AXS FTSE Venture Capital Return Tracker Fund

SCHEDULE OF INVESTMENTS

As of June 30, 2025 (Unaudited)

Number of Shares			Value
		COMMON STOCKS — 91.6%
		AEROSPACE/DEFENSE — 1.2%
	1,659	Boeing Co.*	$	347,611
	2,203	General Electric Co.		567,030
	2,758	RTX Corp.		402,723
				1,317,364
		AGRICULTURE — 0.3%
	1,485	Altria Group, Inc.		87,066
	1,178	Philip Morris International, Inc.		214,549
				301,615
		AUTO MANUFACTURERS — 0.1%
	210	Tesla, Inc.*		66,709

		BANKS — 1.4%
	6,207	Bank of America Corp.		293,715
	265	Goldman Sachs Group, Inc.		187,554
	2,508	JPMorgan Chase & Co.		727,094
	1,114	Morgan Stanley		156,918
	2,783	Wells Fargo & Co.		222,974
				1,588,255
		BEVERAGES — 0.4%
	3,660	Coca-Cola Co.		258,945
	655	Monster Beverage Corp.*		41,029
	1,217	PepsiCo, Inc.		160,693
				460,667
		BIOTECHNOLOGY — 0.1%
	108	Amgen, Inc.		30,154
	694	Corteva, Inc.		51,724
				81,878
		BUILDING MATERIALS — 0.1%
	62	Martin Marietta Materials, Inc.		34,035
	124	Vulcan Materials Co.		32,342
				66,377
		CHEMICALS — 0.4%
	212	Air Products and Chemicals, Inc.		59,797
	273	Ecolab, Inc.		73,557
	505	Linde PLC¹		236,936
	228	PPG Industries, Inc.		25,935
	250	Sherwin-Williams Co.		85,840
				482,065

AXS FTSE Venture Capital Return Tracker Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2025 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		COMMERCIAL SERVICES — 2.4%
	5,432	Automatic Data Processing, Inc.²	$	1,675,229
	712	S&P Global, Inc.		375,430
	1,873	Verisk Analytics, Inc. - Class A		583,440
				2,634,099
		COMPUTERS — 8.8%
	8,447	Accenture PLC¹		2,524,724
	4,055	Apple, Inc.²		831,964
	3,521	Crowdstrike Holdings, Inc. - Class A^*,2		1,793,281
	9,065	Fortinet, Inc.^*,2		958,352
	12,380	International Business Machines Corp.²		3,649,376
				9,757,697
		COSMETICS/PERSONAL CARE — 0.4%
	720	Colgate-Palmolive Co.		65,448
	2,082	Procter & Gamble Co.		331,704
				397,152
		DISTRIBUTION/WHOLESALE — 0.6%
	12,898	Copart, Inc.*		632,905

		DIVERSIFIED FINANCIAL SERVICES — 8.6%
	491	American Express Co.		156,619
	2,985	Coinbase Global, Inc. - Class A*		1,046,213
	7,362	Mastercard, Inc. - Class A²		4,137,002
	11,805	Visa, Inc. - Class A²		4,191,365
				9,531,199
		ELECTRIC — 0.0%
	88	Duke Energy Corp.		10,384
	235	NextEra Energy, Inc.		16,314
	124	Southern Co.		11,387
				38,085
		ELECTRICAL COMPONENTS & EQUIPMENT — 0.3%
	909	Eaton Corp. PLC¹		324,504

		ELECTRONICS — 0.3%
	1,508	Honeywell International, Inc.		351,183

		FOOD — 0.1%
	1,148	Mondelez International, Inc.		77,421

		HEALTHCARE-PRODUCTS — 2.5%
	3,471	Abbott Laboratories		472,091

AXS FTSE Venture Capital Return Tracker Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2025 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		HEALTHCARE-PRODUCTS (Continued)
	571	Agilent Technologies, Inc.	$	67,384
	2,711	Boston Scientific Corp.*		291,188
	1,417	Danaher Corp.		279,914
	1,177	Edwards Lifesciences Corp.*		92,053
	780	GE HealthCare Technologies, Inc.		57,775
	159	IDEXX Laboratories, Inc.*		85,278
	717	Intuitive Surgical, Inc.*		389,625
	2,567	Medtronic PLC¹		223,765
	285	Natera, Inc.*		48,148
	291	ResMed, Inc.		75,078
	195	STERIS PLC¹		46,843
	764	Stryker Corp.		302,261
	795	Thermo Fisher Scientific, Inc.		322,341
				2,753,744
		HEALTHCARE-SERVICES — 1.1%
	930	Centene Corp.*		50,481
	571	Cigna Group		188,761
	453	Elevance Health, Inc.		176,199
	373	HCA Healthcare, Inc.		142,896
	239	Humana, Inc.		58,431
	1,831	UnitedHealth Group, Inc.²		571,217
				1,187,985
		HOUSEHOLD PRODUCTS/WARES — 0.0%
	291	Kimberly-Clark Corp.		37,516

		INSURANCE — 1.9%
	3,988	Berkshire Hathaway, Inc. - Class B^*,2		1,937,251
	500	Progressive Corp.		133,430
				2,070,681
		INTERNET — 22.5%
	6,148	Airbnb, Inc. - Class A*		813,626
	25,102	Alphabet, Inc. - Class A²		4,423,725
	723	Amazon.com, Inc.*		158,619
	5,153	DoorDash, Inc. - Class A*		1,270,266
	612	MercadoLibre, Inc.*		1,599,542
	6,658	Meta Platforms, Inc.²		4,914,203
	3,571	Netflix, Inc.^*,2		4,782,033
	8,934	Palo Alto Networks, Inc.^*,2		1,828,254
	10,362	Robinhood Markets, Inc. - Class A*		970,194
	2,035	Spotify Technology S.A.^*,1		1,561,537

AXS FTSE Venture Capital Return Tracker Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2025 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		INTERNET (Continued)
	27,920	Uber Technologies, Inc.^*,2	$	2,604,936
				24,926,935
		MACHINERY-CONSTRUCTION & MINING — 0.4%
	1,054	Caterpillar, Inc.		409,173

		MACHINERY-DIVERSIFIED — 0.3%
	573	Deere & Co.		291,365

		MEDIA — 0.1%
	63	Charter Communications, Inc. - Class A*		25,755
	2,289	Comcast Corp. - Class A		81,694
	186	Liberty Global Ltd. - Class A^*,1		1,862
				109,311
		MINING — 0.1%
	1,459	Freeport-McMoRan, Inc.		63,248
	1,133	Newmont Corp.		66,008
				129,256
		OIL & GAS — 0.5%
	1,053	Chevron Corp.		150,779
	764	ConocoPhillips		68,561
	287	EOG Resources, Inc.		34,328
	2,650	Exxon Mobil Corp.		285,670
	190	Marathon Petroleum Corp.		31,561
	249	Phillips 66		29,706
				600,605
		PHARMACEUTICALS — 0.7%
	355	AbbVie, Inc.		65,895
	575	Becton Dickinson & Co.		99,044
	363	Cencora, Inc.		108,846
	2,656	CVS Health Corp.		183,211
	777	Dexcom, Inc.*		67,824
	168	Eli Lilly & Co.		130,961
	483	Johnson & Johnson		73,778
	501	Merck & Co., Inc.		39,659
				769,218
		PIPELINES — 0.1%
	144	Cheniere Energy, Inc.		35,067
	1,186	Kinder Morgan, Inc.		34,868
	377	ONEOK, Inc.		30,775

AXS FTSE Venture Capital Return Tracker Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2025 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		PIPELINES (Continued)
	738	Williams Cos., Inc.	$	46,354
				147,064
		RETAIL — 0.4%
	32	Costco Wholesale Corp.		31,678
	75	Home Depot, Inc.		27,498
	4,121	Walmart, Inc.		402,951
				462,127
		SEMICONDUCTORS — 1.4%
	414	Advanced Micro Devices, Inc.*		58,747
	127	Analog Devices, Inc.		30,228
	206	Applied Materials, Inc.		37,712
	1,204	Broadcom, Inc.		331,883
	6,579	NVIDIA Corp.		1,039,416
	280	QUALCOMM, Inc.		44,593
	231	Texas Instruments, Inc.		47,960
				1,590,539
		SOFTWARE — 33.4%
	5,690	Adobe, Inc.^*,2		2,201,347
	4,129	AppLovin Corp. - Class A*		1,445,480
	2,329	Atlassian Corp. - Class A*		472,997
	2,874	Autodesk, Inc.^*,2		889,704
	3,662	Cadence Design Systems, Inc.^*,2		1,128,445
	326	Fair Isaac Corp.*		595,915
	6,696	Fidelity National Information Services, Inc.²		545,121
	3,772	Intuit, Inc.²		2,970,940
	9,365	Microsoft Corp.²		4,658,245
	3,276	MicroStrategy, Inc. - Class A*		1,324,257
	23,499	Oracle Corp.²		5,137,586
	30,043	Palantir Technologies, Inc. - Class A*		4,095,462
	8,264	ROBLOX Corp. - Class A*		869,373
	1,433	Roper Technologies, Inc.²		812,282
	12,967	Salesforce, Inc.²		3,535,971
	2,780	ServiceNow, Inc.^*,2		2,858,062
	4,745	Snowflake, Inc.^*,2		1,061,789
	2,064	Synopsys, Inc.^*,2		1,058,172
	2,356	Take-Two Interactive Software, Inc.*		572,155
	315	Veeva Systems, Inc. - Class A*		90,714
	2,901	Workday, Inc. - Class A^*,2		696,240
				37,020,257
		TELECOMMUNICATIONS — 0.4%
	289	Arista Networks, Inc.*		29,567

AXS FTSE Venture Capital Return Tracker Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2025 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		TELECOMMUNICATIONS (Continued)
	119	AST SpaceMobile, Inc. - Class A*	$	5,561
	4,138	AT&T, Inc.		119,754
	1,019	Cisco Systems, Inc.		70,698
	132	Frontier Communications Parent, Inc.*		4,805
	63	Millicom International Cellular S.A.¹		2,361
	53	Telephone and Data Systems, Inc.		1,886
	284	T-Mobile US, Inc.		67,666
	2,427	Verizon Communications, Inc.		105,016
				407,314
		TRANSPORTATION — 0.3%
	1,391	Union Pacific Corp.		320,041
		TOTAL COMMON STOCKS
		(Cost $61,918,063)		101,342,306

Principal Amount
		SHORT-TERM INVESTMENTS — 5.5%
	6,091,339	UMB Bank, Institutional Banking Money Market II Deposit Investment, 3.80%³		6,091,339
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $6,091,339)		6,091,339

		TOTAL INVESTMENTS — 97.1%
		(Cost $68,009,402)		107,433,645

		Other Assets in Excess of Liabilities — 2.9%		3,249,782
		TOTAL NET ASSETS — 100.0%	$	110,683,427

PLC – Public Limited Company

Non-income producing security.

Foreign security denominated in U.S. Dollars.

All or a portion of this security is segregated as collateral for swap agreement. As of June 30, 2025, the aggregate value of those securities was $33,015,750, representing 29.8% of net assets.

The rate is the annualized seven-day yield at period end.

AXS FTSE Venture Capital Return Tracker Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2025 (Unaudited)

SWAP CONTRACTS

EQUITY SWAP CONTRACTS

Counterparty

Reference Entity

Fund Pays

Fund Receives

Pay/Receive
Frequency

Termination
Date

Notional
Amount

Premium
Paid
(Received)

Unrealized
Appreciation
(Depreciation)

BNP Paribas

BNP Paribas Index Swap¹

0.50%

Index Return

Monthly

7/2/25

103,896,806

5,311

865,326

BNP Paribas

BNP Paribas Equity Basket Swap²

1-Month Federal Funds + 0.85%

Basket Return

Monthly

7/2/25

53,607,865

2,036

2,556,389

TOTAL EQUITY SWAP CONTRACTS

3,421,715

¹	The BNP Paribas Index Swap is made up of the NASDAQ 100 Total Return Index and the S&P 500 Total Return Index and exposure to each index was 213.88% and (213.88)%, respectively.

²	BNP Paribas Equity Basket Swap Top 50 Holdings^

Number of Shares		Description	Value		Percentage of Equity Swap's Notional Amount
	12,472	Oracle Corp.	$	2,726,753		5.09	%
	3,534	Meta Platforms, Inc.		2,608,410		4.87	%
	1,895	Netflix, Inc.		2,537,651		4.73	%
	4,970	Microsoft Corp.		2,472,128		4.61	%
	13,323	Alphabet, Inc. - Class A		2,347,912		4.38	%
	6,266	Visa, Inc. - Class A		2,224,743		4.15	%
	3,907	Mastercard, Inc. - Class A		2,195,500		4.10	%
	15,946	Palantir Technologies, Inc. - Class A		2,173,759		4.05	%
	6,571	International Business Machines Corp.		1,936,999		3.61	%
	6,882	Salesforce, Inc.		1,876,653		3.50	%
	2,002	Intuit, Inc.		1,576,835		2.94	%
	1,475	ServiceNow, Inc.		1,516,418		2.83	%
	14,819	Uber Technologies, Inc.		1,382,613		2.58	%
	4,483	Accenture PLC		1,339,924		2.50	%
	3,020	Adobe, Inc.		1,168,378		2.18	%
	2,117	Berkshire Hathaway, Inc. - Class B		1,028,375		1.92	%
	4,742	Palo Alto Networks, Inc.		970,403		1.81	%
	1,869	Crowdstrike Holdings, Inc. - Class A		951,900		1.78	%
	2,883	Automatic Data Processing, Inc.		889,117		1.66	%
	325	MercadoLibre, Inc.		849,430		1.58	%
	1,080	Spotify Technology S.A.		828,727		1.55	%
	2,191	AppLovin Corp. - Class A		767,025		1.43	%
	1,739	MicroStrategy, Inc. - Class A		702,956		1.31	%
	2,735	DoorDash, Inc. - Class A		674,205		1.26	%
	1,944	Cadence Design Systems, Inc.		599,044		1.12	%
	2,519	Snowflake, Inc.		563,677		1.05	%
	1,096	Synopsys, Inc.		561,897		1.05	%
	1,584	Coinbase Global, Inc. - Class A		555,176		1.04	%
	3,492	NVIDIA Corp.		551,701		1.03	%
	5,500	Robinhood Markets, Inc. - Class A		514,965		0.96	%
	4,811	Fortinet, Inc.		508,619		0.95	%
	1,525	Autodesk, Inc.		472,094		0.88	%
	4,386	ROBLOX Corp. - Class A		461,407		0.86	%
	2,152	Apple, Inc.		441,526		0.82	%
	3,263	Airbnb, Inc. - Class A		431,825		0.81	%
	761	Roper Technologies, Inc.		431,365		0.80	%
	1,331	JPMorgan Chase & Co.		385,870		0.72	%
	1,540	Workday, Inc. - Class A		369,600		0.69	%
	6,846	Copart, Inc.		335,933		0.63	%
	173	Fair Isaac Corp.		316,237		0.59	%
	994	Verisk Analytics, Inc. - Class A		309,631		0.58	%
	1,251	Take-Two Interactive Software, Inc.		303,805		0.57	%
	972	UnitedHealth Group, Inc.		303,235		0.57	%
	1,169	General Electric Co.		300,889		0.56	%
	3,554	Fidelity National Information Services, Inc.		289,331		0.54	%
	1,236	Atlassian Corp. - Class A		251,019		0.47	%
	1,842	Abbott Laboratories		250,530		0.47	%
	559	Caterpillar, Inc.		217,009		0.40	%
	2,187	Walmart, Inc.		213,845		0.40	%
	1,464	RTX Corp.		213,773		0.40	%

These investments are not direct holdings of the Fund. The holdings were determined based on the absolute notional values of the positions within the underlying swap basket.