Annual Shareholder Report

Mohr Growth ETF (MOHR)

Mindful Conservative ETF (MFUL)

Adaptive Core ETF (RULE)

Mohr Sector Nav ETF (SNAV)

September 30, 2023

Management’s Discussion of Fund Performance

1

Fund Performance

5

Expense Examples

9

Portfolios of Investments

Mohr Growth ETF

11

Mindful Conservative ETF

14

Adaptive Core ETF

15

Mohr Sector Nav ETF

17

Statements of Assets and Liabilities

18

Statements of Operations

20

Statements of Changes in Net Assets

22

Financial Highlights

24

Notes to Financial Statements

28

Report of Independent Registered Public Accounting Firm

38

Additional Information

40

Board of Trustees and Trust Officers

42

Privacy Policy

44

TABLE OF CONTENTS

Annual Shareholder Report | 1

Management's Discussion of Fund PerformanceSeptember 30, 2023 (Unaudited)

Mohr Growth ETF

The Mohr Growth ETF maintained a defensive posture in 1st quarter 2023. The market, supported by a select group of tech stocks, moved higher albeit with a high level of volatility. The lack of breadth among those stocks participating in performance coupled with continued turbulence, prevented foundational, sustained trends from taking shape. This trendless volatility led the Mohr Growth ETF to stay defensive.

Based on continued volatility and overall range-bound performance of the equity market, the Mohr Growth ETF maintained defensive allocation into 2nd quarter 2023. The pricing activity of the index breached the upper bounds of the long-term range, putting into motion a dollar cost-averaged allocation to full market risk through the end of the quarter. Performance opportunities were limited relative to the level of market exposure throughout 2nd quarter 2023.

3rd quarter 2023 was characterized by rising longer term yields and volatility in equities, especially in the latter half of the quarter. The ETF performed in-line with the overall market as market volatility limited opportunities for technology-driven momentum and trending exposure.

Annual Shareholder Report | 2

Management's Discussion of Fund PerformanceSeptember 30, 2023 (Unaudited)

Mindful Conservative ETF

The Mindful Conservative ETF held firm in ultra-short Treasury bills from 1st quarter 2023 until mid 2nd quarter 2023. These bills offered the portfolio stable value and a yield that’s growing higher as interest rates rise. Given the historic slaughter of the bond market and extreme volatility in all stocks, defensives included, the portfolio determined the safest harbor was ultra-short U.S. government paper.

Significant downdrafts and volatility in the fixed income space prevented the Mindful Conservative ETF portfolio from taking any positions. Both stock and bond markets exhibited significant negative volatility and showed no durable trends to which our quantitative software would allocate.

As markets anticipated the end to the Fed tightening cycle, fixed income volatility subsided, and equities extended beyond long-term upper bounds. This presented the opportunity to assume full risk using a dollar-cost averaging approach. By end of Q2, the portfolio was fully engaged with software analytics. Performance opportunities were limited relative to the level of market exposure throughout Q2 2023.

Q3 2023 was characterized by rising longer term yields and volatility in equities, especially in the latter half of the quarter. The ETF performed in-line with the overall market as market volatility limited opportunities for technology-driven momentum and trending exposure.

Annual Shareholder Report | 3

Management's Discussion of Fund PerformanceSeptember 30, 2023 (Unaudited)

Adaptive Core ETF

Throughout 1st quarter 2023, the Adaptive Core ETF held steady in its defensive positioning based on the quantitative software’s analysis of continued trendless volatility. The persistent downtrends in equities and bonds meant there were no durable upward trends that would signal to buy.

Defensive positioning continued into 2nd quarter 2023 as the quantitative software’s analysis evaluated a volatile and trendless market environment. Range-bound behavior in equities resulted in a lack of durable upward trends that would typically signal a buying opportunity.

The pricing activity of the index breached the upper bounds of the long-term range, putting into motion a dollar cost-averaged allocation to full market risk through the end of 2nd quarter.

Adaptive Core ETF performed in-line with the overall market in 3rd quarter 2023 as market volatility limited opportunities for technology-driven momentum and trending exposure.

Annual Shareholder Report | 4

Management's Discussion of Fund PerformanceSeptember 30, 2023 (Unaudited)

Mohr Sector Nav ETF

The Mohr Sector NAV ETF launched January 10, 2023. The start of Q1 was the onset of an upward trend, with Mohr Sector NAV ETF inception date occurring late into this upward cycle and thus missing a portion of this opportunity. The quantitative software’s analysis has been actively engaged across all sectors since inception. Volatility has persisted and has served as a headwind in establishing sustainable trends among the sectors.

2nd quarter 2023 represented the first full quarter of active engagement across all sectors. Concentration in performance among select mega-cap tech stocks persisted throughout Q2 2023. The ETF captured good performance but, as a sector-focused ETF, could not specifically invest in the 7 stocks that accounted for a large portion of the full index performance.

3rd quarter 2023 was characterized by rising longer term yields and volatility in equities, especially in the latter half of the quarter. The ETF performed in-line with the overall market as market volatility pushed exposure more heavily into broad market constituents as opposed to single sector exposure.

See notes which are an integral part of the Financial Statements.

Annual Shareholder Report | 5

Fund PerformanceSeptember 30, 2023 (Unaudited)

Mohr Growth ETF

INVESTMENT OBJECTIVE

Mohr Growth ETF seeks to provide capital appreciation.

FUND PERFORMANCE
(AS OF SEPTEMBER 30, 2023) 

Average Annual
Total Returns

Expense
Ratio
(a)

1 Year

Inception (11/2/21)

Total

Mohr Growth ETF (MOHR) - Total Return
(at Net Asset Value)
(b)

-6.01%

-14.83%

1.06%

Mohr Growth ETF (MOHR) - Total Return
(at Market Value)
(c)

-6.13%

-14.88%

N/A

S&P 500 Index(d)

21.62%

-2.36%

N/A

Hypothetical Growth of a $10,000 Investment (*)

Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represent past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. To obtain performance information current to the most recent month-end, please call 1-866-464-6608 or visit http://www.mohrfunds.com.

*The chart represents historical performance of a hypothetical investment of $10,000 in Mohr Growth ETF and represents the reinvestment of dividends and capital gains in the Fund.

(a) The total expense ratio reflects the gross expense ratio as reported in the Fund’s Prospectus dated February 1, 2023. Please see the Fund’s most recent prospectus for details. Additional information pertaining to the Fund’s expense ratio as of September 30, 2023 can be found in the Financial Highlights.

(b) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions, including dividends and return of capital, at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder’s investment in the Fund based on market value due to differences between the market price of the shares and the net asset value per share of the Fund.

(c) Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all distributions, including dividends and return of capital, at net asset value during the period, if any, and redemption on the last day of the period at market value. Market value is determined by the composite closing price. Composite closing security price is defined as the last reported sale price from any primary listing market (e.g., Cboe BZX) or participating regional exchanges or markets. The composite closing price is the last reported sale price from any of the eligible sources, regardless of volume and not an average price and may have occurred on a date prior to the close of the reporting period. Market value may be greater or less than net asset value, depending on the Fund’s closing price on the listing market.

(d) The S&P 500 Index measures the performance of 500 widely held stocks in US equity market. Standard and Poor’s chooses member companies for the index based on market size, liquidity and industry group representation. Included are the stocks of industrial, financial, utility and transportation companies. Since mid 1989, this composition has been more flexible and the number of issues in each sector has varied. It is market capitalization-weighted. Index returns, unlike the Fund’s returns, do not reflect any fees or expenses. Investors cannot invest directly in an index.

See notes which are an integral part of the Financial Statements.

Annual Shareholder Report | 6

Fund PerformanceSeptember 30, 2023 (Unaudited)

Mindful Conservative ETF

INVESTMENT OBJECTIVE

Mindful Conservative ETF seeks current income.

FUND PERFORMANCE
(AS OF SEPTEMBER 30, 2023) 

Average Annual
Total Returns

Expense
Ratio
(a)

1 Year

Inception (11/2/21)

Total

Mindful Conservative ETF (MFUL) - Total Return (at Net Asset Value)(b)

-0.49%

-8.03%

1.12%

Mindful Conservative ETF (MFUL) - Total Return (at Market Value)(c)

-0.64%

-8.08%

N/A

Dow Jones U.S. Moderately Conservative Portfolio Index(d)

6.32%

-6.05%

N/A

Hypothetical Growth of a $10,000 Investment (*)

Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represent past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. To obtain performance information current to the most recent month-end, please call 1-866-464-6608 or visit http://www.mohrfunds.com.

*The chart represents historical performance of a hypothetical investment of $10,000 in Mindful Conservative ETF and represents the reinvestment of dividends and capital gains in the Fund.

(a) The total expense ratio reflects the gross expense ratio as reported in the Fund’s Prospectus dated February 1, 2023. Please see the Fund’s most recent prospectus for details. Additional information pertaining to the Fund’s expense ratio as of September 30, 2023 can be found in the Financial Highlights.

(b) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions, including dividends and return of capital, at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder’s investment in the Fund based on market value due to differences between the market price of the shares and the net asset value per share of the Fund.

(c) Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all distributions, including dividends and return of capital, at net asset value during the period, if any, and redemption on the last day of the period at market value. Market value is determined by the composite closing price. Composite closing security price is defined as the last reported sale price from any primary listing market (e.g., Cboe BZX) or participating regional exchanges or markets. The composite closing price is the last reported sale price from any of the eligible sources, regardless of volume and not an average price and may have occurred on a date prior to the close of the reporting period. Market value may be greater or less than net asset value, depending on the Fund’s closing price on the listing market.

(d) Dow Jones U.S. Moderately Conservative Portfolio Index is designed to measure a portfolio of equities, bonds, and cash, representative of an investor’s risk profile. The equities position represents 40%, which is a mix of Dow Jones U.S. Indexes. Bonds and cash represent the remaining 60% of the portfolio. Index returns, unlike the Fund’s returns, do not reflect any fees or expenses. Investors cannot invest directly in an index.

See notes which are an integral part of the Financial Statements.

Annual Shareholder Report | 7

Fund PerformanceSeptember 30, 2023 (Unaudited)

Adaptive Core ETF

INVESTMENT OBJECTIVE

Adaptive Core ETF seeks current income.

FUND PERFORMANCE
(AS OF SEPTEMBER 30, 2023) 

Average Annual
Total Returns

Expense
Ratio
(a)

1 Year

Inception (11/2/21)

Total

Adaptive Core ETF (RULE) - Total Return
(at Net Asset Value)
(b)

-3.37%

-13.93%

1.13%

Adaptive Core ETF (RULE) - Total Return
(at Market Value)
(c)

-3.34%

-13.91%

N/A

S&P 500 Index(d)

21.62%

-2.36%

N/A

Hypothetical Growth of a $10,000 Investment (*)

Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represent past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. To obtain performance information current to the most recent month-end, please call 1-866-464-6608 or visit http://www.mohrfunds.com.

*The chart represents historical performance of a hypothetical investment of $10,000 in Adaptive Core ETF and represents the reinvestment of dividends and capital gains in the Fund.

(a) The total expense ratio reflects the gross expense ratio as reported in the Fund’s Prospectus dated February 1, 2023. Please see the Fund’s most recent prospectus for details. Additional information pertaining to the Fund’s expense ratio as of September 30, 2023 can be found in the Financial Highlights.

(b) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions, including dividends and return of capital, at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder’s investment in the Fund based on market value due to differences between the market price of the shares and the net asset value per share of the Fund.

(c) Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all distributions, including dividends and return of capital, at net asset value during the period, if any, and redemption on the last day of the period at market value. Market value is determined by the composite closing price. Composite closing security price is defined as the last reported sale price from any primary listing market (e.g., Cboe BZX) or participating regional exchanges or markets. The composite closing price is the last reported sale price from any of the eligible sources, regardless of volume and not an average price and may have occurred on a date prior to the close of the reporting period. Market value may be greater or less than net asset value, depending on the Fund’s closing price on the listing market.

(d) The S&P 500 Index measures the performance of 500 widely held stocks in US equity market. Standard and Poor’s chooses member companies for the index based on market size, liquidity and industry group representation. Included are the stocks of industrial, financial, utility and transportation companies. Since mid 1989, this composition has been more flexible and the number of issues in each sector has varied. It is market capitalization-weighted. Index returns, unlike the Fund’s returns, do not reflect any fees or expenses. Investors cannot invest directly in an index.

See notes which are an integral part of the Financial Statements.

Annual Shareholder Report | 8

Fund PerformanceSeptember 30, 2023 (Unaudited)

Mohr Sector Nav ETF

INVESTMENT OBJECTIVE

Mohr Sector Nav ETF seeks to provide capital appreciation.

FUND PERFORMANCE (AS OF SEPTEMBER 30, 2023) 

Average
Annual Total
Returns

Expense
Ratio
(a)

Inception (1/10/23)

Total

Mohr Sector Nav ETF (SNAV) - Total Return (at Net Asset Value)(b)

3.43%

0.98%

Mohr Sector Nav ETF (SNAV) - Total Return (at Market Value)(c)

3.32%

N/A

S&P 500 Index(d)

10.72%

N/A

Hypothetical Growth of a $10,000 Investment (*)

Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represent past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. To obtain performance information current to the most recent month-end, please call 1-866-464-6608 or visit http://www.mohrfunds.com.

*The chart represents historical performance of a hypothetical investment of $10,000 in Mohr Sector Nav ETF and represents the reinvestment of dividends and capital gains in the Fund.

(a) The total expense ratio reflects the gross expense ratio as reported in the Fund’s Prospectus dated January 2, 2023. Please see the Fund’s most recent prospectus for details. Additional information pertaining to the Fund’s expense ratio as of September 30, 2023 can be found in the Financial Highlights.

(b) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder’s investment in the Fund based on market value due to differences between the market price of the shares and the net asset value per share of the Fund.

(c) Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at market value. Market value is determined by the composite closing price. Composite closing security price is defined as the last reported sale price from any primary listing market (e.g., Cboe BZX) or participating regional exchanges or markets. The composite closing price is the last reported sale price from any of the eligible sources, regardless of volume and not an average price and may have occurred on a date prior to the close of the reporting period. Market value may be greater or less than net asset value, depending on the Fund’s closing price on the listing market.

(d) The S&P 500 Index measures the performance of 500 widely held stocks in US equity market. Standard and Poor’s chooses member companies for the index based on market size, liquidity and industry group representation. Included are the stocks of industrial, financial, utility and transportation companies. Since mid 1989, this composition has been more flexible and the number of issues in each sector has varied. It is market capitalization-weighted. Index returns, unlike the Fund’s returns, do not reflect any fees or expenses. Investors cannot invest directly in an index.

Annual Shareholder Report | 9

Expense ExamplesSeptember 30, 2023 (Unaudited)

As a Fund shareholder, you may incur two types of costs: (1) transaction costs, including commissions on trading, as applicable; and (2) ongoing costs, including advisory fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The expense examples below are based on an investment of $1,000 invested at the beginning of the period and held for the six-month period ended September 30, 2023.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not each Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Further, the expenses do not include any brokerage commissions on investors’ purchases or redemptions of Fund shares as described in each Fund’s prospectus. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Annual Shareholder Report | 10

Expense Examples (continued)September 30, 2023 (Unaudited)

Beginning
Account Value
4/1/2023

Ending
Account Value
9/30/2023

Expenses Paid
During Period
(a)

Annualized
Expense
Ratio

Mohr Growth ETF

Actual

$1,000.00

$945.70

$4.73

0.97%

 

Hypothetical

1,000.00

1,020.21

4.91

0.97

Mindful Conservative ETF

Actual

1,000.00

984.80

4.93

0.99

 

Hypothetical

1,000.00

1,020.10

5.01

0.99

Adaptive Core ETF

Actual

1,000.00

965.70

5.27

1.07

 

Hypothetical

1,000.00

1,019.70

5.42

1.07

Mohr Sector Nav ETF

Actual

1,000.00

1,027.70

6.05

1.19

 

Hypothetical

1,000.00

1,019.10

6.02

1.19

(a) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 183/365 (the number of days in the most recent fiscal half year divided by the number of days in the fiscal year).

See notes which are an integral part of the Financial Statements.

Annual Shareholder Report | 11

Portfolio of InvestmentsSeptember 30, 2023

Mohr Growth ETF

Portfolio of Investments Summary Table

Percentage of
Total
Investments (%)

Consumer Discretionary

14.2

Consumer Staples

2.8

Energy

14.4

Exchange-Traded Funds

23.7

Financials

18.6

Health Care

2.9

Industrials

2.7

Information Technology

15.8

Utilities

4.9

Total

100.0

Portfolio holdings and allocations are subject to change. As of September 30, 2023, percentages in the table above are based on total investments. Such total investments may differ from the percentages set forth in the following Portfolio of Investments which are computed using the Fund’s total net assets.

Portfolio of Investments

Shares

Fair Value ($)

 

Common Stocks — 72.1%

 

Consumer Discretionary — 13.4%

 

16,412

Amazon.com, Inc.(a)

2,086,293

 

752

Booking Holdings, Inc.(a)

2,319,130

 

9,989

Lowe’s Cos., Inc.

2,076,114

 

1,795

MercadoLibre, Inc.(a)

2,275,845

 

9,954

Tesla, Inc.(a)

2,490,690

 

11,248,072

 

Consumer Staples — 2.6%

 

3,869

Costco Wholesale Corp. 

2,185,830

 

2,185,830

 

Energy — 13.6%

 

14,624

Hess Corp.

2,237,472

 

16,489

Marathon Petroleum Corp.

2,495,445

 

35,445

Occidental Petroleum Corp.

2,299,672

 

33,583

ONEOK, Inc.

2,130,170

 

38,525

Schlumberger NV

2,246,007

 

11,408,766

See notes which are an integral part of the Financial Statements.

Annual Shareholder Report | 12

Portfolio of InvestmentsSeptember 30, 2023

Mohr Growth ETF

Shares

Fair Value ($)

 

Financials — 17.6%

 

16,486

Allstate Corp. (The)

1,836,705

 

5,583

Aon PLC, Class A

1,810,120

 

27,728

Apollo Global Management, Inc.

2,488,865

 

22,132

Blackstone, Inc.

2,371,223

 

34,572

KKR & Co., Inc.

2,129,635

 

40,752

Nasdaq, Inc.

1,980,140

 

17,378

PNC Financial Services Group (The)

2,133,497

 

14,750,185

 

Health Care — 2.7%

 

5,186

McKesson Corp. 

2,255,132

 

2,255,132

 

Industrials — 2.6%

 

4,779

United Rentals, Inc. 

2,124,600

 

2,124,600

 

Information Technology — 15.0%

 

11,432

Arista Networks, Inc.(a)

2,102,688

 

2,516

Broadcom, Inc.

2,089,739

 

11,004

CDW Corp.

2,220,167

 

31,260

Cognizant Technology Solutions Corp., Class A

2,117,552

 

10,398

Crowdstrike Holdings, Inc., Class A(a)

1,740,417

 

4,036

ServiceNow, Inc.(a)

2,255,963

 

12,526,526

 

Utilities — 4.6%

 

46,283

Dominion Energy, Inc.

2,067,462

 

28,413

Edison International

1,798,259

 

3,865,721

 

Total Common Stocks (Cost $61,039,134)

60,364,832

See notes which are an integral part of the Financial Statements.

Annual Shareholder Report | 13

Portfolio of InvestmentsSeptember 30, 2023

Mohr Growth ETF

Shares

Fair Value ($)

 

Exchange-Traded Funds — 22.5%

 

47,514

iShares MSCI USA Quality Factor ETF

6,261,870

 

127,578

Pacer US Cash Cows 100 ETF

6,306,181

 

82,182

VanEck Morningstar Wide Moat ETF

6,232,683

 

18,800,734

 

Total Exchange-Traded Funds (Cost $19,426,787)

18,800,734

 

 

Total Investments — 94.6% (Cost $80,465,921)

79,165,566

 

Other Assets in Excess of Liabilities — 5.4%

4,545,726

 

Net Assets — 100.0%

83,711,292

(a) Non-income producing security.

ETF — Exchange-Traded Fund

PLC — Public Limited Company

See notes which are an integral part of the Financial Statements.

Annual Shareholder Report | 14

Portfolio of InvestmentsSeptember 30, 2023

Mindful Conservative ETF

Portfolio of Investments Summary Table

Percentage of
Total
Investments (%)

Exchange-Traded Funds

100.0

Total

100.0

Portfolio holdings and allocations are subject to change. As of September 30, 2023, percentages in the table above are based on total investments. Such total investments may differ from the percentages set forth in the following Portfolio of Investments which are computed using the Fund’s total net assets.

Portfolio of Investments

 

Shares

Fair Value ($)

 

Exchange-Traded Funds — 55.9%

 

110,034

Fidelity Corporate Bond ETF

4,809,586

 

82,804

Goldman Sachs Access Treasury 0-1 Year ETF

8,289,508

 

12,878

Invesco Exchange-Traded Fund Trust-Invesco S&P 500 Top 50 ETF

437,337

 

82,348

iShares 0-3 Month Treasury Bond ETF

8,289,973

 

6,019

iShares Convertible Bond ETF

446,670

 

3,305

iShares MSCI USA Quality Factor ETF

435,566

 

53,070

PIMCO Active Bond Exchange-Traded Fund

4,664,853

 

90,263

SPDR Bloomberg 1-3 Month T-Bill ETF

8,287,949

 

6,453

SPDR Bloomberg Convertible Securities ETF

437,513

 

165,985

SPDR Portfolio Long Term Treasury ETF

4,340,508

 

125,944

SPDR SSgA Global Allocation ETF

4,812,093

 

6,272

Vanguard Intermediate-Term Corporate Bond ETF

476,547

 

45,728,103

 

Total Exchange-Traded Funds (Cost $46,493,530)

45,728,103

 

 

Total Investments — 55.9% (Cost $46,493,530)

45,728,103

 

Other Assets in Excess of Liabilities — 44.1%

36,053,628

 

Net Assets — 100.0%

81,781,731

ETF — Exchange-Traded Fund

S&P — Standard and Poor’s

SPDR — Standard & Poor’s Depositary Receipts

SSgA — State Street Global Advisors

See notes which are an integral part of the Financial Statements.

Annual Shareholder Report | 15

Portfolio of InvestmentsSeptember 30, 2023

Adaptive Core ETF

Portfolio of Investments Summary Table

Percentage of
Total
Investments (%)

Energy

3.8

Exchange-Traded Funds

7.2

Financials

17.8

Health Care

20.9

Industrials

30.4

Information Technology

16.6

Materials

3.3

Total

100.0

Portfolio holdings and allocations are subject to change. As of September 30, 2023, percentages in the table above are based on total investments. Such total investments may differ from the percentages set forth in the following Portfolio of Investments which are computed using the Fund’s total net assets.

Portfolio of Investments

Shares

Fair Value ($)

 

Common Stocks — 88.3%

 

Energy — 3.6%

 

14,297

Phillips 66 

1,717,784

 

1,717,784

 

Financials — 17.0%

 

16,034

Blackstone, Inc.

1,717,883

 

27,390

Charles Schwab Corp. (The)

1,503,711

 

7,956

CME Group, Inc.

1,592,950

 

28,902

Fidelity National Information Services, Inc.

1,597,414

 

26,464

KKR & Co., Inc.

1,630,182

 

8,042,140

 

Health Care — 19.9%

 

5,746

Cigna Group (The)

1,643,758

 

6,196

Danaher Corp.

1,537,228

 

3,850

Elevance Health, Inc.

1,676,367

 

2,881

Eli Lilly & Co.

1,547,472

 

4,414

Vertex Pharmaceuticals, Inc.(a)

1,534,924

 

8,574

Zoetis, Inc.

1,491,704

 

9,431,453

See notes which are an integral part of the Financial Statements.

Annual Shareholder Report | 16

Portfolio of InvestmentsSeptember 30, 2023

Adaptive Core ETF

Shares

Fair Value ($)

 

Industrials — 28.9%

 

7,400

AMETEK, Inc.

1,093,424

 

6,144

Automatic Data Processing, Inc.

1,478,124

 

3,332

Cintas Corp.

1,602,725

 

36,216

Copart, Inc.(a)

1,560,547

 

7,150

Eaton Corp. PLC

1,524,952

 

16,484

Emerson Electric Co.

1,591,860

 

3,885

Old Dominion Freight Line, Inc.

1,589,509

 

36,304

Uber Technologies, Inc.(a)

1,669,621

 

3,538

United Rentals, Inc.

1,572,889

 

13,683,651

 

Information Technology — 15.8%

 

11,122

Applied Materials, Inc.

1,539,841

 

8,888

Arista Networks, Inc.(a)

1,634,770

 

7,820

CDW Corp.

1,577,763

 

27,176

Dell Technologies, Inc., Class C

1,872,427

 

1,962

NVIDIA Corp.

853,450

 

7,478,251

 

Materials — 3.1%

 

9,457

Nucor Corp. 

1,478,602

 

1,478,602

 

Total Common Stocks (Cost $42,595,043)

41,831,881

 

 

Exchange-Traded Funds — 6.8%

 

17,621

SPDR Bloomberg 1-3 Month T-Bill ETF

1,617,960

 

32,161

WisdomTree Floating Rate Treasury Fund ETF

1,618,342

 

3,236,302

 

Total Exchange-Traded Funds (Cost $3,240,036)

3,236,302

 

 

Total Investments — 95.1% (Cost $45,835,079)

45,068,183

 

Other Assets in Excess of Liabilities — 4.9%

2,333,644

 

Net Assets — 100.0%

47,401,827

(a) Non-income producing security.

ETF — Exchange-Traded Fund

PLC — Public Limited Company

SPDR — Standard & Poor’s Depositary Receipts

See notes which are an integral part of the Financial Statements.

Annual Shareholder Report | 17

Portfolio of InvestmentsSeptember 30, 2023

Mohr Sector Nav ETF

Portfolio of Investments Summary Table

Percentage of
Total
Investments (%)

Exchange-Traded Funds

100.0

Total

100.0

Portfolio holdings and allocations are subject to change. As of September 30, 2023, percentages in the table above are based on total investments. Such total investments may differ from the percentages set forth in the following Portfolio of Investments which are computed using the Fund’s total net assets.

Portfolio of Investments

Shares

Fair Value ($)

 

Exchange-Traded Funds — 63.3%

 

63,902

SPDR S&P 500 ETF Trust(a)

27,316,827

 

38,608

Vanguard Energy ETF

4,893,178

 

21,283

Vanguard Health Care ETF

5,003,633

 

37,213,638

 

Total Exchange-Traded Funds (Cost $37,819,506)

37,213,638

 

 

Total Investments — 63.3% (Cost $37,819,506)

37,213,638

 

Other Assets in Excess of Liabilities — 36.7%

21,610,069

 

Net Assets — 100.0%

58,823,707

(a) As of September 30, 2023, investment is 46.44% of the Fund’s net assets. See Note 8 in the Notes to Financial Statements.

ETF — Exchange-Traded Fund

S&P — Standard and Poor’s

SPDR — Standard & Poor’s Depositary Receipts

See notes which are an integral part of the Financial Statements.

Annual Shareholder Report | 18

Statements of Assets and LiabilitiesSeptember 30, 2023

 

Mohr
Growth
ETF

 

Mindful
Conservative
ETF

 

Adaptive
Core
ETF

 

Assets:

Investments, at value (Cost $80,465,921, $46,493,530 and $45,835,079)

$79,165,566

$45,728,103

$45,068,183

Cash 

667,314

15,245,809

852,050

Dividends and interest receivable

64,327

17,422

15,779

Receivable for investments sold

3,882,855

20,857,187

1,508,845

Prepaid expenses

1,597

1,377

911

Total Assets

83,781,659

81,849,898

47,445,768

Liabilities:

Accrued expenses:

Advisory

49,806

47,788

28,168

Administration

8,024

8,192

4,589

Custodian

539

217

389

Fund accounting

4,336

4,308

4,470

Printing

2,820

2,820

2,811

Trustee

3,000

3,000

2,123

Other

1,842

1,842

1,391

Total Liabilities

70,367

68,167

43,941

Net Assets

$83,711,292

$81,781,731

$47,401,827

Net Assets consist of:

Paid-in Capital

$104,773,897

$85,888,007

$57,510,092

Total Distributable Earnings (Loss)

(21,062,605

)

(4,106,276

)

(10,108,265

)

Net Assets

$83,711,292

$81,781,731

$47,401,827

 

Net Assets:

$83,711,292

$81,781,731

$47,401,827

Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value):

4,550,000

3,850,000

2,525,000

Net Asset Value (offering and redemption price per share):

$18.40

$21.24

$18.77

See notes which are an integral part of the Financial Statements.

Annual Shareholder Report | 19

Statements of Assets and Liabilities (continued)September 30, 2023

 

Mohr
Sector Nav
ETF

Assets:

Investments, at value (Cost $37,819,506)

$37,213,638

Cash

11,051,350

Dividends and interest receivable

222,115

Receivable for investments sold

15,391,560

Prepaid expenses

242

Total Assets

63,878,905

Liabilities:

Payable for investments purchased

5,000,385

Accrued expenses:

Advisory

35,015

Administration

6,002

Custodian

238

Fund accounting

4,687

Printing

1,908

Trustee

2,400

Other

4,563

Total Liabilities

5,055,198

Net Assets

$58,823,707

Net Assets consist of:

Paid-in Capital

$59,130,364

Total Distributable Earnings (Loss)

(306,657

)

Net Assets

$58,823,707

 

Net Assets:

$58,823,707

Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value):

2,275,000

Net Asset Value (offering and redemption price per share):

$25.86


See notes which are an integral part of the Financial Statements.

Annual Shareholder Report | 20

Statements of OperationsSeptember 30, 2023

 

Mohr
Growth
ETF

 

Mindful
Conservative
ETF

 

Adaptive
Core
ETF

 

Investment Income:

Dividend income 

$2,456,913

$3,563,861

$1,526,412

Total Investment Income

2,456,913

3,563,861

1,526,412

Expenses:

Advisory

763,281

640,134

441,038

Administration

130,849

109,738

75,607

Compliance services

9,000

9,000

9,000

Custodian

3,826

2,492

2,727

Fund accounting

54,647

51,542

51,099

Legal and audit

27,124

22,034

22,003

Printing

6,224

5,958

5,943

Treasurer

5,625

4,750

4,350

Trustee

12,800

12,400

9,923

Other

21,008

22,682

18,405

Total Net Expenses

1,034,384

880,730

640,095

Net Investment Income (Loss)

1,422,529

2,683,131

886,317

Realized and Unrealized Gains (Losses) from Investments:

Net realized gains (losses) from investment transactions

(7,233,795

)

(2,208,433

)

(2,426,020

)

Net realized gains (losses) from in-kind transactions

50,128

(15,362

)

(14,069

)

Change in unrealized appreciation (depreciation) on investments

(236,605

)

(727,127

)

(128,165

)

Net Realized and Unrealized Gains (Losses) from Investments:

(7,420,272

)

(2,950,922

)

(2,568,254

)

Change in Net Assets Resulting From Operations

$(5,997,743

)

$(267,791

)

$(1,681,937

)

See notes which are an integral part of the Financial Statements.

Annual Shareholder Report | 21

Statements of Operations (continued)September 30, 2023

 

Mohr
Sector Nav
ETF
(a)

Investment Income:

Dividend income 

$492,900

Total Investment Income

492,900

Expenses:

Advisory

177,810

Administration

30,482

Compliance services

6,000

Custodian

1,161

Fund accounting

28,877

Legal and audit

32,917

Printing

7,925

Treasurer

2,327

Trustee

5,440

Other

15,925

Total Net Expenses

308,864

Net Investment Income (Loss)

184,036

Realized and Unrealized Gains (Losses) from Investments:

Net realized gains (losses) from investment transactions

91,377

Net realized gains (losses) from in-kind transactions

281,327

Change in unrealized appreciation (depreciation) on investments

(605,868

)

Net Realized and Unrealized Gains (Losses) from Investments:

(233,164

)

Change in Net Assets Resulting From Operations

$(49,128

)

(a) For the period from the commencement of operations on January 10, 2023 through September 30, 2023.

Annual Shareholder Report | 22

Statements of Changes in Net Assets

Mohr Growth ETF

Mindful Conservative ETF

 

 

Year Ended
September 30, 2023

For the period
November 2, 2021
(a)
through
September 30, 2022

Year Ended
September 30, 2023

For the period
November 2, 2021
(a)
through
September 30, 2022

From Investment Activities:

Operations:

Net investment income (loss)

$1,422,529

$(208,708

)

$2,683,131

$(180,410

)

Net realized gains (losses) from investment and in-kind transactions

(7,183,667

)

(13,790,847

)

(2,223,795

)

(3,393,924

)

Change in unrealized appreciation (depreciation) on investments

(236,605

)

(1,063,750

)

(727,127

)

(38,300

)

Change in net assets resulting from operations

(5,997,743

)

(15,063,305

)

(267,791

)

(3,612,634

)

Distributions to Shareholders From:

Earnings

(284,819

)

Change in net assets from distributions

(284,819

)

Capital Transactions:

Proceeds from shares issued

30,409,626

138,969,589

31,180,168

108,012,107

Cost of shares redeemed

(59,620,630

)

(4,986,245

)

(44,657,428

)

(8,587,872

)

Change in net assets from capital transactions

(29,211,004

)

133,983,344

(13,477,260

)

99,424,235

Change in net assets

(35,208,747

)

118,920,039

(14,029,870

)

95,811,601

Net Assets:

Beginning of period

118,920,039

95,811,601

End of period

$83,711,292

$118,920,039

$81,781,731

$95,811,601

Share Transactions:

Issued

1,550,000

6,325,000

1,450,000

4,875,000

Redeemed

(3,075,000

)

(250,000

)

(2,075,000

)

(400,000

)

Change in shares

(1,525,000

)

6,075,000

(625,000

)

4,475,000

(a) Commencement of operations.

Annual Shareholder Report | 23

Statements of Changes in Net Assets (continued)

Adaptive Core ETF

Mohr Sector Nav ETF

 

 

Year Ended
September 30, 2023

For the period
November 2, 2021
(a)
through
September 30, 2022

For the period
January 10, 2023
(a)
through
September 30, 2023

From Investment Activities:

Operations:

Net investment income (loss)

$886,317

$(72,570

)

$184,036

Net realized gains (losses) from investment and in-kind transactions

(2,440,089

)

(7,746,415

)

372,704

Change in unrealized appreciation (depreciation) on investments

(128,165

)

(638,731

)

(605,868

)

Change in net assets resulting from operations

(1,681,937

)

(8,457,716

)

(49,128

)

Distributions to Shareholders From:

Earnings

(5,848

)

Change in net assets from distributions

(5,848

)

Capital Transactions:

Proceeds from shares issued

21,063,902

84,467,679

65,916,006

Cost of shares redeemed

(41,437,604

)

(6,546,649

)

(7,043,171

)

Change in net assets from capital transactions

(20,373,702

)

77,921,030

58,872,835

Change in net assets

(22,061,487

)

69,463,314

58,823,707

Net Assets:

Beginning of period

69,463,314

End of period

$47,401,827

$69,463,314

$58,823,707

Share Transactions:

Issued

1,075,000

3,900,000

2,550,000

Redeemed

(2,125,000

)

(325,000

)

(275,000

)

Change in shares

(1,050,000

)

3,575,000

2,275,000

(a) Commencement of operations.

See notes which are an integral part of the Financial Statements.

Annual Shareholder Report | 24

Financial Highlights

Mohr Growth ETF

Year Ended
September 30, 2023

November 2, 2021(a)
through
September 30, 2022

Net Asset Value, Beginning of Period

$19.58

$25.00

 

Net Investment Income (Loss)(b)

0.25

(0.08

)

Net Realized and Unrealized Gains (Losses) on Investments

(1.43

)

(5.34

)

Total from Investment Activities

(1.18

)

(5.42

)

 

Net Asset Value, End of Period

$18.40

$19.58

Net Assets at End of Period (000’s)

$83,711

$118,920

 

Total Return at NAV(c)(d)

(6.01

)%

(21.70

)%

Total Return at Market(d)(e)

(6.13

)%

(21.68

)%

 

Ratio of Operating Expenses to Average Net Assets(f)(g)

0.95

%

1.02

%

Ratio of Net Investment Income (Loss) to Average Net Assets(f)(h)

1.31

%

(0.40

)%

Portfolio Turnover(d)(i)

442

%(j)

1,223

%

(a) Commencement of operations.

(b) Calculated based on average shares method.

(c) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder’s investment in the Fund based on market value due to differences between the market price of the shares and the net asset value per share of the Fund.

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

(e) Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at market value. Market value is determined by the composite closing price. Composite closing security price is defined as the last reported sale price from any primary listing market (e.g., Cboe BZX) or participating regional exchanges or markets. The composite closing price is the last reported sale price from any of the eligible sources, regardless of volume and not an average price and may have occurred on a date prior to the close of the reporting period. Market value may be greater or less than net asset value, depending on the Fund’s closing price on the listing market.

(f) Annualized for periods less than one year.

(g) Excludes expenses of the investment companies in which the Fund invests.

(h) Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. The ratio does not include net investment income of the underlying investment companies.

(i) Excludes the impact of in-kind transactions.

(j) Portfolio Turnover decreased significantly this year due to the Fund holding higher positions in cash or cash alternatives for a longer period of time than usual due to risk mitigation. As a result, trading activity was reduced dramatically compared to more active periods.

See notes which are an integral part of the Financial Statements.

Annual Shareholder Report | 25

Financial Highlights (continued)

Mindful Conservative ETF

Year Ended
September 30, 2023

November 2, 2021(a)
through
September 30, 2022

Net Asset Value, Beginning of Period

$21.41

$25.00

 

Net Investment Income (Loss)(b)

0.63

(0.09

)

Net Realized and Unrealized Gains (Losses) on Investments

(0.74

)

(3.50

)

Total from Investment Activities

(0.11

)

(3.59

)

 

Distributions from Net Investment Income

(0.06

)

Distributions from Net Realized Gains on Investments

Total Distributions

(0.06

)

 

Net Asset Value, End of Period

$21.24

$21.41

Net Assets at End of Period (000’s)

$81,782

$95,812

 

Total Return at NAV(c)(d)

(0.49

)%

(14.36

)%

Total Return at Market(d)(e)

(0.64

)%

(14.32

)%

 

Ratio of Operating Expenses to Average
Net Assets
(f)(g)

0.96

%

1.05

%

Ratio of Net Investment Income (Loss) to Average Net Assets(f)(h)

2.94

%

(0.47

)%

Portfolio Turnover(d)(i)

260

%(j)

665

%

           

(a) Commencement of operations.

(b) Calculated based on average shares method.

(c) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder’s investment in the Fund based on market value due to differences between the market price of the shares and the net asset value per share of the Fund.

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

(e) Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at market value. Market value is determined by the composite closing price. Composite closing security price is defined as the last reported sale price from any primary listing market (e.g., Cboe BZX) or participating regional exchanges or markets. The composite closing price is the last reported sale price from any of the eligible sources, regardless of volume and not an average price and may have occurred on a date prior to the close of the reporting period. Market value may be greater or less than net asset value, depending on the Fund’s closing price on the listing market.

(f) Annualized for periods less than one year.

(g) Excludes expenses of the investment companies in which the Fund invests.

(h) Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. The ratio does not include net investment income of the underlying investment companies

(i) Excludes the impact of in-kind transactions.

(j) Portfolio Turnover decreased significantly this year due to the Fund holding higher positions in cash or cash alternatives for a longer period of time than usual due to risk mitigation. As a result, trading activity was reduced dramatically compared to more active periods.

See notes which are an integral part of the Financial Statements.

Annual Shareholder Report | 26

Financial Highlights (continued)

Adaptive Core ETF

Year Ended
September 30, 2023

November 2, 2021(a)
through
September 30, 2022

Net Asset Value, Beginning of Period

$19.43

$25.00

 

Net Investment Income (Loss)(b)

0.28

(0.04

)

Net Realized and Unrealized Gains (Losses) on Investments

(0.94

)

(5.53

)

Total from Investment Activities

(0.66

)

(5.57

)

 

Distributions from Net Investment Income

(c)

Distributions from Net Realized Gains on Investments

Total Distributions

(c)

 

Net Asset Value, End of Period

$18.77

$19.43

Net Assets at End of Period (000’s)

$47,402

$69,463

 

Total Return at NAV(d)(e)

(3.37

)%

(22.28

)%

Total Return at Market(e)(f)

(3.34

)%

(22.28

)%

 

Ratio of Operating Expenses to Average Net Assets(g)(h)

1 .02

%

1 .09

%

Ratio of Net Investment Income (Loss) to Average Net Assets(g)(i)

1 .41

%

(0 .23

)%

Portfolio Turnover(e)(j)

425

%(k)

1,180

%

(a) Commencement of operations.

(b) Calculated based on average shares method.

(c) Amount is less than $0.005.

(d) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder’s investment in the Fund based on market value due to differences between the market price of the shares and the net asset value per share of the Fund.

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

(f) Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at market value. Market value is determined by the composite closing price. Composite closing security price is defined as the last reported sale price from any primary listing market (e.g., Cboe BZX) or participating regional exchanges or markets. The composite closing price is the last reported sale price from any of the eligible sources, regardless of volume and not an average price and may have occurred on a date prior to the close of the reporting period. Market value may be greater or less than net asset value, depending on the Fund’s closing price on the listing market.

(g) Annualized for periods less than one year.

(h) Excludes expenses of the investment companies in which the Fund invests.

(i) Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. The ratio does not include net investment income of the underlying investment companies.