VistaShares Target 15 ACKtivist Distribution ETF
Schedule of Investments
April 30, 2026 (Unaudited)
| COMMON STOCKS - 33.8% | Shares | Value | ||||||
| Consumer Discretionary Services - 15.1% | ||||||||
| Hilton Worldwide Holdings, Inc.(a) | 8,014 | $ | 2,597,097 | |||||
| Restaurant Brands International, Inc.(a) | 67,352 | 5,433,960 | ||||||
| 8,031,057 | ||||||||
| Financial Services - 0.0%(b) | ||||||||
| Brookfield Corp. - Class A(a) | 85 | 3,835 | ||||||
| Media - 10.5% | ||||||||
| Alphabet, Inc. - Class A(a) | 1,959 | 753,823 | ||||||
| Alphabet, Inc. - Class C(a) | 20 | 7,639 | ||||||
| Meta Platforms, Inc. - Class A(a) | 7,824 | 4,787,584 | ||||||
| Uber Technologies, Inc.(a)(c) | 46 | 3,432 | ||||||
| 5,552,478 | ||||||||
| Real Estate - 7.6% | ||||||||
| Howard Hughes Holdings, Inc.(a)(c) | 60,208 | 3,749,152 | ||||||
| Seaport Entertainment Group, Inc.(a)(c) | 13,412 | 298,954 | ||||||
| 4,048,106 | ||||||||
| Retail & Wholesale - Discretionary - 0.6% | ||||||||
| Amazon.com, Inc.(a)(c) | 17 | 4,506 | ||||||
| Hertz Global Holdings, Inc.(a)(c) | 50,545 | 321,466 | ||||||
| 325,972 | ||||||||
| TOTAL COMMON STOCKS (Cost $18,348,549) | 17,961,448 | |||||||
| INVESTMENT COMPANIES - 10.5% | Shares | Value | ||||||
| Pershing Square USA Ltd.(c) | 130,000 | 5,552,300 | ||||||
| TOTAL INVESTMENT COMPANIES (Cost $5,519,798) | 5,552,300 | |||||||
| PURCHASED OPTIONS - 4.2%(c)(d)(e)(f) | Notional Amount | Contracts | Value | |||||||||
| Call Options - 4.1% | ||||||||||||
| Alphabet, Inc., Expiration: 5/15/2026; Exercise Price: $365.00 | $ | 6,798,532 | 178 | 370,240 | ||||||||
| Alphabet, Inc., Expiration: 5/15/2026; Exercise Price: $365.00 | 731,120 | 19 | 44,128 | |||||||||
| Alphabet, Inc., Expiration: 5/15/2026; Exercise Price: $350.00 | 6,798,532 | 178 | 598,970 | |||||||||
| Amazon.com, Inc., Expiration: 5/15/2026; Exercise Price: $270.00 | 8,137,342 | 307 | 135,847 | |||||||||
| Amazon.com, Inc., Expiration: 5/15/2026; Exercise Price: $262.50 | 8,137,342 | 307 | 249,437 | |||||||||
| Brookfield Corp., Expiration: 5/15/2026; Exercise Price: $48.00 | 8,293,056 | 1,838 | 59,735 | |||||||||
| Brookfield Corp., Expiration: 5/15/2026; Exercise Price: $45.00 | 8,293,056 | 1,838 | 280,295 | |||||||||
| Hertz Global Holdings, Inc., Expiration: 5/15/2026; Exercise Price: $9.00 | 321,180 | 505 | 8,333 | |||||||||
| Hilton Worldwide Holdings, Inc., Expiration: 5/15/2026; Exercise Price: $360.00 | 2,592,560 | 80 | 9,200 | |||||||||
| Meta Platforms, Inc., Expiration: 5/15/2026; Exercise Price: $695.00 | 4,772,898 | 78 | 11,544 | |||||||||
| Restaurant Brands International, Inc., Expiration: 5/15/2026; Exercise Price: $85.00 | 5,429,764 | 673 | 37,015 | |||||||||
| Uber Technologies, Inc., Expiration: 5/15/2026; Exercise Price: $80.00 | $ | 7,356,546 | 986 | $ | 135,575 | |||||||
| Uber Technologies, Inc., Expiration: 5/15/2026; Exercise Price: $77.00 | 7,356,546 | 986 | 230,231 | |||||||||
| Total Call Options | 2,170,550 | |||||||||||
| Put Options - 0.1% | ||||||||||||
| Howard Hughes Holdings, Inc., Expiration: 5/15/2026; Exercise Price: $60.00 | 3,748,654 | 602 | 58,695 | |||||||||
| TOTAL PURCHASED OPTIONS (Cost $1,791,412) | 2,229,245 |
| SHORT-TERM INVESTMENTS - 56.9% | ||||||||
| Money Market Funds - 56.9% | Shares | Value | ||||||
| First American Government Obligations Fund - Class X, 3.58%(g)(h) | 30,233,319 | 30,233,319 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $30,233,319) | 30,233,319 | |||||||
| TOTAL INVESTMENTS - 105.4% (Cost $55,893,078) | $ | 55,976,312 | ||||||
| Liabilities in Excess of Other Assets - (5.4)% | (2,859,480 | ) | ||||||
| TOTAL NET ASSETS - 100.0% | $ | 53,116,832 | ||||||
| Percentages are stated as a percent of net assets. | ||||||||
| (a) | All or a portion of this security has been pledged as collateral for written options. As of April 30, 2026, the total value of securities pledged as collateral is $17,961,448. |
| (b) | Does not round to 0.1% or (0.1)%, as applicable. |
| (c) | Non-income producing security. |
| (d) | Exchange-traded. |
| (e) | 100 shares per contract. |
| (f) | Held in connection with written option contracts. See Schedule of Written Options Contracts for further information. |
| (g) | The rate shown represents the 7-day annualized effective yield as of April 30, 2026. |
| (h) | 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. |
VistaShares Target 15 ACKtivist Distribution ETF
Schedule of Written Options Contracts
April 30, 2026 (Unaudited)
| WRITTEN OPTIONS - (5.5)%(a)(b) | Notional Amount | Contracts | Value | |||||||||
| Call Options - (3.5)% | ||||||||||||
| Alphabet, Inc., Expiration: 5/15/2026; Exercise Price: $345.00 | $ | (731,120 | ) | (19 | ) | $ | (78,660 | ) | ||||
| Alphabet, Inc., Expiration: 5/15/2026; Exercise Price: $345.00 | (6,798,532 | ) | (178 | ) | (679,070 | ) | ||||||
| Amazon.com, Inc., Expiration: 5/15/2026; Exercise Price: $255.00 | (8,137,342 | ) | (307 | ) | (396,798 | ) | ||||||
| Brookfield Corp., Expiration: 5/15/2026; Exercise Price: $46.00 | (8,293,056 | ) | (1,838 | ) | (179,205 | ) | ||||||
| Hertz Global Holdings, Inc., Expiration: 5/15/2026; Exercise Price: $7.50 | (321,180 | ) | (505 | ) | (17,927 | ) | ||||||
| Hilton Worldwide Holdings, Inc., Expiration: 5/15/2026; Exercise Price: $340.00 | (2,592,560 | ) | (80 | ) | (17,000 | ) | ||||||
| Meta Platforms, Inc., Expiration: 5/15/2026; Exercise Price: $665.00 | (4,772,898 | ) | (78 | ) | (28,470 | ) | ||||||
| Restaurant Brands International, Inc., Expiration: 5/15/2026; Exercise Price: $80.00 | (5,429,764 | ) | (673 | ) | (168,250 | ) | ||||||
| Uber Technologies, Inc., Expiration: 5/15/2026; Exercise Price: $75.00 | (7,356,546 | ) | (986 | ) | (317,985 | ) | ||||||
| Total Call Options | (1,883,365 | ) | ||||||||||
| Put Options - (2.0)% | ||||||||||||
| Alphabet, Inc., Expiration: 5/15/2026; Exercise Price: $350.01 | (6,798,532 | ) | (178 | ) | (19,001 | ) | ||||||
| Amazon.com, Inc., Expiration: 5/15/2026; Exercise Price: $262.51 | (8,137,342 | ) | (307 | ) | (155,311 | ) | ||||||
| Brookfield Asset Management Ltd., Expiration: 5/15/2026; Exercise Price: $45.01 | 0 | (1,838 | ) | (233,647 | ) | |||||||
| Howard Hughes Holdings, Inc., Expiration: 5/15/2026; Exercise Price: $65.00 | (3,748,654 | ) | (602 | ) | (195,650 | ) | ||||||
| Uber Technologies, Inc., Expiration: 5/15/2026; Exercise Price: $77.01 | (7,356,546 | ) | (986 | ) | (448,857 | ) | ||||||
| Total Put Options | (1,052,466 | ) | ||||||||||
| TOTAL WRITTEN OPTIONS (Premiums received $2,572,065) | $ | (2,935,831 | ) | |||||||||
| Percentages are stated as a percent of net assets. | ||||||||||||
| (a) | Exchange-traded. |
| (b) | 100 shares per contract. |