0001924868 2025-02-24 2025-02-24 0001924868 smco:S000083082Member 2025-02-24 2025-02-24 0001924868 smco:C000246596Member 2025-02-24 2025-02-24 0001924868 smco:S000083082Member oef:RiskLoseMoneyMember 2025-02-24 2025-02-24 0001924868 smco:S000083082Member smco:EquityMarketRiskMember 2025-02-24 2025-02-24 0001924868 smco:S000083082Member smco:MarketCapitalizationRisksMember 2025-02-24 2025-02-24 0001924868 smco:S000083082Member smco:MidCapitalizationInvestingMember 2025-02-24 2025-02-24 0001924868 smco:S000083082Member smco:SmallCapitalizationInvestingMember 2025-02-24 2025-02-24 0001924868 smco:S000083082Member smco:GeneralMarketRiskMember 2025-02-24 2025-02-24 0001924868 smco:S000083082Member smco:InvestmentStrategyRiskMember 2025-02-24 2025-02-24 0001924868 smco:S000083082Member smco:ManagementRiskMember 2025-02-24 2025-02-24 0001924868 smco:S000083082Member smco:MarketEventsRiskMember 2025-02-24 2025-02-24 0001924868 smco:S000083082Member smco:ETFRisksMember 2025-02-24 2025-02-24 0001924868 smco:S000083082Member smco:AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember 2025-02-24 2025-02-24 0001924868 smco:S000083082Member smco:CostsOfBuyingOrSellingSharesMember 2025-02-24 2025-02-24 0001924868 smco:S000083082Member smco:SharesMayTradeAtPricesOtherThanNAVMember 2025-02-24 2025-02-24 0001924868 smco:S000083082Member smco:TradingMember 2025-02-24 2025-02-24 0001924868 smco:S000083082Member smco:NewerFundRiskMember 2025-02-24 2025-02-24 0001924868 smco:C000246596Member 2024-01-01 2024-12-31 0001924868 smco:C000246596Member 2023-11-28 2024-12-31 0001924868 smco:C000246596Member oef:AfterTaxesOnDistributionsMember 2024-01-01 2024-12-31 0001924868 smco:C000246596Member oef:AfterTaxesOnDistributionsMember 2023-11-28 2024-12-31 0001924868 smco:C000246596Member oef:AfterTaxesOnDistributionsAndSalesMember 2024-01-01 2024-12-31 0001924868 smco:C000246596Member oef:AfterTaxesOnDistributionsAndSalesMember 2023-11-28 2024-12-31 0001924868 smco:Russell2500TotalReturnIndexMember 2024-01-01 2024-12-31 0001924868 smco:Russell2500TotalReturnIndexMember 2023-11-28 2024-12-31 0001924868 smco:Russell3000TotalReturnIndexMember 2024-01-01 2024-12-31 0001924868 smco:Russell3000TotalReturnIndexMember 2023-11-28 2024-12-31 iso4217:USD pure false 485BPOS 0001924868 2025-02-24 N-1A TIDAL TRUST II 2025-02-28 Hilton Small-MidCap Opportunity ETF- Fund Summary Investment Objective Hilton Small-MidCap Opportunity ETF (the “Fund”) seeks long-term capital appreciation. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. <div id="xdx_A82_eoef--AnnualFundOperatingExpensesTableTextBlock_zvqDalI65Oe"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zGDoNEYSKKx3" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr> <td id="xdx_98E_eoef--OperatingExpensesCaption_dU_c20250224__20250224__dei--LegalEntityAxis__custom--S000083082Member_zGv589ugRnEa" style="border-top: black 1pt solid; -sec-ix-redline: true; text-align: justify; padding-left: 0.125in">Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zYwOTq1xTQMj" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; visibility: hidden"> <td style="padding-left: 0.25in"> </td> <td id="xdx_49E_20250224__20250224__oef--ClassAxis__custom--C000246596Member_zDVbSDRVELE6" style="text-align: center"> (1)</td></tr> <tr id="xdx_40B_eoef--ManagementFeesOverAssets_dpn_zaXtgxkEhiE8"> <td style="width: 90%; padding-left: 0.25in">Management Fees</td> <td style="width: 10%; text-align: center">0.55%</td></tr> <tr id="xdx_40E_eoef--DistributionAndService12b1FeesOverAssets_dpn_z25Jf69uzxrj"> <td style="padding-left: 0.25in">Distribution and/or Service (12b-1) Fees</td> <td style="text-align: center">0.00%</td></tr> <tr id="xdx_402_eoef--OtherExpensesOverAssets_dpn_zdOt8WCNU1Va"> <td style="padding-left: 0.25in">Other Expenses</td> <td style="border-bottom: black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_401_eoef--ExpensesOverAssets_dpn_zrdOTOqMGzbe"> <td style="padding-left: 0.25in">Total Annual Fund Operating Expenses</td> <td style="text-align: center">0.55%</td></tr> <tr> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: center"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td> <td style="width: 0.25in; text-align: left">(1)</td> <td style="text-align: justify">The Fund’s adviser will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses.</td> </tr> </table> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0055 0.0000 0.0000 0.0055 Expense Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8A_eoef--ExpenseExampleWithRedemptionTableTextBlock_zZzbMmG7puA8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zS0XlrBxhei4" style="font: 10pt Times New Roman, Times, Serif; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr> <td id="xdx_48E_eoef--ExpenseExampleYear01_zE979jcM7N63" style="border-top: black 1pt solid; -sec-ix-redline: true; vertical-align: bottom; width: 28%; padding-top: 0.65pt; text-align: center">1 Year</td> <td id="xdx_484_eoef--ExpenseExampleYear03_zQfZqWhrFEq" style="border-top: black 1pt solid; -sec-ix-redline: true; vertical-align: bottom; width: 24%; padding-top: 0.65pt; text-align: center">3 Years</td> <td id="xdx_48C_eoef--ExpenseExampleYear05_z1BioWixDcFg" style="border-top: black 1pt solid; -sec-ix-redline: true; vertical-align: top; width: 24%; text-align: center">5 Years</td> <td id="xdx_487_eoef--ExpenseExampleYear10_zPSNVqOCToul" style="border-top: black 1pt solid; -sec-ix-redline: true; vertical-align: top; width: 24%; text-align: center">10 Years</td></tr> <tr id="xdx_419_oef--ClassAxis_custom--C000246596Member_zQQZs1kE4yy7"> <td style="border-bottom: black 1pt solid; -sec-ix-redline: true; vertical-align: bottom; padding-top: 2.65pt; text-align: center">$56</td> <td style="border-bottom: black 1pt solid; -sec-ix-redline: true; vertical-align: bottom; padding-top: 2.65pt; text-align: center">$176</td> <td style="border-bottom: black 1pt solid; -sec-ix-redline: true; vertical-align: top; text-align: center">$307</td> <td style="border-bottom: black 1pt solid; -sec-ix-redline: true; vertical-align: top; text-align: center">$689</td></tr> </table> 56 176 307 689 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the Expense Example, affect the Fund’s performance. For the fiscal period November 28, 2023 (commencement of operations) through October 31, 2024, the Fund’s portfolio turnover rate was 15% of the average value of its portfolio. 0.15 Principal Investment Strategies The Fund is actively managed by its investment sub-adviser, Hilton Capital Management, LLC (the “Sub-Adviser”). The Sub-Adviser uses its proprietary Small & Mid Cap Opportunities investment process (“SMCO Process”) to seek risk-adjusted returns (returns relative to the risks taken) by investing in U.S. equity securities within the small- and mid-cap asset classes. Using the SMCO Process, the Sub-Adviser seeks to identify mispriced stocks (i.e., stocks whose current market prices do not accurately reflect the Sub-Adviser’s estimate of their fundamental earnings potential). The Sub-Adviser believes that its disciplined approach will lead to attractive long-term returns. The Sub-Adviser starts with a universe of small- and mid-capitalization stocks (i.e., companies with market capitalizations ranging from $750 million to $30 billion at the time of first purchase). The Sub-Adviser uses both valuation considerations and fundamental analyses to identify potential investment ideas. The SMCO Process is “bottom up” oriented (e.g., a company-by-company analysis of factors such as price-to-earnings ratios, earnings per share, etc.). The Sub-Adviser utilizes the SMCO Process to search for potential investments throughout the spectrum of equities. This spectrum encompasses value stocks, which are primarily attractive due to their undervaluation; growth stocks, which are appealing primarily because of their revenue and/or profit growth; and core stocks, which are those that exhibit characteristics of both value and growth stocks. By employing this approach, the Sub-Adviser aims to identify investment opportunities that, in its opinion, are attractive at every stage of the economic cycle, including both periods of economic expansion and contraction. The Sub-Adviser then assesses potential investments in light of its views on the current and anticipated macroeconomic environment (i.e., upswing, mid-cycle, or contraction in the broader economy), current industry market trends, and the quality of the company’s management team. Following this assessment, the Sub-Adviser seeks stocks of companies that not only are valued soundly but that the Sub-Adviser views as poised to benefit from improving business prospects. Unlike a strictly “deep value” approach, which focuses solely on stocks that are significantly undervalued, the Sub-Adviser adopts a more flexible stance. It considers a range of stocks, from those with low valuations to those priced moderately and even some that may seem overvalued, based on its belief in the company’s potential for long-term success. The Fund’s portfolio will typically consist of between 50-75 stocks. The Fund’s portfolio will consistently consist of stocks that the Sub-Adviser deems fundamentally attractive and reasonably valued. Typically, new positions will represent between 1.0% and 2.0% of the Fund’s value. No position will exceed 5% of the Fund’s value at the time of purchase. Position sizes will be adjusted based on the Sub-Adviser’s periodic evaluations, reflecting changes in risk/reward dynamics. A holding will be fully liquidated if the Sub-Adviser determines that a stock is fully valued, encounters a discrepancy related to fundamental expectations, or identifies more favorable investment opportunities. Under normal circumstances, at least 80% of the Fund’s net assets, plus borrowings, will be invested in equity securities of small- and mid-capitalization companies. The 80% policy has been adopted as a non-fundamental investment policy and may be changed without shareholder approval upon approval by the Board of Trustees (the “Board”) of Tidal Trust II (the “Trust”) and 60 days’ written notice to shareholders. Under normal circumstances, at least 80% of the Fund’s net assets, plus borrowings, will be invested in equity securities of small- and mid-capitalization companies. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. Equity Market Risk. By virtue of the Fund’s investments in equity securities the Fund is exposed to equity securities both directly and indirectly which subjects the Fund to equity market risk. Common stocks are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from specific issuers. Equity securities may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which the Fund invests. Market Capitalization Risks. <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidCapitalizationInvestingMember_zMRrx5KTZwyh"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 30px"> </td> <td style="width: 30px">●</td> <td style="text-align: justify">Mid-Capitalization Investing. The securities of mid-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large-capitalization companies. The securities of mid-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large capitalization stocks or the stock market as a whole. Some medium capitalization companies have limited product lines, markets, financial resources, and management personnel and tend to concentrate on fewer geographical markets relative to large-capitalization companies.</td></tr> </table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallCapitalizationInvestingMember_zDJgJW5CyUDi"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 30px"> </td> <td style="width: 30px">●</td> <td style="text-align: justify">Small-Capitalization Investing. The securities of small-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large- or mid-capitalization companies. The securities of small-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large- or mid-capitalization stocks or the stock market as a whole. Some small capitalization companies have limited product lines, markets, financial resources, and management personnel and tend to concentrate on fewer geographical markets relative to mid- and large-capitalization companies. There is typically less publicly available information concerning smaller-capitalization companies than for larger, more established companies.</td></tr> </table> General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters or events, pandemic diseases, terrorism, regulatory events, and government controls. Investment Strategy Risk. The Fund is subject to the risk that the Sub-Adviser’s Small & Mid Cap Opportunities investment process (SMCO Process) may not achieve its objective of seeking risk-adjusted returns. The value of the Fund’s portfolio could decrease if the Sub-Adviser’s judgments about the attractiveness, value, or market trends of the stocks selected for the Fund prove incorrect. Management Risk. The Fund is actively-managed and may not meet its investment objective based on the Sub-Adviser’s success or failure to implement investment strategies for the Fund. Market Events Risk. The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities and other financial instruments. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities and other financial markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments. Continuing uncertainties regarding interest rates, rising inflation, political events, rising government debt in the U.S. and trade tensions also contribute to market volatility. Conflict, loss of life and disaster connected to ongoing armed conflict between Ukraine and Russia in Europe and between Israel and Hamas in the Middle East could have severe adverse effects on the related region, including significant adverse effects on the regional or global economies and the markets for certain securities. The U.S. and the European Union have imposed sanctions on certain Russian individuals and companies, including certain financial institutions, and have limited certain exports and imports to and from Russia. These conflicts have contributed to recent market volatility and may continue to do so. ETF Risks. <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zcnMRtIb9uQg"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 30px"> </td> <td style="width: 30px">○</td> <td style="text-align: justify">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. Any such decisions by market makers or authorized participants to reduce their role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying value of the Fund’s portfolio securities and the Fund’s market price. This reduced effectiveness could result in Fund shares trading at a premium or discount to its NAV and also greater than normal intraday bid-ask spreads.</td></tr> </table> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zr2Wx8sK10ck"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 30px"> </td> <td style="width: 30px">○</td> <td style="text-align: justify">Costs of Buying or Selling Shares. Buying or selling Shares involves certain costs, including brokerage commissions, other charges imposed by brokers, and bid-ask spreads. The bid-ask spread represents the difference between the price at which an investor is willing to buy Shares and the price at which an investor is willing to sell Shares. The spread varies over time based on the Shares’ trading volume and market liquidity. The spread is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Due to the costs of buying or selling Shares, frequent trading of Shares may reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</td></tr> </table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNAVMember_zrqGQIuC0JKj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 30px"> </td> <td style="width: 30px">○</td> <td style="text-align: justify">Shares May Trade at Prices Other Than NAV. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility and there may be widening bid-ask spreads. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant and there may be furthering widening bid-ask spreads.</td></tr> </table> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zDJKSIQWvR8j"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 30px"> </td> <td style="width: 30px">○</td> <td style="text-align: justify">Trading. Although Shares are listed for trading on a national securities exchange, such as The Nasdaq Stock Market, LLC (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s portfolio holdings, which can be significantly less liquid than Shares.</td></tr> </table> Newer Fund Risk. The Fund is a recently organized management investment company with limited operating history. As a result, prospective investors have a limited track record or history on which to base their investment decisions. There can be no assurance that the Fund will maintain an economically viable size. Performance The following performance information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance over time. The bar chart shows the annual returns for the Fund year over year. The table illustrates how the Fund’s average annual returns for the 1-year and since inception periods compare with those of a broad measure of market performance and another benchmark that is more representative of the Fund’s investment strategy. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Updated performance information is available on the Fund’s website at www.hiltoncm.com. The following performance information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance over time. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. www.hiltoncm.com Calendar Year Ended December 31, <img alt="" src="smco-chart.jpg" style="height: 268px; width: 450px"/> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5F_zSDMv2hBV1Nk" style="display: none; visibility: hidden; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="font: 11pt Aptos Narrow; width: 50%"> </td> <td style="font: 11pt Aptos Narrow; width: 50%"> </td></tr> <tr style="vertical-align: bottom"> <td style="font: 11pt Aptos Narrow; text-align: right">2024</td> <td id="xdx_98C_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000246596Member_zRSPpe6FOSYj" style="font: 11pt Aptos Narrow; text-align: right">17.72%</td></tr> </table> 0.1772 During the period of time shown in the bar chart, the Fund’s highest quarterly return was 10.99% for the quarter ended March 31, 2024 and the lowest quarterly return was -1.58% for the quarter ended June 30, 2024. highest quarterly return 0.1099 2024-03-31 lowest quarterly return -0.0158 2024-06-30 Average Annual Total Returns For the Periods Ended December 31, 2024 <div id="xdx_A8F_eoef--PerformanceTableTextBlock_z13lBALNaBe9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_z2auz4C4tyM8" style="font: 10pt Times New Roman, Times, Serif; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; -sec-ix-redline: true; vertical-align: top; width: 69%; padding-left: 0.1in"> </td> <td id="xdx_492_20240101__20241231_zK5eMpU5obKg" style="border-top: black 1pt solid; border-bottom: black 1pt solid; -sec-ix-redline: true; vertical-align: bottom; width: 11%; text-align: center">1 Year</td> <td id="xdx_493_20231128__20241231_zps73Q2EoFeg" style="border-top: black 1pt solid; border-bottom: black 1pt solid; -sec-ix-redline: true; vertical-align: top; width: 20%; text-align: center">Since Inception November 28, 2023</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000246596Member_zSFIjwqQ9ii" style="vertical-align: top"> <td style="-sec-ix-redline: true; padding-left: 0.1in">Return Before Taxes</td> <td style="-sec-ix-redline: true; text-align: center">17.72%</td> <td style="-sec-ix-redline: true; text-align: center">25.07%</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000246596Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zO3nr2B1aEag" style="vertical-align: top"> <td style="-sec-ix-redline: true; padding-left: 0.1in">Return After Taxes on Distributions</td> <td style="-sec-ix-redline: true; text-align: center">17.60%</td> <td style="-sec-ix-redline: true; text-align: center">24.93%</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000246596Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zvprPWGUoGLe" style="vertical-align: top"> <td style="-sec-ix-redline: true; padding-left: 0.1in">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="-sec-ix-redline: true; text-align: center">10.59%</td> <td style="-sec-ix-redline: true; text-align: center">19.15%</td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--Russell2500TotalReturnIndexMember_zbaf3CiiGDG9" style="vertical-align: top"> <td style="-sec-ix-redline: true; padding-left: 0.1in">Russell 2500 Total Return Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="-sec-ix-redline: true; text-align: center">12.00%</td> <td style="-sec-ix-redline: true; text-align: center">23.06%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--Russell3000TotalReturnIndexMember_zYbmbNwJjB8l" style="vertical-align: top"> <td style="-sec-ix-redline: true; padding-left: 0.1in">Russell 3000 Total Return Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="-sec-ix-redline: true; text-align: center">24.50%</td> <td style="-sec-ix-redline: true; text-align: center">28.20%</td></tr> </table> 2023-11-28 0.1772 0.2507 0.1760 0.2493 0.1059 0.1915 (reflects no deduction for fees, expenses, or taxes) 0.1200 0.2306 0.2450 0.2820 After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investors tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred or other tax-advantaged arrangements such as an individual retirement account (“IRA”). In certain cases, the figures representing “Return After Taxes on Distributions and Sale of Fund Shares” may be higher than the other figures for the same period. A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred or other tax-advantaged arrangements such as an individual retirement account (“IRA”). A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. The Fund’s adviser will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses.