VistaShares Target 15 Berkshire Select Income ETF
Schedule of Investments
May 31, 2025 (Unaudited)
| COMMON STOCKS - 100.1% | Shares | Value | ||||||||||
| Banking - 5.4% | ||||||||||||
| Bank of America Corp. | 272,351 | $ | 12,018,849 | |||||||||
| Consumer Discretionary Services - 1.9% | ||||||||||||
| Domino’s Pizza, Inc. | 8,924 | 4,228,370 | ||||||||||
| Consumer Staple Products - 13.9% | ||||||||||||
| Coca-Cola Co. | 194,722 | 14,039,456 | ||||||||||
| Constellation Brands, Inc. - Class A | 39,633 | 7,066,168 | ||||||||||
| Kraft Heinz Co. | 373,837 | 9,992,663 | ||||||||||
| 31,098,287 | ||||||||||||
| Financial Services - 22.8% | ||||||||||||
| American Express Co. | 65,126 | 19,150,300 | ||||||||||
| Capital One Financial Corp. | 22,451 | 4,246,607 | ||||||||||
| Mastercard, Inc. - Class A | 12,881 | 7,543,114 | ||||||||||
| Moody’s Corp. | 21,201 | 10,162,063 | ||||||||||
| Visa, Inc. - Class A | 27,020 | 9,867,434 | ||||||||||
| 50,969,518 | ||||||||||||
| Health Care - 4.3% | ||||||||||||
| DaVita, Inc.(a) | 71,291 | 9,714,112 | ||||||||||
| Insurance - 17.0% | ||||||||||||
| Aon PLC - Class A | 13,791 | 5,131,355 | ||||||||||
| Berkshire Hathaway, Inc. - Class B(a) | 44,770 | 22,562,289 | ||||||||||
| Chubb Ltd. | 35,259 | 10,478,975 | ||||||||||
| 38,172,619 | ||||||||||||
| Media - 8.2% | ||||||||||||
| Sirius XM Holdings, Inc. | 388,237 | 8,416,978 | ||||||||||
| VeriSign, Inc. | 36,612 | 9,975,672 | ||||||||||
| 18,392,650 | ||||||||||||
| Oil & Gas - 8.8% | ||||||||||||
| Chevron Corp. | 72,942 | 9,971,171 | ||||||||||
| Occidental Petroleum Corp. | 240,741 | 9,817,418 | ||||||||||
| 19,788,589 | ||||||||||||
| Retail & Wholesale - Discretionary - 2.8% | ||||||||||||
| Amazon.com, Inc.(a) | 30,888 | 6,332,349 | ||||||||||
| Retail & Wholesale - Staples - 4.6% | ||||||||||||
| Kroger Co. | 150,536 | 10,271,071 | ||||||||||
| Tech Hardware & Semiconductors - 10.4% | ||||||||||||
| Apple, Inc. | 116,178 | 23,334,351 | ||||||||||
| TOTAL COMMON STOCKS (Cost $222,130,433) | 224,320,765 | |||||||||||
| PURCHASED OPTIONS - 0.0%(b)(c)(d)(f) | Notional Amount | Contracts | ||||||||||
| Call Options - 0.0%(f) | ||||||||||||
| American Express Co., Expiration: 6/20/2025; Exercise Price: $310.00 | $ | 18,289,910 | 622 | 98,276 | ||||||||
| Sirius XM Holdings, Inc., Expiration: 6/20/2025; Exercise Price: $24.00 | 5,387,480 | 2,485 | 29,820 | |||||||||
| VeriSign, Inc., Expiration: 6/20/2025; Exercise Price: $310.00 | 9,454,709 | 347 | 6,940 | |||||||||
| VeriSign, Inc., Expiration: 6/20/2025; Exercise Price: $280.00 | 899,151 | 33 | 9,405 | |||||||||
| TOTAL PURCHASED OPTIONS (Cost $342,178) | 144,441 | |||||||||||
| SHORT-TERM INVESTMENTS - 0.8% | ||||||||||||
| Money Market Funds - 0.8% | Shares | |||||||||||
| First American Government Obligations Fund - Class X, 4.22%(e) | 1,763,660 | 1,763,660 | ||||||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $1,763,660) | 1,763,660 | |||||||||||
| TOTAL INVESTMENTS - 100.9% (Cost $224,236,271) | $ | 226,228,866 | ||||||||||
| Liabilities in Excess of Other Assets - (0.9)% | (2,106,445 | ) | ||||||||||
| TOTAL NET ASSETS - 100.0% | $ | 224,122,421 | ||||||||||
Percentages are stated as a percent of net assets.
| (a) | Non-income producing security. |
| (b) | Exchange-traded. |
| (c) | 100 shares per contract. |
| (d) | Held in connection with written option contracts. See Schedule of Written Options Contracts for further information. |
| (e) | The rate shown represents the 7-day annualized effective yield as of May 31, 2025. |
| (f) | Does not round to 0.0% or (0.0)%, as applicable. |
VistaShares Target 15 Berkshire Select Income ETF
Schedule of Written Options Contracts
May 31, 2025 (Unaudited)
| WRITTEN OPTIONS - (1.1)%(a)(b) | Notional Amount | Contracts | Value | |||||||||
| Call Options - (1.1)% | ||||||||||||
| Amazon.com, Inc., Expiration: 6/20/2025; Exercise Price: $215.00 | $ | (6,314,308 | ) | (308 | ) | $ | (56,672 | ) | ||||
| American Express Co., Expiration: 6/20/2025; Exercise Price: $300.00 | (10,850,445 | ) | (369 | ) | (178,042 | ) | ||||||
| American Express Co., Expiration: 6/20/2025; Exercise Price: $290.00 | (8,292,210 | ) | (282 | ) | (278,475 | ) | ||||||
| Aon PLC, Expiration: 6/20/2025; Exercise Price: $370.00 | (558,120 | ) | (15 | ) | (13,200 | ) | ||||||
| Aon PLC, Expiration: 6/20/2025; Exercise Price: $360.00 | (4,539,376 | ) | (122 | ) | (192,150 | ) | ||||||
| Apple, Inc, Expiration: 6/20/2025; Exercise Price: $220.00 | (2,751,645 | ) | (137 | ) | (9,727 | ) | ||||||
| Apple, Inc., Expiration: 6/20/2025; Exercise Price: $210.00 | (20,567,040 | ) | (1,024 | ) | (239,616 | ) | ||||||
| Bank of America Corp., Expiration: 6/20/2025; Exercise Price: $47.00 | (511,908 | ) | (116 | ) | (1,218 | ) | ||||||
| Bank of America Corp., Expiration: 6/20/2025; Exercise Price: $45.00 | (11,504,691 | ) | (2,607 | ) | (132,957 | ) | ||||||
| Berkshire Hathaway, Inc., Expiration: 6/20/2025; Exercise Price: $525.00 | (14,010,088 | ) | (278 | ) | (35,167 | ) | ||||||
| Berkshire Hathaway, Inc., Expiration: 6/20/2025; Exercise Price: $520.00 | (8,516,924 | ) | (169 | ) | (34,223 | ) | ||||||
| Capital One Financial Corp., Expiration: 6/20/2025; Exercise Price: $210.00 | (2,326,545 | ) | (123 | ) | (6,150 | ) | ||||||
| Capital One Financial Corp., Expiration: 6/20/2025; Exercise Price: $200.00 | (1,910,415 | ) | (101 | ) | (17,675 | ) | ||||||
| Chevron Corp., Expiration: 6/20/2025; Exercise Price: $150.00 | (6,821,330 | ) | (499 | ) | (8,732 | ) | ||||||
| Chevron Corp., Expiration: 6/20/2025; Exercise Price: $143.00 | (3,144,100 | ) | (230 | ) | (23,115 | ) | ||||||
| Chubb Ltd., Expiration: 6/20/2025; Exercise Price: $305.00 | (1,426,560 | ) | (48 | ) | (8,760 | ) | ||||||
| Chubb Ltd., Expiration: 6/20/2025; Exercise Price: $295.00 | (2,288,440 | ) | (77 | ) | (47,355 | ) | ||||||
| Chubb Ltd., Expiration: 6/20/2025; Exercise Price: $290.00 | (6,746,440 | ) | (227 | ) | (204,300 | ) | ||||||
| Coca-Cola Co., Expiration: 6/20/2025; Exercise Price: $75.00 | (3,323,810 | ) | (461 | ) | (7,146 | ) | ||||||
| Coca-Cola Co., Expiration: 6/20/2025; Exercise Price: $72.50 | (10,714,060 | ) | (1,486 | ) | (116,651 | ) | ||||||
| Constellation Brands, Inc., Expiration: 6/20/2025; Exercise Price: $187.50 | (7,060,284 | ) | (396 | ) | (50,490 | ) | ||||||
| DaVita, Inc., Expiration: 6/20/2025; Exercise Price: $150.00 | (912,942 | ) | (67 | ) | (2,177 | ) | ||||||
| DaVita, Inc., Expiration: 6/20/2025; Exercise Price: $145.00 | (8,788,770 | ) | (645 | ) | (61,275 | ) | ||||||
| Domino’s Pizza, Inc., Expiration: 6/20/2025; Exercise Price: $490.00 | (4,216,998 | ) | (89 | ) | (40,050 | ) | ||||||
| Kraft Heinz Co., Expiration: 6/20/2025; Exercise Price: $28.50 | (585,387 | ) | (219 | ) | (2,080 | ) | ||||||
| Kraft Heinz Co., Expiration: 6/20/2025; Exercise Price: $28.00 | (4,947,723 | ) | (1,851 | ) | (30,541 | ) | ||||||
| Kraft Heinz Co., Expiration: 6/20/2025; Exercise Price: $27.50 | (4,458,564 | ) | (1,668 | ) | (47,538 | ) | ||||||
| Kroger Co., Expiration: 6/20/2025; Exercise Price: $72.50 | (10,268,615 | ) | (1,505 | ) | (92,558 | ) | ||||||
| Mastercard, Inc., Expiration: 6/20/2025; Exercise Price: $590.00 | (5,738,880 | ) | (98 | ) | (74,235 | ) | ||||||
| Mastercard, Inc., Expiration: 6/20/2025; Exercise Price: $585.00 | (1,756,800 | ) | (30 | ) | (30,750 | ) | ||||||
| Moody’s Corp., Expiration: 6/20/2025; Exercise Price: $500.00 | (10,161,584 | ) | (212 | ) | (70,490 | ) | ||||||
| Occidental Petroleum Corp., Expiration: 6/20/2025; Exercise Price: $47.50 | (4,759,026 | ) | (1,167 | ) | (7,586 | ) | ||||||
| Occidental Petroleum Corp., Expiration: 6/20/2025; Exercise Price: $45.00 | (5,056,720 | ) | (1,240 | ) | (20,460 | ) | ||||||
| Sirius XM Holdings, Inc., Expiration: 6/20/2025; Exercise Price: $24.50 | (1,185,896 | ) | (547 | ) | (4,650 | ) | ||||||
| Sirius XM Holdings, Inc., Expiration: 6/20/2025; Exercise Price: $23.00 | (7,230,280 | ) | (3,335 | ) | (101,718 | ) | ||||||
| VeriSign, Inc., Expiration: 6/20/2025; Exercise Price: $290.00 | (9,073,251 | ) | (333 | ) | (33,300 | ) | ||||||
| VeriSign, Inc., Expiration: 6/20/2025; Exercise Price: $270.00 | (899,151 | ) | (33 | ) | (25,905 | ) | ||||||
| Visa, Inc., Expiration: 6/20/2025; Exercise Price: $365.00 | (9,860,130 | ) | (270 | ) | (172,125 | ) | ||||||
| TOTAL WRITTEN OPTIONS (Premiums received $3,652,724) | $ | (2,479,259 | ) |
| (a) | 100 shares per contract. |
| (b) | Exchange-traded. |