Advisor Managed Portfolios
06/05/2026 | Press release | Distributed by Public on 06/05/2026 13:04
Annual Report by Investment Company (Form N-CSR)
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 811-23859
Advisor Managed Portfolios
(Exact name of registrant as specified in charter)
615 East Michigan Street
Milwaukee, Wisconsin 53202
(Address of principal executive offices) (Zip code)
Russell B. Simon
Advisor Managed Portfolios
2020 East Financial Way, Suite 100
Glendora, CA 91741
(Name and address of agent for service)
(626) 914-7395
Registrant's telephone number, including area code
Date of fiscal year end: March 31
Date of reporting period: March 31, 2026
Item 1. Reports to Stockholders.
| (a) |
|
Optimize Strategy Index ETF
|
||
|
OPTZ (Principal U.S. Listing Exchange: NASDAQ)
|
||
|
Annual Shareholder Report | March 31, 2026
|
This annual shareholder report contains important information about the Optimize Strategy Index ETF for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://www.optzfund.com/optz. You can also request this information by contacting us at 1-800-617-0004. This report describes important material changes to the Fund.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Optimize Strategy Index ETF
|
$35
|
0.30%
|
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
Optimize Strategy Index ("OPTSI") returns for the period 4/01/2025 through 3/31/2026 were 35.91%. Optimize Strategy Index ETF's ("OPTZ") return during that same period was 35.62%.
WHAT FACTORS INFLUENCED PERFORMANCE
The Fund believes its focus on consistently profitable U.S. based publicly traded companies continues to be the bedrock for return. From a market cap perspective, Large Cap companies contributed 54.79% to the return during this period and on a sector breakdown Bits & Bytes contributed 68.35% to the return. Companies making moves in AI rollout into the marketplace also seemed to be a contributing factor to return.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
ANNUAL AVERAGE TOTAL RETURN (%)
|
1 Year
|
Since Inception
(04/22/2024) |
|
|
Optimize Strategy Index ETF NAV
|
35.62
|
21.67
|
|
S&P 500 TR
|
17.80
|
16.12
|
Visit https://www.optzfund.com/optz for more recent performance information.
| * | The Fund's past performance is not a good predictor 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. |
| Optimize Strategy Index ETF | PAGE 1 | TSR-AR-00777X538 |
KEY FUND STATISTICS (as of March 31, 2026)
|
Net Assets
|
$208,796,883
|
|
Net Advisory Fee
|
$564,532
|
|
Number of Holdings
|
338
|
|
Portfolio Turnover
|
130%
|
WHAT DID THE FUND INVEST IN? (% of net assets as of March 31, 2026)
|
Top Holdings *
|
(%)
|
|
Lumentum Holdings, Inc.
|
1.6%
|
|
Sandisk Corp.
|
1.6%
|
|
Seagate Technology Holdings PLC
|
1.5%
|
|
TTM Technologies, Inc.
|
1.5%
|
|
Western Digital Corp.
|
1.5%
|
|
KLA Corp.
|
1.5%
|
|
Teradyne, Inc.
|
1.5%
|
|
Lam Research Corp.
|
1.4%
|
|
MACOM Technology Solutions Holdings, Inc.
|
1.4%
|
|
Fabrinet
|
1.4%
|
|
Top Sectors
|
(%)
|
|
Technology
|
30.3%
|
|
Consumer, Non-cyclical
|
20.0%
|
|
Industrial
|
16.6%
|
|
Consumer, Cyclical
|
11.3%
|
|
Financial
|
10.9%
|
|
Energy
|
4.2%
|
|
Communications
|
4.2%
|
|
Basic Materials
|
1.3%
|
|
Utilities
|
0.9%
|
|
Cash & Other
|
0.3%
|
| * | Excludes collateral received for securities on loan. |
OTHER MATERIAL CHANGES
The Advisor reduced the unitary management fee for its advisory services to the Fund from 0.50% to 0.25% effective on July 1, 2025.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.optzfund.com/optz.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Sound Capital Solutions LLC documents not be householded, please contact Sound Capital Solutions LLC at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Sound Capital Solutions LLC or your financial intermediary.
| Optimize Strategy Index ETF | PAGE 2 | TSR-AR-00777X538 |
| (b) | Not applicable. |
Item 2. Code of Ethics.
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.
| (1) | File: A copy of the registrant's Code of Ethics is filed herewith. |
Item 3. Audit Committee Financial Expert.
The registrant's board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Brian S. Ferrie is the "audit committee financial expert" and is considered to be "independent" as each term is defined in Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
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 those fiscal years. "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" refers to (i) preparation of U.S. federal, state and excise tax returns; (ii) U.S. federal and state tax planning, advice and assistance regarding statutory, regulatory or administrative developments; (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired; and (iv) review of U.S. federal excise distribution calculations. 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.
| Cohen & Company, Ltd. | ||
| FYE 3/31/2026 | FYE 3/31/2025 | |
| (a) Audit Fees | $14,500 | $14,500 |
| (b) Audit-Related Fees | None | None |
| (c) Tax Fees | $3,000 | $3,000 |
| (d) All Other Fees | None | None |
(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 principal accountant applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:
| FYE 3/31/2026 | FYE 3/31/2025 | |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |
(f) N/A
(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.
| Non-Audit Related Fees | FYE 3/31/2026 | FYE 3/31/2025 |
| Registrant | N/A | N/A |
| Registrant's Investment Adviser | N/A | N/A |
(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) Not applicable
(j) Not applicable
Item 5. Audit Committee of Listed Registrants.
(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 Russell Emery, Brian Ferrie and Wan-Chong Kung.
(b) Not applicable
Item 6. Investments.
| (a) | Schedule of Investments is included within the financial statements filed under Item 7 of this Form. |
| (b) | Not Applicable. |
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
| (a) |
OPTIMIZE STRATEGY INDEX ETF (OPTZ)
Annual Financial Statements
March 31, 2026
TABLE OF CONTENTS
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Page
|
|
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Schedule of Investments
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1
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Statement of Assets and Liabilities
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5
|
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Statement of Operations
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6
|
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Statements of Changes in Net Assets
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7
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Financial Highlights
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8
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Notes to Financial Statements
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9
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Report of Independent Registered Public Accounting Firm
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16
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Additional Information
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17
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TABLE OF CONTENTS
Optimize Strategy Index ETF
Schedule of Investments
March 31, 2026
|
|
|
|
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|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
COMMON STOCKS - 99.7%
|
|
|
|
|
||
|
Banking, Investing & Insurance - 11.9%
|
|
|
|
|
||
|
AerCap Holdings NV
|
|
|
3,500
|
|
|
$480,130
|
|
Allstate Corp.
|
|
|
2,243
|
|
|
465,064
|
|
Ally Financial, Inc.
|
|
|
12,513
|
|
|
490,885
|
|
American Express Co.
|
|
|
1,582
|
|
|
478,523
|
|
American Financial Group, Inc.
|
|
|
3,643
|
|
|
465,248
|
|
Ameriprise Financial, Inc.
|
|
|
1,024
|
|
|
455,066
|
|
Aon PLC - Class A
|
|
|
1,398
|
|
|
451,246
|
|
Assurant, Inc.
|
|
|
2,137
|
|
|
465,460
|
|
Bank of New York Mellon Corp.
|
|
|
4,134
|
|
|
490,416
|
|
Blackstone, Inc.
|
|
|
4,314
|
|
|
496,067
|
|
Bread Financial Holdings, Inc.
|
|
|
6,596
|
|
|
493,974
|
|
Broadridge Financial Solutions, Inc.
|
|
|
2,419
|
|
|
393,039
|
|
Capital One Financial Corp.
|
|
|
2,537
|
|
|
462,825
|
|
Cincinnati Financial Corp.
|
|
|
2,880
|
|
|
453,168
|
|
Corpay, Inc.(a)
|
|
|
1,515
|
|
|
440,850
|
|
Customers Bancorp, Inc.(a)
|
|
|
7,063
|
|
|
490,243
|
|
Dave, Inc.(a)(b)
|
|
|
2,191
|
|
|
381,431
|
|
Everest Group Ltd.
|
|
|
1,425
|
|
|
465,761
|
|
Fidelis Insurance Holdings Ltd.
|
|
|
25,583
|
|
|
488,891
|
|
Fidelity National Information Services, Inc.
|
|
|
9,252
|
|
|
434,011
|
|
First American Financial Corp.
|
|
|
7,047
|
|
|
424,864
|
|
Gold.com, Inc.
|
|
|
9,087
|
|
|
364,207
|
|
Goldman Sachs Group, Inc.
|
|
|
580
|
|
|
490,674
|
|
Hartford Insurance Group, Inc.
|
|
|
3,420
|
|
|
462,487
|
|
Heritage Insurance Holdings, Inc.(a)
|
|
|
17,722
|
|
|
465,203
|
|
Houlihan Lokey, Inc.
|
|
|
3,152
|
|
|
452,690
|
|
Jack Henry & Associates, Inc.
|
|
|
2,772
|
|
|
438,087
|
|
Kemper Corp.
|
|
|
14,990
|
|
|
458,094
|
|
M&T Bank Corp.
|
|
|
2,263
|
|
|
467,807
|
|
MarketAxess Holdings, Inc.
|
|
|
2,559
|
|
|
422,184
|
|
Mastercard, Inc. - Class A
|
|
|
912
|
|
|
455,690
|
|
Moody's Corp.
|
|
|
1,009
|
|
|
440,176
|
|
Morgan Stanley
|
|
|
2,972
|
|
|
489,102
|
|
PennyMac Financial Services, Inc.
|
|
|
5,526
|
|
|
482,972
|
|
PennyMac Mortgage Investment Trust
|
|
|
40,065
|
|
|
467,158
|
|
PNC Financial Services Group, Inc.
|
|
|
2,311
|
|
|
480,896
|
|
Popular, Inc.
|
|
|
3,642
|
|
|
488,647
|
|
ProAssurance Corp.(a)(b)
|
|
|
19,365
|
|
|
478,703
|
|
PROG Holdings, Inc.
|
|
|
14,322
|
|
|
410,898
|
|
Prudential Financial, Inc.
|
|
|
4,905
|
|
|
479,170
|
|
Reinsurance Group of America, Inc.
|
|
|
2,298
|
|
|
469,160
|
|
RenaissanceRe Holdings Ltd.(b)
|
|
|
1,594
|
|
|
473,785
|
|
RLJ Lodging Trust
|
|
|
60,761
|
|
|
450,847
|
|
S&P Global, Inc.
|
|
|
1,052
|
|
|
447,458
|
|
Selective Insurance Group, Inc.
|
|
|
5,948
|
|
|
448,420
|
|
SouthState Bank Corp.
|
|
|
5,035
|
|
|
465,838
|
|
Texas Capital Bancshares, Inc.(a)
|
|
|
5,184
|
|
|
491,858
|
|
Tradeweb Markets, Inc. - Class A
|
|
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3,823
|
|
|
449,814
|
|
Travelers Cos., Inc.
|
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1,555
|
|
|
453,562
|
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Trupanion, Inc.(a)
|
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|
17,360
|
|
|
444,590
|
|
Visa, Inc. - Class A
|
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|
1,501
|
|
|
453,662
|
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Shares
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Value
|
|
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Voya Financial, Inc.
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7,035
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|
$480,631
|
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WEX, Inc.(a)(b)
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2,850
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436,164
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Wintrust Financial Corp.
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3,449
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479,204
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24,807,000
|
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Bits & Bytes - 42.2%(c)
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Advanced Micro Devices, Inc.(a)
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14,563
|
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2,962,551
|
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Amphenol Corp. - Class A
|
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21,250
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2,684,938
|
|
Analog Devices, Inc.
|
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|
8,873
|
|
|
2,822,856
|
|
Apple, Inc.
|
|
|
10,884
|
|
|
2,762,250
|
|
Applied Materials, Inc.
|
|
|
8,629
|
|
|
2,949,306
|
|
Arrow Electronics, Inc.(a)
|
|
|
20,254
|
|
|
2,904,626
|
|
Canadian Solar, Inc.(a)
|
|
|
175,148
|
|
|
2,425,800
|
|
Clarivate PLC(a)
|
|
|
1,022,763
|
|
|
2,587,590
|
|
Coherent Corp.(a)
|
|
|
11,888
|
|
|
2,831,840
|
|
Fabrinet(a)
|
|
|
5,725
|
|
|
2,985,702
|
|
First Solar, Inc.(a)
|
|
|
14,810
|
|
|
2,921,421
|
|
International Business Machines Corp.
|
|
|
10,826
|
|
|
2,624,114
|
|
Keysight Technologies, Inc.(a)
|
|
|
10,286
|
|
|
2,904,458
|
|
KLA Corp.
|
|
|
2,084
|
|
|
3,068,502
|
|
Lam Research Corp.
|
|
|
14,058
|
|
|
3,003,632
|
|
Lumentum Holdings, Inc.(a)
|
|
|
4,806
|
|
|
3,377,465
|
|
MACOM Technology Solutions Holdings, Inc.(a)(b)
|
|
|
13,504
|
|
|
2,998,833
|
|
Micron Technology, Inc.
|
|
|
7,568
|
|
|
2,556,773
|
|
Microsoft Corp.
|
|
|
6,852
|
|
|
2,536,405
|
|
Motorola Solutions, Inc.
|
|
|
6,082
|
|
|
2,639,406
|
|
NCR Voyix Corp.(a)
|
|
|
356,989
|
|
|
2,259,740
|
|
NVIDIA Corp.
|
|
|
15,759
|
|
|
2,748,370
|
|
Penguin Solutions, Inc.(a)(b)
|
|
|
153,470
|
|
|
2,701,072
|
|
PTC, Inc.(a)(b)
|
|
|
17,222
|
|
|
2,453,963
|
|
Qorvo, Inc.(a)
|
|
|
36,094
|
|
|
2,793,676
|
|
Sandisk Corp.(a)
|
|
|
5,314
|
|
|
3,376,197
|
|
Seagate Technology Holdings PLC
|
|
|
7,943
|
|
|
3,111,750
|
|
TE Connectivity PLC
|
|
|
13,613
|
|
|
2,845,389
|
|
Teradyne, Inc.
|
|
|
10,263
|
|
|
3,042,569
|
|
TTM Technologies, Inc.(a)
|
|
|
31,877
|
|
|
3,105,457
|
|
Western Digital Corp.
|
|
|
11,426
|
|
|
3,090,619
|
|
|
|
|
|
88,077,270
|
||
|
Building Blocks - 1.7%
|
|
|
|
|
||
|
Ball Corp.
|
|
|
3,127
|
|
|
184,837
|
|
Carpenter Technology Corp.
|
|
|
485
|
|
|
191,163
|
|
Celanese Corp.
|
|
|
4,134
|
|
|
271,893
|
|
CF Industries Holdings, Inc.
|
|
|
1,761
|
|
|
228,648
|
|
Commercial Metals Co.
|
|
|
3,127
|
|
|
192,092
|
|
Critical Metals Corp.(a)(b)
|
|
|
23,168
|
|
|
183,954
|
|
Dakota Gold Corp.(a)
|
|
|
33,423
|
|
|
168,786
|
|
Ecolab, Inc.
|
|
|
721
|
|
|
191,800
|
|
Martin Marietta Materials, Inc.
|
|
|
334
|
|
|
196,619
|
|
Nucor Corp.
|
|
|
1,208
|
|
|
204,273
|
|
PPG Industries, Inc.
|
|
|
1,910
|
|
|
204,141
|
|
Reliance, Inc.
|
|
|
672
|
|
|
204,234
|
|
Sherwin-Williams Co.
|
|
|
618
|
|
|
198,100
|
|
Sonoco Products Co.
|
|
|
3,822
|
|
|
206,732
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
|
|
|
1
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TABLE OF CONTENTS
Optimize Strategy Index ETF
Schedule of Investments
March 31, 2026(Continued)
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
COMMON STOCKS - (Continued)
|
||||||
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Building Blocks - (Continued)
|
||||||
|
Steel Dynamics, Inc.
|
|
|
1,122
|
|
|
$201,960
|
|
Tronox Holdings PLC
|
|
|
31,174
|
|
|
304,570
|
|
Warrior Met Coal, Inc.
|
|
|
2,635
|
|
|
245,450
|
|
|
|
|
|
3,579,252
|
||
|
Communication & Media Services - 3.1%
|
|
|
|
|
||
|
AppLovin Corp. - Class A(a)
|
|
|
935
|
|
|
372,130
|
|
Liberty Latin America Ltd. - Class C(a)
|
|
|
64,940
|
|
|
572,771
|
|
Liberty Media Corp.-Liberty Formula One - Class C(a)
|
|
|
6,232
|
|
|
529,844
|
|
Netflix, Inc.(a)
|
|
|
4,855
|
|
|
466,808
|
|
Reddit, Inc. - Class A(a)
|
|
|
3,746
|
|
|
504,399
|
|
RingCentral, Inc. - Class A
|
|
|
12,425
|
|
|
462,086
|
|
Roku, Inc.(a)
|
|
|
5,192
|
|
|
491,267
|
|
Sinclair, Inc.
|
|
|
33,469
|
|
|
433,089
|
|
Sirius XM Holdings, Inc.
|
|
|
23,466
|
|
|
541,595
|
|
Spotify Technology SA(a)
|
|
|
924
|
|
|
448,057
|
|
Take-Two Interactive Software, Inc.(a)
|
|
|
2,468
|
|
|
487,430
|
|
USA TODAY Co., Inc.(a)
|
|
|
82,095
|
|
|
578,770
|
|
Zoom Communications, Inc. - Class A(a)
|
|
|
6,737
|
|
|
541,587
|
|
|
|
|
|
6,429,833
|
||
|
Consumer Elastic - 10.8%
|
|
|
|
|
||
|
Adient PLC(a)
|
|
|
30,114
|
|
|
608,604
|
|
Advance Auto Parts, Inc.(b)
|
|
|
12,732
|
|
|
671,613
|
|
Amazon.com, Inc.(a)
|
|
|
3,005
|
|
|
625,851
|
|
AutoNation, Inc.(a)
|
|
|
3,324
|
|
|
649,044
|
|
Boot Barn Holdings, Inc.(a)
|
|
|
3,597
|
|
|
526,457
|
|
BorgWarner, Inc.
|
|
|
12,370
|
|
|
671,196
|
|
Boyd Gaming Corp.(b)
|
|
|
7,997
|
|
|
657,193
|
|
Brinker International, Inc.(a)
|
|
|
4,753
|
|
|
678,586
|
|
Burlington Stores, Inc.(a)
|
|
|
2,096
|
|
|
681,997
|
|
Carvana Co.(a)
|
|
|
2,017
|
|
|
634,104
|
|
Covista, Inc.(a)
|
|
|
6,279
|
|
|
723,655
|
|
Dauch Corp.(a)
|
|
|
115,050
|
|
|
682,247
|
|
Deckers Outdoor Corp.(a)
|
|
|
6,147
|
|
|
615,253
|
|
Domino's Pizza, Inc.
|
|
|
1,569
|
|
|
562,942
|
|
DoorDash, Inc. - Class A(a)
|
|
|
3,576
|
|
|
536,936
|
|
Duolingo, Inc.(a)
|
|
|
6,287
|
|
|
619,710
|
|
Five Below, Inc.(a)
|
|
|
2,965
|
|
|
677,443
|
|
Freshpet, Inc.(a)
|
|
|
7,710
|
|
|
454,582
|
|
Garmin Ltd.
|
|
|
2,632
|
|
|
610,650
|
|
Hasbro, Inc.
|
|
|
6,781
|
|
|
634,702
|
|
Installed Building Products, Inc.
|
|
|
2,094
|
|
|
555,224
|
|
Kohl's Corp.(b)
|
|
|
42,383
|
|
|
546,741
|
|
Marriott International, Inc. - Class A
|
|
|
1,978
|
|
|
646,944
|
|
McDonald's Corp.
|
|
|
1,953
|
|
|
606,973
|
|
MGM Resorts International(a)
|
|
|
18,015
|
|
|
666,735
|
|
Newell Brands, Inc.
|
|
|
151,138
|
|
|
518,403
|
|
Planet Fitness, Inc. - Class A(a)
|
|
|
8,147
|
|
|
605,974
|
|
Ralph Lauren Corp.
|
|
|
1,893
|
|
|
651,173
|
|
RH(a)
|
|
|
4,507
|
|
|
630,169
|
|
Tapestry, Inc.
|
|
|
4,445
|
|
|
627,234
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
Toll Brothers, Inc.
|
|
|
4,339
|
|
|
$592,143
|
|
Upbound Group, Inc.
|
|
|
32,595
|
|
|
588,340
|
|
Vestis Corp.
|
|
|
81,530
|
|
|
640,826
|
|
Whirlpool Corp.(b)
|
|
|
10,905
|
|
|
587,998
|
|
Wingstop, Inc.
|
|
|
2,796
|
|
|
433,296
|
|
Winnebago Industries, Inc.
|
|
|
17,658
|
|
|
547,221
|
|
Yum! Brands, Inc.
|
|
|
4,004
|
|
|
622,542
|
|
|
|
|
|
22,590,701
|
||
|
Consumer Inelastic - 4.7%
|
|
|
|
|
||
|
Andersons, Inc.
|
|
|
9,842
|
|
|
706,459
|
|
Casey's General Stores, Inc.
|
|
|
955
|
|
|
695,106
|
|
Costco Wholesale Corp.
|
|
|
636
|
|
|
633,730
|
|
CVS Health Corp.
|
|
|
8,151
|
|
|
585,405
|
|
Dole PLC
|
|
|
41,624
|
|
|
594,807
|
|
elf Beauty, Inc.(a)
|
|
|
7,704
|
|
|
466,939
|
|
Grocery Outlet Holding Corp.(a)(b)
|
|
|
96,386
|
|
|
679,521
|
|
Ingredion, Inc.
|
|
|
5,531
|
|
|
623,122
|
|
J M Smucker Co.
|
|
|
5,711
|
|
|
550,769
|
|
Nomad Foods Ltd.
|
|
|
61,908
|
|
|
594,936
|
|
PepsiCo, Inc.
|
|
|
3,983
|
|
|
618,520
|
|
Performance Food Group Co.(a)
|
|
|
7,262
|
|
|
622,063
|
|
Philip Morris International, Inc.
|
|
|
3,736
|
|
|
617,710
|
|
SharkNinja, Inc.(a)
|
|
|
5,716
|
|
|
605,324
|
|
Somnigroup International, Inc.
|
|
|
7,939
|
|
|
586,851
|
|
US Foods Holding Corp.(a)
|
|
|
7,041
|
|
|
649,251
|
|
|
|
|
|
9,830,513
|
||
|
Nuts & Bolts - 9.9%
|
|
|
|
|
||
|
AAR Corp.(a)
|
|
|
3,237
|
|
|
354,322
|
|
Advanced Energy Industries, Inc.
|
|
|
1,172
|
|
|
378,216
|
|
AGCO Corp.
|
|
|
2,835
|
|
|
328,491
|
|
ASGN, Inc.(a)
|
|
|
8,190
|
|
|
317,035
|
|
Astronics Corp.(a)
|
|
|
4,623
|
|
|
308,493
|
|
Automatic Data Processing, Inc.
|
|
|
1,552
|
|
|
315,335
|
|
Avis Budget Group, Inc.(a)(b)
|
|
|
3,602
|
|
|
525,352
|
|
Blackbaud, Inc.(a)
|
|
|
7,294
|
|
|
281,621
|
|
Boeing Co.(a)
|
|
|
1,520
|
|
|
302,526
|
|
BrightView Holdings, Inc.(a)
|
|
|
27,615
|
|
|
325,581
|
|
Comfort Systems USA, Inc.
|
|
|
264
|
|
|
364,053
|
|
Construction Partners, Inc. - Class A(a)
|
|
|
2,974
|
|
|
330,471
|
|
Crane Co.
|
|
|
1,838
|
|
|
314,298
|
|
Cummins, Inc.
|
|
|
651
|
|
|
350,251
|
|
Dycom Industries, Inc.(a)
|
|
|
983
|
|
|
333,060
|
|
Eaton Corp. PLC
|
|
|
1,010
|
|
|
361,247
|
|
EMCOR Group, Inc.
|
|
|
497
|
|
|
366,940
|
|
Eve Holding, Inc.(a)
|
|
|
120,299
|
|
|
298,342
|
|
FedEx Corp.
|
|
|
969
|
|
|
345,138
|
|
Ferguson Enterprises, Inc.
|
|
|
1,525
|
|
|
355,722
|
|
Frontier Group Holdings, Inc.(a)(b)
|
|
|
97,037
|
|
|
342,541
|
|
FTAI Aviation Ltd.
|
|
|
1,341
|
|
|
328,545
|
|
GE Vernova, Inc.
|
|
|
445
|
|
|
388,441
|
|
GE Aerospace
|
|
|
1,086
|
|
|
308,174
|
|
HEICO Corp.
|
|
|
1,157
|
|
|
317,249
|
|
Herc Holdings, Inc.
|
|
|
2,924
|
|
|
291,084
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
|
|
|
2
|
|
|
TABLE OF CONTENTS
Optimize Strategy Index ETF
Schedule of Investments
March 31, 2026(Continued)
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
COMMON STOCKS - (Continued)
|
||||||
|
Nuts & Bolts - (Continued)
|
||||||
|
Hertz Global Holdings, Inc.(a)(b)
|
|
|
85,261
|
|
|
$393,053
|
|
Hexcel Corp.
|
|
|
3,965
|
|
|
320,887
|
|
Hubbell, Inc.
|
|
|
744
|
|
|
365,111
|
|
HubSpot, Inc.(a)
|
|
|
1,184
|
|
|
289,014
|
|
Huntington Ingalls Industries, Inc.
|
|
|
818
|
|
|
310,758
|
|
Insight Enterprises, Inc.(a)
|
|
|
4,133
|
|
|
276,952
|
|
Intuit, Inc.
|
|
|
730
|
|
|
315,637
|
|
Jacobs Solutions, Inc.
|
|
|
2,567
|
|
|
326,728
|
|
JB Hunt Transport Services, Inc.
|
|
|
1,645
|
|
|
348,576
|
|
Johnson Controls International PLC
|
|
|
2,653
|
|
|
347,410
|
|
Kirby Corp.(a)
|
|
|
2,752
|
|
|
365,686
|
|
LCI Industries
|
|
|
2,708
|
|
|
333,030
|
|
Leidos Holdings, Inc.
|
|
|
1,974
|
|
|
306,996
|
|
Lockheed Martin Corp.
|
|
|
522
|
|
|
315,492
|
|
ManpowerGroup, Inc.
|
|
|
12,070
|
|
|
355,582
|
|
MasTec, Inc.(a)
|
|
|
1,214
|
|
|
390,592
|
|
MillerKnoll, Inc.
|
|
|
17,821
|
|
|
257,692
|
|
NANO Nuclear Energy, Inc.(a)(b)
|
|
|
14,922
|
|
|
305,603
|
|
Nordson Corp.
|
|
|
1,287
|
|
|
342,419
|
|
Northrop Grumman Corp.
|
|
|
464
|
|
|
316,559
|
|
Nova Ltd.(a)(b)
|
|
|
853
|
|
|
370,441
|
|
Paylocity Holding Corp.(a)
|
|
|
2,925
|
|
|
316,017
|
|
Phinia, Inc.
|
|
|
5,226
|
|
|
357,667
|
|
Quanex Building Products Corp.
|
|
|
20,246
|
|
|
363,821
|
|
Quanta Services, Inc.
|
|
|
650
|
|
|
356,863
|
|
Regal Rexnord Corp.
|
|
|
1,883
|
|
|
352,611
|
|
Rockwell Automation, Inc.
|
|
|
950
|
|
|
340,936
|
|
SPX Technologies, Inc.(a)
|
|
|
1,716
|
|
|
343,097
|
|
Stagwell, Inc.(a)
|
|
|
67,037
|
|
|
421,663
|
|
TD SYNNEX Corp.
|
|
|
2,246
|
|
|
378,923
|
|
TriNet Group, Inc.
|
|
|
9,005
|
|
|
328,052
|
|
Tutor Perini Corp.
|
|
|
4,823
|
|
|
372,287
|
|
Vertiv Holdings Co. - Class A
|
|
|
1,394
|
|
|
349,309
|
|
Waste Management, Inc.
|
|
|
1,427
|
|
|
327,910
|
|
Woodward, Inc.
|
|
|
934
|
|
|
334,297
|
|
|
|
|
|
20,730,199
|
||
|
Oil, Gas & Others - 1.7%
|
|
|
|
|
||
|
CNX Resources Corp.(a)
|
|
|
4,370
|
|
|
168,464
|
|
DT Midstream, Inc.(b)
|
|
|
1,281
|
|
|
172,512
|
|
EQT Corp.
|
|
|
2,927
|
|
|
186,274
|
|
Expand Energy Corp.
|
|
|
1,696
|
|
|
186,187
|
|
HF Sinclair Corp.
|
|
|
3,225
|
|
|
201,208
|
|
IDACORP, Inc.
|
|
|
1,271
|
|
|
181,715
|
|
Marathon Petroleum Corp.
|
|
|
819
|
|
|
199,983
|
|
Nabors Industries Ltd.(a)
|
|
|
2,302
|
|
|
198,110
|
|
NextDecade Corp.(a)
|
|
|
32,267
|
|
|
247,165
|
|
Ovintiv, Inc.
|
|
|
3,478
|
|
|
206,454
|
|
Par Pacific Holdings, Inc.(a)
|
|
|
3,710
|
|
|
232,394
|
|
Phillips 66
|
|
|
1,092
|
|
|
198,941
|
|
Primoris Services Corp.
|
|
|
1,361
|
|
|
194,677
|
|
Sable Offshore Corp.(a)
|
|
|
12,618
|
|
|
208,449
|
|
Targa Resources Corp.
|
|
|
764
|
|
|
191,558
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
Valaris Ltd.(a)(b)
|
|
|
2,072
|
|
|
$203,139
|
|
Valero Energy Corp.
|
|
|
806
|
|
|
199,147
|
|
World Kinect Corp.(b)
|
|
|
7,425
|
|
|
171,295
|
|
|
|
|
|
3,547,672
|
||
|
Pharma & Healthcare - 11.5%
|
|
|
|
|
||
|
Alnylam Pharmaceuticals, Inc.(a)
|
|
|
1,381
|
|
|
456,932
|
|
Amgen, Inc.
|
|
|
1,199
|
|
|
421,868
|
|
Amylyx Pharmaceuticals, Inc.(a)
|
|
|
32,001
|
|
|
444,814
|
|
ArriVent Biopharma, Inc.(a)
|
|
|
18,916
|
|
|
436,392
|
|
Axsome Therapeutics, Inc.(a)(b)
|
|
|
2,730
|
|
|
461,425
|
|
Becton Dickinson & Co.(b)
|
|
|
2,652
|
|
|
416,974
|
|
Bicara Therapeutics, Inc.(a)
|
|
|
23,996
|
|
|
477,281
|
|
Biohaven Ltd.(a)(b)
|
|
|
44,679
|
|
|
377,984
|
|
Cardinal Health, Inc.
|
|
|
2,035
|
|
|
430,016
|
|
Cigna Group
|
|
|
1,631
|
|
|
435,069
|
|
Compass Therapeutics, Inc.(a)
|
|
|
80,439
|
|
|
425,522
|
|
Corvus Pharmaceuticals, Inc.(a)
|
|
|
28,060
|
|
|
410,518
|
|
Cullinan Therapeutics, Inc.(a)
|
|
|
28,158
|
|
|
400,125
|
|
Elevance Health, Inc.
|
|
|
1,530
|
|
|
447,908
|
|
Eli Lilly & Co.
|
|
|
447
|
|
|
411,137
|
|
Enliven Therapeutics, Inc.(a)
|
|
|
15,055
|
|
|
590,156
|
|
Gilead Sciences, Inc.
|
|
|
3,079
|
|
|
429,120
|
|
Globus Medical, Inc. - Class A(a)
|
|
|
5,085
|
|
|
438,124
|
|
HCA Healthcare, Inc.
|
|
|
831
|
|
|
393,262
|
|
IDEXX Laboratories, Inc.(a)
|
|
|
728
|
|
|
409,056
|
|
Incyte Corp.(a)
|
|
|
4,620
|
|
|
434,834
|
|
Indivior Pharmaceuticals, Inc.(a)
|
|
|
13,734
|
|
|
418,612
|
|
Integer Holdings Corp.(a)
|
|
|
5,274
|
|
|
464,112
|
|
Intuitive Surgical, Inc.(a)
|
|
|
904
|
|
|
416,735
|
|
IQVIA Holdings, Inc.(a)
|
|
|
2,539
|
|
|
433,001
|
|
Kodiak Sciences, Inc.(a)
|
|
|
17,828
|
|
|
679,603
|
|
Krystal Biotech, Inc.(a)(b)
|
|
|
1,710
|
|
|
441,727
|
|
Labcorp Holdings, Inc.
|
|
|
1,643
|
|
|
438,369
|
|
Lantheus Holdings, Inc.(a)
|
|
|
6,108
|
|
|
463,292
|
|
Maximus, Inc.
|
|
|
5,681
|
|
|
364,152
|
|
MBX Biosciences, Inc.(a)
|
|
|
14,508
|
|
|
433,064
|
|
McKesson Corp.
|
|
|
481
|
|
|
416,238
|
|
MoonLake Immunotherapeutics(a)
|
|
|
24,419
|
|
|
455,170
|
|
Neurocrine Biosciences, Inc.(a)
|
|
|
3,459
|
|
|
455,689
|
|
Olema Pharmaceuticals, Inc.(a)
|
|
|
20,567
|
|
|
306,654
|
|
Omeros Corp.(a)
|
|
|
38,407
|
|
|
405,578
|
|
ORIC Pharmaceuticals, Inc.(a)
|
|
|
32,328
|
|
|
409,596
|
|
Oruka Therapeutics, Inc.(a)
|
|
|
13,442
|
|
|
659,330
|
|
Penumbra, Inc.(a)(b)
|
|
|
1,308
|
|
|
429,508
|
|
Rapport Therapeutics, Inc.(a)
|
|
|
14,656
|
|
|
458,586
|
|
Repligen Corp.(a)
|
|
|
3,693
|
|
|
435,109
|
|
ResMed, Inc.
|
|
|
1,753
|
|
|
393,513
|
|
Sana Biotechnology, Inc.(a)
|
|
|
140,705
|
|
|
405,230
|
|
Savara, Inc.(a)
|
|
|
84,103
|
|
|
459,202
|
|
Soleno Therapeutics, Inc.(a)
|
|
|
11,169
|
|
|
373,938
|
|
Solventum Corp.(a)
|
|
|
6,385
|
|
|
416,941
|
|
STERIS PLC
|
|
|
1,922
|
|
|
425,012
|
|
Stryker Corp.
|
|
|
1,216
|
|
|
399,565
|
|
Tenet Healthcare Corp.(a)
|
|
|
1,870
|
|
|
352,888
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
|
|
|
3
|
|
|
TABLE OF CONTENTS
Optimize Strategy Index ETF
Schedule of Investments
March 31, 2026(Continued)
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
COMMON STOCKS - (Continued)
|
||||||
|
Pharma & Healthcare - (Continued)
|
||||||
|
Thermo Fisher Scientific, Inc.
|
|
|
883
|
|
|
$434,021
|
|
TransMedics Group, Inc.(a)(b)
|
|
|
3,419
|
|
|
339,883
|
|
Trevi Therapeutics, Inc.(a)
|
|
|
31,890
|
|
|
380,448
|
|
United Therapeutics Corp.(a)
|
|
|
927
|
|
|
549,693
|
|
Universal Health Services, Inc. - Class B
|
|
|
2,300
|
|
|
411,631
|
|
Vertex Pharmaceuticals, Inc.(a)
|
|
|
970
|
|
|
433,144
|
|
|
|
|
|
23,907,751
|
||
|
Real Estate - 1.2%
|
|
|
|
|
||
|
ARMOUR Residential REIT, Inc.
|
|
|
6,627
|
|
|
110,538
|
|
BXP, Inc.
|
|
|
2,216
|
|
|
115,010
|
|
Camden Property Trust
|
|
|
1,101
|
|
|
107,524
|
|
Chimera Investment Corp.
|
|
|
8,642
|
|
|
108,457
|
|
Crown Castle, Inc.
|
|
|
1,297
|
|
|
105,459
|
|
EastGroup Properties, Inc.
|
|
|
624
|
|
|
115,496
|
|
EPR Properties
|
|
|
2,042
|
|
|
102,018
|
|
Equinix, Inc.
|
|
|
119
|
|
|
116,649
|
|
eXp World Holdings, Inc.(b)
|
|
|
18,082
|
|
|
108,311
|
|
Federal Realty Investment Trust
|
|
|
1,058
|
|
|
112,370
|
|
Jones Lang LaSalle, Inc.(a)
|
|
|
392
|
|
|
119,293
|
|
Lamar Advertising Co. - Class A
|
|
|
862
|
|
|
109,181
|
|
Millrose Properties, Inc.
|
|
|
3,942
|
|
|
110,376
|
|
PACS Group, Inc.(a)
|
|
|
3,423
|
|
|
109,947
|
|
Pebblebrook Hotel Trust
|
|
|
8,857
|
|
|
111,864
|
|
Phillips Edison & Co., Inc.
|
|
|
3,031
|
|
|
113,420
|
|
Regency Centers Corp.
|
|
|
1,492
|
|
|
112,885
|
|
SBA Communications Corp.
|
|
|
597
|
|
|
102,750
|
|
Sun Communities, Inc.
|
|
|
836
|
|
|
105,303
|
|
Uniti Group, Inc.(a)
|
|
|
14,275
|
|
|
133,900
|
|
WP Carey, Inc.
|
|
|
1,616
|
|
|
109,823
|
|
Xenia Hotels & Resorts, Inc.
|
|
|
7,777
|
|
|
115,333
|
|
|
|
|
|
2,455,907
|
||
|
Water & Power - 1.0%
|
|
|
|
|
||
|
Ameren Corp.
|
|
|
1,944
|
|
|
213,684
|
|
Atmos Energy Corp.
|
|
|
1,172
|
|
|
216,492
|
|
Cheniere Energy, Inc.
|
|
|
845
|
|
|
239,777
|
|
DTE Energy Co.
|
|
|
1,445
|
|
|
211,288
|
|
Edison International
|
|
|
3,022
|
|
|
221,150
|
|
Eversource Energy
|
|
|
2,914
|
|
|
201,882
|
|
National Fuel Gas Co.(b)
|
|
|
2,334
|
|
|
219,303
|
|
Pinnacle West Capital Corp.
|
|
|
2,117
|
|
|
213,288
|
|
Spire, Inc.
|
|
|
2,351
|
|
|
212,859
|
|
Veralto Corp.
|
|
|
2,298
|
|
|
203,189
|
|
|
|
|
|
2,152,912
|
||
|
TOTAL COMMON STOCKS
(Cost $195,500,674)
|
|
|
|
|
208,109,010
|
|
|
RIGHTS - 0.0%(d)
|
|
|
|
|
||
|
Cash & Other - 0.0%(d)
|
|
|
|
|
||
|
Sycamore Partners LLC,
Expires 08/28/2026,
Exercise Price $3.00(a)(e)
|
|
|
43,819
|
|
|
23,224
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
Pharma & Healthcare - 0.0%(d)
|
|
|
|
|
||
|
Roche Holding AG,
Expires 10/28/2026,
Exercise Price $1.00(a)(e)
|
|
|
47,871
|
|
|
$16,276
|
|
TOTAL RIGHTS
(Cost $0)
|
|
|
|
|
39,500
|
|
|
|
|
Units
|
|
|
||
|
SHORT-TERM INVESTMENTS
|
|
|
|
|
||
|
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 4.6%
|
|
|
|
|
||
|
Mount Vernon Liquid Assets Portfolio, LLC, 3.78%(f)
|
|
|
9,502,643
|
|
|
9,502,643
|
|
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $9,502,643)
|
|
|
|
|
9,502,643
|
|
|
|
|
Shares
|
|
|
||
|
MONEY MARKET FUNDS - 0.1%
|
|
|
|
|
||
|
First American Government Obligations Fund - Class X, 3.58%(f)
|
|
|
314,278
|
|
|
314,278
|
|
TOTAL MONEY MARKET FUNDS
(Cost $314,278)
|
|
|
|
|
314,278
|
|
|
TOTAL SHORT-TERM INVESTMENTS
(Cost $9,816,921)
|
|
|
|
|
9,816,921
|
|
|
TOTAL INVESTMENTS - 104.4%
(Cost $205,317,595)
|
|
|
|
|
$217,965,431
|
|
|
Liabilities in Excess of
Other Assets - (4.4%)
|
|
|
|
|
(9,168,548)
|
|
|
TOTAL NET ASSETS - 100.0%
|
|
|
|
|
$208,796,883
|
|
|
|
|
|
|
|
|
|
Percentages are stated as a percent of net assets.
LLC - Limited Liability Company
PLC - Public Limited Company
REIT - Real Estate Investment Trust
|
(a)
|
Non-income producing security.
|
|
(b)
|
All or a portion of this security is on loan as of March 31, 2026. The fair value of these securities was $9,701,871.
|
|
(c)
|
To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.
|
|
(d)
|
Represents less than 0.05% of net assets.
|
|
(e)
|
Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Advisor, acting as Valuation Designee. These securities represented $39,500 or 0.0% of net assets as of March 31, 2026.
|
|
(f)
|
The rate shown represents the 7-day annualized yield as of March 31, 2026.
|
The accompanying notes are an integral part of these financial statements.
|
|
|
4
|
|
|
TABLE OF CONTENTS
OPTIMIZE STRATEGY INDEX ETF
STATEMENT OF ASSETS AND LIABILITIES
March 31, 2026
|
|
|
|
|
|
ASSETS:
|
|
|
|
|
Investments, at value
|
|
|
$217,965,431
|
|
Dividends receivable
|
|
|
102,339
|
|
Security lending income receivable
|
|
|
5,165
|
|
Dividend tax reclaims receivable
|
|
|
310
|
|
Receivable from Advisor*
|
|
|
271,819
|
|
Total assets
|
|
|
218,345,064
|
|
LIABILITIES:
|
|
|
|
|
Payable upon return of securities loaned
|
|
|
9,502,643
|
|
Payable to Advisor
|
|
|
45,538
|
|
Total liabilities
|
|
|
9,548,181
|
|
NET ASSETS
|
|
|
$208,796,883
|
|
Net Assets Consists of:
|
|
|
|
|
Paid-in capital
|
|
|
$229,980,867
|
|
Total accumulated losses
|
|
|
(21,183,984)
|
|
Total net assets
|
|
|
$208,796,883
|
|
Net assets
|
|
|
$208,796,883
|
|
Shares issued and outstanding(a)
|
|
|
5,760,000
|
|
Net asset value per share
|
|
|
$36.25
|
|
Cost:
|
|
||
|
Investments, at cost
|
|
|
$205,317,595
|
|
Loaned Securities:
|
|
|
|
|
at value (included in investments)
|
|
|
$9,701,871
|
|
|
|
|
|
|
*
|
See Note 3.
|
|
(a)
|
Unlimited shares authorized without par value.
|
The accompanying notes are an integral part of these financial statements.
|
|
|
5
|
|
|
TABLE OF CONTENTS
OPTIMIZE STRATEGY INDEX ETF
STATEMENT OF OPERATIONS
For the Year Ended March 31, 2026
|
|
|
|
|
|
INVESTMENT INCOME:
|
|
|
|
|
Dividend income
|
|
|
$1,775,918
|
|
Less: Issuance fees
|
|
|
(361)
|
|
Less: Dividend withholding taxes
|
|
|
(10,600)
|
|
Securities lending income
|
|
|
98,312
|
|
Total investment income
|
|
|
1,863,269
|
|
EXPENSES:
|
|
|
|
|
Investment advisory fee
|
|
|
564,532
|
|
Total expenses
|
|
|
564,532
|
|
Net investment income
|
|
|
1,298,737
|
|
REALIZED AND UNREALIZED GAIN (LOSS)
|
|
|
|
|
Net realized gain (loss) from:
|
|
|
|
|
Investments*
|
|
|
(27,036,254)
|
|
In-kind redemptions
|
|
|
62,021,328
|
|
Net realized gain
|
|
|
34,985,074
|
|
Net change in unrealized appreciation on:
|
|
|
|
|
Investments
|
|
|
14,843,351
|
|
Net change in unrealized appreciation
|
|
|
14,843,351
|
|
Net realized and unrealized gain
|
|
|
49,828,425
|
|
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
|
|
|
$51,127,162
|
|
|
|
|
|
|
*
|
See Note 3. Includes $269,941 payment from the Advisor and Sub-Advisor for a trading error.
|
The accompanying notes are an integral part of these financial statements.
|
|
|
6
|
|
|
TABLE OF CONTENTS
Optimize Strategy Index ETF
Statements of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
Year Ended
March 31, 2026
|
|
|
Period Ended
March 31, 2025(a)
|
|
|
OPERATIONS:
|
|
|
|
|
||
|
Net investment income
|
|
|
$1,298,737
|
|
|
$678,887
|
|
Net realized gain
|
|
|
34,985,074
|
|
|
5,289,155
|
|
Net change in unrealized appreciation (depreciation)
|
|
|
14,843,351
|
|
|
(2,195,515)
|
|
Net increase in net assets from operations
|
|
|
51,127,162
|
|
|
3,772,527
|
|
DISTRIBUTIONS TO SHAREHOLDERS:
|
|
|
|
|
||
|
From earnings
|
|
|
(1,160,911)
|
|
|
(527,479)
|
|
Total distributions to shareholders
|
|
|
(1,160,911)
|
|
|
(527,479)
|
|
CAPITAL TRANSACTIONS:
|
|
|
|
|
||
|
Shares sold*
|
|
|
203,638,784
|
|
|
211,053,680
|
|
Shares redeemed
|
|
|
(195,353,494)
|
|
|
(63,758,210)
|
|
ETF transaction fees
|
|
|
-
|
|
|
4,824
|
|
Net increase in net assets from capital transactions
|
|
|
8,285,290
|
|
|
147,300,294
|
|
Net increase in net assets
|
|
|
58,251,541
|
|
|
150,545,342
|
|
NET ASSETS:
|
|
|
|
|
||
|
Beginning of the period
|
|
|
150,545,342
|
|
|
-
|
|
End of the period
|
|
|
$208,796,883
|
|
|
$150,545,342
|
|
SHARES TRANSACTIONS
|
|
|
|
|
||
|
Shares sold
|
|
|
5,700,000
|
|
|
7,880,000
|
|
Shares redeemed
|
|
|
(5,540,000)
|
|
|
(2,280,000)
|
|
Total increase in shares outstanding
|
|
|
160,000
|
|
|
5,600,000
|
|
|
|
|
|
|
|
|
|
*
|
See Note 3.
|
|
(a)
|
Inception date of the Fund was April 22, 2024.
|
The accompanying notes are an integral part of these financial statements.
|
|
|
7
|
|
|
TABLE OF CONTENTS
Optimize Strategy Index ETF
Financial Highlights
|
|
|
|
|
|
|
|
|
|
|
Year Ended
March 31,
2026
|
|
|
Period Ended
March 31,
2025(a)
|
|
|
PER SHARE DATA:
|
|
|
|
|
||
|
Net asset value, beginning of period
|
|
|
$26.88
|
|
|
$25.00
|
|
INVESTMENT OPERATIONS:
|
|
|
|
|
||
|
Net investment income(b)
|
|
|
0.23
|
|
|
0.13
|
|
Net realized and unrealized gain on investments(c)
|
|
|
9.35**
|
|
|
1.85
|
|
Total from investment operations
|
|
|
9.58
|
|
|
1.98
|
|
LESS DISTRIBUTIONS FROM:
|
|
|
|
|
||
|
Net investment income
|
|
|
(0.21)
|
|
|
(0.10)
|
|
Total distributions
|
|
|
(0.21)
|
|
|
(0.10)
|
|
ETF transaction fees per share
|
|
|
-
|
|
|
0.00(d)
|
|
Net asset value, end of period
|
|
|
$36.25
|
|
|
$26.88
|
|
Total return(e)
|
|
|
35.62%**
|
|
|
7.87%
|
|
SUPPLEMENTAL DATA AND RATIOS:
|
|
|
|
|
||
|
Net assets, end of period (in thousands)
|
|
|
$208,797
|
|
|
$150,545
|
|
Ratio of expenses to average net assets
|
|
|
0.30%*
|
|
|
0.50%(f)
|
|
Ratio of net investment income (loss) to average net assets
|
|
|
0.70%
|
|
|
0.50%(f)
|
|
Portfolio turnover rate(g)
|
|
|
130%
|
|
|
58%(e)
|
|
|
|
|
|
|
|
|
|
*
|
Effective July 1, 2025, the advisor reduced the unitary management fee from 0.50% to 0.25% of net assets.
|
|
**
|
See Note 3. Total return includes 0.18% related to the reimbursement for the trading error that occurred during the March 2026 rebalance. Excluding this payment, total return would have been 35.44%.
|
|
(a)
|
Inception date of the Fund was April 22, 2024.
|
|
(b)
|
Net investment income 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 Statement of Operations due to share transactions for the periods.
|
|
(d)
|
Amount represents less than $0.005 per share.
|
|
(e)
|
Not annualized for periods less than one year.
|
|
(f)
|
Annualized for periods less than one year.
|
|
(g)
|
Portfolio turnover rate excludes in-kind transactions.
|
The accompanying notes are an integral part of these financial statements.
|
|
|
8
|
|
|
TABLE OF CONTENTS
OPTIMIZE STRATEGY INDEX ETF
NOTES TO FINANCIAL STATEMENTS
March 31, 2026
NOTE 1 - Organization
Optimize Strategy Index ETF (the "Fund") is a diversified series of Advisor Managed Portfolios (the "Trust"). The Trust was organized on February 16, 2023, as a Delaware Statutory Trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act") as an open-end investment management company. Sound Capital Solutions LLC (the "Advisor") serves as the investment manager to the Fund and Optimize Financial Inc. (the "Sub-Advisor") serves as sub-advisor. The inception date of the Fund was April 22, 2024. The investment objective of the Fund is to track the total return performance, before fees and expenses, of the Optimize Strategy Index.
Shares of the Fund are listed and traded on the NASDAQ ("NASDAQ" or the "Exchange"). Market prices for the shares may be different from their net asset value ("NAV"). The Fund issues and redeems shares on a continuous basis at NAV only in large blocks of shares, called "Creation Units," which generally consist of 20,000 shares. 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 in amounts less than a Creation Unit. Except when aggregated in Creation Units, shares are not redeemable securities of a Fund.
Shares of a Fund may only be purchased directly from or redeemed directly to a Fund by certain financial institutions ("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 DTC participant and, in each case, must have executed a Participant Agreement with Quasar Distributors, LLC (the "Distributor"). Most retail investors do not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, 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.
A standard transaction fee of $500 will be charged by the Fund's custodian in connection with the issuance or redemption of Creation Units. The standard fee will be the same regardless of the number of Creation Units issued or redeemed. In addition, a variable fee of up to 2% of the value of a Creation Unit may be charged by the Fund for cash purchases, non-standard orders, or partial cash purchases, and is designed to cover broker commissions and other transaction costs. Any variable fees received by the Fund are included in the Capital Transactions on the Statements of Changes in Net Assets.
NOTE 2 - Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP") for investment companies. The Fund is considered an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board Accounting Standards Codification Topic 946. The presentation of financial statements in conformity with 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 income and expenses during the period reported. Actual results may differ from those estimates.
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(A)
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Securities Valuation - The valuation of the Fund's investments is performed in accordance with the principles found in Rule 2a-5 of the 1940 Act. Investments in securities traded on a national securities exchange are valued at the last reported sales price on the exchange on which the security is principally traded. Securities traded on the NASDAQ exchanges are valued at the NASDAQ Official Closing Price ("NOCP"). Exchange-traded securities for which no sale was reported and NASDAQ securities for which there is no NOCP are valued at the mean of the most recent quoted bid and ask prices. Unlisted securities held by the Fund are valued at the last sale price in the over-the-counter ("OTC") market. If there is no trading on a particular day, the mean between the last quoted bid and ask price is used. The Board of Trustees of the Trust (the "Board" or the "Trustees") has designated the Advisor as the valuation designee of the Fund. In its capacity as valuation designee, the Advisor has adopted procedures and methodologies to fair value Fund investments whose market prices are not "readily available" or are deemed to be unreliable.
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9
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TABLE OF CONTENTS
OPTIMIZE STRATEGY INDEX ETF
NOTES TO FINANCIAL STATEMENTS
March 31, 2026(Continued)
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized into three broad levels and described below:
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Level 1 -
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unadjusted quoted prices in active markets for identical securities. An active market for the security is a market in which transactions occur with sufficient frequency and volume to provide pricing information on an ongoing basis. A quoted price in an active market provides the most reliable evidence of fair value.
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Level 2 -
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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.
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Level 3 -
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significant unobservable inputs, including the Fund's own assumptions in determining the fair value of investments.
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Equity securities that are traded on a national securities exchange are stated at the last reported sales price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.
Short-term investments classified as money market instruments are valued at net asset value ("NAV"). These investments are categorized as Level 1 of the fair value hierarchy.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to fair value the Fund's investments in each category investment type as of March 31, 2026:
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Description
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Level 1
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Level 2
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Level 3
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Total
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Investments
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Common Stocks
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$208,109,010
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$-
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$-
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$208,109,010
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Rights
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-
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-
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39,500(b)
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39,500
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Investments Purchased with Proceeds from Securities Lending(a)
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-
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-
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-
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9,502,643
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Money Market Funds
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314,278
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-
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-
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314,278
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Total Investments
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$208,423,288
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$-
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$39,500
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$217,965,431
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Refer to the Schedule of Investments for further detail of investment classifications.
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(a)
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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 amount of $9,502,643 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.
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(b)
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The Advisor values the contingent right position using an imputed value based on final market price of the original stock holding less the cash received for the company's acquisition.
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The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
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Fair Value Measurement Using Significant Unobservable Inputs
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Level 3
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Beginning balance as of March 31, 2025
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$0
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Receipt from Corporate Action
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39,500
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Ending balance as of March 31, 2026
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$39,500
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Change in unrealized appreciation/depreciation still held as of March 31, 2026
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$39,500
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10
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TABLE OF CONTENTS
OPTIMIZE STRATEGY INDEX ETF
NOTES TO FINANCIAL STATEMENTS
March 31, 2026(Continued)
The following is a summary of quantitative information about Level 3 valued measurements:
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Value at
March 31, 2026
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Valuation
Technique(s)
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Rights
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$39,500
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Acquisition Value
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(B)
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Securities Transactions, Investment Income and Expenses - The Fund records security transactions based on trade date. Realized gains and losses on sales of securities are reported based on identified cost of securities delivered. Dividend income and expense are recognized on the ex-dividend date, and interest income and expense are recognized on an accrual basis. Withholding taxes on foreign dividends have been provided for in accordance with the Trust's understanding of the applicable country's tax rules and rates.
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(C)
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Distributions to shareholders - Distributions from net investment income and distributions of net realized gains, if any, are declared at least annually. Distributions to shareholders of the Fund are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP.
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(D)
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Federal Income Taxes - The Fund has elected to be taxed as a Regulated Investment Company ("RIC") under the U.S. Internal Revenue Code of 1986, as amended, and intends to maintain this qualification and to distribute substantially all net taxable income to its shareholders. Therefore, no provision is made for federal income taxes. Due to the timing of dividend distributions and the differences in accounting for income and realized gains and losses for financial statement and federal income tax purpose, the fiscal year in which amounts are distributed may differ from the year in which the income and realized gains and losses is recorded by the Fund.
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Management of the Fund is required to analyze all open tax years, as defined by IRS statute of limitations for all major jurisdictions, including federal tax authorities and certain state authorities. As of and during the year ended March 31, 2026, the Fund did not have a liability for any unrecognized tax benefits. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. Generally, tax authorities can examine tax returns filed for the preceding three years. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
The Fund holds interests in certain securities that are treated as partnerships for Federal income tax purposes. These entities may be subject to audit by the Internal Revenue Service or other applicable tax authorities. The Fund's taxable income or tax liability for prior taxable years could be adjusted as a result of such an audit. The Fund may be required to pay a fund-level tax as a result of such an adjustment or may pay a "deficiency dividend" to its current shareholders in order to avoid a fund-level tax associated with the adjustment. The Fund could also be required to pay interest and penalties in connection with such an adjustment. Under the applicable foreign tax laws, a withholding tax may be imposed on interest, dividends, and capital gains at various rates.
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(E)
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Foreign Taxes - The Fund may be subject to foreign withholding taxes on investment income and realized gains in certain jurisdictions. A portion of these taxes may be reclaimable from foreign tax authorities based on applicable tax treaties or local regulations.
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Withholding taxes that are expected to be reclaimable are recorded as a receivable and included in dividend tax reclaims receivable in the Statement of Assets and Liabilities.
The Fund records such receivables based on management's estimate of recoverable amounts, taking into consideration known tax regulations, historical recovery experience, and other relevant information.
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(F)
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Segment Reporting - The Fund operates as a single segment entity. The Fund's income, expenses, assets, and performance are regularly monitored and assessed by the executive team of Sub-Advisor, comprised of the Chief Executive Officer and Executive Vice Presidents, who serves as the chief operating decision maker, using the information presented in the financial statements and financial highlights.
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11
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TABLE OF CONTENTS
OPTIMIZE STRATEGY INDEX ETF
NOTES TO FINANCIAL STATEMENTS
March 31, 2026(Continued)
Note 3 - Investment Management Agreement and Other Related Party Transactions
The Trust has an agreement with the Advisor to furnish investment advisory services to the Fund. Under the terms of this agreement, the Fund will pay the Advisor a monthly fee based on the Fund's average daily net assets at annual rate of 0.50%. The Advisor reduced the unitary management fee for its advisory services from 0.50% to 0.25% effective on July 1, 2025. Additionally, the Advisor is responsible for substantially all expenses of the Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services. The Advisor is not responsible 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, expenses associated with the purchase, sale, or ownership of securities, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, securities lending fees and expenses, and distribution (12b-1) fees and expenses. The Advisor pays any Trust-level expenses allocated to the Fund.
Pursuant to a Sub-Advisory Agreement between the Advisor and the Sub-Advisor (the "Sub-Advisory Agreement"), the Sub-Advisor is responsible for implementing the investment strategy of the Fund subject to the instruction and oversight of the Advisor. The Sub-Advisor is also responsible for trading portfolio securities for the Fund, including selecting broker-dealers to execute purchase and sale transactions. For its services, the Sub-Advisor is paid a fee by the Advisor, which is calculated daily and paid monthly, based on the Fund's average daily net assets.
A trade error occurred during the March 2026 portfolio rebalance that caused the Fund to underperform the Optimize Strategy Index. Analysis performed after the error was corrected indicated the Fund had incurred a loss of $269,941 as a result of incorrect portfolio positioning. The Advisor and Sub-Advisor agreed to reimburse the Fund for the loss, as well as $1,878 from creation activity executed at an understated NAV subsequent to the error. Any amounts within the financial statements impacted by these payments are footnoted.
U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services"), serves as the Fund's administrator, fund accountant, and transfer agent and provides compliance services to the Fund. The officers of the Trust are employees of Fund Services. U.S. Bank serves as the Fund's custodian. Quasar Distributors, LLC ("Quasar" or the "Distributor") acts as the Fund's distributor and principal underwriter.
The Board has adopted a Distribution and Service Plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Plan, the Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year for certain distribution-related activities and shareholder services. No Rule 12b-1 fees are currently paid by the Fund, and there are no plans to impose these fees. The implementation of any such payments would have to be approved by the Board prior to implementation. However, in the event Rule 12b-1 fees are charged in the future, because the fees are paid out of the Fund's assets, these fees will increase the cost of your investment and may cost you more over time than certain other types of sales charges.
Note 4 - Investment Transactions
Purchases and sales of investment securities (excluding short-term securities, in-kind transactions, and U.S. government obligations) for the year ended March 31, 2026, were as follows:
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Purchases
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$240,080,902
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Sales
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$295,718,437
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Purchases and sales of in-kind transactions associated with creations and redemptions during the year ended March 31, 2026, were as follows:
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Purchases In-Kind
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$193,787,653
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Sales In-Kind
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$195,528,462
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12
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TABLE OF CONTENTS
OPTIMIZE STRATEGY INDEX ETF
NOTES TO FINANCIAL STATEMENTS
March 31, 2026(Continued)
NOTE 5 - FEDERAL INCOME TAX INFORMATION
At March 31, 2026, the components of accumulated earnings (losses) for federal income tax purposes were as follows:
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Tax cost of Investments
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$208,692,525
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Unrealized Appreciation
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17,777,027
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Unrealized Depreciation
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(8,504,121)
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Net Unrealized Depreciation on Investments
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9,272,906
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Undistributed Ordinary Income
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410,583
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Other Accumulated Losses
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(30,867,473)
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Total Accumulated Losses
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$(21,183,984)
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The difference between book basis and tax basis unrealized appreciation/depreciation is attributable in part to the tax deferral of losses on wash sales and unreversed inclusions from Passive Foreign Investment Companies.
GAAP requires that certain components of net assets be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. The permanent differences primarily relate to redemptions in-kind. For the period ended March 31, 2025, the following reclassifications were made for permanent tax differences on the Statement of Assets and Liabilities:
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Accumulated
Losses
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Paid In
Capital
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$(62,012,824)
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$62,012,824
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The tax character of distributions paid during the years ended March 31, 2025 and March 31, 2026 was as follows:
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Year Ended March 31,
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2025
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2026
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Distributions Paid From:
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Ordinary Income
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$527,479
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$1,160,911
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Total Distributions Paid
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$527,479
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$1,160,911
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The Fund is required, in order to meet certain excise tax requirements, to measure and distribute annually, net capital gains realized during the twelve month period ending October 31. In connection with this requirement, the Fund is permitted, for tax purposes, to defer into its next fiscal year any net capital losses incurred from November 1 through the end of the fiscal year. Late year ordinary losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The Fund had no late-year ordinary losses or post-October losses as of March 31, 2026.
At March 31, 2026, the Fund had capital loss carryforwards, which reduce the Fund's taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code, and thus will reduce the amount of distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal tax. Pursuant to the Internal Revenue Code, the character of such capital loss carryforwards is as follows:
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Not Subject to Expiration
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Short-Term
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Long-Term
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Total
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$(26,270,331)
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$(4,597,142)
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$(30,867,473)
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13
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TABLE OF CONTENTS
OPTIMIZE STRATEGY INDEX ETF
NOTES TO FINANCIAL STATEMENTS
March 31, 2026(Continued)
Note 6 - Indemnifications
In the normal course of business, the Fund enters into contracts that provide general indemnifications by the Fund to the counterparty to the contract. The Fund's maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated; however, based on experience, the risk of loss from such claims is considered remote.
Note 7 - Securities Lending
The Fund may lend securities in its portfolio to approved brokers, dealers and financial institutions under terms of participation in a securities lending program, which is administered by U.S. Bank N.A. The securities lending agreement requires that loans are initially collateralized in an amount equal to at least 102% of the then current market value of any other loaned securities. The custodian marks loaned securities and collateral to market daily. Each borrower is required, if necessary, to deliver additional collateral to ensure the value will equal at least 100% of the market value of the loaned securities.
The cash collateral is invested by the U.S. Bank N.A. in accordance with approved investment guidelines. Those guidelines allow the cash collateral to be invested in readily marketable, high quality, short-term obligations issued or guaranteed by the United States Government; however, such investments are subject to risk of payment delays, declines in the value of collateral provided, default on the part of the issuer or counterparty, or otherwise may not generate sufficient interest to support the costs associated with securities lending. The Fund could also experience delays in recovering their securities and possible loss of income or value if the borrower fails to return the borrowed securities, although the Fund is indemnified from this risk by contract with the securities lending agent. Additionally, the Fund is subject to the risk of loss from investments that it makes with the cash received as collateral. The Fund manages credit exposure arising from these lending transactions by, in appropriate circumstances, entering into master netting agreements and collateral agreements with third-party borrowers that provide the Fund, in the event of default (such as bankruptcy or a borrower's failure to pay or perform), the right to net a third-party borrower's rights and obligations under such agreement and liquidate and set off collateral against the net amount owed by the counterparty.
The collateral invested in the Fund, if any, is reflected in the Schedule of Investments and is included in the Statement of Assets and Liabilities in the line item labeled "Investments, at value." A liability of equal value to the cash collateral received and subsequently invested in the Fund is included on the Statement of Assets and Liabilities as "Payable upon return of securities loaned." The borrower of any securities will pay the Fund any accrued income while the securities are on loan. The cash collateral received is invested in Mount Vernon Liquid Assets Portfolio, LLC ("Mount Vernon") which is redeemable upon demand. The Fund receives compensation in the form of loan fees owed by borrowers and income earned on collateral investments and pays a fee to U.S. Bank N.A. for administering the securities lending program. The fees and interest income, net of any fees, earned through the securities lending program are reflected as "Securities lending income" in the Statement of Operations.
Management has elected not to offset the value of securities on loan and collateral received. As of March 31, 2026, the value of the securities on loan and payable for collateral due to broker were as follows:
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Value of Securities
Loaned
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Fund Collateral
Received*
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$9,701,871
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$9,502,643
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*
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The cash collateral received was invested in the Mount Vernon, with an overnight and continuous maturity, as shown on the Statement of Assets and Liabilities.
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Note 8 - Principal Risks
Below is a summary of some, but not all, of the principal risks of investing in the Fund, each of which may adversely affect the Fund's net asset value and total return. The Fund's most recent prospectus provides further descriptions of the Fund's investment objective, principal investment strategies and principal risks.
Equity Securities Risk. The risks that could affect the value of the Fund's shares and the total return on your investment include the possibility that the equity securities held by the Fund will experience sudden, unpredictable drops in value or long periods of decline in value.
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14
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TABLE OF CONTENTS
OPTIMIZE STRATEGY INDEX ETF
NOTES TO FINANCIAL STATEMENTS
March 31, 2026(Continued)
Market Risk. Financial market risks affect the value of individual instruments in which the Fund invests. When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money. Factors such as economic growth and market conditions, interest rate levels, and political events affect the markets. Periods of market volatility may occur in response to market events and other economic, political, and global macro factors.
Indexing Investment Risk. The Fund is not actively managed, does not attempt to outperform the Index, and will generally not take defensive positions under any market conditions. As a result, the Fund's performance may be adversely affected by a general decline in the market segments relating to the Index.
Industry Concentration/Sector Risk. The Fund's investments may be concentrated in an industry or group of industries or focused in a particular sector to the extent the Index is so invested. To the extent the Fund invests more heavily in particular industries, groups of industries, or sectors of the economy, its performance will be especially sensitive to developments that significantly affect those industries, group of industries, or sectors. As of March 31, 2026, the Index is significantly focused in the Bits & Bytes Sector and, therefore, the performance of the Fund could be negatively impacted by events affecting that sector.
Note 9 - Subsequent Events
Management has evaluated events and transactions that occurred subsequent to March 31, 2026, through the date the financial statements have been issued and has determined that there were no significant subsequent events that would require adjustment to or additional disclosure in these financial statements.
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15
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TABLE OF CONTENTS
Optimize Strategy Index ETF
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders of Optimize Strategy Index ETF and
Board of Trustees of Advisor Managed Portfolios
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Optimize Strategy Index ETF, a series of Advisor Managed Portfolios (the "Fund") as of March 31, 2026, the related statement of operations for the year then ended, the statements of changes in net assets and the financial highlights for the year then ended and for the period April 22, 2024 (commencement of operations) through March 31, 2025, 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 Fund as of March 31, 2026, the results of its operations for the year then ended, the changes in net assets and the financial highlights for the year then ended and for the period April 22, 2024 (commencement of operations) through March 31, 2025, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's 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 Fund 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 conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.
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 procedures included confirmation of securities owned as of March 31, 2026, by correspondence with the custodian. 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. We believe that our audits provide a reasonable basis for our opinion.
We have served as the Fund's auditor since 2025.
COHEN & COMPANY, LTD.
Philadelphia, Pennsylvania
May 29, 2026
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16
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TABLE OF CONTENTS
Optimize Strategy Index ETF
Additional Information
March 31, 2026 (Unaudited)
Tax Information
For the fiscal period ended March 31, 2026, certain dividends paid by the Fund 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. The percentage of dividends declared from ordinary income designated as qualified dividend income was 100%. For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the period ended March 31, 2026 was 100%.
Approval of Investment Advisory Agreement and Investment Sub-Advisory Agreement
At a meeting held on December 3-4, 2025, the Board of Trustees (the "Board" or "Trustees') of Advisor Managed Portfolios (the "Trust"), which was composed entirely of Trustees who were not "interested persons" of the Trust, as that term is defined in the Investment Company Act of 1940, considered and approved the continuance of the following agreements (collectively, the "Agreements"):
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•
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the Investment Advisory Agreement between Sound Capital Solutions LLC (the "Advisor") and the Trust, on behalf of Optimize Strategy Index ETF (the "Fund"); and
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•
|
the Investment Sub-Advisory Agreement between the Advisor and Optimize Financial Inc. (the "Sub-Advisor") with respect to the Fund.
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In advance of the meeting, the Board received, reviewed, and discussed substantial information regarding the Fund, the Advisor, and Sub-Advisor, and the services provided by the Advisor and Sub-Advisor to the Fund under the Agreements including information about the portfolio managers, the resources of the Advisor and the Sub-Advisor, and the Fund's performance and advisory and sub-advisory fees. The Trustees considered the review of the Agreements to be an ongoing process and employed the accumulated information, knowledge, and experience they had gained with the Advisor and the Sub-Advisor. The information prepared specifically for the annual review of the Agreements supplemented the information provided to the Trustees throughout the year related to the Advisor, the Sub-Advisor, and the Fund. The Board and its committees met regularly during the year and the information provided and topics discussed at such meetings were relevant to the Board's review of the Agreements. Some of these reports and other data included, among other things, materials that outlined the investment performance of the Fund; compliance, regulatory, and risk management matters; the trading practices of the Advisor and the Sub-Advisor; valuation of investments; fund expenses; and overall market and regulatory developments. The Trustees were advised by independent legal counsel during the review process and met in executive sessions with such counsel without representatives from the Advisor or Sub-Advisor present. In connection with their review, the Trustees also received a memorandum from independent legal counsel outlining their fiduciary duties and the legal standards applicable to their review of the Agreements.
In considering the Agreements, the Board considered the following factors and made the following determinations. In its deliberations, the Board did not identify any single factor or piece of information as all important, controlling, or determinative of its decision, and each Trustee may have attributed different weights to the various factors and information.
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In considering the nature, extent and quality of the services provided by the Advisor and Sub-Advisor, the Trustees considered the Advisor's and Sub-Advisor's specific responsibilities in all aspects of the day-to-day management of the Fund, as well as the qualifications, experience and responsibilities of the portfolio manager and other key personnel who are involved in the day-to-day activities of the Fund. As part of these considerations the Board noted the passive strategy of the Fund. The Board considered the Advisor's oversight responsibilities as they relate to the Sub-Advisor, both in terms of investment and compliance monitoring, and the other services provided to the Fund by the Advisor. The Board also considered the Advisor's and Sub-Advisor's resources and compliance structure, including information regarding their respective compliance program, chief compliance officer, compliance record, and disaster recovery/business continuity plan. The Board also considered its knowledge of the Advisor's and Sub-Advisor's operations, and noted that during the course of the year the Trustees met with the Advisor and Sub-Advisor to discuss the Fund's performance, their investment outlook, various marketing and compliance topics, and their risk management process. The Board concluded that the Advisor and Sub-Advisor each had sufficient quality and
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TABLE OF CONTENTS
Optimize Strategy Index ETF
Additional Information
March 31, 2026 (Unaudited)(Continued)
depth of personnel, resources, investment methods, and compliance policies and procedures essential to performing its duties under the Agreements, as applicable, and that, in the Board's view, the nature, overall quality, and extent of the management services provided were satisfactory and reliable.
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In assessing the quality of the portfolio management, the Board considered the Fund's performance on both an absolute basis and in comparison to its peer groups (a larger group category and a smaller, focused group), based on information provided by an independent consulting firm, and to its benchmark index. The Board considered that the Fund outperformed the S&P 500 Index for the one-year period ended June 30, 2025. The Board also considered that the Fund outperformed its peer groups' averages for the one-year period ended September 30, 2025. The Board noted that there is no performance to consider for the three-, five-, and ten-year periods.
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The Trustees reviewed the cost of the Advisor's and Sub-Advisor's services, and the structure and level of the Fund's advisory fee as a unitary fee, including a comparison to fees payable by its peer groups (a larger group category and a smaller, focused group) based on information provided as of September 30, 2025 by an independent consulting firm. The Board noted that the Fund's advisory fee had been contractually reduced effective July 1, 2025. The Trustees noted that the recently reduced advisory fee was slightly above the focused peer group average and was in the second quartile of the peer group out of four quartiles (a lower quartile number indicates a higher advisory fee). The Trustees also noted that the Fund's recently reduced total net expense ratio was the same as the focused peer group average and lower than the larger peer group average and was in the second quartile of the focused peer group out of four quartiles (a lower quartile number indicates higher expenses). The Board considered that the Advisor was responsible for paying the Sub-Advisor out of the unitary fee and that the sub-advisory fee reflected an arm's-length negotiation between the Advisor and Sub-Advisor based on the nature of services provided. After reviewing the materials that were provided, the Board concluded that the advisory fee was fair and reasonable in light of the services provided.
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The Trustees considered the profitability of the Advisor and Sub-Advisor from managing the Fund. In assessing the Advisor's and Sub-Advisor's profitability, the Trustees reviewed the Advisor's and Sub-Advisor's financial information that was provided in the materials and took into account both the direct and indirect benefits to the Advisor and Sub-Advisor from managing the Fund. The Trustees considered the additional economic benefit that accrues to the Sub-Advisor with respect to those shareholders that utilize separate investment services from the Sub-Advisor. The Trustees concluded that each of the Advisor's and Sub-Advisor's profit, if any, from managing the Fund was not excessive and, after a review of the relevant financial information, the Advisor and Sub-Advisor each appeared to have adequate capitalization and/or would maintain adequate profit levels to support the Fund.
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The Board noted that the unitary fee arrangement between the Advisor and the Trust with respect to the Fund would limit the fees paid by shareholders. The Trustees considered the possible growth in asset levels of the Fund and concluded that they will have the opportunity to periodically reexamine whether economies of scale have been achieved.
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Changes in and Disagreements with Accountants for Open-End Investment Companies
There were no changes in or disagreements with accountants during the period covered by this report.
Proxy Disclosure for Open-End Investment Companies
There were no matters submitted to a vote of shareholders during the period covered by this report.
Remuneration Paid to Directors, Officers, and Others for Open-End Investment Companies
All fund expenses, including Trustee compensation, are paid by the Investment Advisor pursuant to the Investment Advisory Agreement. Additional information related to those fees is available in the Fund's Statement of Additional Information.
Statement Regarding Basis for Approval of Investment Advisory Contract
See Financial Statements.
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| (b) | Financial Highlights are included within the financial statements filed under Item 7 of this Form. |
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
There were no changes in or disagreements with accountants during the period covered by this report.
Item 9. Proxy Disclosure for Open-End Management Investment Companies.
There were no matters submitted to a vote of shareholders during the period covered by this report.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
See Item 7(a).
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
See Item 7(a).
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end management investment companies.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end management investment companies.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end management investment companies.
Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees
Item 16. Controls and Procedures.
| (a) | The Registrant's Principal Executive Officer and 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. |
| (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. |
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to open-end management investment companies.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable
Item 19. Exhibits.
| (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. |
(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.
A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).
(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 to open-end management investment companies.
(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. Not applicable to open end management investment companies and ETFs.
| (b) | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith. |
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.
| Advisor Managed Portfolios |
| By | /s/ Russell B. Simon | ||
| Russell B. Simon, President/Principal Executive Officer |
| Date | 6/4/2026 |
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 | /s/ Russell B. Simon | ||
| Russell B. Simon, President/Principal Executive Officer |
| Date | 6/4/2026 |
| By | /s/ Eric T. McCormick | ||
| Eric T. McCormick, Treasurer/Principal Financial Officer |
| Date | 6/4/2026 |
Advisor Managed Portfolios published this content on June 05, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on June 05, 2026 at 19:04 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]