What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|---|---|---|
|
TDAQ LIFT ETF
|
$52¹
|
0.98%²
|
| ¹ | Costs are for the period of January 7, 2026 to June 30, 2026. Costs for a full semi-annual period would be higher. |
| ² | Annualized. |
Key Fund Statistics
(as of June 30, 2026 )
|
Fund Net Assets
|
$43,477,077
|
|
Number of Holdings
|
2
|
|
Total Net Advisory Fee
|
$86,373
|
|
Portfolio Turnover Rate
|
0.00%
|
Market Exposure
|
|
|
|
|
|
"Market Exposure" includes the values of total investments (including the contract value of any derivatives) and excludes any short-term investments.
|
Portfolio Composition
|
|
|---|---|
|
Money Market Fund
|
|
|
Cash
|
|
|
Derivatives
|
|
|
Other Assets Net of Liabilities
|
What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|---|---|---|
|
TappAlpha Innovation 100 Growth & Daily Income ETF
|
$37
|
0.68%¹
|
| ¹ | Annualized. |
Key Fund Statistics
(as of June 30, 2026 )
|
Fund Net Assets
|
$248,683,722
|
|
Number of Holdings
|
2
|
|
Total Net Advisory Fee
|
$503,095
|
|
Portfolio Turnover Rate
|
0.00%
|
Market Exposure
|
Top Holdings
|
|
|---|---|
|
Invesco NASDAQ 100 ETF
|
|
|
First American Government Obligations Fund - Class X
|
Material Changes
Change to Investment Objective
Effective May 1, 2026, the Fund revised its secondary investment objective from seeking exposure to the performance of the Invesco QQQ Trust, Series 1 (“QQQ”), subject to a limit on potential investment gains, to seeking exposure to the performance of the NASDAQ-100® Index. The revised objective provides the Adviser with additional flexibility to obtain exposure to the NASDAQ-100® Index through one or more exchange-traded funds that track the Index and/or through direct investment in some or all of the equity securities comprising the Index. The Fund’s primary investment objective of seeking current income while maintaining prospects for capital appreciation did not change.
Change to Investment Objective
Effective May 1, 2026, the Fund revised its secondary investment objective from seeking exposure to the performance of the Invesco QQQ Trust, Series 1 (“QQQ”), subject to a limit on potential investment gains, to seeking exposure to the performance of the NASDAQ-100® Index. The revised objective provides the Adviser with additional flexibility to obtain exposure to the NASDAQ-100® Index through one or more exchange-traded funds that track the Index and/or through direct investment in some or all of the equity securities comprising the Index. The Fund’s primary investment objective of seeking current income while maintaining prospects for capital appreciation did not change.
What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|---|---|---|
|
TSPY LIFT ETF
|
$48¹
|
0.98%²
|
| ¹ | Costs are for the period of January 7, 2026 to June 30, 2026. Costs for a full semi-annual period would be higher. |
| ² | Annualized. |
Key Fund Statistics
(as of June 30, 2026 )
|
Fund Net Assets
|
$13,610,848
|
|
Number of Holdings
|
2
|
|
Total Net Advisory Fee
|
$44,205
|
|
Portfolio Turnover Rate
|
0.00%
|
Market Exposure
|
|
|
|
|
|
"Market Exposure" includes the values of total investments (including the contract value of any derivatives) and excludes any short-term investments.
|
Portfolio Composition
|
|
|---|---|
|
Money Market Fund
|
|
|
Cash
|
|
|
Derivatives
|
|
|
Other Assets Net of Liabilities
|
What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|---|---|---|
|
TappAlpha S&P 500 Growth & Daily Income ETF
|
$35
|
0.68%¹
|
| ¹ | Annualized. |
Key Fund Statistics
(as of June 30, 2026 )
|
Fund Net Assets
|
$310,530,244
|
|
Number of Holdings
|
2
|
|
Total Net Advisory Fee
|
$846,550
|
|
Portfolio Turnover Rate
|
0.59%
|
What did the Fund invest in?
(% of Net Assets as of June 30, 2026 )
Market Exposure
|
Top Holdings
|
|
|---|---|
|
Vanguard S&P 500 ETF
|
|
|
First American Government Obligations Fund - Class X
|
Material Changes
Fund Name Change
Effective May 1, 2026, the Fund changed its name from TappAlpha SPY Growth & Daily Income ETF to TappAlpha S&P 500 Growth & Daily Income ETF. The name change more accurately reflects the Fund’s investment focus on obtaining exposure to the S&P 500® Index rather than through a single exchange-traded fund.
Change to Investment Objective
Effective May 1, 2026, the Fund revised its secondary investment objective to seek exposure to the performance of the S&P 500® Index, rather than the performance of the SPDR S&P 500 ETF Trust (“SPY”). The Fund’s primary investment objective of seeking current income while maintaining prospects for capital appreciation did not change.
Change to 80% Investment Policy
Effective May 1, 2026, the Fund revised its 80% investment policy to provide that, under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of borrowings for investment purposes, in financial instruments and economic interests that provide exposure to the S&P 500® Index. The revised policy provides the Fund with broader flexibility to obtain exposure to the S&P 500® Index through one or more ETFs, other financial instruments, or direct investments in securities comprising the Index.
Change to Annual Fund Operating Expenses
Effective May 26, 2026, the Fund’s Acquired Fund Fees and Expenses decreased from 0.09% to 0.03%, resulting in a decrease in Total Annual Fund Operating Expenses from 0.77% to 0.71%.
Fund Name Change
Effective May 1, 2026, the Fund changed its name from TappAlpha SPY Growth & Daily Income ETF to TappAlpha S&P 500 Growth & Daily Income ETF. The name change more accurately reflects the Fund’s investment focus on obtaining exposure to the S&P 500® Index rather than through a single exchange-traded fund.
Change to Investment Objective
Effective May 1, 2026, the Fund revised its secondary investment objective to seek exposure to the performance of the S&P 500® Index, rather than the performance of the SPDR S&P 500 ETF Trust (“SPY”). The Fund’s primary investment objective of seeking current income while maintaining prospects for capital appreciation did not change.
Change to Annual Fund Operating Expenses
Effective May 26, 2026, the Fund’s Acquired Fund Fees and Expenses decreased from 0.09% to 0.03%, resulting in a decrease in Total Annual Fund Operating Expenses from 0.77% to 0.71%.
Change to 80% Investment Policy
Effective May 1, 2026, the Fund revised its 80% investment policy to provide that, under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of borrowings for investment purposes, in financial instruments and economic interests that provide exposure to the S&P 500® Index. The revised policy provides the Fund with broader flexibility to obtain exposure to the S&P 500® Index through one or more ETFs, other financial instruments, or direct investments in securities comprising the Index.
| [1] | Costs are for the period of January 7, 2026 to June 30, 2026. Costs for a full semi-annual period would be higher. |
| [2] | Annualized. |
| [3] | Annualized. |
| [4] | Costs are for the period of January 7, 2026 to June 30, 2026. Costs for a full semi-annual period would be higher. |
| [5] | Annualized. |
| [6] | Annualized. |