| Portfolio of Investments | December 31, 2024 (Unaudited) |
The SPAC and New Issue ETF
| Shares/Units | Fair Value ($) | ||||||
| Common Stocks — 96.0% | |||||||
| Financials — 83.1% | |||||||
| 74,315 | Acropolis Infrastructure Escrow(a) | — | |||||
| 40,000 | Aldel Financial II, Inc.(a) | 402,400 | |||||
| 50,000 | Andretti Acquisition Corp. II(a) | 502,000 | |||||
| 40,000 | Chenghe Acquisition II Co.(a) | 404,800 | |||||
| 35,000 | Cohen Circle Acquisition Corp. I(a) | 354,200 | |||||
| 30,000 | Colombier Acquisition Corp. II, Class A(a) | 352,500 | |||||
| 40,000 | EQV Ventures Acquisition Corp.(a) | 399,200 | |||||
| 40,000 | Future Vision II Acquisition Corp.(a) | 402,000 | |||||
| 40,000 | HCM II Acquisition Corp.(a) | 402,800 | |||||
| 35,000 | HCM II Acquisition Corp., Class A(a) | 350,700 | |||||
| 4,500 | Keen Vision Acquisition Corp.(a) | 49,320 | |||||
| 15,000 | Lionheart Holdings(a) | 151,500 | |||||
| 40,000 | M3-Brigade Acquisition V Corp.(a) | 405,600 | |||||
| 35,000 | Melar Acquisition Corp. I(a) | 352,800 | |||||
| 40,000 | Mountain Lake Acquisition Corp.(a) | 400,800 | |||||
| 45,000 | Newbury Street II Acquisition Corp.(a) | 449,100 | |||||
| 30,000 | Range Capital Acquisition Corp.(a) | 301,200 | |||||
| 30,000 | SIM Acquisition Corp I, Class A(a) | 301,200 | |||||
| 40,000 | Tavia Acquisition Corp.(a) | 401,600 | |||||
| 25,000 | Translational Development Acquisition Corp.(a) | 250,750 | |||||
| 45,000 | Vine Hill Capital Investment Corp., Class U(a) | 454,050 | |||||
| 30,000 | Voyager Acquisition Corp.(a) | 300,900 | |||||
| 45,000 | Willow Lane Acquisition Corp.(a) | 449,100 | |||||
| 7,838,520 | |||||||
| Health Care — 12.9% | |||||||
| 4,000 | DIH Holdings U.S., Inc.(a) | 5,480 | |||||
| 40,000 | Launch One Acquisition Corp.(a) | 403,600 | |||||
| 40,000 | Launch One Acquisition Corp.(a) | 401,600 | |||||
| 40,000 | Launch Two Acquisition Corp.(a) | 400,800 | |||||
| 1,211,480 | |||||||
| Total Common Stocks (Cost $8,947,916) | 9,050,000 | ||||||
| Private Investments — 1.3% | |||||||
| 59,668 | Clean Energy Special Situations Corp. - Founder Shares (a)(b)(c) | 93,977 | |||||
| 19,889 | Clean Energy Special Situations Corp. - Private Placement Units (a)(b)(c)(d) | 31,325 | |||||
| 33,750 | Silver Spike Sponsor II LLC (a)(b)(c) | — | (e) | ||||
| Total Private Investments (Cost $198,894) | 125,302 | ||||||
| Right — 0.0%(f) | |||||||
| 11,386 | Clean Energy Special Situations Corp. 6/30/2025(a)(b) | — | (e) | ||||
| Total Right (Cost $–) | — | ||||||
| Warrants — 0.0%(f) | |||||||
| 50,000 | Aura FAT Projects Acquisition Corp. 06/02/2027(a) | 1,440 | |||||
| 70,160 | Clean Energy Special Situations Corp. 04/12/2026(a) | 702 | |||||
| 10,402 | New Vista Acquisition Corp. 12/31/2027(a) | — | |||||
| 19,770 | Newbury Street Acquisition Corp. 12/31/2027(a) | 2 | |||||
| Total Warrants (Cost $1,218) | 2,144 | ||||||
| Total Investments — 97.3% (Cost $9,148,028) | 9,177,446 | ||||||
| Other Assets in Excess of Liabilities — 2.7% | 250,015 | ||||||
| Net Assets — 100.0% | 9,427,461 | ||||||
| Portfolio of Investments (continued) | December 31, 2024 (Unaudited) |
The SPAC and New Issue ETF
| (a) | Non-income producing security. |
| (b) | Security was valued using unobservable inputs in good faith pursuant to procedures approved by the Board of Trustees as of December 31, 2024. |
| (c) | Security which is restricted to resale. The Fund’s Advisor has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. The aggregate value of these securities at December 31, 2024 was $125,302 which represented 1.33% of the net assets of the Fund. |
| (d) | Each unit represents one share and ½ warrant. |
| (e) | Amount less than $0.05. |
| (f) | Represents less than 0.05%. |
The illiquid restricted securities held as of December 31, 2024 are identified below.
| Security | Acquisition Date(g) | Acquisition Cost ($) | Shares or Units | Fair Value ($) | Percentage Assets (%) | |||||||||||||||
| Clean Energy Special Situations Corp. - Founder Shares | 8/12/2021 | 153,894 | 59,668 | 93,977 | 1.0 | |||||||||||||||
| Clean Energy Special Situations Corp. - Private Placement Units | 8/12/2021 | 45,000 | 19,889 | 31,325 | 0.3 | |||||||||||||||
| Silver Spike Sponsor II LLC | 4/22/2024(h) | — | (h) | 33,750 | — | (i) | — | |||||||||||||
| (g) | Acquisition date represents the initial purchase date of the security. |
| (h) | Silver Spike Sponsor II LLC was removed from the portfolio when the SPAC liquidated and then added back onto accounting records on date above in anticipation of final distribution of Trust assets. Since the value of the distribution is unknown, this security is fair valued at $0. |
| (i) | Amount less than $0.05. |
