ZEGA Buy and Hedge ETF
Schedule of Investments
January 31, 2026 (Unaudited)
| PURCHASED OPTIONS - 73.0%(a)(b)(c) | Notional Amount |
Contracts | Value | |||||||||
| Call Options - 71.5% | ||||||||||||
| SPDR S&P 500 ETF, Expiration: 12/31/2026; Exercise Price: $220.01(d)(e) | $ | 36,120,834 | 522 | $ | 24,825,155 | |||||||
| Put Options - 1.5% | ||||||||||||
| SPDR S&P 500 ETF, Expiration: 4/30/2026; Exercise Price: $615.00 | 5,881,745 | 85 | 47,642 | |||||||||
| SPDR S&P 500 ETF, Expiration: 6/18/2026; Exercise Price: $615.00 | 5,881,745 | 85 | 78,498 | |||||||||
| SPDR S&P 500 ETF, Expiration: 6/30/2026; Exercise Price: $615.00 | 5,881,745 | 85 | 84,957 | |||||||||
| SPDR S&P 500 ETF, Expiration: 9/18/2026; Exercise Price: $615.00 | 5,881,745 | 85 | 129,668 | |||||||||
| SPDR S&P 500 ETF, Expiration: 12/18/2026; Exercise Price: $615.00 | 5,881,745 | 85 | 173,357 | |||||||||
| Total Put Options | 514,122 | |||||||||||
| TOTAL PURCHASED OPTIONS (Cost $24,706,393) | 25,339,277 | |||||||||||
| SHORT-TERM INVESTMENTS - 26.9% | ||||||||||||
| Money Market Funds - 1.0% | Shares | Value | ||||||||||
| First American Government Obligations Fund - Class X, 3.61%(f) | 344,606 | 344,606 | ||||||||||
| U.S. Treasury Bills - 25.9% | Principal Amount | Value | ||||||||||
| U.S. Treasury Bill, 2/19/2026, 3.27%(g) | $ | 2,647,000 | 2,642,508 | |||||||||
| U.S. Treasury Bill, 4/9/2026, 3.55%(g) | 1,283,000 | 1,274,573 | ||||||||||
| U.S. Treasury Bill, 6/11/2026, 3.56%(g) | 892,000 | 880,733 | ||||||||||
| U.S. Treasury Bill, 7/9/2026, 3.59%(g) | 2,833,000 | 2,789,407 | ||||||||||
| U.S. Treasury Bill, 8/6/2026, 3.58%(g) | 1,418,000 | 1,392,459 | ||||||||||
| Total U.S. Treasury Bills | 8,979,680 | |||||||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $9,320,019) | 9,324,286 | |||||||||||
| TOTAL INVESTMENTS - 99.9% (Cost $34,026,412) | $ | 34,663,563 | ||||||||||
| Other Assets in Excess of Liabilities - 0.1% | 22,470 | |||||||||||
| TOTAL NET ASSETS - 100.0% | $ | 34,686,033 | ||||||||||
Percentages are stated as a percent of net assets.
| (a) | Exchange-traded. |
| (b) | 100 shares per contract. |
| (c) | Non-income producing security. |
| (d) | FLexible EXchange® Options. |
| (e) | Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov. |
| (f) | The rate shown represents the 7-day annualized effective yield as of January 31, 2026. |
| (g) | The rate shown is the annualized effective yield as of January 31, 2026. |