F/m 10-Year Investment Grade Corporate Bond ETF
Schedule of Investments
May 31, 2025 (Unaudited)

CORPORATE BONDS - 98.3%	Par		Value
Communications - 4.1%
Alphabet, Inc., 4.50%, 05/15/2035	$	237,000	$	230,186
America Movil SAB de CV, 6.38%, 03/01/2035		215,000		230,344
AT&T, Inc., 4.50%, 05/15/2035		245,000		230,467
Charter Communications Operating LLC / Charter Communications Operating Capital, 6.38%, 10/23/2035		226,000		232,018
Comcast Corp., 5.30%, 05/15/2035		232,000		232,477
Cox Communications, Inc., 4.80%, 02/01/2035 ^(a)		249,000		229,418
Expedia Group, Inc., 5.40%, 02/15/2035		232,000		228,883
T-Mobile USA, Inc., 5.30%, 05/15/2035		233,000		232,243
Verizon Communications, Inc., 5.25%, 04/02/2035		231,000		230,140
Videotron Ltd., 5.70%, 01/15/2035 ^(a)		232,000		228,808
Walt Disney Co., 6.20%, 12/15/2034		203,000		223,479
				2,528,463

Consumer Discretionary - 8.3%
Amazon.com, Inc., 4.80%, 12/05/2034		227,000		228,670
American Honda Finance Corp., 5.20%, 03/05/2035		234,000		228,607
AutoNation, Inc., 5.89%, 03/15/2035		230,000		228,728
BMW US Capital LLC, 5.40%, 03/21/2035 ^(a)(b)		234,000		231,137
DR Horton, Inc., 5.50%, 10/15/2035		231,000		231,022
General Motors Financial Co., Inc., 6.15%, 07/15/2035		232,000		232,554
J Paul Getty Trust, 4.91%, 04/01/2035		237,000		233,792
Leland Stanford Junior University, 4.68%, 03/01/2035		236,000		230,347
Lowe's Cos., Inc., 5.50%, 10/15/2035		227,000		232,601
Magna International, Inc., 5.88%, 06/01/2035		232,000		233,778
Marriott International, Inc., 5.35%, 03/15/2035		233,000		229,847
McDonald's Corp., 4.95%, 03/03/2035		232,000		228,756
Meritage Homes Corp., 5.65%, 03/15/2035		236,000		230,442
Paychex, Inc., 5.60%, 04/15/2035		231,000		234,886
President and Fellows of Harvard College, 4.61%, 02/15/2035 ^(b)		234,000		228,304
PulteGroup, Inc., 6.00%, 02/15/2035		226,000		231,400
RELX Capital, Inc., 5.25%, 03/27/2035		232,000		232,995
Rollins, Inc., 5.25%, 02/24/2035 ^(a)		240,000		238,136
Starbucks Corp., 5.40%, 05/15/2035		232,000		232,514
Tapestry, Inc., 5.50%, 03/11/2035		231,000		226,582
Toyota Motor Credit Corp., 5.35%, 01/09/2035		223,000		225,436
TR Finance LLC, 5.50%, 08/15/2035		7,000		6,931
Trustees of Columbia University in the City of New York, 4.36%, 10/01/2035		245,000		232,301
				5,089,766

Consumer Staples - 7.8%
Altria Group, Inc., 5.63%, 02/06/2035		230,000		230,900
Anheuser-Busch InBev Worldwide, Inc., 5.88%, 06/15/2035		213,000		225,897
Archer-Daniels-Midland Co., 5.38%, 09/15/2035		226,000		230,234
BAT Capital Corp., 5.63%, 08/15/2035		229,000		229,445
Cargill, Inc., 5.13%, 02/11/2035 ^(a)		230,000		227,466
Flowers Foods, Inc., 5.75%, 03/15/2035		229,000		230,897
General Mills, Inc., 5.25%, 01/30/2035		230,000		228,259
Hershey Co., 5.10%, 02/24/2035		231,000		230,907
J M Smucker Co., 4.25%, 03/15/2035		255,000		232,117
JBS USA LUX Sarl / JBS USA Food Co. / JBS USA Foods Group, 5.95%, 04/20/2035 ^(a)		223,000		227,018
Keurig Dr Pepper, Inc., 5.15%, 05/15/2035		237,000		232,195
Kraft Heinz Foods Co., 5.40%, 03/15/2035		232,000		229,301
Mars, Inc., 5.20%, 03/01/2035 ^(a)		232,000		231,130
Mondelez International, Inc., 5.13%, 05/06/2035		237,000		233,335
PepsiCo, Inc., 5.00%, 02/07/2035		231,000		230,596
Philip Morris International, Inc., 4.88%, 04/30/2035		242,000		234,069
Procter & Gamble Co., 4.60%, 05/01/2035		237,000		234,786
Sysco Corp., 5.40%, 03/23/2035		230,000		230,046
Target Corp., 5.00%, 04/15/2035		234,000		230,002
The Campbell's Co., 4.75%, 03/23/2035		244,000		230,034
Walmart, Inc., 4.90%, 04/28/2035		231,000		231,040
				4,839,674

Energy - 11.2%
APA Corp., 6.10%, 02/15/2035 ^(a)		241,000		227,145
Cameron LNG LLC, 3.30%, 01/15/2035 ^(a)		275,000		230,645
Canadian Natural Resources Ltd., 5.40%, 12/15/2034 ^(a)(b)		234,000		227,329
Chevron USA, Inc., 4.98%, 04/15/2035		229,000		228,411
CNOOC Petroleum North America ULC, 5.88%, 03/10/2035		214,000		232,217
Columbia Pipelines Operating Co. LLC, 5.44%, 02/15/2035 ^(a)		236,000		231,161
ConocoPhillips Co., 5.00%, 01/15/2035		232,000		226,573
Coterra Energy, Inc., 5.40%, 02/15/2035		235,000		227,879
Diamondback Energy, Inc., 5.55%, 04/01/2035		234,000		230,820
DT Midstream, Inc., 5.80%, 12/15/2034 ^(a)		231,000		229,122
Eastern Energy Gas Holdings LLC, 5.80%, 01/15/2035		225,000		229,520
Energy Transfer LP, 5.70%, 04/01/2035		232,000		231,376
Enterprise Products Operating LLC, 4.95%, 02/15/2035		235,000		229,683
EOG Resources, Inc., 3.90%, 04/01/2035		259,000		233,287
Equinor ASA, 5.13%, 06/03/2035		232,000		232,605
Expand Energy Corp., 5.70%, 01/15/2035		229,000		226,068
Halliburton Co., 4.85%, 11/15/2035		247,000		232,447
Helmerich & Payne, Inc., 5.50%, 12/01/2034 ^(a)(b)		255,000		225,440
HF Sinclair Corp., 6.25%, 01/15/2035 ^(b)		232,000		227,822
Kinder Morgan, Inc., 5.85%, 06/01/2035		231,000		234,116
Marathon Petroleum Corp., 5.70%, 03/01/2035		231,000		228,467
MPLX LP, 5.40%, 04/01/2035		238,000		231,867
ONEOK, Inc., 6.00%, 06/15/2035		222,000		227,613
Phillips 66 Co., 4.95%, 03/15/2035		242,000		230,657
Plains All American Pipeline LP, 5.95%, 06/15/2035		229,000		228,631
Shell Finance US, Inc., 4.13%, 05/11/2035		249,000		231,263
Suncor Energy, Inc., 5.95%, 12/01/2034		226,000		228,828
Targa Resources Corp., 5.55%, 08/15/2035		234,000		229,449
Williams Cos., Inc., 5.60%, 03/15/2035		225,000		227,086
Woodside Finance Ltd., 6.00%, 05/19/2035		237,000		235,374
				6,892,901

Financials - 22.4%
Agree LP, 5.60%, 06/15/2035		232,000		232,786
Alexandria Real Estate Equities, Inc., 5.50%, 10/01/2035		235,000		230,914
Allstate Corp., 5.55%, 05/09/2035		222,000		227,238
American Express Co., 5.67% to 04/25/2035 then SOFR + 1.79%, 04/25/2036		229,000		233,825
American Homes 4 Rent LP, 5.25%, 03/15/2035		235,000		229,436
American International Group, Inc., 5.45%, 05/07/2035		232,000		233,274
American Tower Corp., 5.35%, 03/15/2035		232,000		232,980
Ameriprise Financial, Inc., 5.20%, 04/15/2035		226,000		224,009
Apollo Global Management, Inc., 6.00% to 12/15/2034 then 5 yr. CMT Rate + 2.17%, 12/15/2054		237,000		227,678
Arthur J Gallagher & Co., 5.15%, 02/15/2035		232,000		228,332
Bank of America Corp., 5.46% to 05/09/2035 then SOFR + 1.64%, 05/09/2036		232,000		233,538
BlackRock Funding, Inc., 4.90%, 01/08/2035		229,000		228,180
Blackstone Reg Finance Co. LLC, 5.00%, 12/06/2034		233,000		227,172
Boston Properties LP, 5.75%, 01/15/2035		234,000		231,509
Brixmor Operating Partnership LP, 5.75%, 02/15/2035		229,000		231,400
Brookfield Asset Management Ltd., 5.80%, 04/24/2035		231,000		233,962
Brookfield Finance, Inc., 5.68%, 01/15/2035		227,000		228,941
Capital One Financial Corp., 6.18% to 01/30/2035 then SOFR + 2.04%, 01/30/2036		233,000		231,265
CBRE Services, Inc., 5.50%, 06/15/2035		237,000		233,534
Citigroup, Inc., 5.33% to 03/27/2035 then SOFR + 1.47%, 03/27/2036		232,000		228,837
DaVinciRe Holdings Ltd., 5.95%, 04/15/2035 ^(a)		235,000		232,687
Enstar Group Ltd., 7.50% to 04/01/2035 then 5 yr. CMT Rate + 3.19%, 04/01/2045 ^(a)		227,000		229,837
Equitable Holdings, Inc., 6.70% to 03/28/2035 then 5 yr. CMT Rate + 2.39%, 03/28/2055		231,000		233,631
Essex Portfolio LP, 5.38%, 04/01/2035		234,000		233,026
Extra Space Storage LP, 5.40%, 06/15/2035		238,000		233,547
Fairfax Financial Holdings Ltd., 5.75%, 05/20/2035 ^(a)		237,000		236,624
First Citizens BancShares, Inc., 6.25% to 03/12/2035 then 5 yr. CMT Rate + 1.97%, 03/12/2040		239,000		230,521
GATX Corp., 5.50%, 06/15/2035		233,000		231,142
Goldman Sachs Group, Inc., 5.54% to 01/28/2035 then SOFR + 1.38%, 01/28/2036		226,000		227,603
Healthpeak OP LLC, 5.38%, 02/15/2035		234,000		231,593
Host Hotels & Resorts LP, 5.50%, 04/15/2035		242,000		232,870
Invitation Homes Operating Partnership LP, 4.88%, 02/01/2035		240,000		228,355
JPMorgan Chase & Co., 5.57% to 04/22/2035 then SOFR + 1.68%, 04/22/2036		231,000		235,024
Kimco Realty OP LLC, 4.85%, 03/01/2035		239,000		229,450
Loews Corp., 6.00%, 02/01/2035		216,000		231,994
LPL Holdings, Inc., 5.75%, 06/15/2035		232,000		230,373
M&T Bank Corp., 5.39% to 01/16/2035 then SOFR + 1.61%, 01/16/2036		238,000		231,760
Marsh & McLennan Cos., Inc., 5.00%, 03/15/2035		233,000		229,242
Mastercard, Inc., 4.55%, 01/15/2035		239,000		231,822
MetLife, Inc., 6.35% to 03/15/2035 then 5 yr. CMT Rate + 2.08%, 03/15/2055		227,000		228,345
Mid-America Apartments LP, 4.95%, 03/01/2035		233,000		227,444
Morgan Stanley, 5.66% to 04/17/2035 then SOFR + 1.76%, 04/17/2036		231,000		234,773
New York Life Global Funding, 5.35%, 01/23/2035 ^(a)		227,000		229,506
ORIX Corp., 5.40%, 02/25/2035		232,000		230,759
PayPal Holdings, Inc., 5.10%, 04/01/2035		234,000		230,685
Phillips Edison Grocery Center Operating Partnership I LP, 4.95%, 01/15/2035		240,000		228,516
PNC Financial Services Group, Inc., 5.58% to 01/29/2035 then SOFR + 1.39%, 01/29/2036		228,000		229,517
Prologis LP, 5.25%, 05/15/2035		232,000		230,711
Prologis Targeted US Logistics Fund LP, 5.25%, 01/15/2035 ^(a)		234,000		231,103
Realty Income Corp., 5.13%, 04/15/2035		234,000		231,321
Regency Centers LP, 5.10%, 01/15/2035		231,000		227,860
Reinsurance Group of America, Inc., 6.65% to 09/15/2035 then 5 yr. CMT Rate + 2.39%, 09/15/2055		235,000		230,692
RenaissanceRe Holdings Ltd., 5.80%, 04/01/2035		227,000		228,707
Safehold GL Holdings LLC, 5.65%, 01/15/2035		232,000		226,753
Selective Insurance Group, Inc., 5.90%, 04/15/2035		232,000		232,373
State Street Corp., 5.15% to 02/28/2035 then SOFR + 1.22%, 02/28/2036		232,000		230,720
US Bancorp, 5.42% to 02/12/2035 then SOFR + 1.41%, 02/12/2036 ^(b)		230,000		229,455
Ventas Realty LP, 5.00%, 01/15/2035		239,000		229,817
VICI Properties LP, 5.63%, 04/01/2035		234,000		231,257
Wells Fargo & Co., 5.61% to 04/23/2035 then SOFR + 1.74%, 04/23/2036		228,000		230,663
				13,840,888

Health Care - 8.6%
AbbVie, Inc., 5.20%, 03/15/2035		227,000		228,008
Adventist Health System/West, 5.76%, 12/01/2034		229,000		225,861
Bayer US Finance II LLC, 5.50%, 07/30/2035 ^(a)		238,000		232,287
Biogen, Inc., 5.75%, 05/15/2035		232,000		233,562
Boston Scientific Corp., 0.00%, 11/15/2035 ^(c)		212,000		234,339
Cencora, Inc., 5.15%, 02/15/2035		233,000		231,010
CommonSpirit Health, 5.32%, 12/01/2034		234,000		229,623
CVS Health Corp., 4.88%, 07/20/2035		246,000		229,756
Elevance Health, Inc., 5.20%, 02/15/2035		232,000		230,225
Eli Lilly & Co., 5.10%, 02/12/2035		225,000		226,387
Gilead Sciences, Inc., 5.10%, 06/15/2035		228,000		226,683
GlaxoSmithKline Capital, Inc., 4.88%, 04/15/2035		236,000		231,537
HCA, Inc., 5.75%, 03/01/2035		231,000		232,822
Humana, Inc., 5.55%, 05/01/2035		236,000		231,791
Johnson & Johnson, 5.00%, 03/01/2035		229,000		231,039
McKesson Corp., 5.25%, 05/30/2035		232,000		232,541
Medtronic, Inc., 4.38%, 03/15/2035		245,000		233,038
Orlando Health Obligated Group, 5.48%, 10/01/2035		229,000		232,202
Quest Diagnostics, Inc., 5.00%, 12/15/2034		231,000		226,736
Stryker Corp., 5.20%, 02/10/2035		231,000		231,275
Sutter Health, 5.54%, 08/15/2035		227,000		230,229
UnitedHealth Group, Inc., 4.63%, 07/15/2035		240,000		226,833
Zimmer Biomet Holdings, Inc., 5.50%, 02/19/2035		229,000		231,148
				5,298,932

Industrials - 10.5%
3M Co., 5.15%, 03/15/2035		234,000		231,462
Amphenol Corp., 5.00%, 01/15/2035		231,000		229,139
Boeing Co., 3.25%, 02/01/2035		281,000		231,263
Canadian Pacific Railway Co., 5.20%, 03/30/2035		229,000		228,212
Caterpillar, Inc., 5.20%, 05/15/2035		232,000		232,832
CSX Corp., 5.05%, 06/15/2035		236,000		233,017
Cummins, Inc., 5.30%, 05/09/2035		232,000		231,718
Deere & Co., 5.45%, 01/16/2035		222,000		227,445
Dover Corp., 5.38%, 10/15/2035		229,000		233,593
Embraer Netherlands Finance BV, 5.98%, 02/11/2035 ^(b)		226,000		228,274
Emerson Electric Co., 5.00%, 03/15/2035		224,000		225,117
FedEx Corp., 3.90%, 02/01/2035 ^(a)		267,000		232,711
General Dynamics Corp., 4.95%, 08/15/2035		237,000		233,164
Hexcel Corp., 5.88%, 02/26/2035		233,000		232,596
Honeywell International, Inc., 5.00%, 03/01/2035		235,000		233,134
Huntington Ingalls Industries, Inc., 5.75%, 01/15/2035 ^(b)		226,000		228,783
L3Harris Technologies, Inc., 4.85%, 04/27/2035		244,000		234,317
Lockheed Martin Corp., 3.60%, 03/01/2035		258,000		229,970
Norfolk Southern Corp., 5.10%, 05/01/2035		237,000		234,099
Northrop Grumman Corp., 5.25%, 07/15/2035		232,000		232,782
Republic Services, Inc., 5.15%, 03/15/2035		229,000		230,044
RTX Corp., 5.40%, 05/01/2035		225,000		227,221
Textron, Inc., 5.50%, 05/15/2035		229,000		227,947
Tyco Electronics Group SA, 5.00%, 05/09/2035		237,000		231,649
Union Pacific Corp., 5.10%, 02/20/2035		232,000		232,412
United Parcel Service, Inc., 5.25%, 05/14/2035		232,000		231,849
Waste Management, Inc., 4.95%, 03/15/2035		236,000		232,899
Westinghouse Air Brake Technologies Corp., 5.50%, 05/29/2035		232,000		232,483
				6,470,132

Materials - 5.6%
Amcor Flexibles North America, Inc., 5.50%, 03/17/2035 ^(a)		234,000		231,579
Barrick Mining Corp., 6.45%, 10/15/2035		215,000		232,319
BHP Billiton Finance USA Ltd., 5.30%, 02/21/2035		229,000		229,203
Dow Chemical Co., 5.35%, 03/15/2035		238,000		230,794
Glencore Funding LLC, 5.67%, 04/01/2035 ^(a)		233,000		233,628
Holcim Finance US LLC, 5.40%, 04/07/2035 ^(a)		233,000		232,164
International Paper Co., 5.00%, 09/15/2035		238,000		229,399
LYB International Finance III LLC, 6.15%, 05/15/2035		227,000		230,526
Martin Marietta Materials, Inc., 5.15%, 12/01/2034		231,000		229,251
Newmont Corp., 5.88%, 04/01/2035		221,000		232,318
Nucor Corp., 5.10%, 06/01/2035		238,000		233,602
Nutrien Ltd., 4.13%, 03/15/2035		262,000		233,216
Rio Tinto Finance USA PLC, 5.25%, 03/14/2035		231,000		230,309
Steel Dynamics, Inc., 5.25%, 05/15/2035		236,000		232,034
Vulcan Materials Co., 5.35%, 12/01/2034		225,000		226,633
				3,466,975

Technology - 7.1%
Adobe, Inc., 5.30%, 01/17/2035		219,000		225,503
Apple, Inc., 4.75%, 05/12/2035		237,000		235,110
Applied Materials, Inc., 5.10%, 10/01/2035		227,000		230,664
AppLovin Corp., 5.50%, 12/01/2034 ^(b)		229,000		229,102
Booz Allen Hamilton, Inc., 5.95%, 04/15/2035		232,000		229,570
Broadcom, Inc., 3.14%, 11/15/2035 ^(a)		282,000		233,557
Cisco Systems, Inc., 5.10%, 02/24/2035		228,000		229,341
Dell International LLC / EMC Corp., 5.50%, 04/01/2035		234,000		230,954
Hewlett Packard Enterprise Co., 6.20%, 10/15/2035 ^(c)		225,000		233,861
HP, Inc., 6.10%, 04/25/2035		230,000		232,686
Leidos, Inc., 5.50%, 03/15/2035		229,000		228,274
Micron Technology, Inc., 6.05%, 11/01/2035		227,000		231,475
Microsoft Corp., 4.20%, 11/03/2035		237,000		230,777
NetApp, Inc., 5.70%, 03/17/2035		229,000		230,152
Oracle Corp., 5.50%, 08/03/2035		229,000		230,059
QUALCOMM, Inc., 5.00%, 05/20/2035		232,000		230,530
Synopsys, Inc., 5.15%, 04/01/2035		233,000		230,296
Texas Instruments, Inc., 5.10%, 05/23/2035		232,000		232,913
Verisk Analytics, Inc., 5.25%, 03/15/2035		233,000		230,797
				4,385,621

Utilities - 12.7%
AEP Transmission Co. LLC, 5.38%, 06/15/2035		232,000		233,081
Alabama Power Co., 5.10%, 04/02/2035		232,000		230,342
American Water Capital Corp., 5.25%, 03/01/2035		231,000		230,394
APA Infrastructure Ltd., 5.00%, 03/23/2035 ^(a)		244,000		230,000
Baltimore Gas and Electric Co., 5.45%, 06/01/2035		232,000		233,555
Black Hills Corp., 6.00%, 01/15/2035		222,000		226,411
Boston Gas Co., 5.84%, 01/10/2035 ^(a)		223,000		228,150
Capital Power US Holdings, Inc., 6.19%, 06/01/2035 ^(a)		232,000		233,693
CenterPoint Energy Houston Electric LLC, 5.05%, 03/01/2035		236,000		232,249
Consolidated Edison Co. of New York, Inc., 5.13%, 03/15/2035		233,000		231,694
Consumers Energy Co., 5.05%, 05/15/2035		232,000		230,618
Dominion Energy, Inc., 5.45%, 03/15/2035		232,000		229,633
DTE Electric Co., 5.25%, 05/15/2035		232,000		231,956
Duke Energy Progress LLC, 5.05%, 03/15/2035		232,000		228,943
El Paso Electric Co., 6.00%, 05/15/2035		232,000		236,104
Entergy Texas, Inc., 5.25%, 04/15/2035		232,000		231,461
Evergy Kansas Central, Inc., 5.25%, 03/15/2035		232,000		230,748
Interstate Power and Light Co., 5.60%, 06/29/2035		232,000		233,366
Jersey Central Power & Light Co., 5.10%, 01/15/2035		225,000		220,189
National Fuel Gas Co., 5.95%, 03/15/2035		231,000		231,534
NextEra Energy Capital Holdings, Inc., 6.50% to 08/15/2035 then 5 yr. CMT Rate + 1.98%, 08/15/2055		227,000		228,617
NiSource, Inc., 6.38% to 03/31/2035 then 5 yr. CMT Rate + 2.53%, 03/31/2055		234,000		231,599
Northern States Power Co., 5.05%, 05/15/2035		232,000		231,386
Northwest Natural Holding Co., 7.00% to 09/15/2035 then 5 yr. CMT Rate + 2.70%, 09/15/2055		231,000		230,644
NSTAR Electric Co., 5.20%, 03/01/2035		234,000		231,618
Oncor Electric Delivery Co. LLC, 5.35%, 04/01/2035 ^(a)		231,000		231,401
Pacific Gas and Electric Co., 5.70%, 03/01/2035		233,000		229,091
PSEG Power LLC, 5.75%, 05/15/2035 ^(a)		232,000		233,665
Puget Energy, Inc., 5.73%, 03/15/2035 ^(a)		234,000		231,686
Southern California Edison Co., 5.45%, 03/01/2035		234,000		226,376
Southern California Gas Co., 5.45%, 06/15/2035		232,000		232,252
Tampa Electric Co., 5.15%, 03/01/2035		232,000		228,878
Union Electric Co., 5.25%, 04/15/2035		232,000		232,540
Vistra Operations Co. LLC, 5.70%, 12/30/2034 ^(a)(b)		230,000		229,123
				7,842,997
TOTAL CORPORATE BONDS (Cost $60,959,469)				60,656,349

SHORT-TERM INVESTMENTS - 3.4%	Units		Value
Investments Purchased with Proceeds from Securities Lending - 3.4%
Mount Vernon Liquid Assets Portfolio, LLC, 4.45% ^(d)		2,129,043		2,129,043
TOTAL SHORT-TERM INVESTMENTS (Cost $2,129,043)				2,129,043

TOTAL INVESTMENTS - 101.7% (Cost $63,088,512)			$	62,785,392
Liabilities in Excess of Other Assets - (1.7)%				(1,062,495	)
TOTAL NET ASSETS - 100.0%			$	61,722,897
two				–	%
Percentages are stated as a percent of net assets.				–	%

ASA - Advanced Subscription Agreement

CMT - Constant Maturity Treasury

LLC - Limited Liability Company

LP - Limited Partnership

PLC - Public Limited Company

SOFR - Secured Overnight Financing Rate

(a)	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 May 31, 2025, the value of these securities total $7,157,356 or 11.6% of the Fund’s net assets.
(b)	All or a portion of this security is on loan as of May 31, 2025. The fair value of these securities was $1,850,901 which represented 3.0% of net assets.
(c)	Step coupon bond. The rate disclosed is as of May 31, 2025.
(d)	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)

F/m 10-Year Investment Grade Corporate Bond 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:
Corporate Bonds	$	–	$	60,656,349	$	–	$	60,656,349
Investments Purchased with Proceeds from Securities Lending^(a)		–		–		–		2,129,043
Total Investments	$	–	$	60,656,349	$	–	$	62,785,392

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

(a)

Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $2,129,043 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.