FundX Future Fund Opportunities ETF
  
Schedule of Investments
  
December 31, 2025 (Unaudited)
  
   
COMMON STOCKS - 86.9%
  
Shares
    
Value
 
Basic Materials - 2.1%
        
Carpenter Technology Corp.
    
5,484
    
$
1,726,583
  
Sensient Technologies Corp.
    
22,296
      
2,094,709
  
             
3,821,292
  
                 
Communications - 7.0%
          
Chewy, Inc. - Class A (a)
    
38,787
      
1,281,910
  
GDS Holdings Ltd. - ADR (a)(b)
    
59,048
      
2,060,775
  
InterDigital, Inc.
    
8,015
      
2,551,816
  
Millicom International Cellular SA
    
62,959
      
3,490,447
  
Pinterest, Inc. - Class A (a)
    
57,575
      
1,490,617
  
Q2 Holdings, Inc. (a)
    
27,300
      
1,969,968
  
             
12,845,533
  
                 
Consumer, Cyclical - 13.1%
          
BJ's Wholesale Club Holdings, Inc. (a)
    
14,862
      
1,338,026
  
Cheesecake Factory, Inc.
    
37,346
      
1,885,226
  
DraftKings, Inc. - Class A (a)
    
76,103
      
2,622,509
  
FirstCash Holdings, Inc.
    
14,865
      
2,369,184
  
Ollie's Bargain Outlet Holdings, Inc. (a)
    
14,725
      
1,614,007
  
Planet Fitness, Inc. - Class A (a)
    
23,870
      
2,589,179
  
RH (a)
    
12,113
      
2,170,044
  
Shake Shack, Inc. - Class A (a)
    
15,221
      
1,235,489
  
Super Group SGHC Ltd.
    
149,469
      
1,786,154
  
Wingstop, Inc.
    
4,915
      
1,172,178
  
Wynn Resorts Ltd.
    
22,329
      
2,686,849
  
YETI Holdings, Inc. (a)
    
59,917
      
2,646,534
  
             
24,115,379
  
                 
Consumer, Non-cyclical - 26.7% (c)
          
ADMA Biologics, Inc. (a)
    
97,432
      
1,777,160
  
Bright Horizons Family Solutions, Inc. (a)
    
18,354
      
1,861,096
  
Catalyst Pharmaceuticals, Inc. (a)
    
74,973
      
1,749,870
  
Celsius Holdings, Inc. (a)
    
47,359
      
2,166,201
  
Convatec Group PLC - ADR (b)
    
106,990
      
1,398,359
  
elf Beauty, Inc. (a)
    
14,974
      
1,138,623
  
GeneDx Holdings Corp. (a)
    
12,053
      
1,567,613
  
Globus Medical, Inc. - Class A (a)
    
41,011
      
3,580,670
  
Guardant Health, Inc. (a)
    
36,827
      
3,761,510
  
Halozyme Therapeutics, Inc. (a)
    
44,731
      
3,010,396
  
HealthEquity, Inc. (a)
    
23,642
      
2,165,844
  
Herc Holdings, Inc.
    
13,000
      
1,928,940
  
Ionis Pharmaceuticals, Inc. (a)
    
45,851
      
3,627,273
  
iRhythm Technologies, Inc. (a)
    
14,777
      
2,622,031
  
Ligand Pharmaceuticals, Inc. (a)
    
9,280
      
1,754,569
  
Natera, Inc. (a)
    
13,301
      
3,047,126
  
Penumbra, Inc. (a)
    
11,629
      
3,615,572
  
Privia Health Group, Inc. (a)
    
44,291
      
1,050,140
  
RadNet, Inc. (a)
    
30,270
      
2,159,764
  
Remitly Global, Inc. (a)
    
83,702
      
1,155,088
  
Stride, Inc. (a)
    
27,050
      
1,756,356
  
Verra Mobility Corp. (a)
    
90,174
      
2,020,799
  
             
48,915,000
  
                 
Energy - 3.1%
          
Green Plains, Inc. (a)
    
240,903
      
2,360,849
  
TechnipFMC PLC
    
73,819
      
3,289,375
  
             
5,650,224
  
                 
Financial - 6.3%
          
Dave, Inc. (a)
    
9,280
      
2,054,685
  
Goosehead Insurance, Inc. - Class A
    
19,986
      
1,471,969
  
Palomar Holdings, Inc. (a)
    
12,020
      
1,619,815
  
Piper Sandler Cos.
    
5,941
      
2,018,217
  
StoneX Group, Inc. (a)
    
17,770
      
1,690,460
  
Wintrust Financial Corp.
    
19,552
      
2,733,761
  
             
11,588,907
  
                 
Industrial - 17.6%
          
Advanced Drainage Systems, Inc.
    
21,502
      
3,114,135
  
AeroVironment, Inc. (a)
    
6,346
      
1,535,034
  
BWX Technologies, Inc.
    
9,763
      
1,687,437
  
Casella Waste Systems, Inc. - Class A (a)
    
15,286
      
1,497,111
  
Cognex Corp.
    
54,000
      
1,942,920
  
Coherent Corp. (a)
    
8,474
      
1,564,046
  
Embraer SA - ADR
    
31,296
      
2,014,523
  
ESCO Technologies, Inc.
    
7,407
      
1,447,254
  
Fabrinet (a)
    
4,044
      
1,841,152
  
Knife River Corp. (a)
    
23,362
      
1,643,517
  
Mercury Systems, Inc. (a)
    
29,280
      
2,137,733
  
Oshkosh Corp.
    
14,916
      
1,873,897
  
Sterling Infrastructure, Inc. (a)
    
5,476
      
1,676,915
  
Tetra Tech, Inc.
    
71,040
      
2,382,681
  
Universal Display Corp.
    
17,000
      
1,985,260
  
Watts Water Technologies, Inc. - Class A
    
7,485
      
2,066,010
  
Zurn Elkay Water Solutions Corp.
    
38,071
      
1,769,921
  
             
32,179,546
  
                 
Technology - 11.0%
          
Bentley Systems, Inc. - Class B
    
37,424
      
1,428,287
  
Cirrus Logic, Inc. (a)
    
16,470
      
1,951,695
  
Clear Secure, Inc. - Class A
    
36,213
      
1,270,352
  
CyberArk Software Ltd. (a)
    
2,937
      
1,310,078
  
Dynatrace, Inc. (a)
    
41,788
      
1,811,092
  
Gitlab, Inc. - Class A (a)
    
56,461
      
2,118,981
  
Global-e Online Ltd. (a)
    
45,109
      
1,773,235
  
ON Semiconductor Corp. (a)
    
38,009
      
2,058,187
  
Onto Innovation, Inc. (a)
    
14,727
      
2,324,804
  
PAR Technology Corp. (a)
    
30,369
      
1,101,787
  
Pure Storage, Inc. - Class A (a)
    
20,755
      
1,390,793
  
Silicon Laboratories, Inc. (a)
    
11,878
      
1,552,455
  
             
20,091,746
  
TOTAL COMMON STOCKS (Cost $152,311,085)
      
159,207,627
  
                 
INVESTMENT COMPANIES - 12.3%
                
iShares Russell Midcap Growth Index Fund (b)
    
99,049
      
13,563,770
  
iShares S&P Small-Cap 600 Growth ETF (b)
    
64,211
      
9,064,025
  
TOTAL INVESTMENT COMPANIES (Cost $13,605,457)
      
22,627,795
  
                 
SHORT-TERM INVESTMENTS
  
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 11.4%
                
Mount Vernon Liquid Assets Portfolio, LLC, 3.86% (d)
    
20,790,903
      
20,790,903
  
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $20,790,903)
      
20,790,903
  
                 
MONEY MARKET FUNDS - 1.1%
                
First American Government Obligations Fund - Class X, 3.67% (d)
    
2,092,390
      
2,092,390
  
TOTAL MONEY MARKET FUNDS (Cost $2,092,390)
      
2,092,390
  
                 
TOTAL INVESTMENTS - 111.7% (Cost $188,799,835)
      
204,718,715
  
Liabilities in Excess of Other Assets - (11.7)%
      
(21,448,121
)
TOTAL NET ASSETS - 100.0%
          
$
183,270,594
  
                 
Percentages are stated as a percent of net assets.
          

ADR - American Depositary Receipt
LLC - Limited Liability Company
PLC - Public Limited Company

(a)
Non-income producing security.
(b)
All or a portion of this security is on loan as of December 31, 2025. The fair value of these securities was $20,144,257.
(c)
To the extent that the Fund invests more heavily in a particular industries or sectors of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.
(d)
The rate shown represents the 7-day annualized yield as of December 31, 2025.


Summary of Fair Value Disclosure as of December 31, 2025 (Unaudited)
 
Investments of the FundX Future Fund Opportunities ETF (the "Fund") in open-end mutual funds are valued at their respective net asset values on the valuation date. Security valuations for the Fund’s investments in investment companies are furnished by an independent pricing service that has been approved by the Fund’s Board of Trustees (the "Board"). All equity securities that are traded on a national securities exchange, except those listed on the NASDAQ Global Market® (“NASDAQ”), are valued at the last reported sale price on the exchange on which the security is principally traded. Securities traded on NASDAQ will be valued at the NASDAQ Official Closing Price (“NOCP”). If, on a particular day, an exchange-traded or NASDAQ security does not trade, then the mean between the most recent quoted bid and asked prices will be used. All equity securities that are not traded on a listed exchange are valued at the last sale price in the over-the-counter market. If a non-exchange traded security does not trade on a particular day, then the mean between the last quoted closing bid and asked price will be used.

Short-term securities that have maturities of less than 60 days, at time of purchase, are valued at amortized cost, which when combined with accrued interest, approximates market value.

Exchange traded options are valued at the composite price, using the National Best Bid and Offer quotes (“NBBO”). NBBO consists of the highest bid price and lowest ask price across any of the exchanges on which an option is quoted, thus providing a view across the entire U.S. options marketplace. Composite option pricing calculates the mean of the highest bid price and lowest ask price across the exchanges where the option is traded.

When reliable market quotations are not readily available or a pricing service does not provide a valuation (or provides a valuation that in the judgment of the Advisor does not represent the security's fair value) or when, in the judgment of the Advisor, events have rendered the market value unreliable, a security is fair valued in good faith by the Advisor under procedures approved by the Board. Fair value pricing is an inherently subjective process, and no single standard exists for determining fair value. Different funds could reasonably arrive at different values for the same security. The use of fair value pricing by the fund may cause the net asset value of its shares to differ significantly from the net asset value that would be calculated without regard to such considerations. As of December 31, 2025, the Fund did not hold fair valued securities.

The Fund may utilize various methods to measure the fair value of some of its investments. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuations methods. The three levels of inputs are:

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 would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The following is a summary of the fair valuation hierarchy of the Fund’s securities as of December 31, 2025:

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Common Stocks
  
$
159,207,627
    
$
–
    
$
–
    
$
159,207,627
  
  Investment Companies
    
22,627,795
      
–
      
–
      
22,627,795
  
  Investments Purchased with Proceeds from Securities Lending(a)
    
–
      
–
      
–
      
20,790,903
  
  Money Market Funds
    
2,092,390
      
–
      
–
      
2,092,390
  
Total Investments
  
$
183,927,812
    
$
–
    
$
–
    
$
204,718,715
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.
  

(a)
Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $20,790,903 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.