0001976877 2026-10-28 2026-10-28 0001976877 madison:S000081093Member 2026-10-28 2026-10-28 0001976877 madison:S000081093Member madison:AssetAllocationRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081093Member madison:EquityRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081093Member madison:AssetBackedSecuritiesRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081093Member madison:MortgagebackedSecuritiesRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081093Member madison:RealEstateInvestmentRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081093Member madison:MoneyMarketAndShorttermSecuritiesRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081093Member madison:DebtSecuritiesRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081093Member madison:InterestRatesRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081093Member madison:CreditsRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081093Member madison:CallRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081093Member madison:ExtensionRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081093Member us-gaap:PrepaymentRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081093Member madison:IncomeRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081093Member madison:InflationRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081093Member madison:ValuationRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081093Member madison:NoninvestmentGradeSecurityRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081093Member madison:EtfRisksMember 2026-10-28 2026-10-28 0001976877 madison:S000081093Member madison:TaxRiskFromInvestmentInOtherInvestmentCompaniesMember 2026-10-28 2026-10-28 0001976877 madison:S000081093Member madison:ForeignSecurityRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081093Member madison:NewFundRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081093Member madison:MarketRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081095Member 2026-10-28 2026-10-28 0001976877 madison:S000081095Member madison:DebtSecuritiesRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081095Member madison:CorporateBondsRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081095Member madison:USGovernmentSecuritiesRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081095Member madison:InterestRatesRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081095Member madison:CreditsRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081095Member madison:CallRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081095Member madison:ExtensionRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081095Member us-gaap:PrepaymentRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081095Member madison:IncomeRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081095Member madison:InflationRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081095Member madison:ValuationRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081095Member madison:EtfRisksMember 2026-10-28 2026-10-28 0001976877 madison:S000081095Member madison:NoninvestmentGradeSecurityRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081095Member madison:RestrictedSecuritiesRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081095Member madison:MortgagebackedSecuritiesRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081095Member madison:FinancialSectorRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081095Member madison:RiskOfDefaultMember 2026-10-28 2026-10-28 0001976877 madison:S000081095Member madison:LargeShareholderRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081095Member madison:MarketRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081097Member 2026-10-28 2026-10-28 0001976877 madison:S000081097Member madison:DebtSecuritiesRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081097Member madison:USGovernmentSecuritiesRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081097Member madison:InterestRatesRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081097Member madison:CreditsRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081097Member madison:CallRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081097Member madison:ExtensionRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081097Member us-gaap:PrepaymentRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081097Member madison:IncomeRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081097Member madison:AssetBackedSecuritiesRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081097Member madison:MortgagebackedSecuritiesRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081097Member madison:CorporateBondsRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081097Member madison:USTreasurySecuritiesRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081097Member madison:InflationRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081097Member madison:ValuationRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081097Member madison:EtfRisksMember 2026-10-28 2026-10-28 0001976877 madison:S000081097Member madison:ForeignSecurityRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081097Member madison:NoninvestmentGradeSecurityRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081097Member madison:RestrictedSecuritiesRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081097Member madison:RiskOfDefaultMember 2026-10-28 2026-10-28 0001976877 madison:S000081097Member madison:LargeShareholderRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081097Member madison:MarketRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081094Member 2026-10-28 2026-10-28 0001976877 madison:S000081094Member madison:EquityRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081094Member madison:GrowthInvestingRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081094Member madison:ValueInvestingRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081094Member madison:EtfRisksMember 2026-10-28 2026-10-28 0001976877 madison:S000081094Member madison:LargeCapitalizationCompaniesRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081094Member madison:MidCapCompanyRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081094Member madison:ForeignSecurityAndEmergingMarketRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081094Member madison:DepositoryReceiptRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081094Member madison:DerivativesRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081094Member madison:OptionsRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081094Member madison:CoveredCallStrategyRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081094Member madison:CoveredCallTaxRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081094Member madison:CoveredPutStrategyRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081094Member madison:CounterpartyRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081094Member madison:TechnologySectorRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081094Member madison:FinancialSectorRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081094Member madison:LargeShareholderRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081094Member madison:HighPortfolioTurnoverRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081094Member madison:ValuationRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081094Member madison:MarketRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081096Member 2026-10-28 2026-10-28 0001976877 madison:S000081096Member madison:EquityRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081096Member madison:DividendpayingSecurityRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081096Member madison:ValueInvestingRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081096Member madison:ForeignSecurityAndEmergingMarketRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081096Member madison:DepositoryReceiptRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081096Member madison:IndustrialsSectorRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081096Member madison:FinancialSectorRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081096Member madison:EnergySectorRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081096Member madison:HealthCareSectorRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081096Member madison:LargeShareholderRiskMember 2026-10-28 2026-10-28 0001976877 madison:S000081096Member madison:MarketRiskMember 2026-10-28 2026-10-28 0001976877 madison:C000243764Member 2026-10-28 2026-10-28 0001976877 madison:C000243766Member 2026-10-28 2026-10-28 0001976877 madison:C000243768Member 2026-10-28 2026-10-28 0001976877 madison:C000243765Member 2026-10-28 2026-10-28 0001976877 madison:C000243767Member 2026-10-28 2026-10-28 0001976877 madison:C000243766Member 2024-01-01 2024-12-31 0001976877 madison:C000243766Member 2025-01-01 2025-12-31 0001976877 madison:C000243768Member 2024-01-01 2024-12-31 0001976877 madison:C000243768Member 2025-01-01 2025-12-31 0001976877 madison:C000243765Member 2024-01-01 2024-12-31 0001976877 madison:C000243765Member 2025-01-01 2025-12-31 0001976877 madison:C000243767Member 2024-01-01 2024-12-31 0001976877 madison:C000243767Member 2025-01-01 2025-12-31 0001976877 madison:S000081093Member oef:RiskLoseMoneyMember 2026-10-28 2026-10-28 0001976877 madison:S000081093Member oef:RiskNotInsuredMember 2026-10-28 2026-10-28 0001976877 madison:S000081095Member oef:RiskLoseMoneyMember 2026-10-28 2026-10-28 0001976877 madison:S000081095Member oef:RiskNotInsuredMember 2026-10-28 2026-10-28 0001976877 madison:S000081097Member oef:RiskLoseMoneyMember 2026-10-28 2026-10-28 0001976877 madison:S000081097Member oef:RiskNotInsuredMember 2026-10-28 2026-10-28 0001976877 madison:S000081094Member oef:RiskLoseMoneyMember 2026-10-28 2026-10-28 0001976877 madison:S000081094Member oef:RiskNotInsuredMember 2026-10-28 2026-10-28 0001976877 madison:S000081096Member oef:RiskLoseMoneyMember 2026-10-28 2026-10-28 0001976877 madison:S000081096Member oef:RiskNotInsuredMember 2026-10-28 2026-10-28 0001976877 madison:C000243766Member 2023-09-05 2025-12-31 0001976877 madison:C000243766Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001976877 madison:C000243766Member oef:AfterTaxesOnDistributionsMember 2023-09-05 2025-12-31 0001976877 madison:C000243766Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001976877 madison:C000243766Member oef:AfterTaxesOnDistributionsAndSalesMember 2023-09-05 2025-12-31 0001976877 madison:BloombergUSAggregateBondIndexMember 2025-01-01 2025-12-31 0001976877 madison:BloombergUSAggregateBondIndexMember 2023-09-05 2025-12-31 0001976877 madison:BloombergUS1to5YearGovernmentCreditIndexMember 2025-01-01 2025-12-31 0001976877 madison:BloombergUS1to5YearGovernmentCreditIndexMember 2023-09-05 2025-12-31 0001976877 madison:C000243768Member 2023-08-28 2025-12-31 0001976877 madison:C000243768Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001976877 madison:C000243768Member oef:AfterTaxesOnDistributionsMember 2023-08-28 2025-12-31 0001976877 madison:C000243768Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001976877 madison:C000243768Member oef:AfterTaxesOnDistributionsAndSalesMember 2023-08-28 2025-12-31 0001976877 madison:BloombergUSAggregateBondIndexMember 2023-08-28 2025-12-31 0001976877 madison:C000243765Member 2023-08-21 2025-12-31 0001976877 madison:C000243765Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001976877 madison:C000243765Member oef:AfterTaxesOnDistributionsMember 2023-08-21 2025-12-31 0001976877 madison:C000243765Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001976877 madison:C000243765Member oef:AfterTaxesOnDistributionsAndSalesMember 2023-08-21 2025-12-31 0001976877 madison:SandP500TotalReturnIndexMember 2025-01-01 2025-12-31 0001976877 madison:SandP500TotalReturnIndexMember 2023-08-21 2025-12-31 0001976877 madison:CBOESandP500BuyWriteMonthlyIndexMember 2025-01-01 2025-12-31 0001976877 madison:CBOESandP500BuyWriteMonthlyIndexMember 2023-08-21 2025-12-31 0001976877 madison:C000243767Member 2023-08-14 2025-12-31 0001976877 madison:C000243767Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001976877 madison:C000243767Member oef:AfterTaxesOnDistributionsMember 2023-08-14 2025-12-31 0001976877 madison:C000243767Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001976877 madison:C000243767Member oef:AfterTaxesOnDistributionsAndSalesMember 2023-08-14 2025-12-31 0001976877 madison:SandP500TotalReturnIndexMember 2023-08-14 2025-12-31 0001976877 madison:SandP500DividendAristocratsIndexMember 2025-01-01 2025-12-31 0001976877 madison:SandP500DividendAristocratsIndexMember 2023-08-14 2025-12-31 0001976877 madison:Russell1000ValueTotalReturnIndexMember 2025-01-01 2025-12-31 0001976877 madison:Russell1000ValueTotalReturnIndexMember 2023-08-14 2025-12-31 iso4217:USD pure false 485BPOS 0001976877 2026-10-28 N-1A Madison ETFs Trust 2026-10-30 Madison Mosaic Income Opportunities ETF Investment Objective The Madison Mosaic Income Opportunities ETF (the “Fund”) seeks to generate a high level of current income while maintaining the opportunity for capital appreciation. Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Shareholder Fees: None Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A8E_eoef--AnnualFundOperatingExpensesTableTextBlock_zX8VtBb51qgl"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zqM8RoxF2Qp6" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="padding-top: 1.65pt; padding-bottom: 1pt"> </td> <td id="xdx_494_20261028__20261028__oef--ClassAxis__custom--C000243764Member_zXMfs9kud019" style="padding-top: 1.65pt; padding-bottom: 1pt; text-align: right"> </td></tr> <tr id="xdx_406_eoef--ManagementFeesOverAssets_dpn_zDzTau5GEPR8" style="vertical-align: bottom"> <td style="border-top: black 1pt solid; width: 80%; padding-top: 1.65pt; padding-bottom: 1pt">Management Fees </td> <td style="border-top: black 1pt solid; width: 20%; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right">0.20%</td></tr> <tr id="xdx_40B_eoef--DistributionAndService12b1FeesOverAssets_dpn_z9LBzYAq0WC2" style="vertical-align: bottom"> <td style="padding-top: 2.15pt; padding-bottom: 1pt">Distribution and Service (12b-1) Fees </td> <td style="padding-top: 2.15pt; padding-bottom: 1pt; text-align: right">None</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zzFabhW6sOSl" style="vertical-align: bottom"> <td style="padding-top: 2.15pt; padding-bottom: 1pt">Other Expenses(1) </td> <td style="padding-top: 2.15pt; padding-bottom: 1pt; text-align: right">None</td></tr> <tr id="xdx_403_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zjdUHtMyC8Eg" style="vertical-align: bottom"> <td style="padding-top: 2.15pt; padding-bottom: 1pt">Acquired Fund Fees and Expenses(1) </td> <td style="padding-top: 2.15pt; padding-bottom: 1pt; text-align: right">0.50%</td></tr> <tr id="xdx_409_eoef--ExpensesOverAssets_dpn_zUqJgBa61Iyg" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1pt">Total Annual Fund Operating Expenses </td> <td style="border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1pt; text-align: right">0.70%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0%"> </td> <td style="width: 30px">(1) </td> <td>“Other Expenses” and “Acquired Fund Fees and Expenses” are estimates based on the expenses the Fund expects to incur for the current fiscal year.</td></tr> </table> 0.0020 0 0 0.0050 0.0070 “Other Expenses” and “Acquired Fund Fees and Expenses” are estimates based on the expenses the Fund expects to incur for the current fiscal year. “Acquired Fund Fees and Expenses” are estimates based on the expenses the Fund expects to incur for the current fiscal year. Example: This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A89_eoef--ExpenseExampleWithRedemptionTableTextBlock_zUGNIzYnNVce"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zK1KAWF9h8sd" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_zS5RtZlKjVx6" style="border-bottom: black 1pt solid; width: 50%; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center">1 Year</td> <td id="xdx_48F_eoef--ExpenseExampleYear03_zCbHnUFocOOa" style="border-bottom: black 1pt solid; width: 50%; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center">3 Years</td></tr> <tr id="xdx_41B_20261028__20261028__oef--ClassAxis__custom--C000243764Member_zDpXP7ryVUN4" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; padding-top: 1.9pt; padding-bottom: 1pt; text-align: center">$72</td> <td style="border-bottom: black 1pt solid; padding-top: 1.9pt; padding-bottom: 1pt; text-align: center">$224</td></tr> </table> 72 224 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. The Fund has no operational history and therefore no historical turnover rate. Principal Investment Strategies The Fund invests primarily in shares of other registered investment companies (the “underlying funds”). The Fund’s allocation among underlying funds will be based on an asset allocation model developed by Madison Asset Management, LLC (“Madison” or the “Advisor”), the Fund’s investment advisor. Tidal Investments LLC (“Tidal” or the “Subadvisor”) provides advisory services for the Fund by, among other things, trading portfolio securities and performing related services, providing tax optimization services and assists in basket creation, reporting and monitoring, portfolio compliance monitoring and reporting. Under normal circumstances, the Fund’s total net assets will be allocated among underlying funds, including exchange traded funds (“ETFs”), with exposure to various asset classes, including bonds, common stocks, real estate securities, foreign market bonds and stocks and money market instruments. The Fund’s allocation to underlying funds will vary however, under normal market conditions, the Fund’s portfolio managers generally attempt to target a 60% bond funds and 40% equity funds investment allocation. Nevertheless, underlying bond funds (which may hold investment grade, non-investment grade securities (i.e., “junk” bonds) and mortgage- or asset-backed securities) may constitute up to 80% of the Fund’s assets. Investments in non-investment grade bond funds may not exceed 50% of fund assets. The balance between the two main asset classes of the Fund (i.e., fixed income investing and equity investing) is determined after reviewing the risks and current yields associated with each type of investment, with the goal of meaningful risk reduction as market conditions demand. Underlying funds in which the Fund invests may include funds advised by the Advisor and/or its affiliates, including other Madison ETFs and Mutual Funds (the “affiliated underlying funds”). The Advisor may employ multiple analytical approaches to determine the appropriate allocation among the underlying funds, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 30px"> </td> <td style="width: 30px">●</td> <td style="text-align: justify">Macroeconomic analysis. This approach analyzes high frequency economic (e.g. monetary/fiscal policy, money supply, inflation, manufacturing/services production/new orders, personal income and expenditures, etc.) and market data (e.g. interest rates and spread differentials, currencies, commodity prices, etc.) across the global markets in an effort to identify attractive investment opportunities in countries, regions and/or asset classes by seeking to determine economic and market cycle positioning.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 30px"> </td> <td style="width: 30px">●</td> <td style="text-align: justify">Fundamental analysis. This approach reviews fundamental asset class valuation data (e.g. P/E, P/S, EV/Sales multiples, free cash flow yield, etc.) to determine the absolute and relative attractiveness of existing and potential investment opportunities in relation to the identified macroeconomic and market cycle.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 30px"> </td> <td style="width: 30px">●</td> <td style="text-align: justify">Correlation analysis. This approach considers the degree to which returns in different asset classes do or do not move together, and the Fund’s aim to achieve a favorable overall risk and return profile by utilizing the data for position sizing and overall portfolio composition. The analysis considers both longer-term (3 to 5 years) as well as short-term correlations.</td></tr> </table> In addition, the Advisor has a flexible mandate that permits the Advisor, in its sole discretion, to materially reduce equity risk exposures when and if conditions are deemed to warrant such an action. You could lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. Asset Allocation Risk. The Fund is subject to asset allocation risk, which is the risk that the selection of the underlying funds and the allocation of the Fund’s assets among the various asset classes and market segments will cause the Fund to underperform other funds with a similar investment objective. Equity Risk. The Fund, through the underlying funds, is subject to equity risk. Equity risk is the risk that securities held by the Fund will fluctuate in value due to general market or economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate, and the circumstances and performance of companies whose securities the Fund holds. In addition, while broad market measures of common stocks have historically generated higher average returns than fixed income securities, common stocks have also experienced significantly more volatility in those returns. Asset-Backed Securities Risk. Investments in asset-backed securities are subject to prepayment or call risk, which is the risk that payments from the borrower may be received earlier than expected due to changes in the rate at which the underlying loans are prepaid. Securities subject to prepayment can offer less potential for gains during a declining interest rate environment and similar or greater potential for loss in a rising interest rate environment. In addition, the potential impact of prepayment features on the price of a debt security can be difficult to predict and result in greater volatility. Mortgage-Backed Securities Risk. The Fund may own obligations backed by mortgages issued by a government agency or through a government-sponsored program. If the mortgage holders prepay principal during a period of falling interest rates, the Fund could be exposed to prepayment risk. In that case, the Fund would have to reinvest the proceeds at a lower interest rate. The security itself may not increase in value with the corresponding drop-in rates since the prepayment acts to shorten the maturity of the security. Real Estate Investment Risk. Companies that invest in real estate, such as real estate investment trusts (“REITs”) and real estate holding and operating companies, expose investors to the risks of owning real estate directly, as well as to risks that relate specifically to the way in which real estate companies are organized and operated. Real estate is highly sensitive to general and local economic conditions and developments and is characterized by strong competition and periodic overbuilding. REITs generally derive their income from rents on the underlying properties or interest on the underlying loans, which can significantly impact their value. REITs are more susceptible to risks associated with the ownership of the real estate and the real estate industry in general. Real estate companies, including REITs, may utilize leverage (and some may be highly leveraged), which increases investment risk and the risk normally associated with debt financing, and could potentially increase the Fund’s losses. Money Market and Short-Term Securities Risk. To the extent the Fund holds cash or invests in money market or short-term securities, the Fund may be less likely to achieve its investment objective. In addition, it is possible that the Fund’s investments in these instruments could lose money. Debt Securities Risk. Investments in debt securities subject the holder to the credit risk of the issuer. Credit risk refers to the possibility that the issuer or other obligor of a security will not be able or willing to make payments of interest and principal when due. Generally, the value of debt securities will change inversely with changes in interest rates. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. During periods of falling interest rates, the income received by the Fund may decline. If the principal on a debt security is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying interest at lower rates. Debt securities generally do not trade on a securities exchange making them generally less liquid and more difficult to value than common stock. Interest Rate Risk. To the extent that the Fund invests in underlying funds that invest in debt securities, the Fund will be subject to interest rate risk, which is the risk that the value of the debt securities in an underlying fund’s portfolio will decline because of rising market interest rates. Interest rate risk is generally lower for shorter term debt securities and higher for longer-term debt securities. Typically, a rise in interest rates causes a decline in the market value of income-bearing securities. When interest rates rise, bond prices fall; generally, the longer a bond’s maturity, the more sensitive it is to this risk. Credit Risk. The Fund, through the underlying funds, is also subject to credit risk, which is the risk that the issuer of a security, or the counterparty to a contract, will default or otherwise not honor a financial obligation, including that the issuer of a debt security will be unable to meet its interest or principal payment obligations when due. Call Risk. To the extent the Fund invests in underlying funds that invest in debt securities, the Fund will be subject to call risk. If a bond issuer “calls” a bond held by an underlying fund (i.e., pays it off at a specified price before it matures), the underlying fund could have to reinvest the proceeds at a lower interest rate. It may also experience a loss if the bond is called at a price lower than what the underlying fund paid for the bond. Extension Risk. Extension risk is the risk that, when interest rates rise, certain obligations will be paid off by the issuer (or other obligated party) more slowly than anticipated, causing the value of these debt securities to fall. Rising interest rates tend to extend the duration of debt securities, making their market value more sensitive to changes in interest rates. The value of longer-term debt securities generally changes more in response to changes in interest rates than shorter-term debt securities. As a result, in a period of rising interest rates, securities may exhibit additional volatility and may lose value. Prepayment Risk. Prepayment risk is the risk that the issuer of a debt security will repay principal prior to the scheduled maturity date. Debt securities allowing prepayment may offer less potential for gains during a period of declining interest rates, as an underlying security may be required to reinvest the proceeds of any prepayment at lower interest rates. These factors may cause the value of an investment in an underlying security to change. Income Risk. A security’s income may decline when interest rates fall or if there are defaults in its portfolio. This decline can occur because an underlying security may subsequently invest in lower-yielding securities as debt securities in its portfolio mature, are near maturity or are called, or the underlying security otherwise needs to purchase additional debt securities. Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions may decline. Valuation Risk. The price the Fund could receive upon the sale of a security or other asset may differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low volume or volatile markets or that are valued using a fair value methodology as a result of trade suspensions or for other reasons. In addition, the value of the securities or other assets in the Fund’s portfolio may change on days or during time periods when shareholders will not be able to purchase or sell the Fund’s shares. Non-Investment Grade Security Risk. The Fund, through the underlying funds, may invest in non-investment grade securities (i.e., “junk” bonds). Issuers of non-investment grade securities are typically in weak financial health and their ability to pay interest and principal is uncertain. Compared to issuers of investment-grade bonds, they are more likely to encounter financial difficulties and to be materially affected by these difficulties when they do encounter them. “Junk” bond markets may react strongly to adverse news about an issuer or the economy, or to the perception or expectation of adverse news. ETF Risks. The Fund may invest in other investment companies, including other ETFs. The Fund will experience similar risks with respect to its holdings in ETFs as investing in a portfolio of equity securities or other investments underlying the ETF, although lack of liquidity in an ETF could result in it being more volatile than the underlying securities. Additionally, the market prices of ETFs will fluctuate in accordance with both changes in the market value of their underlying portfolio securities and due to supply and demand for the instruments on the exchanges on which they are traded (which may result in their trading at a discount or premium to their net asset values). Index-based ETF investments may not replicate exactly the performance of their specific index because of transaction costs and because of the temporary unavailability of certain component securities of the index. Actively-managed ETFs may not produce the desired result of its investment objective(s), meet relevant benchmarks or perform as well as other funds with similar objectives. As a shareholder in other ETFs, the Fund bears its proportionate share of each ETF’s expenses, subjecting Fund shareholders to duplicative expenses. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskFromInvestmentInOtherInvestmentCompaniesMember_zlYIHQnfrg24" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Tax Risk from Investment in Other Investment Companies. The Fund has based its analysis of its qualification as a regulated investment company (“RIC”) on the belief that its underlying funds are themselves RICs. If an underlying fund were to lose its status as a RIC, the Fund may fail its requirement to have a diversified portfolio, and, thus, lose its own RIC status. If the Fund did not qualify as a RIC for any taxable year and certain relief provisions were not available, the Fund’s taxable income would be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. In such event, in order to re-qualify for taxation as a RIC, the Fund might be required to recognize unrealized gains, pay substantial taxes and interest and make certain distributions. This would cause investors to incur higher tax liabilities than they otherwise would have incurred and would have a negative impact on Fund returns. In such event, the Fund’s Board of Trustees may determine to reorganize or close the Fund or materially change the Fund’s investment objective and strategies. In the event that the Fund fails to qualify as a RIC, the Fund will promptly notify shareholders of the implications of that failure. Foreign Security Risk. Investments in foreign securities involve risks relating to currency fluctuations and to political, social and economic developments abroad, as well as risks resulting from differences between the regulations to which U.S. and foreign issuers and markets are subject. These risks may be greater in emerging markets. The investment markets of emerging countries are generally more volatile than markets of developed countries with more mature economies. New Fund Risk. The Fund is new and has no performance history or assets as of the date of this prospectus. The Fund expects to have fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure, and in turn, the Fund’s returns for limited periods of time. Market Risk. The Fund, through the underlying funds, is subject to market risk, which is the risk that the value of an investment may fluctuate in response to stock market movements. Certain of the underlying funds may invest in the equity securities of smaller companies, which may fluctuate more in value and be more thinly traded than the general market. Performance The Fund does not have a performance history. Once available, the Fund’s performance information, and information that gives some indication of the risks of an investment in the Fund by comparing the Fund’s performance with a broad measure of market performance, will be available on the Fund’s website at www.madisonfunds.com. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The Fund does not have a performance history. www.madisonfunds.com The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Madison Short-Term Strategic Income ETF Investment Objective The Madison Short-Term Strategic Income ETF (the “Fund”) seeks to generate a high level of current income. Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Shareholder Fees: None Annual Fund Operating Expenses1 (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A8A_eoef--AnnualFundOperatingExpensesTableTextBlock_zKoA5M8OiXY9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zvPGqAAg1BO4" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none"> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; width: 80%; padding-top: 1.65pt; padding-bottom: 1pt">Management Fees </td> <td id="xdx_98F_eoef--ManagementFeesOverAssets_dpn_c20261028__20261028__oef--ClassAxis__custom--C000243766Member_fMQ_____zlVNmKxK7E4g" style="border-top: black 1pt solid; width: 20%; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right">0.36%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-top: 2.15pt; padding-bottom: 1pt">Distribution and Service (12b-1) Fees </td> <td id="xdx_982_eoef--DistributionAndService12b1FeesOverAssets_dpn_c20261028__20261028__oef--ClassAxis__custom--C000243766Member_fMQ_____z6GHW1WhBEX" style="padding-top: 2.15pt; padding-bottom: 1pt; text-align: right">None</td></tr> <tr style="vertical-align: bottom"> <td style="padding-top: 2.15pt; padding-bottom: 1pt">Other Expenses </td> <td id="xdx_986_eoef--OtherExpensesOverAssets_dpn_c20261028__20261028__oef--ClassAxis__custom--C000243766Member_fMQ_____ztesxe0vHYc8" style="padding-top: 2.15pt; padding-bottom: 1pt; text-align: right">None</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; padding-right: 2.65pt">Total Annual Fund Operating Expenses </td> <td id="xdx_98E_eoef--ExpensesOverAssets_dpn_c20261028__20261028__oef--ClassAxis__custom--C000243766Member_fMQ_____zwY4INTTLI9h" style="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right">0.36%</td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td>1</td> <td>The expense information in the table has been restated to reflect current fees. </td></tr> </table> 0.0036 0 0 0.0036 The expense information in the table has been restated to reflect current fees. Example: This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8A_eoef--ExpenseExampleWithRedemptionTableTextBlock_zOll768zc5g4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zCOVvmqWPLr" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_481_eoef--ExpenseExampleYear01_zQ3v3WMf0ya8" style="border-bottom: black 1pt solid; width: 25%; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center">1 Year</td> <td id="xdx_488_eoef--ExpenseExampleYear03_zi8r2LcB4O11" style="border-bottom: black 1pt solid; width: 25%; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center">3 Years</td> <td id="xdx_486_eoef--ExpenseExampleYear05_zSQ2pLnOpMl7" style="border-bottom: black 1pt solid; width: 25%; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center">5 Years</td> <td id="xdx_481_eoef--ExpenseExampleYear10_zXz1o3vbmAmk" style="border-bottom: black 1pt solid; width: 25%; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center">10 Years</td></tr> <tr id="xdx_416_20261028__20261028__oef--ClassAxis__custom--C000243766Member_zT9TDV01ttGg"> <td style="border-bottom: black 1pt solid; vertical-align: bottom; padding-top: 1.9pt; padding-bottom: 1pt; text-align: center">$37</td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; padding-top: 1.9pt; padding-bottom: 1pt; text-align: center">$116</td> <td style="border-bottom: black 1pt solid; vertical-align: top; padding-top: 1.9pt; padding-bottom: 1pt; text-align: center">$202</td> <td style="border-bottom: black 1pt solid; vertical-align: top; padding-top: 1.9pt; padding-bottom: 1pt; text-align: center">$456</td></tr> </table> 37 116 202 456 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended June 30, 2026, the Fund’s portfolio turnover rate was 24% of the average value of its portfolio. 0.24 Principal Investment Strategies Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in bonds. To keep current income relatively stable and to limit share price volatility, the Fund emphasizes investment grade securities and maintains a short (typically 3.5 years or less) average portfolio duration, with the goal of being between 75-125% of the market benchmark duration (for this purpose, the benchmark used is Bloomberg US Government/Credit Float Adjusted 1-5 Year Index, the duration of which as of June 30, 2026 was 2.64 years). The maximum average duration of any individual portfolio security will be 8 years. Duration is an approximation of the expected change in a debt security’s price given a 1% move in interest rates, using the following formula: change in debt security value = (change in interest rates) x (duration) x (-1). By way of example, assume XYZ company issues a five-year bond which has a duration of 4.5 years. If interest rates were to instantly increase by 1%, the bond would be expected to decrease in value by approximately 4.5%. Madison Asset Management, LLC (“Madison” or the “Advisor”) considers, among other things, credit risk, sector exposure and yield curve positioning in selecting securities for the Fund. Tidal Investments LLC (“Tidal” or the “Subadvisor”) provides advisory services to the Fund by, among other things, trading equity portfolio securities and performing related services (if any), providing tax optimization services and assists in basket creation, reporting and monitoring, portfolio compliance monitoring and reporting. The Fund generally holds 100-500 individual securities in its portfolio at any given time and may invest in the following instruments: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 30px"> </td> <td style="width: 30px">●</td> <td style="text-align: justify">Up to 90% of its assets in corporate debt securities: securities issued by domestic corporations;</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 30px"> </td> <td style="width: 30px">●</td> <td style="text-align: justify">U.S. Government debt securities: securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities;</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 30px"> </td> <td style="width: 30px">●</td> <td style="text-align: justify">Up to 25% of its assets in non-investment grade debt securities (securities not rated within the four highest categories (i.e., “junk bonds”) or non-rated debt securities (securities issued or guaranteed by corporations, financial institutions, and others which, although not rated by a national rating service, are considered by Madison to have an investment quality equivalent to those categories in which the Fund is permitted to invest); and</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 30px"> </td> <td style="width: 30px">●</td> <td style="text-align: justify">Up to 50% in asset-backed, mortgage-backed and commercial mortgage-backed securities as well as collateralized loan obligations: securities issued or guaranteed by special purpose corporations and financial institutions that represent direct or indirect participation in, or are collateralized by, an underlying pool of assets. The types of assets that can be “securitized” include, among others, residential or commercial mortgages, credit card receivables, automobile loans, and other assets.</td></tr> </table> Madison may alter the composition of the Fund with regard to quality and maturity and may sell securities prior to maturity. Under normal market conditions, however, turnover for the Fund is generally not expected to exceed 100%. Sales of fund securities may result in capital gains. This can occur any time Madison sells a bond at a price that was higher than the purchase price, even if Madison does not engage in active or frequent trading. Madison’s intent when it sells bonds is to “lock in” any gains already achieved by that investment or, alternatively, prevent additional or potential losses that could occur if Madison continued to hold the bond. Turnover may also occur when Madison finds an investment that could generate a higher return than the investment currently held. However, increasing portfolio turnover at a time when Madison’s assessment of market performance is incorrect could lower investment performance. The Fund pays implied brokerage commissions when it purchases or sells bonds, which is the difference between the bid and ask price. As a result, as portfolio turnover increases, the cumulative effect of this may hurt Fund performance. Under normal market conditions, the Fund will not engage in active or frequent trading of its bonds. However, it is possible that Madison will determine that market conditions require a significant change to the composition of the Fund’s portfolio. For example, if interest rates begin to rise, Madison may attempt to sell bonds in anticipation of further rate increases before they lose more value. Also, if the Fund experiences large swings in shareholder purchases and redemptions, Madison may be required to sell bonds more frequently in order to generate the cash needed to pay redeeming shareholders. Under these circumstances, the Fund could make a taxable capital gain distribution. The Fund may invest up to 10% of its net assets in shares of other registered investment companies that principally invest in fixed income securities. The Fund may also invest, without limit, in securities that have not been registered under the Securities Act of 1933 (the “Securities Act”) and continue to be subject to restrictions on resale, securities held by control persons of the issuer and securities that are subject to contractual restrictions on their resale (collectively, “restricted securities”). Restricted securities include, without limitation, securities eligible for purchase and sale pursuant to Rule 144A under the Securities Act (“Rule 144A”) and other securities issued in private placements. Under normal market conditions, the Fund will limit its investments in Rule 144A securities to securities with $100 million or more in principal amount outstanding as of the time of their original issuance. The Fund’s investment strategy reflects Madison’s general “Participate and Protect®” investment philosophy. Madison’s expectation is that investors in the Fund will participate near fully in market appreciation during bull markets and experience something less than full participation during bear markets compared with investors in portfolios holding more speculative and volatile securities; therefore, this investment philosophy is intended to represent a conservative investment strategy. There is no assurance that Madison’s expectations regarding this investment strategy will be realized. Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in bonds. You could lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. Debt Securities Risk. Investments in debt securities subject the holder to the credit risk of the issuer. Credit risk refers to the possibility that the issuer or other obligor of a security will not be able or willing to make payments of interest and principal when due. Generally, the value of debt securities will change inversely with changes in interest rates. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. During periods of falling interest rates, the income received by the Fund may decline. If the principal on a debt security is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying interest at lower rates. Debt securities generally do not trade on a securities exchange making them generally less liquid and more difficult to value than common stock. Corporate Bonds Risk. Corporate bonds, which are debt instruments issued by corporations to raise capital, have priority over preferred securities and common stock in an issuer’s capital structure, but may be subordinated to an issuer’s other debt instruments. The market value of a corporate bond may be affected by factors directly related to the issuer, such as investors’ perceptions of the creditworthiness of the issuer, the issuer’s financial performance, perceptions of the issuer in the marketplace, performance of the issuer’s management, the issuer’s capital structure, the use of financial leverage and demand for the issuer’s goods and services, and by factors not directly related to the issuer such as general market liquidity. The market value of corporate bonds generally may be expected to rise and fall inversely with interest rates, and as a result, corporate bonds may lose value in a rising-rate environment. U.S. Government Securities Risk. U.S. government securities are subject to interest rate risk but generally do not involve the credit risks associated with investments in other types of debt securities. As a result, the yields available from U.S. government securities are generally lower than the yields available from other debt securities. U.S. government securities are guaranteed only as to the timely payment of interest and the payment of principal when held to maturity. While securities issued or guaranteed by U.S. federal government agencies (such as Ginnie Mae) are backed by the full faith and credit of the U.S. Department of the Treasury, securities issued by government sponsored entities (such as Fannie Mae and Freddie Mac) are solely the obligation of the issuer and generally do not carry any guarantee from the U.S. government. Interest Rate Risk. Interest rate risk is the risk that the value of the debt securities in an underlying security’s portfolio will decline because of rising market interest rates. Interest rate risk is generally lower for shorter term debt securities and higher for longer-term debt securities. Typically, a rise in interest rates causes a decline in the market value of income-bearing securities. When interest rates rise, bond prices fall; generally, the longer a bond’s maturity, the more sensitive it is to this risk. Duration is a reasonably accurate measure of a debt security’s price sensitivity to changes in interest rates and a common measure of interest rate risk. Duration measures a debt security’s expected life on a present value basis, taking into account the debt security’s yield, interest payments and final maturity. In general, duration represents the expected percentage change in the value of a security for an immediate 1% change in interest rates. For example, the price of a debt security with a three-year duration would be expected to drop by approximately 3% in response to a 1% increase in interest rates. Therefore, prices of debt securities with shorter durations tend to be less sensitive to interest rate changes than debt securities with longer durations. As the value of a debt security changes over time, so will its duration. Credit Risk. The Fund is also subject to credit risk, which is the risk that issuer of a security, or the counterparty to a contract, will default or otherwise not honor a financial obligation, including that the issuer of a debt security will be unable to meet its interest or principal payment obligations when due. Call Risk. If a bond issuer “calls” a bond held by the Fund (i.e., pays it off at a specified price before it matures), the Fund could have to reinvest the proceeds at a lower interest rate. It may also experience a loss if the bond is called at a price lower than what the Fund paid for the bond. Extension Risk. Extension risk is the risk that, when interest rates rise, certain obligations will be paid off by the issuer (or other obligated party) more slowly than anticipated, causing the value of these debt securities to fall. Rising interest rates tend to extend the duration of debt securities, making their market value more sensitive to changes in interest rates. The value of longer-term debt securities generally changes more in response to changes in interest rates than shorter-term debt securities. As a result, in a period of rising interest rates, securities may exhibit additional volatility and may lose value. Prepayment Risk. Prepayment risk is the risk that the issuer of a debt security will repay principal prior to the scheduled maturity date. Debt securities allowing prepayment may offer less potential for gains during a period of declining interest rates, as an underlying security may be required to reinvest the proceeds of any prepayment at lower interest rates. These factors may cause the value of an investment in an underlying security to change. Income Risk. A security’s income may decline when interest rates fall or if there are defaults in its portfolio. This decline can occur because an underlying security may subsequently invest in lower-yielding securities as debt securities in its portfolio mature, are near maturity or are called, or the underlying security otherwise needs to purchase additional debt securities. Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions may decline. Valuation Risk. The price the Fund could receive upon the sale of a security or other asset may differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low volume or volatile markets or that are valued using a fair value methodology as a result of trade suspensions or for other reasons. In addition, the value of the securities or other assets in the Fund’s portfolio may change on days or during time periods when shareholders will not be able to purchase or sell the Fund’s shares. ETF Risks. The Fund may invest in other investment companies, including other ETFs. The Fund will experience similar risks with respect to its holdings in ETFs as investing in a portfolio of equity securities or other investments underlying the ETF, although lack of liquidity in an ETF could result in it being more volatile than the underlying securities. Additionally, the market prices of ETFs will fluctuate in accordance with both changes in the market value of their underlying portfolio securities and due to supply and demand for the instruments on the exchanges on which they are traded (which may result in their trading at a discount or premium to their net asset values). Index-based ETF investments may not replicate exactly the performance of their specific index because of transaction costs and because of the temporary unavailability of certain component securities of the index. Actively-managed ETFs may not produce the desired result of its investment objective(s), meet relevant benchmarks or perform as well as other funds with similar objectives. As a shareholder in other ETFs, the Fund bears its proportionate share of each ETF’s expenses, subjecting Fund shareholders to duplicative expenses. Non-Investment Grade Security Risk. To the extent that the Fund invests in non-investment grade securities, the Fund is also subject to above-average credit, market and other risks. Issuers of non-investment grade securities (i.e., “junk” bonds) are typically in weak financial health and their ability to pay interest and principal is uncertain. Compared to issuers of investment grade bonds, they are more likely to encounter financial difficulties and to be materially affected by these difficulties when they do encounter them. “Junk” bond markets may react strongly to adverse news about an issuer or the economy, or to the perception or expectation of adverse news Restricted Securities Risk. Restricted securities are securities that cannot be offered for public resale unless registered under the applicable securities laws or that have a contractual restriction that prohibits or limits their resale. The Fund may be unable to sell a restricted security on short notice or may be able to sell them only at a price below current value. The market for restricted securities, including Rule 144A securities, typically is less active than the market for publicly traded securities. Rule 144A securities and other securities exempt from registration under the Securities Act carry the risk that their liquidity may become impaired and the Fund may be unable to dispose of the securities promptly or at current market value. Mortgage-Backed Securities Risk. The Fund may own obligations backed by mortgages issued by a government agency or through a government-sponsored program. If the mortgage holders prepay principal during a period of falling interest rates, the Fund could be exposed to prepayment risk. In that case, the Fund would have to reinvest the proceeds at a lower interest rate. The security itself may not increase in value with the corresponding drop-in rates since the prepayment acts to shorten the maturity of the security. Financial Sector Risk. Financial services companies are subject to extensive governmental regulation, which may limit both the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds and can fluctuate significantly when interest rates change or due to increased competition. In addition, deterioration of the credit markets generally may cause an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets. Certain events in the financial sector may cause an unusually high degree of volatility in the financial markets, both domestic and foreign, and cause certain financial services companies to incur large losses. Securities of financial services companies may experience a dramatic decline in value when such companies experience substantial declines in the valuations of their assets, take action to raise capital (such as the issuance of debt or equity securities), or cease operations. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition. Adverse economic, business or political developments could adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate. Risk of Default. Although Madison monitors the condition of bond issuers, it is still possible that unexpected events could cause the issuer to be unable to pay either principal or interest on its bond. This could cause the bond to go into default and lose value. Some federal agency securities are not backed by the full faith and credit of the United States, so in the event of default, the Fund would have to look to the agency issuing the bond for ultimate repayment. Large Shareholder Risk. Certain shareholders, including other funds advised by the Fund’s investment adviser, may from time to time own a substantial amount of the Fund’s shares. In addition, a third-party investor, the investment adviser or an affiliate of the investment adviser, an authorized participant, a lead market maker, or another entity (i.e., a seed investor) may invest in the Fund and hold its investment solely to facilitate commencement of the Fund or to facilitate the Fund’s achieving a specified size or scale. Any such investment may be held for a limited period of time. There can be no assurance that any large shareholder would not redeem its investment, that the size of the Fund would be maintained at such levels or that the Fund would continue to meet applicable listing requirements. Redemptions by large shareholders could have a significant negative impact on the Fund, including on the Fund’s liquidity. In addition, transactions by large shareholders may account for a large percentage of the trading volume on NYSE Arca, Inc. (the “Exchange”) and may, therefore, have a material upward or downward effect on the market price of the Fund’s shares. Market Risk. The share price of the Fund reflects the value of the securities it holds. If a security’s price falls, the share price of the Fund will go down (unless another security’s price rises by an offsetting amount). If the Fund’s share price falls below the price you paid for your shares, you could lose money when you redeem your shares. Performance The following performance information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance over time. The following bar chart shows the Fund’s annual returns. The table illustrates how the Fund’s average annual returns for the 1-year and since inception periods compare with those of a broad measure of market performance. Performance is also shown for the Bloomberg U.S. 1-5 Year Government/Credit Index, which more closely represents the exposure sought by the Fund than the broad-based securities market index. The Fund’s past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. Updated performance information is available on the Fund’s website at www.madisonfunds.com. The following performance information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance over time. The Fund’s past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. www.madisonfunds.com Calendar Year Ended December 31 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none">Year</th> <th style="display: none">Return</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; width: 50%">2024</td> <td id="xdx_986_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000243766Member_zv6Z4a5fwEZ1" style="display: none; width: 50%">4.69%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2025</td> <td id="xdx_98D_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000243766Member_zk7JsDIftyc9" style="display: none">6.72%</td></tr> </table> <img alt="" src="madison485bpos002.jpg"/> 0.0469 0.0672 The Fund’s calendar year-to-date return as of September 30, 2026 was -0.41%. During the period of time shown in the bar chart, the highest return for a calendar quarter was 3.32% (quarter ended September 30, 2024) and the lowest return for a calendar quarter was -0.36% (quarter ended December 31, 2024). year-to-date return 2026-09-30 -0.0041 highest return for a calendar quarter 0.0332 2024-09-30 lowest return for a calendar quarter -0.0036 2024-12-31 Average Annual Total Returns For the Periods Ended December 31, 2025 <div id="xdx_A8E_eoef--PerformanceTableTextBlock_zCJDCEF8Auch"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zkDkIFQQ74y3" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; width: 72%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td id="xdx_49D_20250101__20251231_zrIAC952RA4g" style="border-top: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1 Year</td> <td id="xdx_499_20230905__20251231_znWuGHBCixKh" style="border-top: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Since Inception (9/5/2023)</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000243766Member_z5inOJ996Uff" style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Return Before Taxes</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">6.72%</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">6.66%</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000243766Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zR5Dl0Cvs598" style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Return After Taxes on Distributions</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4.46%</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4.38%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000243766Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zK9yowT48yol" style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4.00%</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4.13%</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexMember_zEV8o2q1OTEa" style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Bloomberg U.S. Aggregate Bond Index2 (reflects no deduction for fees, expenses, or taxes)</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">7.30%</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5.90%</td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUS1to5YearGovernmentCreditIndexMember_zUfUYrbHauEc" style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Bloomberg U.S. 1-5 Year Government/Credit Index1 (reflects no deduction for fees, expenses, or taxes)</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">6.11%</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5.69%</td></tr> </table> <div style="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: left">1</td><td style="text-align: justify">The Bloomberg U.S. 1-5 Year Govt/Credit Index is an unmanaged index which is a component of the US Government/Credit Index, which includes Treasury and agency securities (US Government Bond Index) and publicly issued US corporate and foreign debentures and secured notes (US Credit Bond Index). The bonds in the index are investment grade with a maturity between one and five years. Investors cannot invest directly in an index.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: left">2</td><td style="text-align: justify">The Bloomberg U.S. Aggregate Bond Index is an unmanaged index measures the performance of that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. This includes Treasuries, government-related and corporate securities, mortgage-backed securities, asset-backed securities and collateralized mortgage-backed securities. Investors cannot invest directly in an index.</td> </tr></table> 2023-09-05 0.0672 0.0666 0.0446 0.0438 0.0400 0.0413 (reflects no deduction for fees, expenses, or taxes) 0.0730 0.0590 0.0611 0.0569 After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred or other tax-advantaged arrangements such as an individual retirement account (“IRA”). In certain cases, the figures representing “Return After Taxes on Distributions and Sale of Fund Shares” may be higher than the other figures for the same period. A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred or other tax-advantaged arrangements such as an individual retirement account (“IRA”). A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. Madison Aggregate Bond ETF Investment Objective The Madison Aggregate Bond ETF (the “Fund”) seeks to generate superior long-term risk adjusted performance. Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Shareholder Fees: None Annual Fund Operating Expenses1 (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A82_eoef--AnnualFundOperatingExpensesTableTextBlock_zmv9aal2MXR1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_z8Kxzgee7HYa" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none"> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; width: 80%; padding-top: 1.65pt; padding-bottom: 1pt">Management Fees </td> <td id="xdx_98F_eoef--ManagementFeesOverAssets_dpn_c20261028__20261028__oef--ClassAxis__custom--C000243768Member_fMQ_____z8hzeKF1A231" style="border-top: black 1pt solid; width: 20%; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right">0.36%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-top: 2.15pt; padding-bottom: 1pt">Distribution and Service (12b-1) Fees </td> <td id="xdx_988_eoef--DistributionAndService12b1FeesOverAssets_dpn_c20261028__20261028__oef--ClassAxis__custom--C000243768Member_fMQ_____zQicLUyhIYwb" style="padding-top: 2.15pt; padding-bottom: 1pt; text-align: right">None</td></tr> <tr style="vertical-align: bottom"> <td style="padding-top: 2.15pt; padding-bottom: 1pt">Other Expenses </td> <td id="xdx_98C_eoef--OtherExpensesOverAssets_dpn_c20261028__20261028__oef--ClassAxis__custom--C000243768Member_fMQ_____zFIy47Thfa6k" style="padding-top: 2.15pt; padding-bottom: 1pt; text-align: right">None</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1pt">Total Annual Fund Operating Expenses </td> <td id="xdx_98A_eoef--ExpensesOverAssets_dpn_c20261028__20261028__oef--ClassAxis__custom--C000243768Member_fMQ_____zb8Qjgz8g4ya" style="border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1pt; text-align: right">0.36%</td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td> 1</td> <td>The expense information in the table has been restated to reflect current fees. </td></tr> </table> 0.0036 0 0 0.0036 The expense information in the table has been restated to reflect current fees. Example: This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_znA90XNwa9Xl"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_z7HZSvloCq5c" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_483_eoef--ExpenseExampleYear01_zAOL1BOARwmf" style="border-bottom: black 1pt solid; width: 25%; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center">1 Year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_z6MrETCxD6Nl" style="border-bottom: black 1pt solid; width: 25%; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center">3 Years</td> <td id="xdx_48C_eoef--ExpenseExampleYear05_zkU725tlyxOb" style="border-bottom: black 1pt solid; width: 25%; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center">5 Years</td> <td id="xdx_48A_eoef--ExpenseExampleYear10_zAhxJXCKRn2c" style="border-bottom: black 1pt solid; width: 25%; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center">10 Years</td></tr> <tr id="xdx_41A_20261028__20261028__oef--ClassAxis__custom--C000243768Member_zV2PJeK5Vnc6"> <td style="border-bottom: black 1pt solid; vertical-align: bottom; padding-top: 1.9pt; padding-bottom: 1pt; text-align: center">$37</td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; padding-top: 1.9pt; padding-bottom: 1pt; text-align: center">$116</td> <td style="border-bottom: black 1pt solid; vertical-align: top; padding-top: 1.9pt; padding-bottom: 1pt; text-align: center">$202</td> <td style="border-bottom: black 1pt solid; vertical-align: top; padding-top: 1.9pt; padding-bottom: 1pt; text-align: center">$456</td></tr> </table> 37 116 202 456 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended June 30, 2026, the Fund’s portfolio turnover rate was 20% of the average value of its portfolio. 0.20 Principal Investment Strategies Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in bonds. To keep current income relatively stable and to limit share price volatility, the Fund emphasizes investment grade securities and maintains an intermediate (typically 3-7 year) average portfolio duration, with the goal of being between 85-115% of the market benchmark duration (for this purpose, the benchmark used is Bloomberg U.S. Aggregate Bond Index, the duration of which as of June 30, 2026 was 5.73 years). Duration is an approximation of the expected change in a debt security’s price given a 1% move in interest rates, using the following formula: change in debt security value = (change in interest rates) x (duration) x (-1). By way of example, assume XYZ company issues a five-year bond which has a duration of 4.5 years. If interest rates were to instantly increase by 1%, the bond would be expected to decrease in value by approximately 4.5%. Madison Asset Management, LLC (“Madison” or the “Advisor”) strives to add incremental return in the portfolio by making strategic decisions relating to credit risk, sector exposure and yield curve positioning. Tidal Investments LLC (“Tidal” or the “Subadvisor”) provides advisory services to the Fund by, among other things, trading equity portfolio securities (if any) and performing related services, providing tax optimization services and assists in basket creation, reporting and monitoring, portfolio compliance monitoring and reporting. The Fund generally holds 100-500 individual securities in its portfolio at any given time and may invest in the following instruments: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 30px"> </td> <td style="width: 30px">●</td> <td style="text-align: justify">Corporate debt securities: securities issued by domestic corporations;</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 30px"> </td> <td style="width: 30px">●</td> <td style="text-align: justify">U.S. Government debt securities: securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities; </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 30px"> </td> <td style="width: 30px">●</td> <td style="padding-left: 0pt; text-indent: 0pt">Up to 20% of its assets in non-investment grade debt securities (securities not rated within the four highest categories (i.e., “junk bonds”) or non-rated debt securities (securities issued or guaranteed by corporations, financial institutions, and others which, although not rated by a national rating service, are considered by Madison to have an investment quality equivalent to those categories in which the Fund is permitted to invest);</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 30px"></td><td style="width: 30px; text-align: left">●</td><td style="text-align: justify">Foreign government debt securities: securities issued or guaranteed by a foreign (including emerging market) government or its agencies or instrumentalities, payable in U.S. dollars, which have a rating within the four highest categories; and</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 30px"></td><td style="width: 30px; text-align: left">●</td><td style="text-align: justify">Asset-backed, mortgage-backed and commercial mortgage-backed securities: securities issued or guaranteed by special purpose corporations and financial institutions that represent direct or indirect participation in, or are collateralized by, an underlying pool of assets. The types of assets that can be “securitized” include, among others, residential or commercial mortgages, credit card receivables, automobile loans, and other assets.</td> </tr></table> Madison may alter the composition of the Fund with regard to quality and maturity and may sell securities prior to maturity. Under normal market conditions, however, turnover for the Fund is generally not expected to exceed 100%. Sales of fund securities may result in capital gains. This can occur any time Madison sells a bond at a price that was higher than the purchase price, even if Madison does not engage in active or frequent trading. Madison’s intent when it sells bonds is to “lock in” any gains already achieved by that investment or, alternatively, prevent additional or potential losses that could occur if Madison continued to hold the bond. Turnover may also occur when Madison finds an investment that could generate a higher return than the investment currently held. However, increasing portfolio turnover at a time when Madison’s assessment of market performance is incorrect could lower investment performance. The Fund pays implied brokerage commissions when it purchases or sells bonds, which is the difference between the bid and ask price. As a result, as portfolio turnover increases, the cumulative effect of this may hurt Fund performance. Under normal market conditions, the Fund will not engage in active or frequent trading of its bonds. However, it is possible that Madison will determine that market conditions require a significant change to the composition of the Fund’s portfolio. For example, if interest rates begin to rise, Madison may attempt to sell bonds in anticipation of further rate increases before they lose more value. Also, if the Fund experiences large swings in shareholder purchases and redemptions, Madison may be required to sell bonds more frequently in order to generate the cash needed to pay redeeming shareholders. Under these circumstances, the Fund could make a taxable capital gain distribution. The Fund may invest up to 10% of its net assets in shares of other registered investment companies that principally invest in fixed income securities. The Fund may also invest, without limit, in securities that have not been registered under the Securities Act of 1933 (the “Securities Act”) and continue to be subject to restrictions on resale, securities held by control persons of the issuer and securities that are subject to contractual restrictions on their resale (collectively, “restricted securities”). Restricted securities include, without limitation, securities eligible for purchase and sale pursuant to Rule 144A under the Securities Act (“Rule 144A”) and other securities issued in private placements. Under normal market conditions, the Fund will limit its investments in Rule 144A securities to securities with $100 million or more in principal amount outstanding as of the time of their original issuance. The Fund’s investment strategy reflects Madison’s general “Participate and Protect®” investment philosophy. Madison’s expectation is that investors in the Fund will participate near fully in market appreciation during bull markets and experience something less than full participation during bear markets compared with investors in portfolios holding more speculative and volatile securities; therefore, this investment philosophy is intended to represent a conservative investment strategy. There is no assurance that Madison’s expectations regarding this investment strategy will be realized. Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in bonds. You could lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. Debt Securities Risk. Investments in debt securities subject the holder to the credit risk of the issuer. Credit risk refers to the possibility that the issuer or other obligor of a security will not be able or willing to make payments of interest and principal when due. Generally, the value of debt securities will change inversely with changes in interest rates. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. During periods of falling interest rates, the income received by the Fund may decline. If the principal on a debt security is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying interest at lower rates. Debt securities generally do not trade on a securities exchange making them generally less liquid and more difficult to value than common stock. U.S. Government Securities Risk. U.S. government securities are subject to interest rate risk but generally do not involve the credit risks associated with investments in other types of debt securities. As a result, the yields available from U.S. government securities are generally lower than the yields available from other debt securities. U.S. government securities are guaranteed only as to the timely payment of interest and the payment of principal when held to maturity. While securities issued or guaranteed by U.S. federal government agencies (such as Ginnie Mae) are backed by the full faith and credit of the U.S. Department of the Treasury, securities issued by government sponsored entities (such as Fannie Mae and Freddie Mac) are solely the obligation of the issuer and generally do not carry any guarantee from the U.S. government. Interest Rate Risk. Interest rate risk is the risk that the value of the debt securities in an underlying security’s portfolio will decline because of rising market interest rates. Interest rate risk is generally lower for shorter term debt securities and higher for longer-term debt securities. Typically, a rise in interest rates causes a decline in the market value of income-bearing securities. When interest rates rise, bond prices fall; generally, the longer a bond’s maturity, the more sensitive it is to this risk. Duration is a reasonably accurate measure of a debt security’s price sensitivity to changes in interest rates and a common measure of interest rate risk. Duration measures a debt security’s expected life on a present value basis, taking into account the debt security’s yield, interest payments and final maturity. In general, duration represents the expected percentage change in the value of a security for an immediate 1% change in interest rates. For example, the price of a debt security with a three-year duration would be expected to drop by approximately 3% in response to a 1% increase in interest rates. Therefore, prices of debt securities with shorter durations tend to be less sensitive to interest rate changes than debt securities with longer durations. As the value of a debt security changes over time, so will its duration. Credit Risk. The Fund is also subject to credit risk, which is the risk that issuer of a security, or the counterparty to a contract, will default or otherwise not honor a financial obligation including that the issuer of a debt security will be unable to meet its interest or principal payment obligations when due. Call Risk. If a bond issuer “calls” a bond held by the Fund (i.e., pays it off at a specified price before it matures), the Fund could have to reinvest the proceeds at a lower interest rate. It may also experience a loss if the bond is called at a price lower than what the Fund paid for the bond. Extension Risk. Extension risk is the risk that, when interest rates rise, certain obligations will be paid off by the issuer (or other obligated party) more slowly than anticipated, causing the value of these debt securities to fall. Rising interest rates tend to extend the duration of debt securities, making their market value more sensitive to changes in interest rates. The value of longer-term debt securities generally changes more in response to changes in interest rates than shorter-term debt securities. As a result, in a period of rising interest rates, securities may exhibit additional volatility and may lose value. Prepayment Risk. Prepayment risk is the risk that the issuer of a debt security will repay principal prior to the scheduled maturity date. Debt securities allowing prepayment may offer less potential for gains during a period of declining interest rates, as an underlying security may be required to reinvest the proceeds of any prepayment at lower interest rates. These factors may cause the value of an investment in an underlying security to change. Income Risk. A security’s income may decline when interest rates fall or if there are defaults in its portfolio. This decline can occur because an underlying security may subsequently invest in lower-yielding securities as debt securities in its portfolio mature, are near maturity or are called, or the underlying security otherwise needs to purchase additional debt securities. Asset-Backed Securities Risk. Investments in asset-backed securities are subject to prepayment or call risk, which is the risk that payments from the borrower may be received earlier than expected due to changes in the rate at which the underlying loans are prepaid. Securities subject to prepayment can offer less potential for gains during a declining interest rate environment and similar or greater potential for loss in a rising interest rate environment. In addition, the potential impact of prepayment features on the price of a debt security can be difficult to predict and result in greater volatility. Mortgage-Backed Securities Risk. The Fund may own obligations backed by mortgages issued by a government agency or through a government-sponsored program. If the mortgage holders prepay principal during a period of falling interest rates, the Fund could be exposed to prepayment risk. In that case, the Fund would have to reinvest the proceeds at a lower interest rate. The security itself may not increase in value with the corresponding drop-in rates since the prepayment acts to shorten the maturity of the security. Corporate Bonds Risk. Corporate bonds, which are debt instruments issued by corporations to raise capital, have priority over preferred securities and common stock in an issuer’s capital structure, but may be subordinated to an issuer’s other debt instruments. The market value of a corporate bond may be affected by factors directly related to the issuer, such as investors’ perceptions of the creditworthiness of the issuer, the issuer’s financial performance, perceptions of the issuer in the market place, performance of the issuer’s management, the issuer’s capital structure, the use of financial leverage and demand for the issuer’s goods and services, and by factors not directly related to the issuer such as general market liquidity. The market value of corporate bonds generally may be expected to rise and fall inversely with interest rates, and as a result, corporate bonds may lose value in a rising-rate environment. U.S. Treasury Securities Risk. A security backed by the U.S. Treasury or the full faith and credit of the United States is guaranteed only as to the timely payment of interest and principal when held to maturity, but the market prices for such securities are not guaranteed and will fluctuate. Because U.S. Treasury securities trade actively outside the United States, their prices may rise and fall as changes in global economic conditions affect the demand for these securities. U.S. Treasury securities may differ from other securities in their interest rates, maturities, times of issuance and other characteristics, and may provide relatively lower returns than those of other securities. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of the Fund’s U.S. Treasury securities to decline. U.S. Treasury securities are subject to interest rate risk, but generally do not involve the credit risks associated with investments in other types of debt securities. As a result, the yields available from U.S. government securities are generally lower than the yields available from other debt securities. Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions may decline. Valuation Risk. The price the Fund could receive upon the sale of a security or other asset may differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low volume or volatile markets or that are valued using a fair value methodology as a result of trade suspensions or for other reasons. In addition, the value of the securities or other assets in the Fund’s portfolio may change on days or during time periods when shareholders will not be able to purchase or sell the Fund’s shares. ETF Risks. The Fund may invest in other investment companies, including other ETFs. The Fund will experience similar risks with respect its holdings in ETFs as investing in a portfolio of equity securities or other investments underlying the ETF, although lack of liquidity in an ETF could result in it being more volatile than the underlying securities. Additionally, the market prices of ETFs will fluctuate in accordance with both changes in the market value of their underlying portfolio securities and due to supply and demand for the instruments on the exchanges on which they are traded (which may result in their trading at a discount or premium to their net asset values). Index-based ETF investments may not replicate exactly the performance of their specific index because of transaction costs and because of the temporary unavailability of certain component securities of the index. Actively-managed ETFs may not produce the desired result of its investment objective(s), meet relevant benchmarks or perform as well as other funds with similar objectives. As a shareholder in other ETFs, the Fund bears its proportionate share of each ETF’s expenses, subjecting Fund shareholders to duplicative expenses. Foreign Security Risk. Investments in foreign securities involve risks relating to currency fluctuations and to political, social and economic developments abroad, as well as risks resulting from differences between the regulations to which U.S. and foreign issuers and markets are subject. These risks may be greater in emerging markets. The investment markets of emerging countries are generally more volatile than markets of developed countries with more mature economies. Non-Investment Grade Security Risk. To the extent that the Fund invests in non-investment grade securities, the Fund is also subject to above-average credit, market and other risks. Issuers of non-investment grade securities (i.e., “junk” bonds) are typically in weak financial health and their ability to pay interest and principal is uncertain. Compared to issuers of investment grade bonds, they are more likely to encounter financial difficulties and to be materially affected by these difficulties when they do encounter them. “Junk” bond markets may react strongly to adverse news about an issuer or the economy, or to the perception or expectation of adverse news. Restricted Securities Risk. Restricted securities are securities that cannot be offered for public resale unless registered under the applicable securities laws or that have a contractual restriction that prohibits or limits their resale. The Fund may be unable to sell a restricted security on short notice or may be able to sell them only at a price below current value. Risk of Default. Although Madison monitors the condition of bond issuers, it is still possible that unexpected events could cause the issuer to be unable to pay either principal or interest on its bond. This could cause the bond to go into default and lose value. Some federal agency securities are not backed by the full faith and credit of the United States, so in the event of default, the Fund would have to look to the agency issuing the bond for ultimate repayment. Large Shareholder Risk. Certain shareholders, including other funds advised by the Fund’s investment adviser, may from time to time own a substantial amount of the Fund’s Shares. In addition, a third-party investor, the investment adviser or an affiliate of the investment adviser, an authorized participant, a lead market maker, or another entity (i.e., a seed investor) may invest in the Fund and hold its investment solely to facilitate commencement of the Fund or to facilitate the Fund’s achieving a specified size or scale. Any such investment may be held for a limited period of time. There can be no assurance that any large shareholder would not redeem its investment, that the size of the Fund would be maintained at such levels or that the Fund would continue to meet applicable listing requirements. Redemptions by large shareholders could have a significant negative impact on the Fund, including on the Fund’s liquidity. In addition, transactions by large shareholders may account for a large percentage of the trading volume on NYSE Arca, Inc. (the “Exchange”) and may, therefore, have a material upward or downward effect on the market price of the Fund’s shares. Market Risk. The share price of the Fund reflects the value of the securities it holds. If a security’s price falls, the share price of the Fund will go down (unless another security’s price rises by an offsetting amount). If the Fund’s share price falls below the price you paid for your shares, you could lose money when you redeem your shares. Performance The following performance information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance over time. The following bar chart shows the Fund’s annual returns. The table illustrates how the Fund’s average annual returns for the 1-year and since inception periods compare with those of a broad measure of market performance. The Fund’s past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. Updated performance information is available on the Fund’s website at www.madisonfunds.com. The following performance information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance over time. The Fund’s past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. www.madisonfunds.com Calendar Year Ended December 31 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none">Year</th> <th style="display: none">Return</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; width: 50%">2024</td> <td id="xdx_98A_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000243768Member_z1MCW2R9i0ua" style="display: none; width: 50%">1.49%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2025</td> <td id="xdx_98B_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000243768Member_z1HKogRwMMbk" style="display: none">7.69%</td></tr> </table> <img alt="" src="madison485bpos003.jpg"/> 0.0149 0.0769 The Fund’s calendar year-to-date return as of September 30, 2026 was -3.26%. During the period of time shown in the bar chart, the highest return for a calendar quarter was 4.77% (quarter ended September 30, 2024) and the lowest return for a calendar quarter was -2.90% (quarter ended December 31, 2024). year-to-date return 2026-09-30 -0.0326 highest return for a calendar quarter 0.0477 2024-09-30 lowest return for a calendar quarter -0.0290 2024-12-31 Average Annual Total Returns For the Periods Ended December 31, 2025 <div id="xdx_A87_eoef--PerformanceTableTextBlock_zUfZ4akZk468"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zhSHBI5sPq08" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; width: 72%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td id="xdx_492_20250101__20251231_zE3U6xY55Lh4" style="border-top: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1 Year</td> <td id="xdx_491_20230828__20251231_zbhfh1Bs6fHc" style="border-top: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Since Inception (8/28/2023)</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000243768Member_zneNJOWu2K64" style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Return Before Taxes</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">7.69%</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">6.08%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000243768Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zOOEtAYGLDCd" style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Return After Taxes on Distributions</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5.60%</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4.00%</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000243768Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zMH0IZGfccza" style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4.52%</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">3.76%</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexMember_zyoRF07RkTy" style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">7.30%</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5.72%</td></tr> </table> 2023-08-28 0.0769 0.0608 0.0560 0.0400 0.0452 0.0376 (reflects no deduction for fees, expenses, or taxes) 0.0730 0.0572 After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred or other tax-advantaged arrangements such as an individual retirement account (“IRA”). In certain cases, the figures representing “Return After Taxes on Distributions and Sale of Fund Shares” may be higher than the other figures for the same period. A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred or other tax-advantaged arrangements such as an individual retirement account (“IRA”). A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. Madison Covered Call ETF Investment Objective The Madison Covered Call ETF (the “Fund”) seeks to provide consistent total return and secondarily, to produce a high level of income and gains. Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Shareholder Fees: None Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A80_eoef--AnnualFundOperatingExpensesTableTextBlock_zIst0pTgo80b"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zAZRLSkAtzm5" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none"> <td> </td> <td id="xdx_494_20261028__20261028__oef--ClassAxis__custom--C000243765Member_z5PX6CE3Y04h"> </td></tr> <tr id="xdx_408_eoef--ManagementFeesOverAssets_dp_z9E8FNqHANI1" style="vertical-align: bottom"> <td style="border-top: black 1pt solid; width: 80%; padding-top: 1.65pt; padding-bottom: 1pt">Management Fees </td> <td style="border-top: black 1pt solid; width: 20%; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right">0.90%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_z5oWC4fdpzf5" style="vertical-align: bottom"> <td style="padding-top: 2.15pt; padding-bottom: 1pt">Distribution and Service (12b-1) Fees </td> <td style="padding-top: 2.15pt; padding-bottom: 1pt; text-align: right">None</td></tr> <tr id="xdx_408_eoef--OtherExpensesOverAssets_dp_zcZCL3QKkmk1" style="vertical-align: bottom"> <td style="padding-top: 2.15pt; padding-bottom: 1pt">Other Expenses </td> <td style="padding-top: 2.15pt; padding-bottom: 1pt; text-align: right">0.00%</td></tr> <tr id="xdx_40C_eoef--ExpensesOverAssets_dp_zrQWZ9PnZlq1" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1pt">Total Annual Fund Operating Expenses </td> <td style="border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1pt; text-align: right">0.90%</td></tr> </table> 0.0090 0 0.0000 0.0090 Example: This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A82_eoef--ExpenseExampleWithRedemptionTableTextBlock_zMKzVvxTI2Yh"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zSmLFiARh953" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_486_eoef--ExpenseExampleYear01_z2JXVmZJicE9" style="border-bottom: black 1pt solid; width: 25%; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center">1 Year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_zHrzrJ5l8K1a" style="border-bottom: black 1pt solid; width: 25%; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center">3 Years</td> <td id="xdx_48E_eoef--ExpenseExampleYear05_zlm9pGDEfay2" style="border-bottom: black 1pt solid; width: 25%; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center">5 Years</td> <td id="xdx_48E_eoef--ExpenseExampleYear10_zINowIOAwmCi" style="border-bottom: black 1pt solid; width: 25%; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center">10 Years</td></tr> <tr id="xdx_41E_20261028__20261028__oef--ClassAxis__custom--C000243765Member_zhmYdANEloO5"> <td style="border-bottom: black 1pt solid; vertical-align: bottom; padding-top: 1.9pt; padding-bottom: 1pt; text-align: center">$92</td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; padding-top: 1.9pt; padding-bottom: 1pt; text-align: center">$287</td> <td style="border-bottom: black 1pt solid; vertical-align: top; padding-top: 1.9pt; padding-bottom: 1pt; text-align: center">$498</td> <td style="border-bottom: black 1pt solid; vertical-align: top; padding-top: 1.9pt; padding-bottom: 1pt; text-align: center">$1,108</td></tr> </table> 92 287 498 1108 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended June 30, 2026, the Fund’s portfolio turnover rate was 76% of the average value of its portfolio. This portfolio turnover is inclusive of exercised options which includes the forced sale of the security covering the option. 0.76 Principal Investment Strategies The Fund will seek to achieve its objectives by (1) investing in common stocks of equity securities that pay dividends and (2) writing (i.e., selling) covered call options on a substantial portion of its portfolio of securities. Under normal market conditions, the Fund will invest at least 80% of its net assets (including any borrowings for investment purposes) in equity securities of companies, including other investment companies. The Fund invests, under normal market conditions, in a diversified portfolio of common stocks of large- and mid-capitalization issuers that, in the view of the Fund’s investment advisor, Madison Asset Management, LLC (“Madison” or the “Advisor”), sell at a reasonable price in relation to their long-term earnings growth rates, exhibit a high degree of financial strength and are well-positioned competitively. Tidal Investments LLC (“Tidal” or the “Subadvisor”) provides advisory services to the Fund by, among other things, trading portfolio securities and performing related services, providing tax optimization services and assists in basket creation, reporting and monitoring, portfolio compliance monitoring and reporting. The Fund will invest in growth stocks, value stocks or stocks that exhibit both style designations. The Fund will invest at least 65% of its net assets in common stocks of large capitalization issuers that meet the Advisor’s investment criteria, which the Advisor generally considers to be stocks with a market capitalization similar to those companies in the S&P 500 Index®. The Fund may invest the remainder of its common stock investments in companies that meet the Advisor’s selection criteria but whose market capitalization is considered to be “mid-cap,” which the Advisor generally considers to be stocks with a market capitalization similar to those companies in the Russell Midcap® Index. The Fund may invest up to 15% of its net assets in foreign securities, including American Depositary Receipts (ADRs) and emerging market securities. The Fund will generally hold 30-60 individual equity and investment company securities. This reflects Madison’s belief that the Fund should be invested in Madison’s top investment ideas, and that focusing on Madison’s highest conviction investment ideas is the best way to achieve the Fund’s investment objective. In addition to investing in common stocks, the Fund will simultaneously write covered call options on a substantial portion of the common stocks in its portfolio. In general, an option contract is an agreement between a buyer and a seller that gives the purchaser of the option the right (but not the obligation) to purchase or sell the underlying asset at a specified price (the “strike price”) within a specified time period (the “expiration date”). A call option gives the purchaser of the option the right to buy, and obligates the seller (i.e., the Fund) to sell, the underlying security at the exercise price before the expiration date. In exchange for writing a call option on an underlying portfolio security, the Fund receives income, in the form of a premium, from the option buyer. The Fund’s covered call options help to partially offset the effect of a price decline of the portfolio securities of the Fund through means of the premiums received by the Fund. At the same time, because the Fund must be prepared to deliver the underlying security in return for the strike price, even if its current value is greater, the Fund gives up some ability to participate in the underlying security price increases. The Fund employs a “covered call” option strategy meaning the option written by the Fund is a call option on a portfolio security that the Fund invests in. The extent of option writing activity will depend upon market conditions and the Advisor’s ongoing assessment of the attractiveness of writing call options on the Fund’s stock holdings. In addition to its covered call option strategy, the Fund may invest up to 20% of its net assets in an option strategy that includes the writing of put options on certain of the common stocks in the Fund’s portfolio. A put option gives the purchaser of the option the right to sell, and the writer (i.e., the Fund) of the option the obligation to buy, the underlying security during the option period at the strike price. To seek to offset some of the risk of a larger potential decline in the event the overall stock market has a sizable short-term or intermediate-term decline, the Fund may, to a limited extent (not more than 2% of its total assets) purchase put options or put option debit spreads (where another put option at a lower strike price is sold to offset the cost of the first put option) on broad-based securities indices (such as the S&P 500® Index, S&P MidCap 400® Index or other indices deemed suitable) or certain ETFs that trade like common stocks but represent such market indices. To seek to offset some of the risk of a larger potential decline in an individual holding due to a binary short-term company specific event, the Fund may, to a limited extent (not more than 2% of its total assets) purchase put options on individual equity holdings. The Fund’s investment strategy reflects Madison’s general “Participate and Protect®” investment philosophy. Madison’s expectation is that investors in the Fund will participate near fully in market appreciation during bull markets and experience something less than full participation during bear markets compared with investors in portfolios holding more speculative and volatile securities. Therefore, the Fund’s investment philosophy is intended to represent a conservative investment strategy. There is no assurance that Madison’s expectations regarding this investment strategy will be realized. Under normal market conditions, the Fund will invest at least 80% of its net assets (including any borrowings for investment purposes) in equity securities of companies, including other investment companies. You could lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. Equity Risk. The Fund is subject to equity risk. Equity risk is the risk that securities held by the Fund will fluctuate in value due to general market or economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate, and the circumstances and performance of companies whose securities the Fund holds. In addition, while broad market measures of common stocks have historically generated higher average returns than fixed income securities, common stocks have also experienced significantly more volatility in those returns. Growth Investing Risk. The Fund may invest in common stocks issued by companies which, based upon their higher-than-average price-to-book ratios, are expected to experience greater earnings growth rates relative to other companies in the same industry or the economy as a whole. Securities of growth companies may be more volatile than other stocks. If the perception of a company’s growth potential is not realized, the securities purchased may not perform as expected. In addition, because different types of stocks tend to shift in and out of favor depending on market and economic conditions, growth stocks may perform differently from the market as a whole and other types of securities. Value Investing Risk. The Fund may invest in common stocks issued by companies which, based upon their lower-than-average price-to-book ratios, are believed to be undervalued or inexpensive relative to other companies in the same industry or the economy as a whole. These common stocks are considered undervalued or inexpensive on the basis of the issuer’s business and economic fundamentals or the securities’ current and projected credit profiles, relative to current market price. Such securities are subject to the risk of misestimating certain fundamental factors and will generally underperform during periods when value style investments are out of favor. ETF Risks. The Fund may invest in other investment companies, including other ETFs. The Fund will experience similar risks with respect its holdings in ETFs as investing in a portfolio of equity securities or other investments underlying the ETF, although lack of liquidity in an ETF could result in it being more volatile than the underlying securities. Additionally, the market prices of ETFs will fluctuate in accordance with both changes in the market value of their underlying portfolio securities and due to supply and demand for the instruments on the exchanges on which they are traded (which may result in their trading at a discount or premium to their net asset values). Index-based ETF investments may not replicate exactly the performance of their specific index because of transaction costs and because of the temporary unavailability of certain component securities of the index. Actively-managed ETFs may not produce the desired result of its investment objective(s), meet relevant benchmarks or perform as well as other funds with similar objectives. As a shareholder in other ETFs, the Fund bears its proportionate share of each ETF’s expenses, subjecting Fund shareholders to duplicative expenses. Large Capitalization Companies Risk. Large capitalization companies may grow at a slower rate and be less able to adapt to changing market conditions than smaller capitalization companies. Thus, the return on investment in securities of large capitalization companies may be less than the return on investment in securities of small and/or mid capitalization companies. The performance of large capitalization companies also tends to trail the overall market during different market cycles. Mid Cap Company Risk. The Fund’s investments in midsize companies may entail greater risks than investments in larger, more established companies. Mid-capitalization companies tend to have narrower product lines, fewer financial resources, and a more limited trading market for their securities, as compared to larger companies. They may also experience greater price volatility than securities of larger capitalization companies because growth prospects for these companies may be less certain and the market for such securities may be smaller. Some growth-oriented companies may not have established financial histories; often have limited product lines, markets, or financial resources; may depend on a few key personnel for management; and may be susceptible to losses and risks of bankruptcy. Foreign Security and Emerging Market Risk. Investments in foreign securities, including investments in ADRs and emerging market securities, involve risks relating to currency fluctuations and to political, social, and economic developments abroad, as well as risks resulting from differences between the regulations to which U.S. and foreign issuers and markets are subject. These risks may be greater in emerging markets. The investment markets of emerging countries are generally more volatile than markets of developed countries with more mature economies. Depository Receipt Risk. Depository receipts, such as ADRs, global depository receipts (“GDRs”), and European depository receipts (“EDRs”), may be issued in sponsored or un-sponsored programs. In a sponsored program, a security issuer has made arrangements to have its securities traded in the form of depository receipts. In an un-sponsored program, the issuer may not be directly involved in the creation of the program. Depository receipts involve many of the same risks as direct investments in foreign securities. These risks include, but are not limited to, fluctuations in currency exchange rates, which are affected by international balances of payments and other financial conditions; government interventions; and speculation. With respect to certain foreign countries, there is the possibility of expropriation or nationalization of assets, confiscatory taxation, political and social upheaval, and economic instability. Investments in depository receipts that are traded over the counter may also be subject to liquidity risk. Derivatives Risk. The risk that loss may result from investments in options, forwards, futures, swaps and other derivatives instruments. These instruments may be illiquid, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party to the transaction will not fulfill its contractual obligations. Options Risk. Options are derivatives that give the purchaser the option to buy (call) or sell (put) an underlying reference from or to a counterparty at a specified price (the strike price) on or before an expiration date. The use of options involves investment strategies and risks different from those associated with ordinary portfolio securities transactions and depends on the ability of the Subadvisor to forecast market movements correctly. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying securities, changes in interest or currency exchange rates (including anticipated volatility), which in turn are affected by fiscal and monetary policies and by national and international political and economic events, and the remaining time to the options’ expiration. At times, there may be significant differences between the securities and options markets that could result in an imperfect correlation between these markets. Additionally, the trading hours for options may not conform to the hours during which the underlying securities are traded. To the extent that the options markets close before the markets for the underlying securities, significant price and rate movements can take place in the underlying markets that cannot be reflected in the options markets. The Fund’s options transactions will be subject to limitations established by each of the exchanges, boards of trade or other trading facilities on which such options are traded. There can be no assurance that a liquid market will exist when the Fund seeks to close out an option position. The number of options which the Fund may write or purchase may be affected by options written or purchased by other clients of Madison or its affiliates. Covered Call Strategy Risk. As the writer of a covered call option, the Fund forgoes, during the option’s life, the opportunity to profit from increases in the market value of the security covering the call option above the sum of the premium and the strike price of the call, but has retained the risk of loss should the price of the underlying security decline. There can be no assurance that a liquid market will exist when the Fund seeks to close out an option position. If the Fund were unable to close out a covered call option that it had written on a security, it would not be able to sell the underlying security unless the option expired without exercise. The Fund will have no control over the exercise of the option by the option holder and may lose the benefit from any capital appreciation on the underlying security. A number of factors may influence the option holder’s decision to exercise the option, including the value of the underlying security, price volatility, dividend yield and interest rates. To the extent that these factors increase the value of the call option, the option holder is more likely to exercise the option, which may negatively affect the Fund. Covered Call Tax Risk. The Fund’s covered call strategy may limit its ability to distribute dividends eligible for treatment as qualified dividend income and to distribute dividends eligible for the dividends received deduction for corporate shareholders. For these reasons, a significant portion of income received from the Fund may be subject to tax at effective tax rates that are higher than the rates that would apply if the Fund were to engage in a different investment strategy. Covered Put Strategy Risk. As the writer of a covered put option, the Fund bears the risk of loss if the value of the underlying stock declines below the exercise price. If the put option is exercised, the Fund could incur a loss if it is required to purchase the stock underlying the put option at a price greater than the market price of the stock at the time of exercise. Additionally, while the Fund’s potential gain in writing a covered put option is limited to the interest earned on the liquid assets securing the put option plus the premium received from the purchaser of the put option, the Fund risks a loss equal to the entire value of the stock. If a put option purchased by the Fund is not sold when it has remaining value, and if the market price of the underlying security remains equal to or greater than the exercise price, the Fund will lose its entire investment in the option. Counterparty Risk. Fund transactions involving a counterparty are subject to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. Technology Sector Risk: Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a major effect on the value of the Fund’s investments. The value of stocks of technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel. Financial Sector Risk. Financial services companies are subject to extensive governmental regulation, which may limit both the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds and can fluctuate significantly when interest rates change or due to increased competition. In addition, deterioration of the credit markets generally may cause an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets. Certain events in the financial sector may cause an unusually high degree of volatility in the financial markets, both domestic and foreign, and cause certain financial services companies to incur large losses. Securities of financial services companies may experience a dramatic decline in value when such companies experience substantial declines in the valuations of their assets, take action to raise capital (such as the issuance of debt or equity securities), or cease operations. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition. Adverse economic, business or political developments could adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate. Large Shareholder Risk. Certain shareholders, including other funds advised by the Fund’s investment adviser, may from time to time own a substantial amount of the Fund’s Shares. In addition, a third-party investor, the investment adviser or an affiliate of the investment adviser, an authorized participant, a lead market maker, or another entity (i.e., a seed investor) may invest in the Fund and hold its investment solely to facilitate commencement of the Fund or to facilitate the Fund’s achieving a specified size or scale. Any such investment may be held for a limited period of time. There can be no assurance that any large shareholder would not redeem its investment, that the size of the Fund would be maintained at such levels or that the Fund would continue to meet applicable listing requirements. Redemptions by large shareholders could have a significant negative impact on the Fund, including on the Fund’s liquidity. In addition, transactions by large shareholders may account for a large percentage of the trading volume on NYSE Arca, Inc. (the “Exchange”) and may, therefore, have a material upward or downward effect on the market price of the Fund’s shares. High Portfolio Turnover Risk. The Fund may actively and frequently trade a significant portion of the Fund’s holdings. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses. Frequent trading may also cause adverse tax consequences for investors in the Fund due to an increase in short-term capital gains. Valuation Risk. The price the Fund could receive upon the sale of a security or other asset may differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low volume or volatile markets or that are valued using a fair value methodology as a result of trade suspensions or for other reasons. In addition, the value of the securities or other assets in the Fund’s portfolio may change on days or during time periods when shareholders will not be able to purchase or sell the Fund’s shares. Market Risk. The share price of the Fund reflects the value of the securities it holds. If a security’s price falls, the share price of the Fund will go down (unless another security’s price rises by an offsetting amount). If the Fund’s share price falls below the price you paid for your shares, you could lose money when you redeem your shares. Performance The following performance information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance over time. The following bar chart shows the Fund’s annual returns. The table illustrates how the Fund’s average annual returns for the 1-year and since inception periods compare with those of a broad measure of market performance. Performance is also shown for the CBOE S&P 500 BuyWrite Monthly Index, which more closely represents the exposure sought by the Fund than the broad-based securities market index. The Fund’s past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. Updated performance information is available on the Fund’s website at www.madisonfunds.com. The following performance information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance over time. The Fund’s past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. www.madisonfunds.com Calendar Year Ended December 31 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none">Year</th> <th style="display: none">Return</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; width: 50%">2024</td> <td id="xdx_98D_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000243765Member_zRcesI45g6F3" style="display: none; width: 50%">5.48%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2025</td> <td id="xdx_98D_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000243765Member_zglVQt6QD5Q2" style="display: none">5.75%</td></tr> </table> <img alt="" src="madison485bpos004.jpg"/> 0.0548 0.0575 The Fund’s calendar year-to-date return as of September 30, 2026 was 2.51%. During the period of time shown in the bar chart, the highest return for a calendar quarter was 7.33% (quarter ended June 30, 2025) and the lowest return for a calendar quarter was -4.59% (quarter ended March 31, 2025). year-to-date return 2026-09-30 0.0251 highest return for a calendar quarter 0.0733 2025-06-30 lowest return for a calendar quarter -0.0459 2025-03-31 Average Annual Total Returns For the Periods Ended December 31, 2025 <div id="xdx_A88_eoef--PerformanceTableTextBlock_z2nLW8IQby33"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zIAle8krRjUb" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; width: 72%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td id="xdx_49D_20250101__20251231_zZdjsLS8ZLfa" style="border-top: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1 Year</td> <td id="xdx_492_20230821__20251231_zuWw7874Cz9b" style="border-top: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Since Inception (8/21/2023)</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000243765Member_zgnc9DaenPl" style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Return Before Taxes</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5.75%</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">6.89%</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000243765Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zEPGiauLdjT6" style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Return After Taxes on Distributions</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2.86%</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">3.12%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000243765Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zkz8w5ZKYzJ4" style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">3.65%</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">3.84%</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SandP500TotalReturnIndexMember_zuPFcPweWXE9" style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">S&P 500 Total Return Index1 (reflects no deduction for fees, expenses, or taxes)</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">17.88%</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">22.25%</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--CBOESandP500BuyWriteMonthlyIndexMember_zkPkLineOtr7" style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">CBOE S&P 500 BuyWrite Monthly Index2 (reflects no deduction for fees, expenses, or taxes)</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">8.91%</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">13.24%</td></tr> </table> <div style="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: left">1</td><td style="text-align: justify">The S&P 500 Total Return Index is an unmanaged composite of 500 large capitalization companies and includes the reinvestment of dividends. The Index is widely used by professional investors as a performance benchmark for large-cap stocks. Investors cannot invest directly in an index.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: left">2</td><td style="text-align: justify">CBOE S&P 500 BuyWrite Index is a benchmark index designed to show the hypothetical performance of a portfolio that engages in a buywrite strategy using S&P 500 index call options. Investors cannot invest directly in an index.</td> </tr></table> 2023-08-21 0.0575 0.0689 0.0286 0.0312 0.0365 0.0384 (reflects no deduction for fees, expenses, or taxes) 0.1788 0.2225 0.0891 0.1324 After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred or other tax-advantaged arrangements such as an individual retirement account (“IRA”). In certain cases, the figures representing “Return After Taxes on Distributions and Sale of Fund Shares” may be higher than the other figures for the same period. A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred or other tax-advantaged arrangements such as an individual retirement account (“IRA”). A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. Madison Dividend Value ETF Investment Objective The Madison Dividend Value ETF (the “Fund”) seeks to produce current income while providing an opportunity for capital appreciation. Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Shareholder Fees: None Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A8A_eoef--AnnualFundOperatingExpensesTableTextBlock_zKmMwPHWL8E4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zlZGAoIUaDx7" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none"> <td> </td> <td id="xdx_49B_20261028__20261028__oef--ClassAxis__custom--C000243767Member_zae1VRLLcDh4"> </td></tr> <tr id="xdx_40C_eoef--ManagementFeesOverAssets_dpn_z8xpAdlAmE3" style="vertical-align: bottom"> <td style="border-top: black 1pt solid; width: 80%; padding-top: 1.65pt; padding-bottom: 1pt">Management Fees </td> <td style="border-top: black 1pt solid; width: 20%; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right">0.65%</td></tr> <tr id="xdx_40E_eoef--DistributionAndService12b1FeesOverAssets_dpn_zrf3QluvniD4" style="vertical-align: bottom"> <td style="padding-top: 2.15pt; padding-bottom: 1pt">Distribution and Service (12b-1) Fees </td> <td style="padding-top: 2.15pt; padding-bottom: 1pt; text-align: right">None</td></tr> <tr id="xdx_403_eoef--OtherExpensesOverAssets_dpn_zRvhHRM61ide" style="vertical-align: bottom"> <td style="padding-top: 2.15pt; padding-bottom: 1pt">Other Expenses </td> <td style="padding-top: 2.15pt; padding-bottom: 1pt; text-align: right">None</td></tr> <tr id="xdx_408_eoef--ExpensesOverAssets_dpn_zUK64Ak8Lsf" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1pt">Total Annual Fund Operating Expenses </td> <td style="border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1pt; text-align: right">0.65%</td></tr> </table> 0.0065 0 0 0.0065 Example: This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A86_eoef--ExpenseExampleWithRedemptionTableTextBlock_zAHdbXSKod3c"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zIeShKGFzBcl" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_488_eoef--ExpenseExampleYear01_z1SJce4ycOi4" style="border-bottom: black 1pt solid; width: 25%; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center">1 Year</td> <td id="xdx_48E_eoef--ExpenseExampleYear03_zDGiEzkZF2W4" style="border-bottom: black 1pt solid; width: 25%; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center">3 Years</td> <td id="xdx_489_eoef--ExpenseExampleYear05_z6LgivVuvQ5" style="border-bottom: black 1pt solid; width: 25%; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center">5 Years</td> <td id="xdx_48E_eoef--ExpenseExampleYear10_zefExLrPiUAb" style="border-bottom: black 1pt solid; width: 25%; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: center">10 Years</td></tr> <tr id="xdx_412_20261028__20261028__oef--ClassAxis__custom--C000243767Member_znDbhdfGmTSb"> <td style="border-bottom: black 1pt solid; vertical-align: bottom; padding-top: 1.9pt; padding-bottom: 1pt; text-align: center">$66</td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; padding-top: 1.9pt; padding-bottom: 1pt; text-align: center">$208</td> <td style="border-bottom: black 1pt solid; vertical-align: top; padding-top: 1.9pt; padding-bottom: 1pt; text-align: center">$362</td> <td style="border-bottom: black 1pt solid; vertical-align: top; padding-top: 1.9pt; padding-bottom: 1pt; text-align: center">$810</td></tr> </table> 66 208 362 810 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended June 30, 2026, the Fund’s portfolio turnover rate was 67% of the average value of its portfolio. 0.67 Principal Investment Strategies The Fund seeks to achieve its investment objective by investing in equity securities of companies with a market capitalization of over $2 billion and a history of paying dividends, with the ability to increase dividends over time. Under normal market conditions, the Fund will invest at least 80% of its net assets (including any borrowings for investment purposes) in dividend paying equity securities. The Fund’s investment advisor, Madison Asset Management, LLC (“Madison” or the “Advisor”), will identify investment opportunities by screening for companies that generally have the following characteristics: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.5in; text-align: left">●</td><td style="text-align: justify">A dividend yield of at least 100% of the market dividend yield. For this purpose, the “market dividend yield” consists of the dividend yield of the companies in the S&P 500® Index;</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.5in; text-align: left">●</td><td style="text-align: justify">A strong balance sheet;</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.5in; text-align: left">●</td><td style="text-align: justify">A dividend history that has been maintained and which is likely to increase.</td> </tr></table> The Advisor identifies dividend value opportunities by comparing a company’s current relative dividend yield, defined as the stock’s dividend yield divided by the S&P 500 dividend yield, to the company’s historical relative dividend yield range of up to 20 years. Stocks trading near or within the top half (50th percentile) of their historical relative dividend range represent dividend value opportunities. The Fund expects to be fully invested in equity securities but will maintain the flexibility to hold up to 20% of the Fund’s net assets in preferred stocks and investment grade fixed income securities when warranted in Madison’s discretion. The Fund may also invest up to 25% of its common stock allocation in foreign securities, including American Depositary Receipts (ADRs) and emerging market securities. To the extent invested in common stocks, the Fund generally invests in 25-40 companies at any given time. This reflects Madison’s belief that the Fund should be invested in Madison’s top investment ideas, and that focusing on Madison’s highest conviction investment ideas is the best way to achieve the Fund’s investment objective. Tidal Investments LLC (“Tidal” or the “Subadvisor”) provides advisory services to the Fund by, among other things, trading portfolio securities and performing related services, providing tax optimization services and assists in basket creation, reporting and monitoring, portfolio compliance monitoring and reporting. Under normal market conditions, the Fund will invest at least 80% of its net assets (including any borrowings for investment purposes) in dividend paying equity securities. You could lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. Equity Risk. Equity risk is the risk that securities held by the Fund will fluctuate in value due to general market or economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate, and the circumstances and performance of companies whose securities the Fund holds. In addition, while broad market measures of common stocks have historically generated higher average returns than fixed income securities, common stocks have also experienced significantly more volatility in those returns. Dividend-Paying Security Risk. The Fund’s investment in dividend-paying securities could cause the Fund to underperform similar funds that invest without consideration of a company’s track record of paying dividends. Securities of companies with a history of paying dividends may not participate in a broad market advance to the same degree as most other securities, and a sharp rise in interest rates or economic downturn could cause a company to unexpectedly reduce or eliminate its dividend. There is no guarantee that the issuers of the securities held by the Fund will declare dividends in the future or that, if declared, they will remain at their current levels or increase over time. Depending on market conditions, dividend paying securities that meet the Fund’s investment objectives may not be widely available or may be concentrated in only a few market sectors. This may limit the ability of the Fund to produce income while remaining diversified. Value Investing Risk. The Fund may invest in common stocks issued by companies which, based upon their lower-than-average price-to-book ratios, are believed to be undervalued or inexpensive relative to other companies in the same industry or the economy as a whole. These common stocks are considered undervalued or inexpensive on the basis of the issuer’s business and economic fundamentals or the securities’ current and projected credit profiles, relative to current market price. Such securities are subject to the risk of misestimating certain fundamental factors and will generally underperform during periods when value style investments are out of favor. Foreign Security and Emerging Market Risk. Investments in foreign securities, including investments in ADRs and emerging market securities, involve risks relating to currency fluctuations and to political, social, and economic developments abroad, as well as risks resulting from differences between the regulations to which U.S. and foreign issuers and markets are subject. These risks may be greater in emerging markets. The investment markets of emerging countries are generally more volatile than markets of developed countries with more mature economies. Depository Receipt Risk. Depository receipts, such as American depository receipts (“ADRs”), global depository receipts (“GDRs”), and European depository receipts (“EDRs”), may be issued in sponsored or un-sponsored programs. In a sponsored program, a security issuer has made arrangements to have its securities traded in the form of depository receipts. In an un-sponsored program, the issuer may not be directly involved in the creation of the program. Depository receipts involve many of the same risks as direct investments in foreign securities. These risks include, but are not limited to, fluctuations in currency exchange rates, which are affected by international balances of payments and other financial conditions; government interventions; and speculation. With respect to certain foreign countries, there is the possibility of expropriation or nationalization of assets, confiscatory taxation, political and social upheaval, and economic instability. Investments in depository receipts that are traded over the counter may also be subject to liquidity risk. Industrials Sector Risk. Industrial companies are affected by supply and demand both for their specific product or service and for industrial sector products in general. Government regulation, world events, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies. Aerospace and defense companies, a component of the industrial sector, can be significantly affected by government spending policies because companies involved in this industry rely, to a significant extent, on U.S. and foreign government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by governmental defense spending policies which are typically under pressure from efforts to control the U.S. (and other) government budgets. Transportation securities, a component of the industrial sector, are cyclical and have occasional sharp price movements which may result from changes in the economy, fuel prices, labor agreements and insurance costs. Financial Sector Risk. Financial services companies are subject to extensive governmental regulation, which may limit both the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds and can fluctuate significantly when interest rates change or due to increased competition. In addition, deterioration of the credit markets generally may cause an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets. Certain events in the financial sector may cause an unusually high degree of volatility in the financial markets, both domestic and foreign, and cause certain financial services companies to incur large losses. Securities of financial services companies may experience a dramatic decline in value when such companies experience substantial declines in the valuations of their assets, take action to raise capital (such as the issuance of debt or equity securities), or cease operations. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition. Adverse economic, business or political developments could adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate. Energy Sector Risk. The energy sector is comprised of energy, energy industrial, energy infrastructure, and energy logistics companies, and will therefore be susceptible to adverse economic, environmental, business, regulatory, or other occurrences affecting that sector. The energy sector has historically experienced substantial price volatility. At times, the performance of these investments may lag the performance of other sectors or the market as a whole. Companies operating in the energy sector are subject to specific risks, including, among others, fluctuations in commodity prices; reduced consumer demand for commodities such as oil, natural gas, or petroleum products; reduced availability of natural gas or other commodities for transporting, processing, storing, or delivering; slowdowns in new construction; extreme weather or other natural disasters; and threats of attack by terrorists on energy assets. Additionally, energy sector companies are subject to substantial government regulation and changes in the regulatory environment for energy companies may adversely impact their profitability. Certain energy sector companies may incur environmental costs and liabilities due to the nature of their businesses and the substances they handle. Changes in existing laws, regulations, or enforcement policies governing the energy sector could significantly increase the compliance costs of such companies. Such companies could, from time to time, be held responsible for implementing remediation measures, the cost of which may not be recoverable from insurance. Over time, depletion of natural gas reserves and other energy reserves may also affect the profitability of energy companies. The above factors may change quickly and without warning and may negatively impact the value of the Fund and your investment. Health Care Sector Risk. Companies in the health care sector are subject to extensive government regulation and their profitability can be significantly affected by restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure (including price discounting), limited product lines and an increased emphasis on the delivery of healthcare through outpatient services. Companies in the health care sector are heavily dependent on obtaining and defending patents, which may be time consuming and costly, and the expiration of patents may also adversely affect the profitability of these companies. Health care companies are also subject to extensive litigation based on product liability and similar claims. In addition, their products can become obsolete due to industry innovation, changes in technologies or other market developments. Many new products in the health care sector require significant research and development and may be subject to regulatory approvals, all of which may be time consuming and costly with no guarantee that any product will come to market. Large Shareholder Risk. Certain shareholders, including other funds advised by the Fund’s investment adviser, may from time to time own a substantial amount of the Fund’s Shares. In addition, a third-party investor, the investment adviser or an affiliate of the investment adviser, an authorized participant, a lead market maker, or another entity (i.e., a seed investor) may invest in the Fund and hold its investment solely to facilitate commencement of the Fund or to facilitate the Fund’s achieving a specified size or scale. Any such investment may be held for a limited period of time. There can be no assurance that any large shareholder would not redeem its investment, that the size of the Fund would be maintained at such levels or that the Fund would continue to meet applicable listing requirements. Redemptions by large shareholders could have a significant negative impact on the Fund, including on the Fund’s liquidity. In addition, transactions by large shareholders may account for a large percentage of the trading volume on NYSE Arca, Inc. (the “Exchange”) and may, therefore, have a material upward or downward effect on the market price of the Fund’s shares. Market Risk. The share price of the Fund reflects the value of the securities it holds. If a security’s price falls, the share price of the Fund will go down (unless another security’s price rises by an offsetting amount). If the Fund’s share price falls below the price you paid for your shares, you could lose money when you redeem your shares. Performance <span id="xdx_90B_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20261028__20261028__dei--LegalEntityAxis__custom--S000081096Member_zcoDwrVGarw9" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following performance information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance over time. The following bar chart shows the Fund’s annual returns. The table illustrates how the Fund’s average annual returns for the 1-year and since inception periods compare with those of a broad measure of market performance. Performance is also shown for the S&P 500 Dividend Aristocrats Index, which more closely represent the exposure sought by the Fund than the broad-based securities market index. Effective 10/31/2026, The Fund’s primary benchmark was changed from the Russell 1000 Value Total Return Index to the S&P 500 Dividend Aristocrats Index to provide a better comparison against the Fund’s investment strategy and underlying investment universe. The secondary benchmark Lipper Equity Income Funds Index was dropped as it did not align with the Fund’s investment strategy. <span id="xdx_90A_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000081096Member_zprgsACh91W2" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. Updated performance information is available on the Fund’s website at www.madisonfunds.com. The following performance information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance over time. Effective 10/31/2026, The Fund’s primary benchmark was changed from the Russell 1000 Value Total Return Index to the S&P 500 Dividend Aristocrats Index to provide a better comparison against the Fund’s investment strategy and underlying investment universe. The secondary benchmark Lipper Equity Income Funds Index was dropped as it did not align with the Fund’s investment strategy. The Fund’s past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. www.madisonfunds.com Calendar Year Ended December 31 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none">Year</th> <th style="display: none">Return</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; width: 50%">2024</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000243767Member_zjKCC93fnkZ4" style="display: none; width: 50%">8.80%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2025</td> <td id="xdx_987_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000243767Member_zIxio8UoExol" style="display: none">9.73%</td></tr> </table> <img alt="" src="madison485bpos005.jpg"/> 0.0880 0.0973 The Fund’s calendar year-to-date return as of September 30, 2026 was 7.41%. During the period of time shown in the bar chart, the highest return for a calendar quarter was 9.04% (quarter ended September 30, 2024) and the lowest return for a calendar quarter was -4.28% (quarter ended June 30, 2024). year-to-date return 2026-09-30 0.0741 highest return for a calendar quarter 0.0904 2024-09-30 lowest return for a calendar quarter -0.0428 2024-06-30 Average Annual Total Returns For the Periods Ended December 31, 2025 <div id="xdx_A85_eoef--PerformanceTableTextBlock_zqYSO0xaiUAe"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_z6vtj7RJ2Z0a" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; width: 70%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td id="xdx_495_20250101__20251231_zVqHpd9Wgh55" style="border-top: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1 Year</td> <td id="xdx_490_20230814__20251231_z5UbvY5SrUvi" style="border-top: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Since Inception (8/14/2023)</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000243767Member_zaRdPALI0eyc" style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Return Before Taxes</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">9.73%</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">8.14%</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000243767Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zjWNVQqeJohi" style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Return After Taxes on Distributions</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">9.25%</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">7.59%</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000243767Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zwlHI66TEtC1" style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">6.08%</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">6.24%</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SandP500TotalReturnIndexMember_zf1tmWyfFhaf" style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">S&P 500 Total Return Index1 (reflects no deduction for fees, expenses, or taxes)</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">17.88%</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">21.05%</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SandP500DividendAristocratsIndexMember_zFy2eA9X1Bq4" style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">S&P 500 Dividend Aristocrats Index2 (reflects no deduction for fees, expenses, or taxes)</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">7.28%</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">6.61%</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--Russell1000ValueTotalReturnIndexMember_za68UPDyIM38" style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> Russell 1000 Value Total Return Index3 (reflects no deduction for fees, expenses, or taxes)</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">15.91%</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> 14.49%</td></tr> </table> <div style="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: left">1</td><td style="text-align: justify">The S&P 500 Total Return Index is an unmanaged composite of 500 large capitalization companies and includes the reinvestment of dividends. The Index is widely used by professional investors as a performance benchmark for large-cap stocks. Investors cannot invest directly in an index.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: left">2</td><td style="text-align: justify">The S&P 500 Dividend Aristocrats Index measures the performance of S&P 500 companies that have increased dividends every year for the last 25 consecutive years. Investors cannot invest directly in an index.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: left">3</td><td style="text-align: justify">The Russell 1000 Value Index measures the performance of large- and mid-capitalization U.S. stocks that exhibit value characteristics as determined by FTSE Russell. Returns for the Russell 1000 Value Index include the reinvestment of dividends. Investors cannot invest directly in an index.</td> </tr></table> 2023-08-14 0.0973 0.0814 0.0925 0.0759 0.0608 0.0624 (reflects no deduction for fees, expenses, or taxes) 0.1788 0.2105 0.0728 0.0661 0.1591 0.1449 After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred or other tax-advantaged arrangements such as an individual retirement account (“IRA”). In certain cases, the figures representing “Return After Taxes on Distributions and Sale of Fund Shares” may be higher than the other figures for the same period. A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred or other tax-advantaged arrangements such as an individual retirement account (“IRA”). A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. “Other Expenses” and “Acquired Fund Fees and Expenses” are estimates based on the expenses the Fund expects to incur for the current fiscal year. The expense information in the table has been restated to reflect current fees. The Bloomberg U.S. 1-5 Year Govt/Credit Index is an unmanaged index which is a component of the US Government/Credit Index, which includes Treasury and agency securities (US Government Bond Index) and publicly issued US corporate and foreign debentures and secured notes (US Credit Bond Index). The bonds in the index are investment grade with a maturity between one and five years. Investors cannot invest directly in an index. The Bloomberg U.S. Aggregate Bond Index is an unmanaged index measures the performance of that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. This includes Treasuries, government-related and corporate securities, mortgage-backed securities, asset-backed securities and collateralized mortgage-backed securities. Investors cannot invest directly in an index. The expense information in the table has been restated to reflect current fees. The S&P 500 Total Return Index is an unmanaged composite of 500 large capitalization companies and includes the reinvestment of dividends. The Index is widely used by professional investors as a performance benchmark for large-cap stocks. Investors cannot invest directly in an index. CBOE S&P 500 BuyWrite Index is a benchmark index designed to show the hypothetical performance of a portfolio that engages in a buywrite strategy using S&P 500 index call options. Investors cannot invest directly in an index. The S&P 500 Total Return Index is an unmanaged composite of 500 large capitalization companies and includes the reinvestment of dividends. The Index is widely used by professional investors as a performance benchmark for large-cap stocks. Investors cannot invest directly in an index. The S&P 500 Dividend Aristocrats Index measures the performance of S&P 500 companies that have increased dividends every year for the last 25 consecutive years. Investors cannot invest directly in an index. The Russell 1000 Value Index measures the performance of large- and mid-capitalization U.S. stocks that exhibit value characteristics as determined by FTSE Russell. Returns for the Russell 1000 Value Index include the reinvestment of dividends. Investors cannot invest directly in an index.