F/m Ultrashort Tax-Free Municipal ETF
Schedule of Investments
May 31, 2026 (Unaudited)

MUNICIPAL BONDS - 98.5%
Par  

Value  
Alachua County Health Facilities Authority, 5.00%, 12/01/2035

    $        50,000

    $        50,048
Antelope Valley-East Kern Water Agency, 5.00%, 06/01/2032

             160,000

             160,000
Aubrey Independent School District, 4.00%, 02/15/2036

             190,000

             190,071
Boulder Larimer & Weld Counties St Vrain Valley School District Re1J, 5.00%, 12/15/2027

             25,000

             25,045
Brazoria-Fort Bend County Municipal Utility District No 1, 4.00%, 09/01/2032

             100,000

             100,021
Bryan County School District, 5.00%, 08/01/2029

             350,000

             351,271
California Health Facilities Financing Authority, 5.00%, 11/15/2028 (Obligor: Cedars-sinai Med Ctr Oblg)

             305,000

             306,208
California State Public Works Board, 5.00%, 05/01/2028

             45,000

             45,133
Carmel Local Public Improvement Bond Bank, 5.00%, 07/15/2029

             65,000

             65,156
Cedar Port Navigation & Improvement District, 4.00%, 09/01/2030

             50,000

             50,007
Charlotte-Mecklenburg Hospital Authority, 4.00%, 01/15/2031 (Obligor: Atrium Health Oblig Grp)

             50,000

             50,029
Chilton County Health Care Authority, 5.00%, 11/01/2035

             100,000

             100,102
City & County Honolulu HI Wastewater System Revenue, 5.00%, 07/01/2027

             265,000

             265,589
City & County of Denver CO, 5.00%, 06/01/2027

             140,000

             140,240
City of Brentwood MO, 4.00%, 10/01/2027

             100,000

             100,342
City of Burleson TX, 5.00%, 03/01/2028

             30,000

             30,048
City of Elyria OH, 4.00%, 12/01/2029

             100,000

             100,073
City of Eugene OR Electric Utility System Revenue
5.00%, 08/01/2029

             150,000

             150,563
5.00%, 08/01/2030

             140,000

             140,481
City of Gulf Shores AL, 4.00%, 12/15/2028

             100,000

             100,058
City of Houston TX Combined Utility System Revenue
4.00%, 11/15/2031

             30,000

             30,021
4.00%, 11/15/2033

             500,000

             500,312
City of Lafayette LA Sales & Use Tax Revenue, 4.00%, 03/01/2027

             95,000

             95,088
City of Newport News VA, 5.00%, 08/01/2028

             125,000

             125,499
City of Ozark MO, 4.00%, 09/01/2034

             250,000

             250,116
City of Pearland TX, 5.00%, 03/01/2030

             35,000

             35,054
City of Phoenix Civic Improvement Corp.
5.00%, 07/01/2031

             100,000

             100,169
5.00%, 07/01/2035

             80,000

             80,118
City of Rocky Mount NC, 4.00%, 05/01/2031

             90,000

             90,051
City of San Antonio TX Electric & Gas Systems Revenue, 4.00%, 02/01/2034

             100,000

             100,106
City of San Juan TX, 4.00%, 02/15/2031

             75,000

             75,037
City of Springfield IL, 5.00%, 12/01/2031

             100,000

             100,143
City of Troy AL, 4.00%, 07/01/2035

             250,000

             250,057
City of Worcester MA, 4.00%, 01/15/2036

             100,000

             100,065
Clifton Higher Education Finance Corp., 5.00%, 08/15/2037 (Obligor: Idea Public Schools)

             100,000

             100,265
Columbus Metropolitan Housing Authority, 5.00%, 12/01/2026 (Obligor: Cmha Country Ridge Llc)

             135,000

             135,082
County of Albany NY, 5.00%, 04/01/2027

             60,000

             60,114
County of Harris TX, 5.00%, 08/15/2033

             425,000

             426,443
County of Hawaii HI, 4.00%, 09/01/2035

             50,000

             50,016
County of Stark OH, 4.00%, 12/01/2030

             25,000

             25,015
Covina-Valley Unified School District, 4.00%, 08/01/2027

             150,000

             150,339
Denver West Metropolitan District, 4.00%, 12/01/2032

             30,000

             30,009
Dobbs Ferry Local Development Corp., 4.00%, 07/01/2034 (Obligor: Mercy College)

             100,000

             100,022
Downtown Savannah Authority, 5.00%, 06/01/2029

             125,000

             125,219
East Cherry Creek Valley Water and Sanitation District, 4.00%, 11/15/2027

             45,000

             45,041
East County Advanced Water Purification Joint Powers Authority, 5.00%, 09/01/2026

             275,000

             275,186
Elmore County Board of Education, 4.00%, 08/01/2026

             35,000

             35,023
Fairfax County Economic Development Authority, 4.00%, 04/01/2029

             165,000

             165,029
Florida Higher Educational Facilities Financing Authority, 5.00%, 04/01/2029

             35,000

             35,051
Florida Insurance Assistance Interlocal Agency, Inc., 5.00%, 09/01/2027 (Obligor: Florida Insurance Gty)

             110,000

             110,602
Fridley Independent School District No 14, 5.00%, 02/01/2027

             25,000

             25,042


Georgia Higher Education Facilities Authority, 4.00%, 06/15/2035

             50,000

             50,000
Gilbert Water Resource Municipal Property Corp., 5.00%, 07/01/2027

             115,000

             115,218
Great Lakes Water Authority Water Supply System Revenue
5.00%, 07/01/2027

             700,000

             701,671
5.00%, 07/01/2030

             100,000

             100,170
Grossmont Union High School District, 4.00%, 08/01/2033

             150,000

             150,078
Hillsborough County School Board, 5.00%, 07/01/2031

             175,000

             175,245
Houston Independent School District, 5.00%, 02/15/2031

             300,000

             300,461
Illinois Finance Authority
4.00%, 12/01/2027 (Obligor: Northwestern University)

             75,000

             75,046
5.00%, 03/01/2030

             375,000

             375,326
Illinois State Toll Highway Authority, 5.00%, 01/01/2030

             60,000

             60,098
Indiana Finance Authority
5.00%, 02/01/2029

             140,000

             140,493
4.00%, 03/01/2033 (Obligor: Deaconess Hlth Sys Oblig)

             225,000

             225,061
Irvine Facilities Financing Authority
5.00%, 05/01/2028

             105,000

             105,130
5.00%, 05/01/2032

             200,000

             200,516
Jefferson Union High School District, 5.00%, 08/01/2030

             150,000

             150,592
King County School District No 403 Renton, 5.00%, 12/01/2027

             75,000

             75,129
Klein Independent School District, 5.00%, 08/01/2028

             65,000

             65,244
Lee County School Board, 5.00%, 08/01/2030

             645,000

             646,805
Long Island Power Authority
5.00%, 09/01/2030

             200,000

             201,064
5.00%, 09/01/2032

             115,000

             115,628
Los Angeles Community College District/CA, 4.00%, 08/01/2034

             115,000

             115,120
Los Angeles County Public Works Financing Authority
5.00%, 12/01/2027

             500,000

             500,931
5.00%, 12/01/2031

             100,000

             100,176
5.00%, 12/01/2032

             95,000

             95,336
Louisiana Public Facilities Authority
5.00%, 07/01/2031 (Obligor: Franciscan Mission Oblig)

             55,000

             55,046
5.00%, 07/01/2032 (Obligor: Franciscan Mission Oblig)

             50,000

             50,040
Madison County Board of Education/AL
5.00%, 09/01/2027

             100,000

             100,180
5.00%, 09/01/2030

             30,000

             30,050
Marin Municipal Water District Financing Authority, 5.00%, 07/01/2031

             80,000

             80,149
Marple Newtown School District, 5.00%, 06/01/2030

             90,000

             90,011
Marysville Joint Unified School District, 4.00%, 08/01/2028

             250,000

             250,299
Massachusetts Development Finance Agency, 5.00%, 01/01/2035 (Obligor: Wgbh Educational Fdtn)

             105,000

             105,115
Massachusetts Water Resources Authority, 5.00%, 08/01/2029

             420,000

             421,633
McAllister Academic Village LLC, 5.00%, 07/01/2030 (Obligor: Arizona State University)

             185,000

             185,286
Merrillville Multi School Building Corp., 5.00%, 07/15/2027

             100,000

             100,253
Metropolitan Council, 4.00%, 03/01/2028

             50,000

             50,028
Michigan Finance Authority, 5.00%, 01/01/2029 (Obligor: Holland Community Hosp)

             400,000

             400,495
Michigan State Housing Development Authority, 4.45%, 10/01/2034

             60,000

             60,065
Minnesota Public Facilities Authority State Revolving Fund, 5.00%, 03/01/2035

             105,000

             105,128
Mississippi Valley State University Educational Building Corp., 3.50%, 04/01/2033

             60,000

             60,024
Mountain View Los Altos Union High School District/CA, 4.00%, 08/01/2029

             125,000

             125,303
Napa Valley Unified School District, 4.00%, 08/01/2037

             150,000

             150,214
Nevada Joint Union High School District, 4.00%, 08/01/2030

             40,000

             40,029
New Haven Unified School District
5.00%, 08/01/2027

             220,000

             220,903
4.00%, 08/01/2028

             215,000

             215,489
New Jersey Economic Development Authority, 4.38%, 06/15/2027

             50,000

             50,038
New Jersey Educational Facilities Authority, 5.00%, 07/01/2030 (Obligor: The College Of New Jersey)

             370,000

             370,545
New Jersey Health Care Facilities Financing Authority, 5.00%, 07/01/2028 (Obligor: Inspira Health Oblig Grp)

             300,000

             300,455
New Jersey Transportation Trust Fund Authority, 5.00%, 06/15/2031

             110,000

             110,128
New York City Transitional Finance Authority Future Tax Secured Revenue, 5.00%, 08/01/2032

             150,000

             150,522
New York State Dormitory Authority, 5.00%, 02/15/2030

             750,000

             753,275


Newark Higher Education Finance Corp., 4.00%, 08/15/2035

             150,000

             150,008
North Carolina Municipal Power Agency No 1, 5.00%, 01/01/2031

             585,000

             585,850
Northeast Travis County Utility District/TX, 4.00%, 09/01/2027

             200,000

             200,128
Oregon State Facilities Authority, 5.00%, 06/01/2027 (Obligor: Legacy Health Oblig Group)

             125,000

             125,115
Palm Springs Unified School District
4.00%, 08/01/2028

             150,000

             150,378
4.00%, 08/01/2029

             215,000

             215,516
Pierce County Fire Protection District No 6, 4.00%, 12/01/2032

             100,000

             100,036
Rhode Island Commerce Corp., 5.00%, 06/15/2030

             250,000

             250,366
San Diego Public Facilities Financing Authority, 5.00%, 08/01/2030

             150,000

             150,568
San Francisco City & County Airport Comm-San Francisco International Airport, 5.00%, 05/01/2029

             90,000

             90,006
San Francisco City & County Public Utilities Commission Wastewater Revenue, 5.00%, 10/01/2029

             50,000

             50,094
San Jose Evergreen Community College District, 4.00%, 09/01/2026

             500,000

             500,331
Sangamon & Christian Counties Community Unit School District No 3A Rochester, 4.00%, 02/01/2034

             80,000

             80,019
Santa Ana College Improvement District #1 Rancho Santiago Community College Dist, 4.00%, 08/01/2031

             100,000

             100,165
Saugus Union School District School Facilities Improvement District No 2014-1, 4.00%, 08/01/2027

             100,000

             100,234
Seminole County School Board, 5.00%, 07/01/2035

             135,000

             135,154
Skyland Metropolitan District, 4.38%, 12/01/2029

             50,000

             50,057
South Carolina Public Service Authority
5.00%, 12/01/2027

             170,000

             170,159
5.00%, 12/01/2028

             80,000

             80,081
South Central Connecticut Regional Water Authority, 5.00%, 08/01/2029

             205,000

             205,675
South Dakota Health & Educational Facilities Authority, 4.00%, 11/01/2034

             1,000,000

             1,000,295
Southern California Public Power Authority, 5.00%, 07/01/2027

             50,000

             50,074
Southern Platte Fire Protection District/MO, 4.00%, 03/01/2036

             75,000

             75,039
St Charles County School District No R-IV Wentzville, 4.00%, 03/01/2029

             40,000

             40,033
St Michael-Albertville Independent School District No 885, 4.00%, 02/01/2030

             25,000

             25,019
State of California, 4.00%, 08/01/2028

             125,000

             125,272
State of Connecticut, 4.00%, 03/15/2036

             190,000

             190,006
State of Delaware, 5.00%, 07/01/2030

             95,000

             95,177
State of Hawaii, 4.00%, 10/01/2026

             50,000

             50,047
State of Illinois, 5.00%, 01/01/2027

             600,000

             601,325
State of Nevada Highway Improvement Revenue
5.00%, 12/01/2027

             425,000

             425,592
5.00%, 12/01/2028

             110,000

             110,198
State of Oregon, 5.00%, 05/01/2031

             100,000

             100,161
State of Texas, 4.00%, 08/01/2028

             95,000

             95,081
State of Washington, 5.00%, 08/01/2030

             500,000

             502,065
Stockton Public Financing Authority, 4.00%, 09/02/2029

             250,000

             250,220
Sweetwater Union High School District, 5.00%, 08/01/2032

             130,000

             130,201
Taylor Independent School District/TX, 4.00%, 02/15/2030

             70,000

             70,048
Texas Water Development Board
5.00%, 10/15/2026

             55,000

             55,095
5.00%, 10/15/2031

             75,000

             75,109
4.00%, 10/15/2034

             50,000

             50,018
Town of Manchester CT, 4.00%, 02/01/2028

             35,000

             35,040
Town of Westlake TX, 4.00%, 02/15/2036

             50,000

             50,023
Tradition Community Development District No 1, 4.13%, 05/01/2030

             145,000

             145,136
University of Akron, 5.00%, 01/01/2028

             245,000

             245,346
University of Hawaii
5.00%, 10/01/2031

             65,000

             65,097
5.00%, 10/01/2032

             100,000

             100,144
University of Kentucky, 4.00%, 10/01/2032

             735,000

             734,999
University of Louisville, 4.00%, 09/01/2027

             225,000

             225,081
University of North Carolina at Wilmington, 4.00%, 06/01/2030

             100,000

             100,054
Ventura County Community College District, 4.00%, 08/01/2032

             30,000

             30,052
Virginia Commonwealth Transportation Board, 5.00%, 09/15/2031

             175,000

             176,063
West Virginia Hospital Finance Authority, 5.00%, 06/01/2027 (Obligor: Wv United Hlth Sys Oblig)

             105,000

             105,089
West Wilson Utility District of Wilson County Tennessee, 5.00%, 06/01/2028

             180,000

             180,105
Wisconsin Health & Educational Facilities Authority


5.00%, 11/15/2028 (Obligor: Ascension Hlth Credit Grp)

             180,000

             180,184
4.00%, 11/15/2036 (Obligor: Ascension Hlth Credit Grp)

             500,000

             500,696
Yucaipa Valley Water District Financing Authority, 5.00%, 06/01/2026

             300,000

             300,040
TOTAL MUNICIPAL BONDS (Cost $26,594,566)

             26,596,224






SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS - 5.4%
Shares  

Value  
BlackRock Liquidity Funds MuniCash - Institutional Class, 1.53% (a)

            1,471,695

             1,471,795
TOTAL MONEY MARKET FUNDS (Cost $1,471,795)

             1,471,795






TOTAL INVESTMENTS - 103.9% (Cost $28,066,361)

             28,068,019
Liabilities in Excess of Other Assets - (3.9)%
(0.03859)
            (1,042,953)
TOTAL NET ASSETS - 100.0%




    $        27,025,066


Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.








(a)

The rate shown represents the 7-day annualized yield as of May 31, 2026.









Summary of Fair Value Disclosure as of May 31, 2026 (Unaudited)
 
F/m Ultrashort Tax-Free Municipal 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 May 31, 2026:



Level 1

Level 2

Level 3

Total
Investments:







  Municipal Bonds
    $        –

    $        26,596,224

    $        –

    $        26,596,224
  Money Market Funds
            1,471,795

            –

            –

            1,471,795
Total Investments
    $        1,471,795

    $        26,596,224

    $        –

    $        28,068,019

Refer to the Schedule of Investments for further disaggregation of investment categories.