ZEGA Buy and Hedge ETF (ZHDG) NPORT-P Sound Enhanced Fixed Income ETF (Aug 2024 report)

Sound Enhanced Fixed Income ETF
Schedule of Investments
August 31, 2024 (Unaudited)
PREFERRED STOCKS - 29.3%	Shares		Value
Banks - 14.7%
Associated Banc-Corp Series F, 5.63%, Perpetual (Callable 09/15/2025)		34,643	$	759,375
Bank of America Corp. Series KK, 5.38%, Perpetual (Callable 10/03/2024)		36,482		870,825
JPMorgan Chase & Co. Series EE, 6.00%, Perpetual (Callable 12/01/2024)		34,963		881,767
Morgan Stanley		–	$	–
Series L, 4.88%, Perpetual (Callable 01/15/2025)		37,523		845,393
Series O, 4.25%, Perpetual (Callable 01/15/2027)		36,385		709,508
Truist Financial Corp. Series O, 5.25%, Perpetual (Callable 06/01/2025)		35,844		844,126
Wells Fargo & Co. Series AA, 4.70%, Perpetual (Callable 12/15/2025)		38,163		802,568
				5,713,562
Diversified Financial Services - 2.0%
Capital One Financial Corp. Series J, 4.80%, Perpetual (Callable 06/01/2025)		38,403		769,596
Electric - 4.4%
CMS Energy Corp. 5.88%, 03/01/2079 (Callable 09/13/2024)		35,604		877,995
The Southern Co. Series 2020, 4.95%, 01/30/2080 (Callable 01/30/2025)		36,323		838,335
				1,716,330
Insurance - 6.2%
AEGON Funding Co., LLC 5.10%, 12/15/2049 (Callable 12/15/2024)		36,722		808,985
MetLife, Inc. Series F, 4.75%, Perpetual (Callable 03/15/2025)		36,562		793,761
The Allstate Corp. Series H, 5.10%, Perpetual (Callable 10/15/2024)		35,683		836,053
				2,438,799
Telecommunications - 2.0%
AT&T, Inc. Series C, 4.75%, Perpetual (Callable 02/18/2025)		37,043		769,383
TOTAL PREFERRED STOCKS (Cost $12,331,814)				11,407,670
CORPORATE BONDS - 26.0%	Par
Auto Parts & Equipment - 3.1%
American Axle & Manufacturing, Inc., 5.00%, 10/01/2029 (Callable 10/01/2024) (a)		726,000		675,872
Dana, Inc., 4.25%, 09/01/2030 (Callable 05/01/2026)		606,000		546,457
				1,222,329
Chemicals - 2.0%
Olin Corp., 5.13%, 09/15/2027 (Callable 10/04/2024)		799,000		790,004
Commercial Services - 1.9%
United Rentals North America, Inc., 4.88%, 01/15/2028 (Callable 09/16/2024)		736,000		727,132
Computers - 1.7%
Dell, Inc., 6.50%, 04/15/2038		624,000		678,971
Diversified Financial Services - 2.1%
Radian Group, Inc., 4.88%, 03/15/2027 (Callable 09/15/2026)		799,000		796,268
Gas - 2.1%
National Fuel Gas Co., 4.75%, 09/01/2028 (Callable 06/01/2028)		799,000		798,598
Iron & Steel - 1.9%
Cleveland-Cliffs, Inc., 5.88%, 06/01/2027 (Callable 10/04/2024)		740,000		739,405
Lodging - 2.0%
Hilton Domestic Operating Co., Inc., 4.88%, 01/15/2030 (Callable 01/15/2025)		792,000		777,628
Oil & Gas - 5.3%
Apache Corp., 5.10%, 09/01/2040 (Callable 03/01/2040)		799,000		707,343
Murphy Oil Corp., 5.88%, 12/01/2027 (Callable 09/19/2024)		879,000		883,431
Southwestern Energy Co., 4.75%, 02/01/2032 (Callable 02/01/2027) (a)		506,000		479,839
				2,070,613
Pipelines - 3.9%
EQM Midstream Partners L.P., 5.50%, 07/15/2028 (Callable 04/15/2028)		720,000		725,399
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 5.00%, 01/15/2028 (Callable 10/04/2024)		799,000		800,511
				1,525,910
TOTAL CORPORATE BONDS (Cost $10,204,292)				10,126,858
COMMON STOCKS - 18.4%	Shares
Investment Companies - 14.9%
Ares Capital Corp.		59,745		1,259,424
Blackstone Secured Lending Fund (a)		13,160		396,774
Golub Capital BDC, Inc. (a)		71,785		1,068,879
PennantPark Floating Rate Capital Ltd. (a)		95,207		1,076,791
Runway Growth Finance Corp.		41,752		442,154
Sixth Street Specialty Lending, Inc. (a)		47,963		1,018,734
WhiteHorse Finance, Inc.		45,575		541,887
				5,804,643
Private Equity - 3.5%
Hercules Capital, Inc. (a)		69,546		1,333,197
TOTAL COMMON STOCKS (Cost $7,206,862)				7,137,840
EXCHANGE TRADED FUNDS - 12.4%
AllianceBernstein Global High Income Fund, Inc. (a)		101,666		1,136,626
Invesco Emerging Markets Sovereign Debt ETF		38,853		817,078
iShares 0-5 Year High Yield Corporate Bond ETF (a)		26,282		1,131,703
iShares J.P. Morgan EM High Yield Bond ETF		25,722		986,696
VanEck Emerging Markets High Yield Bond ETF		38,523		756,977
TOTAL EXCHANGE TRADED FUNDS (Cost $5,048,306)				4,829,080
REAL ESTATE INVESTMENT TRUSTS - 10.8%
Alpine Income Property Trust, Inc.		21,591		411,093
Apple Hospitality REIT, Inc.		9,940		143,534
Gaming and Leisure Properties, Inc.		2,598		135,148
National Health Investors, Inc. (a)		2,700		219,861
NNN REIT, Inc.		6,297		295,896
Omega Healthcare Investors, Inc. (a)		10,743		424,778
Park Hotels & Resorts, Inc.		13,991		213,782
Plymouth Industrial REIT, Inc.		22,088		528,787
Realty Income Corp.		7,520		467,067
Simon Property Group, Inc.		4,701		786,712
VICI Properties, Inc.		17,291		578,903
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $3,700,898)				4,205,561
SHORT-TERM INVESTMENTS - 20.8%
Investments Purchased with Proceeds from Securities Lending - 18.5%
Mount Vernon Liquid Assets Portfolio, LLC, 5.50% (b)		7,199,898		7,199,898
Money Market Funds - 2.3%
First American Government Obligations Fund - Class X, 4.82% (b)		898,102		898,102
TOTAL SHORT-TERM INVESTMENTS (Cost $8,098,000)				8,098,000
TOTAL INVESTMENTS - 117.7% (Cost $46,590,172)				45,805,009
Liabilities in Excess of Other Assets - (17.7)%				(6,895,784	)
TOTAL NET ASSETS - 100.0%			$	38,909,225
Percentages are stated as a percent of net assets.

(a)	All or a portion of this security is on loan as of August 31, 2024. The total market value of these securities was $7,035,608 which represented 18.1% of net assets.
(b)	The rate shown represents the 7-day annualized effective yield as of August 31, 2024.

Summary of Fair Value Exposure at August 31, 2024 (Unaudited)

The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

• 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 spreads, 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 inputs used to value the Fund's investments as of August 31, 2024:

Sound Enhanced Fixed Income ETF

	Level 1		Level 2		Level 3		Total
Investments:
Preferred Stocks	$	11,407,670	$	–	$	–	$	11,407,670
Corporate Bonds		–		10,126,858		–		10,126,858
Common Stocks		7,137,840		–		–		7,137,840
Exchange Traded Funds		4,829,080		–		–		4,829,080
Real Estate Investment Trusts		4,205,561		–		–		4,205,561
Investments Purchased with Proceeds from Securities Lending(a)		–		–		–		7,199,898
Money Market Funds		898,102		–		–		898,102
Total Investments	$	28,478,253	$	10,126,858	$	–	$	45,805,009
Refer to the Schedule of Investments for further disaggregation of investment categories.

(a) 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 amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.