What were the Fund's costs for the last year? 

(based on a hypothetical $10,000 investment)

How did the Fund perform last year?

The Fund delivered its performance driven by several key themes. The Fund's emerging market exposure contributed positively, with Latin American positions like Argentina, Colombia and Brazil generating returns. Technology holdings also contributed led by Software and Technology ETFs. Currency positions were also profitable. However, renewable energy holdings created headwinds, with TAN and ENPH falling. Options strategies were mixed - hedges for a gold decline via derivatives provided gains while some rate hedges detracted. The Fund's primary benchmark, Bloomberg World Large & Mid Cap Index was up 17.64% for the fiscal year ended September 30, 2025, and the Fund underperformed its benchmark during the year. The Fund's tactical approach to emerging markets, particularly in reflationary environments, combined with selective technology exposure, drove performance despite challenging conditions in some of the other themes.

Fund Statistics

Portfolio Composition

Material Fund Changes

This is a summary of certain changes to the Fund since September 30, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 28, 2026, or upon request by contacting us at 1-866-898-6447.

Effective February 1, 2025, the Fund's expense limitation changed from 0.99% to 1.85% of the Fund's average daily net assets.

What were the Fund's costs for the last year? 

(based on a hypothetical $10,000 investment)

How did the Fund perform last year?

The Fund delivered its income-focused performance despite challenging fixed-income conditions. The Fund's largest contributor was emerging market debt, reflecting the view of an emerging market credit recovery in 2025. Inflation linked and international bonds provided duration and currency diversification. However, interest rate volatility hedges were detractors. The mortgage REIT sector showed mixed results. Derivative strategies on rates provided modest hedging benefits. The Fund's primary benchmark, Bloomberg U.S. Aggregate Bond Index was up 2.88% for the fiscal year ended September 30, 2025, and the Fund outperformed its benchmark during the year. The Fund' emphasis on emerging market debt, closed-end fund opportunities, and diversified fixed-income exposure successfully navigated the complex rate environment while maintaining yield characteristics throughout the period.

Fund Statistics

Portfolio Composition

Material Fund Changes

This is a summary of certain changes to the Fund since September 30, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 28, 2026, at https://ghms.gham.co/, or upon request by contacting us at 1-866-898-6447.

Effective July 24, 2025, the Fund updated its principal investment strategies to include investments of preferred stock and closed-end funds.

The Board has determined to liquidate the Goose Hollow Multi-Strategy Income ETF with the liquidation payment to shareholders expected to take place on or about November 28, 2025, following recommendation by the Fund's adviser. 

What were the Fund's costs for the last year? 

(based on a hypothetical $10,000 investment)

How did the Fund perform last year?

The Fund returned 3.92%, for the fiscal year ended September 30, 2025, underperforming its benchmark, the Dow Jones U.S. Moderately Conservative Portfolio Index, which returned 7.97% for the year. Last year’s volatile markets saw equities and bonds move in tandem as investors reacted to inflation, shifting Federal Reserve policy, and recession fears—challenging many conservative strategies. Amid this turbulence, the Fund upheld its disciplined, risk-aware approach, balancing income generation with capital preservation. The Fund's tactical flexibility kept the portfolio aligned with its mission: steady, mindful market participation without chasing short-term trends. The Fund demonstrated the value of diversification, adaptability, and maintaining a measured path through uncertainty. The Fund outpaced the targeted benchmark. Top Contributors: Vanguard Mega Cap Growth ETF, iShares Convertible Bond  ETF, and SPDR Bloomberg Convertible Securities ETF. Bottom Performers: VanEck Morningstar Wide Moat ETF, First TR Morningstar Dividend ETF, and Vanguard Intermediate Term Corporate Bond ETF.

Fund Statistics

Portfolio Composition

Material Fund Changes

There were no material fund changes during the reporting period. 

What were the Fund's costs for the last year? 

(based on a hypothetical $10,000 investment)

How did the Fund perform last year?

The Fund returned 4.25%, for the fiscal year ended September 30, 2025, underperforming its benchmark, the S&P 500 Index, which returned 17.60% for the year.

With markets grappling with alternating waves of optimism and caution, the Fund's rules-based methodology provided clarity through the more volatile periods of the year. By systematically applying its process, the Fund was able to emphasize areas of strength while limiting exposure to segments showing weakness. The balanced value/growth basket of securities performed in line with similar risk profiles, yet underperformed relative to the broad market. Investors faced a year of shifting narratives around inflation, interest rates, and earnings, but the Fund stayed true to its philosophy of delivering transparent, disciplined exposure. Top Contributors: MICRON TECHNOLOGY INC, CONSTELLATION ENERGY CORP and NVIDIA CORP. Bottom Performers: MONOLITHIC POWER SYSTEMS INC, LULULEMON ATHLETICA INC and ATLASSIAN CORP.

Fund Statistics

Portfolio Composition

Material Fund Changes

There were no material fund changes during the reporting period. 

What were the Fund's costs for the last year? 

(based on a hypothetical $10,000 investment)

How did the Fund perform last year?

The Fund returned 12.73%, for the year ended September 30, 2025, underperforming its benchmark, the Morningstar US Large-Mid Cap Index, which returned 18.10% for the year.

Last year, the Fund delivered strong results amid sector rotation, macro uncertainty, and shifting market leadership. As U.S. equities swung between growth and value, the Fund’s tactical sector allocation enabled it to capture momentum in leading areas while trimming weaker exposures. Many static sector funds lagged in a volatile environment shaped by rate changes, inflation surprises, and fluctuating sentiment. The Fund’s flexibility and active navigation drove outperformance and managed drawdowns, validating its disciplined, selective approach. In a year of wide sector dispersion, the Fund proved the value of dynamic positioning. The Fund outpaced the targeted benchmark. Top Contributors: TECHNOLOGY SELECT SECTOR SPDR FUND and VANGUARD INDUSTRIALS INDEX FUND. Bottom Performers: VANGUARD ENERGY INDEX FUND and VANGUARD CONSUMER STAPLES INDEX FUND. 

Fund Statistics

Portfolio Composition

Material Fund Changes

There were no material fund changes during the reporting period. 

What were the Fund's costs for the last year? 

(based on a hypothetical $10,000 investment)

How did the Fund perform last year?

The Fund returned 21.03%, for the year ended September 30, 2025, outperforming its benchmark, the Morningstar US Large-Mid Cap Index, which returned 19.19% for the year. The Fund maintained a focus on growth throughout the year. The environment was particularly challenging, with interest-rate volatility and shifting earnings expectations, driving sharp rotations throughout the year. Against that backdrop, the Fund provided investors with a growth strategy that dynamically shifted. Whereas the Fund underperformed in the first quarter of 2025, the Fund delivered strong performance throughout the remainder of the year and outperformed the benchmarks. The consistent and disciplined approach allowed the Fund to stay aligned with its objective of delivering a growth driven solution, even amid heightened volatility. Top Contributors: APPLOVIN CORP, WESTERN DIGITAL CORP, CLOUDFLARE INC, UBIQUITI INC, and TAPESTRY INC. Bottom Performers: LULULEMON, ATHLETICA INC, MARVELL TECHNOLOGY INC, BUILDERS FIRSTSOURCE INC, and DECKERS OUTDOOR CORP. 

Fund Statistics

Portfolio Composition

Material Fund Changes

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 28, 2026 at  https://www.mohrfunds.com/cnav-mohr-company-nav-etf or upon request by contacting us at 1-866-898-6447.

Effective October 28, 2025, a Creation Unit in the Fund is 10,000 shares.

What were the Fund's costs for the last year? 

(based on a hypothetical $10,000 investment)

How did the Fund perform last year?

The Fund returned 5.24%, for the fiscal year ended September 30, 2025, outperforming its benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 2.88% for the year.

- A shift from a tightening to easing cycle by the Federal Reserve contributed to performance.

- Overweight exposure to emerging market debt and securitized debt contributed to relative performance

- Security selection within each asset class contributed to positive relative performance.

Fund Statistics

Portfolio Composition

Material Fund Changes

There were no material fund changes during the reporting period.

What were the Fund's costs for the last year? 

(based on a hypothetical $10,000 investment)

How did the Fund perform last year?

The Fund returned -0.12%, for the fiscal year ended September 30, 2025, underperforming its benchmark, the Bloomberg Municipal Bond Index, which returned 1.39% for the year.

• The excessive forward pricing of future Federal Reserve interest rate cuts by the US fixed income market caused negative principal returns for the Fund, as the Federal Reserve did not deliver on those cuts.

•The rebound in US municipal bond markets was very slow, relative to other parts of US fixed income market, following the trade-related market disruptions in the spring.

Fund Statistics

Portfolio Composition

Material Fund Changes

There were no material fund changes during the reporting period.

What were the Fund's costs for the last year? 

(based on a hypothetical $10,000 investment)

How did the Fund perform last year?

The Fund returned 13.99%, for the fiscal year ended September 30, 2025, underperforming its benchmark, the MSCI All Country World Index ("MSCI ACWI Index"), which returned 17.80% for the year.

• The Fund used long-term and short-term behavior models to take long and short positions. The Fund seeks to add value by owning regional markets when expected returns are positive and taking defensive positions when expected returns are negative.

• The Fund outperformed U.S. Small Cap. The Fund underperformed U.S. Large Cap, U.S. Large Cap Growth, MSCI EAFE, and MSCI Emerging Market Equities.

• The underperformance is the result of international equity outperformance and the benchmark composition of the MSCI ACWI Index. The MSCI ACWl Index top geographical exposure is ~65% U.S. and holds a small allocation to U.S. Small Cap.

Fund Statistics

Portfolio Composition

Material Fund Changes

This is a summary of changes to the Fund since September 30, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 28, 2026 at https://rareviewcapital.com/systematic-equity-etf/, or upon request by contacting us at 1-888-783-8637.

At a special shareholder meeting held on March 14, 2025, a new sub-advisory agreement between the Fund's adviser, Rareview Capital LLC, and sub-adviser, GST Management, LLC dba RegimePilot was approved.

What were the Fund's costs for the last year? 

(based on a hypothetical $10,000 investment)

How did the Fund perform last year?

 The Fund returned 2.18% for the fiscal year ended September 30, 2025, underperforming its benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 2.88% for the year.

• In general, the Fund’s underperformance was modest. The underperformance began to close at the end of the year, and was led by the following factors:

• Relatively higher exposure to high convexity parts of the government-backed market, which underperformed relative to the index’s holdings.

• Relative exposure to higher yielding corporate and non-US government instruments, where the index holds none.

Fund Statistics

Portfolio Composition

Material Fund Changes

There were no material fund changes during the reporting period.

What were the Fund's costs for the last year? 

(based on a hypothetical $10,000 investment)

How did the Fund perform last year?

The Fund's average annual total return was 6.87% for the year ended September 30, 2025, this outperformed the IQ Merger Arbitrage Index (6.25%) and underperformed the S&P 500 Index (17.60%). The Fund benefited from a resurgence in interest around SPACs that began early in 2025. Many of the SPAC investments were related to some of the top performing market themes, including crypto treasury companies, AI, and SPACs tied to President Trump’s inner circle. Many of these SPACs ran up well over their NAV floors and corrected somewhat in June and July, leading to the Fund's outperformance compared to IQ Merger Arbitrage Index. 

Fund Statistics

Portfolio Composition

Material Fund Changes

This is a summary of certain changes to the Fund since September 30, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 28, 2026, at http://www.spcxetf.com, or upon request by contacting us at 1-866-904-0406.

Effective June 9, 2025, Tuttle Capital Management, LLC, the Fund's adviser, entered into an expense limitation agreement to ensure the Fund's net annual fund operating expenses would not exceed 0.95% at least through January 31, 2026.