(a)
|
|
One Year
|
Since Inception(1)
|
|
AdaptivTM Select ETF – NAV
|
26.58%
|
9.90%
|
AdaptivTM Select ETF – Market
|
26.97%
|
10.07%
|
S&P 500® Index(2)
|
22.66%
|
24.58%
|
(1)
|
Commencement date of the Fund was November 3, 2022.
|
(2)
|
The S&P 500® Index is an unmanaged, capitalization-weighted index generally representative of the U.S.
market for large capitalization stocks. One cannot invest directly in an index.
|
Expenses Paid
|
|||
Beginning
|
Ending
|
During Period(1)
|
|
Account Value
|
Account Value
|
(11/1/2023 to
|
|
11/1/2023
|
4/30/2024
|
4/30/2024)
|
|
Actual(2)
|
$1,000.00
|
$1,282.20
|
$5.67
|
Hypothetical (5% return
|
|||
before expenses)
|
$1,000.00
|
$1,019.89
|
$5.02
|
(1)
|
Expenses are equal to the Fund’s annualized expense ratio for the most recent six-month period of 1.00%, multiplied by the average account value over the period, multiplied by 182/366 to
reflect the one-half year period.
|
(2)
|
Based on the actual NAV return for the six-month period ended April 30, 2024 of 28.22%.
|
Vertiv Holdings Co.
|
6.99%
|
Vistra Corp.
|
6.59%
|
AppLovin Corp.
|
5.47%
|
Core & Main Inc.
|
5.39%
|
Nutanix Inc.
|
4.93%
|
NRG Energy Inc.
|
4.92%
|
Blue Owl Capital Inc.
|
4.34%
|
KeyCorp
|
4.25%
|
Informatica Inc.
|
4.01%
|
Kyndryl Holdings Inc.
|
3.89%
|
(1)
|
Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security.
|
Shares
|
Value
|
|||||||
COMMON STOCKS – 98.08%
|
||||||||
Apparel Retail – 2.71%
|
||||||||
Gap, Inc.
|
72,888
|
$
|
1,495,662
|
|||||
Application Software – 17.95%
|
||||||||
AppLovin Corp. – Class A(a)
|
42,834
|
3,022,795
|
||||||
Informatica, Inc. – Class A(a)
|
71,643
|
2,218,784
|
||||||
Nutanix, Inc. – Class A(a)
|
44,869
|
2,723,548
|
||||||
Palantir Technologies, Inc. – Class A(a)
|
89,051
|
1,956,450
|
||||||
9,921,577
|
||||||||
Asset Management & Custody Banks – 4.34%
|
||||||||
Blue Owl Capital, Inc.
|
126,861
|
2,396,404
|
||||||
Casinos & Gaming – 3.75%
|
||||||||
DraftKings, Inc. – Class A(a)
|
49,842
|
2,071,434
|
||||||
Commercial & Residential Mortgage Finance – 6.43%
|
||||||||
MGIC Investment Corp.
|
94,824
|
1,923,031
|
||||||
Rocket Cos., Inc. – Class A(a)
|
132,869
|
1,631,631
|
||||||
3,554,662
|
||||||||
Consumer Finance – 3.02%
|
||||||||
SLM Corp.
|
78,716
|
1,667,992
|
||||||
Diversified Banks – 7.88%
|
||||||||
KeyCorp
|
162,200
|
2,350,278
|
||||||
NU Holdings Ltd./Cayman Islands – Class A(a)(b)
|
184,633
|
2,005,114
|
||||||
4,355,392
|
||||||||
Diversified Financial Services – 3.50%
|
||||||||
Corebridge Financial, Inc.
|
72,798
|
1,933,515
|
||||||
Electric Utilities – 4.92%
|
||||||||
NRG Energy, Inc.
|
37,380
|
2,716,405
|
||||||
Electrical Components & Equipment – 6.99%
|
||||||||
Vertiv Holdings Co. – Class A
|
41,596
|
3,868,428
|
||||||
Hotel & Resort REITs – 2.26%
|
||||||||
Park Hotels & Resorts, Inc.
|
77,580
|
1,251,365
|
||||||
Independent Power Producers & Energy Traders – 6.59%
|
||||||||
Vistra Corp.
|
48,076
|
3,646,084
|
||||||
Industrial Machinery, Supplies & Components – 2.41%
|
||||||||
Gates Industrial Corp. PLC(a)(b)
|
75,713
|
1,334,063
|
Shares
|
Value
|
|||||||
COMMON STOCKS – 98.08% (Continued)
|
||||||||
Investment Banking & Brokerage – 3.69%
|
||||||||
Robinhood Markets, Inc. – Class A(a)
|
123,593
|
$
|
2,038,049
|
|||||
IT Consulting & Other Services – 3.89%
|
||||||||
Kyndryl Holdings, Inc.(a)
|
109,231
|
2,147,481
|
||||||
Mortgage REITs – 3.25%
|
||||||||
Rithm Capital Corp.
|
161,360
|
1,794,324
|
||||||
Oil & Gas Equipment & Services – 3.50%
|
||||||||
TechnipFMC PLC(b)
|
75,602
|
1,936,923
|
||||||
Pharmaceuticals – 2.31%
|
||||||||
Viatris, Inc.
|
110,195
|
1,274,956
|
||||||
Publishing – 3.30%
|
||||||||
News Corp. – Class B
|
74,235
|
1,821,727
|
||||||
Trading Companies & Distributors – 5.39%
|
||||||||
Core & Main, Inc. – Class A(a)
|
52,749
|
2,978,736
|
||||||
Total Common Stocks
|
||||||||
(Cost $43,026,725)
|
54,205,179
|
|||||||
SHORT-TERM INVESTMENTS – 1.98%
|
||||||||
Money Market Funds – 1.98%
|
||||||||
First American Treasury Obligations Fund, Class X, 5.21%(c)
|
1,093,003
|
1,093,003
|
||||||
Total Short-Term Investments
|
||||||||
(Cost $1,093,003)
|
1,093,003
|
|||||||
Total Investments
|
||||||||
(Cost $44,119,728) – 100.06%
|
55,298,182
|
|||||||
Liabilities in Excess of Other Assets – (0.06)%
|
(33,306
|
)
|
||||||
Total Net Assets – 100.00%
|
$
|
55,264,876
|
(a)
|
Non-income producing security.
|
(b)
|
Foreign issued security.
|
(c)
|
The rate quoted is the annualized seven-day effective yield as of April 30, 2024.
|
ASSETS:
|
||||
Investments, at value (Cost $44,119,728)
|
$
|
55,298,182
|
||
Receivable for investments sold
|
2,398,331
|
|||
Dividends and interest receivable
|
19,935
|
|||
Total assets
|
57,716,448
|
|||
LIABILITIES:
|
||||
Payable for investments purchased
|
2,405,832
|
|||
Payable to Adviser
|
45,740
|
|||
Total liabilities
|
2,451,572
|
|||
NET ASSETS
|
$
|
55,264,876
|
||
NET ASSETS CONSIST OF:
|
||||
Paid-in capital
|
$
|
48,876,125
|
||
Total distributable earnings
|
6,388,751
|
|||
Net assets
|
$
|
55,264,876
|
||
Shares issued and outstanding(1)
|
1,930,000
|
|||
Net asset value
|
$
|
28.63
|
(1)
|
Unlimited shares authorized without par value.
|
INVESTMENT INCOME:
|
||||
Dividend income
|
$
|
268,645
|
||
Interest income
|
77,831
|
|||
Total investment income
|
346,476
|
|||
EXPENSES:
|
||||
Investment advisory fees (See Note 3)
|
253,635
|
|||
Total expenses
|
253,635
|
|||
NET INVESTMENT INCOME
|
92,841
|
|||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
|
||||
Net realized gain (loss) on:
|
||||
Investments
|
(640,060
|
)
|
||
Redemptions in-kind transactions
|
1,656,738
|
|||
Net realized gain
|
1,016,678
|
|||
Net change in unrealized appreciation (depreciation) on investments
|
11,178,058
|
|||
Net realized and unrealized gain on investments
|
12,194,736
|
|||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
|
$
|
12,287,577
|
Six Months Ended
|
For the Period
|
|||||||
April 30, 2024
|
Inception through
|
|||||||
(Unaudited)
|
October 31, 2023(1)
|
|||||||
OPERATIONS:
|
||||||||
Net investment income
|
$
|
92,841
|
$
|
61,251
|
||||
Net realized gain (loss):
|
||||||||
Investments
|
(640,060
|
)
|
(5,985,822
|
)
|
||||
Redemptions in-kind transactions
|
1,656,738
|
575,751
|
||||||
Net change in unrealized appreciation (depreciation) on investments
|
11,178,058
|
396
|
||||||
Net increase (decrease) in net assets resulting from operations
|
12,287,577
|
(5,348,424
|
)
|
|||||
CAPITAL SHARE TRANSACTIONS:
|
||||||||
Proceeds from shares sold
|
6,566,491
|
58,219,829
|
||||||
Payments for shares redeemed
|
(9,588,141
|
)
|
(6,719,359
|
)
|
||||
Transaction fees
|
—
|
322
|
||||||
Net increase (decrease) in net assets
|
||||||||
resulting from capital share transactions(2)
|
(3,021,650
|
)
|
51,500,792
|
|||||
DISTRIBUTIONS TO SHAREHOLDERS
|
||||||||
From distributable earnings (See Note 4)
|
(110,592
|
)
|
(42,827
|
)
|
||||
NET INCREASE IN NET ASSETS
|
9,155,335
|
46,109,541
|
||||||
NET ASSETS:
|
||||||||
Beginning of period
|
46,109,541
|
—
|
||||||
End of period
|
$
|
55,264,876
|
$
|
46,109,541
|
(1)
|
Commencement date of the Fund was November 3, 2022.
|
(2)
|
A summary of capital share transactions is as follows:
|
Six Months Ended
|
For the Period
|
|||||||
April 30, 2024
|
Inception through
|
|||||||
(Unaudited)
|
October 31, 2023(1)
|
|||||||
Shares
|
Shares
|
|||||||
SHARE TRANSACTIONS:
|
||||||||
Issued
|
230,000
|
2,340,000
|
||||||
Redeemed
|
(360,000
|
)
|
(280,000
|
)
|
||||
Net increase (decrease) in shares outstanding
|
(130,000
|
)
|
2,060,000
|
Six Months Ended
|
For the Period
|
|||||||
April 30, 2024
|
Inception through
|
|||||||
(Unaudited)
|
October 31, 2023(1)
|
|||||||
PER SHARE DATA:
|
||||||||
Net asset value, beginning of period
|
$
|
22.38
|
$
|
25.00
|
||||
INVESTMENT OPERATIONS:
|
||||||||
Net investment income(2)
|
0.05
|
0.04
|
||||||
Net realized and unrealized gain (loss) on investments
|
6.26
|
(2.60
|
)
|
|||||
Total from investment operations
|
6.31
|
(2.56
|
)
|
|||||
CAPITAL SHARE TRANSACTIONS:
|
||||||||
Transaction fees (see Note 6)
|
0.00
|
0.00
|
(3)
|
|||||
LESS DISTRIBUTIONS FROM:
|
||||||||
Net investment income
|
(0.06
|
)
|
(0.06
|
)
|
||||
Net asset value, end of period
|
$
|
28.63
|
$
|
22.38
|
||||
TOTAL RETURN, AT NAV(4)(6)
|
28.22
|
%
|
-10.24
|
%
|
||||
TOTAL RETURN, AT MARKET(5)(6)
|
27.27
|
%
|
-9.37
|
%
|
||||
SUPPLEMENTAL DATA AND RATIOS:
|
||||||||
Net assets, end of period (in thousands)
|
$
|
55,265
|
$
|
46,110
|
||||
Ratio of expenses to average net assets(7)
|
1.00
|
%
|
1.00
|
%
|
||||
Ratio of net investment income to average net assets(7)
|
0.37
|
%
|
0.16
|
%
|
||||
Portfolio turnover rate(6)(8)(9)
|
66
|
%
|
499
|
%
|
(1)
|
Commencement date of the Fund was November 3, 2022.
|
(2)
|
Calculated based on average shares outstanding during the period.
|
(3)
|
Less than $0.005 per share.
|
(4)
|
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net
asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder’s investment in the Fund based on market value due to the
differences between the market price of the shares and the net asset value per share of the Fund.
|
(5)
|
Market value total return is calculated assuming an initial investment made at market value at the beginning of the period, reinvestment of all dividends and distributions at market value
during the period, if any, and redemption on the last day of the period at market value. Market value is determined by the composite closing price. Composite closing security price is defined as the last reported sale price on the NYSE
Arca. The composite closing price is the last reported sale, regardless of volume, and not an average price, and may have occurred on a date prior to the close of the reporting period. Market value may be greater or less than net asset
value, depending on the Fund’s closing price on the NYSE Arca.
|
(6)
|
Not annualized for periods less than one year.
|
(7)
|
Annualized for periods less than one year.
|
(8)
|
Excludes impact of in-kind transactions.
|
(9)
|
The numerator for the portfolio turnover rate includes the lesser of purchases or sales (excluding short-term investments and securities sold short). The denominator includes the average fair
value of long positions throughout the period.
|
Level 1 –
|
Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
|
Level 2 –
|
Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the
identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
|
Level 3 –
|
Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant
would use in valuing the asset or liability, and would be based on the best information available.
|
Investments at Fair Value
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Assets
|
||||||||||||||||
Common Stocks
|
$
|
54,205,179
|
$
|
—
|
$
|
—
|
$
|
54,205,179
|
||||||||
Short-Term Investments
|
1,093,003
|
—
|
—
|
1,093,003
|
||||||||||||
Total Investments in Securities
|
$
|
55,298,182
|
$
|
—
|
$
|
—
|
$
|
55,298,182
|
Tax cost of investments*
|
$
|
48,018,530
|
||
Gross unrealized appreciation
|
$
|
396
|
||
Gross unrealized depreciation
|
(2,365,554
|
)
|
||
Net unrealized depreciation
|
(2,365,158
|
)
|
||
Undistributed ordinary income
|
18,424
|
|||
Undistributed long-term capital gains
|
—
|
|||
Other accumulated losses
|
(3,441,500
|
)
|
||
Total accumulated loss
|
$
|
(5,788,234
|
)
|
*
|
Represents cost for federal income tax purposes and differs from the cost for financial reporting purposes due to wash sales.
|
Ordinary Income
|
Total
|
|||||||
2024
|
$
|
110,592
|
$
|
110,592
|
||||
2023
|
42,827
|
42,827
|
Purchases
|
Sales
|
Creation In-Kind
|
Redemptions In-Kind
|
|||||||||||||
U.S. Government Securities
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
||||||||
Other Securities
|
$
|
74,256,491
|
$
|
28,946,008
|
$
|
6,208,292
|
$
|
9,469,597
|
(b)
|
Not applicable.
|
(a)
|
Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.
|
(b)
|
Not applicable.
|
(a)
|
The Registrant’s President and Treasurer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing
of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d‑15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are
effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service
provider.
|
(b)
|
There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably
likely to materially affect, the Registrant's internal control over financial reporting.
|
(a)
|
(1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the Registrant intends to satisfy Item 2 requirements through filing an
exhibit. Not applicable.
|