# EDGAR Filing Document

**Accession Number:** 0001742912
**File Stem:** 0001999371-25-019816
**Filing Date:** 2025-12
**Character Count:** 345601
**Document Hash:** a65ed88055319bf48aeffba4b2a11641
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-019816.hdr.sgml**: 20251208

**ACCESSION NUMBER**: 0001999371-25-019816

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 28

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251208

**DATE AS OF CHANGE**: 20251208

**EFFECTIVENESS DATE**: 20251208

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Tidal Trust I
- **CENTRAL INDEX KEY:** 0001742912

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23377
- **FILM NUMBER:** 251557065

**BUSINESS ADDRESS:**
- **STREET 1:** 234 WEST FLORIDA STREET, SUITE 203
- **CITY:** MILWAUKEE,
- **STATE:** WI
- **ZIP:** 53204
- **BUSINESS PHONE:** 844-986-7676

**MAIL ADDRESS:**
- **STREET 1:** 234 WEST FLORIDA STREET, SUITE 203
- **CITY:** MILWAUKEE,
- **STATE:** WI
- **ZIP:** 53204

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Tidal ETF Trust
- **DATE OF NAME CHANGE:** 20180606

## Series and Classes Contracts Data

### Gotham Enhanced 500 ETF (Series ID: S000069980)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000222846 | Gotham Enhanced 500 ETF | GSPY            |

### Gotham 1000 Value ETF (Series ID: S000076475)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000236401 | Gotham 1000 Value ETF | GVLU            |

### Gotham Short Strategies ETF (Series ID: S000082296)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000245586 | Gotham Short Strategies ETF | SHRT            |

?xml version='1.0' encoding='ASCII'? gotham_tsr

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

**FORM N-CSR** 

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **<u>(811-23377)</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>Tidal Trust I</u>**

(Exact name of registrant as specified in charter)

**234 West Florida Street, Suite 203**

**Milwaukee, Wisconsin 53204**

(Address of principal executive offices) (Zip code)

**Eric W. Falkeis**

**Tidal Trust I 234 West Florida Street, Suite 203**

**Milwaukee, Wisconsin 53204**

(Name and address of agent for service)

**(844) 986-7700**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>September 30</u>**

Date of reporting period:  **<u>September 30, 2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

**Gotham Enhanced 500 ETF** Tailored Shareholder Report

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; annual shareholder report September 30, 2025**

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gotham Enhanced 500 ETF
Ticker: GSPY (Listed on NYSE Arca, Inc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This annual shareholder report contains important information about the Gotham Enhanced 500 ETF (the "Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at www.gothametfs.com/gspy. You can also request this information by contacting us at (855) 998-4779 or by writing to the Gotham Enhanced 500 ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Gotham Enhanced 500 ETF | $54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%  |

---

#### Cumulative Performance
(Initial Investment of $10,000)

![line](qes1kzoc1mhnw6q6x.jpg)

#### Annual Performance

---

| | | |
|:---|:---|:---|
| **Annualized Returns for the Period**<br> **Ended September 30, 2025**<br>  | **1 Year**<br>  | **Since Inception**<br> **(12/28/2020)**<br>  |
| **Gotham Enhanced 500 ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17.01%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.37%  |
| **S&P 500<sup>®</sup> Total Return Index** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17.60%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.72%  |

---

#### How did the Fund perform last year and what affected its performance?
• For the fiscal year ended 9/30/2025, the Gotham Enhanced 500 ETF returned 17.01% and the S&P 500 Total Return Index returned 17.60%.

• Top contributors and detractors by sector and stock positions are below:

**Sector Contributors/Detractors**

---

| | | |
|:---|:---|:---|
|  | **Contribution**<br>| **Average Exposure**<br>|
| **Largest Contributors**<br>|  |  |
| Information Technology<br>| 8.01%<br>| 30.11%<br>|
| Communication Services<br>| 3.87%<br>| 13.04%<br>|
| **Largest Detractors**<br>|  |  |
| Health Care<br>| -0.59%<br>| 9.37%<br>|

---

**Stock Contributors/Detractors**

---

| | | |
|:---|:---|:---|
|  | **Contribution**<br>| **Average Exposure**<br>|
| **Largest Contributors**<br>|  |  |
| NVIDIA Corporation<br>| 2.79%<br>| 6.09%<br>|
| Alphabet Inc<br>| 2.01%<br>| 4.44%<br>|
| **Largest Detractors**<br>|  |  |
| Merck & Co Inc<br>| -0.29%<br>| 0.98%<br>|
| UnitedHealth Group Incorporated<br>| -0.27%<br>| 0.89%<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Visit www.gothametfs.com/gspy for more recent performance information.

**Gotham Enhanced 500 ETF** Tailored Shareholder Report

#### Key Fund Statistics
(as of September 30, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Size (Thousands)** | $638148 |
| **Number of Holdings** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 503  |
| **Net Advisory Fee Paid** | $2675982 |
| **Portfolio Turnover Rate** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135%  |

---

#### What did the Fund invest in?
(as of September 30, 2025)

#### Sector Breakdown
(% of total net assets)

![bar](qes9hxx01mhxp2sz3.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | **(% of total net assets)**<br>  |
| **Microsoft Corp.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.4  |
| **NVIDIA Corp.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.9  |
| **Apple, Inc.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.2  |
| **Alphabet, Inc. - Class A** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.8  |
| **Amazon.com, Inc.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.5  |
| **Meta Platforms, Inc. - Class A** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.7  |
| **Visa, Inc. - Class A** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.1  |
| **Broadcom, Inc.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.1  |
| **Berkshire Hathaway, Inc. -**<br> **Class B** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.8  |
| **JPMorgan Chase & Co.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.5  |

---

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This is a summary of certain changes to the Fund. For more complete information, you may review the Fund's prospectus.

#### How has the Fund changed?
Effective August 1, 2025, U.S. Bancorp Fund Services, LLC, doing business as Global Fund Services, no longer serves as the Sub-Administrator for each series of Tidal Trust I, including the Fund.

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.gothametfs.com/gspy .

#### Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

Gotham 1000 Value ETF Tailored Shareholder Report

**annual shareholder report September 30, 2025**

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gotham 1000 Value ETF
Ticker: GVLU (Listed on NYSE Arca, Inc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This annual shareholder report contains important information about the Gotham 1000 Value ETF (the "Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at www.gothametfs.com/gvlu. You can also request this information by contacting us at (855) 998-4779 or by writing to the Gotham 1000 Value ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Gotham 1000 Value ETF | $51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%  |

---

#### Cumulative Performance
(Initial Investment of $10,000)

![line](qesa1tl41mi7xax2t.jpg)

#### Annual Performance

---

| | | |
|:---|:---|:---|
| **Annualized Returns for the Period**<br> **Ended September 30, 2025**<br>  | **1 Year**<br>  | **Since Inception**<br> **(6/7/2022)**<br>  |
| **Gotham 1000 Value ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.62%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.30%  |
| **Russell 1000 Total Return Index** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17.75%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16.88%  |
| **Russell 1000 Value Total Return Index** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.44%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.90%  |

---

#### How did the Fund perform last year and what affected its performance?
• For the fiscal year ended 9/30/2025, the Gotham 1000 Value ETF returned 5.62% and the Russell 1000 Value Index returned 9.44%.

• Top contributors and detractors by sector and stock positions are below:

**Sector Contributors/Detractors**

---

| | | |
|:---|:---|:---|
|  | **Contribution**<br>| **Average Exposure**<br>|
| **Largest Contributors**<br>|  |  |
| Consumer Discretionary<br>| 1.76%<br>| 15.54%<br>|
| Industrials<br>| 1.45%<br>| 14.47%<br>|
| **Largest Detractors**<br>|  |  |
| Consumer Staples<br>| -0.79%<br>| 11.42%<br>|
| Health Care<br>| -0.35%<br>| 13.50%<br>|

---

**Stock Contributors/Detractors**

---

| | | |
|:---|:---|:---|
|  | **Contribution**<br>| **Average Exposure**<br>|
| **Largest Contributors**<br>|  |  |
| Kinross Gold Corp<br>| 0.52%<br>| 0.47%<br>|
| Western Digital Corp<br>| 0.46%<br>| 0.37%<br>|
| **Largest Detractors**<br>|  |  |
| Centene Corp<br>| -0.24%<br>| 0.43%<br>|
| Conagra Brands Inc<br>| -0.24%<br>| 0.47%<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Visit www.gothametfs.com/gvlu for more recent performance information.

Gotham 1000 Value ETF Tailored Shareholder Report

#### Key Fund Statistics
(as of September 30, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Size (Thousands)** | $207564 |
| **Number of Holdings** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 473  |
| **Net Advisory Fee Paid** | $922459 |
| **Portfolio Turnover Rate** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210%  |

---

#### What did the Fund invest in?
(as of September 30, 2025)

#### Sector Breakdown
(% of total net assets)

![bar](qesa1tl41mi7xbvo3.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | **(% of total net assets)**<br>  |
| **Primoris Services Corp.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.6  |
| **Kinross Gold Corp** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.6  |
| **Western Digital Corp.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.6  |
| **Newmont Corp.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.6  |
| **Paramount Skydance Corp. -**<br> **Class B** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.6  |
| **NEXTracker, Inc. - Class A** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.5  |
| **Macy's, Inc.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.5  |
| **TC Energy Corp.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.5  |
| **Molina Healthcare, Inc.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.5  |
| **Dollar General Corp.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.5  |

---

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This is a summary of certain changes to the Fund. For more complete information, you may review the Fund's prospectus.

#### How has the Fund changed?
Effective August 1, 2025, U.S. Bancorp Fund Services, LLC, doing business as Global Fund Services, no longer serves as the Sub-Administrator for each series of Tidal Trust I, including the Fund.

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.gothametfs.com/gvlu .

#### Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

**Gotham Short Strategies ETF** Tailored Shareholder Report

**annual shareholder report September 30, 2025**

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gotham Short Strategies ETF
Ticker: SHRT (Listed on NYSE Arca, Inc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This annual shareholder report contains important information about the Gotham Short Strategies ETF (the "Fund") for the period October 1, 2024 to September 30, 2025. You can find additional information about the Fund at www.gothametfs.com/shrt. You can also request this information by contacting us at (855) 998-4779 or by writing to the Gotham Short Strategies ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name**<br>  | **Costs of a $10,000 investment**<br>  | **Costs paid as a percentage of a $10,000 investment**<br>  |
| Gotham Short Strategies ETF | $129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.35%  |

---

#### Cumulative Performance
(Initial Investment of $10,000)

![line](qesa1tl41mi6cdgup.jpg)

#### Annual Performance

---

| | | | |
|:---|:---|:---|:---|
| <br> **Annualized Returns for the Period**<br> **Ended September 30, 2025**<br>  | **1 Year**<br>  | **5 Year**<br>  | **10 Year**<br>  |
| **Gotham Short Strategies ETF**  | -9.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.92%  | -2.89% |
| **S&P 500 Total Return Index** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17.60%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16.47%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.30%  |
| **50% Inverse of the S&P 500**<br> **Total Return Index** | -8.95% | -9.30% | -8.39% |

---

#### How did the Fund perform last year and what affected its performance?
• For the fiscal year ended 9/30/2025, the Gotham Short Strategies ETF returned -9.47% and the 50% Inverse of the S&P 500 returned -8.95%.

• The spread for the fiscal year was -5.15%¹.

• The long portfolio contributed 11.96% for the fiscal year. The short portfolio detracted -25.68% for the fiscal year.

• Top contributors and detractors by sector and stock positions are below:

**Sector Contributors/Detractors**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Contribution**<br>| **Average Exposure**<br>|
|  | **Largest Contributors**<br>|  |  |
| Long<br>| Information Technology<br>| 2.69%<br>| 19.31%<br>|
|  | Materials<br>| 2.62%<br>| 9.99%<br>|
| Short<br>| Health Care<br>| 1.10%<br>| -14.82%<br>|
|  | Consumer Staples<br>| 0.22%<br>| -7.92%<br>|
|  | **Largest Detractors**<br>|  |  |
| Long<br>| Health Care<br>| -1.55%<br>| 18.85%<br>|
| Short<br>| Information Technology<br>| -13.88%<br>| -31.49%<br>|
|  | Industrials<br>| -4.09%<br>| -26.02%<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Visit www.gothametfs.com/shrt for more recent performance information.

Gotham Short Strategies ETF Tailored Shareholder Report

**Stock Contributors/Detractors**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Contribution**<br>| **Average Exposure**<br>|
|  | **Largest Contributors**<br>|  |  |
| Long<br>| Western Digital Corp<br>| 1.40%<br>| 1.20%<br>|
|  | Pan American Silver Corp<br>| 0.87%<br>| 1.37%<br>|
| Short<br>| Sarepta Therapeutics Inc<br>| 1.67%<br>| -1.27%<br>|
|  | Dow Inc<br>| 1.02%<br>| -1.97%<br>|
|  | **Largest Detractors**<br>|  |  |
| Long<br>| Gartner Inc<br>| -0.68%<br>| 0.67%<br>|
|  | FMC Corp.<br>| -0.67%<br>| 1.33%<br>|
| Short<br>| AppLovin Corporation<br>| -2.07%<br>| -1.37%<br>|
|  | Credo Technology Group Holding Ltd<br>| -1.60%<br>| -1.38%<br>|

---

¹ The spread is defined as how much the Fund's long portfolio outperformed its short portfolio adjusted for leverage (i.e. 100% long the long portfolio less 100% long the short portfolio).

Gotham Short Strategies ETF Tailored Shareholder Report

#### Key Fund Statistics
(as of September 30, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Size (Thousands)** | $12740 |
| **Number of Holdings** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 591  |
| **Total Advisory Fee Paid** | $163321 |
| **Portfolio Turnover Rate** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 685%  |

---

#### What did the Fund invest in?\*
(as of September 30, 2025)

#### Sector Breakdown
(% of total net assets)

![bar](qesa1tl41mhnxwol2.jpg)

\* Sector Breakdown and Top Ten Holdings are of the long positions only and do not include the underlying referenced securities that are held via swap (both long and short).

---

| | |
|:---|:---|
| **Top Ten Holdings**<br>  | **(% of total net assets)**<br>  |
| **APA Corp.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.9  |
| **Antero Resources Corp.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.8  |
| **Analog Devices, Inc.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.8  |
| **Five Below, Inc.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.7  |
| **Ciena Corp.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.7  |
| **Micron Technology, Inc.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.5  |
| **Pfizer, Inc.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.5  |
| **SoundHound AI, Inc. - Class A** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.5  |
| **HF Sinclair Corp.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.4  |
| **Keysight Technologies, Inc.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.3  |

---

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This is a summary of certain changes to the Fund. For more complete information, you may review the Fund's prospectus.

#### How has the Fund changed?
Effective August 1, 2025, U.S. Bancorp Fund Services, LLC, doing business as Global Fund Services, no longer serves as the Sub-Administrator for each series of Tidal Trust I, including the Fund.

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.gothametfs.com/shrt .

#### Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

**<u>Item 2. Code of Ethics.</u>**

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

*A copy of the registrant's Code of Ethics is filed herewith.*

**<u>Item 3. Audit Committee Financial Expert.</u>**

The registrant's Board of Trustees of the Trust has determined that there is at least two audit committee financial experts serving on its audit committee. Mr. Dusko Culafic and Mr. Eduardo Mendoza are the "audit committee financial experts" and are considered to be "independent" as each term is defined in Item 3 of Form N-CSR.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for the fiscal year. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. There were no "Other services" provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

Gotham Enhanced 500 ETF

---

| | | |
|:---|:---|:---|
| | FYE 9/30/2025 | FYE 9/30/2024 |
| (a) Audit Fees | $13500 | $13125 |
| (b) Audit-Related Fees | N/A | N/A |
| (c) Tax Fees | $2750 | $2625 |
| (d) All Other Fees | N/A | N/A |

---

Gotham 1000 Value ETF

---

| | | |
|:---|:---|:---|
| | FYE 9/30/2025 | FYE 9/30/2024 |
| (a) Audit Fees | $13500 | $13125 |
| (b) Audit-Related Fees | N/A | N/A |
| (c) Tax Fees | $2750 | $2625 |
| (d) All Other Fees | N/A | N/A |

---

Gotham Short Strategies ETF

---

| | | |
|:---|:---|:---|
| | FYE 9/30/2025 | FYE 9/30/2024 |
| (a) Audit Fees | $13500 | $23425 |
| (b) Audit-Related Fees | N/A | N/A |
| (c) Tax Fees | $2750 | N/A |
| (d) All Other Fees | N/A | N/A |

---

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by Tait Weller & Baker LLP applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
| | FYE 9/30/2025 | FYE 9/30/2024 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

(f) All of the principal accountant's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal accountant.

(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.

 

<u>Non-Audit Related Fees</u> <u>FYE 9/30/2025</u> <u>FYE 9/30/2024</u> <br> Registrant N/A N/A <br> <u>Registrant's Investment Adviser</u> <u>N/A</u> <u>N/A</u>

(h) The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

(i) The registrant has not been identified by the U.S. Securities and Exchange Commission as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction.

(j) The registrant is not a foreign issuer.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

(a) The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, (the "Act") and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Act. The independent members of the committee are as follows: Dusko Culafic, Eduardo Mendoza, and Mark H.W. Baltimore.

(b) Not applicable

**<u>Item 6. Investments.</u>**

(a) Schedule of Investments is included within the financial statements filed under Item 7 of this Form.

(b) Not applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

(a) ![](gothanncsr001.jpg)

**Annual Financial Statements**

**& Other Information**

**September 30, 2025**

**Tidal Trust I**

• Gotham 1000 Value ETF \| GVLU \| NYSE Arca, Inc. <br> • Gotham Enhanced 500 ETF \| GSPY \| NYSE Arca, Inc. <br> • Gotham Short Strategies ETF \| SHRT \| NYSE Arca, Inc.

**Gotham ETFs**

**Table of Contents**

---

| | |
|:---|:---|
| | **Page** |
| [Schedule of Investments – Gotham 1000 Value ETF](#ascincsra001) | 1 |
| [Schedule of Investments – Gotham Enhanced 500 ETF](#ascincsra002) | 13 |
| [Schedule of Investments – Gotham Short Strategies ETF](#ascincsra003) | 25 |
| [Schedule of Total Return Swap Contracts – Gotham Short Strategies ETF](#ascincsra004) | 31 |
| [Statements of Assets and Liabilities](#ascincsra005) | 41 |
| [Statements of Operations](#ascincsra006) | 42 |
| [Statements of Changes in Net Assets](#ascincsra007) | 43 |
| [Financial Highlights – Gotham 1000 Value ETF](#ascincsra008) | 45 |
| [Financial Highlights – Gotham Enhanced 500 ETF](#ascincsra009) | 46 |
| [Financial Highlights – Gotham Short Strategies ETF](#ascincsra010) | 47 |
| [Notes to the Financial Statements](#ascincsra011) | 48 |
| [Report of Independent Registered Public Accounting Firm](#ascincsra012) | 61 |
| [Other Non-Audited Information](#ascincsra013) | 63 |

---

**Gotham 1000 Value ETF**

**Schedule of Investments**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**COMMON STOCKS - 99.8%** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banking - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank OZK | 3481 | $177461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Columbia Banking System, Inc. | 601 | 15470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercorp Financial Services, Inc.<sup>(a)</sup> | 68 | 2743 |
|  |  | 195674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Discretionary Products - 5.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aptiv PLC<sup>(b)</sup> | 10776 | 929107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BorgWarner, Inc. | 10046 | 441622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BRP, Inc.<sup>(a)</sup> | 8809 | 535411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brunswick Corp.<sup>(a)</sup> | 10689 | 675972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crocs, Inc.<sup>(a)(b)</sup> | 10233 | 854967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dorman Products, Inc. <sup>(b)</sup> | 194 | 30241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Motor Co. | 77873 | 931361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Motors Co. | 3934 | 239856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gentex Corp. | 24487 | 692982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Griffon Corp. | 2870 | 218551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harley-Davidson, Inc. | 24546 | 684833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hasbro, Inc. | 4517 | 342614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LCI Industries | 157 | 14625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lear Corp. | 554 | 55738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Levi Strauss & Co. - Class A | 30388 | 708040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magna International, Inc. | 13041 | 617883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nike, Inc. - Class B | 4765 | 332263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polaris, Inc.<sup>(a)</sup> | 13009 | 756213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PVH Corp. | 7354 | 616045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ralph Lauren Corp. - Class A | 720 | 225763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scotts Miracle-Gro Co. | 6746 | 384185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Somnigroup International, Inc. | 39 | 3289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tapestry, Inc. | 257 | 29098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thor Industries, Inc.<sup>(a)</sup> | 2042 | 211735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visteon Corp. | 6352 | 761351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whirlpool Corp. | 4344 | 341438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YETI Holdings, Inc.<sup>(b)</sup> | 10730 | 356021 |
|  |  | 11991204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Discretionary Services - 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adtalem Global Education, Inc. <sup>(b)</sup> | 1620 | 250209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boyd Gaming Corp. | 2695 | 232983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bright Horizons Family Solutions, Inc.<sup>(b)</sup> | 674 | 73176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brinker International, Inc. <sup>(b)</sup> | 4772 | 604517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc.<sup>(b)</sup> | 18338 | 495584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carnival Corp. <sup>(b)</sup> | 1557 | 45013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Churchill Downs, Inc. | 1717 | 166566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cinemark Holdings, Inc.<sup>(a)</sup> | 23288 | 652530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | 13 | 2475 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | 557.0 | $240462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Graham Holdings Co. - Class B | 847.0 | 997182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grand Canyon Education, Inc.<sup>(b)</sup> | 682.0 | 149713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life Time Group Holdings, Inc.<sup>(b)</sup> | 10812.0 | 298411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Red Rock Resorts, Inc. - Class A | 9221.0 | 563034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restaurant Brands International, Inc. | 7058.0 | 452700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Corp. International | 1620.0 | 134816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stride, Inc.<sup>(a)(b)</sup> | 3955.0 | 589058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Parks & Resorts, Inc. <sup>(b)</sup> | 4020.0 | 207834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vail Resorts, Inc.<sup>(a)</sup> | 4363.0 | 652574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wendy's Co. | 17588.0 | 161106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts, Inc.<sup>(a)</sup> | 2381.0 | 190242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wynn Resorts Ltd. | 337.0 | 43227 |
|  |  | 7203412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Staple Products - 9.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altria Group, Inc. | 11351.0 | 749847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BellRing Brands, Inc.<sup>(b)</sup> | 16789.0 | 610280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boston Beer Co., Inc. - Class A<sup>(b)</sup> | 1100.0 | 232562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brown-Forman Corp. - Class B<sup>(a)</sup> | 27947.0 | 756805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cal-Maine Foods, Inc. | 9707.0 | 913429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Campbell's Co.<sup>(a)</sup> | 22681.0 | 716266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Church & Dwight Co., Inc. | 4658.0 | 408181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clorox Co. | 6315.0 | 778639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Co. | 1495.0 | 99148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Consolidated, Inc. | 3073.0 | 360033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | 5942.0 | 475003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conagra Brands, Inc. | 53279.0 | 975538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellation Brands, Inc. - Class A | 6843.0 | 921547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coty, Inc. - Class A<sup>(b)</sup> | 73842.0 | 298322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Darling Ingredients, Inc.<sup>(b)</sup> | 6116.0 | 188801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Estee Lauder Cos., Inc. - Class A | 45.0 | 3965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flowers Foods, Inc. | 54010.0 | 704831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Mills, Inc. | 14472.0 | 729678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hershey Co. | 2368.0 | 442934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ingredion, Inc. | 3892.0 | 475252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.M. Smucker Co. | 6093.0 | 661700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kenvue, Inc. | 29089.0 | 472114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keurig Dr Pepper, Inc. | 24009.0 | 612470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | 3979.0 | 494749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kraft Heinz Co. | 32667.0 | 850649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lamb Weston Holdings, Inc. | 12904.0 | 749464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Molson Coors Beverage Co. - Class B | 19332.0 | 874773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Beverage Corp. <sup>(b)</sup> | 11178.0 | 412692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 2341.0 | 328770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Perrigo Co. PLC | 7220.0 | 160789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pilgrim's Pride Corp. | 24399.0 | 993527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Post Holdings, Inc.<sup>(b)</sup> | 1323.0 | 142196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prestige Consumer Healthcare, Inc.<sup>(b)</sup> | 9145.0 | 570648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reynolds Consumer Products, Inc. | 28612.0 | 700136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simply Good Foods Co.<sup>(b)</sup> | 16347.0 | 405733 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tyson Foods, Inc. - Class A | 15649.0 | $849741 |
|  |  | 20121212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial Services - 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Block, Inc. - Class A<sup>(b)</sup> | 2393.0 | 172942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | 377.0 | 89790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cboe Global Markets, Inc. | 717.0 | 175844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corpay, Inc.<sup>(b)</sup> | 523.0 | 150655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enact Holdings, Inc. | 2195.0 | 84156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Euronet Worldwide, Inc.<sup>(b)</sup> | 8337.0 | 732072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc. | 2515.0 | 720522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc. | 3614.0 | 218611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First American Financial Corp. | 12612.0 | 810195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiserv, Inc.<sup>(b)</sup> | 4131.0 | 532610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Payments, Inc. | 8183.0 | 679844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jack Henry & Associates, Inc. | 3205.0 | 477321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MarketAxess Holdings, Inc. | 4190.0 | 730108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MGIC Investment Corp. | 7.0 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morningstar, Inc. | 2316.0 | 537335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payoneer Global, Inc.<sup>(b)</sup> | 17501.0 | 105881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.<sup>(b)</sup> | 9588.0 | 642971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Union Co. | 82317.0 | 657713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WEX, Inc.<sup>(b)</sup> | 3328.0 | 524260 |
|  |  | 8043029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care - 14.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Align Technology, Inc.<sup>(b)</sup> | 5258.0 | 658407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alkermes PLC<sup>(b)</sup> | 32972.0 | 989160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amgen, Inc. | 778.0 | 219552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avantor, Inc.<sup>(b)</sup> | 21870.0 | 272938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bausch Health Cos., Inc.<sup>(b)</sup> | 51733.0 | 333678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baxter International, Inc. | 38382.0 | 873958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | 360.0 | 67381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Biogen, Inc.<sup>(b)</sup> | 6397.0 | 896092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BioMarin Pharmaceutical, Inc.<sup>(b)</sup> | 14778.0 | 800376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bio-Rad Laboratories, Inc. - Class A<sup>(b)</sup> | 3046.0 | 854068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 20862.0 | 940876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals, Inc.<sup>(b)</sup> | 26141.0 | 514978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centene Corp.<sup>(b)</sup> | 28952.0 | 1033007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc.<sup>(b)</sup> | 2652.0 | 414932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chemed Corp. | 966.0 | 432517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cigna Group | 3003.0 | 865615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Concentra Group Holdings Parent, Inc. | 12293.0 | 257293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corp. | 8090.0 | 609905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DaVita, Inc.<sup>(a)(b)</sup> | 3859.0 | 512745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elevance Health, Inc. | 2982.0 | 963544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Envista Holdings Corp.<sup>(b)</sup> | 4276.0 | 87102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exelixis, Inc.<sup>(b)</sup> | 23523.0 | 971500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. | 1284.0 | 96428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 3153.0 | 349983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Haemonetics Corp.<sup>(b)</sup> | 8064.0 | 393039 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc.<sup>(b)</sup> | 9828 | $720786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | 1922.0 | 819156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hologic, Inc.<sup>(b)</sup> | 5975.0 | 403253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Humana, Inc. | 3524.0 | 916839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICU Medical, Inc.<sup>(b)</sup> | 6584.0 | 789817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illumina, Inc.<sup>(b)</sup> | 6604.0 | 627182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incyte Corp.<sup>(b)</sup> | 7645.0 | 648372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indivior PLC<sup>(b)</sup> | 6310.0 | 152134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IQVIA Holdings, Inc.<sup>(b)</sup> | 1246.0 | 236665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals PLC<sup>(b)</sup> | 3959.0 | 521796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lantheus Holdings, Inc.<sup>(b)</sup> | 19379.0 | 993949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LivaNova PLC<sup>(b)</sup> | 2255.0 | 118117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medpace Holdings, Inc.<sup>(b)</sup> | 228.0 | 117229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merck & Co., Inc. | 8524.0 | 715419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Molina Healthcare, Inc.<sup>(b)</sup> | 5426.0 | 1038319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neurocrine Biosciences, Inc.<sup>(b)</sup> | 407.0 | 57135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Option Care Health, Inc.<sup>(b)</sup> | 209.0 | 5802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organon & Co. | 44020.0 | 470134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pfizer, Inc. | 30311.0 | 772324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PTC Therapeutics, Inc.<sup>(b)</sup> | 15693.0 | 963079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QIAGEN NV | 978.0 | 43697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | 1165.0 | 655045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ResMed, Inc. | 663.0 | 181483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sotera Health Co.<sup>(b)</sup> | 28332.0 | 445662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STERIS PLC | 351.0 | 86851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teleflex, Inc. | 1986.0 | 243007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tenet Healthcare Corp. <sup>(b)</sup> | 3454.0 | 701300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Therapeutics Corp.<sup>(b)</sup> | 838.0 | 351298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 2688.0 | 928166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Universal Health Services, Inc. - Class B | 3094.0 | 632537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.<sup>(b)</sup> | 298.0 | 116709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Viatris, Inc. | 3144.0 | 31126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc.<sup>(a)</sup> | 1030.0 | 101455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zoetis, Inc. - Class A | 1837.0 | 268790 |
|  |  | 30283707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Industrial Products - 5.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.O. Smith Corp. | 4222.0 | 309937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AAR Corp. <sup>(b)</sup> | 1322.0 | 118544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGCO Corp. | 4227.0 | 452585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allegion PLC | 237.0 | 42032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allison Transmission Holdings, Inc. | 7164.0 | 608080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atkore, Inc. | 3848.0 | 241423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ATS Corp.<sup>(b)</sup> | 5111.0 | 133908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AZZ, Inc. | 4359.0 | 475698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cactus, Inc. - Class A | 7355.0 | 290302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chart Industries, Inc.<sup>(a)(b)</sup> | 1276.0 | 255391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ESCO Technologies, Inc. | 1455.0 | 307165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortive Corp. | 9486.0 | 464719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gates Industrial Corp. PLC<sup>(b)</sup> | 5613.0 | 139315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generac Holdings, Inc. <sup>(b)</sup> | 524.0 | 87718 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Dynamics Corp. | 1137 | $387717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Graco, Inc. | 1002.0 | 85130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hayward Holdings, Inc.<sup>(b)</sup> | 21255.0 | 321376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Itron, Inc.<sup>(b)</sup> | 3722.0 | 463612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keysight Technologies, Inc.<sup>(b)</sup> | 560.0 | 97955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | 94.0 | 28709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Littelfuse, Inc. | 295.0 | 76408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Middleby Corp.<sup>(b)</sup> | 3216.0 | 427503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSA Safety, Inc. | 10.0 | 1721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mueller Industries, Inc. | 361.0 | 36501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mueller Water Products, Inc. - Class A | 14694.0 | 374991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;nVent Electric PLC | 4166.0 | 410934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oshkosh Corp. | 5857.0 | 759653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | 1788.0 | 163477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pentair PLC | 2138.0 | 236805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Powell Industries, Inc.<sup>(a)</sup> | 777.0 | 236837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regal Rexnord Corp.<sup>(a)</sup> | 4600.0 | 659824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REV Group, Inc. | 3364.0 | 190638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sensata Technologies Holding PLC | 19602.0 | 598841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Snap-on, Inc. | 385.0 | 133414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stanley Black & Decker, Inc. | 4066.0 | 302226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TE Connectivity PLC | 198.0 | 43467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Timken Co. | 612.0 | 46010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toro Co. | 10167.0 | 774725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valmont Industries, Inc. | 1511.0 | 585860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertiv Holdings Co. - Class A | 20.0 | 3017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vontier Corp. | 4771.0 | 200239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Watts Water Technologies, Inc. - Class A | 466.0 | 130144 |
|  |  | 11704551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Industrial Services - 7.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADT, Inc. | 101238.0 | 881783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Airlines Group, Inc.<sup>(b)</sup> | 11735.0 | 131901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APi Group Corp.<sup>(b)</sup> | 1502.0 | 51624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | 210.0 | 61635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brady Corp. - Class A | 2191.0 | 170964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian National Railway Co. | 4039.0 | 380878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Pacific Kansas City Ltd. | 2287.0 | 170359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CH Robinson Worldwide, Inc. | 1371.0 | 181520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delta Air Lines, Inc. | 3363.0 | 190850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dycom Industries, Inc.<sup>(b)</sup> | 38.0 | 11087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emcor Group, Inc. | 387.0 | 251372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Everus Construction Group, Inc.<sup>(b)</sup> | 10.0 | 858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. | 1797.0 | 220294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FedEx Corp. | 2961.0 | 698233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fluor Corp. <sup>(b)</sup> | 4240.0 | 178377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Frontdoor, Inc.<sup>(b)</sup> | 8818.0 | 593363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GEO Group, Inc. - REIT<sup>(b)</sup> | 8723.0 | 178734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GFL Environmental, Inc. | 1312.0 | 62163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IES Holdings, Inc.<sup>(b)</sup> | 32.0 | 12725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Installed Building Products, Inc. | 381.0 | 93977 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jacobs Solutions, Inc. | 1897 | $284284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JB Hunt Transport Services, Inc. | 4319.0 | 579480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;John Wiley & Sons, Inc. - Class A | 981.0 | 39701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Korn Ferry | 2249.0 | 157385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matson, Inc. | 339.0 | 33422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSC Industrial Direct Co., Inc. - Class A | 1959.0 | 180502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MYR Group, Inc.<sup>(b)</sup> | 2124.0 | 441856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Primoris Services Corp. | 9124.0 | 1252999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RB Global, Inc.<sup>(a)</sup> | 93.0 | 10078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resideo Technologies, Inc.<sup>(b)</sup> | 11140.0 | 481025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rush Enterprises, Inc. - Class A | 9930.0 | 530957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ryder System, Inc. | 2987.0 | 563468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SkyWest, Inc.<sup>(b)</sup> | 2865.0 | 288276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc.<sup>(b)</sup> | 21.0 | 7133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tetra Tech, Inc. | 23548.0 | 786032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TFI International, Inc. | 7833.0 | 689774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TopBuild Corp.<sup>(b)</sup> | 1753.0 | 685178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TriNet Group, Inc. | 7013.0 | 469100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tutor Perini Corp.<sup>(b)</sup> | 10067.0 | 660295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UniFirst Corp. | 3116.0 | 520964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Union Pacific Corp. | 544.0 | 128585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Parcel Service, Inc. - Class B | 8938.0 | 746591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Rentals, Inc. | 279.0 | 266350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WESCO International, Inc. | 257.0 | 54356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WillScot Holdings Corp. | 22010.0 | 464631 |
|  |  | 14845119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance - 10.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allstate Corp. | 4616.0 | 990824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arch Capital Group Ltd. | 8480.0 | 769390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aspen Insurance Holdings Ltd. - Class A<sup>(b)</sup> | 3934.0 | 144417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assurant, Inc. | 1826.0 | 395512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assured Guaranty Ltd. | 9804.0 | 829909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axis Capital Holdings Ltd. | 8838.0 | 846680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brighthouse Financial, Inc.<sup>(b)</sup> | 12458.0 | 661271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chubb Ltd. | 2547.0 | 718891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Erie Indemnity Co. - Class A | 1169.0 | 371929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F&G Annuities & Life, Inc. | 12369.0 | 386779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Globe Life, Inc. | 5799.0 | 829083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hanover Insurance Group, Inc. | 5482.0 | 995696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hartford Financial Services Group, Inc. | 3978.0 | 530625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kemper Corp. | 7241.0 | 373274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinsale Capital Group, Inc. | 1314.0 | 558792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lincoln National Corp. | 19358.0 | 780708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Markel Group, Inc.<sup>(b)</sup> | 376.0 | 718671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. | 1574.0 | 317208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mercury General Corp. | 5805.0 | 492148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MetLife, Inc. | 9158.0 | 754344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Old Republic International Corp. | 14277.0 | 606344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palomar Holdings, Inc.<sup>(b)</sup> | 3748.0 | 437579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Primerica, Inc. | 2370.0 | 657888 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Progressive Corp. | 3746 | $925075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prudential Financial, Inc. | 1938.0 | 201048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinsurance Group of America, Inc. | 2856.0 | 548723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RenaissanceRe Holdings Ltd. | 4000.0 | 1015720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selective Insurance Group, Inc. | 10725.0 | 869476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sun Life Financial, Inc. | 8161.0 | 489905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Travelers Cos., Inc. | 2772.0 | 773998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unum Group | 3067.0 | 238551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W.R. Berkley Corp. | 2306.0 | 176686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;White Mountains Insurance Group Ltd. | 451.0 | 753855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Willis Towers Watson PLC<sup>(a)</sup> | 2342.0 | 809044 |
|  |  | 20970043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Materials - 6.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agnico Eagle Mines Ltd.<sup>(a)</sup> | 3443.0 | 580352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alcoa Corp.<sup>(a)</sup> | 11653.0 | 383267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avery Dennison Corp. | 381.0 | 61787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axalta Coating Systems Ltd.<sup>(b)</sup> | 4435.0 | 126930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barrick Mining Corp. | 31546.0 | 1033762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cabot Corp. | 5238.0 | 398350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | 690.0 | 169423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celanese Corp. | 529.0 | 22260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | 7753.0 | 695444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corteva, Inc. | 2940.0 | 198832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Holdings, Inc. | 7521.0 | 726453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DuPont de Nemours, Inc. | 766.0 | 59671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Element Solutions, Inc. | 13730.0 | 345584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greif, Inc. - Class A | 1947.0 | 116353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HB Fuller Co. | 3949.0 | 234097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hudbay Minerals, Inc. | 48635.0 | 737306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IAMGOLD Corp. <sup>(b)</sup> | 65394.0 | 845544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. | 11816.0 | 727157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;James Hardie Industries PLC<sup>(a)(b)</sup> | 30497.0 | 585847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinross Gold Corp.<sup>(a)</sup> | 50342.0 | 1250999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minerals Technologies, Inc. | 981.0 | 60940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NewMarket Corp. | 867.0 | 718058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newmont Corp. | 14545.0 | 1226289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owens Corning | 4430.0 | 626668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pan American Silver Corp.<sup>(a)</sup> | 24514.0 | 949427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Gold, Inc. | 338.0 | 67796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sandstorm Gold Ltd. | 11032.0 | 138121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sealed Air Corp. | 761.0 | 26901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Copper Corp. | 3885.0 | 471484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teck Resources Ltd.<sup>(a)</sup> | 1876.0 | 82338 |
|  |  | 13667440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Media - 5.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CarGurus, Inc. - Class A<sup>(b)</sup> | 16735.0 | 623044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charter Communications, Inc. - Class A<sup>(a)(b)</sup> | 1958.0 | 538656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comcast Corp. - Class A | 22589.0 | 709746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fox Corp. - Class A | 12707.0 | 801303 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GoDaddy, Inc. - Class A<sup>(b)</sup> | 1076 | $147229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IAC, Inc.<sup>(b)</sup> | 18668.0 | 636019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interpublic Group of Cos., Inc. | 29433.0 | 821475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maplebear, Inc.<sup>(a)(b)</sup> | 15858.0 | 582940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Match Group, Inc. | 13252.0 | 468061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Times Co. - Class A | 1465.0 | 84091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;News Corp. - Class A | 29128.0 | 894521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nexstar Media Group, Inc. - Class A | 3700.0 | 731638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Omnicom Group, Inc. | 9052.0 | 738010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paramount Skydance Corp. - Class B<sup>(a)</sup> | 62257.0 | 1177902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sirius XM Holdings, Inc.<sup>(a)</sup> | 35864.0 | 834735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TEGNA, Inc. | 35842.0 | 728668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Co. | 2219.0 | 254075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warner Music Group Corp. - Class A | 944.0 | 32153 |
|  |  | 10804266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil & Gas - 6.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Antero Midstream Corp. | 24398.0 | 474297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Antero Resources Corp.<sup>(b)</sup> | 13830.0 | 464135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APA Corp. | 36574.0 | 888017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baker Hughes Co. | 7992.0 | 389370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cenovus Energy, Inc. | 21170.0 | 359678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | 2954.0 | 458727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chord Energy Corp. | 6190.0 | 615100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Civitas Resources , Inc. | 503.0 | 16347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enbridge, Inc. | 4649.0 | 234589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EOG Resources, Inc. | 5820.0 | 652538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 7029.0 | 792520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Halliburton Co. | 31344.0 | 771062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HF Sinclair Corp. | 4036.0 | 211244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Oil Ltd.<sup>(a)</sup> | 4412.0 | 400345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kodiak Gas Services, Inc. | 11899.0 | 439906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Corp. - Class A | 31740.0 | 757634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Murphy USA, Inc. | 316.0 | 122690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOV, Inc.<sup>(a)</sup> | 14894.0 | 197346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ovintiv, Inc. | 3726.0 | 150456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pembina Pipeline Corp | 15511.0 | 627575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schlumberger NV | 17338.0 | 595907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Suncor Energy, Inc. | 14861.0 | 621338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TC Energy Corp. | 19231.0 | 1046359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TechnipFMC PLC | 10342.0 | 407992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tidewater, Inc.<sup>(b)</sup> | 10462.0 | 557938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transocean Ltd. <sup>(b)</sup> | 197846.0 | 617280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valaris Ltd.<sup>(b)</sup> | 10764.0 | 524960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weatherford International PLC | 9027.0 | 617718 |
|  |  | 14013068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Real Estate - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Tower Corp. - REIT | 166.0 | 31925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cushman & Wakefield PLC<sup>(b)</sup> | 26160.0 | 416468 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Howard Hughes Holdings, Inc.<sup>(b)</sup> | 10660.0 | $875932 |
|  |  | 1324325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Renewable Energy - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEXTracker, Inc. - Class A<sup>(a)(b)</sup> | 15357.0 | 1136264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail & Wholesale - Discretionary - 5.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abercrombie & Fitch Co. - Class A <sup>(a) (b)</sup> | 9706.0 | 830348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Academy Sports & Outdoors, Inc.<sup>(a)</sup> | 6046.0 | 302421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advance Auto Parts, Inc.<sup>(a)</sup> | 16752.0 | 1028573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Eagle Outfitters, Inc. | 787.0 | 13466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asbury Automotive Group, Inc. <sup>(b)</sup> | 3057.0 | 747284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AutoNation, Inc.<sup>(b)</sup> | 1338.0 | 292714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bath & Body Works, Inc. | 23172.0 | 596911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Best Buy Co., Inc. | 8726.0 | 659860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buckle, Inc. | 334.0 | 19592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CarMax, Inc.<sup>(b)</sup> | 847.0 | 38005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copart, Inc.<sup>(b)</sup> | 2466.0 | 110896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dillard's, Inc. - Class A<sup>(a)</sup> | 1007.0 | 618781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Driven Brands Holdings, Inc.<sup>(b)</sup> | 41100.0 | 662121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Etsy, Inc.<sup>(a)(b)</sup> | 8153.0 | 541278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ferguson Enterprises, Inc. | 875.0 | 196508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gap, Inc. | 17226.0 | 368464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lithia Motors, Inc. | 1203.0 | 380148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LKQ Corp. | 3510.0 | 107195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | 1562.0 | 392546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc.<sup>(b)</sup> | 1324.0 | 235579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macy's, Inc. | 59116.0 | 1059950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OPENLANE, Inc. <sup>(b)</sup> | 6901.0 | 198611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penske Automotive Group, Inc. | 804.0 | 139824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ross Stores, Inc. | 652.0 | 99358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signet Jewelers Ltd.<sup>(a)</sup> | 7.0 | 671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sonic Automotive, Inc. - Class A | 4720.0 | 359145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tractor Supply Co. | 2443.0 | 138933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ulta Beauty, Inc. <sup>(b)</sup> | 1236.0 | 675783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Urban Outfitters, Inc.<sup>(b)</sup> | 5767.0 | 411937 |
|  |  | 11226902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail & Wholesale - Staples - 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Albertsons Cos., Inc. - Class A | 36195.0 | 633774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollar General Corp. | 10029.0 | 1036497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollar Tree, Inc.<sup>(b)</sup> | 10342.0 | 975975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Five Below, Inc.<sup>(b)</sup> | 3367.0 | 520875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kroger Co. | 7980.0 | 537932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PriceSmart, Inc. | 3038.0 | 368175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sprouts Farmers Market, Inc.<sup>(b)</sup> | 2054.0 | 223475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sysco Corp. | 2658.0 | 218860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Target Corp. | 7875.0 | 706387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Foods Holding Corp.<sup>(b)</sup> | 251.0 | 19232 |
|  |  | 5241182 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software & Tech Services - 4.4%** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accenture PLC - Class A | 2865 | $706509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adobe, Inc. <sup>(b)</sup> | 1297 | 457517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amdocs Ltd.<sup>(a)</sup> | 8242 | 676256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amentum Holdings, Inc.<sup>(b)</sup> | 16968 | 406384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASGN, Inc.<sup>(b)</sup> | 4322 | 204647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackbaud, Inc. <sup>(b)</sup> | 5494 | 353319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Booz Allen Hamilton Holding Corp. - Class A | 8011 | 800699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDW Corp. | 1445 | 230160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CGI, Inc. | 7154 | 637636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp. - Class A | 3614 | 242391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Concentrix Corp.<sup>(a)</sup> | 3131 | 144496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dropbox, Inc. - Class A<sup>(b)</sup> | 13902 | 419979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gartner, Inc. <sup>(b)</sup> | 2467 | 648500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gen Digital, Inc. | 13894 | 394451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Globant SA<sup>(b)</sup> | 2182 | 125203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KBR, Inc. | 15206 | 719092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kyndryl Holdings, Inc.<sup>(b)</sup> | 9121 | 273904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leidos Holdings, Inc. | 7 | 1323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Open Text Corp | 11945 | 446504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qualys, Inc.<sup>(b)</sup> | 894 | 118303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SS&C Technologies Holdings, Inc. | 1200 | 106512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teradata Corp.<sup>(b)</sup> | 18805 | 404495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WNS Holdings Ltd.<sup>(b)</sup> | 317 | 24177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zoom Communications, Inc. - Class A<sup>(b)</sup> | 6776 | 559020 |
|  |  | 9101477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Tech Hardware & Semiconductors - 4.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arrow Electronics, Inc. <sup>(b)</sup> | 2681 | 324401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avnet, Inc. | 10471 | 547424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axcelis Technologies, Inc.<sup>(b)</sup> | 107 | 10448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cirrus Logic, Inc.<sup>(b)</sup> | 4398 | 551025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CommScope Holding Co., Inc.<sup>(b)</sup> | 32522 | 503441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dell Technologies, Inc. - Class C | 61 | 8648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dolby Laboratories, Inc. - Class A | 4156 | 300770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GlobalFoundries, Inc.<sup>(b)</sup> | 13645 | 489037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | 304 | 7466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HP, Inc. | 20402 | 555546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InterDigital, Inc.<sup>(a)</sup> | 914 | 315540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IPG Photonics Corp. <sup>(b)</sup> | 113 | 8949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jabil, Inc. | 359 | 77964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MKS, Inc. | 1670 | 206696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NetApp, Inc. | 1991 | 235854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ON Semiconductor Corp.<sup>(b)</sup> | 7720 | 380673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Onto Innovation, Inc.<sup>(b)</sup> | 4233 | 546988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plexus Corp.<sup>(b)</sup> | 648 | 93759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qorvo, Inc.<sup>(b)</sup> | 4697 | 427803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sanmina Corp.<sup>(b)</sup> | 4095 | 471375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seagate Technology Holdings PLC | 41 | 9678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc. | 8873 | 683044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Super Micro Computer, Inc.<sup>(b)</sup> | 8780 | 420913 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TD SYNNEX Corp. | 879 | $143936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Digital Corp. | 10227 | 1227854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zebra Technologies, Corp.<sup>(b)</sup> | 502 | 149174 |
|  |  | 8698406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Telecommunications - 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Array Digital Infrastructure, Inc. | 12093 | 604771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T, Inc. | 13175 | 372062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCE, Inc.<sup>(a)</sup> | 40018 | 936021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iridium Communications, Inc. | 11450 | 199917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rogers Communications, Inc. | 25243 | 870126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telus Corp.<sup>(a)</sup> | 36394 | 573934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | 145 | 34710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 18904 | 830831 |
|  |  | 4422372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Utilities - 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Algonquin Power & Utilities Corp.<sup>(a)</sup> | 167401 | 898943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Infrastructure Corp | 17164 | 705784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellation Energy Corp. | 19 | 6252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MDU Resources Group, Inc. | 19990 | 356022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Fuel Gas Co. | 496 | 45816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Resources Corp. | 4519 | 217590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Talen Energy Corp.<sup>(b)</sup> | 27 | 11485 |
|  |  | 2241892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCKS (Cost $194,057,651)** |  | 207235545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SHORT-TERM INVESTMENTS - 10.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investments Purchased with Proceeds from Securities Lending - 9.9%** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mount Vernon Liquid Assets Portfolio, LLC, 4.22%<sup>(c)</sup> | 20522718 | 20522718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Money Market Funds - 0.1%** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.05%<sup>(c)</sup> | 235769 | 235769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SHORT-TERM INVESTMENTS (Cost $20,758,487)** |  | 20758487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS - 109.8% (Cost $214,816,138)** |  | $227994032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities in Excess of Other Assets - (9.8)% |  | (20429863) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL NET ASSETS - 100.0%** |  | $207564169 |

---

Percentages are stated as a percent of net assets.

PLC Public Limited Company <br> REIT Real Estate Investment Trust

(a) All or a portion of this security is on loan as of September 30, 2025. The total market value of these securities was $19,901,298, which represented 9.6% of net assets.

The accompanying notes are an integral part of these financial statements.

(b) Non-income producing security.

(c) The rate shown represents the 7-day annualized effective yield as of September 30, 2025.

The accompanying notes are an integral part of these financial statements.

**Gotham Enhanced 500 ETF**

**Schedule of Investments**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**COMMON STOCKS - 99.9%** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banking - 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | 78401 | $4044708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc. | 19541 | 1983411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | 2255 | 119876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fifth Third Bancorp<sup>(a)</sup> | 3361 | 149733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | 14405 | 248774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 29626 | 9344929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KeyCorp | 4687 | 87600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M&T Bank Corp. | 915 | 180822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. | 4120 | 827832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regions Financial Corp. | 4266 | 112494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truist Financial Corp. | 13540 | 619049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Bancorp | 16428 | 793965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 34185 | 2865387 |
|  |  | 21378580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Discretionary Products - 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aptiv PLC<sup>(b)</sup> | 5744 | 495248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.R. Horton, Inc. | 1065 | 180485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deckers Outdoor Corp.<sup>(b)</sup> | 3983 | 403757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Motor Co. | 105804 | 1265416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Motors Co. | 3508 | 213883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hasbro, Inc. | 3712 | 281555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lennar Corp. - Class A | 2692 | 339300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Masco Corp. | 781 | 54974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mohawk Industries, Inc.<sup>(b)</sup> | 219 | 28233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nike, Inc. - Class B | 38787 | 2704617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVR, Inc. <sup>(b)</sup> | 11 | 88381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PulteGroup, Inc. | 597 | 78882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ralph Lauren Corp. - Class A | 214 | 67102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tapestry, Inc. | 5450 | 617049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc.<sup>(b)</sup> | 19426 | 8639131 |
|  |  | 15458013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Discretionary Services - 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carnival Corp. <sup>(b)</sup> | 34886 | 1008554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc. - Class A<sup>(b)</sup> | 5002 | 196028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | 431 | 82045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | 104 | 44898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | 742 | 192504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Las Vegas Sands Corp. | 2641 | 142059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc.<sup>(b)</sup> | 742 | 121243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marriott International, Inc. - Class A | 7227 | 1882200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McDonald's Corp. | 2612 | 793761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MGM Resorts International<sup>(b)</sup> | 1085 | 37606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings Ltd.<sup>(b)</sup> | 1416 | 34876 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | 7192 | 2327187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starbucks Corp. | 4111.0 | 347791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TKO Group Holdings, Inc. - Class A | 287.0 | 57963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wynn Resorts Ltd. | 2728.0 | 349921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yum! Brands, Inc. | 7361.0 | 1118872 |
|  |  | 8737508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Staple Products - 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altria Group, Inc. | 44695.0 | 2952552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brown-Forman Corp. - Class B | 12439.0 | 336848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Campbell's Co.<sup>(a)</sup> | 7854.0 | 248029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Church & Dwight Co., Inc. | 863.0 | 75625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clorox Co. | 3231.0 | 398382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Co. | 48219.0 | 3197884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | 7571.0 | 605226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conagra Brands, Inc. | 12589.0 | 230504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellation Brands, Inc. - Class A | 4783.0 | 644127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Estee Lauder Cos., Inc. - Class A | 1307.0 | 115173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Mills, Inc. | 14311.0 | 721561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hershey Co. | 743.0 | 138978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hormel Foods Corp. | 1914.0 | 47352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.M. Smucker Co. | 307.0 | 33340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kellanova | 1249.0 | 102443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kenvue, Inc. | 7125.0 | 115639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keurig Dr Pepper, Inc. | 36004.0 | 918462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | 1205.0 | 149830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kraft Heinz Co. | 36975.0 | 962829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lamb Weston Holdings, Inc. | 927.0 | 53840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McCormick & Co., Inc. | 941.0 | 62962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Molson Coors Beverage Co. - Class B | 5218.0 | 236114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mondelez International, Inc. - Class A | 4729.0 | 295421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monster Beverage Corp.<sup>(b)</sup> | 3570.0 | 240297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 28021.0 | 3935269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 23038.0 | 3736764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Procter & Gamble Co. | 17594.0 | 2703318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tyson Foods, Inc. - Class A | 9361.0 | 508302 |
|  |  | 23767071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial Services - 8.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express Co. | 7377.0 | 2450344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | 981.0 | 481916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apollo Global Management, Inc. | 5935.0 | 790958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | 7416.0 | 808047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackrock, Inc. | 1633.0 | 1903866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone, Inc. | 7845.0 | 1340318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Block, Inc. - Class A<sup>(b)</sup> | 1928.0 | 139337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | 3097.0 | 737613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 6770.0 | 1439167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cboe Global Markets, Inc. | 314.0 | 77009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab Corp. | 19241.0 | 1836938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CME Group, Inc. - Class A | 7359.0 | 1988328 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coinbase Global, Inc. - Class A<sup>(b)</sup> | 936.0 | 315891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corpay, Inc.<sup>(b)</sup> | 2194.0 | 632004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equifax, Inc. | 353.0 | 90555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc. | 986.0 | 282479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair Isaac Corp. <sup>(b)</sup> | 70.0 | 104757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | 1931.0 | 127330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiserv, Inc.<sup>(b)</sup> | 15608.0 | 2012339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Franklin Resources, Inc. | 16409.0 | 379540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Payments, Inc. | 6576.0 | 546334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. | 3317.0 | 2641493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interactive Brokers Group, Inc. - Class A | 4661.0 | 320723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | 15230.0 | 2565950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco Ltd. | 4647.0 | 106602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jack Henry & Associates, Inc. | 1901.0 | 283116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR & Co., Inc. | 9448.0 | 1227768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc. - Class A | 9540.0 | 5426447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moody's Corp. | 544.0 | 259205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 16934.0 | 2691829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSCI, Inc. - Class A | 244.0 | 138448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nasdaq, Inc. | 15221.0 | 1346297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northern Trust Corp. | 2034.0 | 273776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.<sup>(b)</sup> | 26750.0 | 1793855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. | 2011.0 | 347099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Robinhood Markets, Inc. - Class A<sup>(b)</sup> | 9324.0 | 1335010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&P Global, Inc. | 3267.0 | 1590082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Corp. | 3008.0 | 348958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synchrony Financial | 3890.0 | 276385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | 2888.0 | 296424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. - Class A | 429.0 | 107898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc. - Class A | 38952.0 | 13297434 |
|  |  | 55159869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care - 9.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories | 18303.0 | 2451504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc. | 5602.0 | 1297087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agilent Technologies, Inc. | 1022.0 | 131174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Align Technology, Inc.<sup>(b)</sup> | 1901.0 | 238043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amgen, Inc. | 1866.0 | 526585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baxter International, Inc.<sup>(a)</sup> | 13533.0 | 308146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | 7562.0 | 1415379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Biogen, Inc.<sup>(b)</sup> | 3834.0 | 537067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bio-Techne Corp. | 452.0 | 25145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boston Scientific Corp.<sup>(b)</sup> | 5441.0 | 531205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 37662.0 | 1698556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | 6350.0 | 996696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cencora, Inc. | 2570.0 | 803202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centene Corp.<sup>(b)</sup> | 13076.0 | 466552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc.<sup>(b)</sup> | 1319.0 | 206371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cigna Group | 3444.0 | 992733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cooper Cos., Inc. <sup>(b)</sup> | 567.0 | 38873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corp. | 33596.0 | 2532802 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danaher Corp. | 7508 | 1488536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DaVita, Inc.<sup>(a)(b)</sup> | 270.0 | 35875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dexcom, Inc.<sup>(b)</sup> | 1222.0 | 82228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp.<sup>(b)</sup> | 2221.0 | 172727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elevance Health, Inc. | 6101.0 | 1971355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 2997.0 | 2286711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. | 12066.0 | 906157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 24382.0 | 2706402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | 858.0 | 365680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Henry Schein, Inc.<sup>(b)</sup> | 429.0 | 28473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hologic, Inc.<sup>(b)</sup> | 5906.0 | 398596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Humana, Inc. | 3178.0 | 826820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc.<sup>(b)</sup> | 235.0 | 150139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incyte Corp.<sup>(b)</sup> | 5070.0 | 429987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insulet Corp.<sup>(b)</sup> | 212.0 | 65451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.<sup>(b)</sup> | 1110.0 | 496425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IQVIA Holdings, Inc.<sup>(b)</sup> | 4634.0 | 880182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 27753.0 | 5145961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Labcorp Holdings, Inc. | 251.0 | 72052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McKesson Corp. | 3289.0 | 2540884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medtronic PLC | 4699.0 | 447533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merck & Co., Inc. | 49709.0 | 4172076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mettler-Toledo International, Inc.<sup>(b)</sup> | 60.0 | 73657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moderna, Inc.<sup>(b)</sup> | 1416.0 | 36575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Molina Healthcare, Inc.<sup>(b)</sup> | 1424.0 | 272497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pfizer, Inc. | 151117.0 | 3850461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | 391.0 | 74517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | 3133.0 | 1761592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ResMed, Inc. | 1080.0 | 295628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revvity, Inc. | 363.0 | 31817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solventum Corp.<sup>(b)</sup> | 612.0 | 44676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STERIS PLC<sup>(a)</sup> | 281.0 | 69531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stryker Corp. | 1225.0 | 452846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 1359.0 | 659142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 24114.0 | 8326564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Universal Health Services, Inc. - Class B | 1856.0 | 379441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.<sup>(b)</sup> | 894.0 | 350126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Viatris, Inc. | 4310.0 | 42669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waters Corp.<sup>(b)</sup> | 169.0 | 50668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;West Pharmaceutical Services, Inc. | 199.0 | 52204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc.<sup>(a)</sup> | 735.0 | 72397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zoetis, Inc. - Class A | 1634.0 | 239087 |
|  |  | 58003465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Industrial Products - 7.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3M Co. | 1935.0 | 300273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.O. Smith Corp.<sup>(a)</sup> | 3792.0 | 278371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allegion PLC | 2291.0 | 406309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMETEK, Inc. | 844.0 | 158672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amphenol Corp. | 34064.0 | 4215420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axon Enterprise, Inc.<sup>(b)</sup> | 244.0 | 175104 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing Co. <sup>(b)</sup> | 2390 | 515834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carrier Global Corp. | 2676.0 | 159757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caterpillar, Inc. | 12428.0 | 5930020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cummins, Inc. | 3626.0 | 1531514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deere & Co. | 961.0 | 439427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dover Corp. | 481.0 | 80245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eaton Corp. PLC | 1209.0 | 452468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerson Electric Co. | 13777.0 | 1807267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortive Corp. | 8950.0 | 438461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GE Aerospace | 16935.0 | 5094387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GE Vernova, Inc. | 854.0 | 525125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generac Holdings, Inc. <sup>(b)</sup> | 206.0 | 34484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Dynamics Corp. | 7135.0 | 2433035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Honeywell International, Inc. | 16057.0 | 3379999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | 1486.0 | 291598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hubbell, Inc. | 160.0 | 68850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huntington Ingalls Industries, Inc. | 126.0 | 36277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IDEX Corp. | 1958.0 | 318684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc. | 7596.0 | 1980733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ingersoll Rand, Inc. | 10562.0 | 872633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson Controls International PLC | 17332.0 | 1905653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keysight Technologies, Inc.<sup>(b)</sup> | 4549.0 | 795711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | 561.0 | 171335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lennox International, Inc. | 125.0 | 66170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | 2425.0 | 1210584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nordson Corp. | 1493.0 | 338836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | 1525.0 | 929213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | 3933.0 | 359594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PACCAR, Inc. | 1835.0 | 180417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | 2878.0 | 2181956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pentair PLC | 4336.0 | 480255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | 2970.0 | 1038104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RTX Corp. | 4930.0 | 824937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Snap-on, Inc. | 1597.0 | 553408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stanley Black & Decker, Inc. | 4067.0 | 302300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TE Connectivity PLC | 7871.0 | 1727921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Textron, Inc. | 627.0 | 52975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trane Technologies PLC | 823.0 | 347273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransDigm Group, Inc. | 169.0 | 222745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trimble, Inc.<sup>(b)</sup> | 888.0 | 72505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veralto Corp. | 6581.0 | 701600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies Corp. | 630.0 | 126296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xylem, Inc. | 884.0 | 130390 |
|  |  | 46645125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Industrial Services - 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | 10761.0 | 3158354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CH Robinson Worldwide, Inc. | 3112.0 | 412029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cintas Corp. | 1244.0 | 255343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSX Corp. | 6889.0 | 244628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delta Air Lines, Inc. | 17844.0 | 1012647 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | 1177 | 764509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. | 3627.0 | 444634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fastenal Co. | 3618.0 | 177427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FedEx Corp. | 6345.0 | 1496214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jacobs Solutions, Inc. | 3154.0 | 472658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JB Hunt Transport Services, Inc. | 2527.0 | 339048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | 5947.0 | 1786538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | 766.0 | 107838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paychex, Inc. | 9458.0 | 1198896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quanta Services, Inc. | 445.0 | 184417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic Services, Inc. - Class A | 970.0 | 222596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rollins, Inc. | 1414.0 | 83058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southwest Airlines Co. | 2241.0 | 71510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Union Pacific Corp. | 2174.0 | 513868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Airlines Holdings, Inc. <sup>(b)</sup> | 8519.0 | 822084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Parcel Service, Inc. - Class B | 22639.0 | 1891036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Rentals, Inc. | 1696.0 | 1619103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W.W. Grainger, Inc. | 144.0 | 137226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waste Management, Inc. | 1341.0 | 296133 |
|  |  | 17711794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance - 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aflac, Inc. | 1697.0 | 189555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allstate Corp. | 830.0 | 178159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American International Group, Inc. | 2134.0 | 167604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aon PLC - Class A | 789.0 | 281342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arch Capital Group Ltd. | 1414.0 | 128292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Co. | 940.0 | 291156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assurant, Inc. | 180.0 | 38988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc. - Class B<sup>(b)</sup> | 22662.0 | 11393094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | 8756.0 | 821225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chubb Ltd. | 1476.0 | 416601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cincinnati Financial Corp. | 550.0 | 86955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Erie Indemnity Co. - Class A | 426.0 | 135536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Everest Group Ltd. | 118.0 | 41327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Globe Life, Inc. | 292.0 | 41747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hartford Financial Services Group, Inc. | 1022.0 | 136325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loews Corp. | 5519.0 | 554052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. | 7594.0 | 1530419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MetLife, Inc. | 2513.0 | 206996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Financial Group, Inc. | 840.0 | 69644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Progressive Corp. | 2158.0 | 532918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prudential Financial, Inc. | 1275.0 | 132269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Travelers Cos., Inc. | 710.0 | 198246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W.R. Berkley Corp. | 1400.0 | 107268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Willis Towers Watson PLC<sup>(a)</sup> | 346.0 | 119526 |
|  |  | 17799244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Materials - 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Products and Chemicals, Inc. | 796.0 | 217085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Albemarle Corp.<sup>(a)</sup> | 294.0 | 23838 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amcor PLC | 7497 | 61326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avery Dennison Corp. | 2036.0 | 330178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ball Corp. | 1027.0 | 51781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | 4360.0 | 391092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corteva, Inc. | 2483.0 | 167925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dow, Inc. | 2483.0 | 56935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DuPont de Nemours, Inc. | 11075.0 | 862743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eastman Chemical Co. | 3082.0 | 194320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ecolab, Inc. | 924.0 | 253047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | 5233.0 | 205238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. | 6725.0 | 413857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Paper Co. | 1665.0 | 77256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Linde PLC | 1483.0 | 704425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LyondellBasell Industries NV - Class A | 1157.0 | 56739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | 187.0 | 117862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mosaic Co. | 1143.0 | 39639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newmont Corp. | 29278.0 | 2468428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nucor Corp. | 856.0 | 115928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Packaging Corp. of America | 2363.0 | 514969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPG Industries, Inc. | 827.0 | 86926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | 896.0 | 310249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Smurfit WestRock PLC | 1899.0 | 80840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. | 423.0 | 58979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vulcan Materials Co. | 400.0 | 123048 |
|  |  | 7984653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Media - 12.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airbnb, Inc. - Class A<sup>(b)</sup> | 2292.0 | 278295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | 125809.0 | 30584168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AppLovin Corp. - Class A<sup>(b)</sup> | 1473.0 | 1058409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | 474.0 | 2559254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charter Communications, Inc. - Class A<sup>(a)(b)</sup> | 3610.0 | 993129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comcast Corp. - Class A | 99894.0 | 3138670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DoorDash, Inc. - Class A<sup>(b)</sup> | 1343.0 | 365283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | 2717.0 | 548019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expedia Group, Inc. - Class A | 438.0 | 93623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fox Corp. - Class A | 11887.0 | 749594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GoDaddy, Inc. - Class A<sup>(b)</sup> | 3706.0 | 507092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interpublic Group of Cos., Inc. | 9985.0 | 278681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Match Group, Inc. | 1219.0 | 43055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | 31792.0 | 23347409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc.<sup>(b)</sup> | 3638.0 | 4361671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;News Corp. - Class A | 14926.0 | 458377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Omnicom Group, Inc. | 6107.0 | 497904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paramount Skydance Corp. - Class B<sup>(a)</sup> | 17847.0 | 337665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc. <sup>(b)</sup> | 1929.0 | 498376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade Desk, Inc. - Class A<sup>(b)</sup> | 1559.0 | 76407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uber Technologies, Inc.<sup>(b)</sup> | 7496.0 | 734383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VeriSign, Inc. | 2448.0 | 684387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Co. | 48690.0 | 5575005 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warner Bros Discovery, Inc.<sup>(b)</sup> | 9111 | 177938 |
|  |  | 77946794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil & Gas - 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APA Corp. | 9628.0 | 233768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baker Hughes Co. | 3634.0 | 177048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | 23293.0 | 3617170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips | 4667.0 | 441452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coterra Energy, Inc. | 2679.0 | 63358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Devon Energy Corp. | 2348.0 | 82321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | 1049.0 | 150112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EOG Resources, Inc. | 14491.0 | 1624731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT Corp. | 2205.0 | 120018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expand Energy Corp. | 874.0 | 92854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 39165.0 | 4415854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Halliburton Co. | 23478.0 | 577559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | 7012.0 | 198510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | 1156.0 | 222807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | 3613.0 | 170714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONEOK, Inc. | 2152.0 | 157031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phillips 66 | 1511.0 | 205526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schlumberger NV | 12696.0 | 436362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Corp. | 654.0 | 109571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Pacific Land Corp. | 81.0 | 75625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valero Energy Corp. | 1139.0 | 193926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Williams Cos., Inc. | 3865.0 | 244848 |
|  |  | 13611165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Real Estate - 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities, Inc. - REIT<sup>(a)</sup> | 607.0 | 50587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Tower Corp. - REIT | 1670.0 | 321174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. - REIT | 501.0 | 96778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BXP, Inc. - REIT<sup>(a)</sup> | 448.0 | 33304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Camden Property Trust - REIT | 349.0 | 37266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CBRE Group, Inc. - Class A<sup>(b)</sup> | 1080.0 | 170165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoStar Group, Inc.<sup>(b)</sup> | 1535.0 | 129508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Castle, Inc. - REIT | 1573.0 | 151779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. - REIT | 1056.0 | 182561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equinix, Inc. - REIT | 308.0 | 241238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity Residential - REIT | 1403.0 | 90816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. - REIT | 227.0 | 60759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. - REIT | 778.0 | 109651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Realty Investment Trust - REIT | 2229.0 | 225820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Healthpeak Properties, Inc. - REIT | 2351.0 | 45022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Host Hotels & Resorts, Inc. - REIT | 2496.0 | 42482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invitation Homes, Inc. - REIT | 2267.0 | 66491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain, Inc. - REIT | 924.0 | 94193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kimco Realty Corp. - REIT<sup>(a)</sup> | 2478.0 | 54144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc. - REIT | 334.0 | 46670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prologis, Inc. - REIT | 3281.0 | 375740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Storage - REIT | 529.0 | 152802 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realty Income Corp. - REIT<sup>(a)</sup> | 3311 | 201276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regency Centers Corp. - REIT | 634 | 46219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SBA Communications Corp. - Class A - REIT | 324 | 62645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simon Property Group, Inc. - REIT | 5264 | 987895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UDR, Inc. - REIT | 1080 | 40241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ventas, Inc. - REIT | 1655 | 115834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VICI Properties, Inc. - REIT | 3326 | 108461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Welltower, Inc. - REIT | 15630 | 2784328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weyerhaeuser Co. - REIT | 2604 | 64553 |
|  |  | 7190402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Renewable Energy - 0.0%<sup>(c)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Solar, Inc.<sup>(b)</sup> | 292 | 64395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail & Wholesale - Discretionary - 6.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc.<sup>(b)</sup> | 129932 | 28529169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AutoZone, Inc.<sup>(b)</sup> | 56 | 240254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bath & Body Works, Inc. | 5736 | 147759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Best Buy Co., Inc. | 6477 | 489791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Builders FirstSource, Inc.<sup>(b)</sup> | 399 | 48379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CarMax, Inc.<sup>(b)</sup> | 3952 | 177326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copart, Inc.<sup>(b)</sup> | 25681 | 1154875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;eBay, Inc. | 12173 | 1107134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genuine Parts Co. | 414 | 57380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot, Inc. | 3670 | 1487047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LKQ Corp. | 940 | 28708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | 14885 | 3740749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc.<sup>(b)</sup> | 3220 | 572935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc.<sup>(b)</sup> | 2656 | 286343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool Corp. | 116 | 35968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ross Stores, Inc.<sup>(a)</sup> | 1181 | 179973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TJX Cos., Inc. | 4089 | 591024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tractor Supply Co. | 1669 | 94916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ulta Beauty, Inc. <sup>(b)</sup> | 1070 | 585023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Williams-Sonoma, Inc. | 434 | 84825 |
|  |  | 39639578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail & Wholesale - Staples - 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | 1745 | 104246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunge Global SA | 476 | 38675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 1410 | 1305138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollar General Corp. | 812 | 83920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollar Tree, Inc.<sup>(b)</sup> | 5475 | 516676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kroger Co. | 2435 | 164144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sysco Corp. | 1772 | 145907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Target Corp. | 12097 | 1085101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | 29289 | 3018524 |
|  |  | 6462331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software & Tech Services - 10.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accenture PLC - Class A | 16530 | 4076298 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adobe, Inc. <sup>(b)</sup> | 11485.0 | 4051334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Akamai Technologies, Inc.<sup>(b)</sup> | 393.0 | 29774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Autodesk, Inc. <sup>(b)</sup> | 643.0 | 204262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.<sup>(b)</sup> | 853.0 | 299625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDW Corp. | 3513.0 | 559551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp. - Class A | 12893.0 | 864733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc. - Class A<sup>(b)</sup> | 783.0 | 383967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Datadog, Inc. - Class A<sup>(b)</sup> | 1073.0 | 152795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dayforce, Inc.<sup>(b)</sup> | 455.0 | 31345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EPAM Systems, Inc.<sup>(b)</sup> | 194.0 | 29253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortinet, Inc.<sup>(b)</sup> | 2411.0 | 202717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gartner, Inc. <sup>(b)</sup> | 2012.0 | 528894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gen Digital, Inc. | 19220.0 | 545656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corp. | 3419.0 | 964705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuit, Inc. | 869.0 | 593449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leidos Holdings, Inc. | 448.0 | 84654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 91427.0 | 47354615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp. | 10507.0 | 2954989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palantir Technologies, Inc. - Class A<sup>(b)</sup> | 8996.0 | 1641050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc.<sup>(b)</sup> | 2124.0 | 432489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paycom Software, Inc. | 1479.0 | 307839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PTC, Inc.<sup>(b)</sup> | 950.0 | 192869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | 1119.0 | 558034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce, Inc. | 3514.0 | 832818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ServiceNow, Inc.<sup>(b)</sup> | 651.0 | 599102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synopsys, Inc.<sup>(b)</sup> | 579.0 | 285673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tyler Technologies, Inc. <sup>(b)</sup> | 130.0 | 68011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Workday, Inc. - Class A<sup>(b)</sup> | 821.0 | 197639 |
|  |  | 69028140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Tech Hardware & Semiconductors - 21.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. <sup>(b)</sup> | 5980.0 | 967504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Analog Devices, Inc. | 1736.0 | 426535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 156437.0 | 39833553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applied Materials, Inc. | 12988.0 | 2659163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arista Networks, Inc.<sup>(b)</sup> | 4629.0 | 674492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 39832.0 | 13140975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 105778.0 | 7237331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corning, Inc. | 9421.0 | 772805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dell Technologies, Inc. - Class C | 18726.0 | 2654785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F5, Inc.<sup>(b)</sup> | 1522.0 | 491895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Garmin Ltd. | 1720.0 | 423498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | 4898.0 | 120295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HP, Inc. | 29208.0 | 795334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intel Corp. <sup>(b)</sup> | 15673.0 | 525829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jabil, Inc. | 2830.0 | 614591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KLA Corp. | 466.0 | 502628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lam Research Corp. | 33962.0 | 4547512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | 1863.0 | 119642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Micron Technology, Inc. | 24350.0 | 4074242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | 180.0 | 165715 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | 584.0 | 267057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NetApp, Inc. | 6419.0 | 760395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 236207.0 | 44071502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NXP Semiconductors NV | 918.0 | 209056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ON Semiconductor Corp.<sup>(b)</sup> | 11216.0 | 553061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | 17463.0 | 2905145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seagate Technology Holdings PLC | 5652.0 | 1334211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc. | 4246.0 | 326857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Super Micro Computer, Inc.<sup>(b)</sup> | 16216.0 | 777395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teledyne Technologies, Inc.<sup>(b)</sup> | 167.0 | 97869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teradyne, Inc. | 560.0 | 77078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | 2922.0 | 536859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Digital Corp. | 9244.0 | 1109835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zebra Technologies, Corp.<sup>(b)</sup> | 1335.0 | 396709 |
|  |  | 134171353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Telecommunications - 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T, Inc. | 172900.0 | 4882696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | 4136.0 | 990076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 111167.0 | 4885789 |
|  |  | 10758561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Utilities - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AES Corp. | 2498.0 | 32874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alliant Energy Corp. | 904.0 | 60939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ameren Corp. | 956.0 | 99787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. | 1837.0 | 206663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Water Works Co., Inc. | 588.0 | 81844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atmos Energy Corp. | 476.0 | 81277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc. | 2354.0 | 91335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMS Energy Corp.<sup>(a)</sup> | 1001.0 | 73333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Edison, Inc. | 1131.0 | 113688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellation Energy Corp. | 1129.0 | 371520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dominion Energy, Inc. | 3126.0 | 191217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DTE Energy Co. | 784.0 | 110881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Corp. | 2867.0 | 354791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edison International | 1423.0 | 78663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entergy Corp. | 1409.0 | 131305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evergy, Inc. | 851.0 | 64693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eversource Energy | 1323.0 | 94118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exelon Corp. | 3658.0 | 164647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FirstEnergy Corp. | 2132.0 | 97688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | 7485.0 | 565043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NiSource, Inc. | 1314.0 | 56896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NRG Energy, Inc. | 716.0 | 115956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG&E Corp. | 23244.0 | 350520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinnacle West Capital Corp. | 360.0 | 32278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPL Corp. | 2616.0 | 97211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc. | 1775.0 | 148142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sempra | 2284.0 | 205514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Co. | 3922.0 | 371688 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra Corp. | 5982 | 1171993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WEC Energy Group, Inc.<sup>(a)</sup> | 1063 | 121809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xcel Energy, Inc. | 2097 | 169123 |
|  |  | 5907436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCKS (Cost $547,722,490)** |  | 637425477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SHORT-TERM INVESTMENTS - 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investments Purchased with Proceeds from Securities Lending - 0.5%** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mount Vernon Liquid Assets Portfolio, LLC, 4.22%<sup>(d)</sup> | 2926401 | 2926401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Money Market Funds - 0.5%** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.05%<sup>(d)</sup> | 3223054 | 3223054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SHORT-TERM INVESTMENTS (Cost $6,149,455)** |  | 6149455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS - 100.9% (Cost $553,871,945)** |  | $643574932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities in Excess of Other Assets - (0.9)% |  | (5427266) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL NET ASSETS - 100.0%** |  | $638147666 |

---

Percentages are stated as a percent of net assets.

PLC Public Limited Company <br> REIT Real Estate Investment Trust

(a) All or a portion of this security is on loan as of September 30, 2025. The total market value of these securities was $2,860,026, which represented 0.4% of net assets.

(b) Non-income producing security.

(c) Does not round to 0.1% or (0.1)%, as applicable.

(d) The rate shown represents the 7-day annualized effective yield as of September 30, 2025.

The accompanying notes are an integral part of these financial statements.

**Gotham Short Strategies ETF**

**Schedule of Investments**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**COMMON STOCKS - 86.8%** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Discretionary Products - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amer Sports, Inc.<sup>(a)</sup> | 37 | $1286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Armstrong World Industries, Inc. | 329 | 64487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BRP, Inc. | 507 | 30816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brunswick Corp. | 46 | 2909 |
|  |  | 99498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Discretionary Services - 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bright Horizons Family Solutions, Inc.<sup>(a)</sup> | 19 | 2063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brinker International, Inc.<sup>(a)</sup> | 749 | 94883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carnival Corp.<sup>(a)</sup>. | 1582 | 45736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Churchill Downs, Inc. | 695 | 67422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | 14 | 4530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stride, Inc.<sup>(a)</sup> | 29 | 4319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vail Resorts, Inc. | 56 | 8376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wingstop, Inc. | 90 | 22651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts, Inc. | 31 | 2477 |
|  |  | 252457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Staple Products - 7.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altria Group, Inc. | 2100 | 138726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brown-Forman Corp. - Class B | 3500 | 94780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cal-Maine Foods, Inc. | 1111 | 104545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Campbell's Co. | 765 | 24159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Church & Dwight Co., Inc. | 220 | 19279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clorox Co. | 961 | 118491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Co. | 228 | 15121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conagra Brands, Inc. | 112 | 2051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellation Brands, Inc. - Class A | 1208 | 162681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kenvue, Inc. | 3803 | 61723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keurig Dr Pepper, Inc. | 131 | 3342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | 222 | 27603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lamb Weston Holdings, Inc. | 226 | 13126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marzetti Co. | 25 | 4320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Molson Coors Beverage Co. - Class B | 1186 | 53666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Beverage Corp.<sup>(a)</sup> | 12 | 443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tyson Foods, Inc. - Class A | 1522 | 82645 |
|  |  | 926701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial Services - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | 1 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. - Class A | 59 | 14839 |
|  |  | 15077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care - 12.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Align Technology, Inc.<sup>(a)</sup> | 494 | 61859 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alkermes PLC<sup>(a)</sup> | 448.0 | $13440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amgen, Inc. | 101.0 | 28502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arrowhead Pharmaceuticals, Inc.<sup>(a)</sup> | 48.0 | 1655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baxter International, Inc. | 6095.0 | 138783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Biogen, Inc.<sup>(a)</sup> | 561.0 | 78585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 2447.0 | 132530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bio-Rad Laboratories, Inc. - Class A<sup>(a)</sup> | 196.0 | 54956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bio-Techne Corp. | 1361.0 | 75712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boston Scientific Corp.<sup>(a)</sup> | 1065.0 | 103976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 1753.0 | 79060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CorVel Corp.<sup>(a)</sup> | 224.0 | 17342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 941.0 | 104451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HealthEquity, Inc.<sup>(a)</sup> | 550.0 | 52123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hologic, Inc.<sup>(a)</sup> | 636.0 | 42924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Humana, Inc. | 133.0 | 34603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illumina, Inc.<sup>(a)</sup> | 64.0 | 6078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incyte Corp.<sup>(a)</sup> | 37.0 | 3138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insulet Corp.<sup>(a)</sup> | 72.0 | 22229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iRhythm Technologies, Inc.<sup>(a)</sup> | 244.0 | 41966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merit Medical Systems, Inc.<sup>(a)</sup> | 70.0 | 5826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penumbra, Inc.<sup>(a)</sup> | 156.0 | 39518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pfizer, Inc. | 7283.0 | 185571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | 266.0 | 149564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ResMed, Inc. | 63.0 | 17245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransMedics Group, Inc.<sup>(a)</sup> | 10.0 | 1122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zoetis, Inc. - Class A | 489.0 | 71550 |
|  |  | 1564308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Industrial Products - 6.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.O. Smith Corp. | 120.0 | 8809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Badger Meter, Inc. | 2.0 | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crane Co. | 389.0 | 71630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Donaldson Co., Inc. | 297.0 | 24309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ESCO Technologies, Inc. | 201.0 | 42433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Signal Corp. | 22.0 | 2618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Dynamics Corp. | 425.0 | 144925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Graco, Inc. | 397.0 | 33729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keysight Technologies, Inc.<sup>(a)</sup> | 983.0 | 171946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nordson Corp. | 307.0 | 69674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oshkosh Corp. | 98.0 | 12711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RBC Bearings, Inc.<sup>(a)</sup> | 35.0 | 13660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regal Rexnord Corp. | 738.0 | 105859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | 154.0 | 53828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sensata Technologies Holding PLC | 463.0 | 14145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toro Co. | 532.0 | 40538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vontier Corp. | 8.0 | 336 |
|  |  | 811507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Industrial Services - 7.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADT, Inc. | 1934.0 | 16845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APi Group Corp.<sup>(a)</sup> | 629.0 | 21619 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | 545 | $159958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Pacific Kansas City Ltd. | 416 | 30988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FedEx Corp. | 508 | 119792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GFL Environmental, Inc. | 1499 | 71023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Granite Construction, Inc. | 302 | 33114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JB Hunt Transport Services, Inc. | 723 | 97005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Landstar System, Inc. | 11 | 1348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resideo Technologies, Inc.<sup>(a)</sup> | 1503 | 64900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ryder System, Inc. | 263 | 49612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stantec, Inc. | 118 | 12720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tetra Tech, Inc. | 1693 | 56512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TFI International, Inc. | 669 | 58912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thomson Reuters Corp. | 1 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TopBuild Corp.<sup>(a)</sup> | 234 | 91461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waste Connections, Inc. | 5 | 879 |
|  |  | 886843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Materials - 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Drainage Systems, Inc. | 80 | 11096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avery Dennison Corp. | 21 | 3406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Holdings, Inc. | 19 | 1835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. | 635 | 39078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;James Hardie Industries PLC<sup>(b)</sup> | 454 | 8722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owens Corning | 1157 | 163669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pan American Silver Corp. | 844 | 32688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Copper Corp. | 1 | 120 |
|  |  | 260614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Media - 4.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | 15 | 80989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comcast Corp. - Class A | 1547 | 48607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interpublic Group of Cos., Inc. | 3343 | 93303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maplebear, Inc.<sup>(a)</sup> | 1361 | 50030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Match Group, Inc. | 180 | 6358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Times Co. - Class A | 971 | 55736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;News Corp. - Class A | 3451 | 105980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nexstar Media Group, Inc. - Class A | 441 | 87203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Co. | 708 | 81066 |
|  |  | 609272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil & Gas - 7.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Antero Midstream Corp. | 3315 | 64444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Antero Resources Corp.<sup>(a)</sup> | 6751 | 226564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APA Corp. | 10052 | 244062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | 96 | 14908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EOG Resources, Inc. | 98 | 10988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HF Sinclair Corp. | 3333 | 174449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Corp. - Class A | 1246 | 29742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schlumberger NV | 155 | 5327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TC Energy Corp. | 2386 | 129822 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TechnipFMC PLC | 524.0 | $20672 |
|  |  | 920978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail & Wholesale - Discretionary - 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asbury Automotive Group, Inc.<sup>(a)</sup> | 50.0 | 12222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AutoNation, Inc.<sup>(a)</sup> | 54.0 | 11814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bath & Body Works, Inc. | 2.0 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copart, Inc.<sup>(a)</sup> | 2606.0 | 117192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ferguson Enterprises, Inc. | 746.0 | 167537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | 9.0 | 2262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macy's, Inc. | 5905.0 | 105877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penske Automotive Group, Inc. | 34.0 | 5913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tractor Supply Co. | 276.0 | 15696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Urban Outfitters, Inc.<sup>(a)</sup> | 280.0 | 20000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valvoline, Inc. <sup>(a)</sup> | 646.0 | 23198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wayfair, Inc. - Class A<sup>(a)</sup> | 247.0 | 22064 |
|  |  | 503826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail & Wholesale - Staples - 5.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | 151.0 | 85363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollar General Corp. | 726.0 | 75032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollar Tree, Inc.<sup>(a)</sup> | 1609.0 | 151841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Five Below, Inc.<sup>(a)</sup> | 1411.0 | 218282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kroger Co. | 1589.0 | 107115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sprouts Farmers Market, Inc.<sup>(a)</sup> | 755.0 | 82144 |
|  |  | 719777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software & Tech Services - 14.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accenture PLC - Class A | 426.0 | 105052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adobe, Inc.<sup>(a)</sup> | 191.0 | 67375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amdocs Ltd. | 1215.0 | 99691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amentum Holdings, Inc.<sup>(a)</sup> | 3237.0 | 77526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BILL Holdings, Inc.<sup>(a)</sup> | 99.0 | 5244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Booz Allen Hamilton Holding Corp. - Class A | 148.0 | 14793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CGI, Inc. | 123.0 | 10963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp. - Class A | 52.0 | 3488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Descartes Systems Group, Inc.<sup>(a)</sup> | 150.0 | 14134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EPAM Systems, Inc.<sup>(a)</sup> | 201.0 | 30309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gen Digital, Inc. | 1426.0 | 40484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guidewire Software, Inc.<sup>(a)</sup> | 589.0 | 135387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KBR, Inc. | 1118.0 | 52870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Manhattan Associates, Inc.<sup>(a)</sup> | 9.0 | 1845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Okta, Inc. - Class A<sup>(a)</sup> | 1466.0 | 134432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palantir Technologies, Inc. - Class A<sup>(a)</sup> | 883.0 | 161077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paylocity Holding Corp.<sup>(a)</sup> | 343.0 | 54630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PTC, Inc.<sup>(a)</sup> | 707.0 | 143535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce, Inc. | 600.0 | 142200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Snowflake, Inc. - Class A<sup>(a)</sup> | 20.0 | 4511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SoundHound AI, Inc. - Class A<sup>(a)</sup> | 11520.0 | 185242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tyler Technologies, Inc.<sup>(a)</sup> | 160.0 | 83706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waystar Holding Corp.<sup>(a)</sup> | 2913.0 | 110461 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Workiva, Inc. - Class A<sup>(a)</sup> | 7 | $602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zoom Communications, Inc. - Class A<sup>(a)</sup> | 1516 | 125070 |
|  |  | 1804627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Tech Hardware & Semiconductors - 10.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allegro MicroSystems, Inc.<sup>(a)</sup> | 1901 | 55509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Analog Devices, Inc. | 914 | 224570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 86 | 28372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ciena Corp.<sup>(a)</sup> | 1480 | 215592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 2141 | 146487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credo Technology Group Holding Ltd.<sup>(a)</sup> | 419 | 61010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dolby Laboratories, Inc. - Class A | 492 | 35606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jabil, Inc. | 524 | 113797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Micron Technology, Inc. | 1156 | 193422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rigetti Computing, Inc.<sup>(a)</sup> | 171 | 5094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sanmina Corp.<sup>(a)</sup> | 934 | 107513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Semtech Corp.<sup>(a)</sup> | 1044 | 74594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc. | 1328 | 102229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Viasat, Inc.<sup>(a)</sup> | 73 | 2139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zebra Technologies, Corp.<sup>(a)</sup> | 61 | 18127 |
|  |  | 1384061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Telecommunications - 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Array Digital Infrastructure, Inc. | 303 | 15153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCE, Inc. | 715 | 16724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rogers Communications, Inc. | 304 | 10479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | 218 | 52185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 2628 | 115500 |
|  |  | 210041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Utilities - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Algonquin Power & Utilities Corp. | 16303 | 87547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCKS (Cost $10,993,594)** |  | 11057134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SHORT-TERM INVESTMENTS - 4.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Money Market Funds - 4.7%** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.05%<sup>(b)</sup> | 600286 | 600286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SHORT-TERM INVESTMENTS (Cost $600,286)** |  | 600286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS - 91.5% (Cost $11,593,880)** |  | $11657420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Assets in Excess of Liabilities - 8.5% |  | 1083063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL NET ASSETS - 100.0%** |  | $12740483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Percentages are stated as a percent of net assets. |  |  |

---

PLC Public Limited Company

The accompanying notes are an integral part of these financial statements.

(a) Non-income producing security.

(b) The rate shown represents the 7-day annualized effective yield as of September 30, 2025.

The accompanying notes are an integral part of these financial statements.

**Gotham Short Strategies ETF**

 **Schedule of Total Return Swaps Contracts**

 **September 30, 2025**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Counterparty** | **Pay/<br> Receive<br> Reference <br> Entity** | **Financing Rate** | **Payment<br> Frequency** | **Maturity<br> Date** | **Notional<br> Value** | **Value /<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| Accenture PLC | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | $11590 | $474 |
| Adobe, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 8819 | 72 |
| Advanced Drainage Systems, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 1942 | 24 |
| Algonquin Power & Utilities Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 9806 | (661) |
| Align Technology, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 6887 | (566) |
| Altria Group, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/12/2029 | 15260 | 931 |
| Amdocs Ltd. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 11077 | (849) |
| Amentum Holdings, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 8766 | (110) |
| Amgen, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 3104 | 26 |
| Analog Devices, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 24570 | (171) |
| Antero Midstream Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 7018 | 479 |
| Antero Resources Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/12/2029 | 18290 | (68) |
| APA Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/12/2029 | 27096 | 3755 |
| API Group Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 2200 | (10) |
| Armstrong World Industries, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 6468 | 148 |
| Array Digital Infrastructure, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 2801 | (117) |
| Arrowhead Pharmaceuticals, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 207 | 13 |
| Asbury Automotive Group, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 244 | 8 |
| Automatic Data Processing, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 17903 | (713) |
| AutoNation, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 1094 | 15 |
| Avery Dennison Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 324 | (9) |
| Bath & Body Works, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 103 | (2) |
| Baxter International, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/12/2029 | 842 | (299) |
| Baxter International, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/12/2029 | 3552 | (1018) |
| BCE, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/09/2030 | 2105 | (32) |
| BILL Holdings, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 583 | 75 |
| Biogen, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 6164 | 165 |
| BioMarin Pharmaceutical, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 22043 | (777) |
| Bio-Rad Laboratories, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 5888 | 31 |
| Bio-Techne Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 8456 | 613 |
| Booz Allen Hamilton Holding Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 1499 | (35) |
| Boston Scientific Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 11520 | (95) |
| Bright Horizons Family Solutions, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/09/2030 | 217 | (9) |
| Brinker International, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 10641 | (2511) |
| Bristol-Myers Squibb Co. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 8614 | 30 |
| Brown-Forman Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 10886 | (383) |

---

The accompanying notes are an integral part of these financial statements.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| BRP, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 3525 | (164) |
| Cal-Maine Foods, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 11386 | (1456) |
| Campbell's Co. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 2179 | (76) |
| Carnival Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/12/2029 | 5146 | (153) |
| Casey's General Stores, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 8480 | 243 |
| CGI, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 1070 | (139) |
| Chevron Corp. | Morgan Stanley | Receive | 0.00% | Termination | 05/13/2030 | 1708 | 9 |
| Church & Dwight Co., Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 2103 | 27 |
| Churchill Downs, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 7761 | (572) |
| Ciena Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 24618 | 2296 |
| Cisco Systems, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 14505 | 250 |
| Clorox Co. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 11837 | 30 |
| Coca-Cola Co. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 1658 | (38) |
| Cognizant Technology Solutions Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 402 | (7) |
| Comcast Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 5373 | (76) |
| Constellation Brands, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 18180 | (2058) |
| Copart, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 13086 | (410) |
| CorVel Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 155 | (17) |
| Crane Co. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 7918 | (24) |
| Credo Technology Group Holding Ltd. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 6552 | (889) |
| Descartes Systems Group, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 1508 | (62) |
| Dolby Laboratories, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 1303 | 7 |
| Dolby Laboratories, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/12/2029 | 1086 | (12) |
| Dollar General Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 8785 | (379) |
| Dollar Tree, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 17081 | (981) |
| EOG Resources, Inc. | Morgan Stanley | Receive | EFFR | Termination | 05/09/2030 | 897 | 2 |
| EPAM Systems, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 3317 | (98) |
| ESCO Technologies, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 5278 | 439 |
| FedEx Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 13205 | 181 |
| Ferguson Enterprises, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 18416 | (9) |
| Five Below, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 24443 | 3668 |
| Gen Digital, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 4145 | (128) |
| General Dynamics Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 15686 | 1265 |
| GFL Environmental, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 8055 | (135) |
| Gilead Sciences, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 13209 | (216) |
| Graco, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 4163 | 42 |
| Granite Construction, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 3728 | 85 |
| Graphic Packaging Holding Co. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/08/2029 | 22271 | (7135) |
| Guidewire Software, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 14481 | (1024) |
| HealthEquity, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 5971 | (133) |
| HF Sinclair Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 19156 | 2693 |
| Humana, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 3903 | (9) |
| Illumina, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 855 | 23 |
| Incyte Corp. | Morgan Stanley | Receive | EFFR + 0.24% | Termination | 05/13/2030 | 339 | 9 |
| Insulet Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 6175 | (138) |
| International Flavors & Fragrances, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 4615 | (281) |
| Interpublic Group of Cos., Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 11555 | 1107 |
| iRhythm Technologies, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 3096 | 163 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| iRhythm Technologies, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/12/2029 | 1376 | 287 |
| Jabil, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 14333 | 624 |
| James Hardie Industries PLC | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 1249 | (6) |
| JB Hunt Transport Services, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 10599 | (475) |
| KBR, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 5391 | (158) |
| Kenvue, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 7060 | (766) |
| Keurig Dr Pepper, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 383 | (43) |
| Keysight Technologies, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 18716 | 1346 |
| Kimberly-Clark Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 3357 | (102) |
| Kroger Co. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 11864 | (142) |
| Lamb Weston Holdings, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 1452 | 54 |
| Landstar System, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 123 | (4) |
| Lowe's Cos., Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/09/2030 | 503 | (14) |
| Macy's, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 11852 | 554 |
| Magnolia Oil & Gas Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 3986 | 57 |
| Maplebear, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/09/2030 | 5588 | (652) |
| Marzetti Co. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 173 | (9) |
| Match Group, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 671 | (11) |
| Merit Medical Systems, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 583 | 9 |
| Micron Technology, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 21584 | 985 |
| Molson Coors Beverage Co. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 6063 | (262) |
| National Beverage Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 332 | (72) |
| New York Times Co. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 7347 | 311 |
| News Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 11670 | 542 |
| Nexstar Media Group, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/12/2029 | 9689 | 1632 |
| Nexstar Media Group, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/09/2030 | 593 | 79 |
| Nordson Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 7943 | 82 |
| Okta, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 14855 | 79 |
| Oshkosh Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 1297 | 13 |
| Owens Corning | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 18390 | (987) |
| Palantir Technologies, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 21890 | 1685 |
| Pan American Silver Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/09/2030 | 2750 | 947 |
| Pan American Silver Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/12/2029 | 8404 | 3281 |
| Paylocity Holding Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 6212 | (362) |
| Penske Automotive Group, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 696 | 13 |
| Penumbra, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 4306 | (4) |
| Pfizer, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/12/2029 | 20308 | 1415 |
| Pfizer, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 14727 | 715 |
| PTC, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 14820 | (284) |
| RBC Bearings, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 1171 | 31 |
| Regal Rexnord Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 11045 | 28 |
| Regeneron Pharmaceuticals, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 16868 | 11 |
| Resideo Technologies, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 7082 | 1741 |
| ResMed, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 1916 | 30 |
| Rigetti Computing, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 685 | 22 |
| Rockwell Automation, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 9787 | 231 |
| Rogers Communications, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 1138 | 28 |
| Royal Caribbean Cruises Ltd. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 971 | (3) |
| Ryder System, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 5848 | 319 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Salesforce, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 15879.0 | (457) |
| Sanmina Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 12087.0 | (95) |
| Schlumberger NV | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 1822.0 | (19) |
| Semtech Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 9503.0 | 1489 |
| Sensata Technologies Holding PLC | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/09/2030 | 1589.0 | (10) |
| Skyworks Solutions, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 14780.0 | 1258 |
| Snowflake, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 451.0 | (8) |
| SoundHound AI, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 24409.0 | 511 |
| Sprouts Farmers Market, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/09/2030 | 9139.0 | (2122) |
| Stantec, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 1401.0 | 2 |
| Stride, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 149.0 | (9) |
| TC Energy Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 1469.0 | 164 |
| TC Energy Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/12/2029 | 13657.0 | 2198 |
| TechnipFMC PLC | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 2485.0 | (28) |
| Tetra Tech, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 6209.0 | (491) |
| TFI International, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 6428.0 | (136) |
| Thomson Reuters Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 155.0 | (7) |
| T-Mobile US, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 5266.0 | (26) |
| TopBuild Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 7817.0 | (154) |
| Toro Co. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 4420.0 | (96) |
| Tractor Supply Co. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 1820.0 | (11) |
| TransMedics Group, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 449.0 | (47) |
| Tyler Technologies, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 9940.0 | (451) |
| Tyson Foods, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 9231.0 | (223) |
| Urban Outfitters, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 5357.0 | 57 |
| Vail Resorts, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 1047.0 | 14 |
| Valvoline, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 2334.0 | (26) |
| Verisk Analytics, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 1761.0 | 59 |
| Verizon Communications, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 12218.0 | 193 |
| Viasat, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 293.0 | (36) |
| Walt Disney Co. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 9274.0 | (31) |
| Wayfair, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/12/2029 | 2591.0 | 337 |
| Waystar Holding Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/12/2029 | 10314.0 | 25 |
| Waystar Holding Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 11/12/2029 | 3413.0 | (208) |
| Wingstop, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 2265.0 | (422) |
| Wyndham Hotels & Resorts, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 160.0 | (15) |
| Zebra Technologies, Corp. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 1783.0 | (9) |
| Zoetis, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 7609.0 | 97 |
| Zoom Communications, Inc. | Morgan Stanley | Receive | EFFR + 0.25% | Termination | 05/13/2030 | 14025.0 | 869 |
|  |  |  |  |  |  |  | 9075 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Counterparty** | **Pay/<br> Receive <br> Reference <br> Entity** | **Financing Rate** | **Payment<br> Frequency** | **Maturity<br> Date** | **Notional<br> Value** | **Value /<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| 3M Co. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (195061) | (6307) |
| AAON, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (1028) | 80 |
| AAON, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 11/12/2029 | (22332) | (724) |
| Acadia Healthcare Co., Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 11/12/2029 | (20303) | 16744 |
| Acushnet Holdings Corp. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (13186) | (395) |
| ADMA Biologics, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (12505) | 3880 |
| AES Corp. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (164000) | (1741) |
| Agilent Technologies, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (19894) | (195) |
| Air Products and Chemicals, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (88361) | 4913 |
| Akamai Technologies, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (290161) | 5362 |
| Alaska Air Group, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (14685) | 137 |
| Alcon AG | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (55510) | 3316 |
| Alliant Energy Corp. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (55748) | (2350) |
| Alphabet, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (357843) | (74774) |
| Amazon.com, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 11/12/2029 | (211226) | (29528) |
| Amazon.com, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (132401) | 3729 |
| Amcor PLC | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (314104) | 9029 |
| Apple, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (186389) | (2556) |
| Applied Materials, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (247735) | (7891) |
| AppLovin Corp. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (187539) | (43583) |
| AptarGroup, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (39296) | 1901 |
| Aptiv PLC | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (17675) | (1228) |
| Aramark | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (151603) | 2374 |
| Archer Aviation, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (11937) | (1406) |
| Archrock, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 11/12/2029 | (22495) | (3345) |
| Archrock, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (40254) | (2430) |
| Arrow Electronics, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (25894) | 231 |
| ATI, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (16349) | (547) |
| Atmos Energy Corp. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (3074) | (101) |
| AutoZone, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (81515) | (5934) |
| Axon Enterprise, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (34447) | 5907 |
| Barrick Mining Corp. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (918) | (158) |
| Bausch + Lomb Corp. | Morgan Stanley | Pay | EFFR + (1.04)% | Termination | 11/12/2029 | (8062) | (1968) |
| Bausch + Lomb Corp. | Morgan Stanley | Pay | EFFR + (1.04)% | Termination | 05/09/2030 | (27819) | (5264) |
| Black Hills Corp. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (29871) | (847) |
| Broadcom, Inc. | Morgan Stanley | Pay | 0.00% | Termination | 05/13/2030 | 0 |  |
| Brookfield Renewable Corp. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (98338) | (12314) |
| Brookfield Renewable Corp. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 11/12/2029 | (17898) | (3419) |
| Bruker Corp. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (24920) | (565) |
| Bunge Global SA | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (79219) | 6 |
| CACI International, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (43394) | (1250) |
| Canadian Natural Resources Ltd. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (204065) | (10823) |
| CarMax, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (1885) | 2 |
| Casella Waste Systems, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 11/12/2029 | (29603) | 5672 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Casella Waste Systems, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (61103) | 3545 |
| Caterpillar, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (188951) | (8496) |
| Caterpillar, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 11/12/2029 | (11452) | (3722) |
| CAVA Group, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (12324) | 1471 |
| CCC Intelligent Solutions Holdings, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (48037) | 2925 |
| Centene Corp. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (64724) | (1682) |
| CenterPoint Energy, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 11/12/2029 | (22698) | 85 |
| CenterPoint Energy, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (113994) | (1890) |
| Cirrus Logic, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (1378) | 4 |
| Clearwater Analytics Holdings, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (122680) | 12767 |
| Cleveland-Cliffs, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (14115) | (2116) |
| CMS Energy Corp. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 11/12/2029 | (3370) | (9) |
| CMS Energy Corp. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (39853) | (1895) |
| Coherent Corp. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (2262) | (59) |
| Confluent, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 11/12/2029 | (22592) | 344 |
| Confluent, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (153153) | (8001) |
| ConocoPhillips | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (38404) | (145) |
| Constellation Energy Corp. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (57258) | 559 |
| Corcept Therapeutics, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (30003) | (97) |
| Core Natural Resources, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (3840) | (194) |
| Core Scientific, Inc. | Morgan Stanley | Pay | EFFR + (2.84)% | Termination | 05/09/2030 | (15751) | (3032) |
| CRH PLC | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (302987) | (24701) |
| CSW Industrials, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (38597) | 3083 |
| Crocs, Inc. | Morgan Stanley | Pay | 0.00% | Termination | 05/09/2030 | 0 |  |
| Cummins, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (8447) | (598) |
| Curtiss-Wright Corp. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (8144) | (79) |
| Dayforce, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (132751) | (62) |
| Diamondback Energy, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (196619) | (1543) |
| Dominion Energy, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 11/12/2029 | (29973) | (2951) |
| Dominion Energy, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (94630) | (7726) |
| Dow, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 11/12/2029 | (111302) | 64227 |
| Dow, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (106762) | 2857 |
| Doximity, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (33722) | (1902) |
| Eastman Chemical Co. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (66139) | 2379 |
| Eaton Corp. PLC | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 11/12/2029 | (9731) | (1900) |
| Eaton Corp. PLC | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (328217) | (19151) |
| EchoStar Corp. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (314603) | (164874) |
| Elanco Animal Health, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (25960) | (3462) |
| Electronic Arts, Inc. | Morgan Stanley | Pay | EFFR + (0.01)% | Termination | 05/09/2030 | (42559) | 119 |
| Eli Lilly & Co. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (170912) | (5156) |
| Emera, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (144) | (3) |
| EnerSys, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 11/12/2029 | (1017) | (143) |
| EnerSys, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (1807) | (213) |
| Enphase Energy, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (115194) | 3367 |
| Entegris, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (14516) | (1263) |
| ESAB Corp. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (61792) | 969 |
| Estee Lauder Cos., Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (167780) | 1203 |
| Etsy, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (23768) | (353) |
| Exact Sciences Corp. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (163309) | (32982) |

---

The accompanying notes are an integral part of these financial statements.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Fabrinet | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 11/12/2029 | (26253) | (11407) |
| Fabrinet | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (372277) | (111835) |
| Federal Signal Corp. | Morgan Stanley | Pay | 0.00% | Termination | 05/13/2030 | 0 |  |
| First Solar, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (188774) | (16838) |
| First Solar, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 11/12/2029 | (22494) | (9166) |
| Floor & Decor Holdings, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (54391) | 2272 |
| FMC Corp. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (16950) | 2729 |
| Fortinet, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (43301) | (224) |
| Franco-Nevada Corp. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (48817) | (10046) |
| Frontier Communications Parent, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 11/12/2029 | (43961) | (1224) |
| Frontier Communications Parent, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (184658) | (3154) |
| Garmin Ltd. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (190574) | (16872) |
| General Motors Co. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (259976) | (35145) |
| Glaukos Corp | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (23323) | 1164 |
| GlobalFoundries, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (3297) | 43 |
| Graphic Packaging Holding Co. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (47262) | 5891 |
| Henry Schein, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (24690) | 844 |
| Herc Holdings, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (37098) | 4532 |
| Hewlett Packard Enterprise Co. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (252452) | (5943) |
| Hexcel Corp. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (20816) | (785) |
| Hims & Hers Health, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (16335) | (578) |
| Howmet Aerospace, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (8242) | (310) |
| Hyatt Hotels Corp. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (86293) | (1231) |
| IDACORP, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (22201) | (2670) |
| Ingram Micro Holding Corp. | Morgan Stanley | Pay | EFFR + (1.44)% | Termination | 05/09/2030 | (5437) | (205) |
| Insight Enterprises, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (11454) | 1552 |
| Inspire Medical Systems, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 11/12/2029 | (3191) | 3492 |
| Inspire Medical Systems, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (223) | 217 |
| International Business Machines Corp. | Morgan Stanley | Pay | EFFR + (0.01)% | Termination | 05/09/2030 | (3104) | 48 |
| International Paper Co. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (84262) | 2466 |
| J.M. Smucker Co. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (184186) | 2263 |
| Jazz Pharmaceuticals PLC | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (24647) | (1007) |
| Karman Holdings, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (1083) | (279) |
| KLA Corp. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (15100) | (285) |
| Knife River Corp. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (18141) | 2816 |
| Kontoor Brands, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (1436) | (6) |
| L3Harris Technologies, Inc. | Morgan Stanley | Pay | 0.00% | Termination | 05/09/2030 | (305) | (3) |
| Lear Corp. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (79482) | (2330) |
| Leonardo DRS, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (36456) | (2341) |
| Life Time Group Holdings, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (8252) | 151 |
| Light & Wonder, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (23167) | 1793 |
| Live Nation Entertainment, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (128432) | (8171) |
| Lockheed Martin Corp. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (405858) | (62018) |
| Lumen Technologies, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 11/12/2029 | (99713) | (32802) |
| LyondellBasell Industries NV | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (100532) | 4851 |
| MACOM Technology Solutions Holdings, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (31620) | 1673 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Madison Square Garden Sports Corp. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 11/12/2029 | (681) | (105) |
| Madison Square Garden Sports Corp. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (30418) | (4159) |
| Magna International, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (10850) | (1168) |
| Manhattan Associates, Inc. | Morgan Stanley | Pay | 0.00% | Termination | 05/13/2030 | 0 |  |
| Marathon Petroleum Corp. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (128750) | (19036) |
| MasTec, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (213023) | (32375) |
| Matador Resources Co. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (16444) | 1185 |
| Maximus, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (134679) | (7460) |
| McKesson Corp. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (773) | (35) |
| Mirion Technologies, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (15142) | (192) |
| Moderna, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (11572) | 606 |
| Modine Manufacturing Co. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (19760) | (26) |
| Mohawk Industries, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (9282) | (430) |
| Mondelez International, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (131999) | 1922 |
| Mosaic Co. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (306155) | (18585) |
| MSA Safety, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (28219) | 342 |
| Neurocrine Biosciences, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (2527) | 46 |
| New Gold, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (101575) | (19090) |
| New Jersey Resources Corp. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (38809) | (868) |
| NextEra Energy, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (17967) | (709) |
| NEXTracker, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (209466) | (16118) |
| NiSource, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (131416) | (5939) |
| NRG Energy, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (407466) | (29215) |
| Nucor Corp. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (80581) | (4148) |
| Nucor Corp. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 11/12/2029 | (191363) | (23541) |
| Nuvalent, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (18593) | (2392) |
| ONEOK, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 11/12/2029 | (181185) | 52976 |
| ONEOK, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (23861) | 1734 |
| Option Care Health, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (222) | 13 |
| Parsons Corp. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (12853) | (235) |
| Permian Resources Corp. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (142157) | 7350 |
| Phillips 66 | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (67058) | (6900) |
| Pinnacle West Capital Corp. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 11/12/2029 | (49492) | 2124 |
| Pinnacle West Capital Corp. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (95219) | 817 |
| PPG Industries, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (6622) | 429 |
| PPL Corp. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (166923) | (4032) |
| Primo Brands Corp. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (261023) | 44489 |
| PTC Therapeutics, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (46518) | (1956) |
| QUALCOMM, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (92663) | (4460) |
| Quanta Services, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (225445) | (14126) |
| QXO, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (115084) | 8265 |
| Ralph Lauren Corp. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (20381) | (132) |
| Ross Stores, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (45260) | (283) |
| Royal Gold, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (1605) | (146) |
| SanDisk Corp. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (114107) | (12262) |
| Science Applications International Corp. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (87545) | 3165 |
| Seagate Technology Holdings PLC | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (226854) | (45924) |

---

The accompanying notes are an integral part of these financial statements.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Sealed Air Corp. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (7424) | (423) |
| Silgan Holdings, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 11/12/2029 | (3097) | 785 |
| Silgan Holdings, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (133933) | 10019 |
| Smurfit WestRock PLC | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (1533) | 158 |
| Snap-on, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (173776) | (12059) |
| Southern Co. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (105953) | 136 |
| Southern Copper Corp. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (607) | (18) |
| Southwest Gas Holdings, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (113906) | (7997) |
| Spire, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (52988) | (4463) |
| Spirit AeroSystems Holdings, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (60641) | 149 |
| StandardAero, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (6850) | 1 |
| Steel Dynamics, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 11/12/2029 | (379528) | (36796) |
| Summit Therapeutics, Inc. | Morgan Stanley | Pay | EFFR + (5.69)% | Termination | 05/09/2030 | (15144) | 2469 |
| Talen Energy Corp. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (285005) | (43053) |
| Teledyne Technologies, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 11/12/2029 | (111348) | (6488) |
| Tenet Healthcare Corp. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (2843) | (103) |
| Tesla, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (25349) | (7314) |
| Texas Instruments, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (25906) | 627 |
| TG Therapeutics, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 11/12/2029 | (1120) | (41) |
| TG Therapeutics, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (13728) | (978) |
| Timken Co. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (32478) | (190) |
| TKO Group Holdings, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (2827) | (109) |
| TXNM Energy, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (168745) | (1088) |
| UL Solutions, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (3614) | (26) |
| Ulta Beauty, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (265174) | (12648) |
| United Therapeutics Corp. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (237692) | (12493) |
| UnitedHealth Group, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (352897) | (36448) |
| Universal Health Services, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (1436) | 23 |
| Valero Energy Corp. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (20431) | (3465) |
| Vaxcyte, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 11/12/2029 | (52157) | 5070 |
| Vaxcyte, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (98227) | (8768) |
| Vertex, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 11/12/2029 | (72858) | 27187 |
| Vertex, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (14948) | 4424 |
| Vertiv Holdings Co. | Morgan Stanley | Pay | 0.00% | Termination | 05/09/2030 | (6789) | (103) |
| Viking Holdings Ltd. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (109464) | (4045) |
| Vistra Corp. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (157324) | 9404 |
| Walmart, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (362256) | (11785) |
| Warner Bros Discovery, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (20956) | (71) |
| Watsco, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (32748) | 3759 |
| West Fraser Timber Co. Ltd. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (20054) | 981 |
| Westlake Corp. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (106805) | (135) |
| Wheaton Precious Metals Corp. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (11184) | (925) |
| Williams-Sonoma, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (26386) | 895 |
| Wynn Resorts Ltd. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (53104) | (2000) |
| Xcel Energy, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (86296) | (12863) |
| Xcel Energy, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 11/12/2029 | (1452) | (182) |
| XPO, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (20425) | (400) |

---

The accompanying notes are an integral part of these financial statements.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Yum! Brands, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 05/09/2030 | (12160) | 133 |
|  |  |  |  |  |  |  | (968775) |
| **Net Unrealized Appreciation** |  |  |  |  |  |  |  |
| **(Depreciation)** |  |  |  |  |  |  | (959700) |

---

EFFR – Effective Federal Funds Rate was 4.09% as of September 30, 2025.

PLC - Public Limited Company

The accompanying notes are an integral part of these financial statements.

**Statements of Assets and Liabilities**

**September 30, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Gotham 1000 Value ETF** | **Gotham Enhanced 500<br> ETF** | **Gotham Short Strategies <br> ETF** |
| **ASSETS:** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, at value (cost $214,816,138, $553,871,945 and $11,593,880) (Note 2) | $227994032 | $643574932 | $11657420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable for investments sold | 695799 | 2733642 | 236707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on swap contacts |  |  | 437489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable for swap contracts (Note 2) |  |  | 140619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends receivable | 199296 | 294047 | 8450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend tax reclaim receivable | 13148 | 3546 | 515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Security lending income receivable (Note 6) | 5036 | 1152 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest receivable | 651 | 2082 | 1669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash |  |  | 1918325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency, at value |  |  | 47 |
| **Total assets** | 228907962 | 646609401 | 14401241 |
| **LIABILITIES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable upon return of securities loan (value included in investments $19,901,298, $2,860,026 and $-) (Note 6) | 20522718 | 2926401 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased | 735877 | 5289732 | 174684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to adviser (Note 4) | 85198 | 245602 | 13948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for swap contracts (Note 2) |  |  | 74937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on swap contacts |  |  | 1397189 |
| **Total liabilities** | 21343793 | 8461735 | 1660758 |
| **NET ASSETS** | $207564169 | $638147666 | $12740483 |
| **NET ASSETS CONSISTS OF:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital | $189405130 | $550021209 | $29527621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings/(accumulated losses) | 18159039 | 88126457 | (16787138) |
| **Total Net Assets** | $207564169 | $638147666 | $12740483 |
| Net assets | $207564169 | $638147666 | $12740483 |
| Shares issued and outstanding<sup>(a)</sup> | 8150000 | 17425000 | 1692414 |
| Net asset value per share | $25.47 | $36.62 | $7.53 |

---

(a) Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

**Statements of Operations** 

**For the Year Ended September 30, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Gotham 1000<br> Value ETF** | **Gotham<br> Enhanced 500<br> ETF** | **Gotham Short<br> Strategies ETF** |
| **INVESTMENT INCOME:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend income | $3755935 | $7467605 | $150524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Dividend withholding taxes | (101625) | (531) | (2795) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Issuance fees | (85) | (139) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | 8836 | 23505 | 16859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities lending income (Note 6) | 64022 | 21100 |  |
| **Total investment income** | 3727083 | 7511540 | 164587 |
| **EXPENSES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fee (Note 4) | 1199197 | 3478776 | 163321 |
| **Total expenses** | 1199197 | 3478776 | 163321 |
| Expense reimbursement by Adviser (Note 4) | (276738) | (802794) |  |
| Net expenses | 922459 | 2675982 | 163321 |
| **NET INVESTMENT INCOME (LOSS)** | 2804624 | 4835558 | 1266 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |
| Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 4232715 | 7683102 | 1364485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-kind redemptions | 11128359 | 71097333 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts |  |  | (1353373) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions |  |  | 32 |
| **Net realized gain (loss)** | 15361074 | 78780435 | 11144 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (6719436) | 4145497 | (505482) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | (37) |  | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts |  |  | (561870) |
| **Net change in unrealized appreciation (depreciation)** | (6719473) | 4145497 | (1067361) |
| Net realized and unrealized gain (loss) | 8641601 | 82925932 | (1056217) |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $11446225 | $87761490 | $(1054951) |

---

The accompanying notes are an integral part of these financial statements.

**Statements of Changes in Net Assets** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gotham 1000 Value ETF** | **Gotham 1000 Value ETF** | **Gotham Enhanced 500 ETF** | **Gotham Enhanced 500 ETF** |
|  | **Year Ended<br> September 30,<br> 2025** | **Year Ended<br> September 30,<br> 2024** | **Year Ended<br> September 30,<br> 2025** | **Year Ended<br> September 30,<br> 2024** |
| **OPERATIONS:** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $2804624 | $2371264 | $4835558 | $4225499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | 15361074 | 15923750 | 78780435 | 31236269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (6719473) | 16676962 | 4145497 | 79902044 |
| Net increase (decrease) in net assets resulting from operations | 11446225 | 34971976 | 87761490 | 115363812 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions to shareholders | (5134636) | (2397237) | (4292739) | (3836259) |
| Total distributions to shareholders | (5134636) | (2397237) | (4292739) | (3836259) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | 72161110 | 57140840 | 209790703 | 187238243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (35677120) | (61299990) | (146595895) | (100773273) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF transaction fees (Note 9) |  |  | 251 | 1158 |
| Net increase (decrease) in net assets from capital transactions | 36483990 | (4159150) | 63195059 | 86466128 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 42795579 | 28415589 | 146663810 | 197993681 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of the period | 164768590 | 136353001 | 491483856 | 293490175 |
| End of the period | $207564169 | $164768590 | $638147666 | $491483856 |
| **SHARES TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | 2950000 | 2550000 | 6150000 | 6700000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (1450000) | (2700000) | (4300000) | (3500000) |
| Total increase (decrease) in shares outstanding | 1500000 | (150000) | 1850000 | 3200000 |

---

The accompanying notes are an integral part of these financial statements.

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Gotham Short Strategies ETF** | **Gotham Short Strategies ETF** |
|  | **Year Ended<br> September 30,<br> 2025** | **Year Ended**<br> **September 30,**<br> **2024 <sup>(a)</sup>** |
| **OPERATIONS:** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $1266 | $115235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | 11144 | 1005189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (1067361) | (1322595) |
| Net increase (decrease) in net assets resulting from operations | (1054951) | (202171) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions to shareholders | (88870) | (46249) |
| Total distributions to shareholders | (88870) | (46249) |
| **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | 6970995 | 6493298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (4975083) | (13481644) |
| Net increase (decrease) in net assets from capital transactions | 1995912 | (6988346) |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 852092 | (7236766) |
| **NET ASSETS:** |  |  |
| Beginning of the period | 11888391 | 19125157 |
| End of the period | $12740483 | $11888391 |
| **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | 900000 | 780773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (625000) | (1666932) |
| Total increase (decrease) in shares outstanding | 275000 | (886159) |

---

(a) Prior to November 6, 2023, the Fund operated as a traditional, open-end mutual fund and series of FundVantage Trust. See Note 1.

The accompanying notes are an integral part of these financial statements.

**Financial Highlights**

**For a share outstanding throughout the periods presented**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gotham 1000 Value ETF** | **Gotham 1000 Value ETF** | **Gotham 1000 Value ETF** | **Gotham 1000 Value ETF** |
|  | **Year Ended<br> September 30,<br> 2025** | **Year Ended<br> September 30,<br> 2024** | **Year Ended<br> September 30,<br> 2023** | **Period Ended**<br> **September 30,**<br> **2022<sup>(a)</sup>** |
| **PER SHARE DATA:** | | | | |
| Net asset value, beginning of period | $24.78 | $20.05 | $16.68 | $20.00 |
| **INVESTMENTS OPERATIONS:** |  |  |  |  |
| Net investment income (loss)<sup>(b)</sup> | 0.37 | 0.34 | 0.35 | 0.13 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 1.00 | 4.74 | 3.20 | (3.45) |
| Total from investment operations | 1.37 | 5.08 | 3.55 | (3.32) |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |
| Net investment income | (0.47) | (0.35) | (0.18) |  |
| Net realized gains | (0.21) |  |  |  |
| Total distributions | (0.68) | (0.35) | (0.18) |  |
| Net asset value, end of period | $25.47 | $24.78 | $20.05 | $16.68 |
| **TOTAL RETURN<sup>(d)</sup>** | 5.62% | 25.56% | 21.37% | (16.58)% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |
| Net assets, end of period (in thousands) | $207564 | $164769 | $136353 | $33368 |
| Ratio of expenses to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before Investment Advisory Fees waived<sup>(e)</sup> | 0.65% | 0.65% | 0.65% | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After Investment Advisory Fees waived<sup>(e)</sup> | 0.50% | 0.50% | 0.50% | 0.50% |
| Ratio of net investment income to average net assets<sup>(e)</sup> | 1.52% | 1.52% | 1.78% | 2.22% |
| Portfolio turnover rate<sup>(d)(f)</sup> | 210% | 199% | 155% | 52% |

---

(a) Inception date of the Fund was June 7, 2022.

(b) Net investment income (loss) per share has been calculated based on average shares outstanding during the periods.

(c) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions for the periods.

(d) Not annualized for periods of less than one year.

(e) Annualized for periods of less than one year.

(f) Portfolio turnover rate excludes in-kind transactions, if any.

The accompanying notes are an integral part of these financial statements.

**Financial Highlights**

**For a share outstanding throughout the periods presented**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Gotham Enhanced 500 ETF** | **Gotham Enhanced 500 ETF** | **Gotham Enhanced 500 ETF** | **Gotham Enhanced 500 ETF** | **Gotham Enhanced 500 ETF** |
|  | **Year Ended<br> September 30,<br> 2025** | **Year Ended<br> September 30,<br> 2024** | **Year Ended<br> September 30,<br> 2023** | **Year Ended<br> September 30,<br> 2022** | **Period Ended**<br> **September 30,**<br> **2021<sup>(a)</sup>** |
| **PER SHARE DATA:** | | | | | |
| Net asset value, beginning of period | $31.56 | $23.72 | $19.68 | $23.10 | $20.00 |
| **INVESTMENTS OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss)<sup>(b)</sup> | 0.30 | 0.30 | 0.30 | 0.28 | 0.19 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 5.03 | 7.82 | 4.00 | (3.64) | 2.91 |
| Total from investment operations | 5.33 | 8.12 | 4.30 | (3.36) | 3.10 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | (0.27) | (0.28) | (0.26) | (0.06) |  |
| Total distributions | (0.27) | (0.28) | (0.26) | (0.06) |  |
| ETF transaction fees per share | 0.00 <sup>(d)</sup> | 0.00 <sup>(d)</sup> |  |  |  |
| Net asset value, end of period | $36.62 | $31.56 | $23.72 | $19.68 | $23.10 |
| **TOTAL RETURN<sup>(e)</sup>** | 17.01% | 34.47% | 22.01% | (14.62)% | 15.53% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $638148 | $491484 | $293490 | $262264 | $87799 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before Investment Advisory Fees waived<sup>(f)</sup> | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After Investment Advisory Fees waived<sup>(f)</sup> | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% |
| Ratio of net investment income to average net assets<sup>(f)</sup> | 0.90% | 1.08% | 1.17% | 1.05% | 9.20% |
| Portfolio turnover rate<sup>(e)(g)</sup> | 135% | 144% | 134% | 59% | 36% |

---

(a) Inception date of the Fund was December 28, 2020.

(b) Net investment income (loss) per share has been calculated based on average shares outstanding during the periods.

(c) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions for the periods.

(d) Amount represents less than $0.005 per share.

(e) Not annualized for periods of less than one year.

(f) Annualized for periods of less than one year.

(g) Portfolio turnover rate excludes in-kind transactions, if any.

The accompanying notes are an integral part of these financial statements.

**Financial Highlights**

**For a share outstanding throughout the periods presented**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Gotham Short Strategies ETF** | **Gotham Short Strategies ETF** | **Gotham Short Strategies ETF** | **Gotham Short Strategies ETF** | **Gotham Short Strategies ETF** |
|  | **Year Ended<br> September 30,<br> 2025** | **Year Ended**<br> **September 30,**<br> **2024<sup>(a)</sup>** | **Year Ended<br> September 30,<br> 2023** | **Year Ended<br> September 30,<br> 2022** | **Year Ended<br> September 30,<br> 2021** |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of period | $8.39 | $8.30 | $9.02 | $5.90 | $7.42 |
| **INVESTMENTS OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss)<sup>(b)</sup> | 0.00 <sup>(c)</sup> | 0.06 | 0.00 <sup>(c)</sup> | 0.01 | (0.02) |
| Net realized and unrealized gain (loss)<sup>(d)</sup> | (0.80) | 0.05 | (0.72) | 3.22 | (1.50) |
| Total from investment operations | (0.80) | 0.11 | (0.72) | 3.23 | (1.52) |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | (0.06) | (0.02) |  | (0.12) | (0.00)<sup>(c)</sup> |
| Total distributions | (0.06) | (0.02) |  | (0.12) | (0.00)<sup>(c)</sup> |
| Redemption fee per share |  |  | 0.00 <sup>(c)</sup> | 0.0.01 | 0.00 <sup>(c)</sup> |
| Net asset value, end of period | $7.53 | $8.39 | $8.30 | $9.02 | $5.90 |
| **TOTAL RETURN** | (9.47)% | 1.29% | (7.98)% | 55.96% | (20.47)% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $12740 | $11888 | $19125 | $18739 | $1520 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before expense reimbursement/recoupment | 1.35% | 1.61% | 2.23% | 3.52% | 2.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After expense reimbursement/recoupment | 1.35% | 1.35% | 1.35% | 1.35% | 1.35% |
| Ratio of net investment income to average net assets | 0.01% | 0.74% | 0.05% | 0.09% | (0.25)% |
| Portfolio turnover rate<sup>(e)</sup> | 685% | 538% | 670% | 717% | 459% |

---

(a) Prior to November 6, 2023, the Fund operated as a traditional, open-end mutual fund and series of FundVantage Trust. See Note 1.

(b) Net investment income (loss) per share has been calculated based on average shares outstanding during the periods.

(c) Amount represents less than $0.005 or $(0.005) per share.

(d) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions for the periods.

(e) Portfolio turnover rate excludes in-kind transactions, if any.

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **Notes to Financial Statements** | **Gotham ETFs** |

---

**NOTE 1 - ORGANIZATION**

The Gotham 1000 Value ETF, Gotham Enhanced 500 ETF and Gotham Short Strategies ETF are each diversified series of shares (each, a "Fund," and collectively, the "Funds") of beneficial interest of Tidal Trust I (formerly, Tidal ETF Trust) (the "Trust"). The Trust was organized as a Delaware statutory trust on June 4, 2018 and is registered with the Securities and Exchange Commission (the "SEC") under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company and the offering of each Fund's shares ("Shares") is registered under the Securities Act of 1933, as amended. The Trust is governed by the Board of Trustees (the "Board") . Tidal Investments LLC ("Tidal Investments" or the "Adviser"), a Tidal Financial Group company, serves as investment adviser to the Funds and Gotham Asset Management, LLC ("Gotham" or the "Sub-Adviser") serves as investment sub-adviser to the Funds. Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 "Financial Services—Investment Companies."

The Gotham 1000 Value ETF commenced operations on June 7, 2022, the Gotham Enhanced 500 ETF commenced operations on December 28, 2020 and the Gotham Short Strategies ETF commenced operations on January 31, 2008. Effective November 6, 2023, the Gotham Short Strategies Fund (the "Predecessor Fund"), a mutual fund and series of FundVantage Trust, was converted into an exchange-traded fund through the reorganization of the Predecessor Fund into the Gotham Short Strategies ETF, a newly created corresponding series of the Trust with substantially similar investment objectives and substantially similar principal investment strategies as the Predecessor Fund. The Gotham Short Strategies ETF has adopted the accounting history and performance of the Predecessor Fund. For financial reporting purposes, assets received and shares issued by the Gotham Short Strategies ETF were recorded at fair value; however, the cost basis of the investments received from the Predecessor Fund was carried forward to align ongoing reporting of the Gotham Short Strategies ETF realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The investment objective of each of the Gotham 1000 Value ETF and the Gotham Enhanced 500 ETF is to seek long-term capital appreciation. The investment objective of the Gotham Short Strategies ETF is to seek long-term capital appreciation and to provide positive returns in down markets.

**NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of significant accounting policies consistently followed by the Funds. These policies are in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP").

**Security Valuation.** Equity securities, which may include Real Estate Investment Trusts ("REITs"), Business Development Companies ("BDCs"), and Master Limited Partnerships ("MLPs"), listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on The Nasdaq Stock Market, LLC ("NASDAQ")), including securities traded over-the-counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded on the valuation date (or at approximately 4:00 p.m. EST if a security's primary exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price or mean between the most recent quoted bid and ask prices for long and short positions. For a security that trades on multiple exchanges, the primary exchange will generally be considered the exchange on which the security is generally most actively traded. For securities traded on the NASDAQ, the NASDAQ Official Closing Price will be used. Prices of securities traded on the securities exchange will be obtained from recognized independent pricing agents each day that the Funds are open for business.

Swap contracts, such as credit default swaps, total return swaps, interest rate swaps, currency swaps and swaptions, are priced by an approved independent pricing service. The independent pricing service will include unadjusted exchange close prices but may also provide prices with observable market data inputs in an evaluated valuation methodology.

Under Rule 2a-5 of the 1940 Act, a fair value will be determined for securities for which quotations are not readily available by the Valuation Designee (as defined in Rule 2a-5) in accordance with the Pricing and Valuation Policy and Fair Value Procedures, as applicable, of the Adviser, subject to oversight by the Board. When a security is "fair valued," consideration is given to the facts and circumstances relevant to the particular situation, including a review of various factors set forth in the Adviser's Pricing and Valuation Policy and Fair Value Procedures, as applicable. Fair value pricing is an inherently subjective process, and no single standard exists for determining fair value. Different funds could reasonably arrive at different values for the same security. The use of fair value pricing by a Fund may cause the net asset value ("NAV") of its shares to differ significantly from the NAV that would be calculated without regard to such considerations.

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| | |
|:---|:---|
| **Notes to Financial Statements** | **Gotham ETFs** |

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As described above, the Funds utilize various methods to measure the fair value of their investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have 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 Funds' 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.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The following is a summary of the inputs used to value each Fund's investments as of September 30, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Gotham 1000 Value ETF** | | | | |
|  |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** |<br>**Total** |
| &nbsp;&nbsp;&nbsp;**Assets:** | | | | |
| &nbsp;&nbsp;&nbsp;**Investments:** | | | | |
| &nbsp;&nbsp;&nbsp;Common Stocks | $207235545 | $— | $— | $207235545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments Purchased with Collateral from |  |  |  | 20522718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Lending<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 235769 |  |  | 235769 |
| &nbsp;&nbsp;&nbsp;**Total Investments** | $207471314 | $— | $— | $227994032 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Gotham Enhanced 500 ETF** | | | | |
|  |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** |<br>**Total** |
| &nbsp;&nbsp;&nbsp;**Assets:** | | | | |
| &nbsp;&nbsp;&nbsp;**Investments:** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $637425477 | $— | $— | $637425477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments Purchased with Collateral from |  |  |  | 2926401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Lending<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 3223054 |  |  | 3223054 |
| &nbsp;&nbsp;&nbsp;**Total Investments** | $640650531 | $— | $— | $643574932 |

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| | |
|:---|:---|
| **Notes to Financial Statements** | **Gotham ETFs** |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Gotham Short Strategies ETF** | | | | |
|  |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** |<br>**Total** |
| &nbsp;&nbsp;&nbsp;**Assets:** | | | | |
| &nbsp;&nbsp;&nbsp;**Investments:** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $11057134 | $— | $— | $11057134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 600286 |  |  | 600286 |
| &nbsp;&nbsp;&nbsp;**Total Investments** | $11657420 | $— | $— | $11657420 |
| &nbsp;&nbsp;&nbsp;Other Financial Instruments<sup>(b)</sup>: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Return Swaps | $— | $437489 | $— | $437489 |
| &nbsp;&nbsp;&nbsp;**Total Other Financial Instruments** | $— | $437489 | $— | $437489 |
| &nbsp;&nbsp;&nbsp;**Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other Financial Instruments<sup>(b)</sup>: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Return Swaps | $— | $1397189 | $— | $1397189 |
| &nbsp;&nbsp;&nbsp;**Total Other Financial Instruments** | $— | $959700 | $— | $959700 |

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Refer to the Schedules of Investments for further disaggregation of investment categories.

(a) Certain investments that are measured at fair value using the net asset value per Share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedules of Investments.

(b) The fair value of the Fund's other financial instruments represents the net unrealized appreciation (depreciation) as of September 30, 2025.

**Derivative Instruments.** Total return swaps are a swap agreement in which one party makes payments based on a set rate, either fixed or variable, while the other party makes payments based on the return of an underlying asset, which includes both the income it generates and any capital gains. The Gotham Short Strategies ETF will generally enter into swap agreements on a net basis, which means the two payment streams that are to be made by the Fund and its counterparty with respect to a particular swap agreement are netted out, with the Fund receiving or paying, as the case may be, only the net difference in the two payments. The Fund's obligations (or rights) under a swap agreement that is entered into on a net basis will generally be the net amount to be paid or received under the agreement based on the relative values of the obligations of each party upon termination of the agreement or at set valuation dates. The Fund will accrue its obligations under a swap agreement daily (offset by any amounts the counterparty owes the Fund). If the swap agreement does not provide for that type of netting, the full amount of the Fund's obligations will be accrued on a daily basis.

The Fund has adopted financial reporting rules and regulations that require enhanced disclosure regarding derivatives and hedging activity intending to improve financial reporting of derivative instruments by enabling investors to understand how an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect an entity's results of operations and financial position. The following tables show the effects of derivative instruments on the Gotham Short Strategies ETF's financial statements.

For the year ended September 30, 2025, the Gotham Short Strategies ETF's monthly average quantity and notional value are described below:

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| | | |
|:---|:---|:---|
|  | **Average Contracts** | **Average Notional Amount** |
| Total Return Swaps |  |  |
| Purchased | $17544987 | $1202162 |
| Total Return Swaps |  |  |
| Written | (1509483) | (17778909) |

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| | |
|:---|:---|
| **Notes to Financial Statements** | **Gotham ETFs** |

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The effect of derivative instruments on the Statements of Assets and Liabilities as of September 30, 2025 was as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives as of** | **Asset Derivatives as of** | **Liability Derivatives as of** | **Liability Derivatives as of** |
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| <br>&nbsp;&nbsp;**Instrument** | **Balance Sheet**<br>**Location** | <br>**Fair Value** | **Balance Sheet**<br>**Location** | <br>**Fair Value** |
| &nbsp;&nbsp;&nbsp;Total Return Swaps | Appreciation on swap<br> agreements | $437489 | &nbsp;&nbsp; Depreciation on swap<br> agreements | $1397189 |

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The effect of derivative instruments on the Statements of Operations as of September 30, 2025 was as follows:

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| | | | |
|:---|:---|:---|:---|
| **Instrument** | **Location of Gain (Loss)<br> on Derivatives<br> Recognized in Income**  | **Realized Gain (Loss)<br> on Derivatives<br> Recognized in Income** | **Change in Unrealized<br> Appreciation/Depreciation<br> on Derivatives Recognized<br> in Income** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Return Swaps | Realized and unrealized<br> gain (loss) on<br> swap contracts | $(1353373) | $(561870) |

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**Federal Income Taxes.** Each Fund has elected to be taxed as a regulated investment company ("RIC") and intends to distribute substantially all taxable income to its shareholders and otherwise comply with the provisions of the Internal Revenue Code applicable to RICs. Therefore, no provision for federal income taxes or excise taxes has been made.

In order to avoid imposition of the excise tax applicable to RICs, each Fund intends to declare as dividends in each calendar year at least 98% of its net investment income (earned during the calendar year) and at least 98.2% of its net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts, if any, from prior years. As a RIC, each Fund is subject to a 4% excise tax that is imposed if a Fund does not distribute by the end of any calendar year at least the sum of (i) 98% of its ordinary income (not taking into account any capital gain or loss) for the calendar year and (ii) 98.2% of its capital gain in excess of its capital loss (adjusted for certain ordinary losses) for a one-year period generally ending on October 31 of the calendar year (unless an election is made to use the Funds' fiscal year). The Funds generally intend to distribute income and capital gains in the manner necessary to minimize (but not necessarily eliminate) the imposition of such excise tax. The Funds may retain income or capital gains and pay excise tax when it is determined that doing so is in the best interest of shareholders. Management evaluates the costs of the excise tax relative to the benefits of retaining income and capital gains, including that such undistributed amounts (net of the excise tax paid) remain available for investment by the Funds and are available to supplement future distributions. Tax expense is disclosed in the Statements of Operations, if applicable.

As of September 30, 2025, the Funds did not have any tax positions that did not meet the threshold of being sustained by the applicable tax authority. Generally, tax authorities can examine all the tax returns filed for the last three years. Each Fund identifies its major tax jurisdiction as U.S. Federal and the Commonwealth of Delaware; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially.

**Securities Transactions and Investment Income.** Investment securities transactions are accounted for on the trade date. Gains and losses realized on sales of securities are determined on a specific identification basis. Discounts/premiums on debt securities purchased are accreted/amortized over the life of the respective securities using the effective interest method. Dividend income is recorded on the ex-dividend date. Interest income is recorded on an accrual basis. Other non-cash dividends are recognized as investment income at the fair value of the property received. Withholding taxes on foreign dividends have been provided for in accordance with the Funds' understanding of the applicable country's tax rules and rates. If a Fund's distributions exceed its earnings and profits, all or a portion of the distributions made for a taxable year may be recharacterized as a return of capital to shareholders. A return of capital distribution will generally not be taxable but will reduce each shareholder's cost basis in a Fund and result in a higher capital gain or lower capital loss when the Shares of a Fund on which the distribution was received are sold. After a shareholder's basis in the Shares has been reduced to zero, distributions in excess of earnings and profits will be treated as gain from the sale of the shareholder's Shares.

A REIT is a corporation or business trust (that would otherwise be taxed as a corporation) which meets the definitional requirements of the Internal Revenue Code of 1986, as amended (the "Code"). The Code permits a qualifying REIT to deduct from taxable income the dividends paid, thereby effectively eliminating corporate level federal income tax. To meet the definitional requirements of the Code, a REIT must, among other things: invest substantially all of its assets in interests in real estate (including mortgages and other REITs), cash and government securities; derive most of its income from rents from real property or interest on loans secured by mortgages on real property; and, in general, distribute annually 90% or more of its taxable income (other than net capital gains) to

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| | |
|:---|:---|
| **Notes to Financial Statements** | **Gotham ETFs** |

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shareholders.

The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

The Funds report net realized foreign exchange gains or losses that arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds' books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at period end, resulting from changes in exchange rates.

**Distributions to Shareholders***.* Distributions to shareholders from net investment income, if any, for the Funds are declared and paid at least annually. Distributions to shareholders from net realized gains on securities, if any, for the Funds normally are declared and paid at least annually. Distributions are recorded on the ex-dividend date.

**Use of Estimates.** The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**Share Valuation.** The NAV per Share is calculated by dividing the sum of the value of the securities held by each Fund, plus cash or other assets, minus all liabilities by the total number of Shares outstanding for each Fund, rounded to the nearest cent. Each Fund's Shares will not be priced on the days on which the New York Stock Exchange ("NYSE") is closed for trading.

**Foreign Currency.** Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions.

**Guarantees and Indemnifications.** In the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

**Illiquid Securities.** Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a Board-approved Liquidity Risk Management Program (the "Program") that requires, among other things, that each Fund limit its illiquid investments that are assets to no more than 15% of the value of each Fund's net assets. An illiquid investment is any security that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. If a Fund should be in a position where the value of illiquid investments held by a Fund exceeds 15% of that Fund's net assets, that Fund will take such steps as set forth in the Program.

**Derivatives Transactions.** Pursuant to Rule 18f-4 under the 1940 Act, the SEC imposes limits on the amount of derivatives a fund can enter into, eliminates the asset segregation and cover framework arising from prior SEC guidance for covering derivatives and certain financial instruments currently used by funds to comply with Section 18 of the 1940 Act and treats derivatives as senior securities. Under Rule 18f-4, a fund's derivatives exposure is limited through a value-at-risk test. Funds whose use of derivatives is more than a limited specified exposure amount are required to establish and maintain a comprehensive derivatives risk management program, subject to oversight by a fund's board of trustees, and appoint a derivatives risk manager. The Gotham Short Strategies ETF has implemented a Rule 18f-4 Derivative Risk Management Program that complies with Rule 18f-4.

**Reclassification of Capital Accounts.** U.S. GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or NAV per Share. These differences are primarily due to redemptions in kind. For the year fiscal ended September 30, 2025, the following adjustments were made:

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| | | |
|:---|:---|:---|
| **Fund** | **Paid-In Capital** | **Total Distributable Earnings/(Accumulated<br> Losses)** |
| Gotham 1000 Value ETF | $10745250 | $(10745250) |
| Gotham Enhanced 500 ETF | $68778666 | $(68778666) |
| Gotham Short Strategies ETF | $(8695) | $8695 |

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| | |
|:---|:---|
| **Notes to Financial Statements** | **Gotham ETFs** |

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**NOTE 3 – PRINCIPAL INVESTMENT RISKS**

**Counterparty Risk (Gotham Short Strategies ETF Only).** Swaps and certain other derivative contracts entered into by the Fund involve exposure to counterparty credit risk, since contract performance depends in part on the financial condition of the counterparty. Relying on a counterparty exposes the Fund to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Fund to suffer a loss. If a counterparty defaults on its payment obligations to the Fund, this default will cause the value of an investment in the Fund to decrease. In addition, to the extent the Fund deals with a limited number of counterparties, it will be more susceptible to the credit risks associated with those counterparties. The Fund is neither restricted from dealing with any particular counterparty nor from concentrating any or all of its transactions with one counterparty. The ability of the Fund to transact business with any one or number of counterparties and the absence of a regulated market to facilitate settlement may increase the potential for losses by the Fund.

**Database Error Risk.** The investment strategies used by the Sub -Adviser, rely on proprietary databases and third-party data sources. Data entries made by the Sub-Adviser's team of financial analysts or third parties may contain errors, as may the database system used to store such data. Any errors in the underlying data sources, data entry or database may result in the Funds acquiring or selling investments based on incorrect information.

**Derivatives Risk (Gotham Short Strategies ETF Only).** The Fund obtains portfolio exposure through the use of swap(s) referenced to a basket of short and/or long equity security positions selected by the Sub-Adviser. In general, with a derivative, the Fund will be exposed to additional risks that are separate from those associated with short sales. In general, a derivative contract such as a swap typically involves leverage (i.e., it provides exposure to potential gain or loss from a change in the market price of a security or group of securities in a notional amount that exceeds the amount of cash or assets required to establish or maintain the derivative contract). Swap agreements can be highly volatile, illiquid and difficult to value, and changes in the value of such instruments held by the Fund may not correlate with the underlying instrument or reference assets, or the Fund's other investments. Although the value of swap agreements depends largely upon price movements in the underlying instrument or reference asset, there are additional risks associated with swap agreements that are possibly greater than the risks associated with investing directly in the underlying instruments or reference assets, including illiquidity risk, leveraging risk and counterparty credit risk. Any swap will be based on a notional amount agreed upon by the Sub-Adviser and a counterparty. The Sub-Adviser will retain the ability to adjust the notional exposure of the swap at its discretion, as well as the composition of the reference short securities basket. Generally, the fees and expenses of a swap are based on the notional value of the swap. The value of the swap typically includes a deduction for fees of the counterparty as well as costs typically associated with short sales of securities, such as dividend and interest expenses. As a result, the Fund's return from such instrument will be net of such costs and expenses and any such costs and expenses will reduce the Fund's return on the swap. A small position in swap agreements could have a potentially large impact on the Fund's performance. Trading restrictions or limitations may be imposed by an exchange, and government regulations may restrict trading in swap agreements or any other derivative.

**Exchanged Traded Fund ("ETF") Risks.**

*●* *Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk*. The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as "Authorized Participants" or "APs"). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.

*●* *Cash Redemption Risk (Gotham Short Strategies ETF Only)*. The Fund's investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., swap agreements that cannot be broken up beyond certain minimum sizes needed for transfer and settlement). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.

*●* *Costs of Buying or Selling Shares*. Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid-ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.

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| | |
|:---|:---|
| **Notes to Financial Statements** | **Gotham ETFs** |

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*●* *Shares May Trade at Prices Other Than NAV*. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate a 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. Because securities held by the Gotham Short Strategies ETF may trade on foreign exchanges that are closed when the Fund's primary listing exchange is open, the Fund is likely to experience premiums and discounts greater than those of ETFs holding only domestic securities.

*●* *Trading*. Although Shares are listed on a national securities exchange, such as the NYSE Arca, Inc. (the "Exchange"), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund's underlying portfolio holdings, which can be significantly less liquid than Shares. Also, in stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Funds' underlying portfolio holdings. These adverse effects on liquidity for Shares, in turn, could lead to wider bid/ask spreads and differences between the market price of Shares and the underlying value of those Shares.

**Equity Market Risk.** The equity securities held in each 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 Funds invest. Common stocks, such as those held by the Funds, 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 issuers.

**General Market Risk.** Securities markets and individual securities may increase or decrease in value. Security prices may fluctuate widely over short or extended periods in response to market or economic news and conditions, and securities markets also tend to move in cycles. If there is a general decline in the securities markets, it is possible your investment may lose value regardless of the individual results of the companies in which the Funds invest. The magnitude of up and down price or market fluctuations over time is sometimes referred to as "volatility", and it can be significant. In addition, different asset classes and geographic markets may experience periods of significant correlation with each other. As a result of this correlation, the securities and markets in which the Funds invest may experience volatility due to market, economic, political or social events and conditions that may not readily appear to directly relate to such securities, the securities' issuer or the markets in which they trade.

**High Portfolio Turnover Risk.** The Funds may actively and frequently trade all or a significant portion of the securities in their portfolios. A high portfolio turnover rate increases transaction costs, which may increase each Fund's expenses. Frequent trading may also cause adverse tax consequences for investors in the Funds due to an increase in short-term capital gains.

**Large-Capitalization Investing Risk** 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.

**Leverage Risk (Gotham Short Strategies ETF Only).** The Fund utilizes leverage in its investment program. The use of leverage allows the Fund to make additional investments, thereby increasing its exposure to assets, such that its total assets may be greater than its capital. However, leverage also magnifies the volatility of changes in the value of the Fund's portfolio. The effect of the use of leverage by the Fund in a market that moves adversely to its investments could result in substantial losses to the Fund, which would be greater than if the Fund were not leveraged.

**Liquidity Risk (Gotham Short Strategies ETF Only***).* The Fund is subject to liquidity risk primarily due to its investments in derivatives. Investments in illiquid securities or derivative instruments involve the risk that the Fund may be unable to sell the security or derivative instrument or sell it at a reasonable price.

**Mid-Capitalization Investing Risk (Gotham 1000 Value ETF).** 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.

**Management Risk.** The Funds are actively-managed and may not meet their investment objectives based on the Sub-Adviser's success or failure to implement investment strategies for the Funds.

**OTC Trading Risk (Gotham Short Strategies ETF Only).** Certain of the derivatives in which the Fund invests may be traded (and privately negotiated) in the "over-the-counter" or "OTC" market. While the OTC derivatives market is the primary trading venue for many derivatives, it is largely unregulated. As a result and similar to other privately negotiated contracts, the Fund is subject to

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| | |
|:---|:---|
| **Notes to Financial Statements** | **Gotham ETFs** |

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counterparty credit risk with respect to such derivative contracts.

**Sector Risk (Gotham 1000 Value ETF and Gotham Enhanced 500 ETF Only).** At times the Funds may increase the relative emphasis of their investments in a particular sector or group of industries. The prices of securities of issuers in a particular sector may be more susceptible to fluctuations due to changes in economic or business conditions, government regulations, availability of basic resources or supplies, or other events that affect that industry or sector more than securities of issuers in other industries and sectors. To the extent that the Funds increase the relative emphasis of their investments in a particular industry or sector, the value of Shares may fluctuate in response to events affecting that industry or sector.

**Short Sale Risk (Gotham Short Strategies ETF Only) .** Short selling a security involves selling a borrowed security with the expectation that the value of that security will decline so that the security may be purchased at a lower price when returning the borrowed security. The risk for loss on short selling is greater than the original value of the securities sold short because the price of the borrowed security may rise, thereby increasing the price at which the security must be purchased. Any such loss is increased by the amount of premium or interest the Fund must pay to the lender of the security. Likewise, any gain will be decreased by the amount of premium or interest the Fund must pay to the lender of the security. Although the Fund's gain is limited to the price at which it sold the security short, its potential loss is limited only by the maximum attainable price of the security, less the price at which the security was sold and may, theoretically, be unlimited. Government actions also may affect the Fund's ability to engage in short selling. In addition, the Fund may be subject to expenses related to short sales that are not typically associated with investing in securities directly, such as costs of borrowing and margin account maintenance costs associated with the Fund's open short positions. These types of short sales expenses (sometimes referred to as the "negative cost of carry") negatively impact the performance of the Fund since these expenses tend to cause the Fund to lose money on a short sale even in instances where the price of the underlying security sold short does not change over the duration of the short sale. The Fund may not be able to borrow a security that it needs to deliver or it may not be able to close out a short position at an acceptable price and may have to sell long positions earlier than it had expected.

**Small- and Mid-Cap Securities Risk (Gotham Short Strategies ETF Only).** In addition to large cap securities, the Fund also invests in small and mid-cap companies. Investments in small and mid -cap companies may be riskier than investments in larger, more established companies. The securities of smaller companies may trade less frequently and in smaller volumes, and as a result, may be less liquid than securities of larger companies. In addition, smaller companies may be more vulnerable to economic, market and industry changes. As a result, share price changes may be more sudden or erratic than the prices of other equity securities, especially over the short-term. Because smaller companies may have limited product lines, markets or financial resources or may depend on a few key employees, they may be more susceptible to particular economic events or competitive factors than large capitalization companies.

**Systems Risk.** The Funds depend on the Sub-Adviser to develop and implement appropriate systems to provide sub-advisory services. The Sub-Adviser relies extensively on computer programs and systems to implement and monitor each Fund's investment strategy. As a result, there is a risk of human or technological errors affecting the portfolio construction process and order origination, including errors in programming (e.g., "bugs" and classic coding errors), modeling, design, translational errors and compatibility issues with data sets and among systems. There can be no guarantee that such defects or issues will be identified in time to avoid a material adverse effect on the Funds.

**Value Style Risk.** The Sub-Adviser buys securities, on behalf of the Funds, that it believes are undervalued. Investing in "value" stocks presents the risk that the stocks may never reach what the Sub- Adviser believes are their full market values, either because the market fails to recognize what the Sub-Adviser considers to be the companies' true business values or because the Sub-Adviser misjudges those values. In addition, value stocks may fall out of favor with investors and underperform other stocks (such as growth stocks) during given periods. Conversely, the Gotham Short Strategies ETF shorts securities the Sub-Adviser believes are overvalued. This presents the risk that a stock's value may not decrease to what the Sub-Adviser believes is its true market value because the market fails to recognize what the Sub-Adviser considers to be the company's value, because the Sub-Adviser misjudges that value or because the Sub-Adviser is required to purchase the security before its investment thesis could be realized.

**NOTE 4 – COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS**

The Adviser serves as investment adviser to the Funds pursuant to an investment advisory agreement between the Adviser and the Trust, on behalf of the Funds (the "Advisory Agreement"), and, pursuant to the Advisory Agreement, provides investment advice to the Funds and oversees the day-to-day operations of the Funds, subject to the direction and oversight of the Board. The Adviser is also responsible for trading portfolio securities for the Gotham Enhanced 500 ETF and the Gotham 1000 Value ETF, including selecting broker-dealers to execute purchase and sales transactions, subject to the supervision of the Board. With respect to the Gotham Short Strategies ETF, the Adviser is responsible for any trading of portfolio securities that may be required in connection with the issuance or redemption of Creation Units for the Fund, including selecting broker-dealers to execute purchase and sales transactions. The Adviser has, however, delegated trading authority in connection with the day-to-day management of the Gotham Short Strategies ETF's portfolio to the Sub-Adviser, including selecting broker-dealers to execute purchase and sales transactions.

---

| | |
|:---|:---|
| **Notes to Financial Statements** | **Gotham ETFs** |

---

Pursuant to the Advisory Agreement, each Fund pays the Adviser a unitary management fee (the "Investment Advisory Fee") based on the average daily net assets of the Funds as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Investment Advisory<br> Fee** | **Investment Advisory<br> Fee After Waiver** |
| Gotham 1000 Value ETF | 0.65% | 0.50% |
| Gotham Enhanced 500 ETF | 0.65% | 0.50% |
| Gotham Short Strategies ETF | 1.35% | N/A |

---

The Adviser has contractually agreed to a reduced Investment Advisory Fee for the Gotham 1000 Value ETF and the Gotham Enhanced 500 ETF to 0.50% until at least January 31, 2026 (the "Fee Waiver Agreements"). The Fee Waiver Agreements may be terminated only by, or with the consent of, the Board. Any waived Investment Advisory Fees are not able to be recouped by the Adviser under the Fee Waiver Agreements.

Out of each Investment Advisory Fee, the Adviser is obligated to pay or arrange for the payment of substantially all expenses of the Funds, including the cost of sub-advisory, transfer agency, custody, fund administration, and all other related services necessary for the Funds to operate. Under the Advisory Agreement, the Adviser has agreed to pay, or require the Sub-Adviser to pay, all expenses incurred by the Funds except for 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, extraordinary expenses, and distribution fees and expenses paid by the Funds under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act (collectively, "Excluded Expenses"). The Investment Advisory Fees incurred are paid monthly to the Adviser. Investment Advisory Fees for the year ended September 30, 2025 are disclosed in the Statements of Operations.

The Sub-Adviser serves as investment sub-adviser to the Funds, pursuant to a sub-advisory agreement between the Adviser and the Sub-Adviser with respect to each Fund (the "Sub-Advisory Agreement"). Pursuant to the Sub-Advisory Agreement, the Sub-Adviser is responsible for the day-to-day management of the Gotham Enhanced 500 ETF and Gotham 1000 Value ETF portfolios, including determining the securities purchased and sold by the Funds, subject to the supervision of the Adviser and the Board. The Adviser may retain responsibility for trading portfolio securities for the Gotham Short Strategies ETF or may delegate such authority to the Sub-Adviser. The Sub-Adviser currently exercises trading authority in connection with the day-to-day management of the Gotham Short Strategies ETF's portfolio, including selecting broker -dealers to execute purchase and sale transactions; however, trading authority related to the issuance or redemption of creation units is currently being exercised by the Adviser. If the Adviser determines to retain trading authority, the Sub-Adviser will no longer trade the Gotham Short Strategies ETF's portfolio securities. The Sub-Adviser is paid a fee by the Adviser, which is calculated daily and paid monthly, at an annual rate of 0.50% of average daily net assets for the Gotham Enhanced 500 ETF and Gotham 1000 Value ETF and 1.20% of average daily net assets for the Gotham Short Strategies ETF.

Under the Sub-Advisory Agreement, the Sub-Adviser has agreed to assume the Adviser's obligation to pay all expenses incurred by the Funds except for the sub-advisory fee payable to the Sub-Adviser and Excluded Expenses. Such expenses incurred by the Funds and paid by the Sub-Adviser include fees charged by Tidal (defined below), which is an affiliate of the Adviser. For assuming the payment obligations for the Funds, the Adviser has agreed to pay the Sub-Adviser the profits, if any, generated by each Fund's Investment Advisory Fee, less a contractual fee retained by the Adviser.

Tidal ETF Services LLC ("Tidal"), a Tidal Financial Group company and an affiliate of the Adviser, serves as the Funds' administrator and, in that capacity, performs various administrative and management services for the Funds. Tidal coordinates the payment of Fund-related expenses and manages the Trust's relationships with its various service providers. As compensation for the services it provides, Tidal receives a fee based on each Fund's average daily net assets, subject to a minimum annual fee. Tidal also is entitled to certain out-of-pocket expenses for the services mentioned above.

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services"), serves as the Funds' fund accountant and transfer agent. In those capacities, Fund Services performs various accounting, and transfer agency services for the Funds. U.S. Bank N.A. (the "Custodian"), an affiliate of Fund Services, serves as the Funds' custodian. The Custodian acts as the securities lending agent for the Gotham Enhanced 500 ETF and the Gotham 1000 Value ETF. Prior to August 1, 2025, Fund Services also served as the Funds' sub-administrator.

Foreside Fund Services, LLC (the "Distributor") acts as the Funds' principal underwriter in a continuous public offering of the Funds' Shares.

For the Predecessor Fund, prior to its reorganization into the Trust, the investment adviser, custodian, fund administrator and transfer agent, and principal underwriter were Gotham Asset Management, LLC, The Bank of New York Mellon, BNY Mellon Investment Servicing (US) Inc., and Foreside Funds Distributors LLC, respectively.

---

| | |
|:---|:---|
| **Notes to Financial Statements** | **Gotham ETFs** |

---

Certain officers and a trustee of the Trust are affiliated with the Adviser. Neither the affiliated trustee nor the Trust's officers receive compensation from the Funds.

**NOTE 5 – SEGMENT REPORTING**

In accordance with the FASB Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, the Funds have evaluated their business activities and determined that they each operate as a single reportable segment.

Each Fund's investment activities are managed by the Principal Financial Officer, which serves as the Chief Operating Decision Maker ("CODM"). The Principal Financial Officer is responsible for assessing each Fund's financial performance and allocating resources. In making these assessments, the Principal Financial Officer evaluates each Fund's financial results on an aggregated basis, rather than by separate segments. As such, the Funds do not allocate operating expenses or assets to multiple segments, and accordingly, no additional segment disclosures are required. There were no intra-entity sales or transfers during the reporting period.

The Funds primarily generate income through dividends, interest, and realized/unrealized gains on their investment portfolios. Expenses incurred, including management fees, Fund operating expenses, and transaction costs, are considered general Fund-level expenses and are not allocated to specific segments or business lines.

Management has determined that the Funds do not meet the criteria for disaggregated segment reporting under ASU 2023-07 and will continue to evaluate its reporting requirements in accordance with applicable accounting standards.

**NOTE 6 – SECURITIES LENDING**

The Gotham 1000 Value ETF and the Gotham Enhanced 500 ETF may each lend up to 33 1/3% of the value of the securities in its portfolio to brokers, dealers and financial institutions (but not individuals) under terms of participation in a securities lending program administered by the Securities Lending Agent. The securities lending agreement requires that loans are collateralized at all times in an amount equal to at least the market value of the securities loaned by the Gotham 1000 Value ETF and Gotham Enhanced 500 ETF. The Gotham 1000 Value ETF and Gotham Enhanced 500 ETF receive compensation in the form of fees and earned interest on the cash collateral. Due to timing issues of when a security is recalled from loan, the financial statements may differ in presentation. The amount of fees depends on a number of factors including the type of security and length of the loan. The Gotham 1000 Value ETF and Gotham Enhanced 500 ETF continue to receive interest payments or dividends on the securities loaned during the borrowing period. Gain or loss in the value of securities loaned that may occur during the term of the loan will be for the account of each Fund. The Gotham 1000 Value ETF and Gotham Enhanced 500 ETF have the right under the terms of the securities lending agreements to recall the securities from the borrower on demand. The Gotham Short Strategies ETF does not currently participate in securities lending.

As of September 30, 2025, the market value of the securities on loan and payable on collateral received for securities lending were as follows:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | **Market Value of<br> Securities on Loan** | **Payable on Collateral<br> Received** | **Percentage of Net Assets of<br> Securities on Loan** |
| &nbsp;&nbsp;Gotham 1000 Value ETF | $19901298 | $20522718 | 9.6% |
| &nbsp;&nbsp;Gotham Enhanced 500 ETF | 2860026 | 2926401 | 0.4% |

---

As of September 30, 2025, the Funds had loaned securities and received cash collateral for the loans. The cash collateral is invested in the Mount Vernon Liquid Assets Portfolio, LLC of which the investment objective is to seek to maximize income to the extent consistent with the preservation of capital and liquidity and maintain a stable NAV of $1.00. Although risk is mitigated by the collateral, the Funds could experience a delay in recovering their securities and possible loss of income or value if the borrower fails to return the borrowed securities. In addition, the Funds bear the risk of loss associated with the investment of cash collateral received.

During the year ended September 30, 2025, the Funds loaned securities that were collateralized by cash. The cash collateral received was invested in the Mount Vernon Liquid Assets Portfolio, LLC as listed in each Fund's Schedule of Investments. Securities lending income is disclosed in the Funds' Statements of Operations.

---

| | |
|:---|:---|
| **Notes to Financial Statements** | **Gotham ETFs** |

---

The Funds are not subject to a master netting agreement with respect to each Funds' participation in securities lending; therefore, no additional disclosures regarding netting arrangements are required.

**NOTE 7 – PURCHASES AND SALES OF SECURITIES**

For the fiscal year ended September 30, 2025, the cost of purchases and proceeds from the sales or maturities of securities, excluding short-term investments, U.S. government securities, and in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | **Purchases** | **Sales** |
| &nbsp;&nbsp;Gotham 1000 Value ETF | $387654010 | $388445291 |
| &nbsp;&nbsp;Gotham Enhanced 500 ETF | 737627988 | 725694149 |
| &nbsp;&nbsp;Gotham Short Strategies ETF | 72464283 | 72600582 |

---

For the fiscal year ended September 30, 2025, there were no purchases or sales of long-term U.S. government securities.

For the fiscal year ended September 30, 2025, in-kind transactions associated with creations and redemptions for the Funds were as follows:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | **Purchases** | **Sales** |
| &nbsp;&nbsp;Gotham 1000 Value ETF | $69070438 | $34299114 |
| &nbsp;&nbsp;Gotham Enhanced 500 ETF | 195098400 | 143078537 |
| &nbsp;&nbsp;Gotham Short Strategies ETF |  |  |

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**NOTE 8 – INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The tax character of distributions paid during the fiscal year ended September 30, 2025 and prior fiscal year ended September 30, 2024 were as follows:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Distributions<br> paid from:**  | **September 30, 2025** | **September 30, 2024** |
| Gotham 1000 Value ETF | Ordinary Income | $3553968 | $2397237 |
| Gotham 1000 Value ETF | Capital Gains | 1580668 |  |
| Gotham Enhanced 500 ETF | Ordinary Income | 4292739 | 3836259 |
| Gotham Short Strategies ETF | Ordinary Income | 88870 | 46249 |

---

For the fiscal year ended September 30, 2025, the components of the distributable earnings/(accumulated losses) on a tax basis were as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Gotham 1000<br> Value ETF** | **Gotham Enhanced<br> 500 ETF** | **Gotham Short<br> Strategies ETF** |
| Investments, at cost <sup>(a)</sup> | $221165917 | $569584255 | $11748447 |
| Gross tax unrealized appreciation | 21540965 | 104683201 | 868908 |
| Gross tax unrealized depreciation | (14712850) | (30692524) | (1919635) |
| Net tax unrealized appreciation (depreciation) | 6828115 | 73990677 | (1050727) |
| Undistributed ordinary income (loss) | 5031120 | 13880868 |  |
| Undistributed long-term capital gain (loss) | 6299804 | 254912 |  |
| Total distributable earnings/(accumulated losses) | 11330924 | 14135780 |  |

---

---

| | |
|:---|:---|
| **Notes to Financial Statements** | **Gotham ETFs** |

---

---

| | | | |
|:---|:---|:---|:---|
| Other accumulated gain (loss) |  |  | (15736411) |
| Total distributable earnings/(accumulated losses) | $18159039 | $88126457 | $(16787138) |

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&nbsp;&nbsp;&nbsp;&nbsp;a) The difference between book and tax-basis cost of investments was attributable primarily to the treatment of wash sales.

Net capital losses incurred after October 31 (post-October losses) and net investment losses incurred after December 31 (late-year losses), and within the taxable year, may be elected to be deferred to the first business day of each Fund's next taxable year. For the fiscal year ended September 30, 2025, the Funds have not elected to defer any post-October or late-year losses.

For the fiscal year ended September 30, 2025, the Gotham Short Strategies ETF had short-term capital loss carryovers of $15,764,641, which do not expire.

**NOTE 9 – SHARES TRANSACTIONS**

Shares of the Funds are listed and traded on the Exchange. Market prices for the shares may be different from their NAV. The Funds issue and redeem shares on a continuous basis at NAV generally in large blocks of shares, called Creation Units. Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, shares generally trade in the secondary market at market prices that change throughout the day. Except when aggregated in Creation Units, shares are not redeemable securities of the Funds. Creation Units may only be purchased or redeemed by Authorized Participants. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

The Funds currently offer one class of shares, which has no front-end sales load, no deferred sales charge, and no redemption fee. A fixed transaction fee is imposed for the transfer and other transaction costs associated with the purchase or sale of Creation Units. The standard fixed transaction fee for the Funds is $500, payable to the Custodian. The fixed transaction fee may be waived on certain orders if the Funds' Custodian has determined to waive some or all of the costs associated with the order or another party, such as the Adviser, has agreed to pay such fee. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units and Redemption Units of up to a maximum of 2% of the value of the Creation Units and Redemption Units subject to the transaction. Variable fees are imposed to compensate the Funds for transaction costs associated with the cash transactions. Variable fees received by the Funds, if any, are disclosed in the capital shares transactions section of the Statements of Changes in Net Assets. The Funds may issue an unlimited number of shares of beneficial interest, with no par value. All shares of the Funds have equal rights and privileges.

**NOTE 10 – RECENT MARKET EVENTS**

U.S. and international markets have experienced and may continue to experience significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including uncertainty regarding inflation and central banks' interest rate changes, the possibility of a national or global recession, trade tensions and tariffs, political events, armed conflict, war, and geopolitical conflict. These developments, as well as other events, could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets, despite government efforts to address market disruptions. As a result, the risk environment remains elevated.

**NOTE 11 - NEW ACCOUNTING PRONOUNCEMENT**

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) Improvements to Income tax disclosures ("ASU 2023-09"). The primary purpose of the amendments within ASU 2023- 09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. Management is currently evaluating the implications of these changes on the financial statements.

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| | |
|:---|:---|
| **Notes to Financial Statements** | **Gotham ETFs** |

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**NOTE 12 - SUBSEQUENT EVENTS**

In preparing these financial statements, management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. Management has determined that there are no subsequent events that would need to be recognized or disclosed in the Funds' financial statements.

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| | |
|:---|:---|
| **Report of Independent Registered**<br> **Public Accounting Firm** | **Gotham ETFs** |

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**To the Shareholders of**

**Gotham Enhanced 500 ETF, Gotham 1000 Value ETF, Gotham Short Strategies ETF and**

**The Board of Trustees of**

**Tidal Trust I**

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of Gotham Enhanced 500 ETF, Gotham 1000 Value ETF and Gotham Short Strategies ETF (collectively the "Funds"), each a series of Tidal Trust I (the "Trust"), including the schedules of investments, as of September 30, 2025, the related statements of operations, statements of changes in net assets, and the financial highlights for each of the periods indicated in the table below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of September 30, 2025, and the results of their operations, the changes in their net assets and the financial highlights for the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Individual Funds Constituting** | &nbsp;&nbsp;**Statement Of** | &nbsp;&nbsp;**Statements Of** |  |
| &nbsp;&nbsp;**Tidal Trust I** | &nbsp;&nbsp;**Operations** | &nbsp;&nbsp;**Changes In Net Assets** | &nbsp;&nbsp;**Financial Highlights** |
| &nbsp;&nbsp;Gotham Enhanced 500 ETF | &nbsp;&nbsp;For the year ended September 30, 2025 | &nbsp;&nbsp;For each of the two years ended September 30, 2025 | &nbsp;&nbsp;For each of the four years ended September 30, 2025 and for the period December 28, 2020 (commencement of operations) to September 30, 2021 |
| &nbsp;&nbsp;Gotham 1000 Value ETF | &nbsp;&nbsp;For the year ended September 30, 2025 | &nbsp;&nbsp;For each of the two years ended September 30, 2025 | &nbsp;&nbsp;For each of the three years ended September 30, 2025 and for the period June 7, 2022 (commencement of operations) to September 30, 2022 |
| &nbsp;&nbsp;Gotham Short Strategies ETF | &nbsp;&nbsp;For the year ended September 30, 2025 | &nbsp;&nbsp;For each of the two years ended September 30, 2025 | &nbsp;&nbsp;For each of the two years ended September 30, 2025 |

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The financial highlights for each of the three years ended September 30, 2023 for Gotham Short Strategies ETF were audited by other auditors, whose report dated November 29, 2023 expressed an unqualified opinion on such financial statements and financial highlights.

**Basis for Opinion**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 2018.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting.

Accordingly, we express no such opinion.

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| | |
|:---|:---|
| **Report of Independent Registered**<br> **Public Accounting Firm** | **Gotham ETFs** |

---

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025 by correspondence with the custodian and brokers or through other appropriate auditing procedures when replies from brokers were unable to be obtained. We believe that our audits provide a reasonable basis for our opinion.

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| |
|:---|
| ![](gothanncsr002.jpg) |
| **TAIT, WELLER & BAKER LLP** |

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**Philadelphia, Pennsylvania**

**November 28, 2025**

**Other Non-Audited Information**

**<u>QUALIFIED DIVIDEND INCOME/DIVIDENDS RECEIVED DEDUCTION</u>**

For the year ended September 30, 2025, certain dividends paid by the Funds may be subject to a maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003 and the Tax Cuts and Jobs Act of 2017. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

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| | |
|:---|:---|
| Gotham Enhanced 500 ETF | 46.23% |
| Gotham 1000 Value ETF | 71.57% |
| Gotham Short Strategies ETF | 100.00% |

---

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the year ended September 30, 2025, was as follows:

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| | |
|:---|:---|
| Gotham Enhanced 500 ETF | 45.32 |
| Gotham 1000 Value ETF | 60.32% |
| Gotham Short Strategies ETF | 100.00% |

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The percentage of taxable ordinary income distributions that are designated as short-term capital gain distribution under Internal Revenue Section 871(k)(2)(c) for the year ended September 30, 2025, was as follows:

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| | |
|:---|:---|
| Gotham Enhanced 500 ETF | 0.00% |
| Gotham 1000 Value ETF | 0.00% |
| Gotham Short Strategies ETF | 0.00% |

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&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7(a) of this Form."

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

There have been no changes in or disagreements with the Funds' accountants.

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>**

There were no matters submitted to a vote of shareholders during the period covered by the report.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

See Item 7(a). Under the Investment Advisory Agreement, in exchange for a single unitary management fee from each Fund, the Adviser has agreed to pay all expenses incurred by the Funds, including Trustee compensation, except for certain excluded expenses.

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory and Sub-Advisory Contracts.</u>**

The Board of Trustees (the "Board" or the "Trustees") of Tidal Trust I (the "Trust") met at a meeting held on April 3, 2025 to consider the renewal of the Investment Advisory Agreement (the "Advisory Agreement") between the Trust, on behalf of each of the Gotham Enhanced 500 ETF (the "GSPY ETF"), Gotham 1000 Value ETF (the "GVLU ETF"), and Gotham Short Strategies ETF (the "SHRT ETF") (each, a "Fund", and together, the "Funds"), each a series of the Trust, and Tidal Investments LLC, the Funds' investment adviser (the "Adviser"). Prior to this meeting, the Board requested and received materials to assist them in considering the renewal of the Advisory Agreement. The materials provided contained information with respect to the factors enumerated below, including a copy of the Advisory Agreement, a memorandum prepared by outside legal counsel to the Trust and Independent Trustees discussing in detail the Trustees' fiduciary obligations and the factors they should assess in considering the renewal of the Advisory Agreement, due diligence materials relating to the Adviser (including the due diligence response completed by the Adviser with respect to a specific request letter from outside legal counsel to the Trust and Independent Trustees, the Adviser's Form ADV, select ownership, organizational, financial and insurance information for the Adviser, biographical information of the Adviser's key management and compliance personnel, detailed comparative information regarding the unitary advisory fees for the Funds, and information regarding the Adviser's compliance program) and other pertinent information. Based on their evaluation of the information provided, the Trustees, by a unanimous vote (including a separate vote of the Trustees who are not "interested persons," as that term is defined in the Investment Company Act of 1940, as amended (the "Independent Trustees")), approved the renewal of the Advisory Agreement for an additional one-year term.

*Nature, Extent and Quality of Services Provided.* The Board considered the nature, extent and quality of the Adviser's overall services provided to the Funds as well as its specific responsibilities in all aspects of day-to-day investment management of the Funds, including trade execution and recommendations with respect to the hiring, termination, or replacement of sub-advisers to the Funds. The Board considered the qualifications, experience and responsibilities of the Adviser's investment management team, including Michael Venuto and Charles Ragauss, who each serve as a portfolio manager to the Funds, as well as the responsibilities of other key personnel of the Adviser involved in the day-to-day activities of the Funds. The Board reviewed due diligence information provided by the Adviser, including information regarding the Adviser's compliance program, its compliance personnel and compliance record, as well as the Adviser's cybersecurity program and business continuity plan. The Board noted that the Adviser does not manage any other accounts that utilize a strategy similar to that employed by each of the Funds.

The Board also considered other services provided to the Funds, such as monitoring adherence to each Fund's investment strategy and restrictions, oversight of Gotham Asset Management, LLC ("Gotham" or the "Sub-Adviser"), the Funds' sub-adviser, and other service providers to the Funds, monitoring compliance with various Fund policies and procedures and with applicable securities regulations, the investment purpose and potential benefits and risks of the SHRT ETF's use of derivatives instruments, and monitoring the extent to which each Fund achieves its investment objective as an actively-managed ETF. The Board noted that the Adviser is responsible for trade execution for the GSPY ETF and GVLU ETF and the Sub-Adviser is responsible for portfolio investment decisions for the GSPY ETF and GVLU ETF, subject to the supervision of the Adviser. The Board also noted that the Sub-Adviser is responsible for trade execution and portfolio investment decisions for the SHRT ETF, subject to the supervision of the Adviser.

The Board concluded that the Adviser had sufficient quality and depth of personnel, resources, investment methods and compliance policies and procedures essential to performing its duties under the Advisory Agreement and managing the Funds and that the nature, overall quality and extent of the management services provided to the Funds, as well as the Adviser's compliance program, were satisfactory.

*Investment Performance of the Funds and the Adviser.* The Board considered the investment performance of the Funds and the Adviser. The Board also considered each Fund's performance (at net asset value) against its benchmark index(es) and respective custom peer group. The Board also considered that because the portfolio investment decision-making for the Funds is performed by the Sub-Adviser, each Fund's performance is not the direct result of investment decisions made by the Adviser.

The Board considered the performance of the GSPY ETF on an absolute basis, and in comparison to its benchmark index (the S&P 500 Total Return Index). The Board also considered comparative information prepared by the Adviser, in partnership with AltaVista Research, LLC ("AltaVista"), a third-party ETF research firm, utilizing a peer group selection process managed by Barrington Partners ("Barrington"), an independent investment management analytics consulting firm, comparing the GSPY ETF to a customized group of ETFs selected by Barrington (the "GSPY Peer Group"). The Board noted that the Fund underperformed the S&P 500 Total Return Index for the one-year, three-year and since inception periods ended February 28, 2025. The Board considered that the Fund was in-line with the GSPY Peer Group median and average over the one-year and three-year periods ended February 28, 2025. The Board also noted that the Fund ranked fourth out of eight funds in the GSPY Peer Group over the one-year period ended February 28, 2025, and third out of five funds in the GSPY Peer Group for the three-year period ended February 28, 2025.

The Board considered the performance of the GVLU ETF on an absolute basis, in comparison to its primary benchmark index (the Russell 1000 Value Total Return Index), and in comparison to a secondary benchmark index (the Russell 1000 Total Return Index). The Board also considered comparative information prepared by the Adviser, in partnership with AltaVista, utilizing a peer group selection process managed by Barrington, comparing the GVLU ETF to a customized group of ETFs selected by Barrington (the "GVLU Peer Group"). The Board noted that the Fund underperformed each of the Russell 1000 Value Total Return Index and the Russell 1000 Total Return Index over the one-year and since-inception periods ended February 28, 2025. The Board considered that the Fund underperformed the GVLU Peer Group median and average over the one-year period ended February 28, 2025. The Board also noted that the Fund ranked seventh out of eight funds in the GVLU Peer Group over the one-year period ended February 28, 2025.

The Board considered the performance of the SHRT ETF on an absolute basis, and in comparison to its benchmark index (the S&P 500 Total Return Index). The Board also considered comparative information prepared by the Adviser, in partnership with AltaVista, utilizing a peer group selection process managed by Barrington, comparing the SHRT ETF to a customized group of ETFs selected by Barrington (the "SHRT Peer Group"). The Board noted that the Fund underperformed the S&P 500 Total Return Index for the one-year, three-year, five-year, ten-year and since inception periods ended February 28, 2025. The Board considered that the Fund underperformed the SHRT Peer Group median and averages over the one-year and three-year periods ended February 28, 2025. The Board also noted that the Fund ranked last out of seven funds in the SHRT Peer Group over the one-year period ended February 28, 2025, and fourth out of five funds for the three-year period ended February 28, 2025. In evaluating in the Fund's performance, the Board considered the Fund's long-short investment strategy and how that investment strategy had contributed to the Fund's performance versus the long-only benchmark index.

After considering all of the information the Board concluded that the performance of each of the Funds was satisfactory under current market conditions and that the Adviser has the necessary expertise and resources in providing investment advisory services in accordance with each Fund's investment objective and strategies. Although past performance is not a guarantee or indication of future results, the Board determined that each Fund and its shareholders were likely to benefit from the Adviser's continued management.

*Cost of Services Provided and Profits Realized by the Adviser.* The Board considered the cost of services and the structure of the Adviser's advisory fee, including a review of comparative expenses, expense components and peer group selection. The Board took into consideration that the advisory fee for each Fund was a "unitary fee," meaning that each Fund pays no expenses other than the advisory fee and certain other costs such as interest, brokerage, and extraordinary expenses and, to the extent it is implemented, fees pursuant to each Fund's Rule 12b-1 Plan. The Board noted that the Adviser continues to be responsible for compensating each Fund's other service providers and paying each Fund's other expenses out of its own fees and resources, subject to the Sub-Adviser's contractual agreement to assume such obligation in exchange for the profits, if any, generated by each Fund's unitary fee. The Board also noted that the Adviser has contractually agreed to an advisory fee waiver that reduces the unitary fee for each of the GSPY ETF and GVLU ETF from 0.65% to 0.50% of each Fund's average daily net assets through at least January 31, 2026. The Board also considered the overall profitability of the Adviser and examined the level of profits accrued to the Adviser from the fees payable under the Advisory Agreement.

The Board considered that the GSPY ETF's advisory fee of 0.65% was above the GSPY Peer Group average of 0.447%, and that the Fund's net expense ratio, after fee waivers, of 0.50% was above the GSPY Peer Group average of 0.436%.

The Board considered that the GVLU ETF's advisory fee of 0.65% was above the GVLU Peer Group average of 0.439%, and that the Fund's net expense ratio, after fee waivers, of 0.50% was in-line with the GVLU Peer Group average of 0.50%.

The Board considered that the SHRT ETF's advisory fee of 1.35% was above the SHRT Peer Group average of 0.983%, and that the Fund's expense ratio of 1.35% was below the SHRT Peer Group average of 1.535%.

The Board concluded that each Fund's expense ratio and the advisory fee were fair and reasonable in light of the comparative performance, advisory fee and expense information and the investment management services provided to the Funds by the Adviser given the nature of each Fund's investment strategy. The Board also evaluated, based on a profitability analysis prepared by the Adviser, the fees received by the Adviser and its affiliates from their relationship with the Funds, and the profitability of each Fund's unitary fee on an aggregate basis. The Board concluded that the fees had not been, and currently were not, excessive, and the Adviser had adequate financial resources to support its services to the Funds from the revenues of its overall investment advisory business.

*Extent of Economies of Scale as the Funds Grow.* The Board compared each Fund's expenses relative to its applicable peer group and discussed realized and potential economies of scale. The Board considered the potential economies of scale that each Fund might realize under the structure of the advisory fee. The Board noted that the advisory fee did not contain any breakpoint reductions as each Fund's assets grow in size, but that the Adviser would evaluate future circumstances that may warrant breakpoints in the fee structure.

*Benefits Derived from the Relationship with the Funds.* The Board considered the direct and indirect benefits that could be received by the Adviser and its affiliates from association with the Funds. The Board concluded that the benefits the Adviser may receive, such as greater name recognition or the ability to attract additional investor assets, appear to be reasonable and in many cases may benefit the Funds.

*Conclusion.* Based on the Board's deliberations and its evaluation of the information described above, with no single factor determinative of a conclusion, the Board, including the Independent Trustees, unanimously concluded that: (a) the terms of the Advisory Agreement are fair and reasonable; (b) the advisory fee is reasonable in light of the services that the Adviser provides to each of the Funds; and (c) the approval of the renewal of the Advisory Agreement for an additional term ending April 30, 2026 was in the best interests of each Fund and its shareholders.

At the meeting held on April 3, 2025, the Board also considered the renewal of the sub-advisory agreement (the "Sub-Advisory Agreement") for the Funds, entered into between the Adviser and Gotham. Prior to this meeting, the Board requested and received materials to assist them in considering the renewal of the Sub-Advisory Agreement. The materials provided contained information with respect to the factors enumerated below, including a copy of the Sub-Advisory Agreement, a memorandum prepared by outside legal counsel to the Trust and the Independent Trustees discussing in detail the Trustees' fiduciary obligations and the factors they should assess in considering the renewal of the Sub-Advisory Agreement, due diligence materials prepared by the Sub-Adviser (including the due diligence response completed by the Sub-Adviser with respect to a specific request letter from outside legal counsel to the Trust and the Independent Trustees, the Sub-Adviser's Form ADV, select ownership, organizational, financial and insurance information for the Sub-Adviser, biographical information of key management and compliance personnel, and the Sub-Adviser's compliance manual and code of ethics) and other pertinent information. Based on their evaluation of the information provided, the Trustees, by a unanimous vote (including a separate vote of the Independent Trustees), approved the renewal of the Sub-Advisory Agreement for an additional one-year term.

*Nature, Extent and Quality of Services Provided.* The Board considered the nature, extent and quality of Gotham's overall services provided to the Funds as well as its specific responsibilities in aspects of day-to-day investment management of the Funds. The Board considered the qualifications, experience and responsibilities of Joel Greenblatt and Robert Goldstein who each serve as a portfolio manager for the Funds, as well as the responsibilities of other key personnel of Gotham involved in the day-to-day activities of the Funds. The Board reviewed the due diligence information provided by Gotham, including information regarding Gotham's compliance program, its compliance personnel and compliance record, as well as Gotham's cybersecurity program and business continuity plan. The Board noted that Gotham manages the Gotham Enhanced S&P 500 Index Fund (the "Gotham Mutual Fund"), an open-end mutual fund that utilizes a strategy similar to the strategy employed by the GSPY ETF. The Board noted that Gotham does not currently manage client accounts that utilize a strategy similar to the strategy employed by GVLU ETF, although Gotham does manage the strategy in a proprietary account. The Board noted that Gotham does not currently manage client accounts that utilize a strategy similar to the strategy employed by the SHRT ETF.

The Board also considered other services provided to the Funds, such as monitoring adherence to each Fund's investment strategies and restrictions, monitoring compliance with various Fund policies and procedures and with applicable securities regulations, monitoring the extent to which each of the Funds meets its investment objective as an actively-managed ETF and quarterly reporting to the Board. The Board noted that Gotham is responsible for the GSPY ETF and GVLU ETF's investment selection, subject to oversight by the Adviser. The Board also noted that Gotham is responsible for SHRT ETF's portfolio investment decisions and the trading of the SHRT ETF's portfolio securities, subject to the supervision of the Adviser.

The Board concluded that Gotham had sufficient quality and depth of personnel, resources, investment methods and compliance policies and procedures essential to performing its duties under the Sub-Advisory Agreement and managing the Funds and that the nature, overall quality and extent of the management services provided to the Funds, as well as Gotham's compliance program, were satisfactory.

*Investment Performance of the Fund and the Sub-Adviser.* The Board considered the investment performance of each Fund and Gotham. The Board noted each Fund's performance (at net asset value) against its respective benchmark index(es) and respective peer group. The Board noted that Gotham is responsible for selecting investments for each Fund.

The Board considered the performance of the GSPY ETF on an absolute basis, in comparison to its benchmark index (the S&P 500 Total Return Index), in comparison to the GSPY Peer Group, and in comparison to the Gotham Mutual Fund. The Board noted that the Fund underperformed the S&P 500 Total Return Index for the one-year, three-year and since inception periods ended February 28, 2025. The Board considered that the Fund was in-line with the GSPY Peer Group median and average over the one-year and three-year periods ended February 28, 2025. The Board also noted that the Fund ranked fourth out of eight funds in the GSPY Peer Group over the one-year period ended February 28, 2025, and third out of five funds in the GSPY Peer Group for the three-year period ended February 28, 2025. The Board also noted that the Fund's performance was in-line with the performance of the Gotham Mutual Fund for relevant periods.

The Board considered the performance of the GVLU ETF on an absolute basis, in comparison to its primary benchmark index (the Russell 1000 Value Total Return Index), in comparison to a secondary benchmark index (the Russell 1000 Total Return Index), and in comparison to the GVLU Peer Group. The Board noted that the Fund underperformed each of the Russell 1000 Value Total Return Index and the Russell 1000 Total Return Index over the one-year and since-inception periods ended February 28, 2025. The Board considered that the Fund underperformed the GVLU Peer Group median and average over the one-year period ended February 28, 2025. The Board also noted that the Fund ranked seventh out of eight funds in the GVLU Peer Group over the one-year period ended February 28, 2025. The Board also reviewed the Fund's performance relative to Gotham's proprietary account with a similar investment strategy to that employed by the Fund for relevant periods.

The Board considered the performance of the SHRT ETF on an absolute basis, in comparison to its benchmark index (the S&P 500 Total Return Index), in comparison to a secondary benchmark index (the 50% Inverse of the S&P 500 Total Return Index), and in comparison to the SHRT Peer Group. The Board noted that the Fund underperformed the S&P 500 Total Return Index for the one-year, three-year, five-year, ten-year and since inception periods ended February 28, 2025. The Board noted that the Fund outperformed the 50% Inverse of the S&P 500 Total Return Index for all relevant periods. The Board considered that the Fund underperformed the SHRT Peer Group median and averages over the one-year and three-year periods ended February 28, 2025. The Board also noted that the Fund ranked last out of seven funds in the SHRT Peer Group over the one-year period ended February 28, 2025, and fourth out of five funds for the three-year period ended February 28, 2025.

After considering all of the information, the Board concluded that the performance of the Fund was satisfactory under current market conditions and that Gotham has the necessary expertise and resources in providing investment advisory services in accordance with the Fund's investment objective and strategies. Although past performance is not a guarantee or indication of future results, the Board determined that the Fund and its shareholders were likely to benefit from Gotham's continued management.

*Cost of Services Provided and Profits Realized by the Sub-Adviser.* The Board considered the structure of the sub-advisory fees paid by the Adviser to Gotham under the Sub-Advisory Agreement. The Board noted that the Adviser represented to the Board that the sub-advisory fees payable under the Sub-Advisory Agreement were reasonable in light of the services performed by Gotham. Since the sub-advisory fees are paid by the Adviser, the overall advisory fees paid by the Funds are not directly affected by the sub-advisory fees paid to Gotham. Consequently, the Board did not consider the cost of services provided by Gotham or profitability from its relationship with the Funds to be material factors for consideration given that Gotham is not affiliated with the Adviser and, therefore, the sub-advisory fees paid to Gotham were negotiated on an arm's-length basis. Based on all of these factors, the Board concluded that the sub-advisory fees paid to Gotham by the Adviser reflected appropriate allocations of the advisory fees and were reasonable in light of the services provided by Gotham.

*Extent of Economies of Scale as the Fund Grows.* Since the sub-advisory fees payable to Gotham are not paid by the Funds, the Board did not consider whether the sub-advisory fees should reflect any realized or potential economies of scale that might be realized as each Fund's assets increase.

*Benefits Derived from the Relationship with the Fund.* The Board considered the direct and indirect benefits that could be received by Gotham from its association with the Funds. The Board concluded that the benefits Gotham may receive, such as greater name recognition or the ability to attract additional investor assets, appear to be reasonable and in many cases may benefit the Funds.

*Conclusion.* Based on the Board's deliberations and its evaluation of the information described above, with no single factor determinative of a conclusion, the Board, including the Independent Trustees, unanimously concluded that: (a) the terms of the Sub-Advisory Agreement are fair and reasonable; (b) the sub-advisory fees are reasonable in light of the services that Gotham provides to the Funds; and (c) the approval of the renewal of the Sub-Advisory Agreement for an additional term ending April 30, 2026 was in the best interests of the Fund and its shareholders.

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

Not Applicable.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's President/Principal Executive Officer and Treasurer/Principal Financial Officer 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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

(a) Not Applicable

(b) Not Applicable

**<u>Item 19. Exhibits.</u>**

*(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.* Filed herewith.](ex99-coe.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed.

Not applicable.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* Filed herewith.](ex99-cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Change in the registrant's independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period. Auditor letter will be filed here as an exhibit.

 

*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](ex99-906cert.htm)

 

 

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant) | Tidal Trust I |
| By (Signature and Title)\* | /s/ Eric W. Falkeis |
|  | &nbsp;&nbsp;&nbsp; Eric W. Falkeis, President/Principal Executive Officer |
| Date | December 4, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Eric W. Falkeis |
|  | &nbsp;&nbsp;&nbsp; Eric W. Falkeis, President/Principal Executive Officer |
| Date | December 4, 2025 |
| By (Signature and Title)\* | /s/ Aaron J. Perkovich |
|  | &nbsp;&nbsp;&nbsp; Aaron J. Perkovich, Treasurer/Principal Financial Officer |
| Date | December 4, 2025 |

---

*\* Print the name and title of each signing officer under his or her signature.*

## Ex-99.Code

[Tidal Trust I N-CSR](gotham-ncsr_093025.htm)

**EX.99.CODE ETH**

**TIDAL TRUST I**

**FINANCIAL OFFICER CODE OF ETHICS**

<u>Purposes of the Code</u>

The reputation and integrity of Tidal Trust I (the "Trust") are valuable assets that are vital to the Trust's success. Each officer and employee of the Trust, including each of the Trust's senior financial officers ("SFOs"), is responsible for conducting the Trust's business in a manner that demonstrates a commitment to the highest standards of integrity. SFOs include the principal executive officer, the principal financial officer, comptroller (or principal accounting officer), and any person who performs a similar function.

The Trust has adopted a code of ethics pursuant Rule 17j-1 under the Investment Company Act of 1940, as amended ("Code of Ethics"). The Trust's Rule 17j-1 Code of Ethics is designed to prevent certain conflicts of interest that may arise when officers, employees, or trustees know about present or future Trust transactions, have the power to influence those transactions; and engage in securities transactions in their personal account(s).

The Trust has chosen to adopt a senior financial officer code of ethics ("SFO Code") for the purpose of promoting:

● Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

● Full, fair, accurate, timely and understandable disclosure in reports and documents that the Trust files with, or submits to, the U.S. Securities and Exchange Commission, and in other public communications made by the Trust;

● Compliance with applicable laws and governmental rules and regulations;

● The prompt internal reporting of violations of the SFO Code to an appropriate person or persons identified in the SFO Code; and

● Accountability for adherence to the SFO Code.

This SFO Code should be read in conjunction with the Trust's other policy statements, including its Code of Ethics and its Disclosure Controls and Procedures.

<u>Principles for the Handling of Financial Information</u>

The Trust has adopted the following principles to govern the manner in which SFOs perform their duties. Persons subject to these guidelines include the principal executive officer, the principal financial officer, comptroller (or principal accounting officer), and any Trust officer or employee who performs a similar function or who participates in the preparation of any part of the Trust's financial statements. Specifically, persons subject to this SFO Code shall:

● Act with honesty and integrity;

● Avoid actual or apparent conflicts of interest with the Trust in personal and professional relationships;

● Provide information to the Trust's employees and service providers (adviser, administrator, outside auditor, outside counsel, custodian, Tidal Trust I) that is accurate, complete, objective, relevant, timely and understandable;

● Endeavor to ensure full, fair, timely, accurate and understandable disclosure in the Trust's periodic reports;

● Comply with the federal securities laws and other applicable laws and rules, such as the Internal Revenue Code;

● Act in good faith, responsibly, and with due care, competence and diligence, without misrepresenting material facts or subordinating independent judgment to another end;

● Respect the confidentiality of information acquired in the course of their work, except where disclosure is expressly permitted or is otherwise legally mandated;

● Record (or participate in the recording of) entries in the Trust's books and records that are accurate; and

● Refrain from using confidential information for personal advantage.

<u>Violations of the SFO Code</u>

Any action that directly or indirectly contravenes one or more of the Principles outlined above shall be treated as a violation of this SFO Code unless good cause for such apparent contravention is found to exist.

Dishonest or unethical conduct or conduct that is illegal will constitute a per se violation of this SFO Code, regardless of whether this Code refers to that particular conduct.

A violation of this SFO Code may result in disciplinary action, up to and including termination of employment. The Trust must and will report all suspected criminal violations to the appropriate authorities for possible prosecution, and will investigate, address and report as appropriate, non-criminal violations.

<u>Enforcement of the SFO Code</u>

Violations

All persons subject to this SFO Code who observe, learn of, or, in good faith, suspect a current or threatened violation of the SFO Code must immediately report the violation in writing to the Compliance Officer, another member of the Trust's senior management, or to the Audit Committee of the Board. An example of a possible SFO Code violation is the preparation and filing of financial disclosure that omits material facts, or that is accurate but is written in a way that obscures its meaning.

Disclosures

All persons subject to this SFO Code shall file a letter (a "Disclosure Letter") regarding any transaction or relationship that reasonably appears to involve an actual or apparent conflict of interest with the Trust within ten days of becoming aware of such transaction or relationship. A Disclosure Letter should be prepared regarding these transactions or relationships whether you are involved or have only observed the transaction or relationship. All Disclosure Letters shall be submitted to the compliance officer, or if it is not possible to disclose the matter to the compliance officer, then the Disclosure Letter shall be submitted to another member of the Trust's senior management or to the Audit Committee of the Board of Trustees.

An executive officer of the Trust or the Audit Committee will review all Disclosure Letters and determine whether further action is warranted. All determinations will be documented in writing and will be maintained by the compliance officer or other appropriate officers of the Trust.

Outside Service Providers

Because service providers to the Trust, such as the administrator, outside accounting firm and custodian, provide much of the work relating to the Trust's financial statements, you should be alert for actions by service providers that may be illegal, or that could be viewed as dishonest or unethical conduct. You should report these actions to the compliance officer even if you know, or think, that the service provider has its own code of ethics covering persons who are Trust SFOs or employees.

Non-Retaliation Policy

SFOs who report violations or suspected violations in good faith will not be subject to retaliation of any kind. Reported violations will be investigated and addressed promptly and will be treated confidentially to the extent possible.

<u>Annual Certification</u>

SFOs will receive training on the contents and importance of this SFO Code and related policies and the manner in which violations must be reported and how Disclosure Letters must be submitted. Each SFO will be asked to certify on an annual basis that he/she is in full compliance with the SFO Code and any related policy statements.

<u>Questions about the Code</u>

The Trust's Board of Trustees has designated the Trust's Chief Compliance Officer to be the compliance officer for purposes of implementing and administering this SFO Code. Any questions about this SFO Code should be directed to the compliance officer.

## Ex-99.Cert

[Tidal Trust I N-CSR](gotham-ncsr_093025.htm)

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Eric W. Falkeis, certify that:

1. I have reviewed this report on Form N-CSR of Tidal Trust I;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: <u>December 4, 2025</u> | /s/ Eric W. Falkeis |
|  | Eric W. Falkeis<br> President/Principal Executive Officer |

---

EX.99.CERT

**<u>CERTIFICATIONS</u>**

I, Aaron J. Perkovich, certify that:

1. I have reviewed this report on Form N-CSR of Tidal Trust I;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: <u>December 4, 2025</u> | /s/ Aaron J. Perkovich |
|  | Aaron J Perkovich<br> Treasurer/Principal Financial Officer |

---

## Exhibit 99.906

[Tidal Trust I N-CSR](gotham-ncsr_093025.htm)

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Tidal Trust I, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Tidal Trust I for the period ended September 30, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Tidal Trust I for the stated period.

---

| | |
|:---|:---|
| /s/ Eric W. Falkeis | /s/ Aaron J. Perkovich |
| <br> Eric W. Falkeis<br> President/Principal Executive Officer,<br> Tidal Trust I | <br> Aaron J. Perkovich<br> Treasurer/Principal Financial Officer,<br> Tidal Trust I |
| Dated: <u>December 4, 2025</u> | Dated: <u>December 4, 2025</u> |

---

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Tidal Trust I for purposes of Section 18 of the Securities Exchange Act of 1934.