Spear Alpha ETF (SPRX) NPORT-P Preferred-Plus ETF (Dec 2024 report)

Preferred-Plus ETF
Schedule of Investments
December 31, 2024 (Unaudited)
PREFERRED STOCKS - 96.9%		Shares		Value
Auto Manufacturers - 2.4%
Ford Motor Co.			–	$	–
6.20%, 06/01/2059 (Callable 02/01/2025) (a)			5,896	$	134,900
6.00%, 12/01/2059 (Callable 02/01/2025) (a)			6,503		148,854
					283,754
Banks - 35.7%(a)
Bank of America Corp.			–	$	–
Series LL, 5.00%, Perpetual (Callable 02/01/2025)			6,010		129,816
Series PP, 4.13%, Perpetual (Callable 02/02/2026)			5,220		95,578
Series QQ, 4.25%, Perpetual (Callable 11/17/2026)			10,474		194,817
Series SS, 4.75%, Perpetual (Callable 02/17/2027)			6,302		131,082
Citigroup Capital XIII 11.22% (3 mo. Term SOFR + 6.63%), 10/30/2040 (Callable 02/01/2025) (a)			4,112		123,237
Citizens Financial Group, Inc. 7.38%, Perpetual (Callable 07/06/2029)			5,216		135,616
ConnectOne Bancorp, Inc., Series A, 5.25% to 09/01/2026 then 5 yr. CMT Rate + 4.42%, Perpetual (Callable 09/01/2026)			4,998		114,804
Fifth Third Bancorp Series K, 4.95%, Perpetual (Callable 03/31/2025) (a)			3,996		83,796
First Citizens BancShares, Inc. Series A, 5.38%, Perpetual (Callable 03/15/2025) (a)			4,502		100,305
JPMorgan Chase & Co.			–	$	–
Series DD, 5.75%, Perpetual (Callable 03/01/2025)			3,283		82,633
Series LL, 4.63%, Perpetual (Callable 06/01/2026)			10,080		209,966
Series MM, 4.20%, Perpetual (Callable 09/01/2026)			7,730		146,020
KeyCorp			–	$	–
6.20% to 12/15/2027 then 5 yr. CMT Rate + 3.13%, Perpetual (Callable 12/15/2027)			8,962		218,583
Series E, 6.13% to 12/15/2026 then 3 mo. Term SOFR + 4.15%, Perpetual (Callable 12/15/2026) (a)			5,008		122,946
M&T Bank Corp. Series J, 7.50%, Perpetual (Callable 06/15/2029)			4,070		108,343
Merchants Bancorp/IN			–	$	–
8.25% to 10/1/2027 then 5 yr. CMT Rate + 4.34%, Perpetual (Callable 10/01/2027)			2,772		71,185
Series C, 6.00%, Perpetual (Callable 04/01/2026)			3,130		62,819
Midland States Bancorp, Inc., 7.75% to 09/30/2027 then 5 yr. CMT Rate + 4.71%, Perpetual (Callable 09/30/2027)			4,425		113,280
Morgan Stanley			–	$	–
Series F, 6.88% (3 mo. LIBOR US + 394.00%), Perpetual (Callable 04/15/2025) (a) (c)			6,045		152,274
Series K, 5.85% (3 mo. LIBOR US + 349.10%), Perpetual (Callable 04/15/2027) (a) (c)			7,119		173,277
Series O, 4.25%, Perpetual (Callable 01/15/2027)			5,973		109,963
Series P, 6.50%, Perpetual (Callable 10/15/2027)			4,800		123,456
Old National Bancorp Series C, 0.00%, Perpetual (Callable 08/20/2025) (a)			6,010		148,447
Regions Financial Corp., Series C, 5.70% to 08/15/2029 then 3 mo. Term SOFR + 3.41%, Perpetual (Callable 05/15/2029) (a)			6,010		145,682
State Street Corp. Series G, 5.35% (3 mo. LIBOR US + 370.90%), Perpetual (Callable 03/15/2026) (c)			3,945		92,668
Synovus Financial Corp., Series E, 8.40% to 07/01/2029 then 5 yr. CMT Rate + 4.13%, Perpetual (Callable 07/01/2029)			9,865		255,997
Truist Financial Corp. Series R, 4.75%, Perpetual (Callable 09/01/2025) (a)			6,398		123,481
US Bancorp Series K, 5.50%, Perpetual (Callable 02/01/2025)			6,010		141,295
Wells Fargo & Co. Series DD, 4.25%, Perpetual (Callable 09/15/2026)			6,010		109,562
WesBanco, Inc., Series A, 6.75% to 08/15/2025 then 5 yr. CMT Rate + 6.56%, Perpetual (Callable 11/15/2025)			5,008		125,751
Western Alliance Bancorp, Series A, 4.25% to 09/30/2026 then 5 yr. CMT Rate + 3.45%, Perpetual (Callable 09/30/2026)			7,384		163,703
Wintrust Financial Corp., Series E, 6.88% to 07/15/2025 then 5 yr. CMT Rate + 6.51%, Perpetual (Callable 07/15/2025)			6,130		153,066
					4,263,448
Distribution/Wholesale - 1.5%
WESCO International, Inc., Series A, 10.63% to 06/22/2025 then 5 yr. CMT Rate + 10.33%, Perpetual (Callable 06/22/2025) (a)			6,968		177,823
Diversified Financial Services - 8.0%
Apollo Global Management, Inc.,  7.63% to 12/15/2028 then 5 yr. CMT Rate + 3.23%, 09/15/2053 (Callable 09/15/2028)			4,296		113,801
Capital One Financial Corp.			–	$	–
Series I, 5.00%, Perpetual (Callable 03/01/2025) (a)			5,076		96,546
Series J, 4.80%, Perpetual (Callable 06/01/2025) (a)			3,049		55,827
Series L, 4.38%, Perpetual (Callable 09/01/2026)			3,625		61,226
Stifel Financial Corp. Series D, 4.50%, Perpetual (Callable 08/15/2026)			8,931		157,364
Synchrony Financial			–	$	–
Series A, 5.63%, Perpetual (Callable 02/15/2025) (a)			6,624		127,048
Series B, 8.25% to 5/15/2029 then 5 yr. CMT Rate + 4.04%, Perpetual (Callable 05/15/2029)			7,353		193,384
Voya Financial, Inc., Series B, 5.35% to 09/15/2029 then 5 yr. CMT Rate + 3.21%, Perpetual (Callable 09/15/2029)			6,447		149,764
					954,960
Electric - 9.1%
Algonquin Power & Utilities Corp. Series 19-A, 9.82% (3 mo. LIBOR US + 4.01%), 07/01/2079 (Callable 04/01/2025) (c)			6,130		154,599
Brookfield BRP Holdings Canada, Inc.			–	$	–
4.88%, Perpetual (Callable 12/09/2026)			6,820		113,621
4.63%, Perpetual (Callable 04/30/2026)			3,360		53,021
CMS Energy Corp. 5.88%, 03/01/2079 (Callable 01/12/2025)			3,007		69,552
National Rural Utilities Cooperative Finance Corp. Series US, 5.50%, 05/15/2064 (Callable 02/01/2025) (a)			5,008		113,832
SCE Trust IV, Series J, 5.38% to 09/15/2025 then 3 mo. Term SOFR + 3.39%, Perpetual (Callable 09/15/2025) (a)			5,008		122,946
SCE Trust V, Series K, 5.45% to 03/15/2026 then 3 mo. Term SOFR + 4.05%, Perpetual (Callable 03/15/2026) (a)			5,110		125,706
SCE Trust VIII Series N, 6.95%, Perpetual (Callable 05/13/2029)			5,216		132,643
Sempra 5.75%, 07/01/2079 (Callable 02/01/2025)			6,010		136,427
Southern Co. Series 2020, 4.95%, 01/30/2080 (Callable 01/31/2025)			3,007		62,245
					1,084,592
Insurance - 19.2%
AEGON Funding Co. LLC 5.10%, 12/15/2049 (Callable 03/15/2025)			4,696		95,329
Allstate Corp. Series J, 7.38%, Perpetual (Callable 07/15/2028)			4,595		122,319
American National Group, Inc.			–	$	–
Series A, 8.37% to 12/1/2029 then 5 yr. CMT Rate + 4.32%, Perpetual (Callable 02/01/2025) (a)			7,455		187,866
Series B, 6.63% to 9/1/2025 then 5 yr. CMT Rate + 6.30%, Perpetual (Callable 09/01/2025) (a)			7,022		174,497
Aspen Insurance Holdings Ltd.			–	$	–
7.00%, Perpetual (Callable 11/30/2029)			2,500		63,575
Series **, 5.63%, Perpetual (Callable 02/01/2025)			3,007		58,035
Athene Holding Ltd.			–	$	–
Series A, 6.35% to 6/30/2029 then 3 mo. LIBOR US + 4.25%, Perpetual (Callable 06/30/2029) (a) (c)			9,999		243,576
Series C, 6.38% to 9/30/2025 then 5 yr. CMT Rate + 5.97%, Perpetual (Callable 06/30/2025)			3,979		99,714
Axis Capital Holdings Ltd. Series E, 5.50%, Perpetual (Callable 02/01/2025)			2,294		47,027
Brighthouse Financial, Inc.			–	$	–
6.25%, 09/15/2058 (Callable 02/01/2025) (a)			3,400		79,900
Series B, 6.75%, Perpetual (Callable 06/25/2025) (a)			7,160		158,594
Series C, 5.38%, Perpetual (Callable 12/25/2025)			3,624		67,769
Equitable Holdings, Inc. Series A, 5.25%, Perpetual (Callable 03/15/2025) (a)			6,867		140,499
Jackson Financial, Inc.,  8.00% to 03/30/2028 then 5 yr. CMT Rate + 3.73%, Perpetual (Callable 03/30/2028)			5,172		135,300
Kemper Corp.,  5.88% to 03/15/2027 then 5 yr. CMT Rate + 4.14%, 03/15/2062 (Callable 03/15/2027)			4,502		104,941
Lincoln National Corp. Series D, 9.00%, Perpetual (Callable 12/01/2027)			4,594		125,830
MetLife, Inc.			–	$	–
Series E, 5.63%, Perpetual (Callable 02/01/2025)			5,566		131,024
Series F, 4.75%, Perpetual (Callable 03/15/2025)			6,096		125,943
Prudential Financial, Inc. 5.63%, 08/15/2058 (Callable 02/01/2025)			2,890		67,135
Reinsurance Group of America, Inc.,  5.75% to 06/15/2026 then 3 mo. LIBOR US + 4.04%, 06/15/2056 (Callable 06/15/2026) (c)			2,850		70,081
					2,298,954
Investment Companies - 0.5%
Brookfield Oaktree Holdings LLC Series B, 6.55%, Perpetual (Callable 02/01/2025)			3,007		62,395
Office-Business Equipment - 0.6%
Pitney Bowes, Inc. 6.70%, 03/07/2043 (Callable 01/31/2025)			3,860		71,873
REITS - 13.4%
AGNC Investment Corp., Series F, 6.13% to 04/15/2025 then 3 mo. LIBOR US + 4.70%, Perpetual (Callable 04/15/2025) (c)			7,016		172,874
Agree Realty Corp. Series A, 4.25%, Perpetual (Callable 09/17/2026)			3,130		57,342
Annaly Capital Management, Inc.			–	$	–
Series F, 9.57% (3 mo. Term SOFR + 5.25%), Perpetual (Callable 02/01/2025)			2,922		75,183
Series I, 9.58% (3 mo. Term SOFR + 5.25%), Perpetual (Callable 02/01/2025)			2,972		76,499
Arbor Realty Trust, Inc., Series F, 6.25% to 10/12/2026 then 3 mo. Term SOFR + 5.44%, Perpetual (Callable 10/12/2026)			6,961		158,989
Digital Realty Trust, Inc. Series L, 5.20%, Perpetual (Callable 02/01/2025)			7,846		166,414
Hudson Pacific Properties, Inc. Series C, 4.75%, Perpetual (Callable 11/16/2026)			2,951		41,403
KKR Real Estate Finance Trust, Inc. Series A, 6.50%, Perpetual (Callable 04/16/2026) (a)			5,108		98,125
MFA Financial, Inc., Series C, 6.50% to 03/31/2025 then 3 mo. LIBOR US + 5.35%, Perpetual (Callable 03/31/2025) (c)			5,124		124,923
Pebblebrook Hotel Trust Series G, 6.38%, Perpetual (Callable 05/13/2026) (a)			6,010		118,697
Public Storage			–	$	–
Series M, 4.13%, Perpetual (Callable 08/14/2025) (a)			1,054		18,793
Series S, 4.10%, Perpetual (Callable 01/13/2027)			6,638		117,028
Rithm Capital Corp., Series D, 7.00% to 11/15/2026 then 5 yr. CMT Rate + 6.22%, Perpetual (Callable 11/15/2026)			2,327		55,289
Sachem Capital Corp.			–	$	–
6.00%, 12/30/2026 (Callable 01/31/2025)			2,893		60,506
Series A, 7.75%, Perpetual (Callable 06/29/2026) (a)			6,010		93,095
Vornado Realty Trust			–	$	–
Series N, 5.25%, Perpetual (Callable 11/24/2025) (a)			8,018		144,083
Series O, 4.45%, Perpetual (Callable 09/22/2026)			1,742		27,524
					1,606,767
Savings & Loans - 3.0%
Banc of California, Inc., Series F, 7.75% to 09/01/2027 then 5 yr. CMT Rate + 4.82%, Perpetual (Callable 09/01/2027)			8,538		208,583
Flagstar Financial, Inc., Series A., 6.38% to 03/17/2027 then 3 mo. LIBOR US + 3.82%, Perpetual (Callable 03/17/2027) (c)			7,118		150,546
					359,129
Telecommunications - 3.5%
AT&T, Inc.			–	$	–
Series A, 5.00%, Perpetual (Callable 02/01/2025) (a)			1,175		24,722
Series C, 4.75%, Perpetual (Callable 02/18/2025) (a)			5,693		113,006
Telephone and Data Systems, Inc. Series UU, 6.63%, Perpetual (Callable 03/31/2026) (a)			6,010		113,949
United States Cellular Corp. 5.50%, 03/01/2070 (Callable 03/01/2026)			7,323		163,889
					415,566
TOTAL PREFERRED STOCKS (Cost $12,550,627)					11,579,261
CONVERTIBLE PREFERRED STOCKS - 2.0%
Banks - 2.0%
Bank of America Corp. Series L, 7.25%, Perpetual			99		120,706
Wells Fargo & Co. Series L, 7.50%, Perpetual			97		115,848
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $236,895)					236,554
PURCHASED OPTIONS - 0.0%(d)	Notional Amount	Contracts
Put Options - 0.0%(d)				$	–
SPDR S&P 500 ETF ()(e)(f)			–	$	–
Expiration: 01/10/2025; Exercise Price: $510.00 (g)	$ 2,244,000		44		374
Expiration: 01/17/2025; Exercise Price: $490.00 (g)	1,715,000		35		612
Expiration: 01/31/2025; Exercise Price: $485.00 (g)	1,649,000		34		1,377
TOTAL PURCHASED OPTIONS (Cost $8,591)					2,363
SHORT-TERM INVESTMENTS - 0.2%		Shares
Money Market Funds - 0.2%
First American Government Obligations Fund - Class X, 4.41% (h)			23,290		23,290
TOTAL SHORT-TERM INVESTMENTS (Cost $23,290)					23,290
TOTAL INVESTMENTS - 99.1% (Cost $12,819,403)					11,841,468
Other Assets in Excess of Liabilities - 0.9%					107,596
TOTAL NET ASSETS - 100.0%				$	11,949,064
two					–	%
Percentages are stated as a percent of net assets.					–	%

CMT - Constant Maturity Treasury

LIBOR - London Interbank Offered Rate

REIT - Real Estate Investment Trust

SOFR - Secured Overnight Financing Rate

(a)	All or a portion of security has been pledged as collateral. The total value of assets committed as collateral as of December 31, 2024, is $3,089,224 which represented 25.9% of net assets.
(b)	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.
(c)	Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date.
(d)	Represents less than 0.05% of net assets.
(e)	Exchange-traded.
(f)	100 shares per contract.
(g)	Held in connection with a written option, see Schedule of Written Options for more detail.
(h)	The rate shown represents the 7-day annualized effective yield as of December 31, 2024.

Preferred-Plus ETF
Schedule of Written Options
December 31, 2024 (Unaudited)
WRITTEN OPTIONS - (0.3)%	Notional Amount			Contracts			Value
Put Options - (0.3)%
SPDR S&P 500 ETF  (a)(b)
Expiration: 01/10/2025; Exercise Price: $583.00	$	(2,565,200	)		(44	)	$	(16,478	)
Expiration: 01/17/2025; Exercise Price: $578.00		(2,023,000	)		(35	)		(13,230	)
Expiration: 01/31/2025; Exercise Price: $565.00		(1,921,000	)		(34	)		(11,322	)
Total Put Options								(41,030	)
TOTAL WRITTEN OPTIONS (Premiums received $48,936)							$	(41,030	)
Percentages are stated as a percent of net assets.

(a)	100 shares per contract.
(b)	Exchange-traded.

Summary of Fair Value Disclosure as of December 31, 2024 (Unaudited)

Preferred-Plus ETF has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund’s securities as of December 31, 2024:

	Level 1		Level 2			Level 3		Total
Assets:
Investments:
Preferred Stocks	$	11,579,261	$	–		$	–	$	11,579,261
Convertible Preferred Stocks		236,554		–			–		236,554
Purchased Options		–		2,363			–		2,363
Money Market Funds		23,290		–			–		23,290
Total Investments	$	11,839,105	$	2,363		$	–	$	11,841,468
Liabilities:
Investments:
Written Options	$	–	$	(41,030	)	$	–	$	(41,030	)
Total Investments	$	–	$	(41,030	)	$	–	$	(41,030	)
Refer to the Schedule of Investments for further disaggregation of investment categories.