Unlimited HFND Multi-Strategy Return Tracker ETF
Consolidated Schedule of Investments
May 31, 2025 (Unaudited)
| EXCHANGE TRADED FUNDS - 49.0% | Shares | Value | ||||||
| Consumer Discretionary Select Sector SPDR Fund | 992 | $ | 212,090 | |||||
| Energy Select Sector SPDR Fund | 400 | 32,612 | ||||||
| Financial Select Sector SPDR Fund | 31,602 | 1,610,438 | ||||||
| Health Care Select Sector SPDR Fund | 171 | 22,681 | ||||||
| Industrial Select Sector SPDR Fund | 1,427 | 203,804 | ||||||
| Invesco Senior Loan ETF | 35,973 | 750,397 | ||||||
| iShares Agency Bond ETF | 18,069 | 1,971,509 | ||||||
| iShares CMBS ETF | 11,713 | 565,035 | ||||||
| iShares Convertible Bond ETF | 12,262 | 1,067,285 | ||||||
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 3,535 | 380,967 | ||||||
| iShares J.P. Morgan EM High Yield Bond ETF | 15,768 | 602,811 | ||||||
| iShares MSCI Brazil ETF | 177 | 4,816 | ||||||
| iShares MSCI China ETF | 8,191 | 432,649 | ||||||
| iShares MSCI Hong Kong ETF | 2,959 | 56,043 | ||||||
| iShares MSCI India ETF | 82 | 4,453 | ||||||
| iShares MSCI Mexico ETF | 238 | 14,320 | ||||||
| iShares MSCI South Korea ETF | 2,148 | 130,233 | ||||||
| iShares TIPS Bond ETF | 3,356 | 366,777 | ||||||
| SPDR S&P Homebuilders ETF | 2,018 | 190,217 | ||||||
| SPDR S&P Retail ETF | 1,469 | 111,541 | ||||||
| Utilities Select Sector SPDR Fund | 2,709 | 221,921 | ||||||
| Vanguard Emerging Markets Government Bond ETF | 12,311 | 788,889 | ||||||
| Vanguard FTSE Europe ETF | 12,200 | 936,472 | ||||||
| Vanguard Growth ETF | 3,778 | 1,560,843 | ||||||
| Vanguard Russell 2000 ETF | 1,368 | 113,530 | ||||||
| Vanguard US Momentum Factor ETF | 5,447 | 895,650 | ||||||
| Vanguard Value ETF | 2,702 | 463,096 | ||||||
| TOTAL EXCHANGE TRADED FUNDS (Cost $13,072,655) | 13,711,079 | |||||||
| SHORT-TERM INVESTMENTS - 44.9% | ||||||||
| Money Market Funds - 44.9% | ||||||||
| First American Government Obligations Fund - Class X, 4.23% (a)(b) | 12,557,825 | 12,557,825 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $12,557,825) | 12,557,825 | |||||||
| TOTAL INVESTMENTS - 93.9% (Cost $25,630,480) | 26,268,904 | |||||||
| Other Assets in Excess of Liabilities - 6.1% | 1,716,457 | |||||||
| TOTAL NET ASSETS - 100.0% | $ | 27,985,361 | ||||||
Percentages are stated as a percent of net assets.
CMBS - Commercial Mortgage-Backed Security
TIPS – Treasury Inflation-Protected Shares
| (a) | The rate shown represents the 7-day annualized effective yield as of May 31, 2025. | |
| (b) | Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov. |
Unlimited HFND Multi-Strategy Return Tracker ETF
Consolidated Schedule of Futures Contracts
May 31, 2025 (Unaudited)
The Unlimited HFND Multi-Strategy Return Tracker ETF and the Unlimited HFND Cayman Subsidiary had the following futures contracts outstanding with PhillipCapital, Inc. as of May 31, 2025.
| Description | Contracts Purchased | Expiration Date | Notional Value | Value / Unrealized Appreciation (Depreciation) | |||||||||
| Australian Dollar/US Dollar Cross Currency Rate | 1 | 06/16/2025 | $ | 64,435 | $ | (6 | ) | ||||||
| Bloomberg Commodity Index | 8 | 06/18/2025 | 79,992 | (2,202 | ) | ||||||||
| British Pound/US Dollar Cross Currency Rate | 10 | 06/16/2025 | 841,875 | 2,060 | |||||||||
| Euro/US Dollar Cross Currency Rate | 3 | 06/16/2025 | 426,375 | 1,296 | |||||||||
| Gold | 4 | 08/27/2025 | 1,326,160 | (2,822 | ) | ||||||||
| iBoxx iShares Bond Index | 38 | 09/02/2025 | 6,521,750 | 6,839 | |||||||||
| Japanese Yen/US Dollar Cross Currency Rate | 1 | 06/16/2025 | 87,019 | (918 | ) | ||||||||
| London Metals - Aluminum(a) | 4 | 06/16/2025 | 243,792 | (27,091 | ) | ||||||||
| London Metals - Zinc(a) | 4 | 06/16/2025 | 260,586 | (30,797 | ) | ||||||||
| MSCI EAFE Index | 9 | 06/20/2025 | 1,172,025 | 51,539 | |||||||||
| MSCI Emerging Markets Index | 71 | 06/20/2025 | 4,080,015 | 303,334 | |||||||||
| Nikkei 225 Index | 5 | 06/12/2025 | 943,125 | 64,344 | |||||||||
| U.S. Dollar Index | 1 | 06/16/2025 | 99,259 | (1,191 | ) | ||||||||
| U.S. Treasury Long Bonds | 3 | 09/19/2025 | 338,344 | 2,329 | |||||||||
| $ | 366,714 | ||||||||||||
| — | |||||||||||||
| Description | Contracts Sold | Expiration Date | Notional Value | Value / Unrealized Appreciation (Depreciation) | |||||||||
| Canadian Dollar/US Dollar Cross Currency Rate | (16) | 06/17/2025 | $ | 1,167,280 | $ | (7,350 | ) | ||||||
| London Metals - Aluminum(a) | (4) | 06/16/2025 | 243,792 | 25,188 | |||||||||
| London Metals - Zinc(a) | (4) | 06/16/2025 | 260,586 | 35,418 | |||||||||
| Swiss Franc/US Dollar Cross Currency Rate | (4) | 06/16/2025 | 609,150 | (7,614 | ) | ||||||||
| U.S. Treasury 10 Year Notes | (5) | 09/19/2025 | 553,750 | (1,962 | ) | ||||||||
| U.S. Treasury 5 Year Notes | (51) | 09/30/2025 | 5,517,563 | (17,467 | ) | ||||||||
| $ | 26,213 | ||||||||||||
| Net Unrealized Appreciation (Depreciation) | $ | 392,927 | |||||||||||
| (a) | London Metal Exchange (“LME”) futures contracts settle on their respective maturity date, and do not have daily cash movements like other futures contracts. |
Summary of Fair Value Disclosure as of May 31, 2025 (Unaudited)
Unlimited HFND Multi-Strategy Return Tracker 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 | |||||||||||||
| Assets: | ||||||||||||||||
| Investments: | ||||||||||||||||
| Exchange Traded Funds | $ | 13,711,079 | $ | — | $ | — | $ | 13,711,079 | ||||||||
| Money Market Funds | 12,557,825 | — | — | 12,557,825 | ||||||||||||
| Total Investments | $ | 26,268,904 | $ | — | $ | — | $ | 26,268,904 | ||||||||
| Other Financial Instruments: | ||||||||||||||||
| Futures Contracts* | $ | 492,347 | $ | — | $ | — | $ | 492,347 | ||||||||
| Total Other Financial Instruments | $ | 492,347 | $ | — | $ | — | $ | 492,347 | ||||||||
| Liabilities: | ||||||||||||||||
| Other Financial Instruments: | ||||||||||||||||
| Futures Contracts* | $ | (99,420 | ) | $ | — | $ | — | $ | (99,420 | ) | ||||||
| Total Other Financial Instruments | $ | (99,420 | ) | $ | — | $ | — | $ | (99,420 | ) | ||||||
* The fair value of the Fund’s investment represents the unrealized appreciation (depreciation) as of May 31, 2025.