Unlimited HFND Multi-Strategy Return Tracker ETF | ||||||||
Schedule of Investments | ||||||||
as of November 30, 2023 (Unaudited) | ||||||||
EXCHANGE TRADED FUNDS - 59.2% | Shares | Value | ||||||
Invesco CurrencyShares Canadian Dollar Trust(a) | 7,264 | $ | 524,243 | |||||
Invesco DB Agriculture Fund | 26,161 | 582,867 | ||||||
Invesco Senior Loan ETF(a) | 134,143 | 2,803,588 | ||||||
iShares Convertible Bond ETF(a) | 22,287 | 1,657,707 | ||||||
iShares Interest Rate Hedged High Yield Bond ETF | 65,349 | 5,493,236 | ||||||
iShares J.P. Morgan EM High Yield Bond ETF(a) | 34,805 | 1,228,791 | ||||||
iShares MSCI Australia ETF(a) | 65,828 | 1,477,839 | ||||||
iShares MSCI Japan ETF | 22,765 | 1,425,317 | ||||||
Materials Select Sector SPDR Fund | 5,499 | 453,173 | ||||||
ProShares Investment Grade-Interest Rate Hedged ETF | 15,651 | 1,189,633 | ||||||
Vanguard FTSE Emerging Markets ETF(a) | 38,048 | 1,545,890 | ||||||
Vanguard Mid-Cap ETF(a) | 7,934 | 1,731,675 | ||||||
Vanguard Total World Stock ETF(a) | 42,952 | 4,235,496 | ||||||
WisdomTree Bloomberg U.S. Dollar Bullish Fund | 19,926 | 543,781 | ||||||
TOTAL EXCHANGE TRADED FUNDS (Cost $24,087,920) | 24,893,236 | |||||||
SHORT-TERM INVESTMENTS - 54.1% | ||||||||
Money Market Funds - 54.1% | ||||||||
First American Government Obligations Fund - Class X, 5.29%(b) | 22,757,348 | 22,757,348 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $22,757,348) | 22,757,348 | |||||||
TOTAL INVESTMENTS - 113.3% (Cost $46,845,268) | $ | 47,650,584 | ||||||
Liabilities in Excess of Other Assets - (13.3)% | (5,588,396 | ) | ||||||
TOTAL NET ASSETS - 100.0% | $ | 42,062,188 | ||||||
Percentages are stated as a percent of net assets. |
(a) | All or a portion of security has been pledged as collateral for open securities sold short. The total value of assets committed as collateral as of November 30, 2023 is $8,915,570. |
(b) | The rate shown represents the annualized seven-day effective yield as of November 30, 2023. |
Unlimited HFND Multi-Strategy Return Tracker ETF | ||||||||
Schedule of Securities Sold Short | ||||||||
as of November 30, 2023 (Unaudited) | ||||||||
EXCHANGE TRADED FUNDS - (3.7)% | Shares | Value | ||||||
Invesco CurrencyShares Japanese Yen Trust | (9,672 | ) | $ | (605,661 | ) | |||
Vanguard Long-Term Treasury ETF | (16,776 | ) | (959,755 | ) | ||||
TOTAL EXCHANGE TRADED FUNDS (Proceeds $1,783,103) | (1,565,416 | ) | ||||||
TOTAL SECURITIES SOLD SHORT (Proceeds $1,783,103) | $ | (1,565,416 | ) |
Summary of Fair Value Exposure at November 30, 2023 (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 November 30, 2023: | ||||||||||||||||
Unlimited HFND Multi-Strategy Return Tracker ETF | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments: | ||||||||||||||||
Exchange Traded Funds | $ | 24,893,236 | $ | – | $ | – | $ | 24,893,236 | ||||||||
Money Market Funds | 22,757,348 | – | – | 22,757,348 | ||||||||||||
Total Investments | $ | 47,650,584 | $ | – | $ | – | $ | 47,650,584 | ||||||||
Investments Sold Short: | ||||||||||||||||
Exchange Traded Funds | $ | (1,565,416 | ) | $ | – | $ | – | $ | (1,565,416 | ) | ||||||
Total Investments Sold Short | $ | (1,565,416 | ) | $ | – | $ | – | $ | (1,565,416 | ) |