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0001722388 intech:C000257940Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0001722388 intech:C000257940Member oef:AfterTaxesOnDistributionsAndSalesMember 2004-03-01 2025-12-31 0001722388 intech:SandP500TotalReturnIndexMember 2025-01-01 2025-12-31 0001722388 intech:SandP500TotalReturnIndexMember 2021-01-01 2025-12-31 0001722388 intech:SandP500TotalReturnIndexMember 2016-01-01 2025-12-31 0001722388 intech:SandP500TotalReturnIndexMember 2004-03-01 2025-12-31 iso4217:USD pure false 485BPOS 0001722388 2026-05-26 N-1A TIDAL TRUST III 2026-05-29 Intech S&P Large Cap Diversified Alpha ETF - FUND SUMMARY Investment Objective <p id="xdx_A88_eoef--ObjectivePrimaryTextBlock_zgMGh0ECvgl4" style="font: 10pt Times New Roman,Times,serif; margin: 0 0 7pt; text-align-last: auto; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">The Fund’s investment objective is to seek long-term capital appreciation.</p> Fees and Expenses of the Fund <p id="xdx_A82_eoef--ExpenseNarrativeTextBlock_zH5AnFGthpaf" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 7pt; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <span style="box-sizing: border-box; font-family: Times New Roman Bold, Times New Roman, Arial; font-weight: 700">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.</span> </p> Annual Fund Operating Expenses¹ (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A83_eoef--AnnualFundOperatingExpensesTableTextBlock_zuGiAbrEiAAk"></div> <table id="xdx_A51_dU_z3FY0EFO8kle" style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none"> <td style="display: none"> </td> <td id="xdx_49E_20260526__20260526__oef--ClassAxis__custom--C000257940Member_zsZN93lDniEf" style="display: none"></td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="box-sizing: border-box; height: auto"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Management Fee </span> </div> </td> <td style="box-sizing: border-box; height: auto"> <div id="xdx_98D_eoef--ManagementFeesOverAssets_dpn_c20260526__20260526__oef--ClassAxis__custom--C000257940Member_fJiMxODU7_zBw3FQgdeDD4" style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.25%</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="box-sizing: border-box; height: auto"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Distribution and Service (12b-1) Fees </span> </div> </td> <td style="box-sizing: border-box; height: auto"> <div id="xdx_981_eoef--DistributionAndService12b1FeesOverAssets_dpn_c20260526__20260526__oef--ClassAxis__custom--C000257940Member_fJiMxODU7_zfccoFul62i5" style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">None</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="box-sizing: border-box; height: auto"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Other Expenses^²</span> </div> </td> <td style="box-sizing: border-box; height: auto; border-bottom-style: solid; border-bottom-width: 0.5pt"> <div id="xdx_987_eoef--OtherExpensesOverAssets_dpn_c20260526__20260526__oef--ClassAxis__custom--C000257940Member_fJiMxODU7ICYjMTc4Ow_____z8Ke30LoPEa2" style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.00%</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="box-sizing: border-box; height: auto"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Total Annual Fund Operating Expenses </span> </div> </td> <td style="box-sizing: border-box; height: auto; border-bottom-style: double; border-bottom-width: 3pt"> <div id="xdx_983_eoef--ExpensesOverAssets_dpn_c20260526__20260526__oef--ClassAxis__custom--C000257940Member_fJiMxODU7_z9dCMFGLz8og" style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.25%</span> </div> </td> </tr> </table> <div style="font: 8pt Times New Roman,Times,serif; margin: 4pt 0 7pt; box-sizing: border-box; text-align-last: auto; color: #000; text-align: justify; text-indent: 0"> <table cellpadding="0" cellspacing="0" style="font: 8pt Times New Roman,Times,serif; color: #000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td id="xdx_F01_zQHSKzmEFTcb" style="width: 15pt; text-align: right"> ¹ </td> <td style="width: 5pt"></td> <td style="text-align: justify"> <span id="xdx_F1B_zk36VB78EMra">The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all of the Fund’s expenses, except for the following: advisory and sub-advisory fees, 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 (collectively, the “Excluded Expenses”).</span> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 8pt Times New Roman,Times,serif; color: #000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td id="xdx_F0B_zo3yV0ZGAMO1" style="width: 15pt; text-align: right"> ² </td> <td style="width: 5pt"></td> <td style="text-align: justify"> <span id="xdx_F1B_zS2l8Osg5pTb">Total Excluded Expenses for the last fiscal year. </span> </td> </tr> </table> </div> 0.0025 0 0.0000 0.0025 Expense Example <p id="xdx_A89_eoef--ExpenseExampleNarrativeTextBlock_zJCcGJjEh915" style="font: 10pt Times New Roman,Times,serif; margin: 0 0 7pt; text-align-last: auto; min-height: 80px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">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:</p> <div id="xdx_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_zK4Ce9bCXbT5"></div> <table id="xdx_A50_dU_z135MrnS9Zkj" style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="box-sizing: border-box; height: auto; vertical-align: bottom"> <th id="xdx_488_eoef--ExpenseExampleYear01_zzJThRNDqVs9" style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Times New Roman Bold,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">1 Year</span> </div> </th> <th id="xdx_48E_eoef--ExpenseExampleYear03_zRvH6WZUPlh8" style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Times New Roman Bold,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">3 Years</span> </div> </th> <th id="xdx_488_eoef--ExpenseExampleYear05_zbXNu92Ra6lc" style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Times New Roman Bold,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">5 Years</span> </div> </th> <th id="xdx_48B_eoef--ExpenseExampleYear10_zL64bh5GWFP5" style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Times New Roman Bold,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">10 Years</span> </div> </th> </tr> <tr id="xdx_419_20260526__20260526__oef--ClassAxis__custom--C000257940Member_z2wZpB6XoLve" style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$26</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$80</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$141</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$318</span> </div> </td> </tr> </table> 26 80 141 318 Portfolio Turnover <p id="xdx_A83_eoef--PortfolioTurnoverTextBlock_zabMUeg4ZNF6" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 7pt; text-align-last: auto; display: block; min-height: 80px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> 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 above, affect the Fund’s performance. For the fiscal period from February 27, 2025 (commencement of operations) to January 31, 2026, the Fund’s portfolio turnover rate was <span id="xdx_909_eoef--PortfolioTurnoverRate_dp_c20260526__20260526__dei--LegalEntityAxis__custom--S000090660Member_zByzDu9oaoQh">117</span>% of the average value of its portfolio. </p> 1.17 Principal Investment Strategies <p id="xdx_A8C_eoef--StrategyNarrativeTextBlock_gRBSNTB-IOGECC_zCtgd3xJRZv1" style="font: 10pt Times New Roman,Times,serif; margin: 0 0 7pt; text-align-last: auto; min-height: 80px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">To seek to achieve its investment objective, the Fund’s sub-adviser, Intech Investment Management LLC (the “Sub-Adviser” or “Intech”), primarily invests the Fund’s assets in common stocks of companies included in the S&amp;P 500® Index (the “Index”). Intech uses a quantitative process to construct a portfolio that seeks to outperform the Index (i.e., produce “alpha”) by improving diversification relative to the Index—seeking more balanced contributions of risk and return—and systematically rebalancing the portfolio.</p> <p style="font: 10pt Times New Roman,Times,serif; margin: -3pt 0 7pt; text-align-last: auto; min-height: 48px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block"><span style="box-sizing: border-box; font-family: Times New Roman Bold,Times New Roman; font-weight: 700">For the purposes of this Prospectus, “diversification” refers to the Fund’s approach to balancing risk and return contributions across holdings, meaning the Fund seeks to capture gains and manage risk across a broad range of stocks, instead of relying on one or a few positions that could disproportionately impact performance.</span> </p> <p style="font: 10pt Times New Roman,Times,serif; margin: -3pt 0 7pt; text-align-last: auto; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">Intech’s investment process has three key steps:</p> <p style="font: 10pt Times New Roman,Times,serif; margin: -3pt 0 7pt 11pt; text-align-last: auto; min-height: 48px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: -11pt"> 1. <span style="box-sizing: border-box; font-family: Times New Roman Bold,Times New Roman; font-weight: 700">Find Diverse Risk and Return Sources:</span> Intech analyzes each stock’s price movements (volatility), how it moves compared to other stocks (correlation), and fundamental characteristics like profitability and valuations. This analysis seeks to identify stocks contributing to a more balanced and diversified portfolio. </p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 8pt 11pt; text-align-last: auto; min-height: 48px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: -11pt"> 2. <span style="box-sizing: border-box; font-family: Times New Roman Bold,Times New Roman; font-weight: 700">Construct a Diversified Portfolio:</span> Using the analysis in Step 1, Intech sets target weights for each stock to diversify both risk and return across the portfolio, seeking to balance the impact of any single stock, sector, industry, or market factor on the Fund’s performance. </p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 8pt 11pt; text-align-last: auto; min-height: 64px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: -11pt"> 3. <span style="box-sizing: border-box; font-family: Times New Roman Bold,Times New Roman; font-weight: 700">Rebalance to Stay on Track: </span>As stock prices change, some holdings drift from their target weights set in Step 2, becoming either too large or too small. Intech rebalances the portfolio, typically on a weekly basis, selling stocks that exceed their targets and buying more of those that fall below their targets. Rebalancing helps maintain a diversified portfolio and offers the potential to enhance returns by capitalizing on price changes as stocks move relative to their target allocations. </p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">More detail about the process is available in the <span style="box-sizing: border-box; font-family: Times New Roman Bold,Times New Roman; font-weight: 700">Additional Information About the Funds </span>section of the Prospectus.</p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; min-height: 67.43px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block"> <span id="xdx_90C_eoef--StrategyPortfolioConcentration_c20260526__20260526__dei--LegalEntityAxis__custom--S000090660Member_zllB8t4Gy5c1">Under normal market circumstances, the Fund will invest at least 80% of its net assets (plus borrowings for investment purposes) in large-cap U.S. companies.</span> The Fund considers U.S. companies to be large-cap if they are included in the then current market capitalization range of the S&amp;P 500<sup style="box-sizing: border-box">®</sup> Index. As of April 30, 2026, the market capitalizations of companies in the S&amp;P 500<sup style="box-sizing: border-box">®</sup> Index ranged between $5.64 billion and $4.85 trillion. </p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; min-height: 64px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">The Fund may, from time to time, invest in securities that are not included in the Index. Such investments are intended to help manage specific risks, improve liquidity, or refine diversification across the Fund’s portfolio, while seeking to maintain a high correlation to the Index. Non-Index securities are selected for their ability to complement the Fund’s overall holdings, supporting the pursuit of diverse contributions of risk and return.</p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; min-height: 48px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">The Fund’s exposure to individual securities may be adjusted based on shorter-term factors, such as changes in market conditions or liquidity needs. Market conditions refer to economic or financial factors that influence asset prices and availability, such as interest rates, economic growth trends, or overall market volatility and liquidity.</p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; min-height: 48px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">The Fund’s investment strategy involves periodic rebalancing, which will result in a high annual portfolio turnover rate potentially exceeding 100% in a calendar year. This turnover rate reflects the periodic rebalancing required to maintain the Fund’s intended risk and return profile and target weights, rather than a complete change in portfolio.</p> Under normal market circumstances, the Fund will invest at least 80% of its net assets (plus borrowings for investment purposes) in large-cap U.S. companies. The Fund may not achieve its investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityMarketRiskMember_zemFy09ZlMEg" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 80px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman Bold, Times New Roman, Arial; font-weight: 700">Equity Market Risk.</span><b style="box-sizing: border-box"> </b>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. The equity securities held in the Fund’s portfolio 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.</p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketCapitalizationRiskMember_zWIzP4rqo0g" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; break-after: avoid"><span style="box-sizing: border-box; font-family: Times New Roman Bold, Times New Roman, Arial; font-weight: 700">Market Capitalization Risk.</span> </p> <p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 32px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; break-after: avoid"> The Underlying ETFs may invest in companies of any market capitalization. As a result, the Fund may be indirectly exposed to the following risks: </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargecapitalizationInvestingMember_zaZWKpTKzOI5" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt 32pt; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; break-after: avoid; text-indent: -16pt"> ●   <span style="box-sizing: border-box; font-family: Times New Roman Italic, Times New Roman, Arial; font-weight: 400; font-style: italic">Large-Capitalization Investing.</span> The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. Large capitalization companies may also be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes. </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidcapitalizationInvestingMember_zYVHWNxHPgof" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt 32pt; text-align-last: auto; display: block; min-height: 96px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: -16pt"> ●   <span style="box-sizing: border-box; font-family: Times New Roman Italic, Times New Roman, Arial; font-weight: 400; font-style: italic">Mid-Capitalization Investing.</span> 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. </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndexConcentrationRiskMember_zzn3KiUv96aa" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 64px; align-content: center; box-sizing: border-box; color: #000; text-indent: 0; text-align: justify"> <span style="box-sizing: border-box; font-family: Times New Roman Bold, Times New Roman, Arial; font-weight: 700"><span style="box-sizing: border-box; font-size: 10pt">Index Concentration Risk.</span> </span><span style="box-sizing: border-box; font-size: 10pt"><b style="box-sizing: border-box"> </b></span><span style="box-sizing: border-box; font-size: 10pt">To the extent that the Index becomes concentrated in a few large issuers, the Fund may be unable to achieve similar weights in these positions due to its status as a diversified fund </span>and the Fund’s policy to not concentrate its investments (i.e., hold more than 25% of its total assets) in any industry or group of related industries<span style="box-sizing: border-box; font-size: 10pt">. This could impact the Fund’s ability to achieve its investment objective.</span> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zwfNwP50I2ve" style="font: 700 10pt/normal Times New Roman Bold,Times,serif; margin: 4pt 0 8pt; text-align-last: auto; display: block; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: left; text-indent: 0; break-after: avoid"><b style="box-sizing: border-box">ETF Risks</b></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zp0vvPsxSeqi" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 112px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; width: fit-content; table-layout: fixed; border-collapse: collapse"> <span style="box-sizing: border-box; font-family: Times New Roman Italic, Times New Roman, Arial; font-weight: 400; font-style: italic">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</span><i style="box-sizing: border-box"> </i>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. </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zgD1Wh4eFTq6" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 112px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> <span style="box-sizing: border-box; font-family: Times New Roman Italic, Times New Roman, Arial; font-weight: 400; font-style: italic">Costs of Buying or Selling Shares. </span>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. </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zS4o6LaaqYh3" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 96px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> <span style="box-sizing: border-box; font-family: Times New Roman Italic, Times New Roman, Arial; font-weight: 400; font-style: italic">Shares May Trade at Prices Other Than NAV. </span>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 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. </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zt38AZVkGys1" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 64px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> <span style="box-sizing: border-box; font-family: Times New Roman Italic, Times New Roman, Arial; font-weight: 400; font-style: italic">Trading.</span><i style="box-sizing: border-box"> </i>Although Shares are listed for trading on a national securities exchange, such as (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 and the liquidity of the Fund’s portfolio holdings may deteriorate. </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_zSQRM6yrzH6a" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 176px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> <span style="box-sizing: border-box; font-family: Times New Roman Bold, Times New Roman, Arial; font-weight: 700">Economic and Market Risk.</span><b style="box-sizing: border-box"> </b>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), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets. </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zw3GscTWGgVd" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman Bold, Times New Roman, Arial; font-weight: 700">High Portfolio Turnover Risk.</span><b style="box-sizing: border-box"> </b>The Fund may actively and frequently trade a significant portion of the Fund’s holdings. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses. Frequent trading may also cause adverse tax consequences for investors in the Fund due to an increase in short-term capital gains.</p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zryU79OfHys9" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 32px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; break-inside: avoid"><span style="box-sizing: border-box; font-family: Times New Roman Bold, Times New Roman, Arial; font-weight: 700">Management Risk.</span><b style="box-sizing: border-box"> </b>The Fund is actively-managed and may not meet its investment objective based on the Sub-Adviser's success or failure in implementing investment strategies for the Fund.</p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ModelsAndDataRiskMember_gRBRTB-FAO_ztRmSe1GqBy" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: justify; display: block; min-height: 80px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> <span style="box-sizing: border-box; font-family: Times New Roman Bold, Times New Roman, Arial; font-weight: 700">Models and Data Risk. </span>The composition of the Fund’s portfolio is heavily dependent on investment models developed by the Sub-Adviser as well as information and data supplied by third parties (“Models and Data”). When Models and Data prove to be incorrect or incomplete, any decisions made in reliance thereon may lead to the inclusion or exclusion of securities from the Fund’s portfolio that would have been excluded or included had the Models and Data been correct and complete. Errors in programming, data entry, system compatibility, or database integrity can result in the unintended inclusion or exclusion of securities in the Fund’s portfolio. </p> <p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; counter-increment: unset; counter-reset: unset; display: block; min-height: 32px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> Such errors, whether due to human or technological factors, could induce the Sub-Adviser to make investment choices that would not have been made with accurate and complete information, potentially leading to losses or missed gains for the Fund. </p> <p id="xdx_A9F_zD9I00Zqgmz3" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0pt 0; text-align-last: auto; counter-increment: unset; counter-reset: unset; display: block; min-height: 0px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewerFundRiskMember_zHFDY9vD2LU2" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; break-inside: avoid"> <span style="box-sizing: border-box; font-family: Times New Roman Bold, Times New Roman, Arial; font-weight: 700">Newer Fund Risk.</span><b style="box-sizing: border-box"> </b>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. </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewerSubadviserRiskMember_zIvd5O4UPUD" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 64px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> <span style="box-sizing: border-box; font-family: Times New Roman Bold, Times New Roman, Arial; font-weight: 700">Newer Sub-Adviser Risk.</span><b style="box-sizing: border-box"> </b>The Sub-Adviser is newly registered with the SEC and has limited experience with managing an exchange-traded fund regulated under the 1940 Act, which may limit the Sub-Adviser’s effectiveness. As a result, there is no long-term track record against which an investor may judge the Sub-Adviser and it is possible the Sub-Adviser may not achieve the Fund’s intended investment objective. </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zfOchHI7w9L2" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 96px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman Bold, Times New Roman, Arial; font-weight: 700">Operational Risk.</span><b style="box-sizing: border-box"> </b>The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund relies on third parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund, the Adviser, and the Sub-Adviser seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.</p> Performance <p id="xdx_A8A_eoef--PerformanceNarrativeTextBlock_zHnzZbnmThW4" style="font: 10pt Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; min-height: 32px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block"><span id="xdx_90E_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260526__20260526__dei--LegalEntityAxis__custom--S000090660Member_zXxi6Z7r1uQ2">The bar chart and the performance table below illustrate some of the risks and volatility of an investment in the Fund (and Predecessor Fund for periods prior to February 2025) for the indicated periods.</span></p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; min-height: 64px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block"> The Fund commenced investment operations in February 2025 after the conversion of the Intech U.S. Enhanced Plus Fund LLC, an unregistered private investment fund (the “Predecessor Fund”) into shares of the Fund. The Predecessor Fund commenced operations on March 1, 2004. The Sub-Adviser was either the investment adviser or the sub-adviser for the Predecessor Fund for the entire performance period shown. The Predecessor Fund transferred all its portfolio securities to the Fund. </p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; min-height: 96px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">The bar chart and the performance table below are for the Predecessor Fund for dates prior to the commencement of the Fund’s operations. The Fund’s objectives, policies, guidelines and restrictions are, in all material respects, equivalent to those of the Predecessor Fund and for the Fund after it commenced operations. The Predecessor Fund was a private investment fund structured as a commingled vehicle under Section 3(c)(7) of the Investment Company Act of 1940. The conversion of the Predecessor Fund into an exchange-traded fund (“ETF”) allowed for operational and legal continuity for existing investors while enhancing the commingled structure with improved accessibility, tax efficiency, and lower fees.</p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; min-height: 128px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block"> The Predecessor Fund was managed in a materially equivalent way as the Sub-Adviser manages the Fund, and its performance reflects its results prior to the conversion into the Fund. The Predecessor Fund was not registered under the 1940 Act and therefore was not subject to certain restrictions imposed by the 1940 Act on registered investment companies and by the Internal Revenue Code of 1986, as amended (the “Code”), on regulated investment companies. If the Predecessor Fund had been registered under the 1940 Act, the Predecessor Fund’s performance may have been adversely affected. <span id="xdx_90D_eoef--PerformancePastDoesNotIndicateFuture_c20260526__20260526__dei--LegalEntityAxis__custom--S000090660Member_znnTxM0JEWh6">Past performance before and after taxes does not necessarily indicate how the Fund will perform in the future.</span> Returns for the Fund’s shares prior to its commencement of operations reflect all charges, expenses, and fees of the Predecessor Fund, gross of any waivers. <span id="xdx_902_eoef--BarChartDoesNotReflectSalesLoads_c20260526__20260526__dei--LegalEntityAxis__custom--S000090660Member_zlbyL2vw2tLa">In addition, the Predecessor Fund did not charge a sales load.</span> </p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">The performance of the Predecessor Fund was calculated using standardized SEC calculation methodologies.</p> The bar chart and the performance table below illustrate some of the risks and volatility of an investment in the Fund (and Predecessor Fund for periods prior to February 2025) for the indicated periods. Past performance before and after taxes does not necessarily indicate how the Fund will perform in the future. In addition, the Predecessor Fund did not charge a sales load. 0.0776 0.2344 -0.0742 0.3207 0.2149 0.2458 -0.1793 0.246 0.3015 0.1472 <div id="xdx_A80_eoef--BarChartTableTextBlock_zfZLzjqaNHxa"></div><img alt="vertical-bar" src="qes1d6uen1mp2o2dt4.jpg" style="box-sizing: border-box; width: 100%; height: auto"/> <p id="xdx_A85_eoef--BarChartClosingTextBlock_zdflhpTXYVFb" style="font: 10pt Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; min-height: 32px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">During the period of time shown in the bar chart, the <span id="xdx_906_eoef--HighestQuarterlyReturnLabel_c20260526__20260526__dei--LegalEntityAxis__custom--S000090660Member_zxPFGUjg6Pzb">highest return</span> for a calendar quarter was <span id="xdx_90D_eoef--BarChartHighestQuarterlyReturn_dp_c20260526__20260526__dei--LegalEntityAxis__custom--S000090660Member_zyBnxYeS9Kg">21.40</span>% (quarter ended <span id="xdx_90E_eoef--BarChartHighestQuarterlyReturnDate_c20260526__20260526__dei--LegalEntityAxis__custom--S000090660Member_z5U2Map5fvPj">June 30, 2020</span>) and the <span id="xdx_904_eoef--LowestQuarterlyReturnLabel_c20260526__20260526__dei--LegalEntityAxis__custom--S000090660Member_z0SSXmdgaWF7">lowest return</span> for a calendar quarter was <span id="xdx_900_eoef--BarChartLowestQuarterlyReturn_dp_c20260526__20260526__dei--LegalEntityAxis__custom--S000090660Member_zevFicIrbRhb">-19.87</span>% (quarter ended <span id="xdx_90B_eoef--BarChartLowestQuarterlyReturnDate_c20260526__20260526__dei--LegalEntityAxis__custom--S000090660Member_zaifrkXR7jn8">March 31, 2020</span>).</p> highest return 0.2140 2020-06-30 lowest return -0.1987 2020-03-31 <p id="xdx_A80_eoef--PerformanceTableNarrativeTextBlock_zlXOsnN4VRGl" style="font: 10pt Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; min-height: 64px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">This table shows the Fund’s (and for periods prior to February 2025, the Predecessor Fund’s) average annual total returns for the periods ending December 31, 2025. The table also shows how the Predecessor Fund’s performance compares with a broad measure of market performance. The Predecessor Fund was organized as a Delaware limited liability company, did not qualify as a regulated investment company for federal income tax purposes, and did not pay dividends and distributions. As a result, we are unable to show the after-tax-on-distributions returns for the Predecessor Fund.</p> Average Annual Total Returns For the Period Ended December 31, 2025 <div id="xdx_A8D_eoef--PerformanceTableTextBlock_zo3XdmNaXBE"></div> <table id="xdx_A53_dU_zHGUzazWxJt4" style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="box-sizing: border-box; height: auto; vertical-align: bottom"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Times New Roman Bold,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"></span> </div> </th> <th id="xdx_49C_20250101__20251231_zjMgkTCsH6hh" style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Times New Roman Bold,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">1 Year</span> </div> </th> <th id="xdx_49E_20210101__20251231_zgQKwHy60M0c" style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Times New Roman Bold,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">5 Year</span> </div> </th> <th id="xdx_498_20160101__20251231_zDYi7QwzyNnb" style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Times New Roman Bold,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"> 10 Year</span> </div> </th> <th id="xdx_49B_20040301__20251231_zoGulLnS0NEc" style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Times New Roman Bold,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Since Inception</span> </div> <div style="font: 700 8pt Times New Roman Bold,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">(<span id="xdx_90E_eoef--PerfInceptionDate_c20040301__20251231__oef--ClassAxis__custom--C000257940Member_z85hes1CEFk8">March 1, 2004</span>)</span> </div> </th> </tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000257940Member_zBuauy3rEwFi" style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Return Before Taxes</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">14.72%</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">13.73%</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">14.16%</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">10.73%</span> </div> </td> </tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000257940Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zOpakbeVzqA8" style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Return After Taxes on Distributions</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">14.58%</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">13.70%</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">14.14%</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">10.73%</span> </div> </td> </tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000257940Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z0szg3hjiN4" style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Return After Taxes on Distributions and Sale of Fund Shares</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">8.82%</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">11.03%</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">11.99%</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">9.53%</span> </div> </td> </tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SandP500TotalReturnIndexMember_zRKpKH4pPFva" style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">S&amp;P 500® Total Return Index</span> </div> <div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_90F_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260526__20260526__dei--LegalEntityAxis__custom--S000090660Member_zW0o1znc0Vi6">(reflects no deduction for fees, expenses, or taxes)</span></span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">17.88%</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">14.42%</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">14.82%</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">10.58%</span> </div> </td> </tr> </table> 2004-03-01 0.1472 0.1373 0.1416 0.1073 0.1458 0.1370 0.1414 0.1073 0.0882 0.1103 0.1199 0.0953 (reflects no deduction for fees, expenses, or taxes) 0.1788 0.1442 0.1482 0.1058 Intech S&P Small-Mid Cap Diversified Alpha ETF - FUND SUMMARY Investment Objective <p id="xdx_A80_eoef--ObjectivePrimaryTextBlock_zsnqC9xCdeMc" style="font: 10pt Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">The Fund’s investment objective is to seek long-term capital appreciation.</p> Fees and Expenses of the Fund <p id="xdx_A8A_eoef--ExpenseNarrativeTextBlock_zuAuoy0UiKzi" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <span style="box-sizing: border-box; font-family: Times New Roman Bold, Times New Roman, Arial; font-weight: 700">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.</span> </p> Annual Fund Operating Expenses¹ (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A88_eoef--AnnualFundOperatingExpensesTableTextBlock_zlGnteAkOSyb"></div> <table id="xdx_A51_dU_zBHFTmMqB8P7" style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="box-sizing: border-box; height: auto"> <td style="box-sizing: border-box; height: auto"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Management Fee </span> </div> </td> <td style="box-sizing: border-box; height: auto"> <div id="xdx_98D_eoef--ManagementFeesOverAssets_dpn_c20260526__20260526__oef--ClassAxis__custom--C000257941Member_fJiMxODU7_zehB80AOYpbf" style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.35%</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="box-sizing: border-box; height: auto"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Distribution and Service (12b-1) Fees </span> </div> </td> <td style="box-sizing: border-box; height: auto"> <div id="xdx_986_eoef--DistributionAndService12b1FeesOverAssets_dpn_c20260526__20260526__oef--ClassAxis__custom--C000257941Member_fJiMxODU7_zd2Yjvo8yod5" style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">None</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="box-sizing: border-box; height: auto"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Other Expenses^²</span> </div> </td> <td style="box-sizing: border-box; height: auto; border-bottom-style: solid; border-bottom-width: 0.5pt"> <div id="xdx_982_eoef--OtherExpensesOverAssets_dpn_c20260526__20260526__oef--ClassAxis__custom--C000257941Member_fJiMxODU7ICYjMTc4Ow_____zjM8raOlxATc" style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.00%</span> </div> </td> </tr> <tr style="box-sizing: border-box; height: auto"> <td style="box-sizing: border-box; height: auto"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Total Annual Fund Operating Expenses </span> </div> </td> <td style="box-sizing: border-box; height: auto; border-bottom-style: double; border-bottom-width: 3pt"> <div id="xdx_98D_eoef--ExpensesOverAssets_dpn_c20260526__20260526__oef--ClassAxis__custom--C000257941Member_fJiMxODU7_znVl9FZTg9zg" style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">0.35%</span> </div> </td> </tr> </table> <div style="font: 8pt Times New Roman,Times,serif; margin: 4pt 0 8pt; box-sizing: border-box; text-align-last: auto; color: #000; text-align: justify; text-indent: 0"> <table cellpadding="0" cellspacing="0" style="font: 8pt Times New Roman,Times,serif; color: #000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"> <span id="xdx_F04_zdYwbI2XiYg">¹</span> </td> <td style="width: 5pt"></td> <td style="text-align: justify"> <span id="xdx_F1D_zxMRIgUF9qsl">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.</span> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 8pt Times New Roman,Times,serif; color: #000; margin-top: 0; margin-bottom: 6pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"> <span id="xdx_F0D_zXRaJJ9Abgpg">²</span> </td> <td style="width: 5pt"></td> <td style="text-align: justify"> <span id="xdx_F11_zMIyv1Rz8LS">Total Excluded Expenses for the last fiscal year.</span> </td> </tr> </table> </div> 0.0035 0 0.0000 0.0035 Expense Example <p id="xdx_A89_eoef--ExpenseExampleNarrativeTextBlock_zg606PxOL2F7" style="font: 10pt Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; min-height: 80px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">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:</p> <div id="xdx_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_zOhu0JouNdlb"></div> <table id="xdx_A55_dU_zu3OG9KSBVo8" style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="box-sizing: border-box; height: auto; vertical-align: bottom"> <th id="xdx_481_eoef--ExpenseExampleYear01_zCdc1s8RcGv2" style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Times New Roman Bold,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">1 Year</span> </div> </th> <th id="xdx_480_eoef--ExpenseExampleYear03_zk7f27Kgh5Og" style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Times New Roman Bold,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">3 Years</span> </div> </th> <th id="xdx_480_eoef--ExpenseExampleYear05_zQZLbz3j2w68" style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Times New Roman Bold,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">5 Years</span> </div> </th> <th id="xdx_48C_eoef--ExpenseExampleYear10_zvEAlA40qYMj" style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: 700 8pt Times New Roman Bold,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">10 Years</span> </div> </th> </tr> <tr id="xdx_41F_20260526__20260526__oef--ClassAxis__custom--C000257941Member_zBiTHZeIsQAe" style="box-sizing: border-box; height: auto"> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$36</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$113</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$197</span> </div> </td> <td style="border-bottom: #000 1pt solid; box-sizing: border-box"> <div style="font: 10pt Times New Roman,Times,serif; margin: 0; box-sizing: border-box; text-align-last: auto; color: #000; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$443</span> </div> </td> </tr> </table> 36 113 197 443 Portfolio Turnover <p id="xdx_A8E_eoef--PortfolioTurnoverTextBlock_zPSmdXw7eve4" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 80px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> 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 above, affect the Fund’s performance. For the fiscal period from February 27, 2025 (commencement of operations) to January 31, 2026, the Fund’s portfolio turnover rate was <span id="xdx_907_eoef--PortfolioTurnoverRate_dp_c20260526__20260526__dei--LegalEntityAxis__custom--S000090661Member_zx8Q5OdTs37a">166</span>% of the average value of its portfolio. </p> 1.66 Principal Investment Strategies <p id="xdx_A85_eoef--StrategyNarrativeTextBlock_gRBSNTB-BECRM_zwAiy9fr4BPh" style="font: 10pt Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; min-height: 86.87px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">To seek to achieve its investment objective, the Fund’s sub-adviser, Intech Investment Management LLC (the “Sub-Adviser” or “Intech”), primarily invests the Fund’s assets in common stocks of companies included in the S&amp;P 1000<sup style="box-sizing: border-box">® </sup>Index (the “Index”), which combines the S&amp;P MidCap 400<sup style="box-sizing: border-box">®</sup> Index and the S&amp;P SmallCap 600<sup style="box-sizing: border-box">® </sup>Index. Intech uses a quantitative process to construct a portfolio that seeks to outperform the Index (i.e., produce “alpha”) by improving diversification relative to the Index—seeking more balanced contributions of risk and return—and systematically rebalancing the portfolio.</p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; min-height: 48px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block"><span style="box-sizing: border-box; font-family: Times New Roman Bold,Times New Roman; font-weight: 700">For the purposes of this Prospectus, “diversification” refers to the Fund’s approach to balancing risk and return contributions across holdings, meaning the Fund seeks to capture gains and manage risk across a broad range of stocks, instead of relying on one or a few positions that could disproportionately impact performance.</span> </p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 8pt 11pt; text-align-last: auto; min-height: 48px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: -11pt"> 1. <span style="box-sizing: border-box; font-family: Times New Roman Bold,Times New Roman; font-weight: 700">Find Diverse Risk and Return Sources:</span> Intech analyzes each stock’s price movements (volatility), how it moves compared to other stocks (correlation), and fundamental characteristics like profitability and valuations. This analysis seeks to identify stocks contributing to a more balanced and diversified portfolio. </p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 8pt 11pt; text-align-last: auto; min-height: 48px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: -11pt"> 2. <span style="box-sizing: border-box; font-family: Times New Roman Bold,Times New Roman; font-weight: 700">Construct a Diversified Portfolio:</span> Using the analysis in Step 1, Intech sets target weights for each stock to diversify both risk and return across the portfolio, seeking to balance the impact of any single stock, sector, industry, or market factor on the Fund’s performance. </p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 8pt 11pt; text-align-last: auto; min-height: 64px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; display: block; text-indent: -11pt"> 3. <span style="box-sizing: border-box; font-family: Times New Roman Bold,Times New Roman; font-weight: 700">Rebalance to Stay on Track: </span>As stock prices change, some holdings drift from their target weights set in Step 2, becoming either too large or too small. Intech rebalances the portfolio, typically on a weekly basis, selling stocks that exceed their targets and buying more of those that fall below their targets. Rebalancing helps maintain a diversified portfolio and offers the potential to enhance returns by capitalizing on price changes as stocks move relative to their target allocations. </p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">More detail about the process is available in the <span style="box-sizing: border-box; font-family: Times New Roman Bold,Times New Roman; font-weight: 700">Additional Information About the Funds </span>section of the Prospectus.</p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; min-height: 70.87px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block"> <span id="xdx_907_eoef--StrategyPortfolioConcentration_c20260526__20260526__dei--LegalEntityAxis__custom--S000090661Member_zoiMDTYNrLie">Under normal market circumstances, the Fund will invest at least 80% of its net assets (plus borrowings for investment purposes) in small and mid-cap U.S. companies.</span> The Fund considers U.S. companies to be small-cap or mid-cap if they are included in the then current market capitalization range of the S&amp;P 1000<sup style="box-sizing: border-box">®</sup> Index. As of April 30, 2026, the market capitalizations of companies in the S&amp;P 1000<sup style="box-sizing: border-box">® </sup>Index ranged between $357.24 million and $33.66 billion. </p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; min-height: 64px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">The Fund may, from time to time, invest in securities that are not included in the Index. Such investments are intended to help manage specific risks, improve liquidity, or refine diversification across the Fund’s portfolio, while seeking to maintain a high correlation to the Index. Non-Index securities are selected for their ability to complement the Fund’s overall holdings, supporting the pursuit of diverse contributions of risk and return.</p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; min-height: 48px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">The Fund’s exposure to individual securities may be adjusted based on shorter-term factors, such as changes in market conditions or liquidity needs. Market conditions refer to economic or financial factors that influence asset prices and availability, such as interest rates, economic growth trends, or overall market volatility and liquidity.</p> <p style="font: 10pt Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; min-height: 48px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block">The Fund’s investment strategy involves periodic rebalancing, which will result in a high annual portfolio turnover rate potentially exceeding 100% in a calendar year. This turnover rate reflects the periodic rebalancing required to maintain the Fund’s intended risk and return profile and target weights, rather than a complete change in portfolio.</p> Under normal market circumstances, the Fund will invest at least 80% of its net assets (plus borrowings for investment purposes) in small and mid-cap U.S. companies. The Fund may not achieve its investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityMarketRiskMember_zvggHPWymgzh" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 80px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman Bold, Times New Roman, Arial; font-weight: 700">Equity Market Risk.</span><b style="box-sizing: border-box"> </b>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. The equity securities held in the Fund’s portfolio 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.</p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketCapitalizationRiskMember_zo6ECHpj4h24" style="font: 10pt/12pt Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman Bold, Times New Roman, Arial; font-weight: 700">Market Capitalization Risk</span> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidcapitalizationInvestingMember_zEWYmeafdcM2" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt 32pt; text-align-last: auto; display: block; min-height: 96px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: -16pt"> ●   <span style="box-sizing: border-box; font-family: Times New Roman Italic, Times New Roman, Arial; font-weight: 400; font-style: italic">Mid-Capitalization Investing.</span><i style="box-sizing: border-box"> </i>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. </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallcapitalizationInvestingMember_zspe2ksPF5df" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt 32pt; text-align-last: auto; display: block; min-height: 80px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: -16pt"> ●   <span style="box-sizing: border-box; font-family: Times New Roman Italic, Times New Roman, Arial; font-weight: 400; font-style: italic">Small-Capitalization Investing. </span>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. There is typically less publicly available information concerning smaller-capitalization companies than for larger, more established companies. </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndexConcentrationRiskMember_zSimy1co1hGh" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 64px; align-content: center; box-sizing: border-box; color: #000; text-indent: 0; text-align: justify"> <span style="box-sizing: border-box; font-family: Times New Roman Bold, Times New Roman, Arial; font-weight: 700"><span style="box-sizing: border-box; font-size: 10pt">Index Concentration Risk.</span> </span><span style="box-sizing: border-box; font-size: 10pt"><b style="box-sizing: border-box"> </b></span><span style="box-sizing: border-box; font-size: 10pt">To the extent that the Index becomes concentrated in a few large issuers, the Fund may be unable to achieve similar weights in these positions due to its status as a diversified fund </span>and the Fund’s policy to not concentrate its investments (i.e., hold more than 25% of its total assets) in any industry or group of related industries<span style="box-sizing: border-box; font-size: 10pt">. This could impact the Fund’s ability to achieve its investment objective.</span> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zOm6BeP5Ltql" style="font: 700 10pt/normal Times New Roman Bold,Times,serif; margin: 4pt 0 8pt; text-align-last: auto; display: block; min-height: 16px; align-content: center; box-sizing: border-box; color: #000; text-align: left; text-indent: 0; break-after: avoid"><b style="box-sizing: border-box">ETF Risks</b></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zSC1yJmgPRrh" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 112px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; width: fit-content; table-layout: fixed; border-collapse: collapse"> <span style="box-sizing: border-box; font-family: Times New Roman Italic, Times New Roman, Arial; font-weight: 400; font-style: italic">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</span><i style="box-sizing: border-box"> </i>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. </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_z5SM5Th1Dtga" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 112px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> <span style="box-sizing: border-box; font-family: Times New Roman Italic, Times New Roman, Arial; font-weight: 400; font-style: italic">Costs of Buying or Selling Shares. </span>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. </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_z9JR5BSxn7Wj" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 96px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> <span style="box-sizing: border-box; font-family: Times New Roman Italic, Times New Roman, Arial; font-weight: 400; font-style: italic">Shares May Trade at Prices Other Than NAV. </span>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 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. </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zFVdNLQx2kua" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 64px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> <span style="box-sizing: border-box; font-family: Times New Roman Italic, Times New Roman, Arial; font-weight: 400; font-style: italic">Trading.</span><i style="box-sizing: border-box"> </i>Although Shares are listed for trading on a national securities exchange, such as (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 and the liquidity of the Fund’s portfolio holdings may deteriorate. </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_z2dJ1OElR4o1" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 176px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> <span style="box-sizing: border-box; font-family: Times New Roman Bold, Times New Roman, Arial; font-weight: 700">Economic and Market Risk.</span><b style="box-sizing: border-box"> </b>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), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets. </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zfRdKHUzjJe3" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman Bold, Times New Roman, Arial; font-weight: 700">High Portfolio Turnover Risk.</span><b style="box-sizing: border-box"> </b>The Fund may actively and frequently trade a significant portion of the Fund’s holdings. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses. Frequent trading may also cause adverse tax consequences for investors in the Fund due to an increase in short-term capital gains.</p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zeE5zwqT23Bd" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 32px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; break-inside: avoid"> <span style="box-sizing: border-box; font-family: Times New Roman Bold, Times New Roman, Arial; font-weight: 700">Management Risk.</span><b style="box-sizing: border-box"> </b>The Fund is actively-managed and may not meet its investment objective based on the portfolio managers success or failure in implementing the Fund’s investment strategies. </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ModelsAndDataRiskMember_gRBRTB-AS_z04TvsJA86Tc" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: justify; display: block; min-height: 80px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> <span style="box-sizing: border-box; font-family: Times New Roman Bold, Times New Roman, Arial; font-weight: 700">Models and Data Risk. </span>The composition of the Fund’s portfolio is heavily dependent on investment models developed by the Sub-Adviser as well as information and data supplied by third parties (“Models and Data”). When Models and Data prove to be incorrect or incomplete, any decisions made in reliance thereon may lead to the inclusion or exclusion of securities from the Fund’s portfolio that would have been excluded or included had the Models and Data been correct and complete. Errors in programming, data entry, system compatibility, or database integrity can result in the unintended inclusion or exclusion of securities in the Fund’s portfolio. </p> <p style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; counter-increment: unset; counter-reset: unset; display: block; min-height: 32px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> Such errors, whether due to human or technological factors, could induce the Sub-Adviser to make investment choices that would not have been made with accurate and complete information, potentially leading to losses or missed gains for the Fund. </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewerFundRiskMember_z5rcWVPEfKh8" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 48px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; break-inside: avoid"> <span style="box-sizing: border-box; font-family: Times New Roman Bold, Times New Roman, Arial; font-weight: 700">Newer Fund Risk.</span><b style="box-sizing: border-box"> </b>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. </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewerSubadviserRiskMember_zuXzHcA4F732" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 64px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"> <span style="box-sizing: border-box; font-family: Times New Roman Bold, Times New Roman, Arial; font-weight: 700">Newer Sub-Adviser Risk.</span><b style="box-sizing: border-box"> </b>The Sub-Adviser is newly registered with the SEC and has limited experience with managing an exchange-traded fund regulated under the 1940 Act, which may limit the Sub-Adviser’s effectiveness. As a result, there is no long-term track record against which an investor may judge the Sub-Adviser and it is possible the Sub-Adviser may not achieve the Fund’s intended investment objective. </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zEbkLk9dJKx5" style="font: 10pt/normal Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 96px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0"><span style="box-sizing: border-box; font-family: Times New Roman Bold, Times New Roman, Arial; font-weight: 700">Operational Risk.</span><b style="box-sizing: border-box"> </b>The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund relies on third parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund, the Adviser, and the Sub-Adviser seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.</p> Performance <p id="xdx_A8C_eoef--PerformanceNarrativeTextBlock_zyVT4fri4WE9" style="font: 10pt Times New Roman,Times,serif; margin: 0 0 8pt; text-align-last: auto; min-height: 96px; align-content: center; box-sizing: border-box; color: #000; text-align: justify; text-indent: 0; display: block"><span id="xdx_909_eoef--PerformanceOneYearOrLess_c20260526__20260526__dei--LegalEntityAxis__custom--S000090661Member_zHYuAh9Gujj7">Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus.</span> <span id="xdx_904_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260526__20260526__dei--LegalEntityAxis__custom--S000090661Member_zkAqkHaNVsG1">When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance and the Index.</span> <span id="xdx_902_eoef--PerformancePastDoesNotIndicateFuture_c20260526__20260526__dei--LegalEntityAxis__custom--S000090661Member_zWlINS6etxr2">Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund.</span> Updated performance information is available on the Fund’s website at <span id="xdx_904_eoef--PerformanceAvailabilityWebSiteAddress_c20260526__20260526__dei--LegalEntityAxis__custom--S000090661Member_zABFQS6pwjS9">www.IntechETFs.com</span>.</p> Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance and the Index. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. www.IntechETFs.com The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all of the Fund’s expenses, except for the following: advisory and sub-advisory fees, 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 (collectively, the “Excluded Expenses”). Total Excluded Expenses for the last fiscal year. 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. Total Excluded Expenses for the last fiscal year.