TUTTLE CAPITAL DAILY 2X INVERSE REGIONAL BANKS ETF
| Schedule of Investments | May 31, 2024 (unaudited) |
| Other Assets In Excess of Liabilities - 100.00% | $ | 8,068,894 | ||
| TOTAL NET ASSETS - 100.00% | $ | 8,068,894 |
SWAP CONTRACTS
EQUITY SWAP CONTRACTS
| Reference | Pay/Receive | Unrealized | |||||||||||||||||||
| Entity/ | Equity on | Financing | Pay/Receive | Termination | Notional | Appreciation | |||||||||||||||
| Counterparty | Obligation | Reference Entity | Rate | Frequency | Date | Contracts | Amount | (Depreciation) | |||||||||||||
| Clear Street Derivatives LLC | Clear Street Derivatives LLC | Pay | X.XX% (OBFR01(b) -97pbs) | Monthly | 2/7/2025 | 8,810,000 | $ | 16,090,511 | $ | (1,608,446 | ) | ||||||||||
| TOTAL EQUITY SWAP CONTRACTS | 8,810,000 | $ | 16,090,511 | $ | (1,608,446 | ) | |||||||||||||||
(a) Includes cash which is being held as collateral for total return swap contracts.
(b) OBFR01 - Overnight Bank Funding Rate, 5.25% as of May 31, 2024.
In accordance with U.S. GAAP, “fair value” is defined as the price that a Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. Various inputs are used in determining the value of a Fund’s investments. U.S. GAAP established a three-tier hierarchy of inputs to establish a classification of fair value measurements for disclosure purposes. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following summarizes the inputs used to value the Fund’s investments as of May 31, 2024:
| Level 1 | Level 2 | Level 3 | ||||||||
| Other | ||||||||||
| Significant | ||||||||||
| Quoted Prices | Observable Inputs | Total | ||||||||
| Total Return Swap Contracts | $ | (1,608,446 | ) | $ | (1,608,446 | ) | ||||