Rareview 2x Bull CryptoCurrency and Precious Metals ETF
  
Schedule of Investments
  
June 30, 2025 (Unaudited)
  
   
SHORT-TERM INVESTMENTS - 24.2%
        
Value
 
Money Market Funds - 24.2%
  
Shares
        
First American Government Obligations Fund - Class X, 4.25% (a)
    
1,382,243
    
$
1,382,243
  
TOTAL SHORT-TERM INVESTMENTS (Cost $1,382,243)
      
1,382,243
  
                 
TOTAL INVESTMENTS - 24.2% (Cost $1,382,243)
      
1,382,243
  
Other Assets in Excess of Liabilities - 75.8%
      
4,330,695
  
TOTAL NET ASSETS - 100.0%
          
$
5,712,938
  
two
      
–
%
Percentages are stated as a percent of net assets.
      
–
%

(a)
The rate shown represents the 7-day annualized effective yield as of June 30, 2025.


Rareview 2x Bull CryptoCurrency and Precious Metals ETF
Schedule of Total Return Swap Contracts
June 30, 2025 (Unaudited)

Reference Entity
  
Counterparty
  
Pay/ Receive Reference Entity
  
Financing Rate
  
Payment Frequency
  
Maturity Date
  
Notional Amount
    
Value/ Unrealized Appreciation (Depreciation)
  
iShares Bitcoin Trust ETF
  
Clear Street LLC
  
Receive
  
OBFR + 3.00%
  
Quarterly
  
02/09/2027
   $
 2,816,150
   $
 273,984
  
iShares Ethereum Trust ETF
  
Clear Street LLC
  
Receive
  
OBFR + 3.00%
  
Quarterly
  
02/09/2027
    
 821,478
    
  231,844
  
iShares Silver Trust
  
Clear Street LLC
  
Receive
  
OBFR + 1.25%
  
Quarterly
  
02/09/2027
    
 749,085
    
  67,535
  
SPDR Gold Shares
  
Clear Street LLC
  
Receive
  
OBFR + 1.25%
  
Quarterly
  
02/09/2027
    
 2,640,742
    
  (21,227)
  
Net Unrealized Appreciation (Depreciation)
   $
$ 552,136
  

There are no upfront payments or receipts associated with total return swaps in the Fund as of June 30, 2025.
 
The Total Return Swap Contracts are held in Rareview Capital BEGS CFC LLC.
 
OBFR - Overnight Bank Funding Rate was 4.33% as of June 30, 2025.


Summary of Fair Value Disclosure as of June 30, 2025 (Unaudited)
 
Rareview 2x Bull CryptoCurrency and Precious Metals 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
  
Assets:
                        
Investments:
                        
  Money Market Funds
    
1,382,243
      
–
      
–
      
1,382,243
  
Total Investments
    
1,382,243
      
–
      
–
      
1,382,243
  
   
Other Financial Instruments:
                                
  Total Return Swaps*
    
573,363
      
–
      
–
      
573,363
  
Total Other Financial Instruments
    
573,363
      
–
      
–
      
573,363
  
                                 
Liabilities:
                                
Other Financial Instruments:
                                
  Total Return Swaps*
    
(21,227
)
    
–
      
–
      
(21,227
)
Total Other Financial Instruments
    
(21,227
)
    
–
      
–
      
(21,227
)
   
* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of June 30, 2025.
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.