SonicShares Global Shipping ETF
Schedule of Investments
December 31, 2024 (Unaudited)
| COMMON STOCKS - 96.7% | | Shares | | | Value | |
| Storage-Warehousing - 0.3% | | | |
| Inui Global Logistics Co. Ltd. | | | 9,302 | | | $ | 100,324 | |
| | | | | | | | | |
| Transportation - 96.4%(a) | | | | | | | | |
| 2020 Bulkers Ltd. | | | 8,218 | | | | 89,724 | |
| AP Moller - Maersk AS - Class B | | | 975 | | | | 1,611,777 | |
| Ardmore Shipping Corp. | | | 14,892 | | | | 180,938 | |
| Avance Gas Holding Ltd. (Acquired 12/15/2023 – 06/27/2024; Cost $351,777) (b)(c) | | | 28,690 | | | | 206,636 | |
| COSCO SHIPPING Energy Transportation Co. Ltd. - Class H | | | 467,265 | | | | 374,151 | |
| COSCO SHIPPING Holdings Co. Ltd. - Class H | | | 960,365 | | | | 1,582,486 | |
| Costamare, Inc. | | | 42,637 | | | | 547,885 | |
| d'Amico International Shipping SA | | | 44,147 | | | | 184,228 | |
| Danaos Corp. | | | 6,881 | | | | 550,962 | |
| DHT Holdings, Inc. | | | 57,466 | | | | 533,859 | |
| Dorian LPG Ltd. | | | 15,234 | | | | 371,253 | |
| Euroseas Ltd. | | | 2,496 | | | | 90,355 | |
| FLEX LNG Ltd. | | | 18,956 | | | | 425,274 | |
| Frontline PLC | | | 85,258 | | | | 1,209,811 | |
| Genco Shipping & Trading Ltd. | | | 15,218 | | | | 212,139 | |
| Global Ship Lease, Inc. - Class A | | | 12,549 | | | | 273,945 | |
| Golden Ocean Group Ltd. | | | 71,955 | | | | 630,894 | |
| Hafnia Ltd. | | | 256,397 | | | | 1,371,457 | |
| Hapag-Lloyd AG (Acquired 02/15/2022 – 06/27/2024; Cost $936,994) (c) | | | 5,346 | | | | 849,187 | |
| Heung-A Shipping Co. Ltd. (d) | | | 85,647 | | | | 93,551 | |
| HMM Co. Ltd. | | | 130,632 | | | | 1,567,069 | |
| Hoegh Autoliners ASA | | | 119,040 | | | | 1,186,485 | |
| International Seaways, Inc. | | | 17,508 | | | | 629,238 | |
| Kawasaki Kisen Kaisha Ltd. | | | 122,083 | | | | 1,751,312 | |
| Matson, Inc. (b) | | | 11,022 | | | | 1,486,207 | |
| Mitsui OSK Lines Ltd. | | | 48,926 | | | | 1,714,714 | |
| MPC Container Ships ASA | | | 160,101 | | | | 292,224 | |
| Navigator Holdings Ltd. | | | 24,719 | | | | 379,437 | |
| Nordic American Tankers Ltd. | | | 74,312 | | | | 185,780 | |
| NS United Kaiun Kaisha Ltd. | | | 8,456 | | | | 218,179 | |
| Okeanis Eco Tankers Corp. (Acquired 12/16/2022 – 06/27/2024; Cost $300,178) (c) | | | 11,658 | | | | 237,115 | |
| Orient Overseas International Ltd. | | | 139,908 | | | | 2,073,058 | |
| Pacific Basin Shipping Ltd. | | | 1,944,916 | | | | 410,618 | |
| Pan Ocean Co. Ltd. | | | 190,432 | | | | 426,876 | |
| Pangaea Logistics Solutions Ltd. | | | 16,693 | | | | 89,474 | |
| Safe Bulkers, Inc. | | | 38,000 | | | | 135,660 | |
| Scorpio Tankers, Inc. | | | 27,117 | | | | 1,347,444 | |
| SFL Corp. Ltd. | | | 51,858 | | | | 529,989 | |
| SITC International Holdings Co. Ltd. | | | 650,561 | | | | 1,733,612 | |
| Star Bulk Carriers Corp. | | | 42,291 | | | | 632,250 | |
| Stolt-Nielsen Ltd. | | | 19,779 | | | | 503,298 | |
| Teekay Corp. Ltd. | | | 32,685 | | | | 226,507 | |
| Teekay Tankers Ltd. | | | 10,567 | | | | 420,461 | |
| TORM PLC - Class A | | | 35,615 | | | | 684,447 | |
| Tsakos Energy Navigation Ltd. | | | 10,501 | | | | 182,087 | |
| Wallenius Wilhelmsen ASA | | | 144,635 | | | | 1,190,715 | |
| ZIM Integrated Shipping Services Ltd. | | | 65,163 | | | | 1,399,050 | |
| | | | | | | | 33,023,818 | |
| TOTAL COMMON STOCKS (Cost $33,641,897) | | | | | | | 33,124,142 | |
| | | | | | | | | |
| SHORT-TERM INVESTMENTS - 4.8% | | | | | | | | |
| Investments Purchased with Proceeds from Securities Lending - 4.8% | | | | | | | | |
| Mount Vernon Liquid Assets Portfolio, LLC, 4.58% (e) | | | 1,633,695 | | | | 1,633,695 | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $1,633,695) | | | | | | | 1,633,695 | |
| | | | | | | | | |
| TOTAL INVESTMENTS - 101.5% (Cost $35,275,592) | | | | | | | 34,757,837 | |
| Liabilities in Excess of Other Assets - (1.5)% | | | | | | | (525,073 | ) |
| TOTAL NET ASSETS - 100.0% | | | | | | $ | 34,232,764 | |
| two | | | | | | | –% | |
| Percentages are stated as a percent of net assets. | | | | | | | –% | |
| ASA - Advanced Subscription Agreement |
| PLC - Public Limited Company |
| |
| (a) | 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. |
| (b) | All or a portion of this security is on loan as of December 31, 2024. The total market value of these securities was $1,584,632 which represented 4.6% of net assets. |
| (c) | Security considered restricted. The total market value of these securities was $1,292,938 which represented 3.8% of the Fund’s net assets. |
| (d) | Non-income producing security. |
| (e) | The rate shown represents the 7-day annualized effective yield as of December 31, 2024. |
| | |
Summary of Fair Value Disclosure as of December 31, 2024 (Unaudited)
SonicShares Global Shipping 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 December 31, 2024:
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Investments: | | | | | | | | | | | | |
| Common Stocks | | $ | 33,124,142 | | | $ | — | | | $ | — | | | $ | 33,124,142 | |
| Investments Purchased with Proceeds from Securities Lending(a) | | | — | | | | — | | | | — | | | | 1,633,695 | |
| Total Investments | | $ | 33,124,142 | | | $ | — | | | $ | — | | | $ | 34,757,837 | |
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 amount of $1,633,695 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments. |
