MARKETDESK FOCUSED U.S. MOMENTUM ETF
SCHEDULE OF INVESTMENTS
April 30, 2025 (Unaudited)

COMMON STOCKS - 99.9%						Shares						Value
Application Software - 3.3%
Roper Technologies, Inc.						866						$	485,029
Automotive Retail - 6.7%
AutoZone, Inc. (a)						131						492,901
O'Reilly Automotive, Inc. (a)						347						491,074
												983,975
Consumer Staples Merchandise Retail - 3.3%
BJ's Wholesale Club Holdings, Inc. (a)						4,133						485,875
Environmental & Facilities Services - 6.7%
Republic Services, Inc.						1,953						489,715
Waste Management, Inc.						2,108						491,923
												981,638
Financial Exchanges & Data - 6.8%
Cboe Global Markets, Inc.						2,231						494,836
CME Group, Inc.						1,781						493,479
												988,315
Food Retail - 6.6%
Albertsons Cos., Inc. - Class A						21,757						478,219
Kroger Co.						6,761						488,212
												966,431
Health Care Distributors - 10.0%
Cardinal Health, Inc.						3,440						486,038
Cencora, Inc.						1,658						485,247
McKesson Corp.						683						486,835
												1,458,120
Health Care Facilities - 3.3%
Encompass Health Corp.						4,155						486,093
Health Care Services - 3.4%
CVS Health Corp.						7,403						493,854
Industrial Machinery & Supplies & Components - 3.3%
Otis Worldwide Corp.						5,060						487,126

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MARKETDESK FOCUSED U.S. MOMENTUM ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
April 30, 2025 (Unaudited)

COMMON STOCKS - 99.9% (CONTINUED)						Shares						Value
Insurance Brokers - 13.4%
Aon PLC - Class A						1,372						$	486,772
Arthur J Gallagher & Co.						1,511						484,563
Brown & Brown, Inc.						4,460						493,276
Marsh & McLennan Cos., Inc.						2,173						489,946
												1,954,557
Interactive Home Entertainment - 3.2%
Electronic Arts, Inc.						3,265						473,719
IT Consulting & Other Services - 3.3%
International Business Machines Corp.						2,011						486,300
Movies & Entertainment - 3.3%
Netflix, Inc. (a)						432						488,903
Multi-Sector Holdings - 3.3%
Berkshire Hathaway, Inc. - Class B (a)						898						478,859
Property & Casualty Insurance - 10.0%
Axis Capital Holdings Ltd.						5,008						482,370
Progressive Corp.						1,749						492,763
W R Berkley Corp.						6,769						485,270
												1,460,403
Tobacco - 3.3%
Philip Morris International, Inc.						2,814						482,207
Transaction & Payment Processing Services - 6.7%
Mastercard, Inc. - Class A						892						488,870
Visa, Inc. - Class A						1,408						486,464
												975,334
TOTAL COMMON STOCKS (Cost $14,527,785)												14,616,738
SHORT-TERM INVESTMENTS - 0.1%
Money Market Funds - 0.1%
First American Government Obligations Fund - Class X, 4.25% (b)						18,224						18,224
TOTAL SHORT-TERM INVESTMENTS (Cost $18,224)												18,224
TOTAL INVESTMENTS - 100.0% (Cost $14,546,009)												$	14,634,962
Other Assets in Excess of Liabilities - 0.0% (c)												2,380
TOTAL NET ASSETS - 100.0%												$	14,637,342

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MARKETDESK FOCUSED U.S. MOMENTUM ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
April 30, 2025 (Unaudited)

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

(a)						Non-income producing security.
(b)						The rate shown represents the 7-day annualized effective yield as of April 30, 2025.
(c)						Represents less than 0.05% of net assets.

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services.

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MARKETDESK FOCUSED U.S. MOMENTUM ETF

Summary of Fair Value Disclosures as of April 30, 2025 (Unaudited)

MarketDesk Focused U.S. Momentum ETF (the “Fund”) 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 April 30, 2025:

DESCRIPTION						LEVEL 1						LEVEL 2						LEVEL 3						TOTAL
Assets
Common Stocks						$	14,616,738					$	—					$	—					$	14,616,738
Money Market Funds						18,224						—						—						18,224
Total Investments						$	14,634,962					$	—					$	—					$	14,634,962

 

Refer to the Schedule of Investments for further disaggregation of investment categories.

During the fiscal period ended April 30, 2025, the Fund did not invest in any Level 3 investments and recognized no transfers to/from Level 3. Transfers between levels are recognized at the end of the reporting period.

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