Leatherback Long/Short Alternative Yield ETF (LBAY)
Filed: 28 Feb 25, 5:24pm
Unusual Whales Subversive Republican Trading ETF
Schedule of Investments
December 31, 2024 (Unaudited)
| COMMON STOCKS - 96.7% | Shares | Value | ||||||
| Advertising - 0.2% | ||||||||
| Interpublic Group of Cos., Inc. | 2,958 | $ | 82,883 | |||||
| Aerospace & Defense - 1.6% | ||||||||
| Lockheed Martin Corp. | 596 | 289,620 | ||||||
| RTX Corp. | 3,756 | 434,645 | ||||||
| 724,265 | ||||||||
| Agriculture - 0.7% | ||||||||
| Philip Morris International, Inc. | 2,800 | 336,980 | ||||||
| Airlines - 0.9% | ||||||||
| Delta Air Lines, Inc. | 4,344 | 262,812 | ||||||
| Southwest Airlines Co. | 3,981 | 133,841 | ||||||
| 396,653 | ||||||||
| Apparel - 0.3% | ||||||||
| Skechers USA, Inc. - Class A (a) | 2,126 | 142,952 | ||||||
| Auto Manufacturers - 0.7% | ||||||||
| Tesla, Inc. (a) | 783 | 316,207 | ||||||
| Workhorse Group, Inc. (a)(b) | 1 | 0 | ||||||
| 316,207 | ||||||||
| Banks - 6.1% | ||||||||
| Bank of America Corp. | 1,803 | 79,242 | ||||||
| Citigroup, Inc. | 1,803 | 126,913 | ||||||
| Farmers & Merchants Bancorp, Inc. | 3,077 | 90,618 | ||||||
| JPMorgan Chase & Co. | 8,293 | 1,987,915 | ||||||
| United Bankshares, Inc. | 2,842 | 106,717 | ||||||
| Wells Fargo & Co. | 4,641 | 325,984 | ||||||
| Zions Bancorp NA | 1,502 | 81,483 | ||||||
| 2,798,872 | ||||||||
| Beverages - 0.2% | ||||||||
| Coca-Cola Co. | 1,506 | 93,764 | ||||||
| Biotechnology - 2.1% | ||||||||
| Amgen, Inc. | 242 | 63,075 | ||||||
| United Therapeutics Corp. (a) | 2,539 | 895,861 | ||||||
| 958,936 | ||||||||
| Building Materials - 0.9% | ||||||||
| Fortune Brands Innovations, Inc. | 1,920 | 131,194 | ||||||
| Louisiana-Pacific Corp. | 1,310 | 135,650 | ||||||
| Simpson Manufacturing Co., Inc. | 783 | 129,845 | ||||||
| 396,689 | ||||||||
| Chemicals - 2.4% | ||||||||
| Dow, Inc. | 19,257 | 772,784 | ||||||
| Linde PLC | 787 | 329,493 | ||||||
| 1,102,277 | ||||||||
| Coal - 0.2% | ||||||||
| Alliance Resource Partners LP | 3,576 | 94,013 | ||||||
| Commercial Services - 1.9% | ||||||||
| PayPal Holdings, Inc. (a) | 6,550 | 559,043 | ||||||
| Quanta Services, Inc. | 246 | 77,748 | ||||||
| Robert Half, Inc. | 1,384 | 97,517 | ||||||
| Valvoline, Inc. (a) | 3,685 | 133,323 | ||||||
| 867,631 | ||||||||
| Computers - 4.3% | ||||||||
| Accenture PLC - Class A | 3,092 | 1,087,735 | ||||||
| Apple, Inc. | 1,161 | 290,738 | ||||||
| Crowdstrike Holdings, Inc. - Class A (a) | 240 | 82,118 | ||||||
| EPAM Systems, Inc. (a) | 1,152 | 269,361 | ||||||
| Fortinet, Inc. (a) | 1,497 | 141,436 | ||||||
| Insight Enterprises, Inc. (a) | 785 | 119,398 | ||||||
| 1,990,786 | ||||||||
| Distribution & Wholesale - 0.2% | ||||||||
| Core & Main, Inc. - Class A (a) | 2,184 | 111,187 | ||||||
| Diversified Financial Services - 5.0% | ||||||||
| AerCap Holdings NV | 4,072 | 389,691 | ||||||
| Blackrock, Inc. | 67 | 68,682 | ||||||
| Capital One Financial Corp. | 1,892 | 337,382 | ||||||
| Charles Schwab Corp. | 4,443 | 328,827 | ||||||
| Discover Financial Services | 858 | 148,631 | ||||||
| Houlihan Lokey, Inc. | 785 | 136,323 | ||||||
| Mastercard, Inc. - Class A | 555 | 292,246 | ||||||
| Stifel Financial Corp. | 2,542 | 269,655 | ||||||
| Visa, Inc. - Class A | 1,044 | 329,946 | ||||||
| 2,301,383 | ||||||||
| Electric - 1.1% | ||||||||
| Dominion Energy, Inc. | 4,930 | 265,530 | ||||||
| NextEra Energy, Inc. | 3,673 | 263,317 | ||||||
| 528,847 | ||||||||
| Electrical Components & Equipment - 0.7% | ||||||||
| Emerson Electric Co. | 2,723 | 337,462 | ||||||
| Nuvve Holding Corp. (a)(b) | 0 | 0 | ||||||
| 337,462 | ||||||||
| Electronics - 2.1% | ||||||||
| Arrow Electronics, Inc. (a) | 781 | 88,347 | ||||||
| Honeywell International, Inc. | 1,180 | 266,550 | ||||||
| nVent Electric PLC | 2,040 | 139,047 | ||||||
| Plexus Corp. (a) | 782 | 122,367 | ||||||
| Sensata Technologies Holding PLC | 2,723 | 74,610 | ||||||
| Woodward, Inc. | 1,688 | 280,917 | ||||||
| 971,838 | ||||||||
| Engineering & Construction - 3.4% | ||||||||
| Comfort Systems USA, Inc. | 3,678 | 1,559,693 | ||||||
| Environmental Control - 0.1% | ||||||||
| Waste Management, Inc. | 300 | 60,537 | ||||||
| Food - 2.1% | ||||||||
| Kraft Heinz Co. | 2,489 | 76,437 | ||||||
| Tyson Foods, Inc. - Class A | 15,379 | 883,370 | ||||||
| 959,807 | ||||||||
| Food Service - 0.5% | ||||||||
| Aramark | 5,940 | 221,621 | ||||||
| Gas - 1.5% | ||||||||
| National Fuel Gas Co. | 11,662 | 707,650 | ||||||
| Healthcare-Products - 0.8% | ||||||||
| Boston Scientific Corp. (a) | 2,612 | 233,304 | ||||||
| Danaher Corp. | 269 | 61,749 | ||||||
| Thermo Fisher Scientific, Inc. | 130 | 67,630 | ||||||
| 362,683 |
| Healthcare-Services - 2.4% | ||||||||
| Elevance Health, Inc. | 1,266 | 467,027 | ||||||
| Humana, Inc. | 557 | 141,317 | ||||||
| IQVIA Holdings, Inc. (a) | 544 | 106,901 | ||||||
| UnitedHealth Group, Inc. | 794 | 401,653 | ||||||
| 1,116,898 | ||||||||
| Home Builders - 0.1% | ||||||||
| LGI Homes, Inc. (a) | 720 | 64,368 | ||||||
| Household Products & Wares - 0.4% | ||||||||
| Clorox Co. | 1,261 | 204,799 | ||||||
| Insurance - 4.5% | ||||||||
| Allstate Corp. | 5,403 | 1,041,644 | ||||||
| Chubb Ltd. | 542 | 149,755 | ||||||
| Equitable Holdings, Inc. | 5,320 | 250,944 | ||||||
| Marsh & McLennan Cos., Inc. | 782 | 166,105 | ||||||
| Primerica, Inc. | 605 | 164,209 | ||||||
| Willis Towers Watson PLC | 965 | 302,277 | ||||||
| 2,074,934 | ||||||||
| Internet - 2.4% | ||||||||
| Amazon.com, Inc. (a) | 1,694 | 371,647 | ||||||
| ePlus, Inc. (a) | 1,021 | 75,431 | ||||||
| Gen Digital, Inc. | 6,396 | 175,123 | ||||||
| Meta Platforms, Inc. - Class A | 538 | 315,004 | ||||||
| Uber Technologies, Inc. (a) | 2,484 | 149,835 | ||||||
| 1,087,040 | ||||||||
| Iron & Steel - 1.2% | ||||||||
| Cleveland-Cliffs, Inc. (a) | 27,182 | 255,510 | ||||||
| Nucor Corp. | 1,266 | 147,755 | ||||||
| United States Steel Corp. | 4,915 | 167,061 | ||||||
| 570,326 | ||||||||
| Lodging - 0.8% | ||||||||
| Hilton Worldwide Holdings, Inc. | 260 | 64,262 | ||||||
| Las Vegas Sands Corp. | 6,098 | 313,193 | ||||||
| 377,455 | ||||||||
| Machinery-Construction & Mining - 0.6% | ||||||||
| Oshkosh Corp. | 2,871 | 272,946 | ||||||
| Machinery-Diversified - 1.2% | ||||||||
| Applied Industrial Technologies, Inc. | 484 | 115,903 | ||||||
| Dover Corp. | 484 | 90,798 | ||||||
| Gates Industrial Corp. PLC (a) | 3,616 | 74,381 | ||||||
| Rockwell Automation, Inc. | 912 | 260,641 | ||||||
| 541,723 | ||||||||
| Media - 1.5% | ||||||||
| Charter Communications, Inc. - Class A (a) | 1,077 | 369,163 | ||||||
| Liberty Broadband Corp. - Class C (a) | 1,084 | 81,040 | ||||||
| Walt Disney Co. | 961 | 107,007 | ||||||
| Warner Bros Discovery, Inc. (a) | 12,805 | 135,349 | ||||||
| 692,559 | ||||||||
| Mining - 0.6% | ||||||||
| Alcoa Corp. | 2,376 | 89,765 | ||||||
| Barrick Gold Corp. | 7,120 | 110,360 | ||||||
| Freeport-McMoRan, Inc. | 2,040 | 77,683 | ||||||
| 277,808 |
| Miscellaneous Manufacturing - 0.4% | ||||||||
| 3M Co. | 422 | 54,476 | ||||||
| Donaldson Co., Inc. | 1,621 | 109,174 | ||||||
| 163,650 | ||||||||
| Oil & Gas - 6.0% | ||||||||
| Chevron Corp. | 6,921 | 1,002,438 | ||||||
| ConocoPhillips | 8,345 | 827,574 | ||||||
| Devon Energy Corp. | 3,719 | 121,723 | ||||||
| Exxon Mobil Corp. | 983 | 105,741 | ||||||
| Occidental Petroleum Corp. | 3,033 | 149,860 | ||||||
| Phillips 66 | 365 | 41,584 | ||||||
| Shell PLC - ADR | 8,261 | 517,552 | ||||||
| 2,766,472 | ||||||||
| Packaging & Containers - 0.5% | ||||||||
| AptarGroup, Inc. | 605 | 95,046 | ||||||
| TriMas Corp. | 5,019 | 123,417 | ||||||
| 218,463 | ||||||||
| Pharmaceuticals - 2.1% | ||||||||
| AbbVie, Inc. | 481 | 85,474 | ||||||
| AstraZeneca PLC - ADR | 667 | 43,702 | ||||||
| Henry Schein, Inc. (a) | 2,152 | 148,918 | ||||||
| Johnson & Johnson | 3,559 | 514,703 | ||||||
| Neurocrine Biosciences, Inc. (a) | 600 | 81,900 | ||||||
| Novo Nordisk AS - ADR | 1,358 | 116,815 | ||||||
| 991,512 | ||||||||
| Pipelines - 2.3% | ||||||||
| Energy Transfer LP | 13,295 | 260,449 | ||||||
| NGL Energy Partners LP (a) | 48,743 | 243,228 | ||||||
| ONEOK, Inc. | 1,507 | 151,303 | ||||||
| Williams Cos., Inc. | 7,851 | 424,896 | ||||||
| 1,079,876 | ||||||||
| Private Equity - 0.2% | ||||||||
| KKR & Co., Inc. | 540 | 79,871 | ||||||
| Retail - 6.3% | ||||||||
| Bath & Body Works, Inc. | 11,191 | 433,875 | ||||||
| Beacon Roofing Supply, Inc. (a) | 1,801 | 182,946 | ||||||
| BJ's Wholesale Club Holdings, Inc. (a) | 2,720 | 243,032 | ||||||
| Costco Wholesale Corp. | 479 | 438,893 | ||||||
| Dollar Tree, Inc. (a) | 2,106 | 157,824 | ||||||
| FirstCash Holdings, Inc. | 2,278 | 236,001 | ||||||
| Home Depot, Inc. | 1,024 | 398,326 | ||||||
| O'Reilly Automotive, Inc. (a) | 299 | 354,554 | ||||||
| Penske Automotive Group, Inc. | 485 | 73,933 | ||||||
| Starbucks Corp. | 1,150 | 104,937 | ||||||
| Suburban Propane Partners LP | 12,331 | 212,093 | ||||||
| TJX Cos., Inc. | 485 | 58,593 | ||||||
| 2,895,007 | ||||||||
| Semiconductors - 9.5% | ||||||||
| Advanced Micro Devices, Inc. (a) | 1,158 | 139,875 | ||||||
| Applied Materials, Inc. | 369 | 60,010 | ||||||
| ASML Holding NV | 714 | 494,859 | ||||||
| Broadcom, Inc. | 1,621 | 375,813 | ||||||
| Entegris, Inc. | 1,082 | 107,183 | ||||||
| Intel Corp. | 43,630 | 874,781 | ||||||
| KLA Corp. | 91 | 57,341 | ||||||
| NVIDIA Corp. | 11,940 | 1,603,423 | ||||||
| QUALCOMM, Inc. | 669 | 102,772 | ||||||
| Texas Instruments, Inc. | 3,144 | 589,531 | ||||||
| 4,405,588 |
| Software - 7.5% | ||||||||
| Adobe, Inc. (a) | 197 | 87,602 | ||||||
| Autodesk, Inc. (a) | 664 | 196,258 | ||||||
| Cadence Design Systems, Inc. (a) | 782 | 234,960 | ||||||
| Fidelity National Information Services, Inc. | 13,073 | 1,055,906 | ||||||
| Intuit, Inc. | 415 | 260,827 | ||||||
| Microsoft Corp. | 1,417 | 597,265 | ||||||
| Oracle Corp. | 423 | 70,489 | ||||||
| Progress Software Corp. | 1,142 | 74,401 | ||||||
| PTC, Inc. (a) | 480 | 88,258 | ||||||
| SAP SE - ADR | 1,484 | 365,376 | ||||||
| ServiceNow, Inc. (a) | 180 | 190,822 | ||||||
| Workday, Inc. - Class A (a) | 921 | 237,646 | ||||||
| 3,459,810 | ||||||||
| Telecommunications - 5.3% | ||||||||
| Arista Networks, Inc. (a) | 9,598 | 1,060,867 | ||||||
| AT&T, Inc. | 48,911 | 1,113,703 | ||||||
| Cisco Systems, Inc. | 1,747 | 103,422 | ||||||
| T-Mobile US, Inc. | 842 | 185,855 | ||||||
| 2,463,847 | ||||||||
| Transportation - 0.9% | ||||||||
| FedEx Corp. | 1,441 | 405,397 | ||||||
| TOTAL COMMON STOCKS (Cost $42,481,763) | 44,635,965 | |||||||
| REAL ESTATE INVESTMENT TRUSTS - 2.5% | ||||||||
| REITS - 2.5% | ||||||||
| Simon Property Group, Inc. | 6,618 | 1,139,686 | ||||||
| TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $1,034,871) | 1,139,686 | |||||||
| CLOSED END FUNDS - 0.1% | ||||||||
| Hercules Capital, Inc. | 3,388 | 68,065 | ||||||
| TOTAL CLOSED END FUNDS (Cost $66,162) | 68,065 | |||||||
| SHORT-TERM INVESTMENTS - 0.7% | ||||||||
| Money Market Funds - 0.7% | ||||||||
| First American Government Obligations Fund - Class X, 4.41% (c) | 315,161 | 315,161 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $315,161) | 315,161 | |||||||
| TOTAL INVESTMENTS - 100.0% (Cost $43,897,957) | 46,158,877 | |||||||
| Other Assets in Excess of Liabilities - 0.0% (d) | 2,262 | |||||||
| TOTAL NET ASSETS - 100.0% | $ | 46,161,139 |
Percentages are stated as a percent of net assets. –%
| ADR - American Depositary Receipt |
| PLC - Public Limited Company |
| (a) | Non-income producing security. |
| (b) | Amount represenets less than $0.50. |
| (c) | The rate shown represents the 7-day annualized effective yield as of December 31, 2024. |
| (d) | Represents less than 0.05% of net assets. |
Summary of Fair Value Disclosure as of December 31, 2024 (Unaudited)
Unusual Whales Subversive Republican Trading 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 | $ | 44,635,965 | $ | — | $ | — | $ | 44,635,965 | ||||||||
| Real Estate Investment Trusts | 1,139,686 | — | — | 1,139,686 | ||||||||||||
| Closed End Funds | 68,065 | — | — | 68,065 | ||||||||||||
| Money Market Funds | 315,161 | — | — | 315,161 | ||||||||||||
| Total Investments | $ | 46,158,877 | $ | — | $ | — | $ | 46,158,877 | ||||||||
Refer to the Schedule of Investments for further disaggregation of investment categories.