Hull
Tactical
US
ETF
Schedule
of
Investments
July
31,
2025
(Unaudited)
EXCHANGE-TRADED
FUNDS
—
37.35%
Shares
Fair
Value
Exchange-Traded
Funds
—
37.35%
Alpha
Architect
1-3
Month
Box
ETF
35,787
$
4,045,363
SPDR
S&P
500
ETF
Trust
(a)(b)
67,663
42,768,429
Total
Exchange-Traded
Funds
(Cost $38,851,464)
46,813,792
U.S.
GOVERNMENT
&
AGENCIES
(c)(d)
—
24.59%
Principal
Amount
United
States
Treasury
Bill,
4.14%,
8/21/2025
$
4,000,000
3,990,500
United
States
Treasury
Bill,
4.24%,
9/2/2025
10,000,000
9,962,009
United
States
Treasury
Bill,
4.24%,
9/11/2025
10,000,000
9,951,169
United
States
Treasury
Bill,
4.08%,
11/18/2025
7,000,000
6,910,268
Total
U.S.
Government
&
Agencies
(Cost $30,815,585)
30,813,946
Description
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Fair
Value
CALL
OPTIONS
PURCHASED
—
0.01
%
S&P
500
Mini
Index
10
$
638,430
$
635.00
July
2025
20
S&P
500
Mini
Index
11
702,273
640.00
July
2025
11
S&P
500
Mini
Index
8
510,744
642.00
July
2025
8
S&P
500
Mini
Index
5
319,215
650.00
July
2025
5
S&P
500
Mini
Index
13
829,959
640.00
August
2025
539
S&P
500
Mini
Index
3
191,529
642.00
August
2025
5
9
S&P
500
Mini
Index
3
191,529
648.00
August
2025
6
S&P
500
Mini
Index
1
63,843
655.00
August
2025
2
S&P
500
Mini
Index
7
446,901
651.00
August
2025
42
S&P
500
Mini
Index
3
191,529
647.00
August
2025
22
S&P
500
Mini
Index
5
319,215
641.00
August
2025
335
S&P
500
Mini
Index
25
1,596,075
643.00
August
2025
862
S&P
500
Mini
Index
6
383,058
639.00
August
2025
687
S&P
500
Mini
Index
27
1,723,761
645.00
August
2025
445
S&P
500
Mini
Index
2
127,686
648.00
August
2025
20
S&P
500
Mini
Index
5
319,215
649.00
August
2025
35
S&P
500
Mini
Index
13
829,959
646.00
August
2025
293
S&P
500
Mini
Index
17
1,085,331
643.00
August
2025
986
S&P
500
Mini
Index
19
1,213,017
641.00
August
2025
1,919
S&P
500
Mini
Index
4
255,372
639.00
August
2025
642
S&P
500
Mini
Index
32
2,042,976
644.00
August
2025
1,392
S&P
500
Mini
Index
5
319,215
643.00
August
2025
395
S&P
500
Mini
Index
1
63,843
644.00
August
2025
61
S&P
500
Mini
Index
19
1,213,017
648.00
August
2025
314
S&P
500
Mini
Index
6
383,058
652.00
August
2025
126
S&P
500
Mini
Index
14
893,802
656.00
August
2025
14
S&P
500
Mini
Index
20
1,276,860
644.00
August
2025
1,610
S&P
500
Mini
Index
11
702,273
646.00
August
2025
534
Hull
Tactical
US
ETF
Schedule
of
Investments
(continued)
July
31,
2025
(Unaudited)
Description
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Fair
Value
CALL
OPTIONS
PURCHASED
—
0.01%
-
continued
S&P
500
Mini
Index
9
$
574,587
$
648.00
August
2025
$
234
S&P
500
Mini
Index
9
574,587
650.00
August
2025
126
S&P
500
Mini
Index
20
1,276,860
652.00
August
2025
120
S&P
500
Mini
Index
16
1,021,488
654.00
August
2025
192
S&P
500
Mini
Index
12
766,116
646.00
August
2025
792
Total
Call
Options
Purchased
(Cost
$50,948)
12,84
8
PUT
OPTIONS
PURCHASED
—
0.0
7
%
S&P
500
Mini
Index
13
829,959
623.00
July
2025
13
S&P
500
Mini
Index
5
319,215
627.00
July
2025
5
S&P
500
Mini
Index
1
63,843
629.00
July
2025
1
S&P
500
Mini
Index
11
702,273
631.00
July
2025
11
S&P
500
Mini
Index
2
127,686
633.00
July
2025
2
S&P
500
Mini
Index
25
1,596,075
635.00
July
2025
2,637
S&P
500
Mini
Index
18
1,149,174
637.00
July
2025
11,277
S&P
500
Mini
Index
9
574,587
641.00
July
2025
6,300
S&P
500
Mini
Index
6
383,058
641.00
August
2025
3,900
S&P
500
Mini
Index
8
510,744
639.00
August
2025
3,816
S&P
500
Mini
Index
1
63,843
634.00
August
2025
222
S&P
500
Mini
Index
13
829,959
625.00
August
2025
383
S&P
500
Mini
Index
20
1,276,860
630.00
August
2025
1,930
S&P
500
Mini
Index
5
319,215
628.00
August
2025
302
S&P
500
Mini
Index
6
383,058
632.00
August
2025
906
S&P
500
Mini
Index
21
1,340,703
634.00
August
2025
6,290
S&P
500
Mini
Index
1
63,843
637.00
August
2025
447
S&P
500
Mini
Index
10
638,430
628.00
August
2025
1,195
S&P
500
Mini
Index
4
255,372
630.00
August
2025
658
S&P
500
Mini
Index
8
510,744
622.00
August
2025
372
S&P
500
Mini
Index
12
766,116
619.00
August
2025
354
S&P
500
Mini
Index
14
893,802
626.00
August
2025
1,239
S&P
500
Mini
Index
9
574,587
619.00
August
2025
482
S&P
500
Mini
Index
2
127,686
621.00
August
2025
135
S&P
500
Mini
Index
6
383,058
627.00
August
2025
876
S&P
500
Mini
Index
10
638,430
629.00
August
2025
1,890
S&P
500
Mini
Index
2
127,686
635.00
August
2025
786
S&P
500
Mini
Index
18
1,149,174
627.00
August
2025
3,267
S&P
500
Mini
Index
13
829,959
619.00
August
2025
1,190
S&P
500
Mini
Index
7
446,901
623.00
August
2025
798
S&P
500
Mini
Index
30
1,915,290
629.00
August
2025
6,765
S&P
500
Mini
Index
2
127,686
635.00
August
2025
859
S&P
500
Mini
Index
5
319,215
637.00
August
2025
2,625
S&P
500
Mini
Index
1
63,843
629.00
August
2025
261
Hull
Tactical
US
ETF
Schedule
of
Investments
(continued)
July
31,
2025
(Unaudited)
ETF
-
Exchange-Traded
Fund
SPDR
-
Standard
&
Poor's
Depositary
Receipt
Description
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Fair
Value
PUT
OPTIONS
PURCHASED
—
0.07%
-
continued
S&P
500
Mini
Index
12
$
766,116
$
627.00
August
2025
$
2,562
S&P
500
Mini
Index
18
1,149,174
631.00
August
2025
5,652
S&P
500
Mini
Index
20
1,276,860
623.00
August
2025
2,840
S&P
500
Mini
Index
16
1,021,488
621.00
August
2025
1,872
S&P
500
Mini
Index
22
1,404,546
625.00
August
2025
3,839
S&P
500
Mini
Index
15
957,645
635.00
August
2025
6,968
Total
Put
Options
Purchased
(Cost
$66,092)
85,92
7
Total
Options
Purchased
(Cost
$117,040)
98,77
5
Total
Investments
—
62.02%
(Cost
$69,784,089)
77,726,512
Other
Assets
in
Excess
of
Liabilities
—
37.98%
47,592,000
Net
Assets
—
100.00%
$
125,318,512
(a)
Represents
an
investment
greater
than
25%
of
the
Fund's
net
assets. Performance
of
the
Fund
may
be
adversely
impacted
by
concentrated
investments
in
securities.
As
of
July
31,
2025,
the
percentage
of
net
assets
invested
in
SPDR
S&P
500
ETF
Trust
was
34.13%
of
the
Fund.
The
financial
statements
and
portfolio
holdings
for
these
securities
can
be
found
at
www.sec.gov.
(b)
Securities,
or
a
portion
thereof,
have
been
pledged
as
collateral
on
open
future
contracts
and/or
written
option
contracts.
The
total
collateral
pledged
is
$43,035,587
.
(c)
The
rate
shown
represents
effective
yield
at
time
of
purchase.
(d)
Non-income
producing
security.
Hull
Tactical
US
ETF
Schedule
of
Open
Written
Option
Contracts
July
31,
2025
(Unaudited)
Description
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Fair
Value
Written
Call
Options
(0.01)%
S&P
500
Mini
Index
(12)
$
(833,316)
$
634.00
July
2025
$
(180)
S&P
500
Mini
Index
(1)
(74,743)
637.00
July
2025
(1)
S&P
500
Mini
Index
(7)
(511,301)
638.00
July
2025
(7)
S&P
500
Mini
Index
(5)
(367,715)
639.00
July
2025
(5)
S&P
500
Mini
Index
(39)
(2,493,777)
641.00
July
2025
(39)
S&P
500
Mini
Index
(27)
(1,748,061)
643.00
July
2025
(27)
S&P
500
Mini
Index
(3)
(222,729)
644.00
July
2025
(3)
S&P
500
Mini
Index
(8)
(581,144)
645.00
July
2025
(16)
S&P
500
Mini
Index
(15)
(1,017,645)
646.00
July
2025
(30)
S&P
500
Mini
Index
(1)
(74,843)
647.00
July
2025
(1)
S&P
500
Mini
Index
(4)
(295,772)
648.00
July
2025
(4)
S&P
500
Mini
Index
(7)
(510,601)
636.00
August
2025
(1,078)
S&P
500
Mini
Index
(10)
(711,430)
637.00
August
2025
(1,155)
S&P
500
Mini
Index
(11)
(774,873)
638.00
August
2025
(919)
S&P
500
Mini
Index
(20)
(1,328,860)
641.00
August
2025
(580)
S&P
500
Mini
Index
(13)
(894,959)
643.00
August
2025
(169)
S&P
500
Mini
Index
(14)
(955,402)
644.00
August
2025
(119)
S&P
500
Mini
Index
(12)
(835,716)
645.00
August
2025
(66)
S&P
500
Mini
Index
(12)
(836,916)
646.00
August
2025
(54)
S&P
500
Mini
Index
(14)
(956,802)
647.00
August
2025
(56)
S&P
500
Mini
Index
(27)
(1,750,761)
649.00
August
2025
(54)
S&P
500
Mini
Index
(14)
(958,202)
650.00
August
2025
(14)
S&P
500
Mini
Index
(8)
(580,344)
638.00
August
2025
(1,196)
S&P
500
Mini
Index
(12)
(834,516)
640.00
August
2025
(1,050)
S&P
500
Mini
Index
(20)
(1,330,860)
642.00
August
2025
(960)
S&P
500
Mini
Index
(3)
(223,029)
644.00
August
2025
(75)
S&P
500
Mini
Index
(17)
(1,146,531)
646.00
August
2025
(196)
S&P
500
Mini
Index
(13)
(897,559)
648.00
August
2025
(91)
S&P
500
Mini
Index
(4)
(296,172)
649.00
August
2025
(40)
S&P
500
Mini
Index
(9)
(648,387)
642.00
August
2025
(702)
S&P
500
Mini
Index
(10)
(712,430)
645.00
August
2025
(305)
S&P
500
Mini
Index
(9)
(650,187)
647.00
August
2025
(144)
S&P
500
Mini
Index
(2)
(149,286)
651.00
August
2025
(24)
S&P
500
Mini
Index
(12)
(839,316)
653.00
August
2025
(72)
S&P
500
Mini
Index
(14)
(954,002)
641.00
August
2025
(1,806)
S&P
500
Mini
Index
(22)
(1,448,546)
642.00
August
2025
(2,266)
S&P
500
Mini
Index
(7)
(512,001)
645.00
August
2025
(333)
S&P
500
Mini
Index
(5)
(368,215)
646.00
August
2025
(170)
S&P
500
Mini
Index
(15)
(1,019,145)
647.00
August
2025
(375)
S&P
500
Mini
Index
(8)
(581,944)
649.00
August
2025
(88)
S&P
500
Mini
Index
(12)
(838,116)
651.00
August
2025
(120)
S&P
500
Mini
Index
(9)
(651,087)
641.00
August
2025
(1,422)
S&P
500
Mini
Index
(9)
(651,087)
645.00
August
2025
(566)
S&P
500
Mini
Index
(13)
(896,259)
647.00
August
2025
(481)
Hull
Tactical
US
ETF
Schedule
of
Open
Written
Option
Contracts
(continued)
July
31,
2025
(Unaudited)
Description
(Continued)
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Fair
Value
Written
Call
Options
(0.01)%
(Continued)
S&P
500
Mini
Index
(26)
$
(1,688,518)
$
651.00
August
2025
$
(221)
S&P
500
Mini
Index
(12)
(840,516)
653.00
August
2025
(156)
S&P
500
Mini
Index
(10)
(715,430)
645.00
August
2025
(850)
Total
Written
Call
Options
(Premiums
Received
$79,620)
$
(18,28
6
)
Written
Put
Options
(0.19)%
S&P
500
Mini
Index
(18)
(1,210,374)
622.00
July
2025
(18)
S&P
500
Mini
Index
(32)
(2,058,976)
624.00
July
2025
(64)
S&P
500
Mini
Index
(1)
(74,943)
625.00
July
2025
(1)
S&P
500
Mini
Index
(15)
(1,020,645)
626.00
July
2025
(15)
S&P
500
Mini
Index
(20)
(1,334,860)
628.00
July
2025
(40)
S&P
500
Mini
Index
(19)
(1,273,817)
630.00
July
2025
(19)
S&P
500
Mini
Index
(25)
(1,633,575)
632.00
July
2025
(50)
S&P
500
Mini
Index
(23)
(1,509,789)
634.00
July
2025
(276)
S&P
500
Mini
Index
(11)
(780,373)
636.00
July
2025
(3,691)
S&P
500
Mini
Index
(8)
(582,744)
638.00
July
2025
(4,120)
S&P
500
Mini
Index
(14)
(962,402)
642.00
July
2025
(11,
193
)
S&P
500
Mini
Index
(3)
(223,629)
627.00
August
2025
(141)
S&P
500
Mini
Index
(36)
(2,309,148)
629.00
August
2025
(2,718)
S&P
500
Mini
Index
(22)
(1,450,746)
631.00
August
2025
(2,728)
S&P
500
Mini
Index
(31)
(1,997,733)
633.00
August
2025
(5,627)
S&P
500
Mini
Index
(5)
(369,215)
635.00
August
2025
(1,358)
S&P
500
Mini
Index
(22)
(1,457,346)
636.00
August
2025
(7,139)
S&P
500
Mini
Index
(1)
(75,243)
637.00
August
2025
(386)
S&P
500
Mini
Index
(12)
(842,916)
640.00
August
2025
(6,696)
S&P
500
Mini
Index
(12)
(844,116)
642.00
August
2025
(8,898)
S&P
500
Mini
Index
(11)
(778,173)
621.00
August
2025
(435)
S&P
500
Mini
Index
(23)
(1,507,489)
623.00
August
2025
(1,242)
S&P
500
Mini
Index
(19)
(1,271,917)
625.00
August
2025
(1,425)
S&P
500
Mini
Index
(16)
(2,681,406)
627.00
August
2025
(1,648)
S&P
500
Mini
Index
(13)
(1,810,004)
629.00
August
2025
(1,840)
S&P
500
Mini
Index
(35)
(440,658)
631.00
August
2025
(6,790)
S&P
500
Mini
Index
(19)
(839,316)
632.00
August
2025
(4,266)
S&P
500
Mini
Index
(42)
(714,430)
633.00
August
2025
(10,878)
S&P
500
Mini
Index
(28)
(223,329)
635.00
August
2025
(9,632)
S&P
500
Mini
Index
(6)
(898,859)
639.00
August
2025
(3,456)
S&P
500
Mini
Index
(12)
(512,701)
620.00
August
2025
(726)
S&P
500
Mini
Index
(10)
(1,393,203)
622.00
August
2025
(775)
S&P
500
Mini
Index
(3)
(368,715)
623.00
August
2025
(261)
S&P
500
Mini
Index
(13)
(716,430)
624.00
August
2025
(1,307)
S&P
500
Mini
Index
(7)
(75,043)
625.00
August
2025
(791)
S&P
500
Mini
Index
(21)
(651,987)
626.00
August
2025
(2,730)
S&P
500
Mini
Index
(5)
(1,452,946)
628.00
August
2025
(838)
S&P
500
Mini
Index
(10)
(1,512,089)
630.00
August
2025
(2,145)
S&P
500
Mini
Index
(1)
(901,459)
631.00
August
2025
(245)
Hull
Tactical
US
ETF
Schedule
of
Open
Written
Option
Contracts
(continued)
July
31,
2025
(Unaudited)
Description
(Continued)
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Fair
Value
Written
Put
Options
(0.19)%
(Continued)
S&P
500
Mini
Index
(9)
$
(1,212,174)
$
632.00
August
2025
$
(2,498)
S&P
500
Mini
Index
(22)
(954,002)
633.00
August
2025
(6,831)
S&P
500
Mini
Index
(23)
(775,973)
634.00
August
2025
(8,131)
S&P
500
Mini
Index
(13)
(1,332,860)
636.00
August
2025
(5,701)
S&P
500
Mini
Index
(18)
(1,691,118)
638.00
August
2025
(9,909)
S&P
500
Mini
Index
(14)
(2,497,677)
618.00
August
2025
(924)
S&P
500
Mini
Index
(11)
(1,148,231)
620.00
August
2025
(908)
S&P
500
Mini
Index
(20)
(1,693,718)
622.00
August
2025
(2,030)
S&P
500
Mini
Index
(26)
(651,087)
624.00
August
2025
(3,315)
S&P
500
Mini
Index
(39)
(961,002)
626.00
August
2025
(6,318)
S&P
500
Mini
Index
(17)
(75,143)
628.00
August
2025
(3,434)
S&P
500
Mini
Index
(26)
(1,807,204)
630.00
August
2025
(6,500)
S&P
500
Mini
Index
(9)
(717,430)
631.00
August
2025
(2,511)
S&P
500
Mini
Index
(14)
(781,473)
632.00
August
2025
(4,375)
S&P
500
Mini
Index
(1)
(1,633,575)
633.00
August
2025
(346)
S&P
500
Mini
Index
(28)
(1,509,789)
634.00
August
2025
(10,850)
S&P
500
Mini
Index
(10)
(780,373)
636.00
August
2025
(4,730)
S&P
500
Mini
Index
(11)
(582,744)
638.00
August
2025
(6,380)
S&P
500
Mini
Index
(11)
(777,073)
620.00
August
2025
(1,150)
S&P
500
Mini
Index
(25)
(1,631,075)
622.00
August
2025
(3,175)
S&P
500
Mini
Index
(24)
(1,570,632)
624.00
August
2025
(3,780)
S&P
500
Mini
Index
(10)
(715,430)
626.00
August
2025
(1,930)
S&P
500
Mini
Index
(20)
(1,336,860)
628.00
August
2025
(4,720)
S&P
500
Mini
Index
(11)
(779,273)
630.00
August
2025
(3,157)
S&P
500
Mini
Index
(16)
(1,083,888)
632.00
August
2025
(5,544)
S&P
500
Mini
Index
(22)
(1,455,146)
634.00
August
2025
(9,240)
S&P
500
Mini
Index
(6)
(440,058)
636.00
August
2025
(3,057)
S&P
500
Mini
Index
(10)
(718,430)
638.00
August
2025
(6,250)
S&P
500
Mini
Index
(4)
(296,572)
633.00
August
2025
(1,636)
Total
Written
Put
Options
(Premiums
Received
$196,261)
$
(235,938)
Total
Written
Options
(Premiums
Received
$275,881)
$
(254,224)
Hull
Tactical
US
ETF
Schedule
of
Futures
Contracts
July
31,
2025
(Unaudited)
Contracts
Expiration
Date
Notional
Value
(a)
Value
Value
and
Unrealized
Appreciation
(Depreciation)
LONG
CONTRACTS
Cboe
Volatility
Index
Future
113
October
2025
$
2,378,303
$
2,357,768
$
(20,536)
Cboe
Volatility
Index
Future
82
November
2025
1,737,357
1,741,541
4,184
Cboe
Volatility
Index
Future
8
December
2025
167,760
170,800
3,040
CME
E-Mini
S&P
500
Index
Future
196
September
2025
62,507,729
62,467,650
(40,078)
(53,390)
SHORT
CONTRACTS
Cboe
Volatility
Index
Future
(56)
August
2025
$
(1,093,273)
$
(1,005,570)
$
87,704
Cboe
Volatility
Index
Future
(56)
September
2025
(1,123,120)
(1,112,765)
10,355
Micro
E-Mini
S&P
500
Index
Future
(315)
September
2025
(10,059,000)
(10,039,444)
19,556
117,615
Total
Futures
$
64,225
(a)
In
accordance
with
§210.12-13A,
the
notional
amount
should
be
the
current
notional
amount
at
the
close
of
the
period.