0001484018 2026-10-28 2026-10-28 0001484018 ffiu:S000057345Member 2026-10-28 2026-10-28 0001484018 ffiu:S000057345Member ffiu:CallprepaymentRiskMember 2026-10-28 2026-10-28 0001484018 ffiu:S000057345Member us-gaap:InterestRateRiskMember 2026-10-28 2026-10-28 0001484018 ffiu:S000057345Member ffiu:FixedIncomeRiskMember 2026-10-28 2026-10-28 0001484018 ffiu:S000057345Member ffiu:AuthorizedParticipantRiskMember 2026-10-28 2026-10-28 0001484018 ffiu:S000057345Member ffiu:EtfStructureRisksMember 2026-10-28 2026-10-28 0001484018 ffiu:S000057345Member ffiu:NotIndividuallyRedeemableMember 2026-10-28 2026-10-28 0001484018 ffiu:S000057345Member ffiu:TradingIssuesMember 2026-10-28 2026-10-28 0001484018 ffiu:S000057345Member ffiu:CashPurchasesAndRedemptionsMember 2026-10-28 2026-10-28 0001484018 ffiu:S000057345Member ffiu:MarketPriceVarianceRiskMember 2026-10-28 2026-10-28 0001484018 ffiu:S000057345Member ffiu:ManagementRiskMember 2026-10-28 2026-10-28 0001484018 ffiu:S000057345Member ffiu:PreferredSecuritiesRiskMember 2026-10-28 2026-10-28 0001484018 ffiu:S000057345Member ffiu:CreditdefaultRiskMember 2026-10-28 2026-10-28 0001484018 ffiu:S000057345Member ffiu:ForeignSecuritiesRiskMember 2026-10-28 2026-10-28 0001484018 ffiu:S000057345Member ffiu:SovereignDebtRiskMember 2026-10-28 2026-10-28 0001484018 ffiu:S000057345Member ffiu:InvestmentRiskMember 2026-10-28 2026-10-28 0001484018 ffiu:S000057345Member ffiu:EarlyClosetradingHaltRiskMember 2026-10-28 2026-10-28 0001484018 ffiu:S000057345Member ffiu:CybersecurityRiskMember 2026-10-28 2026-10-28 0001484018 ffiu:S000057345Member ffiu:InflationindexedBondRiskMember 2026-10-28 2026-10-28 0001484018 ffiu:S000057345Member ffiu:MortgageAndAssetbackedSecuritiesRiskMember 2026-10-28 2026-10-28 0001484018 ffiu:S000057345Member ffiu:CollateralizedMortgageObligationsCMOsMember 2026-10-28 2026-10-28 0001484018 ffiu:S000057345Member ffiu:USGovernmentSecuritiesRiskMember 2026-10-28 2026-10-28 0001484018 ffiu:S000057345Member ffiu:MarketRiskMember 2026-10-28 2026-10-28 0001484018 ffiu:C000183025Member 2026-10-28 2026-10-28 0001484018 ffiu:S000057345Member oef:RiskLoseMoneyMember 2026-10-28 2026-10-28 0001484018 ffiu:C000183025Member 2018-01-01 2018-12-31 0001484018 ffiu:C000183025Member 2019-01-01 2019-12-31 0001484018 ffiu:C000183025Member 2020-01-01 2020-12-31 0001484018 ffiu:C000183025Member 2021-01-01 2021-12-31 0001484018 ffiu:C000183025Member 2022-01-01 2022-12-31 0001484018 ffiu:C000183025Member 2023-01-01 2023-12-31 0001484018 ffiu:C000183025Member 2024-01-01 2024-12-31 0001484018 ffiu:C000183025Member 2025-01-01 2025-12-31 0001484018 ffiu:C000183025Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001484018 ffiu:C000183025Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001484018 ffiu:C000183025Member 2021-01-01 2025-12-31 0001484018 ffiu:C000183025Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0001484018 ffiu:C000183025Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0001484018 ffiu:C000183025Member 2017-08-21 2025-12-31 0001484018 ffiu:C000183025Member oef:AfterTaxesOnDistributionsMember 2017-08-21 2025-12-31 0001484018 ffiu:C000183025Member oef:AfterTaxesOnDistributionsAndSalesMember 2017-08-21 2025-12-31 0001484018 ffiu:BloombergUSAggregateBondTotalReturnIndexMember 2025-01-01 2025-12-31 0001484018 ffiu:BloombergUSAggregateBondTotalReturnIndexMember 2021-01-01 2025-12-31 0001484018 ffiu:BloombergUSAggregateBondTotalReturnIndexMember 2017-08-21 2025-12-31 iso4217:USD pure false 485BPOS 0001484018 2026-10-28 N-1A Spinnaker ETF Series 2026-11-01 UVA Unconstrained Medium-Term Fixed Income ETF Investment Objective The UVA Unconstrained Medium-Term Fixed Income ETF (the “Fund”) seeks current income with limited risk to principal. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares. Investors purchasing or selling Shares in the secondary market may be subject to costs (including customary brokerage commissions) charged by their broker. These costs are not included in the expense example below. <div id="xdx_A8C_eoef--AnnualFundOperatingExpensesTableTextBlock_zAxohzAbJXF"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_z2UPfoTE6IDc" style="width: 100%; border-collapse: collapse; font-size: 10pt" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: top"> <td style="padding-left: 0.05in"> </td> <td id="xdx_496_20261028__20261028__oef--ClassAxis__custom--C000183025Member_zxt3SQFMsxu5" style="text-align: center"> </td></tr> <tr style="vertical-align: top; background-color: black"> <td colspan="2" id="xdx_983_eoef--OperatingExpensesCaption_c20261028__20261028__dei--LegalEntityAxis__custom--S000057345Member_zNNWB3KIsyR8" style="border: Black 1pt solid; padding-bottom: 3pt; padding-left: 0.05in">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_zZ47kGk9NXCl" style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 78%; padding-left: 0.05in">Management Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 22%; text-align: center">0.25%</td></tr> <tr id="xdx_40C_eoef--OtherExpensesOverAssets_dpn_zF8CaLVtGFmd" style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.05in">Other Expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0.53%</td></tr> <tr id="xdx_40A_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zqsXsIzxH6V8" style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.05in">Acquired Fund Fees and Expenses1</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0.03%</td></tr> <tr id="xdx_406_eoef--ExpensesOverAssets_dpn_zbxoE2mc8El6" style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.05in">Total Annual Fund Operating Expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0.81%</td></tr> <tr id="xdx_40B_eoef--FeeWaiverOrReimbursementOverAssets_dpn_z9ZVKGVgPKX3" style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.05in">Fee Waiver and/or Expense Limitation2</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">(0.28)%</td></tr> <tr id="xdx_40E_eoef--NetExpensesOverAssets_dpn_zmToMJtbY9d" style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.05in">Net Annual Fund Operating Expenses2</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0.53%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">1.</td><td style="width: 5pt"></td><td style="text-align: justify">“Acquired Fund Fees and Expenses” are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial statements because the financial statements include only the direct operating expenses incurred by the Fund.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">2.</td><td style="width: 5pt"></td><td style="text-align: justify">Universal Value Advisors (the “Sub-Adviser”) has entered into an expense limitation agreement with the Fund under which it has agreed to waive or reduce its fees and to assume other expenses of the Fund, if necessary, in an amount that limits the Fund’s annual operating expenses (exclusive of (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions, (iii) acquired fund fees and expenses; (iv) fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); (v) borrowing costs (such as interest and dividend expense on securities sold short); (vi) taxes; and (vii) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees and contractual indemnification of Fund service providers (other than the Adviser or Sub-Adviser) to not more than 0.50% of the average daily net assets of the Fund through October 31, 2027, and may be terminated by the Board of Trustees at any time. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years (within the three years from the date the fees had been waived or reimbursed), if such recoupment can be achieved within the lesser of the foregoing expense limit or those in place at the time of recoupment.</td> </tr></table> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0025 0.0053 0.0003 0.0081 -0.0028 0.0053 The operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial statements because the financial statements include only the direct operating expenses incurred by the Fund. October 31, 2027 Example. You may also incur usual and customary brokerage commissions and other charges when buying or selling Shares, which are not reflected in the example that follows. The Example is intended to help you compare the cost of investing in the Fund with the costs of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell (or you hold) 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. The Example includes the Fund’s contractual expense limitation through October 31, 2027. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8A_eoef--ExpenseExampleWithRedemptionTableTextBlock_zcJSUMmGsMnj"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zSBGj7l9Z0I5" style="width: 100%; border-collapse: collapse; font-size: 10pt" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top; background-color: black"> <td id="xdx_487_eoef--ExpenseExampleYear01_zzJdbgz1aoU" style="border: Black 1pt solid; width: 28%; padding-top: 2pt; padding-bottom: 2pt; text-align: center">One Year</td> <td id="xdx_489_eoef--ExpenseExampleYear03_zOD1QnMzHPY4" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 24%; padding-top: 2pt; padding-bottom: 2pt; text-align: center">Three Years</td> <td id="xdx_486_eoef--ExpenseExampleYear05_zVtXxmASsFJ" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 24%; padding-top: 2pt; padding-bottom: 2pt; text-align: center">Five Years</td> <td id="xdx_489_eoef--ExpenseExampleYear10_z7VBmTjtlPDh" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 24%; padding-top: 2pt; padding-bottom: 2pt; text-align: center">Ten Years</td></tr> <tr id="xdx_410_20261028__20261028__oef--ClassAxis__custom--C000183025Member_z9iPioeVYDRh"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: center">$54</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: center">$231</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; padding-top: 2pt; padding-bottom: 2pt; text-align: center">$422</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; padding-top: 2pt; padding-bottom: 2pt; text-align: center">$976</td></tr> </table> 54 231 422 976 Portfolio Turnover. The Fund may pay transaction costs, such as commissions, when it purchases 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 Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, may affect the Fund’s performance. For the fiscal year ended June 30, 2026, the Fund’s portfolio turnover rate was 10.87% of the average value of its portfolio. 0.1087 Principal Investment Strategies As an actively managed exchange-traded fund (“ETF”), the Fund will not seek to replicate the performance of an index. Under normal market circumstances, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in fixed income securities of any kind with a dollar-weighted average effective duration of between three and ten years. Fixed income securities include bonds, debt securities, and income-producing instruments of any kind issued by governmental or private-sector entities. The fixed income and other income-producing instruments in which the Fund invests will typically be investment grade (rated BBB or better by either Moody’s Ratings (“Moody’s”) or Standard & Poor’s (“S&P”) and unrated securities considered by the Sub-Adviser to be of comparable credit quality). The Sub-Adviser considers all mortgage-backed securities to be eligible for purchase regardless of their credit rating or lack thereof, and such securities, if present in the Fund, are not considered by the Sub-Adviser to be below investment grade. The Fund may invest in mortgage-backed securities of any maturity or type, including those guaranteed by, or secured by collateral that is guaranteed by, the United States Government, its agencies, instrumentalities, or sponsored corporations, as well as those of private issuers not subject to any guarantee. Mortgage-backed securities include, among others, government mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), multiclass pass-through securities, and private mortgage pass-through securities. The Fund may also invest in corporate debt obligations, asset-backed securities, foreign securities (corporate and government), inflation-indexed bonds, and preferred securities. The average maturity or duration of the Fund’s portfolio of fixed income securities will vary based on the Sub-Adviser’s assessment of economic and market conditions, as well as current and anticipated changes in interest rates. The Fund may invest in individual securities of any maturity or duration. As an actively managed ETF that does not seek to replicate the performance of a specified index, the Fund may have a higher degree of portfolio turnover than funds that seek to replicate the performance of an index. Under normal market circumstances, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in fixed income securities of any kind with a dollar-weighted average effective duration of between three and ten years. The loss of your money is a principal risk of investing in the Fund. Call/Prepayment Risk. During periods of falling interest rates, an issuer of a callable bond may exercise its right to pay principal on an obligation earlier than expected. This may result in the Fund reinvesting proceeds at lower interest rates, resulting in a decline in the Fund’s income. Securities subject to prepayment risk generally offer less potential for gains and greater price volatility than other income-bearing securities of comparable maturity. Interest Rate Risk. Interest rate risk refers to fluctuations in the value of a fixed-income security resulting from changes in the general level of interest rates. When the general level of interest rates goes up, the prices of most fixed-income securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up. Securities with longer durations tend to be more sensitive to interest rate changes, making them more volatile than securities with shorter durations. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy (including the Federal Reserve ending its “quantitative easing” policy of purchasing large quantities of securities issued or guaranteed by the U.S. government), rising inflation, and changes in general economic conditions. Interest rate changes can be sudden and unpredictable. Moreover, rising interest rates may lead to decreased liquidity in the bond markets, making it more difficult for the Fund to value or sell some or all of its bond investments at any given time. Changes in interest rates may also affect the Shares price; for example, a sharp rise in interest rates could cause the Shares price to fall. Securities with longer durations tend to be more sensitive to interest rate changes, making them more volatile than securities with shorter durations. Duration is an estimate of a security’s sensitivity to changes in prevailing interest rates that is based on certain factors that may prove to be incorrect. It is therefore not an exact measurement and may not be able to reliably predict a particular security’s price sensitivity to changes in interest rates. Fixed Income Risk. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Share price and total return to be reduced and fluctuate more than other types of investments. Authorized Participant Risk: Only an authorized participant (“AP”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as APs on an agency basis (i.e., on behalf of other market participants). AP concentration risk may be heightened for exchange-traded funds (ETFs), such as the Fund, that invest in securities issued by non-U.S. issuers or other securities or instruments that have lower trading volumes. ETF Structure Risks: The Fund is structured as an ETF and as a result is subject to certain risks, including: <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zb4Hl6P6WBC3"></div> <table 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 style="width: 0.25in"></td><td style="width: 0.25in">o</td><td style="text-align: justify">Not Individually Redeemable. Shares are not individually redeemable and may be redeemed by the Fund at net asset value (“NAV”) only in large blocks known as “Creation Units,” which are only available to APs. Retail investors may only purchase or sell shares on the Exchange. You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit.</td></tr></table> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zdlrXpgqR2o1"></div> <table 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 style="width: 0.25in"></td><td style="width: 0.25in">o</td><td style="text-align: justify">Trading Issues. An active trading market for the Shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Shares are traded outside a collateralized settlement system, the number of financial institutions that can act as APs that can post collateral on an agency basis is limited, which may limit the market for the Shares.</td></tr></table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashPurchasesAndRedemptionsMember_zWODt1GAcjH6"></div> <table 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 style="width: 0.25in"></td><td style="width: 0.25in">o</td><td style="text-align: justify">Cash Purchases and Redemptions. To the extent Creation Units are purchased or redeemed by APs in cash instead of in-kind, the Fund will incur certain costs such as brokerage expenses and taxable gains and losses. These costs could be imposed on the Fund and impact the Fund’s NAV if not fully offset by transaction fees paid by the APs.</td></tr></table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_zA8TlPm2LJJi"></div> <table 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 style="width: 0.25in"></td><td style="width: 0.25in">o</td><td style="text-align: justify">Market Price Variance Risk. The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td></tr></table> <table 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 style="width: 0.5in"></td><td style="width: 0.25in">▪</td><td style="text-align: justify">In times of market stress, market makers may step away from their role market making in shares of ETFs and in executing trades, which can lead to differences between the market value of Shares and the Fund’s NAV.</td></tr></table> <table 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 style="width: 0.5in"></td><td style="width: 0.25in">▪</td><td style="text-align: justify">To the extent APs exit the business or are unable to process creations or redemptions and no other AP can step in to do so, there may be a significantly reduced trading market in the Shares, which can lead to differences between the market value of Shares and the Fund’s NAV.</td></tr></table> <table 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 style="width: 0.5in"></td><td style="width: 0.25in">▪</td><td style="text-align: justify">The market price for the Shares may deviate from the Fund’s NAV, particularly during times of market stress, with the result that investors may pay significantly more or receive significantly less for Shares than the Fund’s NAV, which is reflected in the bid and ask price for Shares or in the closing price.</td></tr></table> <table 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 style="width: 0.5in"></td><td style="width: 0.25in">▪</td><td style="text-align: justify">When all or a portion of an ETFs underlying securities trade in a market that is closed when the market for the Shares is open, there may be changes from the last quote of the closed market and the quote from the Fund’s domestic trading day, which could lead to differences between the market value of the Shares and the Fund’s NAV.</td></tr></table> <table 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 style="width: 0.5in"></td><td style="width: 0.25in">▪</td><td style="text-align: justify">In stressed market conditions, the market for the Shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Shares may, in turn, lead to differences between the market value of the Shares and the Fund’s NAV.</td></tr></table> Management Risk. The Fund is subject to management risk because it is an actively managed portfolio. In managing the Fund’s portfolio securities, the Sub-Adviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these will produce the desired results. The Sub-Adviser’s decisions relating to the Fund’s duration will also affect the Fund’s yield, and in unusual circumstances will affect its share price. To the extent that the Sub-Adviser anticipates interest rates imprecisely, the Fund’s yield at times could lag those of other similarly managed funds. Preferred Securities Risk. Investing in preferred stock involves the following risks: (i) certain preferred stocks contain provisions that allow an issuer under certain conditions to skip or defer distributions; (ii) preferred stocks may be subject to redemption, including at the issuer’s call, and, in the event of redemption, the Fund may not be able to reinvest the proceeds at comparable or favorable rates of return; (iii) preferred stocks are generally subordinated to bonds and other debt securities in an issuer’s capital structure in terms of priority for corporate income and liquidation payments; and (iv) preferred stocks may trade less frequently and in a more limited volume and may be subject to more abrupt or erratic price movements than many other securities. Because preferred stocks generally pay dividends only after the issuing company makes required payments to holders of its bonds and other debt, the value of preferred stocks generally is more sensitive than bonds and other debt or actual or perceived changes in the company’s financial condition or prospects. Credit/Default Risk. Credit risk is the risk that issuers or guarantors of debt instruments or the counterparty to a derivatives contract, repurchase agreement, or loan of portfolio securities is unable or unwilling to make timely interest and/or principal payments or otherwise honor its obligations. Changes in the financial condition of an issuer or counterparty, changes in specific economic, social or political conditions that affect a particular type of security or other instrument or an issuer, and changes in economic, social, or political conditions generally can increase the risk of default by an issuer or counterparty, which can affect a security’s or other instrument’s credit quality or value and an issuer’s or counterparty’s ability to pay interest and principal when due. Debt instruments are subject to varying degrees of credit risk, which may be reflected in credit ratings. Credit rating downgrades and defaults (failure to make interest or principal payment) may potentially reduce the Fund’s income and Share price. Foreign Securities Risk. Investments in securities of non-U.S. issuers are subject to risks not usually associated with owning securities of U.S. issuers. There is generally less publicly available information about foreign companies, particularly those not subject to the disclosure and reporting requirements of U.S. securities laws. Foreign issuers are generally not bound by uniform accounting, auditing, and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Investments in foreign securities also involve the risk of possible adverse changes in investment or exchange control regulations or currency exchange rates, expropriation or confiscatory taxation, limitation on the removal of cash or other assets of the Fund from foreign markets, political or financial instability, or diplomatic and other developments which could affect such investments. Further, economies of particular countries or areas of the world may differ favorably or unfavorably from the economy of the United States. Foreign securities often trade with less frequency and volume than domestic securities and therefore may exhibit greater price volatility. Investments in foreign markets also involve currency risk, which is the risk that the values of the Fund’s investments denominated in foreign currencies will decrease due to adverse changes in the value of the U.S. dollar relative to the value of foreign currencies. Sovereign Debt Risk. Investments in sovereign debt can involve a high degree of risk, including the risk that the government entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or to pay the interest on its sovereign debt in a timely manner. A sovereign debtor’s willingness or ability to satisfy its debt obligation may be affected by various factors, including its cash flow situation, the extent of its foreign currency reserves, the availability of foreign exchange when a payment is due, the relative size of its debt position in relation to its economy as a whole, the sovereign debtor’s policy toward international lenders, and local political constraints to which the governmental entity may be subject. Sovereign debtors may also be dependent on expected disbursements from foreign governments, multilateral agencies, and other entities. The failure of a sovereign debtor to implement economic reforms, achieve specified levels of economic performance, or repay principal or interest when due may result in the cancellation of third-party commitments to lend funds to the sovereign debtor, which may further impair such debtor’s ability or willingness to timely service its debts. Investment Risk. An investment in Shares is subject to investment risk, including the possible loss of the entire principal amount invested. An investment in shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other market investments, may move up or down, sometimes rapidly and unpredictably. The value of your shares at any point in time may be worth less than the value of your original investment. All investments involve risks, including the risk that the entire amount invested may be lost. No guarantee or representation is made that the Fund’s investment objective will be achieved. Any real or perceived adverse economic changes, local, regional or global events such as war, acts of terrorism, disasters, trade disputes, disputes with specific countries that could result in additional tariffs, trade barriers and/or investment restrictions in certain securities of those countries, the spread of infectious illness or other public health issues, recessions, raising of interest rates, or other events, could have a material adverse impact on the Fund or its investments. Any of these conditions can adversely affect the economic prospects of many companies, sectors, nations, regions and the market in general, in ways that cannot necessarily be foreseen. Moreover, changes in these and other areas present uncertainty and risk with respect to the Fund’s NAV, performance, financial condition, results of operations, ability to pay distributions, and portfolio liquidity, among other factors. Economic problems in a single country are increasingly affecting other markets and economies, and a continuation of this trend could adversely affect global economic conditions and world markets. Uncertainty and volatility in the financial markets and political systems of the U.S. or any other country, including volatility as a result of the ongoing global conflicts, may have adverse spill-over effects into the global financial markets generally. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zAmZXjw3WZf1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Early Close/Trading Halt Risk: An exchange or market may close or issue trading halts on specific securities, or the ability to buy or sell certain securities or financial instruments may be restricted, which may prevent the Fund from buying or selling certain securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and may incur. Cybersecurity Risk. With the increased use of technologies such as the internet to conduct business, the Fund, like all companies, may be susceptible to operational, information security, and related risks. As part of its business, the Sub-Adviser processes, stores, and transmits large amounts of electronic information, including information relating to the transactions of the Fund. The Fund and its service providers are therefore susceptible to cybersecurity risk. Cybersecurity failures or breaches of the Fund or its service providers have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, the inability of Fund shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties and/or reputational damage. The Fund and its shareholders could be negatively impacted as a result. Inflation-Indexed Bond Risk. Inflation-indexed bonds may change in value in response to actual or anticipated changes in inflation rates in a manner unanticipated by the Fund’s portfolio management team or investors generally. If the index measuring inflation falls, the interest payable on these securities will be reduced. Inflation-indexed bonds are subject to debt securities risks. Mortgage- and Asset-Backed Securities Risk. In addition to other risks commonly associated with investing in debt securities, mortgage-backed securities (“MBS”) are subject to “prepayment risk” and “extension risk.” Prepayment risk is the risk that, when interest rates fall, certain types of obligations will be paid off by the obligor more quickly than originally anticipated, and the Fund may have to invest the proceeds in securities with lower yields. MBS are priced with an expectation of some anticipated level of prepayment of principal. Extension risk is the risk that, when interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated causing the value of these securities to fall. MBS are also subject to the risk of default on the underlying mortgages, particularly during periods of economic downturn. Reduced investor demand for mortgage loans and mortgage- related securities may adversely affect the liquidity and market value of MBS. The risks associated with investing in asset-backed securities (“ABS”) are similar to those associated with investing in MBS. ABS also entail certain risks not presented by MBS, including the risk that in certain states it may be difficult to perfect the liens securing the collateral backing certain ABS. In addition, certain ABS are based on loans that are unsecured, which means that there is no collateral to seize if the underlying borrower defaults. <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--CollateralizedMortgageObligationsCMOsMember_zy3ZfT687TW7"></div> <table 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 style="width: 9pt"></td><td style="width: 18pt">o</td><td style="text-align: justify">Collateralized Mortgage Obligations (“CMOs”). CMOs are a type of MBS. CMOs are created by dividing the principal and interest payments collected on a pool of mortgages into several revenue streams (tranches) with different priority rights to portions of the underlying mortgage payments. Certain CMO tranches may represent a right to receive interest only (“IOs”), principal only (“POs”) or an amount that remains after floating-rate tranches are paid (an inverse floater). These securities are frequently referred to as “mortgage derivatives” and may be extremely sensitive to changes in interest rates. Interest rates on inverse floaters, for example, vary inversely with a short-term floating rate (which may be reset periodically). Interest rates on inverse floaters will decrease when short-term rates increase and will increase when short-term rates decrease. These securities have the effect of providing a degree of investment leverage. In response to changes in market interest rates or other market conditions, the value of an inverse floater may increase or decrease at a multiple of the increase or decrease in the value of the underlying securities. If the Fund invests in CMOs (including CMO tranches issued by government securities) and interest rates move in a manner not anticipated by the Sub-Adviser, it is possible that the Fund could lose all or substantially all of its investment.</td></tr></table> U.S. Government Securities Risk. Debt securities issued or guaranteed by certain U.S. Government agencies, instrumentalities, and sponsored enterprises are not supported by the full faith and credit of the U.S. Government, so investments in their securities or obligations issued by them involve credit risk greater than investments in other types of U.S. Government securities. Additionally, because of the rising U.S. Government debt burden, it is possible that the U.S. Government may not be able to meet its financial obligations or that the securities issued or backed by the U.S. Government may experience credit downgrades. Such a credit event may adversely affect the financial markets or the broader U.S. or global economic outlook. Market Risk. Market risk refers to the possibility that the value of securities held by the Fund may decline due to daily fluctuations in the market. Market prices for securities change daily as a result of many factors, including developments affecting the condition of both individual companies and the market in general. The price of a security may even be affected by factors unrelated to the value or condition of its issuer, including changes in interest rates, economic and political conditions, and general market conditions. The Fund’s performance per share will change daily in response to such factors. Fund Performance The following bar chart and tables provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the average annual total returns compared to that of a broad-based securities market index. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. Updated performance information on the Fund’s results can be obtained by visiting https://etfpages.com/FFIU. The following bar chart and tables provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the average annual total returns compared to that of a broad-based securities market index. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. https://etfpages.com/FFIU <div id="xdx_A84_eoef--BarChartTableTextBlock_zVJ7wzfkzVJc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zuz54WaJlx4b" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; display: none; visibility: hidden" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: left"> <td style="width: 50%"> </td> <td id="xdx_48A_eoef--AnnlRtrPct_dp_zGgdMfKrtxke" style="width: 50%"> </td></tr> <tr id="xdx_410_20180101__20181231__oef--ClassAxis__custom--C000183025Member_zyeHFb4sKpKk" style="vertical-align: top; text-align: left"> <td>2018</td> <td>-2.99%</td></tr> <tr id="xdx_415_20190101__20191231__oef--ClassAxis__custom--C000183025Member_zp4HaLn8Ecsc" style="vertical-align: top; text-align: left"> <td>2019</td> <td>9.46%</td></tr> <tr id="xdx_419_20200101__20201231__oef--ClassAxis__custom--C000183025Member_zGMtQ9B9UT2j" style="vertical-align: top; text-align: left"> <td>2020</td> <td>7.93%</td></tr> <tr id="xdx_41E_20210101__20211231__oef--ClassAxis__custom--C000183025Member_zTsNUYIK9Bf3" style="vertical-align: top; text-align: left"> <td>2021</td> <td>0.11%</td></tr> <tr id="xdx_419_20220101__20221231__oef--ClassAxis__custom--C000183025Member_zbk43wQmQQs8" style="vertical-align: top; text-align: left"> <td>2022</td> <td>-14.95%</td></tr> <tr id="xdx_41C_20230101__20231231__oef--ClassAxis__custom--C000183025Member_zVRzvT63peVb" style="vertical-align: top; text-align: left"> <td>2023</td> <td>7.53%</td></tr> <tr id="xdx_415_20240101__20241231__oef--ClassAxis__custom--C000183025Member_z3PXAsnRhTo1" style="vertical-align: top; text-align: left"> <td>2024</td> <td>0.53%</td></tr> <tr id="xdx_41E_20250101__20251231__oef--ClassAxis__custom--C000183025Member_zR1eVnkOYAY6" style="vertical-align: top; text-align: left"> <td>2025</td> <td>7.06%</td></tr> </table> <img alt="" src="uva485bpos102826001.jpg" style="height: 388px; width: 540px"/> -0.0299 0.0946 0.0793 0.0011 -0.1495 0.0753 0.0053 0.0706 During the periods shown in the bar chart above, the Fund’s highest quarterly return was 7.98% (quarter ended December 29, 2023) and the Fund’s lowest quarterly return was -7.48% (quarter ended June 30, 2022). The year-to-date return for the most recent quarter ended September 30, 2026, was -4.46%. highest quarterly return 0.0798 2023-12-29 lowest quarterly return -0.0748 2022-06-30 year-to-date return 2026-09-30 -0.0446 <div id="xdx_A89_eoef--PerformanceTableTextBlock_zpgvTMIJW3k2"></div> <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: top; background-color: black"> <td id="xdx_984_eoef--PerformanceTableHeading_c20261028__20261028__dei--LegalEntityAxis__custom--S000057345Member_zaXQnuV3nIqc" style="border: Black 1pt solid; width: 61%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Average Annual Total Returns Period Ended December 31, 2025</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Past 1 Year</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Past 5 Years</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Since Inception1</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Before taxes After taxes on distributions After taxes on distributions and sale of shares </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">7.06% 5.37% 4.16%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-0.30% -1.69% -0.79%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">15.66% 4.00% 6.99%</td></tr> <tr> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">Bloomberg US Aggregate Bond Total Return Index (reflects no deductions for fees and expenses)</td> <td id="xdx_98E_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondTotalReturnIndexMember_zLFsVWNVzxn7" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> 7.30%</td> <td id="xdx_989_eoef--AvgAnnlRtrPct_dp_c20210101__20251231__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondTotalReturnIndexMember_z4qAfeuU9zec" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> -0.36%</td> <td id="xdx_98B_eoef--AvgAnnlRtrPct_dp_c20170821__20251231__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondTotalReturnIndexMember_fMQ_____zUqfC3IddUh6" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> 1.70%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">1</td><td style="width: 5pt"></td><td style="text-align: justify">The Fund commenced operations on August 21, 2017.</td> </tr></table> Average Annual Total Returns Period Ended December 31, 2025 0.0706 0.0537 0.0416 -0.0030 -0.0169 -0.0079 0.1566 0.0400 0.0699 (reflects no deductions for fees and expenses) 0.0730 -0.0036 0.0170 2017-08-21 After-tax returns are calculated using the historical highest individual federal marginal income tax rates 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 and are not applicable to investors who hold Shares through tax-deferred arrangements such as a 401(k) plan or an individual retirement account (IRA). After-tax returns are calculated using the historical highest individual federal marginal income tax rates 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 and are not applicable to investors who hold Shares through tax-deferred arrangements such as a 401(k) plan or an individual retirement account (IRA). “Acquired Fund Fees and Expenses” are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial statements because the financial statements include only the direct operating expenses incurred by the Fund. Universal Value Advisors (the “Sub-Adviser”) has entered into an expense limitation agreement with the Fund under which it has agreed to waive or reduce its fees and to assume other expenses of the Fund, if necessary, in an amount that limits the Fund’s annual operating expenses (exclusive of (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions, (iii) acquired fund fees and expenses; (iv) fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); (v) borrowing costs (such as interest and dividend expense on securities sold short); (vi) taxes; and (vii) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees and contractual indemnification of Fund service providers (other than the Adviser or Sub-Adviser) to not more than 0.50% of the average daily net assets of the Fund through October 31, 2027, and may be terminated by the Board of Trustees at any time. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years (within the three years from the date the fees had been waived or reimbursed), if such recoupment can be achieved within the lesser of the foregoing expense limit or those in place at the time of recoupment. The Fund commenced operations on August 21, 2017.