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ACKtivist Distribution ETF (the "Fund") for the period September 8, 2025 (the Fund's "inception") 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--C000262948Member_ztvZXrTWHih8">www.vistashares.com</span>. You can also request this information by contacting us at <span id="xdx_90E_eoef--AddlInfoPhoneNumber_c20250801__20260731__oef--ClassAxis__custom--C000262948Member_zmVzZUv82Hm9">(844) 875‑2288</span> or by writing to VistaShares Target 15 ACKtivist Distribution ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201‑0701. www.vistashares.com (844) 875‑2288 <p id="xdx_80A_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000262948Member_dU_z2jo4i5eig28" 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; font-weight: bold">What were the Fund costs for the period?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: -3pt 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-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(based on a hypothetical $10,000 investment)</span></p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; 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; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_986_eoef--ClassName_c20250801__20260731__oef--ClassAxis__custom--C000262948Member_z6GT7j5Ss5Pa" 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">VistaShares Target 15 ACKtivist Distribution ETF</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--ExpensesPaidAmt_c20250801__20260731__oef--ClassAxis__custom--C000262948Member_znJUVLVGhlul" 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">$86</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_986_eoef--ExpenseRatioPct_dp_c20250801__20260731__oef--ClassAxis__custom--C000262948Member_fKg_____zYyjCN1yRCn4" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">0.96%</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_F0E_zmENuokmmBR2" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F15_zC0kdkvDuK29" style="text-align: justify">Costs paid as a percentage of investment are annualized.</td> </tr></table> VistaShares Target 15 ACKtivist Distribution ETF 86 0.0096 <p id="xdx_80D_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000262948Member_dU_zSlc0tc0Ncka" 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; 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; 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--C000262948Member_zRtyvDflb1d7" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">VistaShares Target 15 ACKtivist Distribution ETF - at NAV - $10,117</div></td> <td id="xdx_4B0_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnMember_zJlvBVEmDKib" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">S&amp;P 500® Total Return - $11,650</div></td></tr> <tr id="xdx_432_c20250908__20250908_eoef--AccmVal_zHAjalbZxmWe" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">9/8/2025</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_431_c20250908__20250930_eoef--AccmVal_zcHPCL8Sfu4f" 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">10094</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10304</div></td></tr> <tr id="xdx_43C_c20250908__20251031_eoef--AccmVal_z89StXBYjGXk" 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">10181</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10545</div></td></tr> <tr id="xdx_432_c20250908__20251130_eoef--AccmVal_zDFMSdVEVLqe" 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">10454</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10571</div></td></tr> <tr id="xdx_43F_c20250908__20251231_eoef--AccmVal_zTfgajeBQCEj" 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">10309</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10578</div></td></tr> <tr id="xdx_439_c20250908__20260131_eoef--AccmVal_z1QVMhaLCIMd" 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">10505</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10731</div></td></tr> <tr id="xdx_439_c20250908__20260228_eoef--AccmVal_zHzqKyLdAEe3" 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">10066</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10650</div></td></tr> <tr id="xdx_432_c20250908__20260331_eoef--AccmVal_zuHN8nAptQia" 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">9518</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10119</div></td></tr> <tr id="xdx_430_c20250908__20260430_eoef--AccmVal_zJcA1cLHBA8i" 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">10486</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11181</div></td></tr> <tr id="xdx_437_c20250908__20260531_eoef--AccmVal_zieKf6l54tjf" 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">10429</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11770</div></td></tr> <tr id="xdx_437_c20250908__20260630_eoef--AccmVal_zbovHZerd9K3" 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">9804</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11657</div></td></tr> <tr id="xdx_43B_c20250908__20260731_eoef--AccmVal_zVgvuHMCFq74" 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">10117</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11650</div></td></tr> </table></div></div><img alt="line" src="qesj5zws1mu2pto1s.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/></div></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: 22.39px; align-content: center; line-height: 22.4px; box-sizing: border-box"> </p> 10000 10000 10094 10304 10181 10545 10454 10571 10309 10578 10505 10731 10066 10650 9518 10119 10486 11181 10429 11770 9804 11657 10117 11650 <p id="xdx_80A_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000262948Member_dU_zIVW7XHUReq1" 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; font-weight: bold">Annual Performance</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; margin-block: 1em; margin-inline: 0px; box-sizing: border-box; text-align-last: auto; display: block; padding-top: 0; color: #4f4f4f; text-indent: 0; text-align: center"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse"> <tr style="box-sizing: border-box"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"></span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center; 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_907_eoef--PerfInceptionDate_c20250801__20260731__oef--ClassAxis__custom--C000262948Member_zg6DTjXc7Cjb">9/8/2025</span>)</span></div></th></tr> <tr style="box-sizing: border-box"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <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">VistaShares Target 15 ACKtivist</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">Distribution ETF - at NAV</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98C_eoef--AvgAnnlRtrPct_dp_c20250908__20260731__oef--ClassAxis__custom--C000262948Member_zxDqdEE8tMT7" 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">1.16%</span></div></td></tr> <tr style="box-sizing: border-box"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <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&amp;P 500® Total Return</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98E_eoef--AvgAnnlRtrPct_dp_c20250908__20260731__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnMember_zFkUIOrLq8L7" 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">16.50%</span></div></td></tr> </table></div></div></div> <p style="font: 16px/1.4 Times New Roman,Times,serif; text-align-last: auto; display: block; color: #000; min-height: 22.39px; align-content: center; line-height: 22.4px; box-sizing: border-box"> </p> 2025-09-08 0.0116 0.1650 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.vistashares.com for more recent performance information. <p id="xdx_800_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000262948Member_dU_gL1FAPTB-DEDT_zc5310yg8hl7" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: 16pt 0 8pt; text-align-last: auto; display: block; min-height: 22.39px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold"><span style="box-sizing: border-box; font-size: 12pt; font-weight: bold">How did the Fund perform during the period ended </span><span style="box-sizing: border-box; font-size: 12pt"><span style="box-sizing: border-box; font-weight: bold">July 31, 2026</span></span><span style="box-sizing: border-box; font-size: 12pt; font-weight: bold">?</span></p> <p style="font: 10pt/14pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 186.62px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: 400"><span style="box-sizing: border-box; font-size: 11pt; font-weight: normal">The VistaShares Target 15™ ACKtivist Distribution ETF (“ACKY” or the “Fund”) commenced operations on September 8, 2025. The discussion that follows covers the period from that date through July 31, 2026, which represents the Fund’s first fiscal period and is shorter than a full fiscal year. Over that period the Fund pursued its primary objective of current income while holding a concentrated portfolio of equity securities constructed to reflect the publicly disclosed positions of a well known activist investment manager. The Fund paid distributions monthly from the first full month of operations in a manner consistent with its stated annual income target of 15% of net asset value. Results reflected the concentrated nature of the underlying portfolio, premium income produced by the Fund’s options strategy, and the effect of that strategy on participation in advancing markets. Because the portfolio holds a small number of positions at significant weights, individual holdings had a proportionally larger influence on results than would be the case in a broadly diversified fund.</span></span></p> <p style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: 0 0 10pt; text-align-last: auto; display: block; min-height: 22.39px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold"><span style="box-sizing: border-box; font-size: 12pt; font-weight: bold">What factors influenced the Fund's performance?</span></p> <div style="font: 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 10pt/14pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 130.63px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: 700"><span style="box-sizing: border-box; font-size: 11pt; font-weight: bold">Concentration in a focused equity portfolio.</span></span><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: 400"><span style="box-sizing: border-box; font-size: 11pt; font-weight: normal"> The Fund’s equity sleeve consists of a small number of positions held at substantial weights, spanning large capitalization technology and internet businesses, consumer facing franchises, real estate and alternative asset management. This structure means that Fund results were shaped principally by developments at individual companies rather than by broad market movement. Several positions carried double digit portfolio weights during the period, and changes in the market’s view of those specific businesses were the dominant influence on the equity component of return. Concentration of this kind increases both the potential contribution and the potential detraction from any single holding.</span></span></p> <p style="font: 10pt/14pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: 400"><span style="box-sizing: border-box; font-size: 11pt"></span></span></p> <p style="font: 10pt/14pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 111.97px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: 700"><span style="box-sizing: border-box; font-size: 11pt; font-weight: bold">Activist catalysts and company specific developments. </span></span><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: 400"><span style="box-sizing: border-box; font-size: 11pt; font-weight: normal">The reference portfolio is built around positions in which an activist manager has taken a public stake, and such positions frequently carry identifiable catalysts, including operational restructuring, capital allocation changes, governance actions and corporate transactions. Progress or delay on those catalysts, rather than sector level trends, was a principal driver of individual position performance during the period. Positions where operating improvement became evident generally contributed more consistently than those where the market awaited further evidence.</span></span></p> <p style="font: 10pt/14pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: 400"><span style="box-sizing: border-box; font-size: 11pt"></span></span></p> <p style="font: 10pt/14pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 111.97px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: 700"><span style="box-sizing: border-box; font-size: 11pt; font-weight: bold">Income generation through the options strategy.</span></span><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: 400"><span style="box-sizing: border-box; font-size: 11pt; font-weight: normal"> Premium collected through the Fund’s options strategy was the principal source of distributions during the period. The concentrated, event driven character of the underlying portfolio generally supported implied volatility levels above those of the broad market, which was constructive for premium capture. That same characteristic required attentive management of strike selection, expiration and coverage levels, since sharp single stock moves can both increase premium and limit upside participation. In periods when individual holdings advanced beyond written strikes, participation in those advances was limited by the design of the strategy.</span></span></p> <p style="font: 10pt/14pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: 400"><span style="box-sizing: border-box; font-size: 11pt"></span></span></p> <p style="font: 10pt/14pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 149.29px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: 700"><span style="box-sizing: border-box; font-size: 11pt; font-weight: bold">Portfolio construction, disclosure timing and distribution policy. </span></span><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: 400"><span style="box-sizing: border-box; font-size: 11pt; font-weight: normal">The Adviser maintained the equity portfolio in accordance with a rules based methodology tied to publicly disclosed position data. Because such data is reported on a lagged basis, the portfolio reflects positions as of the most recent available reporting date rather than positions held in real time, and this timing difference can affect results in periods when the underlying manager changes positioning. Periodic reconstitution and rebalancing were used to refresh exposures and to manage position level concentration. Distributions were paid monthly in accordance with the Fund’s income objective. To the extent distributions exceeded net investment income and net realized gains, they constituted a return of capital, which reduces a shareholder’s cost basis. Shareholders should refer to the Financial Highlights and the notes to the financial statements for the character of distributions paid.</span></span></p></div> <p id="xdx_806_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000262948Member_dU_zQ0mOJZrjsb5" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 4pt 0 0; text-align-last: auto; display: block; min-height: 24.26px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">Key Fund Statistics</p> <p style="font: 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-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">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="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; 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_982_eus-gaap--AssetsNet_iI_pn3n3_c20260731__oef--ClassAxis__custom--C000262948Member_zTjLcAevBMai" 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">$44,947</span></div></td></tr> <tr style="box-sizing: border-box; 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_985_eoef--HoldingsCount_iI_uHoldings_c20260731__oef--ClassAxis__custom--C000262948Member_zAWAVsk1CD84" 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">43</span></div></td></tr> <tr style="box-sizing: border-box; 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</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98B_eoef--AdvisoryFeesPaidAmt_c20250801__20260731__oef--ClassAxis__custom--C000262948Member_znzxCN3aNyE6" 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">$372,873</span></div></td></tr> <tr style="box-sizing: border-box; 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 id="xdx_98C_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250801__20260731__oef--ClassAxis__custom--C000262948Member_zPzD2haAwdp6" 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">360%</span></div></td></tr> </table></div></div></div> 44947000 43 372873 3.60 <div id="xdx_802_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000262948Member_dU_zYxId2jLOsle" style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 14pt 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; font-weight: bold">What did the Fund invest in?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: -4pt 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-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> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt"></span></p></div> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/13pt Gotham Narrow-Bold,Arial; margin: 1pt 0 0; text-align-last: auto; display: block; min-height: 17.33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">Sector Breakdown</p> <p style="font: 10pt/13pt Gotham Narrow-Light,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 17.95px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(% of Total 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; 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">Consumer Discretionary</div></td> <td style="box-sizing: border-box"> <div id="xdx_986_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000262948Member__oef--IndustrySectorAxis__oef--ConsumerDiscretionarySectorMember_zFwbHmRIjSia" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.112</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--C000262948Member__oef--IndustrySectorAxis__oef--CommunicationsSectorMember_zSbZ1LjfhH4" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.100</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_98A_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000262948Member__oef--IndustrySectorAxis__us-gaap--FinancialServicesSectorMember_z4OSrXCIDUof" 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">Real Estate</div></td> <td style="box-sizing: border-box"> <div id="xdx_985_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000262948Member__oef--IndustrySectorAxis__us-gaap--RealEstateSectorMember_zHA2lSxmN8Lh" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.090</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">Purchased Call Options</div></td> <td style="box-sizing: border-box"> <div id="xdx_983_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000262948Member__oef--IndustrySectorAxis__custom--PurchasedCallOptionsSectorMember_zQrJlIyTdhM4" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.089</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--C000262948Member__oef--IndustrySectorAxis__us-gaap--TechnologySectorMember_zLM9ubN3LgL2" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.001</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Cash &amp; Other</div></td> <td style="box-sizing: border-box"> <div id="xdx_989_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000262948Member__oef--IndustrySectorAxis__custom--CashandOtherSectorMember_z8ktS1idwVPb" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.512</div></td></tr> </table></div></div><img alt="bar" src="qes4xvio1mtx8srcd.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/></div></div></div> <p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: 4pt 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span></p></div></div><p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: -32pt 0 8pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> 0.112 0.100 0.096 0.090 0.089 0.001 0.512 <div id="xdx_808_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000262948Member_dU_zbABqeHB4o8h" 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 Ten 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 Total Net Assets)</span></div></th></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Restaurant Brands International, Inc.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000262948Member__oef--LargestHoldingAxis__custom--RestaurantBrandsInternationalIncMember_zTys7ZHS5CDg" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">11.0%</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">Pershing Square USA Ltd.</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_c20260731__oef--ClassAxis__custom--C000262948Member__oef--LargestHoldingAxis__custom--PershingSquareUSALtdMember_zoxOOhlNI7xl" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">9.6%</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">Meta Platforms, Inc. - Class A</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_c20260731__oef--ClassAxis__custom--C000262948Member__oef--LargestHoldingAxis__custom--MetaPlatformsIncClassAMember_zXSK4c1CEwJ2" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">9.4%</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">Howard Hughes Holdings, Inc.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000262948Member__oef--LargestHoldingAxis__custom--HowardHughesHoldingsIncMember_zlP4cuFNOuGa" 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">8.2%</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">Amazon.com, Inc., Purchased Call Option, Expiration: 8/21/2026; Exercise Price: $230.00</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000262948Member__oef--LargestHoldingAxis__custom--AmazoncomIncPurchasedCallOptionExpiration8212026ExercisePrice23000Member_z9AlpjDfdyue" 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">2.6%</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">Microsoft Corp., Purchased Call Option, Expiration: 8/21/2026; Exercise Price: $390.00</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000262948Member__oef--LargestHoldingAxis__custom--MicrosoftCorpPurchasedCallOptionExpiration8212026ExercisePrice39000Member_z70DkpNoQ5uf" 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">2.5%</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">Microsoft Corp., Purchased Call Option, Expiration: 8/21/2026; Exercise Price: $435.00</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000262948Member__oef--LargestHoldingAxis__custom--MicrosoftCorpPurchasedCallOptionExpiration8212026ExercisePrice43500Member_zw8QFwz1gcKc" 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">1.1%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Uber Technologies, Inc., Purchased Call Option, Expiration: 8/21/2026; Exercise Price: $67.50</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_c20260731__oef--ClassAxis__custom--C000262948Member__oef--LargestHoldingAxis__custom--UberTechnologiesIncPurchasedCallOptionExpiration8212026ExercisePrice6750Member_zcsCiiUlw4re" 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">1.0%</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">Seaport Entertainment Group, Inc.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98B_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000262948Member__oef--LargestHoldingAxis__custom--SeaportEntertainmentGroupIncMember_z5Lq8btUEbNk" 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">0.8%</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">Brookfield Corp., Purchased Call Option, Expiration: 8/21/2026; Exercise Price: $42.00</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000262948Member__oef--LargestHoldingAxis__custom--BrookfieldCorpPurchasedCallOptionExpiration8212026ExercisePrice4200Member_zU5ML3S6MiJh" 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">0.7%</span></div></td></tr> </table></div> 0.110 0.096 0.094 0.082 0.026 0.025 0.011 0.010 0.008 0.007 VistaShares Target 15 Berkshire Select Income ETF OMAH NYSEArca This <span id="xdx_902_eoef--ShareholderReportAnnualOrSemiAnnual_c20250801__20260731__oef--ClassAxis__custom--C000257971Member_ztoce0JNHZe5">annual shareholder report</span> contains important information about the VistaShares Target 15 Berkshire Select Income ETF (the "Fund") for the period March 1, 2026 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--C000257971Member_zW4cXzBb49x1">www.vistashares.com</span>. You can also request this information by contacting us at <span id="xdx_90E_eoef--AddlInfoPhoneNumber_c20250801__20260731__oef--ClassAxis__custom--C000257971Member_zi3Exeqc5Pge">(844) 875‑2288</span> or by writing to VistaShares Target 15 Berkshire Select Income ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201‑0701. www.vistashares.com (844) 875‑2288 <p id="xdx_80A_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000257971Member_dU_zGiRCdUnNIIl" 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; font-weight: bold">What were the Fund costs for the period?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: -3pt 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-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(based on a hypothetical $10,000 investment)</span></p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; 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; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_986_eoef--ClassName_c20250801__20260731__oef--ClassAxis__custom--C000257971Member_zimuSkTGYUFl" 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">VistaShares Target 15 Berkshire Select Income ETF</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--ExpensesPaidAmt_c20250801__20260731__oef--ClassAxis__custom--C000257971Member_zljzHpopLxql" 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">$42</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98D_eoef--ExpenseRatioPct_dp_c20250801__20260731__oef--ClassAxis__custom--C000257971Member_fKg_____zUO33ky4eFG" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">0.95%</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_F04_zSnUeoqHc6t" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F16_zTWtMlgnOHZj" style="text-align: justify">Costs paid as a percentage of investment are annualized.</td> </tr></table> VistaShares Target 15 Berkshire Select Income ETF 42 0.0095 <p id="xdx_80D_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000257971Member_dU_zPS9SKem1Ijd" 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; 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; 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--C000257971Member_zkcK9dhAvt37" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">VistaShares Target 15 Berkshire Select Income ETF - at NAV - $11,638</div></td> <td id="xdx_4B0_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnMember_z5OJQNmBaG3h" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">S&amp;P 500® Total Return - $13,187</div></td></tr> <tr id="xdx_433_c20250304__20250304_eoef--AccmVal_zoMM3pegjIH5" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">3/4/2025</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_439_c20250304__20250331_eoef--AccmVal_zMI4S9lUTd48" 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">9973</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">9723</div></td></tr> <tr id="xdx_431_c20250304__20250430_eoef--AccmVal_zrQlEuaDqD8b" 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">9760</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">9657</div></td></tr> <tr id="xdx_43E_c20250304__20250531_eoef--AccmVal_zFcC9nMW8Pof" 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">9902</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10265</div></td></tr> <tr id="xdx_435_c20250304__20250630_eoef--AccmVal_zwdUuvoG2KOf" 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">10120</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10787</div></td></tr> <tr id="xdx_43E_c20250304__20250731_eoef--AccmVal_zuBGJSjfQG4j" 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">10110</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11029</div></td></tr> <tr id="xdx_438_c20250304__20250831_eoef--AccmVal_zMZb9tvl4Pli" 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">10530</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11253</div></td></tr> <tr id="xdx_43B_c20250304__20250930_eoef--AccmVal_znOMX3jNqqz6" 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">10488</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11664</div></td></tr> <tr id="xdx_432_c20250304__20251031_eoef--AccmVal_zLGQT8JWd1q2" 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">10435</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11937</div></td></tr> <tr id="xdx_43C_c20250304__20251130_eoef--AccmVal_zdN8TIcScoPd" 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">10664</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11966</div></td></tr> <tr id="xdx_438_c20250304__20251231_eoef--AccmVal_zBOlk5tQLCX8" 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">10608</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11973</div></td></tr> <tr id="xdx_43A_c20250304__20260131_eoef--AccmVal_zpQJ7wdoWeYj" 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">10521</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">12147</div></td></tr> <tr id="xdx_43B_c20250304__20260228_eoef--AccmVal_zQKPAO9BeLk5" 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">10666</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">12055</div></td></tr> <tr id="xdx_43B_c20250304__20260331_eoef--AccmVal_zjVKLBIEDujf" 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">10617</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11454</div></td></tr> <tr id="xdx_432_c20250304__20260430_eoef--AccmVal_zVKyOLp62nFg" 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">11104</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">12656</div></td></tr> <tr id="xdx_43A_c20250304__20260531_eoef--AccmVal_zTxeliyq19A8" 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">11243</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">13322</div></td></tr> <tr id="xdx_436_c20250304__20260630_eoef--AccmVal_zUBL4wUq0DR5" 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">11270</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">13196</div></td></tr> <tr id="xdx_434_c20250304__20260731_eoef--AccmVal_zfaHU07z11p4" 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">11638</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">13187</div></td></tr> </table></div></div><img alt="line" src="qesj5zws1mu2pu8aw.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/></div></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: 22.39px; align-content: center; line-height: 22.4px; box-sizing: border-box"> </p> 10000 10000 9973 9723 9760 9657 9902 10265 10120 10787 10110 11029 10530 11253 10488 11664 10435 11937 10664 11966 10608 11973 10521 12147 10666 12055 10617 11454 11104 12656 11243 13322 11270 13196 11638 13187 <p id="xdx_80A_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000257971Member_dU_ztuNT5WL9fMk" 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; font-weight: bold">Annual Performance</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; margin-block: 1em; margin-inline: 0px; box-sizing: border-box; text-align-last: auto; display: block; padding-top: 0; color: #4f4f4f; text-indent: 0; text-align: center"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse"> <tr style="box-sizing: border-box"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"></span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center; 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"> <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_907_eoef--PerfInceptionDate_c20250801__20260731__oef--ClassAxis__custom--C000257971Member_zdHAPgZkl4X">3/4/2025</span>)</span></div></th></tr> <tr style="box-sizing: border-box"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <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">VistaShares Target 15 Berkshire</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">Select Income ETF - at NAV</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_986_eoef--AvgAnnlRtrPct_dp_c20250801__20260731__oef--ClassAxis__custom--C000257971Member_zXapmdDybwmb" 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">8.91%</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_983_eoef--AvgAnnlRtrPct_dp_c20250304__20260731__oef--ClassAxis__custom--C000257971Member_z1IA5UdZgJCi" 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">11.38%</span></div></td></tr> <tr style="box-sizing: border-box"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <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&amp;P 500® Total Return</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98F_eoef--AvgAnnlRtrPct_dp_c20250801__20260731__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnMember_zZ0KJeN14Rll" 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">19.56%</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98B_eoef--AvgAnnlRtrPct_dp_c20250304__20260731__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnMember_zROD1YVxMBmg" 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">21.71%</span></div></td></tr> </table></div></div></div> <p style="font: 16px/1.4 Times New Roman,Times,serif; text-align-last: auto; display: block; color: #000; min-height: 22.39px; align-content: center; line-height: 22.4px; box-sizing: border-box"> </p> 2025-03-04 0.0891 0.1138 0.1956 0.2171 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.vistashares.com for more recent performance information. <p id="xdx_807_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000257971Member_dU_gL1FAPTB-DWXAV_z3fxBCeEMLUe" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: 16pt 0 8pt; text-align-last: auto; display: block; min-height: 22.39px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold"><span style="box-sizing: border-box; font-size: 12pt; font-weight: bold">How did the Fund perform during the period ended </span><span style="box-sizing: border-box; font-size: 12pt"><span style="box-sizing: border-box; font-weight: bold">July 31, 2026</span></span><span style="box-sizing: border-box; font-size: 12pt; font-weight: bold">?</span></p> <p style="font: 10pt/14pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 205.28px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: justify"><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: 400"><span style="box-sizing: border-box; font-size: 11pt; font-weight: normal">During the fiscal year ended July 31, 2026, the VistaShares Target 15™ Berkshire Select Income ETF (“OMAH” or the “Fund”) pursued its primary objective of current income while maintaining equity exposure to a portfolio constructed to reflect the largest publicly disclosed equity holdings of Berkshire Hathaway Inc., together with direct exposure to Berkshire Hathaway Class B shares. The Fund paid distributions monthly throughout the period in a manner consistent with its stated annual income target of 15% of net asset value. The Fund’s total return reflected three components working together: appreciation and depreciation within the underlying equity portfolio, premium income generated by the Fund’s options strategy, and the effect of that options strategy on participation in advancing markets. Consistent with the design of the strategy, upside participation was moderated in periods when individual holdings advanced sharply, while option premium supported the income stream and provided a partial cushion during weaker windows. The Fund’s market price generally tracked net asset value over the period, and the Fund maintained its monthly distribution schedule without interruption.</span></span></p> <p style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: 0 0 10pt; text-align-last: auto; display: block; min-height: 22.39px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold"><span style="box-sizing: border-box; font-size: 12pt; font-weight: bold">What factors influenced the Fund's performance?</span></p> <div style="font: 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 10pt/14pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 130.63px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: 700"><span style="box-sizing: border-box; font-size: 11pt; font-weight: bold">Composition of the underlying equity portfolio. </span></span><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: 400"><span style="box-sizing: border-box; font-size: 11pt; font-weight: normal">The Fund’s equity sleeve is concentrated in large capitalization U.S. businesses with established earnings power and long operating histories, spanning financial services, consumer staples, energy, technology and health care services, alongside a direct position in Berkshire Hathaway itself. Results over the period were driven more by company level fundamentals within this comparatively narrow group than by broad market direction. The portfolio’s orientation toward cash generative, valuation sensitive businesses meant that Fund returns did not move in step with the more growth led segments of the market, and dispersion among the underlying positions was a meaningful influence on results.</span></span></p> <p style="font: 10pt/14pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: 400"><span style="box-sizing: border-box; font-size: 11pt"></span></span></p> <p style="font: 10pt/14pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 93.31px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: 700"><span style="box-sizing: border-box; font-size: 11pt; font-weight: bold">Market environment and rate expectations.</span></span><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: 400"><span style="box-sizing: border-box; font-size: 11pt"> </span></span><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: 400"><span style="box-sizing: border-box; font-size: 11pt; font-weight: normal">Shifts in interest rate expectations, the trajectory of corporate earnings and changes in risk appetite influenced the broader equity market during the fiscal year. Holdings weighted toward durable franchises with comparatively stable cash flows generally showed less sensitivity to sentiment driven rotations than the market as a whole. Energy and financial positions responded to commodity price movements and to the shape of the yield curve, while consumer staples exposure contributed relative stability during more volatile stretches.</span></span></p> <p style="font: 10pt/14pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: 400"><span style="box-sizing: border-box; font-size: 11pt"></span></span></p> <p style="font: 10pt/14pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 149.29px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: 700"><span style="box-sizing: border-box; font-size: 11pt; font-weight: bold">Income generation through the options strategy. </span></span><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: 400"><span style="box-sizing: border-box; font-size: 11pt; font-weight: normal">The Fund employs a data driven options strategy written against its equity positions and against Berkshire Hathaway Class B shares. Option premium collected across the fiscal year was the principal source of the Fund’s distributions. The premium available varied with implied volatility, which in turn reflected both market wide conditions and single stock events among the underlying holdings. Periods of elevated volatility improved premium capture, while quieter periods called for more active management of strike selection and expiration in order to maintain the income profile. The strategy is calibrated to balance income generation against retained upside participation, and in months when underlying holdings advanced beyond written strikes that participation was limited by design.</span></span></p> <p style="font: 10pt/14pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; font-family: Gotham Narrow-Book,Arial; font-weight: 400"><span style="box-sizing: border-box; font-size: 11pt"></span></span></p> <p style="font: 10pt/14pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 149.29px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: 700"><span style="box-sizing: border-box; font-size: 11pt; font-weight: bold">Portfolio construction, rebalancing and distribution policy. </span></span><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: 400"><span style="box-sizing: border-box; font-size: 11pt; font-weight: normal">The Adviser maintained the equity portfolio in accordance with its rules based methodology, with periodic reconstitution to reflect changes in the publicly disclosed holdings the portfolio is designed to track. Because those holdings are disclosed on a lagged basis, the portfolio reflects positions as of the most recent available reporting date rather than positions held in real time. Rebalancing was used to manage position level concentration and to refresh exposures as the reference portfolio evolved. Distributions were paid monthly in accordance with the Fund’s income objective. To the extent distributions exceeded net investment income and net realized gains, they constituted a return of capital, which reduces a shareholder’s cost basis. Shareholders should refer to the Financial Highlights and the notes to the financial statements for the character of distributions paid.</span></span></p></div> <p id="xdx_806_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000257971Member_dU_z7g49apLojL6" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 4pt 0 0; text-align-last: auto; display: block; min-height: 24.26px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">Key Fund Statistics</p> <p style="font: 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-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">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="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; 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_982_eus-gaap--AssetsNet_iI_pn3n3_c20260731__oef--ClassAxis__custom--C000257971Member_zIexjB28zBb" 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">$990,104</span></div></td></tr> <tr style="box-sizing: border-box; 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_985_eoef--HoldingsCount_iI_uHoldings_c20260731__oef--ClassAxis__custom--C000257971Member_zQxnZKSDM5Hj" 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">76</span></div></td></tr> <tr style="box-sizing: border-box; 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</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98B_eoef--AdvisoryFeesPaidAmt_c20250801__20260731__oef--ClassAxis__custom--C000257971Member_zWYURzTU7YYd" 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">$3,140,789</span></div></td></tr> <tr style="box-sizing: border-box; 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 id="xdx_98C_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250801__20260731__oef--ClassAxis__custom--C000257971Member_z3D3QuAPChbc" 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">22%</span></div></td></tr> </table></div></div></div> 990104000 76 3140789 0.22 <div id="xdx_802_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000257971Member_dU_zHQEWd2s0acf" style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 14pt 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; font-weight: bold">What did the Fund invest in?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: -4pt 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-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> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt"></span></p></div> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/13pt Gotham Narrow-Bold,Arial; margin: 1pt 0 0; text-align-last: auto; display: block; min-height: 17.33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">Sector Breakdown</p> <p style="font: 10pt/13pt Gotham Narrow-Light,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 17.95px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(% of Total 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; 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">Financials</div></td> <td style="box-sizing: border-box"> <div id="xdx_98E_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000257971Member__oef--IndustrySectorAxis__us-gaap--FinancialServicesSectorMember_zGp222lAU6Z6" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.383</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--C000257971Member__oef--IndustrySectorAxis__oef--CommunicationsSectorMember_zW8cV1QuhUU3" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.226</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_981_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000257971Member__oef--IndustrySectorAxis__oef--ConsumerStaplesSectorMember_zvundRKdXP1i" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.131</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--C000257971Member__oef--IndustrySectorAxis__us-gaap--EnergySectorMember_znN0D35RFzK4" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.087</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--C000257971Member__oef--IndustrySectorAxis__us-gaap--TechnologySectorMember_zK512AD7ExTb" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.068</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_98E_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000257971Member__oef--IndustrySectorAxis__oef--IndustrialSectorMember_zxUv5T11ZeXb" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.053</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--C000257971Member__oef--IndustrySectorAxis__us-gaap--HealthcareSectorMember_zxnnvy7lMZa7" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.052</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">Purchased Call Options</div></td> <td style="box-sizing: border-box"> <div id="xdx_981_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000257971Member__oef--IndustrySectorAxis__custom--PurchasedCallOptionsSectorMember_zYM6vh0RR4yj" 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">Cash &amp; Other</div></td> <td style="box-sizing: border-box"> <div id="xdx_980_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000257971Member__oef--IndustrySectorAxis__custom--CashandOtherSectorMember_z37Bk5GpCUZ4" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">-0.006</div></td></tr> </table></div></div><img alt="bar" src="qesjhya1mu1iqh6d.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/></div></div></div> <p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: 4pt 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span></p></div></div><p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: -24pt 0 8pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> 0.383 0.226 0.131 0.087 0.068 0.053 0.052 0.006 -0.006 <div id="xdx_808_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000257971Member_dU_z2jG5n9b3rFa" 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 Ten 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 Total</span></div> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">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">Berkshire Hathaway, Inc. - Class B</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98A_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000257971Member__oef--LargestHoldingAxis__custom--BerkshireHathawayIncClassBMember_zERAMecH3Alf" 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">10.1%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Apple, Inc.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000257971Member__oef--LargestHoldingAxis__custom--AppleIncMember_zkLhcdrrq67k" 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">6.8%</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">American Express Co.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98A_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000257971Member__oef--LargestHoldingAxis__custom--AmericanExpressCoMember_zoU0Kckhidhk" 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">5.7%</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">Delta Air Lines, Inc.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98B_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000257971Member__oef--LargestHoldingAxis__custom--DeltaAirLinesIncMember_z5Y5I2z7NJ93" 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">5.3%</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">DaVita, 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_c20260731__oef--ClassAxis__custom--C000257971Member__oef--LargestHoldingAxis__custom--DaVitaIncMember_z5oJG0HgNKA" 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">5.2%</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">Bank of America Corp.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000257971Member__oef--LargestHoldingAxis__custom--BankofAmericaCorpMember_zGoxUDvXEnG7" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">4.9%</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">Sirius XM Holdings, Inc.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98A_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000257971Member__oef--LargestHoldingAxis__custom--SiriusXMHoldingsIncMember_zf3uuqQhYruk" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">4.7%</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">Chubb Ltd.</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_c20260731__oef--ClassAxis__custom--C000257971Member__oef--LargestHoldingAxis__custom--ChubbLtdMember_zQLWAO3Wb3Ng" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">4.7%</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">Coca-Cola Co.</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_c20260731__oef--ClassAxis__custom--C000257971Member__oef--LargestHoldingAxis__custom--CocaColaCoMember_zMXys47nQcOc" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">4.7%</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">Kraft Heinz Co.</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_c20260731__oef--ClassAxis__custom--C000257971Member__oef--LargestHoldingAxis__custom--KraftHeinzCoMember_zAJ7GGbJi003" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">4.6%</span></div></td></tr> </table></div> 0.101 0.068 0.057 0.053 0.052 0.049 0.047 0.047 0.047 0.046 VistaShares Target 15 DRUKMacro Distribution ETF DRKY NYSEArca This <span id="xdx_902_eoef--ShareholderReportAnnualOrSemiAnnual_c20250801__20260731__oef--ClassAxis__custom--C000262947Member_zKL5UQ4327Y">annual shareholder report</span> contains important information about the VistaShares Target 15 DRUKMacro Distribution ETF (the "Fund") for the period October 7, 2025 (the Fund's "inception") 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--C000262947Member_zaJTHAwrHeS">www.vistashares.com</span>. You can also request this information by contacting us at <span id="xdx_90E_eoef--AddlInfoPhoneNumber_c20250801__20260731__oef--ClassAxis__custom--C000262947Member_z7n9RWKWZare">(844) 875‑2288</span> or by writing to VistaShares Target 15 DRUKMacro Distribution ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201‑0701. www.vistashares.com (844) 875‑2288 <p id="xdx_80A_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000262947Member_dU_zZUkaEgtFVY7" 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; font-weight: bold">What were the Fund costs for the period?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: -3pt 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-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(based on a hypothetical $10,000 investment)</span></p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; 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; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_986_eoef--ClassName_c20250801__20260731__oef--ClassAxis__custom--C000262947Member_zZjgnWeqjKK8" 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">VistaShares Target 15 DRUKMacro Distribution ETF</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--ExpensesPaidAmt_c20250801__20260731__oef--ClassAxis__custom--C000262947Member_zY8fNH3AqQlh" 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">$82</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_986_eoef--ExpenseRatioPct_dp_c20250801__20260731__oef--ClassAxis__custom--C000262947Member_fKg_____zMZLMDP2ikC8" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">0.95%</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_F0D_zkzPE9ovm8k" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F19_zyJQiuiZRfe3" style="text-align: justify">Costs paid as a percentage of investment are annualized.</td> </tr></table> VistaShares Target 15 DRUKMacro Distribution ETF 82 0.0095 <p id="xdx_80D_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000262947Member_dU_z1fWSZpxyu7c" 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; 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; 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--C000262947Member_zq654SgL0vUb" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">VistaShares Target 15 DRUKMacro Distribution ETF - at NAV - $11,175</div></td> <td id="xdx_4B0_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnMember_zSSMfYp5k5sh" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">S&amp;P 500® Total Return - $11,259</div></td></tr> <tr id="xdx_430_c20251007__20251007_eoef--AccmVal_zmuFLjgitB4f" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10/7/2025</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_439_c20251007__20251031_eoef--AccmVal_zaDGVJuGcxmh" 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">10519</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10192</div></td></tr> <tr id="xdx_431_c20251007__20251130_eoef--AccmVal_z8n8Ot9EdzV6" 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">11259</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10217</div></td></tr> <tr id="xdx_43B_c20251007__20251231_eoef--AccmVal_zUrK28M7jx38" 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">11223</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10223</div></td></tr> <tr id="xdx_439_c20251007__20260131_eoef--AccmVal_zSwWzGdo2gfd" 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">11283</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10371</div></td></tr> <tr id="xdx_431_c20251007__20260228_eoef--AccmVal_zvjJOdbbMKdl" 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">10762</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10292</div></td></tr> <tr id="xdx_43E_c20251007__20260331_eoef--AccmVal_zuXMaH1b0iHl" 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">10394</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">9780</div></td></tr> <tr id="xdx_432_c20251007__20260430_eoef--AccmVal_zSLPpXlh18Od" 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">11153</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10806</div></td></tr> <tr id="xdx_43D_c20251007__20260531_eoef--AccmVal_zcYk5rr4qKS9" 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">11205</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11375</div></td></tr> <tr id="xdx_43A_c20251007__20260630_eoef--AccmVal_zJan3FhLbCY4" 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">11586</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11267</div></td></tr> <tr id="xdx_434_c20251007__20260731_eoef--AccmVal_zLiJ3o82HFd3" 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">11175</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11259</div></td></tr> </table></div></div><img alt="line" src="qesj5zws1mu2pre0x.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/></div></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: 22.39px; align-content: center; line-height: 22.4px; box-sizing: border-box"> </p> 10000 10000 10519 10192 11259 10217 11223 10223 11283 10371 10762 10292 10394 9780 11153 10806 11205 11375 11586 11267 11175 11259 <p id="xdx_80A_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000262947Member_dU_zRrIOtN9ywN1" 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; font-weight: bold">Annual Performance</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; margin-block: 1em; margin-inline: 0px; box-sizing: border-box; text-align-last: auto; display: block; padding-top: 0; color: #4f4f4f; text-indent: 0; text-align: center"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse"> <tr style="box-sizing: border-box"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"></span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center; 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_907_eoef--PerfInceptionDate_c20250801__20260731__oef--ClassAxis__custom--C000262947Member_zD9QveERXTwi">10/7/2025</span>)</span></div></th></tr> <tr style="box-sizing: border-box"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <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">VistaShares Target 15 DRUKMacro</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">Distribution ETF - at NAV</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_987_eoef--AvgAnnlRtrPct_dp_c20251007__20260731__oef--ClassAxis__custom--C000262947Member_zq2bXpRd95ca" 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">11.74%</span></div></td></tr> <tr style="box-sizing: border-box"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <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&amp;P 500® Total Return</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_989_eoef--AvgAnnlRtrPct_dp_c20251007__20260731__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnMember_zXSohJtAP3ai" 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">12.59%</span></div></td></tr> </table></div></div></div> <p style="font: 16px/1.4 Times New Roman,Times,serif; text-align-last: auto; display: block; color: #000; min-height: 22.39px; align-content: center; line-height: 22.4px; box-sizing: border-box"> </p> 2025-10-07 0.1174 0.1259 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.vistashares.com for more recent performance information. <p id="xdx_803_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000262947Member_dU_gL1FAPTB-JAA_z5Xh1Jvdb883" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: 16pt 0 8pt; text-align-last: auto; display: block; min-height: 22.39px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold"><span style="box-sizing: border-box; font-size: 12pt; font-weight: bold">How did the Fund perform during the period ended </span><span style="box-sizing: border-box; font-size: 12pt"><span style="box-sizing: border-box; font-weight: bold">July 31, 2026</span></span><span style="box-sizing: border-box; font-size: 12pt; font-weight: bold">?</span></p> <p style="font: 10pt/14pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 186.62px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: 400"><span style="box-sizing: border-box; font-size: 11pt; font-weight: normal">The VistaShares Target 15™ DRUKMacro Distribution ETF (“DRKY” or the “Fund”) commenced operations on October 7, 2025. The discussion that follows covers the period from that date through July 31, 2026, which represents the Fund’s first fiscal period and is shorter than a full fiscal year. Over that period the Fund pursued its primary objective of current income while holding a portfolio of equity securities constructed to reflect the publicly disclosed positions of a macro oriented family office. The Fund paid distributions monthly from the first full month of operations in a manner consistent with its stated annual income target of 15% of net asset value. Results reflected the concentrated and thematically distinctive composition of the underlying portfolio, premium income produced by the Fund’s options strategy, and the effect of that strategy on participation in advancing markets. The portfolio’s substantial weighting in health care and semiconductors meant that Fund results were tied more closely to developments within those areas than to the direction of the broad equity market.</span></span></p> <p style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: 0 0 10pt; text-align-last: auto; display: block; min-height: 22.39px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold"><span style="box-sizing: border-box; font-size: 12pt; font-weight: bold">What factors influenced the Fund's performance?</span></p> <div style="font: 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 10pt/14pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 111.97px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: 700"><span style="box-sizing: border-box; font-size: 11pt; font-weight: bold">Health care and life sciences exposure.</span></span><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: 400"><span style="box-sizing: border-box; font-size: 11pt; font-weight: normal"> Health care represented the largest sector weighting in the portfolio during the period, including significant positions in diagnostics and biopharmaceutical companies. Holdings in this area are driven by clinical, regulatory and adoption milestones rather than by general economic conditions, and they carry higher security level volatility than the broad market. Progress on test volumes, reimbursement, trial results and product launches was the dominant influence on this portion of the portfolio, and given the size of the weighting, movement in a small number of names had a pronounced effect on Fund results in both directions.</span></span></p> <p style="font: 10pt/14pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: 400"><span style="box-sizing: border-box; font-size: 11pt"></span></span></p> <p style="font: 10pt/14pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 111.97px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: 700"><span style="box-sizing: border-box; font-size: 11pt; font-weight: bold">Semiconductor and global macro positioning. </span></span><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: 400"><span style="box-sizing: border-box; font-size: 11pt; font-weight: normal">The portfolio also carried meaningful exposure to semiconductor manufacturers and to companies domiciled outside the United States, reflecting the macro orientation of the reference portfolio. Semiconductor holdings responded to capacity utilization, pricing and demand associated with artificial intelligence and industrial end markets. International positions introduced currency and country specific factors, including local policy and commodity price developments, that would not have influenced a portfolio limited to domestic large capitalization equities.</span></span></p> <p style="font: 10pt/14pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: 400"><span style="box-sizing: border-box; font-size: 11pt"></span></span></p> <p style="font: 10pt/14pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 130.63px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: 700"><span style="box-sizing: border-box; font-size: 11pt; font-weight: bold">Income generation through the options strategy.</span></span><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: 400"><span style="box-sizing: border-box; font-size: 11pt; font-weight: normal"> Premium collected through the Fund’s options strategy was the principal source of distributions during the period. The elevated volatility characteristic of the underlying holdings, particularly within health care and semiconductors, generally supported premium levels above those available on lower volatility portfolios. That same volatility required careful management of strike selection, expiration and coverage, because sharp moves in a small number of large positions can meaningfully affect both premium capture and retained upside. In periods when holdings advanced beyond written strikes, participation in those advances was limited by the design of the strategy.</span></span></p> <p style="font: 10pt/14pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: 400"><span style="box-sizing: border-box; font-size: 11pt"></span></span></p> <p style="font: 10pt/14pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 167.95px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: 700"><span style="box-sizing: border-box; font-size: 11pt; font-weight: bold">Portfolio construction, disclosure timing and distribution policy. </span></span><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: 400"><span style="box-sizing: border-box; font-size: 11pt; font-weight: normal">The Adviser maintained the equity portfolio in accordance with a rules based methodology tied to publicly disclosed position data. Because such data is reported on a lagged basis, the portfolio reflects positions as of the most recent available reporting date rather than positions held in real time, and this timing difference can affect results in periods when the underlying manager changes positioning. Periodic reconstitution and rebalancing were used to refresh exposures and to manage the concentration that arises when individual positions appreciate materially. Distributions were paid monthly in accordance with the Fund’s income objective. To the extent distributions exceeded net investment income and net realized gains, they constituted a return of capital, which reduces a shareholder’s cost basis. Shareholders should refer to the Financial Highlights and the notes to the financial statements for the character of distributions paid.</span></span></p></div> <p id="xdx_806_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000262947Member_dU_zAjS8u123k8" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 4pt 0 0; text-align-last: auto; display: block; min-height: 24.26px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">Key Fund Statistics</p> <p style="font: 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-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">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="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; 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_982_eus-gaap--AssetsNet_iI_pn3n3_c20260731__oef--ClassAxis__custom--C000262947Member_zaoLvgahXMvi" 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">$16,757</span></div></td></tr> <tr style="box-sizing: border-box; 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_985_eoef--HoldingsCount_iI_uHoldings_c20260731__oef--ClassAxis__custom--C000262947Member_z6gvWhWNabl5" 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">81</span></div></td></tr> <tr style="box-sizing: border-box; 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</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98B_eoef--AdvisoryFeesPaidAmt_c20250801__20260731__oef--ClassAxis__custom--C000262947Member_zHowsslefXWj" 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">$103,324</span></div></td></tr> <tr style="box-sizing: border-box; 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 id="xdx_98C_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250801__20260731__oef--ClassAxis__custom--C000262947Member_zueT4cJlo6Lb" 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">239%</span></div></td></tr> </table></div></div></div> 16757000 81 103324 2.39 <div id="xdx_802_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000262947Member_dU_zciZZWubiMyc" style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 14pt 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; font-weight: bold">What did the Fund invest in?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: -4pt 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-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> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt"></span></p></div> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/13pt Gotham Narrow-Bold,Arial; margin: 1pt 0 0; text-align-last: auto; display: block; min-height: 17.33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">Sector Breakdown</p> <p style="font: 10pt/13pt Gotham Narrow-Light,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 17.95px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(% of Total 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; 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">Health Care</div></td> <td style="box-sizing: border-box"> <div id="xdx_986_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000262947Member__oef--IndustrySectorAxis__us-gaap--HealthcareSectorMember_ztkg0Q4OH6Lf" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.201</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--C000262947Member__oef--IndustrySectorAxis__us-gaap--TechnologySectorMember_zk8fz67mAhtc" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.136</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--C000262947Member__oef--IndustrySectorAxis__oef--ConsumerDiscretionarySectorMember_zj02cypV6wM8" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.069</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_98C_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000262947Member__oef--IndustrySectorAxis__oef--ConsumerStaplesSectorMember_zF3mIYb0uuKe" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.047</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_98C_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000262947Member__oef--IndustrySectorAxis__oef--MaterialsSectorMember_ze4EePtVaVR8" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.046</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">Purchased Call Options</div></td> <td style="box-sizing: border-box"> <div id="xdx_983_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000262947Member__oef--IndustrySectorAxis__custom--PurchasedCallOptionsSectorMember_zvPJzMipJ3M3" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.045</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--C000262947Member__oef--IndustrySectorAxis__oef--CommunicationsSectorMember_zlD8rPPHqTH6" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.045</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_98A_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000262947Member__oef--IndustrySectorAxis__us-gaap--FinancialServicesSectorMember_zoof3s6POgK6" 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">Industrials</div></td> <td style="box-sizing: border-box"> <div id="xdx_984_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000262947Member__oef--IndustrySectorAxis__oef--IndustrialSectorMember_z5V8e22Ql6Ti" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.002</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">Purchased Put Options</div></td> <td style="box-sizing: border-box"> <div id="xdx_986_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000262947Member__oef--IndustrySectorAxis__custom--PurchasedPutOptionsSectorMember_zUhWb1Uxlh99" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.001</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Energy</div></td> <td style="box-sizing: border-box"> <div id="xdx_981_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000262947Member__oef--IndustrySectorAxis__us-gaap--EnergySectorMember_fKg_____zvffKq0tM21h" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.000*</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Cash &amp; Other</div></td> <td style="box-sizing: border-box"> <div id="xdx_989_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000262947Member__oef--IndustrySectorAxis__custom--CashandOtherSectorMember_zZMSl0eQxfgb" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.393</div></td></tr> </table></div></div><img alt="bar" src="qesfc31d11mu1ipp0i.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/></div></div></div> <table cellpadding="0" cellspacing="0" style="font: 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 style="width: 15pt; text-align: right"><span id="xdx_F0E_zj8IGEryQoe3" style="font-weight: normal">*</span></td><td style="width: 5pt"></td><td style="text-align: justify"><span id="xdx_F1C_zD4JobQ9OLyh" style="font-weight: normal">Does not round to 0.1</span></td> </tr></table> </div></div><p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: -30pt 0 8pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> 0.201 0.136 0.069 0.047 0.046 0.045 0.045 0.015 0.002 0.001 0.000 0.393 <div id="xdx_808_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000262947Member_dU_zrddUl3oVkXa" 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 Ten 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 Total</span></div> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">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">Insmed, 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_c20260731__oef--ClassAxis__custom--C000262947Member__oef--LargestHoldingAxis__custom--InsmedIncMember_zDnFm78CSEmc" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">7.5%</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">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: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_989_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000262947Member__oef--LargestHoldingAxis__custom--TaiwanSemiconductorManufacturingCoLtdADRMember_zg07DRnk2CZd" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">7.1%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">BBB Foods, Inc. - Class A</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_c20260731__oef--ClassAxis__custom--C000262947Member__oef--LargestHoldingAxis__custom--BBBFoodsIncClassAMember_zNVcmHc35m6a" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">4.7%</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">Roku, Inc. - Class A</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_981_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000262947Member__oef--LargestHoldingAxis__custom--RokuIncClassAMember_zo0znAMdSKOa" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">4.5%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Teva Pharmaceutical Industries Ltd., ADR</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_986_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000262947Member__oef--LargestHoldingAxis__custom--TevaPharmaceuticalIndustriesLtdADRMember_zX3jsPqBhtA7" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">4.0%</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">NewAmsterdam Pharma Co. N.V.</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_c20260731__oef--ClassAxis__custom--C000262947Member__oef--LargestHoldingAxis__custom--NewAmsterdamPharmaCoNVMember_zUrzCGTskRaa" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">3.6%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">STMicroelectronics NV</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_c20260731__oef--ClassAxis__custom--C000262947Member__oef--LargestHoldingAxis__custom--STMicroelectronicsNVMember_zfxQSncYaqHb" 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">3.4%</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">Option Care Health, Inc.</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_c20260731__oef--ClassAxis__custom--C000262947Member__oef--LargestHoldingAxis__custom--OptionCareHealthIncMember_zLScg9m1NvEl" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">3.1%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Broadcom, Inc.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98A_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000262947Member__oef--LargestHoldingAxis__custom--BroadcomIncMember_zZwVlynIl1vc" 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">Coupang, Inc. - Class A</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000262947Member__oef--LargestHoldingAxis__custom--CoupangIncClassAMember_zYhXWIMRsZ7c" 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">2.7%</span></div></td></tr> </table></div> 0.075 0.071 0.047 0.045 0.040 0.036 0.034 0.031 0.030 0.027 VistaShares Target 15 USA Quality Income ETF QUSA NYSEArca This <span id="xdx_902_eoef--ShareholderReportAnnualOrSemiAnnual_c20250801__20260731__oef--ClassAxis__custom--C000257974Member_znW43n84kHo6">annual shareholder report</span> contains important information about the VistaShares Target 15 USA Quality Income ETF (the "Fund") for the period March 1, 2026 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--C000257974Member_zSybNU6ksqEi">www.vistashares.com</span>. You can also request this information by contacting us at <span id="xdx_90E_eoef--AddlInfoPhoneNumber_c20250801__20260731__oef--ClassAxis__custom--C000257974Member_zOjtXCxW8ah3">(844) 875‑2288</span> or by writing to VistaShares Target 15 USA Quality Income ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201‑0701. www.vistashares.com (844) 875‑2288 <p id="xdx_80A_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000257974Member_dU_zQtyXDCyImeg" 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; font-weight: bold">What were the Fund costs for the period?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: -3pt 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-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(based on a hypothetical $10,000 investment)</span></p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal"> <tr style="box-sizing: border-box; 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; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_986_eoef--ClassName_c20250801__20260731__oef--ClassAxis__custom--C000257974Member_zzEqZUzNhqQe" 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">VistaShares Target 15 USA Quality Income ETF</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--ExpensesPaidAmt_c20250801__20260731__oef--ClassAxis__custom--C000257974Member_z5xVxw0fz2g1" 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">$41</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_986_eoef--ExpenseRatioPct_dp_c20250801__20260731__oef--ClassAxis__custom--C000257974Member_fKg_____zN9EizpPbpPg" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">0.95%</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_F0E_z2tLOfPyh5g7" style="width: 15pt; text-align: right">*</td><td style="width: 5pt"></td><td id="xdx_F16_zFXVFToAmVL3" style="text-align: justify">Costs paid as a percentage of investment are annualized.</td> </tr></table> VistaShares Target 15 USA Quality Income ETF 41 0.0095 <p id="xdx_80D_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000257974Member_dU_z1pH7UynE1Ql" 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; 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; 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--C000257974Member_zseKv1dVFEw6" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">VistaShares Target 15 USA Quality Income ETF - at NAV - $10,790</div></td> <td id="xdx_4B0_oef--BroadBasedIndexAxis_custom--SAndP500TotalReturnMember_zVIZRHJS16N5" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">S&amp;P 500® Total Return - $13,457</div></td></tr> <tr id="xdx_437_c20250505__20250505_eoef--AccmVal_zEpaTCPN8e4l" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">5/5/2025</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_43B_c20250505__20250531_eoef--AccmVal_zh6zhNxk4C0i" 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">10308</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10475</div></td></tr> <tr id="xdx_43A_c20250505__20250630_eoef--AccmVal_zv0NXEXQqTu7" 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">10319</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11008</div></td></tr> <tr id="xdx_43E_c20250505__20250731_eoef--AccmVal_zsTl3qWNzHrh" 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">10392</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11255</div></td></tr> <tr id="xdx_430_c20250505__20250831_eoef--AccmVal_zJnsKIz3kpJe" 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">10437</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11483</div></td></tr> <tr id="xdx_43F_c20250505__20250930_eoef--AccmVal_zLzcCHl0Qfnc" 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">10414</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11903</div></td></tr> <tr id="xdx_430_c20250505__20251031_eoef--AccmVal_z9FPWEY9Vef5" 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">10072</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">12181</div></td></tr> <tr id="xdx_439_c20250505__20251130_eoef--AccmVal_z0vZp5hSGg98" 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">9950</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">12211</div></td></tr> <tr id="xdx_438_c20250505__20251231_eoef--AccmVal_zWBLNcvFILsh" 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">9997</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">12219</div></td></tr> <tr id="xdx_43C_c20250505__20260131_eoef--AccmVal_zYILX9LZKgI6" 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">10172</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">12396</div></td></tr> <tr id="xdx_43F_c20250505__20260228_eoef--AccmVal_zCN3C7h7GDy5" 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">10316</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">12302</div></td></tr> <tr id="xdx_431_c20250505__20260331_eoef--AccmVal_zOjwYTZCr3fe" 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">9857</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11689</div></td></tr> <tr id="xdx_43F_c20250505__20260430_eoef--AccmVal_zGOr6bsHTDQ1" 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">10561</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">12915</div></td></tr> <tr id="xdx_431_c20250505__20260531_eoef--AccmVal_znVMMwtpRF6a" 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">10958</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">13595</div></td></tr> <tr id="xdx_432_c20250505__20260630_eoef--AccmVal_zpKapicDlBKa" 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">11141</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">13466</div></td></tr> <tr id="xdx_432_c20250505__20260731_eoef--AccmVal_zKnuVX4nLxT1" 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">10790</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">13457</div></td></tr> </table></div></div><img alt="line" src="qesj5zws1mu2pnbkx.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/></div></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: 22.39px; align-content: center; line-height: 22.4px; box-sizing: border-box"> </p> 10000 10000 10308 10475 10319 11008 10392 11255 10437 11483 10414 11903 10072 12181 9950 12211 9997 12219 10172 12396 10316 12302 9857 11689 10561 12915 10958 13595 11141 13466 10790 13457 <p id="xdx_80A_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000257974Member_dU_zNxfRpsvMQ86" 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; font-weight: bold">Annual Performance</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; margin-block: 1em; margin-inline: 0px; box-sizing: border-box; text-align-last: auto; display: block; padding-top: 0; color: #4f4f4f; text-indent: 0; text-align: center"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse"> <tr style="box-sizing: border-box"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"></span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center; 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"> <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_907_eoef--PerfInceptionDate_c20250801__20260731__oef--ClassAxis__custom--C000257974Member_ztKkFEOU8cNl">5/5/2025</span>)</span></div></th></tr> <tr style="box-sizing: border-box"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <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">VistaShares Target 15 USA Quality</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">Income ETF - at NAV</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_987_eoef--AvgAnnlRtrPct_dp_c20250801__20260731__oef--ClassAxis__custom--C000257974Member_zOw1dcvc79uf" 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">4.56%</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_981_eoef--AvgAnnlRtrPct_dp_c20250505__20260731__oef--ClassAxis__custom--C000257974Member_zTpHSGNWPXz9" 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">6.34%</span></div></td></tr> <tr style="box-sizing: border-box"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <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&amp;P 500® Total Return</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98E_eoef--AvgAnnlRtrPct_dp_c20250801__20260731__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnMember_zNK73zqgj02i" 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">19.56%</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_985_eoef--AvgAnnlRtrPct_dp_c20250505__20260731__oef--BroadBasedIndexAxis__custom--SAndP500TotalReturnMember_z1tasRiBbBm7" 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">27.10%</span></div></td></tr> </table></div></div></div> <p style="font: 16px/1.4 Times New Roman,Times,serif; text-align-last: auto; display: block; color: #000; min-height: 22.39px; align-content: center; line-height: 22.4px; box-sizing: border-box"> </p> 2025-05-05 0.0456 0.0634 0.1956 0.2710 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.vistashares.com for more recent performance information. <p id="xdx_808_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000257974Member_dU_gL1FAPTB-PKLDX_z218iBBWUtlb" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: 16pt 0 8pt; text-align-last: auto; display: block; min-height: 22.39px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold"><span style="box-sizing: border-box; font-size: 12pt; font-weight: bold">How did the Fund perform during the period ended </span><span style="box-sizing: border-box; font-size: 12pt"><span style="box-sizing: border-box; font-weight: bold">July 31, 2026</span></span><span style="box-sizing: border-box; font-size: 12pt; font-weight: bold">?</span></p> <p style="font: 10pt/14pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 186.62px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: 400"><span style="box-sizing: border-box; font-size: 11pt; font-weight: normal">During the fiscal year ended July 31, 2026, the VistaShares Target 15™ USA Quality Income ETF (“QUSA” or the “Fund”) pursued its primary objective of current income while holding a diversified portfolio of U.S. companies selected for quality characteristics, defined principally by high profitability, low variability of earnings and conservative balance sheet leverage. The Fund paid distributions monthly throughout the period in a manner consistent with its stated annual income target of 15% of net asset value. Results over the fiscal year reflected the interaction of three elements: total return within the underlying equity portfolio, premium income produced by the Fund’s options strategy, and the moderating effect of that strategy on participation in rising markets. The quality orientation of the equity portfolio proved supportive of the income objective, as companies with steadier earnings profiles generally exhibited more predictable option pricing behavior across the period. The Fund’s market price generally tracked net asset value, and the monthly distribution schedule was maintained without interruption.</span></span></p> <p style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: 0 0 10pt; text-align-last: auto; display: block; min-height: 22.39px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold"><span style="box-sizing: border-box; font-size: 12pt; font-weight: bold">What factors influenced the Fund's performance?</span></p> <div style="font: 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"> <p style="font: 10pt/14pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 111.97px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: 700"><span style="box-sizing: border-box; font-size: 11pt; font-weight: bold">Quality screening and its effect on portfolio behavior. </span></span><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: 400"><span style="box-sizing: border-box; font-size: 11pt; font-weight: normal">The Fund’s equity portfolio is constructed around measurable quality attributes rather than around sector themes or momentum. Companies that clear those screens tend to carry higher returns on capital, less cyclical earnings and lower financial leverage than the broad market. Over the fiscal year this profile influenced returns in two ways. It reduced the Fund’s participation in the most speculative areas of the market, and it produced an underlying portfolio whose drawdowns were generally shallower than those of higher beta segments during periods of market stress.</span></span></p> <p style="font: 10pt/14pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: 400"><span style="box-sizing: border-box; font-size: 11pt"></span></span></p> <p style="font: 10pt/14pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 93.31px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: 700"><span style="box-sizing: border-box; font-size: 11pt; font-weight: bold">Sector composition and dispersion.</span></span><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: 400"><span style="box-sizing: border-box; font-size: 11pt; font-weight: normal"> Portfolio weights were concentrated in industrials, financials and consumer staples, with meaningful positions in large capitalization technology. Industrial holdings responded to capital spending trends and to order and backlog conditions across their end markets. Financial holdings were influenced by the shape of the yield curve and by credit conditions. Consumer staples positions contributed comparative stability. Dispersion among these groups, rather than broad market direction, accounted for much of the difference in contribution across the portfolio.</span></span></p> <p style="font: 10pt/14pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: 400"><span style="box-sizing: border-box; font-size: 11pt"></span></span></p> <p style="font: 10pt/14pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 111.97px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: 700"><span style="box-sizing: border-box; font-size: 11pt; font-weight: bold">Income generation through the options strategy.</span></span><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: 400"><span style="box-sizing: border-box; font-size: 11pt; font-weight: normal"> Premium collected through the Fund’s options strategy was the principal source of distributions during the fiscal year. Because the Fund’s underlying holdings are screened for earnings stability, implied volatility across those names was generally lower than for the broad market, which required disciplined management of strike selection, expiration and position level coverage in order to meet the income objective. Elevated volatility around earnings events and macroeconomic releases improved premium capture during those windows. In months when holdings advanced beyond written strikes, upside participation was limited by the design of the strategy.</span></span></p> <p style="font: 10pt/14pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: 400"><span style="box-sizing: border-box; font-size: 11pt"></span></span></p> <p style="font: 10pt/14pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; text-align-last: auto; min-height: 149.29px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block; text-align: justify"><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: 700"><span style="box-sizing: border-box; font-size: 11pt; font-weight: bold">Portfolio construction, rebalancing and distribution policy. </span></span><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: 400"><span style="box-sizing: border-box; font-size: 11pt; font-weight: normal">The Adviser maintained a diversified, rules based portfolio spanning approximately ninety positions, which limited single name concentration and reduced the influence of any individual holding on Fund results. Periodic rebalancing was used to restore target weights, to reflect changes in the quality screens as company fundamentals evolved, and to keep the portfolio aligned with the Fund’s investment objective. Distributions were paid monthly in accordance with the Fund’s income objective. To the extent distributions exceeded net investment income and net realized gains, they constituted a return of capital, which reduces a shareholder’s cost basis. Shareholders should refer to the Financial Highlights and the notes to the financial statements for the character of distributions paid.</span></span></p></div> <p id="xdx_806_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000257974Member_dU_zTa8riyHfGIi" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 4pt 0 0; text-align-last: auto; display: block; min-height: 24.26px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">Key Fund Statistics</p> <p style="font: 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-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">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="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; 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_982_eus-gaap--AssetsNet_iI_pn3n3_c20260731__oef--ClassAxis__custom--C000257974Member_zXhC47agYfL9" 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">$21,448</span></div></td></tr> <tr style="box-sizing: border-box; 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_985_eoef--HoldingsCount_iI_uHoldings_c20260731__oef--ClassAxis__custom--C000257974Member_zJdJ7aYCgl7k" 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">88</span></div></td></tr> <tr style="box-sizing: border-box; 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</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_98B_eoef--AdvisoryFeesPaidAmt_c20250801__20260731__oef--ClassAxis__custom--C000257974Member_zMLusUgr0hXi" 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">$74,132</span></div></td></tr> <tr style="box-sizing: border-box; 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 id="xdx_98C_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250801__20260731__oef--ClassAxis__custom--C000257974Member_z1DmLRM8e4Fc" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">4%</span></div></td></tr> </table></div></div></div> 21448000 88 74132 0.04 <div id="xdx_802_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000257974Member_dU_zoQXsMCzU2E6" style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 14pt 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; font-weight: bold">What did the Fund invest in?</p> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: -4pt 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-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> <p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt"></span></p></div> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; position: relative"> <p style="font: 700 13pt/13pt Gotham Narrow-Bold,Arial; margin: 1pt 0 0; text-align-last: auto; display: block; min-height: 17.33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; font-weight: bold">Sector Breakdown</p> <p style="font: 10pt/13pt Gotham Narrow-Light,Arial; margin: 2pt 0 0; text-align-last: auto; display: block; min-height: 17.95px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(% of Total 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; 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_987_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000257974Member__oef--IndustrySectorAxis__us-gaap--TechnologySectorMember_znQKYLQsUbO8" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.363</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_989_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000257974Member__oef--IndustrySectorAxis__oef--ConsumerStaplesSectorMember_znNDgOPjFmC" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.171</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_98A_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000257974Member__oef--IndustrySectorAxis__us-gaap--FinancialServicesSectorMember_zlmNELxFHKpj" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.143</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--C000257974Member__oef--IndustrySectorAxis__oef--CommunicationsSectorMember_z5I13AxEIM63" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.115</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_986_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000257974Member__oef--IndustrySectorAxis__us-gaap--HealthcareSectorMember_ztFF5TbvNcQa" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.107</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_98A_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000257974Member__oef--IndustrySectorAxis__oef--IndustrialSectorMember_zHoVmSwcDqOf" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.1</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">Purchased Call Options</div></td> <td style="box-sizing: border-box"> <div id="xdx_983_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000257974Member__oef--IndustrySectorAxis__custom--PurchasedCallOptionsSectorMember_ztDiThXxUTy8" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.008</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Cash &amp; Other</div></td> <td style="box-sizing: border-box"> <div id="xdx_989_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000257974Member__oef--IndustrySectorAxis__custom--CashandOtherSectorMember_zmM1j81Wj3Kh" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">-0.007</div></td></tr> </table></div></div><img alt="bar" src="qes4xvio1mtx9hfwa.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/></div></div></div> <p style="font: 8pt/1.4 Gotham Narrow-Light,Arial; margin: 4pt 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box"></span></p></div></div><p style="font: 10pt/1.4 Gotham Narrow-Light,Arial; margin: -24pt 0 8pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p> 0.363 0.171 0.143 0.115 0.107 0.1 0.008 -0.007 <div id="xdx_808_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000257974Member_dU_z28MJCSqYbI4" 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 Ten 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 Total</span></div> <div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right; font-weight: bold"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">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">Microsoft Corp.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_986_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000257974Member__oef--LargestHoldingAxis__custom--MicrosoftCorpMember_zYRcTWQ16zD4" 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">5.7%</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">Apple, Inc.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_988_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000257974Member__oef--LargestHoldingAxis__custom--AppleIncMember_zGJXRunvAUIf" 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">5.5%</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">Berkshire Hathaway, Inc. - Class B</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_c20260731__oef--ClassAxis__custom--C000257974Member__oef--LargestHoldingAxis__custom--BerkshireHathawayIncClassBMember_zjTYgV35OD09" 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">NVIDIA Corp.</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_c20260731__oef--ClassAxis__custom--C000257974Member__oef--LargestHoldingAxis__custom--NVIDIACorpMember_z5dvC8MwlIxg" 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">5.2%</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">Broadcom, Inc.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_985_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000257974Member__oef--LargestHoldingAxis__custom--BroadcomIncMember_z0vbkrtceDpj" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">5.1%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Caterpillar, 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_c20260731__oef--ClassAxis__custom--C000257974Member__oef--LargestHoldingAxis__custom--CaterpillarIncMember_zNjJBLE9oKTe" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">4.9%</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">Costco Wholesale Corp.</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_c20260731__oef--ClassAxis__custom--C000257974Member__oef--LargestHoldingAxis__custom--CostcoWholesaleCorpMember_ziFzxfDCpP84" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">4.7%</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">Walmart, Inc.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_984_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000257974Member__oef--LargestHoldingAxis__custom--WalmartIncMember_zpXbfwXCR0Q4" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">4.3%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Coca-Cola Co.</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_c20260731__oef--ClassAxis__custom--C000257974Member__oef--LargestHoldingAxis__custom--CocaColaCoMember_zVdBxRmVL0xd" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">4.3%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto; line-height: normal"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Eli Lilly &amp; Co.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box; line-height: normal"> <div id="xdx_988_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000257974Member__oef--LargestHoldingAxis__custom--EliLillyandCoMember_z6psc1efAu75" style="font: 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">4.2%</span></div></td></tr> </table></div> 0.057 0.055 0.054 0.052 0.051 0.049 0.047 0.043 0.043 0.042 Costs paid as a percentage of investment are annualized. Costs paid as a percentage of investment are annualized. Costs paid as a percentage of investment are annualized. Does not round to 0.1 Costs paid as a percentage of investment are annualized.