| CoreValues Alpha Greater China Growth ETF |
| Schedule of Investments |
| June 30, 2025 (Unaudited) |
| COMMON STOCKS - 97.2% | Shares | Value | ||||||
| Auto Manufacturers - 10.5% | ||||||||
| BYD Co. Ltd. - Class H | 43,464 | $ | 678,260 | |||||
| XPeng, Inc. - ADR (a) | 8,507 | 152,105 | ||||||
| Yutong Bus Co. Ltd. - Class A | 59,554 | 206,617 | ||||||
| 1,036,982 | ||||||||
| Beverages - 3.2% | ||||||||
| Eastroc Beverage Group Co. Ltd. | 7,100 | 311,179 | ||||||
| Computers - 3.8% | ||||||||
| Horizon Robotics (a) | 447,719 | 370,152 | ||||||
| Cosmetics & Personal Care - 0.8% | ||||||||
| Proya Cosmetics Co. Ltd. - Class A | 7,155 | 82,669 | ||||||
| Distribution & Wholesale - 4.7% | ||||||||
| Pop Mart International Group Ltd. (b) | 13,518 | 459,095 | ||||||
| Diversified Financial Services - 3.3% | ||||||||
| Futu Holdings Ltd. - ADR | 2,664 | 329,244 | ||||||
| Electronics - 0.9% | ||||||||
| Shenzhen Inovance Technology Co. Ltd. - Class A | 9,400 | 84,706 | ||||||
| Healthcare - Services - 2.1% | ||||||||
| WuXi AppTec Co. Ltd. - Class A | 21,100 | 204,801 | ||||||
| Home Furnishings - 4.9% | ||||||||
| Anker Innovations Technology Co. Ltd. - Class A | 19,524 | 309,529 | ||||||
| Midea Group Co. Ltd. - Class A | 16,937 | 170,658 | ||||||
| 480,187 | ||||||||
| Internet - 38.2%(c) | ||||||||
| Alibaba Group Holding Ltd. - ADR | 6,451 | 731,608 | ||||||
| Bilibili, Inc. - Class Z (a) | 4,297 | 91,797 | ||||||
| East Money Information Co. Ltd. - Class A | 44,780 | 144,548 | ||||||
| Full Truck Alliance Co. Ltd. - ADR | 30,924 | 365,213 | ||||||
| JD.com, Inc. - Class A | 27,516 | 448,318 | ||||||
| Kuaishou Technology (a)(b) | 19,425 | 156,637 | ||||||
| Meituan - Class B (a)(b) | 25,830 | 412,293 | ||||||
| PDD Holdings, Inc. - ADR (a) | 3,379 | 353,646 | ||||||
| Tencent Holdings Ltd. | 10,118 | 648,325 | ||||||
| Trip.com Group Ltd. - ADR | 7,076 | 414,937 | ||||||
| 3,767,322 | ||||||||
| Lodging - 1.7% | ||||||||
| Atour Lifestyle Holdings Ltd. - ADR | 5,090 | 165,476 | ||||||
| Machinery - Diversified - 1.8% | ||||||||
| UBTech Robotics Corp. Ltd. (a) | 17,315 | 182,855 | ||||||
| Miscellaneous Manufacturing - 0.8% | ||||||||
| SICC Co. Ltd. - Class A (a) | 10,181 | 83,190 | ||||||
| Real Estate - 2.2% | ||||||||
| KE Holdings, Inc. - ADR | 12,413 | 220,207 | ||||||
| Retail - 5.8% | ||||||||
| Luckin Coffee, Inc. - ADR (a) | 15,306 | 570,455 | ||||||
Software - 2.6% | ||||||||
| Kingsoft Corp. Ltd. | 25,717 | 133,990 | ||||||
| NetEase, Inc. - ADR | 929 | 125,025 | ||||||
| 259,015 | ||||||||
| Telecommunications - 9.9% | ||||||||
| Xiaomi Corp. - Class B (a)(b) | 127,635 | 974,741 | ||||||
| TOTAL COMMON STOCKS (Cost $7,442,502) | 9,582,276 | |||||||
| SHORT-TERM INVESTMENTS - 2.4% | ||||||||
| Money Market Funds - 2.4% | ||||||||
| First American Government Obligations Fund - Class X, 4.25% (d) | 233,406 | 233,406 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $233,406) | 233,406 | |||||||
| TOTAL INVESTMENTS - 99.6% (Cost $7,675,908) | 9,815,682 | |||||||
| Other Assets in Excess of Liabilities - 0.4% | 38,582 | |||||||
| TOTAL NET ASSETS - 100.0% | $ | 9,854,264 | ||||||
| Percentages are stated as a percent of net assets. | –% |
| ADR - American Depositary Receipt |
| (a) | Non-income producing security. |
| (b) | 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 June 30, 2025, the value of these securities total $2,002,767 or 20.3% of the Fund’s net assets. |
| (c) | To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors. |
| (d) | The rate shown represents the 7-day annualized effective yield as of June 30, 2025. |
Summary of Fair Value Disclosure as of June 30, 2025 (Unaudited)
CoreValues Alpha Greater China Growth 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 June 30, 2025:
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Investments: | ||||||||||||||||
| Common Stocks | $ | 9,582,276 | $ | — | $ | — | $ | 9,582,276 | ||||||||
| Money Market Funds | 233,406 | — | — | 233,406 | ||||||||||||
| Total Investments | $ | 9,815,682 | $ | — | $ | — | $ | 9,815,682 | ||||||||
| Refer to the Schedule of Investments for further disaggregation of investment categories. |