Unlimited HFND Multi-Strategy Return Tracker ETF
Consolidated Schedule of Investments
as of May 31, 2024 (Unaudited)
| EXCHANGE TRADED FUNDS - 89.9% | Shares | Value | ||||||
| Consumer Staples Select Sector SPDR Fund | 576 | $ | 44,548 | |||||
| Energy Select Sector SPDR Fund | 3,955 | 368,606 | ||||||
| Financial Select Sector SPDR Fund | 15,197 | 632,803 | ||||||
| Industrial Select Sector SPDR Fund | 2,452 | 302,847 | ||||||
| Invesco Senior Loan ETF(a) | 113,594 | 2,399,105 | ||||||
| iShares CMBS ETF | 6,463 | 301,111 | ||||||
| iShares Convertible Bond ETF(a) | 26,868 | 2,103,496 | ||||||
| iShares iBoxx $ High Yield Corporate Bond ETF(b) | 115,309 | 8,893,783 | ||||||
| iShares J.P. Morgan EM High Yield Bond ETF(a) | 35,963 | 1,348,972 | ||||||
| iShares MSCI Australia ETF(a) | 80,771 | 1,991,005 | ||||||
| iShares MSCI Brazil ETF | 839 | 24,834 | ||||||
| iShares MSCI China ETF | 2,668 | 116,912 | ||||||
| iShares MSCI India ETF | 2,211 | 117,205 | ||||||
| iShares MSCI Mexico ETF | 69 | 4,478 | ||||||
| iShares MSCI South Korea ETF | 794 | 49,371 | ||||||
| iShares Preferred and Income Securities ETF | 2,078 | 65,976 | ||||||
| iShares TIPS Bond ETF | 398 | 42,467 | ||||||
| ProShares Investment Grade-Interest Rate Hedged ETF | 28,603 | 2,209,419 | ||||||
| SPDR S&P Biotech ETF | 379 | 33,780 | ||||||
| SPDR S&P Homebuilders ETF | 15,469 | 1,628,886 | ||||||
| SPDR S&P Retail ETF | 3,801 | 294,654 | ||||||
| Vanguard Emerging Markets Government Bond ETF(a) | 6,177 | 391,498 | ||||||
| Vanguard FTSE Emerging Markets ETF | 67,575 | 2,911,131 | ||||||
| Vanguard FTSE Europe ETF | 10,984 | 767,232 | ||||||
| Vanguard Growth ETF | 2,971 | 1,041,870 | ||||||
| Vanguard Mid-Cap ETF(a) | 1,414 | 345,864 | ||||||
| Vanguard Russell 2000 ETF | 1,786 | 148,524 | ||||||
| Vanguard Total International Stock ETF | 28,754 | 1,761,758 | ||||||
| Vanguard US Momentum Factor ETF | 2,526 | 378,976 | ||||||
| Vanguard Value ETF | 3,448 | 555,749 | ||||||
| TOTAL EXCHANGE TRADED FUNDS (Cost $30,120,187) | 31,276,860 | |||||||
| SHORT-TERM INVESTMENTS - 4.7% | ||||||||
| Money Market Funds - 4.7% | ||||||||
| First American Government Obligations Fund - Class X, 5.24%(c) | 1,629,035 | 1,629,035 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $1,629,035) | 1,629,035 | |||||||
| TOTAL INVESTMENTS - 94.6% (Cost $31,749,222) | $ | 32,905,895 | ||||||
| Other Assets in Excess of Liabilities - 5.4% | 1,874,330 | |||||||
| TOTAL NET ASSETS - 100.0% | $ | 34,780,225 |
Percentages are stated as a percent of net assets.
| CMBS Commercial Mortgage-Backed Security |
| (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 May 31, 2024 is $4,429,371. | |
| (b) | Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov. | |
| (c) | The rate shown represents the 7-day effective yield as of May 31, 2024. |
Unlimited HFND Multi-Strategy Return Tracker ETF
Consolidated Schedule of Securities Sold Short
as of May 31, 2024 (Unaudited)
| EXCHANGE TRADED FUNDS - (9.3)% | Shares | Value | ||||||
| Consumer Discretionary Select Sector SPDR Fund(a) | (2,732 | ) | $ | (480,750 | ) | |||
| Health Care Select Sector SPDR Fund(a) | (4,323 | ) | (621,215 | ) | ||||
| iShares MSCI South Africa ETF(a) | (4,701 | ) | (190,814 | ) | ||||
| Materials Select Sector SPDR Fund(a) | (1,265 | ) | (115,785 | ) | ||||
| Real Estate Select Sector SPDR Fund(a) | (34,425 | ) | (1,309,871 | ) | ||||
| Technology Select Sector SPDR Fund(a) | (13 | ) | (2,732 | ) | ||||
| Utilities Select Sector SPDR Fund(a) | (2,437 | ) | (177,219 | ) | ||||
| Vanguard Mortgage-Backed Securities ETF(a) | (7,380 | ) | (331,879 | ) | ||||
| TOTAL EXCHANGE TRADED FUNDS (Proceeds $3,205,569) | (3,230,265 | ) | ||||||
| TOTAL SECURITIES SOLD SHORT - (9.3)% (Proceeds $3,205,569) | $ | (3,230,265 | ) | |||||
Percentages are stated as a percent of net assets.
| (a) | Non-income producing security. |
Unlimited HFND Multi-Strategy Return Tracker ETF
Consolidated Schedule of Futures Contracts
as of May 31, 2024 (Unaudited)
| Description | Contracts Purchased | Expiration Date | Notional | Value / Unrealized Appreciation (Depreciation) | ||||||||||
| Arabica Coffee | 3 | 07/19/2024 | $ | 250,144 | $ | 17,572 | ||||||||
| Copper | 2 | 07/29/2024 | 230,100 | 2,839 | ||||||||||
| Corn No. 2 Yellow | 7 | 07/12/2024 | 156,188 | (929 | ) | |||||||||
| Dollar Index | 13 | 06/17/2024 | 1,360,151 | 1,711 | ||||||||||
| Gold | 4 | 08/28/2024 | 938,320 | (4,383 | ) | |||||||||
| Live Cattle | 2 | 08/30/2024 | 142,760 | 820 | ||||||||||
| London Metals - Aluminium | 4 | 07/17/2024 | 264,256 | 10,142 | ||||||||||
| London Metals - Zinc | 3 | 07/15/2024 | 221,132 | 6,097 | ||||||||||
| Nikkei 225 Index | 8 | 06/13/2024 | 1,545,600 | (42,435 | ) | |||||||||
| S&P 500 Index | 11 | 06/21/2024 | 2,912,525 | 19,801 | ||||||||||
| Soybeans | 3 | 07/12/2024 | 180,750 | 3,464 | ||||||||||
| Sugar #11 | 8 | 06/28/2024 | 163,968 | (22,124 | ) | |||||||||
| US Cocoa | 5 | 07/16/2024 | 466,550 | 15,403 | ||||||||||
| $ | 7,978 | |||||||||||||
| Description | Contracts Sold | Expiration Date | Notional | Value / Unrealized Appreciation (Depreciation) | ||||||||||
| British Pound/US Dollar Cross Currency Rate | (7 | ) | 06/17/2024 | $ | 557,025 | $ | 5,419 | |||||||
| Crude Oil | (4 | ) | 06/20/2024 | 307,960 | 4,658 | |||||||||
| Japanese Yen/US Dollar Cross Currency Rate | (5 | ) | 06/17/2024 | 398,344 | 33,133 | |||||||||
| Swiss Franc/US Dollar Cross Currency Rate | (2 | ) | 06/17/2024 | 277,388 | 5,985 | |||||||||
| U.S. Treasury 10 Year Notes | (3 | ) | 09/19/2024 | 326,391 | 829 | |||||||||
| U.S. Treasury 5 Year Note | (61 | ) | 09/30/2024 | 6,453,609 | 4,005 | |||||||||
| U.S. Treasury Long Bonds | (3 | ) | 09/19/2024 | 348,188 | 3,011 | |||||||||
| $ | 57,040 | |||||||||||||
| Total Unrealized Appreciation (Depreciation) | $ | 65,018 | ||||||||||||
Summary of Fair Value Exposure at May 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 May 31, 2024:
| Unlimited HFND Multi-Strategy Return Tracker ETF | ||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Assets: | ||||||||||||||||
| Investments: | ||||||||||||||||
| Exchange Traded Funds | $ | 31,276,860 | — | — | $ | 31,276,860 | ||||||||||
| Money Market Funds | 1,629,035 | — | — | 1,629,035 | ||||||||||||
| Total Investments | $ | 32,905,895 | — | — | $ | 32,905,895 | ||||||||||
| Other Financial Instruments(a): | ||||||||||||||||
| Futures | $ | 134,889 | — | — | $ | 134,889 | ||||||||||
| Total Other Financial Instruments | $ | 134,889 | — | — | $ | 134,889 | ||||||||||
| Liabilities: | ||||||||||||||||
| Investments: | ||||||||||||||||
| Exchange Traded Funds | $ | (3,230,265 | ) | — | — | $ | (3,230,265 | ) | ||||||||
| Total Investments | $ | (3,230,265 | ) | — | — | $ | (3,230,265 | ) | ||||||||
| Other Financial Instruments(a): | ||||||||||||||||
| Futures | $ | (69,871 | ) | — | — | $ | (69,871 | ) | ||||||||
| Total Other Financial Instruments | $ | (69,871 | ) | — | — | $ | (69,871 | ) | ||||||||
(a) The fair value of the Fund's investment represents the net unrealized appreciation (depreciation) as of May 31, 2024.
Refer to the Schedule of Investments for additional information.