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annual shareholder report
TradersAI Large Cap Equity & Cash ETF
HFSP
NASDAQ
This
<span id="xdx_900_eoef--ShareholderReportAnnualOrSemiAnnual_c20250901__20260831__oef--ClassAxis__custom--C000251846Member_zdhilOOyofzk">annual shareholder report</span> contains important information about the TradersAI
Large Cap Equity & Cash ETF (the "Fund") for the period September
1, 2025 to August 31, 2026.
annual shareholder report
You can find additional information
about the Fund at <span id="xdx_90A_eoef--AddlInfoWebsite_c20250901__20260831__oef--ClassAxis__custom--C000251846Member_z2DmazhyJqj8">www.tradersaietfs.com</span>.
You can also request this information by contacting us at <span id="xdx_904_eoef--AddlInfoPhoneNumber_c20250901__20260831__oef--ClassAxis__custom--C000251846Member_z5fQzCtO1lvc">844‑679‑9559</span>
or by writing to TradersAI Large Cap Equity & Cash ETF, c/o U.S. Bank
Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.
www.tradersaietfs.com
844‑679‑9559
<p id="xdx_80F_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000251846Member_dU_zeiMppLZYUog" style="font: 700 11pt/10pt Gotham Narrow-Bold,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 13.33px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0">What
were the Fund costs for the past year?</p>
<p style="font: 300 10pt/10pt Gotham Narrow-Light,Arial; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 13.33px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(based
on a hypothetical $10,000 investment)</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Fund
Name</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Costs
of a $10,000 investment</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Costs
paid as a percentage of a $10,000 investment</span></div></th></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_907_eoef--FundName_c20250901__20260831__oef--ClassAxis__custom--C000251846Member_zyptygcHt4y2">TradersAI
Large Cap Equity & Cash ETF</span></span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$<span id="xdx_904_eoef--ExpensesPaidAmt_c20250901__20260831__oef--ClassAxis__custom--C000251846Member_zh3ou4iXbMm1">108</span></span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal"><span id="xdx_908_eoef--ExpenseRatioPct_dp_c20250901__20260831__oef--ClassAxis__custom--C000251846Member_zhUkt7hEsvF8">1.25</span>%</span></div></td></tr>
</table></div></div></div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; display: block"></span></div></div>
TradersAI Large Cap Equity & Cash ETF
108
0.0125
<p id="xdx_804_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000251846Member_dU_z1219ChysTV5" style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.59px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Cumulative
Performance</p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: -3pt 0 0; text-align-last: auto; display: block; min-height: 14.92px; align-content: center; line-height: 14.93px; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: center">(Initial
Investment of $10,000)</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none">
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Date</div></td>
<td id="xdx_4BF_oef--ClassAxis_custom--C000251846Member_zvkOXKD69X9d" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">TradersAI Large Cap Equity & Cash ETF - $6,777</div></td>
<td id="xdx_4BA_oef--BroadBasedIndexAxis_custom--SandP500TotalReturnIndexMember_zOPuPv8aEMJk" style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">S&P 500® Total Return Index - $13,566</div></td></tr>
<tr id="xdx_431_c20241023__20241023_eoef--AccmVal_zMgcqHJDbRo4" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10/23/2024</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10000</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10000</div></td></tr>
<tr id="xdx_43F_c20241023__20241031_eoef--AccmVal_zNIQB5Qeln5e" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10/31/2024</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">9999</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">9842</div></td></tr>
<tr id="xdx_430_c20241023__20241130_eoef--AccmVal_zmS99hQIoXy3" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11/30/2024</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">9761</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10420</div></td></tr>
<tr id="xdx_43F_c20241023__20241231_eoef--AccmVal_zIcIp6h5ngY1" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">12/31/2024</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10185</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10172</div></td></tr>
<tr id="xdx_43F_c20241023__20250131_eoef--AccmVal_zcquiaEDP28f" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">1/31/2025</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10556</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10455</div></td></tr>
<tr id="xdx_43A_c20241023__20250228_eoef--AccmVal_z0vtzTDutSPh" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">2/28/2025</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10182</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10319</div></td></tr>
<tr id="xdx_43C_c20241023__20250331_eoef--AccmVal_zjsFbNXjLGLb" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">3/31/2025</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">9234</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">9737</div></td></tr>
<tr id="xdx_436_c20241023__20250430_eoef--AccmVal_z8mTgELt3ngc" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">4/30/2025</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">8882</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">9671</div></td></tr>
<tr id="xdx_431_c20241023__20250531_eoef--AccmVal_zKLgk7H0KJf" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">5/31/2025</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">8599</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10280</div></td></tr>
<tr id="xdx_43C_c20241023__20250630_eoef--AccmVal_zdsYGO3j1f61" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">6/30/2025</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">9008</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10803</div></td></tr>
<tr id="xdx_430_c20241023__20250731_eoef--AccmVal_zurX00BXyY16" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">7/31/2025</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">9262</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11045</div></td></tr>
<tr id="xdx_433_c20241023__20250831_eoef--AccmVal_zKQ4zO6fNFSk" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">8/31/2025</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">9376</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11269</div></td></tr>
<tr id="xdx_43E_c20241023__20250930_eoef--AccmVal_zbq5Clf9tmik" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">9/30/2025</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">9202</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11680</div></td></tr>
<tr id="xdx_435_c20241023__20251031_eoef--AccmVal_zA1ZEwDPtK09" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">10/31/2025</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">8726</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11954</div></td></tr>
<tr id="xdx_432_c20241023__20251130_eoef--AccmVal_zrFeITaA0Avj" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11/30/2025</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">7607</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11983</div></td></tr>
<tr id="xdx_43B_c20241023__20251231_eoef--AccmVal_z44rBT0bxCk9" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">12/31/2025</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">7854</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11990</div></td></tr>
<tr id="xdx_43A_c20241023__20260131_eoef--AccmVal_zMKj7pjU6z43" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">1/31/2026</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">7822</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">12164</div></td></tr>
<tr id="xdx_430_c20241023__20260228_eoef--AccmVal_zD4DCc2JcLzk" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">2/28/2026</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">7659</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">12072</div></td></tr>
<tr id="xdx_43F_c20241023__20260331_eoef--AccmVal_zm0LKzDwyjpc" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">3/31/2026</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">7795</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">11471</div></td></tr>
<tr id="xdx_43E_c20241023__20260430_eoef--AccmVal_zv77XEoSyve" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">4/30/2026</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">7404</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">12674</div></td></tr>
<tr id="xdx_430_c20241023__20260531_eoef--AccmVal_zCIg2e6Lp3L6" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">5/31/2026</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">7297</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">13341</div></td></tr>
<tr id="xdx_439_c20241023__20260630_eoef--AccmVal_z9Iu2SwtBZh6" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">6/30/2026</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">7156</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">13214</div></td></tr>
<tr id="xdx_43B_c20241023__20260731_eoef--AccmVal_ze7UCULej6rb" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">7/31/2026</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">6817</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">13206</div></td></tr>
<tr id="xdx_43E_c20241023__20260831_eoef--AccmVal_zSYvyp4qSNai" style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">8/31/2026</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">6777</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">13566</div></td></tr>
</table></div></div><img alt="line" src="qes1ijcs1mvb9okp5.jpg" style="box-sizing: border-box; width: 250pt; height: auto"/></div></div></div>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: -26pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p>
<p style="box-sizing: border-box; text-align-last: auto; display: block; font-family: Times New Roman,Times,serif; line-height: 1.4; color: #000"> </p>
10000
10000
9999
9842
9761
10420
10185
10172
10556
10455
10182
10319
9234
9737
8882
9671
8599
10280
9008
10803
9262
11045
9376
11269
9202
11680
8726
11954
7607
11983
7854
11990
7822
12164
7659
12072
7795
11471
7404
12674
7297
13341
7156
13214
6817
13206
6777
13566
<p id="xdx_804_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000251846Member_dU_zFDTxKiXLPgh" style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.59px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: center">Annual
Performance</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; margin-block: 1em; margin-inline: 0px; box-sizing: border-box; text-align-last: auto; display: block; padding-top: 0; color: #4f4f4f; text-indent: 0; text-align: center">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse">
<tr style="box-sizing: border-box; height: auto">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Average
Annual Returns for the Periods</span></div>
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Ended
August 31, 2026:</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">1
Year</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box">
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Since
Inception</span></div>
<div style="font: 700 8pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">(<span id="xdx_90F_eoef--PerfInceptionDate_c20250901__20260831__oef--ClassAxis__custom--C000251846Member_zJaMyzTfBl5">10/23/2024</span>)</span></div></th></tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">TradersAI
Large Cap Equity & Cash ETF</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_981_eoef--AvgAnnlRtrPct_dp_c20250901__20260831__oef--ClassAxis__custom--C000251846Member_zKO7SSOCYEw9" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">-27.86%</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_98C_eoef--AvgAnnlRtrPct_dp_c20241023__20260831__oef--ClassAxis__custom--C000251846Member_zqmMSg7UpuG9" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">-18.92%</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">S&P
500® Total Return Index</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_98B_eoef--AvgAnnlRtrPct_dp_c20250901__20260831__oef--BroadBasedIndexAxis__custom--SandP500TotalReturnIndexMember_zIf0U1ki3pU1" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">20.38%</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box">
<div id="xdx_98F_eoef--AvgAnnlRtrPct_dp_c20241023__20260831__oef--BroadBasedIndexAxis__custom--SandP500TotalReturnIndexMember_zIO9oWs8hHbb" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">17.87%</span></div></td></tr>
</table></div></div></div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; display: block"></span></div></div>
2024-10-23
-0.2786
-0.1892
0.2038
0.1787
The
Fund's past performance is not an indication of how the Fund will perform in the future.
The
graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Visit
www.tradersaietfs.com
for more recent performance information.
<p id="xdx_80B_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000251846Member_dU_gL1FAPTB-QXRW_zLnEUq2faG0i" style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: -8pt 0 -4pt; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0">1.
Market Review</p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0 0 8pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0">
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 4pt 0 0; text-align-last: auto; display: block; min-height: 56.01px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">The
past twelve months can be described as a year of earnings-led strength, sustained AI capital spending, and broadening sector leadership.
The S&P 500 Index advanced +20.38% over the reporting period and set new all-time highs, underpinned by exceptionally strong corporate
profitability, with roughly 86% of S&P 500 companies beating consensus earnings estimates.</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 4pt 0 0; text-align-last: auto; display: block; min-height: 74.68px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Mega-cap
technology remained the primary engine of the advance, supported by robust artificial intelligence investment and solid quarterly cash
flows. Leadership broadened as the period progressed: heading into late summer 2026, gains extended into cyclical sectors such as Materials
and Energy alongside Technology. Notably, equities climbed even as 10-year Treasury yields rose toward 4.75%–4.80% and the Federal
Reserve maintained a cautious policy stance.</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 4pt 0 0; text-align-last: auto; display: block; min-height: 56.01px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">In
contrast to the episodic, tariff-driven volatility of 2025, this period was defined largely by a persistent, steady uptrend with compressed
volatility, interrupted by one meaningful pullback in March 2026 (S&P 500 −5.09%). As discussed below, this regime was particularly
unfavorable for HFSP’s intraday strategy.</p></div></div>
<p style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0">2.
Fund Performance Summary</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0; text-align-last: auto; display: block; min-height: 37.34px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">The
HFSP ETF faced performance headwinds amid a challenging backdrop for intraday and tactical trading strategies to navigate episodic volatility
while capitalizing on intraday market inefficiencies:</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 4pt 0 0; text-align-last: auto; display: block; min-height: 56.01px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">For
the twelve months ended August 2026, HFSP returned −27.86% at NAV, compared with +20.38% for the S&P 500 Index and −15.67%
for the ProShares Short S&P 500 ETF ("SH"), a passive 1x inverse benchmark. HFSP underperformed both the long equity market and the
inverse benchmark.</p>
<p style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0">3.
Key Detractors</p>
<p style="font: bold 9pt/1.4 Gotham Narrow-Medium,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 16.8px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 10pt; font-weight: bold">Whipsaw
Costs in a Persistent Trend Market</span></p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 112.03px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">HFSP’s
proprietary quantitative models trade long and short positions in e-mini futures contracts and options on both futures based on the S&P
500 Index and options on Underlying ETFs. Last year, the challenge was volatility that fell outside our models’ normal distribution
ranges. This year the challenge was a steady, low-volatility, multi-day uptrend. In this environment, intraday short hedges and tactical
position shifts were repeatedly overtaken by continued market advances, producing a sequence of realized losses relative to a buy-and-hold
exposure. HFSP’s volatility and maximum drawdown both exceeded those of the S&P 500, while its losses occurred during both sustained
advances and temporary pullbacks.</p>
<p style="font: bold 9pt/1.4 Gotham Narrow-Medium,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 16.8px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 10pt; font-weight: bold">Turnover,
Path-Dependency, and Execution Friction</span></p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 56.01px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Near-daily
turnover and the path-dependency of compounding intraday results created substantial drag, most acutely in sideways, range-bound months.
November 2025 was the weakest month of the period, with a NAV decline of −12.82%. Transaction costs, together with the fund’s
1.25% expense ratio, further widened the gap against low-cost passive exposure.</p>
<p style="font: bold 9pt/1.4 Gotham Narrow-Medium,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 16.8px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 10pt; font-weight: bold">Fund
Scale and Secondary-Market Liquidity</span></p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 10pt; text-align-last: auto; display: block; min-height: 56.01px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">With
total net assets of approximately $700,000 and limited trading volume, HFSP periodically experienced spreads between its market price
and underlying NAV. Shareholders transacting on exchange may therefore have realized returns that differed from the NAV returns shown
above.</p>
<p style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0">4.
Positive Contributions and Strategy Characteristics</p>
<p style="font: bold 9pt/1.4 Gotham Narrow-Medium,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 16.8px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 10pt; font-weight: bold">Down-Market
Cushion</span></p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 37.34px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">The
strategy continued to demonstrate its intended behavior during market pullbacks, generating absolute gains in months when the S&P
500 declined:</p>
<div style="box-sizing: border-box; text-align-last: auto">
<ul style="padding-inline: 0pt; box-sizing: border-box; list-style-type: disc">
<li style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0; padding: 0; box-sizing: border-box; color: #4f4f4f; margin-top: 0; text-align: left; text-indent: 0; margin-right: 0; list-style-position: outside; margin-bottom: 0; list-style-type: disc; display: list-item; margin-left: 25pt"><b style="box-sizing: border-box; font-weight: bold">March
2026: </b>S&P 500 −5.09%; HFSP +1.77% NAV.</li>
<li style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0; padding: 0; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; margin-right: 0; list-style-position: outside; margin-top: 2pt; margin-bottom: 0; list-style-type: disc; display: list-item; margin-left: 25pt"><b style="box-sizing: border-box; font-weight: bold">December
2025: </b>S&P 500 −0.05%; HFSP +3.25% NAV.</li>
<li style="font: 300 10pt Gotham Narrow-Light,Arial; margin: 0; padding: 0; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0; margin-right: 0; list-style-position: outside; margin-top: 2pt; margin-bottom: 0; list-style-type: disc; display: list-item; margin-left: 25pt"><b style="box-sizing: border-box; font-weight: bold">December
2024 (since inception): </b>S&P 500 −2.50%; HFSP +0.08% NAV.</li></ul></div>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Since
inception, HFSP posted positive daily returns on 53.6% of days on which the S&P 500 closed lower (111 of 207 down days).</p>
<p style="font: bold 9pt/1.4 Gotham Narrow-Medium,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 16.8px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 10pt; font-weight: bold">Periods
of Rally Capture</span></p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 74.68px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 10pt; font-weight: normal">The
strategy has shown it can participate in stable, orderly advances. In January 2025, HFSP returned +6.43% at NAV versus +2.70% for the
S&P 500, outperforming by 373 basis points. From June through August 2025, HFSP delivered three consecutive positive months (+4.76%,
+2.81%, and +1.24%). These results demonstrate the model’s potential in favorable regimes, though they were not sustained through
the current reporting period.</span></p>
<p style="font: bold 9pt/1.4 Gotham Narrow-Medium,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 16.8px; box-sizing: border-box; color: #4f4f4f; text-indent: 0"><span style="box-sizing: border-box; font-size: 10pt; font-weight: bold">Low
Correlation to Equity Markets</span></p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 10pt; text-align-last: auto; display: block; min-height: 37.34px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 10pt; font-weight: normal">HFSP
continued to deliver returns with low correlation to the S&P 500: a daily return correlation of +0.255 and a beta of 0.31 since inception,
with correlation turning negative (−0.04 to −0.28) over multi-month spans from Q4 2025 through Q3 2026.</span></p>
<p style="font: 700 11pt/1.4 Gotham Narrow-Bold,Arial; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 20.52px; align-content: center; line-height: 20.53px; box-sizing: border-box; color: #231f20; text-indent: 0">5.
Management Outlook</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 74.68px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">HFSP
remains committed to its quantitative, intraday approach and to the fund’s objective of providing a low-correlated return stream
with daily liquidity. We believe the strategy’s behavior in down markets and orderly rallies shows it has a role to play, but we
also recognize that it must deliver positive absolute returns across a broader range of market regimes, including the persistent uptrends
that characterized this period.</p>
<p id="xdx_802_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000251846Member_dU_zveSb2RuVk11" style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.23px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Key
Fund Statistics</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(as
of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box; font-weight: normal">August 31, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">)</span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Fund
Size (Thousands)</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98B_eus-gaap--AssetsNet_iI_pn3n3_c20260831__oef--ClassAxis__custom--C000251846Member_zAIJziNjlDh4" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$668</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Number
of Holdings</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_982_eoef--HoldingsCount_iI_uHoldings_c20260831__oef--ClassAxis__custom--C000251846Member_zFfnRAiBxqP1" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">1</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Total
Advisory Fee</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98C_eoef--AdvisoryFeesPaidAmt_c20250901__20260831__oef--ClassAxis__custom--C000251846Member_zrBIGZYDYfQd" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">$9,603</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Portfolio
Turnover Rate</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98D_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250901__20260831__oef--ClassAxis__custom--C000251846Member_zWMb0TDV38ve" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">0%</span></div></td></tr>
</table></div></div></div>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="font: 300 8pt Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; display: block"></span></div></div>
668000
1
9603
0
<div id="xdx_809_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000251846Member_dU_zB7veGYDZmRj" style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 700 18pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 33.59px; align-content: center; line-height: 33.6px; box-sizing: border-box; color: #231f20; text-indent: 0">What
did the Fund invest in?</p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 2pt; text-align-last: auto; display: block; min-height: 18.67px; align-content: center; line-height: 18.66px; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(as
of </span><span style="box-sizing: border-box; font-size: 9pt"><span style="box-sizing: border-box; font-weight: normal">August 31, 2026</span></span><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">)</span></p>
<p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 6pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt"></span></p></div>
<div style="box-sizing: border-box; text-align-last: auto; position: relative">
<p style="font: 700 13pt/1.4 Gotham Narrow-Bold,Arial; margin: 0; text-align-last: auto; display: block; min-height: 24.23px; align-content: center; line-height: 24.26px; box-sizing: border-box; color: #231f20; text-indent: 0">Security
Type <span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: 400"><span style="box-sizing: border-box; font-size: 9pt; font-weight: normal">(%
of net assets)</span></span></p>
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto">
<div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center">
<div style="box-sizing: border-box; text-align-last: auto; padding-top: 0">
<div style="box-sizing: border-box; text-align-last: auto">
<table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none">
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">sector</div></td>
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">%</div></td></tr>
<tr style="box-sizing: border-box">
<td style="box-sizing: border-box">
<div style="box-sizing: border-box; text-align-last: auto; font-weight: normal">Cash & Other</div></td>
<td style="box-sizing: border-box">
<div id="xdx_985_eoef--PctOfNav_iI_c20260831__oef--ClassAxis__custom--C000251846Member__oef--OtherCategory1Axis__custom--CashAndOtherMember_zvn5CU8XMnT4" style="box-sizing: border-box; text-align-last: auto; font-weight: normal">100.0%</div></td></tr>
</table></div></div><img alt="bar" src="qes3egey1mv880yh0.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/></div></div></div>
<p style="font: 300 8pt/1.4 Gotham Narrow-Light,Arial; margin: 0 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-indent: 0; text-align: justify"> </p></div><p style="font: 300 10pt/1.4 Gotham Narrow-Light,Arial; margin: -6pt 0 0; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"> </p>
1.000
<div id="xdx_804_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000251846Member_dU_z5Yphzsy00ya" style="box-sizing: border-box; text-align-last: auto">
<table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse; line-height: normal">
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Top
Holdings</span></div></th>
<th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; line-height: normal">
<div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">(%
of total</span></div>
<div style="font: 700 13pt Gotham Narrow-Bold,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">net
assets)</span></div></th></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">First
American Government Obligations Fund -</span></div>
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Class
X, 3.59%</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_98D_eoef--PctOfNav_iI_dp_c20260831__oef--ClassAxis__custom--C000251846Member__oef--LargestHoldingAxis__custom--FirstAmericanGovernmentObligationsFundClassX359Member_zo9B3m1PoP3a" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">0.2%</span></div></td></tr>
<tr style="box-sizing: border-box; height: auto; line-height: normal">
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div style="font: bold 9pt Gotham Narrow-Medium,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: bold">Other
Assets in Excess of Liabilities</span></div></td>
<td style="border-bottom: #000 1pt solid; box-sizing: border-box; line-height: normal">
<div id="xdx_988_eoef--PctOfNav_iI_dp_c20260831__oef--ClassAxis__custom--C000251846Member__oef--LargestHoldingAxis__custom--OtherAssetsinExcessofLiabilitiesMember_zvAx5VKVWi24" style="font: 300 9pt Gotham Narrow-Light,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px; font-weight: normal">99.8%</span></div></td></tr>
</table></div>
0.002
0.998