FM FOCUS EQUITY ETF
SCHEDULE OF INVESTMENTS (Unaudited)
May 31, 2025
 
Shares             Fair Value
    COMMON STOCKS — 92.4%      
    APPAREL & TEXTILE PRODUCTS - 0.5%      
7,935   NIKE, Inc., Class B       $ 480,782
             
    ASSET MANAGEMENT - 6.1%      
50,532   KKR & Company, Inc.         6,137,617
             
    BIOTECH & PHARMA - 1.0%      
1,344   Eli Lilly & Company         991,428
             
    CHEMICALS - 4.5%      
9,770   Linde PLC         4,568,257
             
    DIVERSIFIED INDUSTRIALS - 6.4%      
26,318   General Electric Company         6,471,860
             
    E-COMMERCE DISCRETIONARY - 1.1%      
5,240   Amazon.com, Inc.(a)         1,074,252
             
    ELECTRICAL EQUIPMENT - 1.9%      
3,935   GE Vernova, LLC         1,861,176
             
    ENTERTAINMENT CONTENT - 4.4%      
19,779   Take-Two Interactive Software, Inc.(a)         4,475,592
             
    INSURANCE - 10.1%      
8   Berkshire Hathaway, Inc., Class A(a)         6,059,200
10,151   Chubb Ltd.         3,016,877
2,260   Kinsale Capital Group, Inc.         1,066,697
             

10,142,774

    INTERNET MEDIA & SERVICES - 3.0%      
1,868   Alphabet, Inc., Class A         320,810
5,944   Alphabet, Inc., Class C         1,027,420
2,620   Meta Platforms, Inc., Class A         1,696,425
             

3,044,655

 
 

 

FM FOCUS EQUITY ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
May 31, 2025
 
Shares             Fair Value
    COMMON STOCKS — 92.4% (Continued)      
    LEISURE FACILITIES & SERVICES - 1.5%      
18,182   Starbucks Corporation       $ 1,526,379
             
    MACHINERY - 4.6%      
46,145   Veralto Corporation         4,662,029
             
    MEDICAL EQUIPMENT & DEVICES - 2.7%      
12,100   Danaher Corporation         2,297,790
2,121   West Pharmaceutical Services, Inc.         447,213
             

2,745,003

    RETAIL - DISCRETIONARY - 10.6%      
710   AutoZone, Inc.(a)         2,650,458
15,029   Lowe's Companies, Inc.         3,392,496
3,413   O'Reilly Automotive, Inc.(a)         4,667,278
             

10,710,232

    SEMICONDUCTORS - 10.3%      
18,100   Applied Materials, Inc.         2,837,175
21,147   Broadcom, Inc.         5,119,055
93,979   Intel Corporation         1,837,289
4,461   NVIDIA Corporation         602,815
             

10,396,334

    SOFTWARE - 19.5%      
6,060   ANSYS, Inc.(a)         2,004,769
45,445   Blackline, Inc.(a)         2,541,739
15,393   Microsoft Corporation         7,086,322
22,648   Oracle Corporation         3,748,923
16,125   Salesforce, Inc.         4,279,091
             

19,660,844

    TECHNOLOGY SERVICES - 2.2%      
4,423   S&P Global, Inc.         2,268,380
             
             
 
 

 

FM FOCUS EQUITY ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
May 31, 2025
 
Shares             Fair Value
    COMMON STOCKS — 92.4% (Continued)      
    TRANSPORTATION & LOGISTICS – 2.0%      
    8,853   Union Pacific Corporation           $ 1,962,356    
               
    TOTAL COMMON STOCKS (Cost $72,388,199)    

93,179,950

               
    SHORT-TERM INVESTMENT — 7.7%      
    MONEY MARKET FUND - 7.7%      
7,741,555   Goldman Sachs Financial Square Government Fund, Institutional Shares, 4.20% (Cost $7,741,555)(b)     7,741,555
               
    TOTAL INVESTMENTS - 100.1% (Cost $80,129,754)     $ 100,921,505
    LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%    

(93,708)

    NET ASSETS - 100.0%        

$ 100,827,797

           
               
 

 

 

 

(a) Non-income producing security.
(b) Rate disclosed is the seven day effective yield as of May 31, 2025.