| Aztlan Global Stock Selection DM SMID ETF | ||||||||
| Schedule of Investments | ||||||||
| April 30, 2026 (Unaudited) | ||||||||
| COMMON STOCKS - 99.3% | Shares | Value | ||||||
| Banking - 3.9% | ||||||||
| Bancorp, Inc. (a) | 11,596 | $ | 693,789 | |||||
| Rakuten Bank Ltd.(a) | 17,919 | 720,968 | ||||||
| 1,414,757 | ||||||||
| Consumer Discretionary Products - 2.0% | ||||||||
| Toyo Tire Corp. | 28,979 | 706,606 | ||||||
| Consumer Discretionary Services - 3.9% | ||||||||
| Food & Life Cos. Ltd. | 12,277 | 710,900 | ||||||
| Lottomatica Group SpA | 22,915 | 674,160 | ||||||
| 1,385,060 | ||||||||
| Financial Services - 13.7% | ||||||||
| Enova International, Inc. (a) | 4,139 | 701,188 | ||||||
| Euronet Worldwide, Inc.(a) | 9,395 | 680,010 | ||||||
| Federated Hermes, Inc. - Class B | 12,418 | 721,362 | ||||||
| FlatexDEGIRO SE | 17,768 | 635,286 | ||||||
| Remitly Global, Inc.(a) | 34,272 | 750,214 | ||||||
| Sprott, Inc. | 5,403 | 704,244 | ||||||
| Virtu Financial, Inc. - Class A | 14,547 | 722,404 | ||||||
| 4,914,708 | ||||||||
| Health Care - 7.8% | ||||||||
| DaVita, Inc. (a) | 4,523 | 701,698 | ||||||
| Exelixis, Inc.(a) | 15,227 | 676,992 | ||||||
| Halozyme Therapeutics, Inc.(a) | 10,531 | 670,404 | ||||||
| Medpace Holdings, Inc.(a) | 1,782 | 746,052 | ||||||
| 2,795,146 | ||||||||
| Industrial Products - 8.5% | ||||||||
| Anritsu Corp. | 31,381 | 808,831 | ||||||
| Deutz AG | 57,242 | 666,776 | ||||||
| Nexans SA | 4,438 | 823,066 | ||||||
| Sanki Engineering Co. Ltd. | 49,300 | 757,881 | ||||||
| 3,056,554 | ||||||||
| Industrial Services - 14.3% | ||||||||
| Argan, Inc. | 1,068 | 715,539 | ||||||
| Frontdoor, Inc.(a) | 11,512 | 790,069 | ||||||
| Koninklijke BAM Groep NV | 62,893 | 689,441 | ||||||
| Shimizu Corp. | 39,963 | 774,753 | ||||||
| Sterling Infrastructure, Inc.(a) | 1,415 | 729,602 | ||||||
| Technip Energies NV | 14,983 | 708,304 | ||||||
| TFI International, Inc. | 5,078 | 725,119 | ||||||
| 5,132,827 | ||||||||
| Insurance - 1.8% | ||||||||
| Palomar Holdings, Inc.(a) | 5,449 | 655,951 | ||||||
| Materials - 3.6% | ||||||||
| OceanaGold Corp. | 21,519 | 664,969 | ||||||
| Orla Mining Ltd. | 49,006 | 640,883 | ||||||
| 1,305,852 | ||||||||
| Media - 7.7% | ||||||||
| CarGurus, Inc. - Class A (a) | 18,709 | 682,130 | ||||||
| CyberAgent, Inc. | 87,081 | 693,792 | ||||||
| ITV PLC | 632,156 | 687,201 | ||||||
| Maplebear, Inc.(a) | 16,433 | 695,937 | ||||||
| 2,759,060 | ||||||||
| Oil & Gas - 4.2% | ||||||||
| Gibson Energy, Inc. | 34,288 | 749,444 | ||||||
| Plains GP Holdings LP - Class A | 30,315 | 741,202 | ||||||
| 1,490,646 | ||||||||
| Retail & Wholesale - Discretionary - 7.7% | ||||||||
| Avolta AG | 11,716 | 644,189 | ||||||
| Happinet Corp. | 41,945 | 714,407 | ||||||
| JB Hi-Fi Ltd. | 12,857 | 711,566 | ||||||
| Pet Valu Holdings Ltd. | 44,899 | 701,640 | ||||||
| 2,771,802 | ||||||||
| Retail & Wholesale - Staples - 2.1% | ||||||||
| HelloFresh SE(a) | 137,770 | 746,965 | ||||||
| Software & Tech Services - 3.9% | ||||||||
| Cybozu, Inc. | 52,800 | 700,159 | ||||||
| DocuSign, Inc.(a) | 15,575 | 716,294 | ||||||
| 1,416,453 | ||||||||
| Tech Hardware & Semiconductors - 10.2% | ||||||||
| ADTRAN Holdings, Inc. (a) | 41,888 | 740,999 | ||||||
| Allegro MicroSystems, Inc.(a) | 16,079 | 779,832 | ||||||
| Arrow Electronics, Inc.(a) | 3,739 | 702,296 | ||||||
| Lumentum Holdings, Inc.(a) | 828 | 747,121 | ||||||
| NORBIT ASA | 27,611 | 675,538 | ||||||
| 3,645,786 |
| Utilities - 4.0% | ||||||||
| Centrica PLC | 249,639 | 728,645 | ||||||
| Italgas SpA | 57,517 | 694,269 | ||||||
| 1,422,914 | ||||||||
| TOTAL COMMON STOCKS (Cost $32,704,366) | 35,621,087 | |||||||
| SHORT-TERM INVESTMENTS - 0.1% | ||||||||
| Money Market Funds - 0.1% | Shares | Value | ||||||
| First American Government Obligations Fund - Class X, 3.58%(b) | 41,817 | 41,817 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $41,817) | 41,817 | |||||||
| TOTAL INVESTMENTS - 99.4% (Cost $32,746,183) | 35,662,904 | |||||||
| Other Assets in Excess of Liabilities - 0.6% | 232,103 | |||||||
| TOTAL NET ASSETS - 100.0% | $ | 35,895,007 |
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 effective yield as of April 30, 2026. |