Aztlan North America Nearshoring Stock Selection ETF
Schedule of Investments
October 31, 2024 (Unaudited)
| COMMON STOCKS - 92.1% | | Shares | | | Value | |
| Commercial Services - 6.8% | | | | | | | | |
| GXO Logistics, Inc. (a) | | | 10,267 | | | $ | 614,069 | |
| Promotora y Operadora de Infraestructura SAB de CV | | | 11,277 | | | | 98,125 | |
| | | | | | | | 712,194 | |
| | | | | | | | | |
| Storage - Warehousing - 1.0% | | | | | | | | |
| Westshore Terminals Investment Corp. | | | 6,080 | | | | 100,363 | |
| | | | | | | | | |
| Transportation - 84.3%(b) | | | | | | | | |
| Air Transport Services Group, Inc. (a) | | | 6,866 | | | | 118,370 | |
| ArcBest Corp. | | | 5,008 | | | | 521,733 | |
| C.H. Robinson Worldwide, Inc. | | | 7,457 | | | | 768,369 | |
| Canadian National Railway Co. | | | 4,415 | | | | 476,197 | |
| Canadian Pacific Kansas City Ltd. | | | 5,426 | | | | 418,670 | |
| Covenant Logistics Group, Inc. - Class A | | | 996 | | | | 50,398 | |
| CSX Corp. | | | 17,316 | | | | 582,510 | |
| Forward Air Corp. - Class A | | | 14,715 | | | | 519,881 | |
| Genco Shipping & Trading Ltd. | | | 6,106 | | | | 96,108 | |
| GMexico Transportes SAB de CV (c) | | | 61,509 | | | | 91,791 | |
| Hub Group, Inc. - Class A | | | 11,636 | | | | 504,886 | |
| Kirby Corp. (a) | | | 3,597 | | | | 412,792 | |
| Landstar System, Inc. | | | 3,560 | | | | 625,741 | |
| Matson, Inc. | | | 5,208 | | | | 806,667 | |
| Mullen Group Ltd. | | | 10,130 | | | | 109,443 | |
| Norfolk Southern Corp. | | | 2,024 | | | | 506,870 | |
| PAM Transportation Services, Inc. (a) | | | 2,987 | | | | 46,239 | |
| Schneider National, Inc. - Class B | | | 18,602 | | | | 526,065 | |
| TFI International, Inc. | | | 3,850 | | | | 514,631 | |
| Union Pacific Corp. | | | 2,553 | | | | 592,475 | |
| Universal Logistics Holdings, Inc. | | | 1,241 | | | | 52,172 | |
| Werner Enterprises, Inc. | | | 13,886 | | | | 512,255 | |
| | | | | | | | 8,854,263 | |
| TOTAL COMMON STOCKS (Cost $9,071,740) | | | | | | | 9,666,820 | |
| | | | | | | | | |
| REAL ESTATE INVESTMENT TRUSTS - 7.8% | | | | | | | | |
| FIBRA Macquarie Mexico | | | 64,555 | | | | 107,065 | |
| Fibra MTY SAPI de CV | | | 90,819 | | | | 47,050 | |
| Granite Real Estate Investment Trust | | | 1,776 | | | | 96,804 | |
| Prologis Property Mexico SA de CV | | | 155,888 | | | | 521,287 | |
| TF Administradora Industrial S de RL de CV | | | 26,005 | | | | 46,868 | |
| TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $957,631) | | | | | | | 819,074 | |
| | | | | | | | | |
| SHORT-TERM INVESTMENTS - 0.1% | | | | | | | | |
| Money Market Funds - 0.1% | | | | | | | | |
| First American Government Obligations Fund - Class X, 4.78% (c) | | | 10,752 | | | | 10,752 | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $10,752) | | | | | | | 10,752 | |
| | | | | | | | | |
| TOTAL INVESTMENTS - 100.0% (Cost $10,040,123) | | | | | | | 10,496,646 | |
| Liabilities in Excess of Other Assets - (0.0)% (d) | | | | | | | (84 | ) |
| TOTAL NET ASSETS - 100.0% | | | | | | $ | 10,496,562 | |
Percentages are stated as a percent of net assets.
| S de RL de CV - Sociedad de Responsabilidad Limitada de Capital Variable |
| SA de CV - Sociedad Anónima de Capital Variable |
| SAB de CV - Sociedad Anónima Bursátil de Capital Variable |
| SAPI de CV - Sociedad Anónima Promotora de Capital Variable |
| (a) | | Non-income producing security. |
| (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) | | The rate shown represents the 7-day annualized effective yield as of October 31, 2024. |
| (d) | | Represents less than 0.05% of net assets. |
Summary of Fair Value Disclosure as of October 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 October 31, 2024:
Aztlan North America Nearshoring Stock Selection ETF
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Investments: | | | | | | | | | | | | |
| Common Stocks | | $ | 9,666,820 | | | $ | — | | | $ | — | | | $ | 9,666,820 | |
| Real Estate Investment Trusts | | | 819,074 | | | | — | | | | — | | | | 819,074 | |
| Money Market Funds | | | 10,752 | | | | — | | | | — | | | | 10,752 | |
| Total Investments | | $ | 10,496,646 | | | $ | — | | | $ | — | | | $ | 10,496,646 | |
Refer to the Schedule of Investments for further disaggregation of investment categories.
