Leatherback Long/Short Alternative Yield ETF (LBAY) NPORT-P American Customer Satisfaction ETF (Dec 2024 report)

American Customer Satisfaction ETF

Schedule of Investments

December 31, 2024 (Unaudited)

COMMON STOCKS - 99.9%	Shares		Value
Airlines - 3.4%
Alaska Air Group, Inc. (a)		50,171	$	3,248,572
Apparel - 4.1%
Levi Strauss & Co. - Class A		104,739		1,811,985
Skechers USA, Inc. - Class A (a)		30,288		2,036,565
				3,848,550
Auto Manufacturers - 3.6%
Tesla, Inc. (a)		8,301		3,352,276
Banks - 7.3%
JPMorgan Chase & Co.		18,841		4,516,376
Morgan Stanley		18,445		2,318,906
				6,835,282
Beverages - 3.2%
Coca-Cola Co.		48,612		3,026,583
Computers - 7.5%
Apple, Inc.		28,200		7,061,844
Diversified Financial Services - 2.4%
The Charles Schwab Corp.		30,731		2,274,401
Electric - 1.1%
Duke Energy Corp.		9,970		1,074,168
Gas - 1.2%
Atmos Energy Corp.		8,131		1,132,404
Healthcare - Services - 5.4%
Humana, Inc.		11,175		2,835,209
UnitedHealth Group, Inc.		4,537		2,295,087
				5,130,296
Household Products & Wares - 1.8%
Clorox Co.		10,556		1,714,400
Insurance - 4.2%
Berkshire Hathaway, Inc. - Class B (a)		2,461		1,115,522
Prudential Financial, Inc.		24,268		2,876,486
				3,992,008
Internet - 18.8%
Alphabet, Inc. - Class C		26,280		5,004,763
Amazon.com, Inc. (a)		23,750		5,210,512
Meta Platforms, Inc. - Class A		7,433		4,352,096
Netflix, Inc. (a)		3,555		3,168,643
				17,736,014
Lodging - 2.3%
Hilton Worldwide Holdings, Inc.		8,882		2,195,275
Retail - 15.9%
American Eagle Outfitters, Inc.		93,679		1,561,629
Costco Wholesale Corp.		5,794		5,308,868
O’Reilly Automotive, Inc. (a)		1,797		2,130,883
Texas Roadhouse, Inc.		11,620		2,096,597
Tractor Supply Co.		35,189		1,867,128
Yum! Brands, Inc.		15,200		2,039,232
				15,004,337

Software - 4.8%
Microsoft Corp.	10,647		4,487,711
Telecommunications - 10.5%
AT&T, Inc.	116,765		2,658,739
Motorola Solutions, Inc.	4,734		2,188,197
T-Mobile US, Inc.	12,283		2,711,226
Verizon Communications, Inc.	57,907		2,315,701
			9,873,863
Transportation - 2.4%
FedEx Corp.	8,171		2,298,748
TOTAL COMMON STOCKS (Cost $76,308,730)			94,286,732
SHORT-TERM INVESTMENTS - 0.1%
Money Market Funds - 0.1%
First American Government Obligations Fund - Class X, 4.41% (b)	75,942		75,942
TOTAL SHORT-TERM INVESTMENTS (Cost $75,942)			75,942
TOTAL INVESTMENTS - 100.0% (Cost $76,384,672)			94,362,674
Liabilities in Excess of Other Assets - (0.0)% (c)			(26,084	)
TOTAL NET ASSETS - 100.0%		$	94,336,590
two			–%
Percentages are stated as a percent of net assets.			–%

(a)	Non-income producing security.
(b)	The rate shown represents the 7-day annualized effective yield as of December 31, 2024.
(c)	Represents less than 0.05% of net assets.

Summary of Fair Value Disclosure as of December 31, 2024 (Unaudited)

American Customer Satisfaction 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	$	94,286,732	$	—	$	—	$	94,286,732
Money Market Funds		75,942		—		—		75,942
Total Investments	$	94,362,674	$	—	$	—	$	94,362,674

Refer to the Schedule of Investments for further disaggregation of investment categories.