F/m Opportunistic ETF | |
Schedule of Investments | |
November 30, 2024 (Unaudited) | |
| |
CORPORATE BONDS - 85.9% | Par | | Value | |
Communications - 4.5% | |
Charter Communications Operating LLC / Charter Communications Operating Capital, 3.75%, 02/15/2028 | | | 1,638,000 | | | $ | 1,572,685 | |
| | | | | | | | |
Consumer Discretionary - 13.6% | |
Ford Motor Co., 3.25%, 02/12/2032 | | | 1,843,000 | | | | 1,572,011 | |
General Motors Co., 6.60%, 04/01/2036 | | | 1,457,000 | | | | 1,575,184 | |
VF Corp., 2.95%, 04/23/2030 (a) | | | 1,885,000 | | | | 1,627,721 | |
| | | | | | | 4,774,916 | |
| | | | | | | | |
Energy - 6.9% | |
Phillips 66 Partners LP | |
3.61%, 02/15/2025 | | | 65,000 | | | | 64,726 | |
3.75%, 03/01/2028 (a) | | | 500,000 | | | | 475,481 | |
3.15%, 12/15/2029 | | | 365,000 | | | | 317,223 | |
Transcanada Trust, 5.88% to 08/15/2026 then 3 mo. LIBOR US + 4.64%, 08/15/2076 (b) | | | 1,575,000 | | | | 1,565,985 | |
| | | | | | | 2,423,415 | |
| | | | | | | | |
Finance and Insurance - 4.6% | |
Nationwide Financial Services, Inc., 6.75%, 05/15/2037 | | | 1,571,000 | | | | 1,623,897 | |
| | | | | | | | |
Financials - 14.0% | |
Bank of America Corp., 5.88% to 03/15/2028 then 3 mo. Term SOFR + 3.19%, Perpetual | | | 1,631,000 | | | | 1,640,544 | |
Blackstone Secured Lending Fund, 5.35%, 04/13/2028 | | | 1,661,000 | | | | 1,661,490 | |
JPMorgan Chase & Co., 4.60% to 02/01/2025 then 3 mo. Term SOFR + 3.13%, Perpetual | | | 1,638,000 | | | | 1,629,495 | |
| | | | | | | 4,931,529 | |
| | | | | | | | |
Health Care - 7.1% | |
Elevance Health, Inc., 4.90%, 02/08/2026 | | | 784,000 | | | | 783,962 | |
Viatris, Inc., 3.85%, 06/22/2040 | | | 2,218,000 | | | | 1,726,123 | |
| | | | | | | 2,510,085 | |
| | | | | | | | |
Industrials - 4.6% | |
Concentrix Corp., 6.85%, 08/02/2033 (a) | | | 1,575,000 | | | | 1,616,690 | |
| | | | | | | | |
Information Technology - 10.6% | |
Kyndryl Holdings, Inc., 4.10%, 10/15/2041 | | | 1,956,000 | | | | 1,605,077 | |
Nokia Oyj, 6.63%, 05/15/2039 | | | 1,445,000 | | | | 1,483,324 | |
VeriSign, Inc., 4.75%, 07/15/2027 | | | 661,000 | | | | 661,188 | |
| | | | | | | 3,749,589 | |
| | | | | | | | |
Manufacturing - 9.0% | |
Celanese US Holdings LLC, 6.33%, 07/15/2029 | | | 1,541,000 | | | | 1,592,618 | |
Dell, Inc., 6.50%, 04/15/2038 | | | 1,490,000 | | | | 1,596,607 | |
| | | | | | | 3,189,225 | |
| | | | | | | | |
Mining, Quarrying, and Oil and Gas Extraction - 3.9% | |
Freeport Minerals Corp., 9.50%, 06/01/2031 | | | 1,128,000 | | | | 1,380,897 | |
| | | | | | | | |
Professional, Scientific, and Technical Services - 4.5% | |
Leidos, Inc., 5.75%, 03/15/2033 | | | 1,525,000 | | | | 1,571,615 | |
| | | | | | | | |
Wholesale Trade - 2.6% | |
Ricoh USA, Inc., 6.75%, 12/01/2025 | | | 925,000 | | | | 912,227 | |
TOTAL CORPORATE BONDS (Cost $29,282,164) | | | | 30,256,770 | |
| | | | | | | | |
EXCHANGE TRADED FUNDS - 10.0% | Shares | | Value | |
F/m 10-Year Investment Grade Corporate Bond ETF | | | 27,670 | | | | 1,411,873 | |
F/m 2-Year Investment Grade Corporate Bond ETF | | | 795 | | | | 40,210 | |
F/m 3-Year Investment Grade Corporate Bond ETF | | | 41,200 | | | | 2,089,170 | |
TOTAL EXCHANGE TRADED FUNDS (Cost $3,506,043) | | | | 3,541,253 | |
| | | | | | | | |
PREFERRED STOCKS - 2.2% | Shares | | Value | |
Financials - 2.2% | | | | | |
AGNC Investment Corp., Series G, 7.75% to 10/15/2027 then 5 yr. CMT Rate + 4.39%, Perpetual | | | 31,400 | | | | 791,908 | |
TOTAL PREFERRED STOCKS (Cost $796,618) | | | | 791,908 | |
| | | | | | | | |
MUNICIPAL BONDS - 0.4% | Par | | Value | |
New Hampshire Business Finance Authority | |
3.25%, 04/01/2028 | | | 130,000 | | | | 92,486 | |
3.96%, 10/01/2031 | | | 40,000 | | | | 34,347 | |
TOTAL MUNICIPAL BONDS (Cost $146,722) | | | | 126,833 | |
| | | | | | | | |
SHORT-TERM INVESTMENTS - 7.0% | Units | | Value | |
Investments Purchased with Proceeds from Securities Lending - 7.0% | | | | | | | | |
Mount Vernon Liquid Assets Portfolio, LLC, 5.50% (c) | | | 2,471,150 | | | | 2,471,150 | |
TOTAL SHORT-TERM INVESTMENTS (Cost $2,471,150) | | | | 2,471,150 | |
| | | | | | | | |
TOTAL INVESTMENTS - 105.5% (Cost $36,202,697) | | | $ | 37,187,914 | |
Liabilities in Excess of Other Assets - (5.5)% | | | | (1,963,743 | ) |
TOTAL NET ASSETS - 100.0% | | | | | | $ | 35,224,171 | |
two | | | | – | % |
Percentages are stated as a percent of net assets. | | | | – | % |
| |
The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | |
F/m Opportunistic 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: