| Clockwise Core Equity & Innovation ETF |
| Schedule of Investments |
| May 31, 2025 (Unaudited) |
| COMMON STOCKS - 86.0% | Shares | Value | ||||||
| Aerospace - 3.1% | ||||||||
| AeroVironment, Inc. (a) | 3,763 | $ | 669,927 | |||||
| Agriculture - 3.2% | ||||||||
| Philip Morris International, Inc. | 3,800 | 686,242 | ||||||
| Auto Manufacturers - 4.0% | ||||||||
| Tesla, Inc. (a) | 2,500 | 866,150 | ||||||
| Communication Equipment - 2.0% | ||||||||
| Nokia Oyj - ADR | 82,300 | 429,606 | ||||||
| Diversified Financial Services - 3.0% | ||||||||
| Visa, Inc. - Class A | 1,752 | 639,813 | ||||||
| Electric - 6.3% | ||||||||
| Dominion Energy, Inc. | 7,600 | 430,692 | ||||||
| Duke Energy Corp. | 3,939 | 463,699 | ||||||
| The Southern Co. | 5,209 | 468,810 | ||||||
| 1,363,201 | ||||||||
| Healthcare - Services - 2.1% | ||||||||
| UnitedHealth Group, Inc. | 1,500 | 452,865 | ||||||
| Home Furnishings - 2.8% | ||||||||
| SharkNinja, Inc. (a) | 6,600 | 606,738 | ||||||
| Internet - 25.0% (b) | ||||||||
| Alphabet, Inc. - Class A | 6,300 | 1,081,962 | ||||||
| Amazon.com, Inc. (a) | 5,330 | 1,092,703 | ||||||
| Meta Platforms, Inc. - Class A | 1,177 | 762,096 | ||||||
| Netflix, Inc. (a) | 553 | 667,598 | ||||||
| Robinhood Markets, Inc. - Class A (a) | 10,055 | 665,138 | ||||||
| Spotify Technology SA (a) | 1,653 | 1,099,477 | ||||||
| 5,368,974 | ||||||||
| Medical Equipment - 1.8% | ||||||||
| Intuitive Surgical, Inc. (a) | 700 | 386,638 | ||||||
| Mining - 4.9% | ||||||||
| Newmont Corp. | 19,967 | 1,052,660 | ||||||
| Pipelines - 2.0% | ||||||||
| Cheniere Energy, Inc. | 1,800 | 426,582 | ||||||
| Retail - 7.0% | ||||||||
| Costco Wholesale Corp. | 628 | 653,233 | ||||||
| Dollar General Corp. | 6,518 | 633,876 | ||||||
| Walmart, Inc. | 2,200 | 217,184 | ||||||
| 1,504,293 | ||||||||
| Semiconductors - 9.7% | ||||||||
| Advanced Micro Devices, Inc. (a) | 5,700 | 631,161 | ||||||
| Broadcom, Inc. | 873 | 211,327 | ||||||
| Lam Research Corp. | 7,400 | 597,846 | ||||||
| NVIDIA Corp. | 4,798 | 648,354 | ||||||
| 2,088,688 | ||||||||
| Software - 8.1% | ||||||||
| IREN Ltd. (a) | 24,300 | 203,877 | ||||||
| Microsoft Corp. | 973 | 447,930 | ||||||
| Oracle Corp. | 2,600 | 430,378 | ||||||
| Palantir Technologies, Inc. - Class A (a) | 5,031 | 662,985 | ||||||
| 1,745,170 | ||||||||
| Telecommunications - 1.0% | ||||||||
| Cisco Systems, Inc. | 3,300 | 208,032 | ||||||
| TOTAL COMMON STOCKS (Cost $16,719,322) | 18,495,579 | |||||||
| EXCHANGE TRADED FUNDS - 7.1% | ||||||||
| ProShares Short QQQ | 23,900 | 861,834 | ||||||
| ProShares UltraPro Short QQQ | 27,600 | 654,948 | ||||||
| TOTAL EXCHANGE TRADED FUNDS (Cost $1,531,302) | 1,516,782 | |||||||
| PREFERRED STOCKS - 6.0% | ||||||||
| Software - 6.0% | ||||||||
| MicroStrategy, Inc. | — | $ | — | |||||
| 8.00%, Perpetual (a) | 6,300 | 649,908 | ||||||
| 10.00%, Perpetual (a) | 6,200 | 642,258 | ||||||
| TOTAL PREFERRED STOCKS (Cost $1,281,242) | 1,292,166 | |||||||
| SHORT-TERM INVESTMENTS - 2.9% | ||||||||
| Money Market Funds - 2.9% | ||||||||
| First American Government Obligations Fund - Class X, 4.23% (c) | 625,034 | 625,034 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $625,034) | 625,034 | |||||||
| TOTAL INVESTMENTS - 102.0% (Cost $20,156,900) | 21,929,561 | |||||||
| Liabilities in Excess of Other Assets - (2.0)% | (421,183 | ) | ||||||
| TOTAL NET ASSETS - 100.0% | $ | 21,508,378 | ||||||
| two | –% | |||||||
| Percentages are stated as a percent of net assets. | –% |
| ADR - American Depositary Receipt |
| (a) | Non-income producing security. | |
| (b) | To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors. | |
| (c) | The rate shown represents the 7-day annualized effective yield as of May 31, 2025. |
Summary of Fair Value Disclosure as of May 31, 2025 (Unaudited)
Clockwise Core Equity & Innovation ETF (the "Fund") 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 May 31, 2025:
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Investments: | ||||||||||||||||
| Common Stocks | $ | 18,495,579 | $ | — | $ | — | $ | 18,495,579 | ||||||||
| Exchange Traded Funds | 1,516,782 | — | — | 1,516,782 | ||||||||||||
| Preferred Stocks | 1,292,166 | — | — | 1,292,166 | ||||||||||||
| Money Market Funds | 625,034 | — | — | 625,034 | ||||||||||||
| Total Investments | $ | 21,929,561 | $ | — | $ | — | $ | 21,929,561 | ||||||||
| Refer to the Schedule of Investments for further disaggregation of investment categories. | ||||||||||||||||