CASTELLAN TARGETED EQUITY ETF
SCHEDULE OF INVESTMENTS
August 31, 2025 (Unaudited)
COMMON STOCKS - 100.0%

Shares

Value  
Consumer Discretionary - 21.4%

Apparel, Accessories & Luxury Goods - 4.4%




Tapestry, Inc. (a)

176,904 

$18,012,365 




Automotive Parts & Equipment - 4.1%




Modine Manufacturing Co. (a)(b)

124,181 

16,904,759 




Hotels, Resorts & Cruise Lines - 8.7%




Booking Holdings, Inc. (a)

3,365 

18,840,803 
Norwegian Cruise Line Holdings Ltd. (a)(b)(c)

683,322 

16,973,719 




35,814,522 
Other Specialty Retail - 4.2%




Tractor Supply Co. (a)

279,242 

17,245,986 
Total Consumer Discretionary

87,977,632 





Energy - 4.6%

Oil & Gas Storage & Transportation - 4.6%




Cheniere Energy, Inc. (a)

78,726 

19,037,521 





Financials - 9.5%

Consumer Finance - 5.0%




Synchrony Financial (a)

269,629 

20,583,478 




Property & Casualty Insurance - 4.5%




Allstate Corp.

91,260 

18,566,847 
Total Financials

39,150,325 





Health Care - 14.8%

Biotechnology - 5.8%




Halozyme Therapeutics, Inc. (a)(b)

323,504 

23,664,318 




Health Care Distributors - 4.1%




McKesson Corp. (a)

24,444 

16,784,228 




Health Care Facilities - 4.9%




Tenet Healthcare Corp. (a)(b)

110,409 

20,351,691 
Total Health Care

60,800,237 





Industrials - 10.0%

Construction & Engineering - 4.9%




Comfort Systems USA, Inc. (a)

28,704 

20,189,820 






CASTELLAN TARGETED EQUITY ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
August 31, 2025 (Unaudited)
COMMON STOCKS - 100.0%

Shares

Value  
Construction Machinery & Heavy Transportation Equipment - 5.1%




Blue Bird Corp. (b)

353,764 

$20,656,280 
Total Industrials

40,846,100 





Information Technology - 39.7%(d)

Application Software - 15.7%




AppLovin Corp. - Class A (b)

46,673 

22,337,231 
Clear Secure, Inc. - Class A (a)(c)

611,375 

22,199,026 
InterDigital, Inc. (a)

73,504 

19,971,772 




64,508,029 
Semiconductor Materials & Equipment - 5.6%




Lam Research Corp. (c)

230,660 

23,100,599 




Semiconductors - 5.1%




NVIDIA Corp. (a)

119,146 

20,752,850 




Systems Software - 7.6%




Fortinet, Inc. (a)(b)(c)

184,741 

14,552,049 
Microsoft Corp. (a)

33,078 

16,760,292 




31,312,341 
Technology Hardware, Storage & Peripherals - 5.7%




Western Digital Corp. (c)

290,526 

23,340,859 
Total Information Technology

163,014,678 
TOTAL COMMON STOCKS (Cost $327,056,957)

410,826,493 





PURCHASED OPTIONS - 0.7%(b)
Notional Amount

Contracts

Call Options - 0.7%(e)(f)



Clear Secure, Inc., Expiration: 11/21/2025;
Exercise Price: $27.01 (c)
$4,251,901 

1,171 

1,159,723 
Fortinet, Inc., Expiration: 01/16/2026;
Exercise Price: $105.01 (c)
2,780,581 

353

38,823 
Lam Research Corp., Expiration: 12/19/2025;
Exercise Price: $95.01 (c)
3,805,700 

380

435,583 
Norwegian Cruise Line Holdings Ltd., Expiration: 01/16/2026; Exercise Price: $20.01 (c)
3,251,556 

1,309 

771,027 
Western Digital Corp., Expiration: 01/16/2026;
Exercise Price: $75.01 (c)
3,872,388 

482

542,934 
TOTAL PURCHASED OPTIONS (Cost $1,942,341)

2,948,090 





EXCHANGE TRADED FUNDS - 0.0%(g)

Shares

Alpha Architect 1-3 Month Box ETF(b)(h)

719

81,606 
TOTAL EXCHANGE TRADED FUNDS (Cost $80,606)

81,606 







CASTELLAN TARGETED EQUITY ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
August 31, 2025 (Unaudited)
SHORT-TERM INVESTMENTS
SharesValue
MONEY MARKET FUNDS - 0.1%
First American Government Obligations Fund - Class X, 4.25%(i)

459,345 

$459,345 
TOTAL MONEY MARKET FUNDS (Cost $459,345)

459,345 





TOTAL INVESTMENTS - 100.8% (Cost $329,539,249)

$414,315,534 
Liabilities in Excess of Other Assets - (0.8)% (j)

(3,404,658)
TOTAL NET ASSETS - 100.0%

 

$410,910,876 

Percentages are stated as a percent of net assets.

(a)

All or a portion of security has been pledged as collateral for written options. The fair value of assets committed as collateral as of August 31, 2025 is $257,258,586.
(b)

Non-income producing security.
(c)

Held in connection with written option contracts. See Schedule of Written Options for further information.
(d)

To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.
(e)

100 shares per contract.
(f)

Exchange-traded.
(g)

Represents less than 0.05% of net assets.
(h)

Affiliated security as defined by the Investment Company Act of 1940.
(i)

The rate shown represents the 7-day annualized effective yield as of August 31, 2025.
(j)

Includes cash of $169,777 that is pledged as collateral for written options.

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services.

SCHEDULE OF WRITTEN OPTIONS
August 31, 2025 (Unaudited)
WRITTEN OPTIONS - (0.9)%
Notional Amount

Contracts

Value
Call Options - (0.9)% (a)(b)
Clear Secure, Inc., Expiration: 11/21/2025; Exercise Price: $30.01(c)
$(8,503,802)

(2,342)

$(1,723,735)
Fortinet, Inc., Expiration: 01/16/2026; Exercise Price: $120.01(c)
(5,561,162)

(706)

(25,684)
Lam Research Corp., Expiration: 12/19/2025; Exercise Price: $105.01(c)
(7,611,400)

(760)

(481,977)
Norwegian Cruise Line Holdings Ltd., Expiration: 01/16/2026; Exercise Price: $23.01(c)
(6,503,112)

(2,618)

(982,143)
Western Digital Corp., Expiration: 01/16/2026; Exercise Price: $85.01(c)
(7,744,776)

(964)

(598,798)
TOTAL WRITTEN OPTIONS (Premiums received $2,104,118)




$(3,812,337)

Percentages are stated as a percent of net assets.

(a)

100 shares per contract.
(b)

Exchange-traded.
(c)FLexible EXchange® Options.

CASTELLAN TARGETED EQUITY ETF

Summary of Fair Value Disclosure as of August 31, 2025 (Unaudited)
Castellan Targeted Equity 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 August 31, 2025:
DESCRIPTIONLEVEL 1LEVEL 2LEVEL 3TOTAL
Assets:







Investments:







  Common Stocks
$410,826,493 

$— 

$— 

$410,826,493 
  Purchased Options
— 

2,948,090 

— 

2,948,090 
  Exchange Traded Funds
81,606 

— 

— 

81,606 
  Money Market Funds
459,345 

— 

— 

459,345 
Total Investments
$411,367,444 

$2,948,090 

$— 

$414,315,534 








Liabilities:







Investments:







  Written Options
$— 

$(3,812,337)

$— 

$(3,812,337)
Total Investments
$— 

$(3,812,337)

$— 

$(3,812,337)
Refer to the Schedule of Investments for further disaggregation of investment categories.
During the fiscal period ended August 31, 2025, the Fund did not invest in any Level 3 investments and recognized no transfers to/from Level 3. Transfers between levels are recognized at the end of the reporting period.

TRANSACTIONS WITH AFFILIATES

The Fund’s transactions with affiliates represent holdings for which it and the underlying exchange-traded funds have the same investment adviser. The Fund had the following transactions with such affiliated funds during the fiscal period ended August 31, 2025:
Alpha Architect 1-3 Month Box ETF
Value, Beginning of Period$— 
Purchases46,764,741 
Proceeds from Sales(46,892,338)
Net Realized Gains (Losses)208,203 
Change in Unrealized Appreciation (Depreciation)1,000 
Value, End of Period$81,606 
Dividend Income$— 
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CASTELLAN TARGETED EQUITY ETF

Alpha Architect 1-3 Month Box ETF
Shares, Beginning of Period— 
Number of Shares Purchased415,029 
Number of Shares Sold(414,310)
Shares, End of Period719 
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