RBB Fund NPORT-P F/m 10-Year Investment Grade Corporate Bond ETF (Nov 2024 report)

F/m 10-Year Investment Grade Corporate Bond ETF
Schedule of Investments
November 30, 2024 (Unaudited)
CORPORATE BONDS - 98.1%	Par		Value
Communications - 5.1%
America Movil SAB de CV, 6.38%, 03/01/2035	$	225,000	$	245,518
AT&T, Inc., 4.50%, 05/15/2035		239,000		227,107
Charter Communications Operating LLC / Charter Communications Operating Capital, 6.55%, 06/01/2034 (a)		227,000		237,965
Comcast Corp., 5.30%, 06/01/2034		231,000		237,003
Cox Communications, Inc., 5.45%, 09/01/2034 (b)		235,000		232,267
Meta Platforms, Inc., 4.75%, 08/15/2034		234,000		233,938
Netflix, Inc., 4.90%, 08/15/2034		249,000		250,578
Omnicom Group, Inc., 5.30%, 11/01/2034		249,000		251,989
T-Mobile USA, Inc., 4.70%, 01/15/2035		238,000		230,803
Uber Technologies, Inc., 4.80%, 09/15/2034		237,000		231,997
Verizon Communications, Inc., 4.78%, 02/15/2035 (b)		237,000		231,086
Videotron Ltd., 5.70%, 01/15/2035 (b)		248,000		250,925
Walt Disney Co., 6.20%, 12/15/2034		222,000		247,607
				3,108,783
Consumer Discretionary - 7.1%
Alibaba Group Holding Ltd., 5.25%, 05/26/2035 (b)		245,000		245,636
Amazon.com, Inc., 4.80%, 12/05/2034		232,000		235,477
Automatic Data Processing, Inc., 4.45%, 09/09/2034		237,000		230,394
AutoZone, Inc., 5.40%, 07/15/2034		248,000		251,528
BorgWarner, Inc., 5.40%, 08/15/2034 (a)		233,000		234,929
Choice Hotels International, Inc., 5.85%, 08/01/2034		231,000		235,960
Cornell University, 4.84%, 06/15/2034		248,000		250,484
DR Horton, Inc., 5.00%, 10/15/2034		236,000		232,787
ERAC USA Finance LLC, 5.20%, 10/30/2034 (b)		235,000		238,362
Ferguson Enterprises, Inc., 5.00%, 10/03/2034		237,000		232,228
General Motors Financial Co., Inc., 5.45%, 09/06/2034		234,000		233,988
Home Depot, Inc., 4.95%, 06/25/2034		248,000		250,443
Hyatt Hotels Corp., 5.50%, 06/30/2034		248,000		249,828
Las Vegas Sands Corp., 6.20%, 08/15/2034 (a)		231,000		237,288
Marriott International, Inc./MD, 5.35%, 03/15/2035		249,000		251,065
O'Reilly Automotive, Inc., 5.00%, 08/19/2034		235,000		232,353
President and Fellows of Harvard College, 4.61%, 02/15/2035 (a)		234,000		234,569
PulteGroup, Inc., 6.00%, 02/15/2035		261,000		277,149
				4,354,468
Consumer Staples - 6.2%
Anheuser-Busch InBev Worldwide, Inc., 5.00%, 06/15/2034		232,000		236,227
Bunge Ltd. Finance Corp., 4.65%, 09/17/2034		238,000		230,495
Coca-Cola Co., 4.65%, 08/14/2034		236,000		235,354
Coca-Cola Consolidated, Inc., 5.45%, 06/01/2034		231,000		237,570
Diageo Investment Corp., 7.45%, 04/15/2035		218,000		260,195
General Mills, Inc., 5.25%, 01/30/2035		252,000		254,498
J M Smucker Co., 4.25%, 03/15/2035		243,000		226,131
Kroger Co., 5.00%, 09/15/2034		235,000		233,607
McCormick & Co., Inc./MD, 4.70%, 10/15/2034		238,000		230,459
Mondelez International, Inc., 4.75%, 08/28/2034		236,000		231,596
PepsiCo, Inc., 4.80%, 07/17/2034		249,000		250,567
Philip Morris International, Inc., 4.90%, 11/01/2034		238,000		234,952
Procter & Gamble Co., 4.55%, 10/24/2034		251,000		251,714
Target Corp., 4.50%, 09/15/2034		237,000		230,390
The Campbell's Co., 4.75%, 03/23/2035		238,000		230,054
Tyson Foods, Inc., 4.88%, 08/15/2034		237,000		231,764
				3,805,573
Energy - 11.6%
Boardwalk Pipelines LP, 5.63%, 08/01/2034		248,000		252,663
BP Capital Markets America, Inc., 5.23%, 11/17/2034		235,000		238,482
Cameron LNG LLC, 3.30%, 01/15/2035 (b)		253,000		214,942
Canadian Natural Resources Ltd., 5.85%, 02/01/2035		232,000		239,011
Cheniere Energy Partners LP, 5.75%, 08/15/2034 (b)		231,000		235,818
CNOOC Petroleum North America ULC, 5.88%, 03/10/2035		208,000		229,350
Devon Energy Corp., 5.20%, 09/15/2034		237,000		231,538
DT Midstream, Inc., 5.80%, 12/15/2034 (b)		245,000		249,325
Enbridge, Inc., 7.20% to 06/27/2034 then 5 yr. CMT Rate + 2.97%, 06/27/2054		228,000		236,734
Energy Transfer LP, 5.60%, 09/01/2034		233,000		237,604
EnLink Midstream LLC, 5.65%, 09/01/2034		248,000		252,205
Enterprise Products Operating LLC, 4.95%, 02/15/2035		234,000		232,653
EOG Resources, Inc., 3.90%, 04/01/2035		245,000		224,265
Expand Energy Corp., 5.70%, 01/15/2035		250,000		253,243
Helmerich & Payne, Inc., 5.50%, 12/01/2034 (b)		238,000		230,893
Kinder Morgan, Inc., 5.30%, 12/01/2034		232,000		232,464
MPLX LP, 5.50%, 06/01/2034		247,000		249,843
Occidental Petroleum Corp., 5.55%, 10/01/2034 (a)		234,000		232,676
ONEOK, Inc., 5.05%, 11/01/2034		236,000		232,607
Ovintiv, Inc., 6.50%, 08/15/2034		227,000		241,223
Phillips 66, 4.65%, 11/15/2034		240,000		230,378
Plains All American Pipeline LP / PAA Finance Corp., 5.70%, 09/15/2034		230,000		236,023
Schlumberger Investment SA, 5.00%, 06/01/2034		248,000		249,555
Shell Finance US, Inc., 4.13%, 05/11/2035		241,000		227,088
South Bow USA Infrastructure Holdings LLC, 5.58%, 10/01/2034 (a)(b)		234,000		233,949
Suncor Energy, Inc., 5.95%, 12/01/2034		227,000		240,249
Targa Resources Corp., 5.50%, 02/15/2035		232,000		235,428
TotalEnergies Capital SA, 4.72%, 09/10/2034		236,000		232,973
Western Midstream Operating LP, 5.45%, 11/15/2034		235,000		233,074
Whistler Pipeline LLC, 5.95%, 09/30/2034 (b)		232,000		238,125
				7,104,381
Financials - 28.8%
Affiliated Managers Group, Inc., 5.50%, 08/20/2034		234,000		235,043
Agree LP, 5.63%, 06/15/2034		231,000		236,936
Alexandria Real Estate Equities, Inc., 4.75%, 04/15/2035		240,000		231,478
Allstate Corp., 5.55%, 05/09/2035		232,000		241,910
Ally Financial, Inc., 6.18% to 07/26/2034 then SOFR + 2.29%, 07/26/2035		233,000		236,100
American Assets Trust LP, 6.15%, 10/01/2034		234,000		237,397
American Express Co., 5.28% to 07/26/2034 then SOFR + 1.42%, 07/26/2035		232,000		235,255
American Homes 4 Rent LP, 5.50%, 07/15/2034		248,000		251,501
American International Group, Inc., 3.88%, 01/15/2035		246,000		223,112
American Tower Corp., 5.40%, 01/31/2035		236,000		239,543
Americold Realty Operating Partnership LP, 5.41%, 09/12/2034		236,000		232,649
Apollo Global Management, Inc., 6.00% to 12/15/2034 then 5 yr. CMT Rate + 2.17%, 12/15/2054		234,000		234,189
Arthur J Gallagher & Co., 5.45%, 07/15/2034		232,000		238,014
Athene Holding Ltd., 6.63% to 10/15/2034 then 5 yr. CMT Rate + 2.61%, 10/15/2054		251,000		251,041
AvalonBay Communities, Inc., 5.35%, 06/01/2034		231,000		237,746
Bank of America Corp., 5.52% to 10/25/2034 then SOFR + 1.74%, 10/25/2035 (a)		235,000		236,078
Bank of New York Mellon Corp., 5.23% to 11/20/2034 then SOFR + 1.25%, 11/20/2035		251,000		256,013
Barclays PLC, 5.34% to 09/10/2034 then SOFR + 1.91%, 09/10/2035		250,000		246,637
BlackRock Funding, Inc., 4.90%, 01/08/2035		249,000		251,403
Blackstone Private Credit Fund, 6.00%, 11/22/2034 (b)		236,000		235,234
BNP Paribas SA, 5.91% to 11/19/2034 then SOFR + 1.92%, 11/19/2035 (b)		245,000		244,522
Boston Properties LP, 5.75%, 01/15/2035		234,000		234,777
Brixmor Operating Partnership LP, 5.75%, 02/15/2035		231,000		238,972
Brookfield Finance, Inc., 5.68%, 01/15/2035		231,000		238,458
Brown & Brown, Inc., 5.65%, 06/11/2034		231,000		237,797
Capital One Financial Corp., 5.88% to 07/26/2034 then SOFR + 1.99%, 07/26/2035		230,000		236,991
CBRE Services, Inc., 5.95%, 08/15/2034		230,000		242,510
Cincinnati Financial Corp., 6.13%, 11/01/2034		228,000		244,749
Citigroup, Inc., 5.45% to 06/11/2034 then SOFR + 1.45%, 06/11/2035		231,000		236,202
CNO Financial Group, Inc., 6.45%, 06/15/2034		227,000		238,948
Corebridge Financial, Inc., 6.38% to 09/15/2034 then 5 yr. CMT Rate + 2.65%, 09/15/2054		249,000		249,864
Cousins Properties LP, 5.88%, 10/01/2034		249,000		254,104
Crown Castle, Inc., 5.20%, 09/01/2034		235,000		233,535
Equinix Europe 2 Financing Corp. LLC, 5.50%, 06/15/2034		231,000		236,678
ERP Operating LP, 4.65%, 09/15/2034		238,000		231,347
Extra Space Storage LP, 5.35%, 01/15/2035		234,000		235,354
F&G Annuities & Life, Inc., 6.25%, 10/04/2034		235,000		233,885
First American Financial Corp., 5.45%, 09/30/2034		236,000		233,521
Fiserv, Inc., 5.15%, 08/12/2034		234,000		234,367
Globe Life, Inc., 5.85%, 09/15/2034		232,000		238,772
GLP Capital LP / GLP Financing II, Inc., 5.63%, 09/15/2034 (a)		249,000		250,471
Goldman Sachs Group, Inc., 5.02% to 10/23/2034 then SOFR + 1.42%, 10/23/2035		236,000		233,236
Goodman US Finance Six LLC, 5.13%, 10/07/2034 (b)		236,000		233,667
HA Sustainable Infrastructure Capital, Inc., 6.38%, 07/01/2034 (b)		232,000		233,525
Host Hotels & Resorts LP, 5.50%, 04/15/2035		234,000		235,032
Huntington Bancshares, Inc./OH, 6.14% to 11/18/2034 then 5 yr. CMT Rate + 1.70%, 11/18/2039		235,000		240,902
Invitation Homes Operating Partnership LP, 4.88%, 02/01/2035		238,000		231,566
Janus Henderson US Holdings, Inc., 5.45%, 09/10/2034 (b)		237,000		232,762
JPMorgan Chase & Co., 5.29% to 07/22/2034 then SOFR + 1.46%, 07/22/2035		232,000		234,811
Kimco Realty OP LLC, 4.85%, 03/01/2035 (a)		237,000		231,566
Loews Corp., 6.00%, 02/01/2035		225,000		244,766
Marsh & McLennan Cos., Inc., 5.00%, 03/15/2035		236,000		237,095
Mastercard, Inc., 4.55%, 01/15/2035		237,000		231,940
MetLife, Inc., 5.30%, 12/15/2034		232,000		237,976
Morgan Stanley, 5.32% to 07/19/2034 then SOFR + 1.56%, 07/19/2035		232,000		235,377
NNN REIT, Inc., 5.50%, 06/15/2034		231,000		236,058
PayPal Holdings, Inc., 5.15%, 06/01/2034		231,000		235,336
Phillips Edison Grocery Center Operating Partnership I LP, 4.95%, 01/15/2035		238,000		230,007
PNC Financial Services Group, Inc., 5.40% to 07/23/2034 then SOFR + 1.60%, 07/23/2035		232,000		236,071
Prologis LP, 5.00%, 01/31/2035		234,000		234,005
Prologis Targeted US Logistics Fund LP, 5.25%, 01/15/2035 (b)		234,000		234,869
Regency Centers LP, 5.10%, 01/15/2035		234,000		233,342
Regions Financial Corp., 5.50% to 09/06/2034 then SOFR + 2.06%, 09/06/2035		250,000		250,975
Reinsurance Group of America, Inc., 5.75%, 09/15/2034		232,000		238,426
Safehold GL Holdings LLC, 5.65%, 01/15/2035		236,000		236,487
Santander Holdings USA, Inc., 6.34% to 05/31/2034 then SOFR + 2.14%, 05/31/2035		230,000		237,272
SBL Holdings, Inc., 7.20%, 10/30/2034 (b)		235,000		234,033
Simon Property Group LP, 4.75%, 09/26/2034 (a)		238,000		231,474
UDR, Inc., 5.13%, 09/01/2034 (a)		235,000		233,456
Ventas Realty LP, 5.00%, 01/15/2035		237,000		231,681
Voya Financial, Inc., 5.00%, 09/20/2034		237,000		230,417
Wells Fargo & Co., 5.38%, 02/07/2035		231,000		236,622
Westpac Banking Corp., 5.62% to 11/20/2034 then 1 yr. CMT Rate + 1.20%, 11/20/2035		251,000		253,851
WP Carey, Inc., 5.38%, 06/30/2034		248,000		250,197
				17,611,903
Health Care - 8.5%
AbbVie, Inc., 4.50%, 05/14/2035		239,000		230,030
Adventist Health System/West, 5.76%, 12/01/2034		231,000		236,834
Agilent Technologies, Inc., 4.75%, 09/09/2034		237,000		231,371
Bayer US Finance II LLC, 4.20%, 07/15/2034 (b)		249,000		220,694
Cardinal Health, Inc., 5.35%, 11/15/2034		252,000		254,502
CommonSpirit Health, 5.32%, 12/01/2034		231,000		234,906
CVS Health Corp., 5.70%, 06/01/2034		231,000		235,572
Elevance Health, Inc., 5.20%, 02/15/2035		251,000		252,325
Eli Lilly & Co., 4.60%, 08/14/2034		236,000		232,722
HCA, Inc., 5.45%, 09/15/2034		234,000		233,762
Health Care Service Corp. A Mutual Legal Reserve Co., 5.45%, 06/15/2034 (b)		231,000		234,749
Horizon Mutual Holdings, Inc., 6.20%, 11/15/2034 (b)		248,000		250,363
Johnson & Johnson, 4.95%, 06/01/2034		230,000		236,239
Laboratory Corp. of America Holdings, 4.80%, 10/01/2034		238,000		231,253
Medtronic, Inc., 4.38%, 03/15/2035		240,000		231,320
Novartis Capital Corp., 4.20%, 09/18/2034		241,000		230,431
Quest Diagnostics, Inc., 5.00%, 12/15/2034		235,000		232,726
Royalty Pharma PLC, 5.40%, 09/02/2034		233,000		231,871
Stryker Corp., 4.63%, 09/11/2034 (a)		237,000		231,905
UnitedHealth Group, Inc., 5.15%, 07/15/2034		232,000		236,111
Universal Health Services, Inc., 5.05%, 10/15/2034		241,000		230,982
Zimmer Biomet Holdings, Inc., 5.20%, 09/15/2034		250,000		250,568
				5,191,236
Industrials - 7.7%
Amphenol Corp., 5.00%, 01/15/2035		236,000		235,872
Boeing Co., 3.25%, 02/01/2035		260,000		209,555
Canadian National Railway Co., 4.38%, 09/18/2034		238,000		229,536
FedEx Corp., 3.90%, 02/01/2035		246,000		223,096
Honeywell International, Inc., 5.00%, 03/01/2035		233,000		235,006
Huntington Ingalls Industries, Inc., 5.75%, 01/15/2035		251,000		255,640
Ingersoll Rand, Inc., 5.45%, 06/15/2034		230,000		235,676
John Deere Capital Corp., 5.05%, 06/12/2034		231,000		235,625
Keysight Technologies, Inc., 4.95%, 10/15/2034		237,000		233,039
L3Harris Technologies, Inc., 5.35%, 06/01/2034		231,000		235,765
Lockheed Martin Corp., 4.80%, 08/15/2034		235,000		233,738
Northrop Grumman Corp., 4.90%, 06/01/2034		233,000		232,589
Parker-Hannifin Corp., 4.20%, 11/21/2034		241,000		229,348
Quanta Services, Inc., 5.25%, 08/09/2034		234,000		234,120
Republic Services, Inc., 5.20%, 11/15/2034		233,000		237,796
RTX Corp., 5.40%, 05/01/2035		231,000		237,870
Trane Technologies Financing Ltd., 5.10%, 06/13/2034		248,000		251,121
Union Pacific Corp., 3.38%, 02/01/2035		248,000		220,382
Waste Management, Inc., 4.95%, 03/15/2035		236,000		236,409
WW Grainger, Inc., 4.45%, 09/15/2034		237,000		231,860
				4,674,043
Materials - 4.7%
ArcelorMittal SA, 6.00%, 06/17/2034 (a)		228,000		237,704
Dow Chemical Co., 4.25%, 10/01/2034		243,000		226,972
Freeport-McMoRan, Inc., 5.40%, 11/14/2034		235,000		238,502
Huntsman International LLC, 5.70%, 10/15/2034		237,000		231,308
Lubrizol Corp., 6.50%, 10/01/2034		222,000		251,243
Martin Marietta Materials, Inc., 5.15%, 12/01/2034		236,000		236,481
Newmont Corp., 5.88%, 04/01/2035		230,000		243,821
Nutrien Ltd., 5.40%, 06/21/2034		232,000		236,347
Owens Corning, 5.70%, 06/15/2034		230,000		239,317
Sonoco Products Co., 5.00%, 09/01/2034		237,000		231,297
Steel Dynamics, Inc., 5.38%, 08/15/2034 (a)		232,000		235,893
Vulcan Materials Co., 5.35%, 12/01/2034		251,000		256,538
				2,865,423
Technology - 5.4%
Accenture Capital, Inc., 4.50%, 10/04/2034		239,000		232,382
AppLovin Corp., 5.50%, 12/01/2034		245,000		247,727
Broadcom, Inc., 4.80%, 10/15/2034		237,000		231,809
Cadence Design Systems, Inc., 4.70%, 09/10/2034		237,000		232,697
CDW LLC / CDW Finance Corp., 5.55%, 08/22/2034		234,000		232,879
Dell International LLC / EMC Corp., 4.85%, 02/01/2035		238,000		231,425
Hewlett Packard Enterprise Co., 5.00%, 10/15/2034		236,000		232,861
Microsoft Corp., 3.50%, 02/12/2035		244,000		226,663
Moody's Corp., 5.00%, 08/05/2034		250,000		251,222
Oracle Corp., 4.70%, 09/27/2034		238,000		231,815
QUALCOMM, Inc., 4.65%, 05/20/2035		238,000		235,227
Roper Technologies, Inc., 4.90%, 10/15/2034		236,000		231,710
Take-Two Interactive Software, Inc., 5.60%, 06/12/2034		231,000		238,082
Verisk Analytics, Inc., 5.25%, 06/05/2034		248,000		250,597
				3,307,096
Utilities - 13.0%
APA Infrastructure Ltd., 5.13%, 09/16/2034 (b)		237,000		232,972
Arizona Public Service Co., 5.70%, 08/15/2034		231,000		239,603
Baltimore Gas and Electric Co., 5.30%, 06/01/2034		230,000		235,839
Black Hills Corp., 6.00%, 01/15/2035		227,000		238,984
CenterPoint Energy Resources Corp., 5.40%, 07/01/2034		247,000		253,599
Consolidated Edison Co. of New York, Inc., 5.13%, 03/15/2035		251,000		255,222
DTE Energy Co., 5.85%, 06/01/2034		227,000		238,621
Duke Energy Corp., 5.45%, 06/15/2034		231,000		236,758
El Paso Electric Co., 6.00%, 05/15/2035		231,000		238,810
Entergy Louisiana LLC, 5.15%, 09/15/2034 (a)		249,000		251,003
Evergy Missouri West, Inc., 5.65%, 06/01/2034 (b)		230,000		238,518
Eversource Energy, 5.95%, 07/15/2034		228,000		239,274
FirstEnergy Transmission LLC, 5.00%, 01/15/2035 (b)		235,000		233,302
Florida Power & Light Co., 5.30%, 06/15/2034		230,000		237,521
Idaho Power Co., 5.20%, 08/15/2034		232,000		235,993
Interstate Power and Light Co., 4.95%, 09/30/2034		235,000		233,076
National Rural Utilities Cooperative Finance Corp., 5.00%, 08/15/2034		234,000		234,877
New York State Electric & Gas Corp., 5.30%, 08/15/2034 (b)		249,000		251,306
Niagara Energy SAC, 5.75%, 10/03/2034 (b)		250,000		245,085
Niagara Mohawk Power Corp., 4.28%, 10/01/2034 (b)		244,000		224,250
NiSource, Inc., 6.38% to 03/31/2035 then 5 yr. CMT Rate + 2.53%, 03/31/2055		249,000		250,032
Ohio Power Co., 5.65%, 06/01/2034		230,000		237,586
PPL Capital Funding, Inc., 5.25%, 09/01/2034		249,000		251,795
Public Service Electric and Gas Co., 4.85%, 08/01/2034		234,000		233,811
Puget Sound Energy, Inc., 5.33%, 06/15/2034		231,000		235,669
Southern California Edison Co., 5.20%, 06/01/2034		248,000		251,057
Southern California Gas Co., 5.05%, 09/01/2034		233,000		236,095
Southern Co., 4.85%, 03/15/2035		236,000		231,815
Spire Missouri, Inc., 5.15%, 08/15/2034		249,000		254,598
Tucson Electric Power Co., 5.20%, 09/15/2034		249,000		250,385
Virginia Electric and Power Co., 5.05%, 08/15/2034		249,000		250,107
Vistra Operations Co. LLC, 5.70%, 12/30/2034 (b)		232,000		235,460
Wisconsin Electric Power Co., 4.60%, 10/01/2034		236,000		231,644
				7,944,667
TOTAL CORPORATE BONDS (Cost $59,712,709)				59,967,573
SHORT-TERM INVESTMENTS - 2.6%			Value
Investments Purchased with Proceeds from Securities Lending - 2.0%	Units
Mount Vernon Liquid Assets Portfolio, LLC, 5.50% (c)		1,202,670		1,202,670
U.S. Treasury Bills - 0.6%	Par
0.00%, 12/03/2024 (d)		350,000		349,956
TOTAL SHORT-TERM INVESTMENTS (Cost $1,552,627)				1,552,626
TOTAL INVESTMENTS - 100.7% (Cost $61,265,336)				61,520,199
Liabilities in Excess of Other Assets - (0.7)%				(398,984	)
TOTAL NET ASSETS - 100.0%			$	61,121,215
two				–	%
Percentages are stated as a percent of net assets.				–	%

CMT - Constant Maturity Treasury Rate

PLC - Public Limited Company

SA - Sociedad Anónima

SAB de CV - Sociedad Anónima Bursátil de Capital Variable

SOFR - Secured Overnight Financing Rate

(a)	All or a portion of this security is on loan as of November 30, 2024. The total market value of these securities was $1,183,774 which represented 1.9% of net assets.
(b)	Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of November 30, 2024, the value of these securities total $6,616,639 or 10.8% of the Fund’s net assets.
(c)	The rate shown represents the 7-day annualized effective yield as of November 30, 2024.
(d)	Zero coupon bonds make no periodic interest payments.

Summary of Fair Value Disclosure as of November 30, 2024 (Unaudited)

F/m 10-Year Investment Grade Corporate Bond 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:

	Level 1		Level 2		Level 3		Total
Investments:
Corporate Bonds	$	–	$	59,967,573	$	–	$	59,967,573
Investments Purchased with Proceeds from Securities Lending(a)		–		–		–		1,202,670
U.S. Treasury Bills		–		349,956		–		349,956
Total Investments	$	–	$	60,317,529	$	–	$	61,520,199
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 $1,202,670 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.