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annual shareholder report
Grizzle Growth ETF
DARP
NYSEArca
This
<span id="xdx_902_eoef--ShareholderReportAnnualOrSemiAnnual_c20250801__20260731__oef--ClassAxis__custom--C000244045Member_zUv0UFx0DUO2">annual shareholder report</span> contains important information about the Grizzle Growth
ETF (the "Fund") for the period August 1, 2025 to July
31, 2026.
annual shareholder report
You can find additional information about the Fund at <span id="xdx_90D_eoef--AddlInfoWebsite_c20250801__20260731__oef--ClassAxis__custom--C000244045Member_zMg3KuDUmaGh">www.etf.grizzle.com/</span>.
You can also request this information by contacting us at <span id="xdx_90E_eoef--AddlInfoPhoneNumber_c20250801__20260731__oef--ClassAxis__custom--C000244045Member_zWumYxZmSr">1-(800)-617-0004</span>
or by writing to the Grizzle Growth ETF, c/o U.S. Bank Global Fund Services,
P.O. Box 701, Milwaukee, Wisconsin 53201-0701.
www.etf.grizzle.com/
1-(800)-617-0004
<p id="xdx_80A_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000244045Member_dU_zcXPk97fLqUc" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: -4pt 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 year?</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: -2pt 0 2pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(based
on a hypothetical $10,000 investment)</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: 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: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_986_eoef--ClassName_c20250801__20260731__oef--ClassAxis__custom--C000244045Member_zYWa9cs1iaM9" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">Grizzle
Growth ETF</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_984_eoef--ExpensesPaidAmt_c20250801__20260731__oef--ClassAxis__custom--C000244045Member_zxOWPyvnLoA7" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$92</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_981_eoef--ExpenseRatioPct_dp_c20250801__20260731__oef--ClassAxis__custom--C000244045Member_zHMkUKTonya3" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">0.75%</span></div></td></tr>
</table></div></div></div>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 1pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
Grizzle Growth ETF
92
0.0075
<p id="xdx_80D_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000244045Member_dU_zvwC64A85Ja4" style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.6px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Cumulative
Performance</p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 14.92px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(Initial
Investment of $10,000)</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none">
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Date</div></td>
<td id="xdx_4B2_oef--ClassAxis_custom--C000244045Member_zlYLDHnVDtwl" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Grizzle Growth ETF - $23,303</div></td>
<td id="xdx_4B0_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnIndexMember_zRiJRrBfbBRe" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">S&P 500® Total Return Index - $17,144</div></td></tr>
<tr id="xdx_434_c20211216__20211216_eoef--AccmVal_ziRJUgUkkir7" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">12/16/2021</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_436_c20211216__20211231_eoef--AccmVal_zFdkuK4TSBXh" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">12/31/2021</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10271</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10213</div></td></tr>
<tr id="xdx_430_c20211216__20220731_eoef--AccmVal_zlhRjiGWkIBb" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">7/31/2022</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">9553</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">8929</div></td></tr>
<tr id="xdx_439_c20211216__20221231_eoef--AccmVal_zaC0575zvMxk" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">12/31/2022</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">8296</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">8364</div></td></tr>
<tr id="xdx_433_c20211216__20230731_eoef--AccmVal_z1mCyOo7s3G8" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">7/31/2023</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10993</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10091</div></td></tr>
<tr id="xdx_430_c20211216__20231231_eoef--AccmVal_zQeYKk3GFOMk" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">12/31/2023</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11059</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10562</div></td></tr>
<tr id="xdx_43D_c20211216__20240731_eoef--AccmVal_zs2PDDxt6Lhk" 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">12809</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">12326</div></td></tr>
<tr id="xdx_43B_c20211216__20241231_eoef--AccmVal_zGh3ceEa0tmg" 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">13764</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">13205</div></td></tr>
<tr id="xdx_435_c20211216__20250731_eoef--AccmVal_zdfZwBsS0P06" 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">16059</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">14339</div></td></tr>
<tr id="xdx_437_c20211216__20251231_eoef--AccmVal_zxd7wpOK0Kj4" 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">19285</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">15566</div></td></tr>
<tr id="xdx_436_c20211216__20260731_eoef--AccmVal_zElL0fQrg6Zk" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">7/31/2026</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">23303</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">17144</div></td></tr>
</table></div></div><img alt="line" src="qesg2cw31muh7i4ru.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: 300 8pt Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; display: block"></span></div></div>
10000
10000
10271
10213
9553
8929
8296
8364
10993
10091
11059
10562
12809
12326
13764
13205
16059
14339
19285
15566
23303
17144
<p id="xdx_80A_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000244045Member_dU_zvEPZKaka8i8" style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.6px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Annual
Performance</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; padding-top: 0; color: #4f4f4f; text-indent: 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">Average
Annual Returns</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"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">for
the Periods Ended</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"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">July
31, 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"><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"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">3
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"><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"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">(<span id="xdx_907_eoef--PerfInceptionDate_c20250801__20260731__oef--ClassAxis__custom--C000244045Member_zQ2iDuoo1d5">12/16/2021</span>)</span></div></th></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 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">Grizzle
Growth ETF -</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">at
NAV</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_986_eoef--AvgAnnlRtrPct_dp_c20250801__20260731__oef--ClassAxis__custom--C000244045Member_z1botkrFemkd" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">45.11%</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_984_eoef--AvgAnnlRtrPct_dp_c20230801__20260731__oef--ClassAxis__custom--C000244045Member_zdu4lAUy8hlj" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">28.46%</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_988_eoef--AvgAnnlRtrPct_dp_c20211216__20260731__oef--ClassAxis__custom--C000244045Member_zucA3Khun9Rc" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">20.09%</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 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</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">Index</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98F_eoef--AvgAnnlRtrPct_dp_c20250801__20260731__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zJvHCliwmWg5" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">19.56%</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98E_eoef--AvgAnnlRtrPct_dp_c20230801__20260731__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_zaHLLf5aj2Vc" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">19.32%</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98F_eoef--AvgAnnlRtrPct_dp_c20211216__20260731__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnIndexMember_z9DBK0Dj2ltg" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">12.37%</span></div></td></tr>
</table></div></div></div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; display: block"></span></div></div>
2021-12-16
0.4511
0.2846
0.2009
0.1956
0.1932
0.1237
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.etf.grizzle.com for more recent performance information.
<p id="xdx_80B_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000244045Member_dU_zpthEbgDwpO5" 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-indent: 0"><b style="box-sizing: border-box; font-weight: bold">How
did the Fund perform last year and what affected its performance?</b></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 3pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0">
<p style="font: 300 10pt/11pt Gotham Narrow-Light,Arial; margin: 0 0 4pt; text-align-last: auto; min-height: 30.58px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">For
the fiscal year ended July 31, 2026, the Fund saw a 45.11% total return compared to the benchmark, the S&P 500® Index, seeing
a 19.56% total return. Compared to the benchmark, the portfolio outperformed by 25.55%.</span></p>
<p style="font: 300 10pt/11pt Gotham Narrow-Light,Arial; margin: 0 0 6pt; text-align-last: auto; min-height: 45.87px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">The
top contributing sectors for the annual period ending July 31, 2026, were the information technology and communications sectors. The
top detracting sectors were the energy and financial sectors. Micron Technology (MU), Alphabet (GOOGL) and Ciena (CIEN) were the top contributing
stocks. Venture Global (VG), Cheniere Energy (LNG) and Antero Resources (AR) were the top detracting stocks.</span></p></div></div>
<p style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0; display: block">What
factors influenced performance?</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; display: block">
<p style="font: 300 10pt/11pt Gotham Narrow-Light,Arial; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 45.87px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: justify"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">Based
on our key investment objectives, we continued to position the strategy with strong and consistent growth characteristics above that of
the benchmark and relative to the overall market. Companies with strong revenue growth outlooks that have traded at reasonable valuations
versus the market contributed strongly to the overall returns of the fund for the annual period ending July 31, 2026.</span></p></div></div>
<p 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-indent: 0">Positioning</p>
<p style="font: 300 10pt/11pt Gotham Narrow-Light,Arial; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 122.34px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: justify"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">During
the reporting period, we continued to position the Grizzle Growth ETF for disruption at a reasonable price, seeking companies across the
growth landscape trading at compelling valuations. We maintained a barbell approach balancing established technology leaders with emerging
disruptors, supported by essential supply-chain commodities. In the era of artificial intelligence (AI), mega-cap tech leaders hold distinct
funding and competitive advantages. Simultaneously, emerging disruptors - particularly within the industrials sector - continue to capture
significant upside by directly supplying and constructing the AI infrastructure buildout. We believe pairing both segments allows the
portfolio to capture robust secular growth while maintaining valuation discipline. For the commodity pillar of the fund, we view physical
inputs as critical enablers of this technological transition. We remain highly constructive on the broader energy complex, with high conviction
in liquefied natural gas, copper, and broad critical minerals essential to meeting the power and hardware demands of next-generation infrastructure.</span></p>
<p id="xdx_806_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000244045Member_dU_zdZv1IiAQ3C7" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.26px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Key
Fund Statistics</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-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">July 31, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">)</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; padding-top: 0; color: #4f4f4f; text-indent: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 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: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_982_eus-gaap--AssetsNet_iI_pn3n3_c20260731__oef--ClassAxis__custom--C000244045Member_z7Ha4if7h5ti" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$33,298</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 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: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_985_eoef--HoldingsCount_iI_uHoldings_c20260731__oef--ClassAxis__custom--C000244045Member_zbLjjOx88UW7" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">44</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 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: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98B_eoef--AdvisoryFeesPaidAmt_c20250801__20260731__oef--ClassAxis__custom--C000244045Member_zXyJrbOCOK9c" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$152,138</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 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: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98C_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250801__20260731__oef--ClassAxis__custom--C000244045Member_zY6DUCLIEvQ3" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">70%</span></div></td></tr>
</table></div></div></div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; display: block"></span></div></div>
33298000
44
152138
0.70
<div id="xdx_802_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000244045Member_dU_zjnsnUUsqT58" style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: -8pt 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: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: -2pt 0 6pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-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">July 31, 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 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 8pt 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">Sector
Breakdown</p>
<p style="font: 300 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-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(%
of Net Assets)</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; 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_987_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000244045Member__oef--IndustrySectorAxis__us-gaap--TechnologySectorMember_zoTGdSOSkNS7" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.478</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_988_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000244045Member__oef--IndustrySectorAxis__oef--CommunicationsSectorMember_zZAoi1gpxaD8" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.156</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_c20260731__oef--ClassAxis__custom--C000244045Member__oef--IndustrySectorAxis__oef--IndustrialSectorMember_zo1slBTCaaEe" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.105</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_986_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000244045Member__oef--IndustrySectorAxis__oef--ConsumerDiscretionarySectorMember_zh4q5ldolE8" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.096</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_983_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000244045Member__oef--IndustrySectorAxis__us-gaap--EnergySectorMember_ziFS3Fx1wjP4" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.09</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_98D_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000244045Member__oef--IndustrySectorAxis__oef--MaterialsSectorMember_zMhACUtUOu7h" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.055</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_982_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000244045Member__oef--IndustrySectorAxis__us-gaap--HealthcareSectorMember_zAvkSfOWwVi7" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.014</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_c20260731__oef--ClassAxis__custom--C000244045Member__us-gaap--InvestmentTypeAxis__us-gaap--CashAndCashEquivalentsMember_zmbTLSyqBHbf" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.006</div></td></tr>
</table></div></div><img alt="bar" src="qesaz771mucpkbjr.jpg" style="box-sizing: border-box; width: 100%; height: auto"/></div></div>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: -6pt 0 0; text-align-last: auto; display: block; min-height: 29.84px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-indent: 0">Percentages
are based on net assets. Cash & Cash Equivalents represents cash, short-term investments and liabilities in excess of other assets.</p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: -6pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
</div><div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p></div>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 10pt/10pt Gotham Narrow-Light,Arial; margin: -24pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
0.478
0.156
0.105
0.096
0.09
0.055
0.014
0.006
<div id="xdx_808_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000244045Member_dU_zYYzdazaPU9c" 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
Holdings</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">(%
of Net Assets)</span></div></th></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 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">Alphabet,
Inc. - Class A</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_989_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000244045Member__oef--LargestHoldingAxis__custom--AlphabetIncClassAMember_zGhBQpUogRd3" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">13.1%</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 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">Amazon.com,
Inc.</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98F_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000244045Member__oef--LargestHoldingAxis__custom--AmazonDotComIncMember_zYcQINLnUeRj" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">8.6%</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 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: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98E_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000244045Member__oef--LargestHoldingAxis__custom--NvidiaCorpMember_z8ZyXNWti1j2" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">8.4%</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 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: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98D_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000244045Member__oef--LargestHoldingAxis__custom--MicronTechnologyIncMember_zRc95htG3s51" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">8.2%</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 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">GE
Vernova, Inc.</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_984_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000244045Member__oef--LargestHoldingAxis__custom--GEVernovaIncMember_zk69lYulS1zf" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">5.1%</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 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">Coherent
Corp.</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_986_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000244045Member__oef--LargestHoldingAxis__custom--CoherentCorpMember_zQgHoPDfGXsa" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">4.0%</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Ciena
Corp.</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_989_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000244045Member__oef--LargestHoldingAxis__custom--CienaCorpMember_z87FKObm6z6" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">3.3%</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 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">Apple,
Inc.</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_985_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000244045Member__oef--LargestHoldingAxis__custom--AppleIncMember_zMYM08yxtTQe" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">3.1%</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 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">Taiwan
Semiconductor Manufacturing</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">Co.
Ltd., ADR</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98B_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000244045Member__oef--LargestHoldingAxis__custom--TaiwanSemiconductorManufacturingCoLtdADRMember_znNDgXe7E4Sd" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">3.0%</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 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">Vertiv
Holdings Co. - Class A</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98A_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000244045Member__oef--LargestHoldingAxis__custom--VertivHoldingsCoClassAMember_zPlukXj40iR9" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">2.9%</span></div></td></tr>
</table></div>
0.131
0.086
0.084
0.082
0.051
0.040
0.033
0.031
0.030
0.029
<p id="xdx_809_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000244045Member_dU_z6xbuEJo7Sv4" style="font: 700 10pt/1.4 Gotham Narrow-Bold,Arial; margin: -8pt 0 0; text-align-last: auto; display: block; min-height: 18.66px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #231f20; text-indent: 0">Fund
Changes</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0">
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 6pt; text-align-last: auto; min-height: 18.66px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block">There
have been no changes.</p></div></div>