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annual shareholder report
Academy Veteran Bond ETF
VETZ
NYSEArca
This
<span id="xdx_905_eoef--ShareholderReportAnnualOrSemiAnnual_c20250801__20260731__oef--ClassAxis__custom--C000243984Member_zClQwoiyWjEa">annual shareholder report</span> contains important information about the Academy Veteran
Bond ETF (the "Fund") for the period August 1, 2025 to July 31,
2026.
annual shareholder report
You can find additional information about the Fund at <span id="xdx_907_eoef--AddlInfoWebsite_c20250801__20260731__oef--ClassAxis__custom--C000243984Member_zIJ5au4sw0rj">www.academyetfs.com</span>.
You can also request this information by contacting us at <span id="xdx_908_eoef--AddlInfoPhoneNumber_c20250801__20260731__oef--ClassAxis__custom--C000243984Member_zRo6qF7XDN1k">(866) 631-0504</span>
or by writing the Fund at Academy Veteran Bond ETF, c/o U.S. Bank Global
Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201‑0701.
www.academyetfs.com
(866) 631-0504
This
report describes changes to the Fund that occurred during the reporting period.
<p id="xdx_80B_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000243984Member_zj1h8SqwRyN8" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: -4pt 0 0; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0">What
were the Fund costs for the past year?</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: -2pt 0 2pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(based
on a hypothetical $10,000 investment)</span></span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Fund
Name</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Costs
of a $10,000 investment</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Costs
paid as a percentage of a $10,000 investment</span></div></th></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_909_eoef--FundName_c20250801__20260731__oef--ClassAxis__custom--C000243984Member_zFsDW2EodlN6">Academy
Veteran Bond ETF</span></span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98D_eoef--ExpensesPaidAmt_c20250801__20260731__oef--ClassAxis__custom--C000243984Member_zytGb4jFgpmi" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$36</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_980_eoef--ExpenseRatioPct_dp_c20250801__20260731__oef--ClassAxis__custom--C000243984Member_zMVlKX55tpj7" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">0.35%</span></div></td></tr>
</table></div></div></div>
Academy Veteran Bond ETF
36
0.0035
<p id="xdx_80E_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000243984Member_dD_zZjixcsp2x2i" style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.6px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Cumulative
Performance</p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 14.92px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(Initial
Investment of $10,000)</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none">
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Date</div></td>
<td id="xdx_4BD_oef--ClassAxis_custom--C000243984Member_zy8CgPAkDlia" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Academy Veteran Bond ETF - $11,441</div></td>
<td id="xdx_4B7_oef--BroadBasedIndexAxis_custom--BloombergUSAggregateBondIndexMember_zgKMgGHVE7H4" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Bloomberg U.S. Aggregate Bond Index - $11,223</div></td>
<td id="xdx_4BC_oef--BroadBasedIndexAxis_custom--BloombergUSMortgageBackedSecuritiesIndexMember_zbI0auy9pTK8" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Bloomberg U.S. Mortgage-Backed Securities Index - $11,365</div></td></tr>
<tr id="xdx_43B_c20230801__20230801_eoef--AccmVal_zgMu4papTVH3" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">8/1/2023</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>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10000</div></td></tr>
<tr id="xdx_436_c20230801__20230831_eoef--AccmVal_z7aAn49ydo3j" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">8/31/2023</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10007</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">9992</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">9984</div></td></tr>
<tr id="xdx_43E_c20230801__20230930_eoef--AccmVal_z7LJs9lZ1T3k" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">9/30/2023</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">9761</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">9739</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">9666</div></td></tr>
<tr id="xdx_433_c20230801__20231031_eoef--AccmVal_ze9NgzOGgu4i" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10/31/2023</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">9570</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">9585</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">9466</div></td></tr>
<tr id="xdx_43F_c20230801__20231130_eoef--AccmVal_zpQWQ2Ef0Jeb" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11/30/2023</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10036</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10019</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">9960</div></td></tr>
<tr id="xdx_438_c20230801__20231231_eoef--AccmVal_zzC52ck2rRca" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">12/31/2023</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10389</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10402</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10389</div></td></tr>
<tr id="xdx_43B_c20230801__20240131_eoef--AccmVal_zLyujW0cCw6j" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">1/31/2024</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10372</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10374</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10341</div></td></tr>
<tr id="xdx_43D_c20230801__20240229_eoef--AccmVal_zhUpTq4Z2uTc" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">2/29/2024</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10205</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10227</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10173</div></td></tr>
<tr id="xdx_43B_c20230801__20240331_eoef--AccmVal_zBOor2fNUGpg" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">3/31/2024</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10324</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10322</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10280</div></td></tr>
<tr id="xdx_436_c20230801__20240430_eoef--AccmVal_zzmBQYY50hKl" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">4/30/2024</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10067</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10061</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">9969</div></td></tr>
<tr id="xdx_438_c20230801__20240531_eoef--AccmVal_z1irMBslnnm1" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">5/31/2024</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10226</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10232</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10169</div></td></tr>
<tr id="xdx_43E_c20230801__20240630_eoef--AccmVal_zptMnmlu2lE6" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">6/30/2024</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10358</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10328</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10287</div></td></tr>
<tr id="xdx_438_c20230801__20240731_eoef--AccmVal_z6McRQmwLzk8" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">7/31/2024</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10553</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10570</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10559</div></td></tr>
<tr id="xdx_43F_c20230801__20240831_eoef--AccmVal_zGFYZfIWjkp9" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">8/31/2024</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10736</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10722</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10729</div></td></tr>
<tr id="xdx_439_c20230801__20240930_eoef--AccmVal_zrpz2vNZu0n2" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">9/30/2024</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10839</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10865</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10856</div></td></tr>
<tr id="xdx_43E_c20230801__20241031_eoef--AccmVal_z8OacPLTX4C9" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10/31/2024</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10552</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10596</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10549</div></td></tr>
<tr id="xdx_431_c20230801__20241130_eoef--AccmVal_znKH3hKA8Vhc" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11/30/2024</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10688</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10708</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10690</div></td></tr>
<tr id="xdx_43B_c20230801__20241231_eoef--AccmVal_z4IGQOlLNXYd" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">12/31/2024</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10566</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10532</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10514</div></td></tr>
<tr id="xdx_43A_c20230801__20250131_eoef--AccmVal_zCH4e8NWmtU2" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">1/31/2025</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10644</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10588</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10567</div></td></tr>
<tr id="xdx_432_c20230801__20250228_eoef--AccmVal_zUEsxBlbs8S2" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">2/28/2025</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10906</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10821</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10837</div></td></tr>
<tr id="xdx_436_c20230801__20250331_eoef--AccmVal_zJcNgLaU0TJ" 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">10903</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10825</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10835</div></td></tr>
<tr id="xdx_43C_c20230801__20250430_eoef--AccmVal_za9Nfj0ihhn2" 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">10911</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10868</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10866</div></td></tr>
<tr id="xdx_43A_c20230801__20250531_eoef--AccmVal_zzcyEkWhSWth" 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">10823</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">10767</div></td></tr>
<tr id="xdx_436_c20230801__20250630_eoef--AccmVal_zeKEbq5eEt89" 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">11027</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10956</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10958</div></td></tr>
<tr id="xdx_439_c20230801__20250731_eoef--AccmVal_zIIQbQnWF0Yl" 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">10979</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10927</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10914</div></td></tr>
<tr id="xdx_431_c20230801__20250831_eoef--AccmVal_zePCv2JYtNHi" 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">11134</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11058</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11089</div></td></tr>
<tr id="xdx_43A_c20230801__20250930_eoef--AccmVal_zlBEVDdMtZM" 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">11242</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11178</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11224</div></td></tr>
<tr id="xdx_431_c20230801__20251031_eoef--AccmVal_zIwQZRnUku59" 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">11351</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11248</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11321</div></td></tr>
<tr id="xdx_43B_c20230801__20251130_eoef--AccmVal_zW0JMS6tOfw8" 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">11436</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11318</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11392</div></td></tr>
<tr id="xdx_431_c20230801__20251231_eoef--AccmVal_zB6tE8l6KCx3" 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">11466</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11301</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11416</div></td></tr>
<tr id="xdx_436_c20230801__20260131_eoef--AccmVal_zts4xzsLyUq8" 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">11537</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11314</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11463</div></td></tr>
<tr id="xdx_43A_c20230801__20260228_eoef--AccmVal_zwPz2tq40Wu9" 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">11700</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11499</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11654</div></td></tr>
<tr id="xdx_431_c20230801__20260331_eoef--AccmVal_zYSHuhxO1S47" 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">11551</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11296</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11462</div></td></tr>
<tr id="xdx_43C_c20230801__20260430_eoef--AccmVal_zDqlOZmwBLif" 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">11565</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11309</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11470</div></td></tr>
<tr id="xdx_434_c20230801__20260531_eoef--AccmVal_z93PrJ27u14i" 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">11591</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11344</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11504</div></td></tr>
<tr id="xdx_431_c20230801__20260630_eoef--AccmVal_zdmGBKCV8e0i" 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">11633</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11371</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11529</div></td></tr>
<tr id="xdx_43B_c20230801__20260731_eoef--AccmVal_zszq1Sg1hoH9" 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">11441</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">11365</div></td></tr>
</table></div></div><img alt="line" src="qesk9161h1mtkiv6r5.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/></div></div></div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; display: block"></span></div></div>
10000
10000
10000
10007
9992
9984
9761
9739
9666
9570
9585
9466
10036
10019
9960
10389
10402
10389
10372
10374
10341
10205
10227
10173
10324
10322
10280
10067
10061
9969
10226
10232
10169
10358
10328
10287
10553
10570
10559
10736
10722
10729
10839
10865
10856
10552
10596
10549
10688
10708
10690
10566
10532
10514
10644
10588
10567
10906
10821
10837
10903
10825
10835
10911
10868
10866
10823
10790
10767
11027
10956
10958
10979
10927
10914
11134
11058
11089
11242
11178
11224
11351
11248
11321
11436
11318
11392
11466
11301
11416
11537
11314
11463
11700
11499
11654
11551
11296
11462
11565
11309
11470
11591
11344
11504
11633
11371
11529
11441
11223
11365
<p id="xdx_80D_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000243984Member_dU_ziS9DmJoiHdc" style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.6px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Annual
Performance</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; padding-top: 0; color: #4f4f4f; text-indent: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Average
Annual Returns for the</span></div>
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Periods
Ended July 31, 2026</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">One
Year</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Since
Inception (<span id="xdx_908_eoef--PerfInceptionDate_dd_c20250801__20260731__oef--ClassAxis__custom--C000243984Member_z6ga1hAojWd5">8/1/2023</span>)</span></div></th></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Academy
Veteran Bond ETF</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_981_eoef--AvgAnnlRtrPct_dp_c20250801__20260731__oef--ClassAxis__custom--C000243984Member_zmjYDhTxcVLa" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">4.21%</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_989_eoef--AvgAnnlRtrPct_dp_c20230801__20260731__oef--ClassAxis__custom--C000243984Member_zgDAkGqS3Bq9" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">4.59%</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Bloomberg
U.S. Aggregate</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">Bond
Index</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_988_eoef--AvgAnnlRtrPct_dp_c20250801__20260731__oef--BroadBasedIndexAxis__custom--BloombergUSAggregateBondIndexMember_zfJHwlyKLkeg" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">2.71%</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98D_eoef--AvgAnnlRtrPct_dp_c20230801__20260731__oef--BroadBasedIndexAxis__custom--BloombergUSAggregateBondIndexMember_z1KIzpeZQ7P7" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">3.92%</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Bloomberg
U.S. Mortgage-Backed Securities Index</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_987_eoef--AvgAnnlRtrPct_dp_c20250801__20260731__oef--BroadBasedIndexAxis__custom--BloombergUSMortgageBackedSecuritiesIndexMember_znpmkzsxhfse" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">4.13%</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_986_eoef--AvgAnnlRtrPct_dp_c20230801__20260731__oef--BroadBasedIndexAxis__custom--BloombergUSMortgageBackedSecuritiesIndexMember_zWZNqrudrqT7" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">4.36%</span></div></td></tr>
</table></div></div></div>
2023-08-01
0.0421
0.0459
0.0271
0.0392
0.0413
0.0436
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.academyetfs.com for more recent performance information.
<p id="xdx_808_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000243984Member_zkTPtYAvn00b" style="font: 700 11pt/11pt Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 14.66px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0"><b style="box-sizing: border-box; font-weight: bold">How
did the Fund perform in the past year?</b></p>
<p style="font: 300 10pt/11pt Gotham Narrow-Light,Arial; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 117.34px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0">The
Fund is an actively managed exchange-traded fund that invests primarily in high-quality mortgage-backed securities ("MBS") and asset-backed
securities ("ABS"). The Adviser uses loan-level analysis and quantitative modeling to identify undervalued securities with favorable borrower
characteristics. Through this approach, the Fund seeks to provide broad portfolio diversification, limit exposure to corporate credit
risk, and outperform the Bloomberg U.S. Mortgage-Backed Securities Index. For the fiscal year ended July 31, 2026, the Fund returned 4.21%
at NAV, compared with returns of 4.13% for the Bloomberg U.S. Mortgage-Backed Securities Index and 2.71% for the Bloomberg U.S. Aggregate
Bond Index.</p>
<p style="font: 700 11pt/11pt Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; min-height: 14.66px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; display: block"><b style="box-sizing: border-box; font-weight: bold">What
factors influenced performance?</b></p>
<p style="font: 300 10pt/11pt Gotham Narrow-Light,Arial; margin: 0 0 4pt; text-align-last: auto; min-height: 44px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block">Active
security selection within the agency MBS and ABS markets contributed positively to the Fund's performance during the fiscal year. Higher-coupon
securities generally performed better than lower-coupon securities during the period, consistent with their generally lower sensitivity
to changes in interest rates.</p>
<p style="font: 300 10pt/11pt Gotham Narrow-Light,Arial; margin: 0 0 6pt; text-align-last: auto; min-height: 146.68px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block">Agency
MBS performance was affected by interest-rate volatility and rising longer-term interest rates. Although the Federal Reserve lowered the
target range for the federal funds rate by a total of 75 basis points ("bps"), the yield on the 10-year U.S. Treasury increased from 4.38%
to 4.74%, weighing on MBS price returns. By contrast, the option-adjusted spread of the Bloomberg U.S. Mortgage-Backed Securities Index
narrowed by 9 bps to 31 bps amid increased investor demand, supporting MBS prices. Spreads on small-business loan ABS also narrowed by
5 bps amid increased demand, supporting ABS prices. Mortgage rates remained elevated by historical standards. The national average rate
for a 30-year fixed-rate mortgage ended the period at 6.73%, broadly unchanged from the end of the prior fiscal year despite fluctuations
during the period. Elevated mortgage rates and affordability challenges kept refinancing and housing activity subdued, while limited housing
supply continued to support home prices. The S&P Cotality Case-Shiller U.S. National Home Price NSA Index increased 1.1% year over
year as of May 21, 2026, the last adjustment period.</p>
<p id="xdx_808_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000243984Member_dU_zSznyHDIIvVh" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.26px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Key
Fund Statistics</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(as
of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box; font-weight: normal">July 31,
2026</span></span><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">)</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; padding-top: 0; color: #4f4f4f; text-indent: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Fund
Size (Thousands)</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98A_eus-gaap--AssetsNet_iI_pn3n3_c20260731__oef--ClassAxis__custom--C000243984Member_znY8sXtVvW5e" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$124,485</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Number
of Holdings</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_989_eoef--HoldingsCount_iI_uHoldings_c20260731__oef--ClassAxis__custom--C000243984Member_zetTFgz4Any8" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">153</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Total
Advisory Fee Paid</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98D_eoef--AdvisoryFeesPaidAmt_c20250801__20260731__oef--ClassAxis__custom--C000243984Member_z9G1Tmt6WS88" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$325,233</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Portfolio
Turnover Rate</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98D_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250801__20260731__oef--ClassAxis__custom--C000243984Member_zDMpiXpB25ih" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">23%</span></div></td></tr>
</table></div></div></div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; display: block"></span></div></div>
124485000
153
325233
0.23
<div id="xdx_807_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000243984Member_dU_zw13Dt0xzOMb" style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: -8pt 0 0; text-align-last: auto; display: block; min-height: 33.6px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0">What
did the Fund invest in?</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: -2pt 0 6pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(as
of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box; font-weight: normal">July 31,
2026</span></span><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">)</span></p></div>
<div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 16pt 0 0; text-align-last: auto; display: block; min-height: 24.26px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Sector
Breakdown</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(%
of 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; 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">Mortgage-Backed Securities</div></td>
<td style="box-sizing: border-box">
<div id="xdx_984_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000243984Member__us-gaap--InvestmentTypeAxis__us-gaap--MortgageBackedSecuritiesMember_zz9Tbvc6UG9" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.868</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">Asset-Backed Securities</div></td>
<td style="box-sizing: border-box">
<div id="xdx_98A_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000243984Member__us-gaap--InvestmentTypeAxis__us-gaap--AssetBackedSecuritiesMember_zj5EfD1umRUg" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.117</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 & Other</div></td>
<td style="box-sizing: border-box">
<div id="xdx_984_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000243984Member__us-gaap--InvestmentTypeAxis__custom--CashAndOtherMember_zvIcrda4xX1" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">0.015</div></td></tr>
</table></div></div><img alt="bar" src="qes7p1b1msqgfmhc.jpg" style="box-sizing: border-box; width: 100%; height: auto"/></div></div>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: -6pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p></div><div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p></div>
<p style="font: 300 10pt/0 Gotham Narrow-Light,Arial; margin: 0 0 6pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0"> </p>
0.868
0.117
0.015
<div id="xdx_80A_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000243984Member_dU_zrogtn2XWolf" style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Top
Issuers</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: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">(%
of Total Net Assets)</span></div></th></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Ginnie
Mae II Pool</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_983_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000243984Member__oef--LargestHoldingAxis__custom--GinnieMaeIIPoolMember_zOhZ8trLEyok" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">78.7%</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Small
Business Administration Pools</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98D_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000243984Member__oef--LargestHoldingAxis__custom--SmallBusinessAdministrationPoolsMember_zvmySRYkQ3D3" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">11.7%</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Ginnie
Mae I Pool</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_989_eoef--PctOfNav_iI_dp_c20260731__oef--ClassAxis__custom--C000243984Member__oef--LargestHoldingAxis__custom--GinnieMaeIPoolMember_zFix3ZyPhfH" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">8.2%</span></div></td></tr>
</table></div>
0.787
0.117
0.082
This
is a summary of certain changes to the Fund. For more complete information, you may review the Fund's prospectus.
<p id="xdx_801_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000243984Member_dU_zAZiErXrPAUj" style="font: 700 10pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.66px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #231f20; text-indent: 0">Fund
Changes</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0">
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 6pt; text-align-last: auto; min-height: 37.32px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-indent: 0; display: block">Effective
<span id="xdx_906_eoef--MaterialChngDate_c20250801__20260731__oef--ClassAxis__custom--C000243984Member_zC2jQynbEI34">August 1, 2025</span>, U.S. Bancorp Fund Services, LLC, doing business as Global Fund Services, no longer serves as the Sub‐Administrator
for each series of Tidal Trust I, including the Fund.</p></div></div>
2025-08-01