Adaptiv Select ETF
  
Schedule of Investments
  
January 31, 2026 (Unaudited)
  
   
COMMON STOCKS - 94.2%
  
Shares
    
Value
 
All Other Business Support Services - 7.9%
        
Millicom International Cellular SA
    
112,863
    
$
6,888,029
  
NU Holdings Ltd. - Class A (a)
    
341,019
      
6,053,087
  
             
12,941,116
  
                 
All Other Transit and Ground Passenger Transportation - 2.7%
          
Lyft, Inc. - Class A (a)
    
266,948
      
4,503,413
  
                 
Automobile and Light Duty Motor Vehicle Manufacturing - 4.6%
          
Ford Motor Co.
    
541,982
      
7,522,710
  
                 
Commercial Banking - 4.3%
          
FNB Corp.
    
405,506
      
7,116,630
  
                 
Computer Storage Device Manufacturing - 5.5%
          
Western Digital Corp.
    
36,367
      
9,100,114
  
                 
Department Stores - 2.6%
          
Macy's, Inc.
    
210,100
      
4,206,202
  
                 
Gold Ore and Silver Ore Mining - 5.2%
          
Anglogold Ashanti PLC
    
91,892
      
8,534,010
  
                 
Guided Missile and Space Vehicle Manufacturing - 3.5%
          
Rocket Lab Corp. (a)
    
70,822
      
5,670,718
  
                 
Marketing Research and Public Opinion Polling - 3.9%
          
API Group Corp. (a)
    
154,010
      
6,402,196
  
                 
Media Streaming Distribution Services, Social Networks, and Other Media Networks and Content Providers - 5.5%
          
Warner Bros Discovery, Inc. (a)
    
330,579
      
9,104,146
  
                 
Miscellaneous Intermediation - 8.6%
          
Roivant Sciences Ltd. (a)
    
248,307
      
5,368,397
  
SoFi Technologies, Inc. (a)
    
386,977
      
8,826,946
  
             
14,195,343
  
                 
Offices of Other Holding Companies - 3.1%
          
Rivian Automotive, Inc. - Class A (a)
    
340,474
      
5,021,992
  
                 
Other Electric Power Generation - 3.1%
          
MDU Resources Group, Inc.
    
249,790
      
5,123,193
  
                 
Pharmaceutical Preparation Manufacturing - 8.7%
          
Elanco Animal Health, Inc. (a)
    
277,039
      
6,671,099
  
Viatris, Inc.
    
577,978
      
7,565,732
  
             
14,236,831
  
                 
Portfolio Management and Investment Advice - 3.8%
          
Invesco Ltd.
    
230,453
      
6,289,062
  
                 
Real Estate Credit - 2.7%
          
Rocket Cos., Inc. - Class A
    
248,765
      
4,460,356
  
                 
Semiconductor and Related Device Manufacturing - 9.1%
          
Amkor Technology, Inc.
    
80,027
      
3,867,705
  
Intel Corp. (a)
    
156,666
      
7,280,269
  
QuantumScape Corp. (a)
    
435,805
      
3,856,874
  
             
15,004,848
  
                 
Support Activities for Metal Mining - 4.5%
          
Cleveland-Cliffs, Inc. (a)
    
532,816
      
7,331,548
  
                 
Testing Laboratories and Services - 4.9%
          
Sotera Health Co. (a)
    
445,175
      
8,066,571
  
TOTAL COMMON STOCKS (Cost $135,576,937)
      
154,830,999
  
                 
REAL ESTATE INVESTMENT TRUSTS - 4.0%
  
Shares
    
Value
 
Lessors of Residential Buildings and Dwellings - 4.0%
          
AGNC Investment Corp.
    
571,645
      
6,516,753
  
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $6,719,649)
      
6,516,753
  
                 
SHORT-TERM INVESTMENTS - 1.8%
  
Shares
    
Value
 
Money Market Funds – 1.8%
                
First American Treasury Obligations Fund - Class X, 3.59% (b)
    
3,029,655
      
3,029,655
  
TOTAL MONEY MARKET FUNDS (Cost $3,029,655)
      
3,029,655
  
                 
TOTAL INVESTMENTS - 100.0% (Cost $145,326,241)
      
164,377,407
  
Liabilities in Excess of Other Assets - (0.0)% (c)
      
(53,191
)
TOTAL NET ASSETS - 100.0%
          
$
164,324,216
  
                 
Percentages are stated as a percent of net assets.
          

PLC - Public Limited Company

(a)
Non-income producing security.
(b)
The rate shown represents the 7-day annualized yield as of January 31, 2026.
(c)
Represents less than 0.05% of net assets.
Summary of Fair Value Disclosure as of January 31, 2026 (Unaudited)
 
Adaptiv Select 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 January 31, 2026:


   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments at Fair Value:
                        
  Common Stocks
  
$
154,830,999
    
$
–
    
$
–
    
$
154,830,999
  
  Real Estate Investment Trusts
    
6,516,753
      
–
      
–
      
6,516,753
  
  Money Market Funds
    
3,029,655
      
–
      
–
      
3,029,655
  
Total Investments in Securities
  
$
164,377,407
    
$
–
    
$
–
    
$
164,377,407
  
   
For the period ended January 31, 2026, the Fund did not hold any Level 3 securities, nor were there any transfers into or out of Level 3. Refer to the Schedule of Investments for further disaggregation of investment categories.