MAIN SECTOR ROTATION ETF
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2025
 
Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 99.3%      
    EQUITY - 99.3%      
2,988,245   Communication Services Select Sector SPDR Fund(a)       $ 320,967,395
896,809   Consumer Discretionary Select Sector SPDR Fund(a)         198,580,417
5,719,963   Financial Select Sector SPDR Fund         299,554,462
1,786,672   Health Care Select Sector SPDR Fund(a)         233,035,629
114,643   Invesco QQQ Trust Series 1         64,774,441
1,167,698   iShares Expanded Tech-Software Sector ETF(a),(b)         130,385,159
615,558   iShares U.S. Home Construction ETF(a)         59,961,505
2,633,546   Technology Select Sector SPDR Fund         691,937,877
439,185   VanEck Semiconductor ETF(a),(b)         126,827,844
    TOTAL EXCHANGE-TRADED FUNDS (Cost $1,800,095,840)      

2,126,024,729

               
    SHORT-TERM INVESTMENTS — 22.8%      
    COLLATERAL FOR SECURITIES LOANED - 22.1%      
473,800,060   State Street Navigator Securities Lending Government Money Market Portfolio, 4.32% (Cost $473,800,060)(c),(d)         473,800,060
             
    MONEY MARKET FUNDS - 0.7%      
15,766,817   State Street Institutional Treasury Money Market Fund, Premier Class, 4.22% (Cost $15,766,817)(d)         15,766,817
             
    TOTAL SHORT-TERM INVESTMENTS (Cost $489,566,877)  

489,566,877

         
    TOTAL INVESTMENTS - 122.1% (Cost $2,289,662,717)     $ 2,615,591,606
    CALL OPTIONS WRITTEN - (0.1)% (Premiums received - $3,833,012)     (1,320,860)
    LIABILITIES IN EXCESS OF OTHER ASSETS - (22.0)%    

(470,906,182)

    NET ASSETS - 100.0%        

$ 2,143,364,564

           
Contracts(e)              
    WRITTEN INDEX OPTIONS - (0.1)%   Expiration Date Exercise Price Notional Value Fair Value
    CALL OPTIONS WRITTEN- (0.1)%      
844   S&P 500 Index   08/07/2025 $ 6,410 $ 541,004,000 $ 1,320,860
    TOTAL INDEX OPTIONS WRITTEN (Premiums received - $3,833,012)  
         
 

 

 

ETF  - Exchange-Traded Fund
SPDR  - Standard & Poor's Depositary Receipt
 

 

 

(a) All or a portion of the security is on loan.  The total fair value of the securities on loan as of July 31, 2025 was $481,857,121.
(b) Non-income producing security.
(c) Security was purchased with cash received as collateral for securities on loan at July 31, 2025. Total collateral had a value of $473,800,060 at July 31, 2025. Additional non-cash collateral received from the borrower not disclosed in the Schedule of Investments had a fair value of $20,879,042.
(d) Rate disclosed is the seven-day effective yield as of July 31, 2025.
(e) Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security.
 
 

 

MAIN THEMATIC INNOVATION ETF
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2025
 
Shares             Fair Value
    COMMON STOCKS — 99.5%      
    AEROSPACE & DEFENSE - 1.3%      
8,928   AeroVironment, Inc.(a)       $ 2,389,490
             
    AUTOMOTIVE - 1.6%      
101,928   WeRide, Inc. - ADR(a)         935,699
109,368   XPeng, Inc. - ADR(a)         1,991,591
             

2,927,290

    BANKING - 0.6%      
92,256   NU Holdings Ltd., Class A(a)         1,127,368
             
    BIOTECH & PHARMA - 6.5%      
2,976   Argenx S.E. - ADR(a)         1,994,902
10,416   Ascendis Pharma A/S - ADR(a)         1,807,176
29,016   Bridgebio Pharma, Inc.(a)         1,371,586
17,112   CRISPR Therapeutics A.G.(a)(b)         962,721
25,296   Guardant Health, Inc.(a)         1,036,630
12,648   Insmed, Inc.(a)         1,356,877
9,672   Krystal Biotech, Inc.(a)         1,488,232
25,296   Legend Biotech Corporation - ADR(a)         988,315
7,440   Neurocrine Biosciences, Inc.(a)         954,031
             

11,960,470

             
    DIVERSIFIED INDUSTRIALS - 0.3%      
4,464   Emerson Electric Company         649,557
             
    E-COMMERCE DISCRETIONARY - 2.4%      
12,648   eBay, Inc.         1,160,454
44,640   JD.com, Inc. - ADR         1,405,714
744   MercadoLibre, Inc.(a)         1,766,174
             

4,332,342

    ELECTRICAL EQUIPMENT - 0.5%      
47,616   Hesai Group - ADR(a)         904,704
             
 
 

 

MAIN THEMATIC INNOVATION ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2025
 
Shares             Fair Value
    COMMON STOCKS — 99.5% (Continued)      
    ENTERTAINMENT CONTENT - 7.5%      
2,976   AppLovin Corporation, Class A(a)       $ 1,162,723
663,648   fuboTV, Inc.(a)         2,641,319
437,472   HUYA, Inc. - ADR         1,469,906
22,320   ROBLOX Corporation, Class A(a)         3,075,474
23,064   Sea Ltd. - ADR(a)         3,612,975
8,184   Take-Two Interactive Software, Inc.(a)         1,822,822
             

13,785,219

    HEALTH CARE FACILITIES & SERVICES - 1.6%      
14,880   GeneDx Holdings Corporation(a)         1,517,016
25,296   Tempus AI, Inc.(a)(b)         1,431,501
             

2,948,517

    INTERNET MEDIA & SERVICES - 4.9%      
43,896   Nebius Group N.V., Class A(a)         2,389,258
744   Netflix, Inc.(a)         862,594
128,712   Rumble, Inc.(a)         1,086,329
158,472   Serve Robotics, Inc.(a)(b)         1,614,830
1,488   Spotify Technology S.A.(a)         932,292
51,336   Tencent Music Entertainment Group - ADR         1,077,543
17,112   Trip.com Group Ltd. - ADR         1,060,088
             

9,022,934

    LEISURE FACILITIES & SERVICES - 3.2%      
26,784   DraftKings, Inc.(a)         1,206,351
5,952   Flutter Entertainment PLC(a)         1,799,052
155,496   Genius Sports Ltd.(a)         1,749,330
95,232   Super Group SGHC Ltd.         1,023,744
             

5,778,477

    MACHINERY - 1.4%      
28,272   ATS Corporation(a)(b)         858,055
1,488   Deere & Company         780,263
6,696   John Bean Technologies Corporation         922,708
             

2,561,026

    MEDICAL EQUIPMENT & DEVICES - 3.8%      
20,088   Globus Medical, Inc., Class A(a)         1,057,231
5,208   Insulet Corporation(a)         1,501,988
 
 

 

MAIN THEMATIC INNOVATION ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2025
 
Shares             Fair Value
    COMMON STOCKS — 99.5% (Continued)      
    MEDICAL EQUIPMENT & DEVICES - 3.8% (Continued)      
8,928   Natera, Inc.(a)       $ 1,193,316
28,272   PROCEPT BioRobotics Corporation(a)         1,371,475
32,736   Siemens Healthineers A.G. - ADR         879,289
10,416   Zimmer Biomet Holdings, Inc.         954,626
             

6,957,925

             
    RETAIL - DISCRETIONARY - 1.1%      
5,208   Carvana Company(a)         2,032,005
             
    SEMICONDUCTORS – 12.0%      
8,184   Advanced Micro Devices, Inc.(a)         1,442,921
16,368   Ambarella, Inc.(a)         1,081,761
3,720   Analog Devices, Inc.         835,624
744   ASML Holding N.V. - ADR         516,864
17,856   Astera Labs, Inc.(a)         2,441,451
11,904   Broadcom, Inc.         3,496,205
15,624   Coherent Corporation(a)         1,681,142
11,160   Lam Research Corporation         1,058,414
11,904   Micron Technology, Inc.         1,299,203
38,688   NVIDIA Corporation         6,881,435
52,080   Ouster, Inc.(a)         1,217,630
             

21,952,650

    SOFTWARE - 37.3%      
78,120   ACV Auctions, Inc.(a)         1,110,085
5,952   Circle Internet Group, Inc.(a)         1,092,311
40,175   Cloudflare, Inc., Class A(a)         8,343,543
16,368   Coreweave, Inc., Class A(a)(b)         1,868,080
7,439   Crowdstrike Holdings, Inc., Class A(a)         3,381,546
4,464   CyberArk Software Ltd.(a)         1,836,802
11,160   Datadog, Inc., Class A(a)         1,562,177
79,608   Gen Digital, Inc.         2,347,640
31,992   Gitlab, Inc., Class A(a)         1,401,570
 
 

 

MAIN THEMATIC INNOVATION ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2025
 
Shares             Fair Value
    COMMON STOCKS — 99.5% (Continued)      
    SOFTWARE - 37.3% (Continued)      
49,848   Global-e Online Ltd(a)       $ 1,652,461
6,696   Guidewire Software, Inc.(a)         1,514,769
2,232   Intuit, Inc.         1,752,410
25,296   IonQ, Inc.(a)(b)         1,008,552
23,808   Kaspi.KZ JSC - ADR         1,878,451
5,208   Microsoft Corporation         2,778,468
23,808   Oddity Tech Ltd.(a)         1,668,227
23,064   Oracle Corporation         5,852,950
9,672   Palantir Technologies, Inc., Class A(a)         1,531,561
18,600   Pegasystems, Inc.         1,092,006
62,496   Quantum Computing, Inc.(a)         927,441
58,032   Rubrik, Inc., Class A(a)         5,510,138
97,464   SailPoint, Inc.(a)         2,177,346
78,120   SentinelOne, Inc., Class A(a)         1,432,721
14,880   Shopify, Inc., Class A(a)         1,818,485
17,856   Snowflake, Inc., Class A(a)         3,990,816
85,560   SoundHound AI, Inc., Class A(a)(b)         883,835
22,320   Upstart Holdings, Inc.(a)         1,824,437
5,208   Veeva Systems, Inc., Class A(a)         1,480,114
216,504   VTEX(a)         1,292,529
11,903   Zscaler, Inc.(a)         3,399,021
             

68,410,492

    SPECIALTY FINANCE - 1.1%      
90,024   SoFi Technologies, Inc.(a)         2,032,742
             
    TECHNOLOGY HARDWARE - 3.4%      
11,904   Cisco Systems, Inc.         810,424
21,576   Credo Technology Group Holding Ltd.(a)         2,406,803
66,216   D-Wave Quantum, Inc.(a)(b)         1,138,253
255,936   Nokia OYJ - ADR(b)         1,044,219
61,008   Rigetti Computing, Inc.(a)         884,616
             

6,284,315

    TECHNOLOGY SERVICES – 7.2%      
139,872   Core Scientific, Inc.(a)         1,893,867
 
 

 

MAIN THEMATIC INNOVATION ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2025
 
Shares             Fair Value
    COMMON STOCKS — 99.5% (Continued)      
    TECHNOLOGY SERVICES – 7.2% (Continued)      
16,368   CoStar Group, Inc.(a)       $ 1,558,070
170,376   Dlocal Ltd./Uruguay         1,748,058
2,232   International Business Machines Corporation         565,031
90,024   MARA Holdings, Inc.(a)(b)         1,447,586
68,448   Pagaya Technologies Ltd.(a)         2,056,861
91,512   Remitly Global, Inc.(a)         1,509,948
6,695   Sezzle, Inc.(a)(b)         1,036,654
27,528   Toast, Inc., Class A(a)         1,344,468
             

11,266,676

    TELECOMMUNICATIONS - 1.8%      
67,704   Galaxy Digital, Inc.(a)(b)         1,923,809
174,096   Vnet Group, Inc. - ADR(a)         1,446,738
             

3,370,547

               
    TOTAL COMMON STOCKS (Cost $161,350,696)    

  182,588,613

               
    SHORT-TERM INVESTMENTS — 4.3%      
    COLLATERAL FOR SECURITIES LOANED - 3.8%      
6,898,143   State Street Navigator Securities Lending Government Money Market Portfolio, 4.32% (Cost $6,898,143)(c),(d)         6,898,143
             
    MONEY MARKET FUNDS - 0.5%      
884,374   State Street Institutional Treasury Money Market Fund, Premier Class, 4.22% (Cost $884,374)(d)         884,374
             
    TOTAL SHORT-TERM INVESTMENTS (Cost $7,782,517)  

7,782,517

         
    TOTAL INVESTMENTS - 103.8% (Cost $169,133,213)     $ 190,371,130
    LIABILITIES IN EXCESS OF OTHER ASSETS - (3.8)%    

(6,896,337)

    NET ASSETS - 100.0%        

$ 183,474,793

           

 

 

ADR  - American Depositary Receipt
A/S  - Anonim Sirketi
Ltd.  - Limited Company
N.V.  - Naamioze Vennootschap
OYJ  - Julkinen osakeyhtiö
PLC  - Public Limited Company
S.A.  - Société Anonyme
 

 

 

(a) Non-income producing security.
(b) All or a portion of the security is on loan.  The total fair value of the securities on loan as of July 31, 2025 was $8,799,305.
(c) Security was purchased with cash received as collateral for securities on loan at July 31, 2025. Total collateral had a value of $6,898,143 at July 31, 2025. Additional non-cash collateral received from the borrower not disclosed in the Schedule of Investments had a fair value of $2,023,528.
(d) Rate disclosed is the seven-day effective yield as of July 31, 2025.
 
 

 

MAIN INTERNATIONAL ETF
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2025
 
Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 99.5%      
    EQUITY - 99.5%      
78,000   Franklin FTSE Canada ETF       $ 3,242,912
250,436   Franklin FTSE Mexico ETF(a)         7,363,570
379,600   iShares Core MSCI Emerging Markets ETF         22,901,268
702,000   iShares Core MSCI International Developed Markets ETF         52,544,700
358,136   KraneShares CSI China Internet ETF         12,692,340
219,718   SPDR Portfolio Emerging Markets ETF         9,450,071
356,200   SPDR Portfolio Europe ETF         16,844,698
91,000   Vanguard FTSE Pacific ETF         7,454,720
    TOTAL EXCHANGE-TRADED FUNDS (Cost $123,643,051)      

132,494,279

               
    SHORT-TERM INVESTMENTS — 0.6%      
    MONEY MARKET FUNDS - 0.6%      
779,867   State Street Institutional Treasury Money Market Fund, Premier Class, 4.22% (Cost $779,867)(b)         779,867
             
    TOTAL INVESTMENTS - 100.1% (Cost $124,422,918)     $ 133,274,146
    LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%    

(116,733)

    NET ASSETS - 100.0%        

$ 133,157,413

           
               
 

 

 

 

 

ETF  - Exchange-Traded Fund
MSCI  - Morgan Stanley Capital International
SPDR  - Standard & Poor's Depositary Receipt

 

(a) Affiliated Company – Main International ETF holds in excess of 5% of outstanding voting securities of this security.
(b) Rate disclosed is the seven-day effective yield as of July 31, 2025.