Fortuna Hedged Bitcoin ETF
Schedule of Investments
May 31, 2026 (Unaudited)
PURCHASED OPTIONS - 10.1% (a)			Notional Amount						Contracts						Value
Call Options - 8.9%
iShares Bitcoin Trust ETF (b)(c)
Expiration: 06/30/2026; Exercise Price: $39.60			$        782,644						188						$        57,248
Expiration: 06/30/2026; Exercise Price: $45.10 (d)			782,644						188						11,468
Total Call Options															68,716
Put Options - 1.2%
iShares Bitcoin Trust ETF, Expiration: 06/30/2026; Exercise Price: $37.60 (b)(c)(d)			782,644						188						9,212
TOTAL PURCHASED OPTIONS (Cost $96,533)															77,928
SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS - 49.2%									Shares						Value
First American Treasury Obligations Fund - Class X, 3.56% (e)(f)(g)									380,979						380,979
TOTAL MONEY MARKET FUNDS (Cost $380,979)															380,979
TOTAL INVESTMENTS - 59.3% (Cost $477,512)															458,907
Other Assets in Excess of Liabilities - 40.7%												0.40689			314,826
TOTAL NET ASSETS - 100.0%															$        773,733
Percentages are stated as a percent of net assets.

(a)						Non-income producing security.
(b)						Exchange-traded.
(c)						100 shares per contract.
(d)						Held in connection with written option contracts. See Schedule of Written Options for further information.
(e)						The rate shown represents the 7-day annualized yield as of May 31, 2026.
(f)						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.
(g)						All or a portion of the security has been pledged as collateral for written options. The fair value of assets committed as collateral as of May 31, 2026, was $380,979.

Fortuna Hedged Bitcoin ETF

Schedule of Written Options

May 31, 2026 (Unaudited)

WRITTEN OPTIONS - (4.5)%

Notional Amount

Contracts

Value

Call Options - (2.4)%

iShares Bitcoin Trust ETF, Expiration: 06/30/2026; Exercise Price: $43.40 (a)(b)

$        (782,644)

(188)

$        (18,424)

Put Options - (2.1)%

iShares Bitcoin Trust ETF, Expiration: 06/30/2026; Exercise Price: $39.60 (a)(b)

(782,644)

(188)

(16,250)

TOTAL WRITTEN OPTIONS (Premiums received $95,725)

$        (34,674)

Percentages are stated as a percent of net assets.

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(a)						Exchange-traded.
(b)						100 shares per contract.

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Summary of Fair Value Disclosure as of May 31, 2026 (Unaudited)

 

Fortuna Hedged Bitcoin ETF 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

Assets:

Investments:

Purchased Options

$        –

$        77,928

$        –

$        77,928

Money Market Funds

380,979

–

–

380,979

Total Investments

$        380,979

$        77,928

$        –

$        458,907

Liabilities:

Investments:

Written Options

$        –

$        (34,674)

$        –

$        (34,674)

Total Investments

$        –

$        (34,674)

$        –

$        (34,674)

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