F/m High Yield 100 ETF
Schedule of Investments
May 31, 2025 (Unaudited)

CORPORATE BONDS - 95.8%	Par		Value
Aerospace & Defense - 2.7%
Bombardier, Inc., 8.75%, 11/15/2030 ^(a)	$	57,000	$	61,248
Spirit AeroSystems, Inc., 9.38%, 11/30/2029 ^(a)		56,000		59,717
TransDigm, Inc., 7.13%, 12/01/2031 ^(a)		58,000		60,047
				181,012

Airlines - 0.9%
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/2029 ^(a)		60,000		58,960

Auto Parts Manufacturing - 1.8%
Clarios Global LP / Clarios US Finance Co., 6.75%, 02/15/2030 ^(a)		60,000		61,105
Goodyear Tire & Rubber Co., 5.63%, 04/30/2033		65,000		60,448
				121,553

Automobiles Manufacturing - 0.9%
Nissan Motor Acceptance Co. LLC, 7.05%, 09/15/2028 ^(a)		60,000		61,173

Cable & Satellite - 4.5%
CCO Holdings LLC / CCO Holdings Capital Corp., 7.38%, 03/01/2031 ^(a)		60,000		62,321
CSC Holdings LLC, 11.75%, 01/31/2029 ^(a)		60,000		56,284
Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 10.00%, 02/15/2031 ^(a)		60,000		58,409
DISH Network Corp., 11.75%, 11/15/2027 ^(a)		61,000		62,902
Sirius XM Radio LLC, 5.50%, 07/01/2029 ^(a)		60,000		58,995
				298,911

Casinos & Gaming - 3.6%
Caesars Entertainment, Inc., 7.00%, 02/15/2030 ^(a)		60,000		61,530
Churchill Downs, Inc., 6.75%, 05/01/2031 ^(a)		60,000		61,153
Melco Resorts Finance Ltd., 7.63%, 04/17/2032 ^(a)		60,000		59,438
MGM Resorts International, 6.50%, 04/15/2032		60,000		59,874
				241,995

Chemicals - 1.9%
Celanese US Holdings LLC, 7.20%, 11/15/2033		60,000		62,604
Olympus Water US Holding Corp., 9.75%, 11/15/2028 ^(a)		58,000		60,793
				123,397

Commercial Finance - 0.9%
Fortress Transportation and Infrastructure Investors LLC, 7.88%, 12/01/2030 ^(a)		58,000		60,913

Communications Equipment - 0.9%
CommScope LLC, 9.50%, 12/15/2031 ^(a)		58,000		60,268

Construction Materials Manufacturing - 1.8%
Quikrete Holdings, Inc., 6.38%, 03/01/2032 ^(a)		60,000		60,953
Standard Building Solutions, Inc., 6.50%, 08/15/2032 ^(a)		60,000		60,970
				121,923

Consumer Finance - 6.3%
Block, Inc., 6.50%, 05/15/2032		58,000		59,309
Freedom Mortgage Corp., 12.25%, 10/01/2030 ^(a)		54,000		59,641
Nationstar Mortgage Holdings, Inc., 7.13%, 02/01/2032 ^(a)		60,000		62,572
Navient Corp., 11.50%, 03/15/2031		53,000		60,044
OneMain Finance Corp., 9.00%, 01/15/2029		58,000		60,929
PennyMac Financial Services, Inc., 7.88%, 12/15/2029 ^(a)		58,000		61,148
Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc., 4.00%, 10/15/2033 ^(a)		66,000		57,016
				420,659

Consumer Services - 1.8%
Allied Universal Holdco LLC, 7.88%, 02/15/2031 ^(a)		60,000		62,164
Service Corp. International/US, 5.75%, 10/15/2032		60,000		59,625
				121,789

Containers & Packaging - 2.7%
Ball Corp., 6.88%, 03/15/2028		60,000		61,331
Clydesdale Acquisition Holdings, Inc., 6.88%, 01/15/2030 ^(a)		59,000		59,868
Mauser Packaging Solutions Holding Co., 7.88%, 04/15/2027 ^(a)		60,000		60,580
				181,779

Electrical Equipment Manufacturing - 1.8%
EMRLD Borrower LP / Emerald Co.-Issuer, Inc., 6.75%, 07/15/2031 ^(a)		60,000		61,345
WESCO Distribution, Inc., 7.25%, 06/15/2028 ^(a)		60,000		60,734
				122,079

Entertainment Content - 0.9%
Univision Communications, Inc., 8.50%, 07/31/2031 ^(a)		60,000		57,619

Entertainment Resources - 0.9%
Six Flags Entertainment Corp. /Six Flags Theme Parks, Inc./ Canada's Wonderland Co., 6.63%, 05/01/2032 ^(a)		60,000		61,181

Exploration & Production - 2.6%
Civitas Resources, Inc., 8.75%, 07/01/2031 ^(a)		60,000		58,768
Hilcorp Energy I LP / Hilcorp Finance Co., 8.38%, 11/01/2033 ^(a)		60,000		59,803
Permian Resources Operating LLC, 9.88%, 07/15/2031 ^(a)		53,000		57,936
				176,507

Financial Services - 1.7%
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 10.00%, 11/15/2029 ^(a)		60,000		58,503
Jane Street Group / JSG Finance, Inc., 7.13%, 04/30/2031 ^(a)		52,000		54,309
				112,812

Food & Beverage - 0.9%
Post Holdings, Inc., 6.25%, 02/15/2032 ^(a)		60,000		61,010

Hardware - 0.9%
Seagate HDD Cayman, 9.63%, 12/01/2032		53,000		60,124

Health Care Facilities & Services - 3.8%
CHS/Community Health Systems, Inc., 10.88%, 01/15/2032 ^(a)		60,000		63,997
DaVita, Inc., 6.88%, 09/01/2032 ^(a)		60,000		60,959
LifePoint Health, Inc., 11.00%, 10/15/2030 ^(a)		58,000		63,811
Tenet Healthcare Corp., 6.75%, 05/15/2031		60,000		61,803
				250,570

Home & Office Products Manufacturing - 0.9%
Newell Brands, Inc., 8.50%, 06/01/2028 ^(a)		60,000		62,115

Industrial Other - 1.8%
Herc Holdings Escrow, Inc., 7.25%, 06/15/2033 ^(a)		60,000		61,726
United Rentals North America, Inc., 3.88%, 11/15/2027		60,000		58,675
				120,401

Medical Equipment & Devices Manufacturing - 0.9%
Medline Borrower LP/Medline Co.-Issuer, Inc., 6.25%, 04/01/2029 ^(a)		60,000		61,071

Metals & Mining - 2.6%
Cleveland-Cliffs, Inc., 7.50%, 09/15/2031 ^(a)		60,000		53,921
FMG Resources August 2006 Pty Ltd., 6.13%, 04/15/2032 ^(a)		60,000		59,865
Novelis Corp., 6.88%, 01/30/2030 ^(a)		60,000		61,872
				175,658

Oil & Gas Services & Equipment - 0.9%
Transocean, Inc., 8.75%, 02/15/2030 ^(a)		56,800		57,580

Pharmaceuticals - 2.6%
1261229 BC Ltd., 10.00%, 04/15/2032 ^(a)		60,000		59,402
Bausch Health Cos., Inc., 11.00%, 09/30/2028 ^(a)		62,000		59,350
Organon & Co. / Organon Foreign Debt Co.-Issuer BV, 6.75%, 05/15/2034 ^(a)		60,000		55,898
				174,650

Pipeline - 5.5%
Buckeye Partners LP, 6.88%, 07/01/2029 ^(a)		58,000		59,740
Genesis Energy LP / Genesis Energy Finance Corp., 8.88%, 04/15/2030		60,000		63,065
Hess Midstream Operations LP, 6.50%, 06/01/2029 ^(a)		58,000		59,212
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 7.38%, 02/15/2029 ^(a)		60,000		61,018
Venture Global Calcasieu Pass LLC, 6.25%, 01/15/2030 ^(a)		60,000		60,920
Venture Global LNG, Inc., 9.88%, 02/01/2032 ^(a)		60,000		63,917
				367,872

Power Generation - 2.7%
Calpine Corp., 4.50%, 02/15/2028 ^(a)		60,000		58,868
NRG Energy, Inc., 6.25%, 11/01/2034 ^(a)		60,000		60,014
Vistra Operations Co. LLC, 7.75%, 10/15/2031 ^(a)		60,000		63,619
				182,501

Property & Casualty Insurance - 3.7%
Acrisure LLC / Acrisure Finance, Inc., 7.50%, 11/06/2030 ^(a)		60,000		61,868
Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer, 7.00%, 01/15/2031 ^(a)		60,000		61,321
HUB International Ltd., 7.25%, 06/15/2030 ^(a)		60,000		62,515
Panther Escrow Issuer LLC, 7.13%, 06/01/2031 ^(a)		58,000		59,984
				245,688

Publishing & Broadcasting - 1.9%
Clear Channel Outdoor Holdings, Inc., 9.00%, 09/15/2028 ^(a)		58,000		60,912
Gray Media, Inc., 10.50%, 07/15/2029 ^(a)		60,000		63,833
				124,745

Real Estate - 4.6%
Iron Mountain, Inc., 7.00%, 02/15/2029 ^(a)		60,000		61,982
MPT Operating Partnership LP / MPT Finance Corp., 8.50%, 02/15/2032 ^(a)		58,000		59,485
RHP Hotel Properties LP / RHP Finance Corp., 7.25%, 07/15/2028 ^(a)		60,000		61,762
Service Properties Trust, 8.88%, 06/15/2032		60,000		60,185
Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC, 10.50%, 02/15/2028 ^(a)		58,000		61,490
				304,904

Refining & Marketing - 0.9%
Sunoco LP, 7.25%, 05/01/2032 ^(a)		58,000		60,353

Restaurants - 1.8%
1011778 BC ULC / New Red Finance, Inc., 6.13%, 06/15/2029 ^(a)		60,000		61,263
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.75%, 06/01/2027 ^(a)		60,000		59,713
				120,976

Retail - Consumer Discretionary - 4.5%
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 8.38%, 06/15/2032 ^(a)		60,000		60,483
Bath & Body Works, Inc., 7.50%, 06/15/2029		60,000		61,571
Builders FirstSource, Inc.
6.38%, 03/01/2034 ^(a)		60,000		59,880
6.75%, 05/15/2035 ^(a)		60,000		60,331
Rakuten Group, Inc., 11.25%, 02/15/2027 ^(a)		57,000		61,394
				303,659

Software & Services - 1.8%
Cloud Software Group, Inc., 8.25%, 06/30/2032 ^(a)		58,000		60,999
Open Text Corp., 3.88%, 12/01/2029 ^(a)		63,000		58,663
				119,662

Supermarkets & Pharmacies - 1.9%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 6.50%, 02/15/2028 ^(a)		60,000		61,249
Walgreens Boots Alliance, Inc., 8.13%, 08/15/2029		60,000		62,795
				124,044

Travel & Lodging - 4.6%
Carnival Corp., 6.13%, 02/15/2033 ^(a)		60,000		60,102
Hilton Domestic Operating Co., Inc., 6.13%, 04/01/2032 ^(a)		60,000		60,936
NCL Corp. Ltd., 8.13%, 01/15/2029 ^(a)		58,000		61,081
Royal Caribbean Cruises Ltd., 7.50%, 10/15/2027		60,000		63,145
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/2029 ^(a)		60,000		59,305
				304,569

Utilities - 1.8%
PG&E Corp., 5.25%, 07/01/2030		60,000		58,244
XPLR Infrastructure Operating Partners LP, 8.63%, 03/15/2033 ^(a)(b)		60,000		63,006
				121,250

Waste & Environment Services & Equipment - 0.9%
GFL Environmental, Inc., 6.75%, 01/15/2031 ^(a)		58,000		60,200

Wireless Telecommunications Services - 3.5%
Altice France SA, 8.13%, 02/01/2027 ^(a)		60,000		55,214
EchoStar Corp., 10.75%, 11/30/2029		53,000		53,300
Vmed O2 UK Financing I PLC, 7.75%, 04/15/2032 ^(a)		60,000		61,820
Vodafone Group PLC, 7.00% (5 yr. Swap Rate USD + 4.87%), 04/04/2079		60,000		61,686
				232,020

Wireline Telecommunications Services - 1.8%
Frontier Florida LLC, 6.86%, 02/01/2028		60,000		61,809
Level 3 Financing, Inc., 11.00%, 11/15/2029 ^(a)		53,000		60,240
				122,049
TOTAL CORPORATE BONDS (Cost $6,318,074)				6,402,201

SHORT-TERM INVESTMENTS - 0.7%	Units		Value
Investments Purchased with Proceeds from Securities Lending - 0.7%
Mount Vernon Liquid Assets Portfolio, LLC, 4.45% ^(c)		45,360		45,360
TOTAL SHORT-TERM INVESTMENTS (Cost $45,360)				45,360

TOTAL INVESTMENTS - 96.5% (Cost $6,363,434)			$	6,447,561
Other Assets in Excess of Liabilities - 3.5%				230,060
TOTAL NET ASSETS - 100.0%			$	6,677,621
two				–	%
Percentages are stated as a percent of net assets.				–	%

LLC - Limited Liability Company

LP - Limited Partnership

PLC - Public Limited Company

(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 $5,191,635 or 77.7% 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 $44,722.
(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)

F/m High Yield 100 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	$	–	$	6,402,201	$	–	$	6,402,201
Investments Purchased with Proceeds from Securities Lending^(a)		–		–		–		45,360
Total Investments	$	–	$	6,402,201	$	–	$	6,447,561

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 $45,360 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.