U.S. economic growth has re -accelerated coming into the fourth quarter of 2021, after a pause caused by the resurgence of COVID -19 during the third quarter. A broad set of forward -looking economic indicators, including the regional Federal Reserve’s (“Fed”) manufacturing business surveys new orders, jobless claims, National Association of Home Builders (“NAHB”) Housing Market Index, etc., have all resonated with the underlying strength of the U.S. economy. The growth peak might have passed, but we continue to expect slower but healthy growth in the coming fiscal year.

Our proprietary Esoterica Market Cycle Indicator (“EMCI”) demonstrates a relatively optimistic view of risk -taking . Incorporating the U.S. treasury yield curve, corporate credit spread, and the U.S. 10 -Year Treasury Bill real yield, EMCI gauges market risk premium’s cyclicality. When the yield curve steepens, the credit spread tightens, and the real yield stays low and stable, it indicates an excellent environment to take the risk, and vice versa.

The fear of inflation out of control has dominated the market narratives for a good part of the year. The inflation expectation reached a historical high after the Fed started self -doubting if the inflation was truly transitory after the September Federal Open Market Committee (“FOMC”) meeting. President Joe Biden’s hesitation over who will be the next person commanding the Fed doesn’t help either. As such, we see a flattening yield curve, indicating markets are worried that the Fed might end the cycle early. The cost of capital, measured by the real yield, managed to stay low and stable, thanks to the unabating liquidity despite the Fed having announced its plan to taper. If this market dynamic continues, as we see it, investors shouldn’t quit taking risks but be more mindful of where to take the risk. We believe large -cap , high -quality growth equities with solid earnings power are the place to be in such an environment.

The Esoterica NextG Economy ETF (“WUGI” or the “Fund”) is an actively -managed exchange traded fund (“ETF”) that invests in U.S. and non -U .S. equity securities of companies that are meaningfully participating in a digital economy enabled by a fifth -generation digital cellular network (“5G”) technology. Esoterica believes that 5G will empower the next generation of technology that will give rise to a global digital economy. WUGI invests in companies that are exposed to, and benefit from, advanced silicon architecture and manufacturing, the convergence of 5G wireless network and cloud computing, a new software stack that addresses the exponential growth of data, and enabling technologies across a range of verticals.

We constructed our portfolio around the transition to the digital economy, identifying the companies that we believe will benefit the most during the process. During the fiscal year ended October 31, 2021, the Fund outperformed broad -based equity indexes, measured by the S&P 500 Index and MSCI All Country World Index.

The top contributors to WUGI’s performance were Sea Ltd. (S.E.), NVIDIA Corp. (NVDA), Cloudflare Inc. (NET), Advanced Micro Devices, Inc. (AMD), and Marvell Technology, Inc. (MRVL). The biggest detractors from WUGI’s performance were Agora (API), Meituan (3690 HK), Qualcomm, Inc. (QCOM), Pinduoduo, Inc. (PDD), and Tencent Holdings, Ltd. (700 HK).

COMPARISON OF THE CHANGE IN VALUE OF A $10,000 INVESTMENT IN THE ESOTERICA NEXTG ECONOMY ETF (“WUGI” OR “FUND”), THE MSCI ALL COUNTRY WORLD INDEX INDEX SM AND THE S&P 500 INDEX ® FROM MARCH 30, 2020* TO OCTOBER 31, 2021

The following graph depicts the performance of Esoterica NextG Economy ETF (Net Asset Value and Market Value) vs. the MSCI All Country World Index SM and the S&P 500 Index®

Average Annual Return as of October 31, 2021	One Year	Since Inception (03/30/2020)*
Esoterica NextG Economy ETF (NAV)	46.53%	76.84%
Esoterica NextG Economy ETF (Market Price)	46.27%	76.61%
MSCI All Country World Index SM1	37.28%	40.48%
S&P 500 Index® 2	42.89%	44.62%

The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.

* The inception date is the date the Fund started accruing expenses and commenced operations. Shares of WUGI were listed on the Cboe BZX Exchange, Inc. on March 30, 2020.

1 The MSCI All Country World Index (“ACWI”) is a market -cap-weighted global equity index that tracks emerging and developed markets. It currently monitors nearly 3,000 large- and mid -cap stocks in 49 countries.

2 The Standard & Poor’s (“S&P”) 500 Index is an unmanaged index consisting of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market -weighted index (stock price times number of shares outstanding) with each stock’s weight in the Index proportionate to its market value.

The Fund’s performance is attributable in part to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

The performance shown represents past performance. Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal will fluctuate so that an investor’s shares when sold may be worth more or less than the original cost. The Fund’s most recent month -end performance can be obtained by calling 1 -866-979-1710 . Returns for less than one year are not annualized.

The annual net operating expense ratio as provided in the Prospectus dated February 26, 2021 was 0.75%. The Adviser has contractually agreed to reduce its fees and/or reimburse expenses of the Fund until at least February 28, 2022, to ensure that total annual fund operating expenses after fee waiver and/or reimbursement (exclusive of: (i) any front -end or contingent deferred loads; (ii) brokerage fees and commissions; (iii) unaffiliated acquired fund fees and expenses; (iv) fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); (v) borrowing

Security Description	Country	Shares	Value
Common Stocks – 97.9%

Entertainment – 13.4%
Bilibili, Inc., ADR (a)	China	15,327	$	1,123,469
Netflix, Inc. (a)	United States	1,582		1,092,070
Sea Ltd., ADR (a)	Singapore	11,525		3,959,645
				6,175,184
Interactive Media & Services – 8.0%
Alphabet, Inc. Class C (a)	United States	652		1,933,447
Meta Platforms, Inc. Class A (a)	United States	3,730		1,206,916
Tencent Holdings Ltd.	China	8,592		531,267
				3,671,630
Internet & Direct Marketing Retail – 8.9%
Amazon.com, Inc. (a)	United States	481		1,622,139
Meituan Class B (a) (b)	China	59,608		2,065,846
Pinduoduo, Inc., ADR (a)	China	4,450		395,694
				4,083,679
IT Services – 12.2%
Adyen NV (a) (b)	Netherlands	167		504,507
Cloudflare, Inc. Class A (a)	United States	6,417		1,249,518
MongoDB, Inc. Class A (a)	United States	2,662		1,387,674
PayPal Holdings, Inc. (a)	United States	2,475		575,660
Snowflake, Inc. Class A (a)	United States	1,246		440,885
Square, Inc. Class A (a)	United States	1,940		493,730
Twilio, Inc. Class A (a)	United States	3,302		962,071
				5,614,045
Semiconductors & Semiconductor Equipment – 38.3%
Advanced Micro Devices, Inc. (a)	United States	19,182		2,306,252
Marvell Technology, Inc.	United States	40,493		2,773,771
MediaTek, Inc.	Taiwan	31,000		1,017,782
NVIDIA Corp.	United States	16,964		4,337,185
NXP Semiconductors NV	Netherlands	4,254		854,458
QUALCOMM, Inc.	United States	15,741		2,094,183
Taiwan Semiconductor Manufacturing Co. Ltd.	Taiwan	76,000		1,612,457
Xilinx, Inc.	United States	14,500		2,610,000
				17,606,088
Software – 17.1%
Coupa Software, Inc. (a)	United States	538		122,503
Datadog, Inc. Class A (a)	United States	6,261		1,045,900
Elastic NV (a)	United States	8,192		1,421,394
Microsoft Corp.	United States	5,667		1,879,291
ServiceNow, Inc. (a)	United States	1,670		1,165,259
Splunk, Inc. (a)	United States	3,193		526,270
Workday, Inc. Class A (a)	United States	3,491		1,012,320
Zscaler, Inc. (a)	United States	2,115		674,389
				7,847,326

Total Common Stocks (Cost $36,355,855)				44,997,952

Security Description	Country	Principal		Value
Short-Term Investments – 0.5%
Time Deposits – 0.5%
JPMorgan Chase, New York, 0.005%, 11/01/2021 (c)		$	214,977	$	214,977
Total Short-Term Investments (Cost $214,977)					214,977
Total Investments – 98.4% (Cost $36,570,832) #					45,212,929
Other assets in excess of liabilities – 1.6%					749,312
Net Assets – 100.0%				$	45,962,241

ADR – American Depositary Receipt

(a) Non -income producing security.

(b) Restricted security that may be sold to “qualified institutional buyers” pursuant to the conditions of Rule 144A under the Securities Act of 1933, as amended. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees, unless otherwise noted. At October 31, 2021, the aggregate value of these securities amounted to $2,570,353 or 5.6% of net assets.

(c) Time deposits bear interest at a variable rate that is based on a variety of factors, including but not limited to relevant overnight and short -term reference rates, the range of distribution between and among the interest rates paid by each eligible Institution on their respective deposits, and the weighted average distribution of interest rates on the deposits. The rate shown is as of October 31, 2021.

# Cost for federal income tax purposes is $36,579,441. Net unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	10,988,248
Gross unrealized depreciation		(2,354,760	)
Net unrealized appreciation	$	8,633,488

Summary of Investments by Sector^
Information Technology	67.6	%
Communication Services	21.4
Consumer Discretionary	8.9
Short-Term Investments	0.5
Other assets in excess of liabilities	1.6
	100.0	%

^ As a percentage of net assets.

ASSETS
Investments in securities of unaffiliated issuers, at value	$	45,212,929
Receivable for investments sold		842,590
Receivable from investment adviser		3,381
Prepaid expenses		2,593
TOTAL ASSETS		46,061,493

LIABILITIES
Payables:
Chief Compliance Officer fees		4,167
Principal Financial Officer fees		4,167
Custody, accounting and administration fees		39,741
Audit fees		15,600
Legal fees		13,174
Shareholder reporting fees		7,336
Transfer agent fees		3,333
Trustee fees		2,844
Other expenses		8,890
TOTAL LIABILITIES		99,252
NET ASSETS	$	45,962,241

COMPONENTS OF NET ASSETS
Paid-in capital		38,357,808
Total distributable earnings		7,604,433
NET ASSETS	$	45,962,241

NET ASSET VALUE PER SHARE
Net Asset Value	$	63.33
Shares of beneficial interest outstanding (unlimited number of Shares authorized, no par value)		725,754

COST OF INVESTMENTS
Investments in securities of unaffiliated issuers, at cost	$	36,570,832

INVESTMENT INCOME:
Dividends from securities of unaffiliated issuers (net of $15,720 foreign withholding tax)	$	159,204
Interest income		13
Total Investment Income		159,217

EXPENSES:
Investment advisory fees		305,215
Chief Compliance Officer fees		25,000
Principal Financial Officer fees		25,000
Custody, accounting and administration fees		97,818
Legal fees		79,065
Trustee fees		38,043
Audit fees		15,600
Shareholder reporting fees		13,207
Transfer agent fees		10,000
Registration fees		4,419
Other expenses		18,910
Total Expenses		632,277
Creation/Redemption Transaction fees waived by the Adviser		(1,000	)
Investment Advisory fee waiver/reimbursement		(324,870	)
Net Expenses		306,407
NET INVESTMENT INCOME (LOSS)		(147,190	)

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:
Net realized gain (loss) on:
Investments in securities of unaffiliated issuers		(897,436	)
In-kind redemptions		4,576,773
Foreign currency transactions		(725	)
Net realized gain (loss)		3,678,612

Net change in unrealized appreciation (depreciation) on:
Investments in securities of unaffiliated issuers		6,728,938
Net change in unrealized appreciation (depreciation) on investments		6,728,938
NET REALIZED AND UNREALIZED GAIN (LOSS)		10,407,550
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	10,260,360

	For the Year Ended October 31, 2021			For the Period Ended October 31, 2020*
OPERATIONS:
Net investment income (loss)	$	(147,190	)	$	(12,540	)
Net realized gain (loss) on investments, foreign currency transactions and in-kind redemptions		3,678,612			575,404
Net change in unrealized appreciation (depreciation) on investments		6,728,938			1,913,159
Net increase (decrease) in net assets resulting from operations		10,260,360			2,476,023

CAPITAL TRANSACTIONS:
Proceeds from Shares issued (a)		38,854,282			11,370,861	(b)
Cost of Shares redeemed (a)		(15,090,555	)		(2,029,663	)
Transaction Fees (Note 5)		20,182			751	(b)
Net increase (decrease) in net assets from capital transactions		23,783,909			9,341,949
Total increase (decrease) in net assets		34,044,269			11,817,972

NET ASSETS
Beginning of Period		11,917,972			100,000	**
End of Peiod	$	45,962,241		$	11,917,972

CHANGES IN SHARES OUTSTANDING
Shares issued		725,000			325,000
Shares redeemed		(275,000	)		(53,246	)
Net increase (decrease) in Shares outstanding		450,000			271,754
Shares outstanding, Beginning of Period		275,754			4,000	**
Shares outstanding, End of Period		725,754			275,754

* The Fund commenced operations on March 30, 2020.

** Beginning capital of $100,000 was contributed from Esoterica Capital LLC, investment adviser to the Fund, in exchange for 4,000 Shares of the Fund in connection with the seeding of the Trust.

(a) For the period ended October 31, 2021 the Fund had 725,000 Shares contributed in -kind with total proceeds in the amount of $38,854,252 and 275,000 Shares redeemed in -kind with total cost in the amount of $15,090,555. For the period ended October 31, 2020, the Fund had 325,000 Shares contributed in -kind with total proceeds in the amount of $11,370,861 and 50,000 Shares redeemed in -kind with total cost in the amount of $1,929,663.

(b) Due to certain Statement of Changes presentation reclassifications, these amounts may differ from what was presented in previous shareholder reports.

	For the Year Ended October 31, 2021			For the Period Ended October 31, 2020*
NET ASSET VALUE, Beginning of Period	$	43.22		$	25.60	(a)

Income (loss) from operations:
Net investment income (loss) (b)		(0.20	)		(0.07	)
Net realized and unrealized gain (loss)		20.28			17.69
Total income (loss) from operations		20.08			17.62

Capital Shares Transaction:
Transaction fees (Note 5)		0.03			—	(c) (d)

NET ASSET VALUE, End of Period	$	63.33		$	43.22
MARKET VALUE, End of Period ( e )	$	63.20		$	43.21

NET ASSET VALUE, Total Return ( f )		46.53	%		68.85	%
MARKET PRICE, Total Return ( e ) ( g )		46.27	%		68.80	%

Net assets, End of Period ($ thousands)	$	45,962		$	11,918

Ratios of Average Net Assets
Total Expenses		1.55	%		3.90	%**
Net Expenses		0.75	%		0.75	%**
Net Investment Loss		(0.36	)%		(0.29	)%**
Portfolio turnover ( h )		29	%		130	%

* The Fund commenced operations on March 30, 2020.

** Annualized.

(a) The net asset value at the beginning of the period differs from the beginning net asset value reflected on the Statement of Changes in Net Assets due to a change in unrealized gain/(loss) from the inception date, March 30, 2020, to when the initial basket was created.

(b) Per share amounts have been calculated using the average shares method.

(d) Due to certain Financial Highlights presentation reclassifications, these amounts may differ from what was presented in previous shareholder reports.

( e ) Unaudited.

( f ) 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 at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Total return calculated for a period of less than one year is not annualized.

( g ) Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all distributions at net asset value during the period and sale at the market price on the last day of the period. Total return calculated for a period of less than one year is not annualized.

( h ) Portfolio turnover rate is not annualized for periods less than one year and does not include in -kind transactions, if any, from processing creations or redemptions.

		Page
Letter to Shareholders (unaudited)		1
Performance Summary (unaudited)		2
Schedule of Investments		4
Statement of Assets and Liabilities		6
Statement of Operations		7
Statement of Changes in Net Assets		8
Financial Highlights		9
Notes to Financial Statements		10
Report of Independent Registered Public Accounting Firm		1 8
Disclosure of Fund Expenses (unaudited)		19
Other Information (unaudited)		20
Board of Trustees of the Trust (unaudited)		21