-weight: bold">July 1, 2025</span>
</span><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: 700"> – </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: bold"><span style="box-sizing: border-box; font-weight: bold">June 30, 2026</span>
</span>
</p>
<p style="font: normal 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">During the 12-month reporting period, the MFUT Fund returned +25.93% (NAV) and 25.65% (market price).</p>
<p style="font: normal 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 37.34px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">The Fund began the fiscal year with strong gains—benefiting from long positions in select commodities and trend-driven single equities.</p>
<p style="font: normal 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 56.01px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">MFUT maintained its systematic approach throughout, adjusting exposures based on the strength and direction of price trends across asset classes. The strategy does not rely on predictions or discretionary decisions, instead following a rules-based process to identify opportunities and manage risk.</p>
<p style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0; font-weight: bold"><b style="box-sizing: border-box; font-weight: bold">Performance Drivers</b></p>
<div style="box-sizing: border-box; text-align-last: auto">
<ul style="padding-inline: 0pt; box-sizing: border-box; list-style-type: disc">
<li style="font: normal 10pt Gotham Narrow-Light,Arial; margin: 0; padding: 0; box-sizing: border-box; color: #4f4f4f; margin-top: 0; text-align: left; text-indent: 0; margin-right: 0; margin-bottom: 8pt; list-style-position: outside; list-style-type: disc; display: list-item; margin-left: 25pt"><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: 700">Currencies: </span>Net exposure to foreign currencies increased through the year as central bank paths diverged. Long positions in the Australian Dollar and the Canadian Dollar contributed early, and positions in long US dollar led later in the period. Long emerging market exposure also added gains.</li>
<li style="font: normal 10pt Gotham Narrow-Light,Arial; margin: 0; padding: 0; box-sizing: border-box; color: #4f4f4f; margin-top: 0; text-align: left; text-indent: 0; margin-right: 0; margin-bottom: 8pt; list-style-position: outside; list-style-type: disc; display: list-item; margin-left: 25pt"><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: 700">Commodities: </span>Commodity results were mixed but positive for the year. Metals led early, with long gold exposure and copper and silver longs were added as trends developed and contributed profits as well. Energy took over later in the period, as long positions in gas oil, heating oil, and Brent crude benefited from sustained trends. Grains were mixed during the period but long exposure by year end provided positive results.</li>
<li style="font: normal 10pt Gotham Narrow-Light,Arial; margin: 0; padding: 0; box-sizing: border-box; color: #4f4f4f; margin-top: 0; text-align: left; text-indent: 0; margin-right: 0; margin-bottom: 8pt; list-style-position: outside; list-style-type: disc; display: list-item; margin-left: 25pt"><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: 700">Fixed Income: </span>Fixed income remained the Fund's largest allocation by weight and contributed meaningfully early in the year, anchored by long short-duration positions in instruments. The portfolio later moved short across the curve in both domestic and foreign bonds. Short-term interest rate futures and European sovereign shorts detracted as rate expectations shifted.</li>
<li style="font: normal 10pt Gotham Narrow-Light,Arial; margin: 0; padding: 0; box-sizing: border-box; color: #4f4f4f; margin-top: 0; text-align: left; text-indent: 0; margin-right: 0; margin-bottom: 8pt; list-style-position: outside; list-style-type: disc; display: list-item; margin-left: 25pt"><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: 700">Equities:</span> Single stocks were the largest driver of the year's return.As the market’s continued their trend higher and breaking record highs. The Fund continues to be net long Equities going into the new year.</li>
</ul>
</div>
<p style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0; font-weight: bold"><b style="box-sizing: border-box; font-weight: bold">Positioning as of June 30, 2026</b></p>
<p style="font: normal 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">At period-end of the period, MFUT held:</p>
<div style="box-sizing: border-box; text-align-last: auto">
<ul style="padding-inline: 0pt; box-sizing: border-box; list-style-type: disc">
<li style="font: normal 10pt Gotham Narrow-Light,Arial; margin: 0; padding: 0; box-sizing: border-box; color: #4f4f4f; margin-top: 0; text-align: left; text-indent: 0; margin-right: 0; margin-bottom: 8pt; list-style-position: outside; list-style-type: disc; display: list-item; margin-left: 25pt">Long positions in energy, metals, grains and mixed positioning in softs and livestock commodities</li>
<li style="font: normal 10pt Gotham Narrow-Light,Arial; margin: 0; padding: 0; box-sizing: border-box; color: #4f4f4f; margin-top: 0; text-align: left; text-indent: 0; margin-right: 0; margin-bottom: 8pt; list-style-position: outside; list-style-type: disc; display: list-item; margin-left: 25pt">Net long emerging market currencies and short the Euro and the Sterling.</li>
<li style="font: normal 10pt Gotham Narrow-Light,Arial; margin: 0; padding: 0; box-sizing: border-box; color: #4f4f4f; margin-top: 0; text-align: left; text-indent: 0; margin-right: 0; margin-bottom: 8pt; list-style-position: outside; list-style-type: disc; display: list-item; margin-left: 25pt">Short positions across the curve n domestic and foreign bonds</li>
<li style="font: normal 10pt Gotham Narrow-Light,Arial; margin: 0; padding: 0; box-sizing: border-box; color: #4f4f4f; margin-top: 0; text-align: left; text-indent: 0; margin-right: 0; margin-bottom: 8pt; list-style-position: outside; list-style-type: disc; display: list-item; margin-left: 25pt">Net long single-stock positions.</li>
</ul>
</div>
<p style="font: normal 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 56.01px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">While the year included periods of disruption, the Fund remained consistent in applying its systematic process—reducing risk when trends weakened and scaling back in when trend strength improved. MFUT’s diversified, rules-based framework is designed to participate in sustained market trends while actively managing downside risk.</p>
<p id="xdx_808_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000249937Member_dU_zRRhtGkST22k" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.23px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0; font-weight: bold">Key Fund Statistics</p>
<p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 3pt; 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; margin-bottom: 1pt">
<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_985_eus-gaap--AssetsNet_iI_pn3n3_c20260630__oef--ClassAxis__custom--C000249937Member_zhsCxcU08LX9" 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">$39,210</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--C000249937Member_z6cqesRCTyaj" 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">131</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_98C_eoef--AdvisoryFeesPaidAmt_c20250701__20260630__oef--ClassAxis__custom--C000249937Member_zHN9KoPhs9wj" 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">$201,647</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 Rate</span>
</div>
</td>
<td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_90B_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250701__20260630__oef--ClassAxis__custom--C000249937Member_ztmJ3LW2pnJe">83</span>%</span>
</div>
</td>
</tr>
</table>
</div>
</div>
</div>
39210000
131
201647
0.83
<div id="xdx_80D_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000249937Member_dU_zpTbolHpOz2d" style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.59px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0; font-weight: bold">What did the Fund invest in?</p>
<p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: -4pt 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>
</div>
<div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 700 12pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.23px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0; font-weight: bold">Sector/Security Type - Investments <span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: 400"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(% of net assets)</span>
</span>
</p>
<p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(Excludes securities sold short and other financial instruments)</span>
</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none">
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">sector</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">%</div>
</td>
</tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Technology</div>
</td>
<td style="box-sizing: border-box">
<div id="xdx_981_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000249937Member__oef--IndustrySectorAxis__custom--TechnologyMember_zZqS9KamIJQd" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">
0.17
</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_984_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000249937Member__oef--IndustrySectorAxis__oef--MaterialsSectorMember_zzoNof4TDDT4" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">
0.122
</div>
</td>
</tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Industrials</div>
</td>
<td style="box-sizing: border-box">
<div id="xdx_98F_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000249937Member__oef--IndustrySectorAxis__oef--IndustrialSectorMember_z0kxSvCfnvx2" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">
0.061
</div>
</td>
</tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Health Care</div>
</td>
<td style="box-sizing: border-box">
<div id="xdx_989_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000249937Member__oef--IndustrySectorAxis__us-gaap--HealthCareMember_zI9v2mAIXRZ4" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">
0.038
</div>
</td>
</tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Energy</div>
</td>
<td style="box-sizing: border-box">
<div id="xdx_98B_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000249937Member__oef--IndustrySectorAxis__us-gaap--EnergySectorMember_zjCyDomK7FYb" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">
0.038
</div>
</td>
</tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Consumer Staples</div>
</td>
<td style="box-sizing: border-box">
<div id="xdx_98B_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000249937Member__oef--IndustrySectorAxis__oef--ConsumerStaplesSectorMember_zmcE0LePBLth" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">
0.03
</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_980_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000249937Member__oef--IndustrySectorAxis__oef--UtilitiesSectorMember_zaJZItTUFcz" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">
0.02
</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</div>
</td>
<td style="box-sizing: border-box">
<div id="xdx_98B_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000249937Member__oef--IndustrySectorAxis__oef--ConsumerDiscretionarySectorMember_zdSA8RYc5kof" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">
0.017
</div>
</td>
</tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Real Estate</div>
</td>
<td style="box-sizing: border-box">
<div id="xdx_983_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000249937Member__oef--IndustrySectorAxis__us-gaap--RealEstateSectorMember_zDMZCR9mgJmi" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">
0.009
</div>
</td>
</tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Financials</div>
</td>
<td style="box-sizing: border-box">
<div id="xdx_982_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000249937Member__oef--IndustrySectorAxis__us-gaap--FinancialServicesSectorMember_z3WxHYB1WMo" 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">Cash & Cash Equivalents</div>
</td>
<td style="box-sizing: border-box">
<div id="xdx_988_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000249937Member__oef--IndustrySectorAxis__us-gaap--CashAndCashEquivalentsMember_zLSaJXahWLN2" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">
0.488
</div>
</td>
</tr>
</table>
</div>
</div><img alt="pie" src="qes9cne381msyv6o46.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/>
</div>
</div>
</div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 8pt Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; display: block"></span>
</div>
</div>
</div>
<p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: -16pt 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"> </p>
0.17
0.122
0.061
0.038
0.038
0.03
0.02
0.017
0.009
0.007
0.488
<div id="xdx_804_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000249937Member_dU_zQwIqeCPat4j" 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; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Top Holdings</span>
</div>
</th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">(% of net assets)</span>
</div>
</th>
</tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">First American Government</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">Obligations Fund - Class X, 3.57%</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--C000249937Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX357Member_zBpNBgQPnHn6" 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">37.6%</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">Micron Technology, Inc.</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--C000249937Member__oef--LargestHoldingAxis__custom--MicronTechnologyIncMember_zHkbhGlbOLYg" 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">Cisco Systems, Inc.</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--C000249937Member__oef--LargestHoldingAxis__custom--CiscoSystemsIncMember_zMNDJDnJkgOf" 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">3.0%</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">NVIDIA Corp.</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--C000249937Member__oef--LargestHoldingAxis__custom--NVIDIACorpMember_zGMMcqXsyP09" 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">2.3%</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">Advanced Micro Devices, Inc.</span>
</div>
</td>
<td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_987_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000249937Member__oef--LargestHoldingAxis__custom--AdvancedMicroDevicesIncMember_zgyTOCUvHR6h" 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">1.8%</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">Deere & Co.</span>
</div>
</td>
<td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98E_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000249937Member__oef--LargestHoldingAxis__custom--DeereAndCoMember_zAcA8w8zNjie" 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">1.7%</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">Corteva, Inc.</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--C000249937Member__oef--LargestHoldingAxis__custom--CortevaIncMember_zRbRjqjxJkmg" 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">1.6%</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">Rio Tinto PLC</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--C000249937Member__oef--LargestHoldingAxis__custom--RioTintoPLCMember_z2yMyGFbNnvg" 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">1.5%</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">ASML Holding NV</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--C000249937Member__oef--LargestHoldingAxis__custom--ASMLHoldingNVMember_zLwNWywEr5f6" 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">1.4%</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">BHP Group Ltd.</span>
</div>
</td>
<td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_982_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000249937Member__oef--LargestHoldingAxis__custom--BHPGroupLtdMember_z36BdmlOrJCf" 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">1.3%</span>
</div>
</td>
</tr>
</table>
</div>
<div style="grid-column: 1 / 4; grid-row: 3 / 4; box-sizing: border-box"><div style="display: grid; grid-template-columns: 271pt 25.5pt 271pt; grid-template-rows: 178pt; width: 100%; box-sizing: border-box">
<div style="margin: 0 0 3.75pt; padding: 0; grid-column: 1 / 2; grid-row: 1 / 2; box-sizing: border-box; text-align-last: auto; width: 271pt; 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 12pt/1.4 Gotham Narrow-Bold,Arial; margin: 4pt 0 0; text-align-last: auto; display: block; min-height: 24.23px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0; font-weight: bold">Sector/Security Type - Securities Sold Short</p>
<p style="font: normal 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">(% of net assets)</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none">
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">sector</div>
</td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">%</div>
</td>
</tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Consumer Staples</div>
</td>
<td style="box-sizing: border-box">
<div id="xdx_98E_eoef--PctOfTotalShortExposure_iI_c20260630__oef--ClassAxis__custom--C000249937Member__oef--IndustrySectorAxis__oef--ConsumerStaplesSectorMember_zXoErpnNGqjd" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">-0.024
</div>
</td>
</tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Health Care</div>
</td>
<td style="box-sizing: border-box">
<div id="xdx_98C_eoef--PctOfTotalShortExposure_iI_c20260630__oef--ClassAxis__custom--C000249937Member__oef--IndustrySectorAxis__us-gaap--HealthCareMember_zTc4baJFERLi" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">-0.02
</div>
</td>
</tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Industrials</div>
</td>
<td style="box-sizing: border-box">
<div id="xdx_984_eoef--PctOfTotalShortExposure_iI_c20260630__oef--ClassAxis__custom--C000249937Member__oef--IndustrySectorAxis__oef--IndustrialSectorMember_zrv7NFnYe2cc" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">-0.017
</div>
</td>
</tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Technology</div>
</td>
<td style="box-sizing: border-box">
<div id="xdx_982_eoef--PctOfTotalShortExposure_iI_c20260630__oef--ClassAxis__custom--C000249937Member__oef--IndustrySectorAxis__us-gaap--TechnologySectorMember_z393dnmudk7d" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">-0.015
</div>
</td>
</tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Communications</div>
</td>
<td style="box-sizing: border-box">
<div id="xdx_98B_eoef--PctOfTotalShortExposure_iI_c20260630__oef--ClassAxis__custom--C000249937Member__oef--IndustrySectorAxis__oef--CommunicationsSectorMember_zEVJugwJu85k" 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">Utilities</div>
</td>
<td style="box-sizing: border-box">
<div id="xdx_98E_eoef--PctOfTotalShortExposure_iI_c20260630__oef--ClassAxis__custom--C000249937Member__oef--IndustrySectorAxis__oef--UtilitiesSectorMember_zK9ec1EknHja" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">-0.006
</div>
</td>
</tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Real Estate</div>
</td>
<td style="box-sizing: border-box">
<div id="xdx_980_eoef--PctOfTotalShortExposure_iI_c20260630__oef--ClassAxis__custom--C000249937Member__oef--IndustrySectorAxis__us-gaap--RealEstateSectorMember_z7YfHpzDHxPb" 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">Materials</div>
</td>
<td style="box-sizing: border-box">
<div id="xdx_98E_eoef--PctOfTotalShortExposure_iI_c20260630__oef--ClassAxis__custom--C000249937Member__oef--IndustrySectorAxis__oef--MaterialsSectorMember_zBNyVvHRkrV1" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">-0.002
</div>
</td>
</tr>
</table>
</div>
</div><img alt="bar" src="qes9cne381msyuz2i2.jpg" style="box-sizing: border-box; width: 100%; height: auto"/>
</div>
</div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 8pt Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; display: block"></span>
</div>
</div>
</div>
</div>
</div>
<div style="margin: 0 0 3.75pt; padding: 0; grid-column: 3 / 4; grid-row: 1 / 2; box-sizing: border-box; text-align-last: auto; width: 271pt; 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 12pt/1.4 Gotham Narrow-Bold,Arial; margin: 4pt 0 0; text-align-last: auto; display: block; min-height: 24.23px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0; font-weight: bold">Security Type - Other Financial Instruments</p>
<p style="font: normal 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">(% of net assets)</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">Open Futures Contracts Purchased</div>
</td>
<td style="box-sizing: border-box">
<div id="xdx_98D_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000249937Member__us-gaap--InvestmentTypeAxis__custom--OpenFuturesContractsPurchasedMember_zFPmTHIF9aW1" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">-0.023
</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">Open Futures Contracts Sold</div>
</td>
<td style="box-sizing: border-box">
<div id="xdx_98A_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000249937Member__us-gaap--InvestmentTypeAxis__custom--OpenFuturesContractsSoldMember_zQTkeVV0kS9e" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">-0.007
</div>
</td>
</tr>
</table>
</div>
</div><img alt="bar" src="qes2jxcb1msyzke87.jpg" style="box-sizing: border-box; width: 230pt; height: auto"/>
</div>
</div>
</div>
<p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 14.92px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"> </p>
</div>
</div>
</div>
</div></div>
0.376
0.054
0.030
0.023
0.018
0.017
0.016
0.015
0.014
0.013
-0.024
-0.02
-0.017
-0.015
-0.01
-0.006
-0.004
-0.002
-0.023
-0.007