| Aztlan Global Stock Selection DM SMID ETF |
| Schedule of Investments |
| April 30, 2025 (Unaudited) |
| COMMON STOCKS - 99.8% | Shares | Value | ||||||
| Auto Manufacturers - 3.9% | ||||||||
| Blue Bird Corp.(a) | 15,804 | $ | 551,085 | |||||
| Iveco Group NV | 34,938 | 556,220 | ||||||
| 1,107,305 | ||||||||
| Banks - 4.0% | ||||||||
| Banca Monte dei Paschi di Siena SpA | 64,796 | 546,240 | ||||||
| Fukuoka Financial Group, Inc. | 21,853 | 573,595 | ||||||
| 1,119,835 | ||||||||
| Building Materials - 4.1% | ||||||||
| Griffon Corp. | 8,275 | 563,610 | ||||||
| Sanwa Holdings Corp. | 17,608 | 578,457 | ||||||
| 1,142,067 | ||||||||
| Commercial Services - 5.9% | ||||||||
| Toast, Inc. - Class A(a) | 15,480 | 550,778 | ||||||
| TriNet Group, Inc. | 7,198 | 563,819 | ||||||
| Upbound Group, Inc. | 27,315 | 543,569 | ||||||
| 1,658,166 | ||||||||
| Computers - 2.1% | ||||||||
| Indra Sistemas SA | 18,128 | 577,409 | ||||||
| Diversified Financial Services - 11.9% | ||||||||
| Enova International, Inc.(a) | 5,628 | 516,594 | ||||||
| Nordnet AB publ | 21,181 | 557,805 | ||||||
| OSB Group PLC | 89,539 | 566,892 | ||||||
| Swissquote Group Holding SA | 1,113 | 572,923 | ||||||
| Victory Capital Holdings, Inc. - Class A | 9,746 | 558,348 | ||||||
| Virtu Financial, Inc. - Class A | 14,408 | 564,073 | ||||||
| 3,336,635 | ||||||||
| Electronics - 6.0% | ||||||||
| Celestica, Inc.(a) | 6,393 | 545,624 | ||||||
| dormakaba Holding AG | 692 | 584,421 | ||||||
| SCREEN Holdings Co. Ltd. | 8,503 | 564,165 | ||||||
| 1,694,210 | ||||||||
| Engineering & Construction - 8.0% | ||||||||
| ACS Actividades de Construccion y Servicios SA | 9,026 | 565,343 | ||||||
| Comfort Systems USA, Inc. | 1,415 | 562,533 | ||||||
| HOCHTIEF AG | 2,912 | 549,497 | ||||||
| Sterling Infrastructure, Inc.(a) | 3,757 | 561,409 | ||||||
| 2,238,782 | ||||||||
| Food - 4.0% | ||||||||
| Marks & Spencer Group PLC | 108,548 | 564,002 | ||||||
| Pilgrim's Pride Corp. | 10,446 | 570,143 | ||||||
| 1,134,145 | ||||||||
| Gas - 2.0% | ||||||||
| Centrica PLC | 263,168 | 562,950 | ||||||
| Hand/Machine Tools - 2.0% | ||||||||
| Konecranes Oyj | 8,594 | 574,431 | ||||||
| Healthcare-Services - 6.0% | ||||||||
| DaVita, Inc.(a) | 3,967 | 561,529 | ||||||
| Medpace Holdings, Inc.(a) | 1,828 | 563,737 | ||||||
| Oscar Health, Inc. - Class A(a) | 42,393 | 551,533 | ||||||
| 1,676,799 | ||||||||
| Insurance - 6.0% | ||||||||
| NMI Holdings, Inc.(a) | 15,650 | 566,060 | ||||||
| Palomar Holdings, Inc.(a) | 3,778 | 547,886 | ||||||
| Skyward Specialty Insurance Group, Inc.(a) | 10,558 | 560,524 | ||||||
| 1,674,470 | ||||||||
| Leisure Time - 2.0% | ||||||||
| Round One Corp. | 90,756 | 564,998 | ||||||
| Machinery-Diversified - 2.1% | ||||||||
| Wartsila OYJ Abp | 31,267 | 577,926 | ||||||
| Media - 2.0% | ||||||||
| ITV PLC | 529,655 | 566,676 | ||||||
| Mining - 1.9% | ||||||||
| Northern Star Resources Ltd. | 44,328 | 544,006 | ||||||
| Oil & Gas - 1.9% | ||||||||
| Athabasca Oil Corp.(a) | 166,057 | 545,789 | ||||||
| Pharmaceuticals - 2.0% | ||||||||
| Suzuken Co. Ltd. | 15,763 | 571,995 | ||||||
| Retail - 12.0% | ||||||||
| Caleres, Inc. | 36,341 | 553,837 | ||||||
| Gap, Inc. | 25,688 | 562,567 | ||||||
| H2O Retailing Corp. | 41,540 | 568,176 | ||||||
| JB Hi-Fi Ltd. | 8,570 | 568,036 | ||||||
| Pandora AS | 3,777 | 559,291 | ||||||
| Skylark Holdings Co. Ltd. | 27,158 | 564,427 | ||||||
| 3,376,334 | ||||||||
| Software - 8.0% | ||||||||
| Alkami Technology, Inc.(a) | 21,173 | 565,107 | ||||||
| Clear Secure, Inc. - Class A | 22,227 | 548,562 | ||||||
| Pro Medicus Ltd. | 3,924 | 575,995 | ||||||
| TeamViewer SE(a)(b) | 37,552 | 574,998 | ||||||
| 2,264,662 | ||||||||
| Telecommunications - 2.0% | ||||||||
| Freenet AG | 13,705 | 570,821 | ||||||
| TOTAL COMMON STOCKS (Cost $26,756,172) | 28,080,411 | |||||||
| SHORT-TERM INVESTMENTS - 0.5% | ||||||||
| Money Market Funds - 0.5% | ||||||||
| First American Government Obligations Fund - Class X, 4.25%(c) | 144,834 | 144,834 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $144,834) | 144,834 | |||||||
| TOTAL INVESTMENTS - 100.3% (Cost $26,901,006) | 28,225,245 | |||||||
| Liabilities in Excess of Other Assets - (0.3)% | (74,987 | ) | ||||||
| TOTAL NET ASSETS - 100.0% | $ | 28,150,258 | ||||||
| Percentages are stated as a percent of net assets. |
| PLC - Public Limited Company |
| (a) | Non-income producing security. |
| (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 April 30, 2025, the value of these securities total $574,998 or 2.0% of the Fund’s net assets. |
| (c) | The rate shown represents the 7-day annualized effective yield as of April 30, 2025. |
Summary of Fair Value Disclosure as of April 30, 2025 (Unaudited)
Aztlan Global Stock Selection DM SMID ETF has adopted fair value accounting standards which establish a 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 valuation 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 based on the best information available.
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of April 30, 2025:
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Investments: | ||||||||||||||||
| Common Stocks | $ | 28,080,411 | $ | — | $ | — | $ | 28,080,411 | ||||||||
| Money Market Funds | 144,834 | — | — | 144,834 | ||||||||||||
| Total Investments | $ | 28,225,245 | $ | — | $ | — | $ | 28,225,245 | ||||||||
Refer to the Schedule of Investments for further disaggregation of investment categories.