Unlimited HFND Multi-Strategy Return Tracker ETF
Consolidated Schedule of Investments
November 30, 2024 (Unaudited)
| EXCHANGE TRADED FUNDS - 101.9% | | Shares | | | Value | |
| Energy Select Sector SPDR Fund | | | 4,061 | | | $ | 387,947 | |
| Financial Select Sector SPDR Fund | | | 20,309 | | | | 1,042,664 | |
| Invesco Senior Loan ETF (a) | | | 90,649 | | | | 1,913,600 | |
| iShares CMBS ETF (a) | | | 19,836 | | | | 944,987 | |
| iShares Convertible Bond ETF (a) | | | 19,025 | | | | 1,698,552 | |
| iShares iBoxx $ High Yield Corporate Bond ETF (a)(b) | | | 151,341 | | | | 12,113,334 | |
| iShares J.P. Morgan EM High Yield Bond ETF (a) | | | 31,909 | | | | 1,243,813 | |
| iShares MSCI Australia ETF (a) | | | 61,641 | | | | 1,629,172 | |
| iShares MSCI Brazil ETF | | | 844 | | | | 21,539 | |
| iShares MSCI China ETF | | | 10,861 | | | | 513,943 | |
| iShares MSCI Hong Kong ETF | | | 1,067 | | | | 18,608 | |
| iShares MSCI South Korea ETF | | | 1,241 | | | | 71,271 | |
| iShares Preferred and Income Securities ETF | | | 4,843 | | | | 159,577 | |
| iShares TIPS Bond ETF | | | 846 | | | | 92,011 | |
| ProShares Investment Grade-Interest Rate Hedged ETF | | | 13,408 | | | | 1,042,181 | |
| SPDR S&P Homebuilders ETF | | | 7,035 | | | | 864,531 | |
| SPDR S&P Retail ETF | | | 712 | | | | 58,968 | |
| Technology Select Sector SPDR Fund | | | 705 | | | | 164,780 | |
| Utilities Select Sector SPDR Fund | | | 1,269 | | | | 105,238 | |
| Vanguard Emerging Markets Government Bond ETF | | | 2,205 | | | | 143,876 | |
| Vanguard FTSE Emerging Markets ETF (a) | | | 76,558 | | | | 3,488,748 | |
| Vanguard FTSE Europe ETF | | | 6,019 | | | | 397,254 | |
| Vanguard Growth ETF | | | 5,953 | | | | 2,435,551 | |
| Vanguard Mid-Cap ETF (a) | | | 2,075 | | | | 590,607 | |
| Vanguard Russell 2000 ETF | | | 6,673 | | | | 653,153 | |
| Vanguard Total International Stock ETF (a) | | | 31,926 | | | | 1,970,153 | |
| Vanguard US Momentum Factor ETF (a) | | | 7,498 | | | | 1,335,694 | |
| Vanguard Value ETF | | | 6,541 | | | | 1,189,612 | |
| TOTAL EXCHANGE TRADED FUNDS (Cost $34,403,291) | | | | | | | 36,291,364 | |
| | | | | | | | | |
| SHORT-TERM INVESTMENTS - 0.5% | | | | | | | | |
| Money Market Funds - 0.5% | | | | | | | | |
| First American Government Obligations Fund - Class X, 4.56% (c) | | | 161,923 | | | | 161,923 | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $161,923) | | | | | | | 161,923 | |
| | | | | | | | | |
| TOTAL INVESTMENTS - 102.4% (Cost $34,565,214) | | | | | | | 36,453,287 | |
| Liabilities in Excess of Other Assets - (2.4)% | | | | | | | (857,872 | ) |
| TOTAL NET ASSETS - 100.0% | | | | | | $ | 35,595,415 | |
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. The total value of assets committed as collateral as of November 30, 2024 is $12,051,168 which represented 33.9% of net assets. |
| (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 annualized effective yield as of November 30, 2024. |
Unlimited HFND Multi-Strategy Return Tracker ETF
Consolidated Schedule of Securities Sold Short
November 30, 2024 (Unaudited)
| EXCHANGE TRADED FUNDS - (5.7)% | | Shares | | | Value | |
| Consumer Discretionary Select Sector SPDR Fund | | | (1,206 | ) | | $ | (268,094 | ) |
| Consumer Staples Select Sector SPDR Fund | | | (4,167 | ) | | | (346,778 | ) |
| Health Care Select Sector SPDR Fund | | | (1,996 | ) | | | (294,230 | ) |
| Industrial Select Sector SPDR Fund | | | (21 | ) | | | (3,024 | ) |
| iShares MSCI India ETF | | | (2 | ) | | | (109 | ) |
| iShares MSCI South Africa ETF | | | (1,522 | ) | | | (72,219 | ) |
| Materials Select Sector SPDR Fund | | | (2,683 | ) | | | (254,295 | ) |
| Real Estate Select Sector SPDR Fund | | | (10,630 | ) | | | (478,350 | ) |
| SPDR S&P Biotech ETF | | | (101 | ) | | | (10,062 | ) |
| Vanguard Mortgage-Backed Securities ETF | | | (6,628 | ) | | | (307,274 | ) |
| TOTAL EXCHANGE TRADED FUNDS (Proceeds $1,979,269) | | | | | | | (2,034,435 | ) |
| | | | | | | | | |
| TOTAL SECURITIES SOLD SHORT - (5.7)% (Proceeds $1,979,269) | | | | | | $ | (2,034,435 | ) |
Percentages are stated as a percent of net assets.
Unlimited HFND Multi-Strategy Return Tracker ETF
Consolidated Schedule of Futures Contracts
November 30, 2024 (Unaudited)
| Description | | Contracts
Purchased | | | Expiration Date | | Notional Value | | | Value / Unrealized
Appreciation
(Depreciation) | |
| Arabica Coffee | | | 4 | | | 03/19/2025 | | $ | 477,075 | | | $ | 54,688 | |
| British Pound/U.S. Dollar Cross Currency Rate | | | 14 | | | 12/16/2024 | | | 1,113,350 | | | | 4,048 | |
| Copper | | | 2 | | | 03/27/2025 | | | 207,000 | | | | 339 | |
| Corn No. 2 Yellow | | | 6 | | | 03/14/2025 | | | 129,900 | | | | (37 | ) |
| Dollar Index | | | 3 | | | 12/16/2024 | | | 317,484 | | | | 2,751 | |
| Gold | | | 3 | | | 02/26/2025 | | | 804,300 | | | | (16,847 | ) |
| Live Cattle | | | 1 | | | 12/31/2024 | | | 75,190 | | | | 104 | |
| London Metals – Aluminum (a) | | | 1 | | | 12/16/2024 | | | 64,650 | | | | 2,067 | |
| London Metals – Zinc (a) | | | 1 | | | 12/16/2024 | | | 77,595 | | | | 1,662 | |
| Nikkei 225 Index | | | 4 | | | 12/12/2024 | | | 766,500 | | | | 7,831 | |
| S&P 500 Index | | | 14 | | | 12/20/2024 | | | 4,236,050 | | | | 223,242 | |
| Sugar #11 | | | 3 | | | 02/28/2025 | | | 70,829 | | | | (5,070 | ) |
| U.S. Treasury 10 Year Notes | | | 27 | | | 03/20/2025 | | | 3,002,062 | | | | 36,995 | |
| U.S. Cocoa | | | 4 | | | 03/14/2025 | | | 377,000 | | | | 44,152 | |
| | | | | | | | | | | | | $ | 355,925 | |
| Description | | Contracts
Sold | | Expiration Date | | Notional Value | | | Value / Unrealized
Appreciation
(Depreciation) | |
| Australian Dollar/U.S. Dollar Cross Currency Rate | | | (5) | | | 12/16/2024 | | $ | 326,125 | | | $ | 10,207 | |
| Canadian Dollar/U.S. Dollar Cross Currency Rate | | | (35) | | | 12/17/2024 | | | 2,501,450 | | | | 6,838 | |
| Crude Oil | | | (7) | | | 12/19/2024 | | | 476,000 | | | | (7,598 | ) |
| Euro/U.S. Dollar Cross Currency Rate | | | (7) | | | 12/16/2024 | | | 925,181 | | | | 11,954 | |
| Japanese Yen/U.S. Dollar Cross Currency Rate | | | (6) | | | 12/16/2024 | | | 502,275 | | | | 2,604 | |
| London Metals – Aluminum (a) | | | (1) | | | 12/16/2024 | | | 64,650 | | | | 567 | |
| London Metals – Zinc (a) | | | (1) | | | 12/16/2024 | | | 77,595 | | | | (3,654 | ) |
| Soybeans | | | (10) | | | 01/14/2025 | | | 494,750 | | | | 10,698 | |
| Swiss Franc/U.S. Dollar Cross Currency Rate | | | (4) | | | 12/16/2024 | | | 568,450 | | | | 20,903 | |
| U.S. Treasury 5 Year Note | | | (81) | | | 03/31/2025 | | | 8,715,727 | | | | (69,355 | ) |
| U.S. Treasury Long Bonds | | | (5) | | | 03/20/2025 | | | 597,500 | | | | (15,298 | ) |
| | | | | | | | | | | | | $ | (32,134 | ) |
| Net Unrealized Appreciation (Depreciation) | | | | | | | | | | | | $ | 323,791 | |
| (a) | London Metal Exchange (“LME”) futures contracts settle on their respective maturity date. |
Summary of Fair Value Exposure at November 30, 2024 (Unaudited)
Unlimited HFND Multi-Strategy Return Tracker ETF has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
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 speeds, 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 fair valuation hierarchy of the Fund’s securities as of November 30, 2024:
Unlimited HFND Multi-Strategy Return Tracker ETF
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Assets: | | | | | | | | | | | | |
| Investments: | | | | | | | | | | | | |
| Exchange Traded Funds | | $ | 36,291,364 | | | $ | — | | | $ | — | | | $ | 36,291,364 | |
| Money Market Funds | | | 161,923 | | | | — | | | | — | | | | 161,923 | |
| Total Investments | | $ | 36,453,287 | | | $ | — | | | $ | — | | | $ | 36,453,287 | |
| | | | | | | | | | | | | | | | | |
| Other Financial Instruments: | | | | | | | | | | | | | | | | |
| Futures Contracts* | | $ | 441,650 | | | $ | — | | | $ | — | | | $ | 441,650 | |
| Total Other Financial Instruments | | $ | 441,650 | | | $ | — | | | $ | — | | | $ | 441,650 | |
| | | | | | | | | | | | | | | | | |
| Liabilities: | | | | | | | | | | | | | | | | |
| Investments: | | | | | | | | | | | | | | | | |
| Exchange Traded Funds | | $ | (2,034,435 | ) | | $ | — | | | $ | — | | | $ | (2,034,435 | ) |
| Total Investments | | $ | (2,034,435 | ) | | $ | — | | | $ | — | | | $ | (2,034,435 | ) |
| | | | | | | | | | | | | | | | | |
| Other Financial Instruments: | | | | | | | | | | | | | | | | |
| Futures Contracts* | | $ | (117,859 | ) | | $ | — | | | $ | — | | | $ | (117,859 | ) |
| Total Other Financial Instruments | | $ | (117,859 | ) | | $ | — | | | $ | — | | | $ | (117,859 | ) |
* The fair value of the Fund’s investment represents the net unrealized appreciation (depreciation) as of November 30, 2024.
Refer to the Consolidated Schedule of Investments for further disaggregation of investment categories.
