SonicShares™ Global Shipping ETF
Schedule of Investments
June 30, 2026 (Unaudited)
| COMMON STOCKS - 98.1% | Shares | Value | ||||||
| Industrial Services - 98.1%(a) | ||||||||
| AP Moller - Maersk A/S | 1,265 | $ | 3,006,745 | |||||
| Ardmore Shipping Corp. | 18,010 | 252,320 | ||||||
| CMB.Tech NV | 158,191 | 2,242,664 | ||||||
| COSCO SHIPPING Energy Transportation Co. Ltd. | 572,015 | 1,008,788 | ||||||
| COSCO SHIPPING Holdings Co. Ltd. | 1,561,399 | 2,590,369 | ||||||
| Costamare, Inc. | 53,227 | 746,243 | ||||||
| D/S Norden A/S | 13,680 | 574,987 | ||||||
| d’Amico International Shipping SA | 54,769 | 412,649 | ||||||
| Danaos Corp.(b) | 8,035 | 983,243 | ||||||
| DHT Holdings, Inc. | 71,083 | 1,175,002 | ||||||
| Diana Shipping, Inc.(c) | 54,529 | 114,511 | ||||||
| Dorian LPG Ltd. | 18,884 | 656,786 | ||||||
| Euroseas Ltd. | 3,114 | 206,676 | ||||||
| Frontline PLC(b) | 102,682 | 3,572,306 | ||||||
| Genco Shipping & Trading Ltd. | 19,235 | 476,643 | ||||||
| Global Ship Lease, Inc. | 15,854 | 596,110 | ||||||
| Hafnia Ltd. | 382,312 | 2,499,680 | ||||||
| Hapag-Lloyd AG | 20,355 | 2,594,817 | ||||||
| Heung-A Shipping Co. Ltd.(c) | 106,269 | 110,638 | ||||||
| Himalaya Shipping Ltd. | 20,766 | 275,327 | ||||||
| HMM Co. Ltd. | 276,456 | 3,320,754 | ||||||
| Hoegh Autoliners ASA | 84,124 | 1,231,829 | ||||||
| International Seaways, Inc. | 35,751 | 2,738,168 | ||||||
| Kawasaki Kisen Kaisha Ltd. | 216,853 | 3,315,672 | ||||||
| KNOT Offshore Partners LP | 14,857 | 148,273 | ||||||
| Matson, Inc.(b) | 14,983 | 2,880,182 | ||||||
| Mitsui OSK Lines Ltd. | 101,334 | 3,250,295 | ||||||
| MPC Container Ships ASA | 195,658 | 501,231 | ||||||
| Navigator Holdings Ltd. | 27,244 | 507,556 | ||||||
| Nordic American Tankers Ltd. | 93,465 | 517,796 | ||||||
| NS United Kaiun Kaisha Ltd. | 10,572 | 418,262 | ||||||
| Okeanis Eco Tankers Corp.(d) | 17,163 | 848,134 | ||||||
| Orient Overseas International Ltd. | 203,409 | 3,164,466 | ||||||
| Pacific Basin Shipping Ltd. | 2,280,436 | 785,149 | ||||||
| Pan Ocean Co. Ltd. | 236,282 | 722,130 | ||||||
| Pangaea Logistics Solutions Ltd. | 28,874 | 187,681 | ||||||
| Safe Bulkers, Inc. | 45,130 | 284,770 | ||||||
| Scorpio Tankers, Inc.(b) | 37,375 | 2,588,593 | ||||||
| Seanergy Maritime Holdings Corp. | 9,320 | 125,168 | ||||||
| SFL Corp. Ltd. | 63,818 | 650,944 | ||||||
| SITC International Holdings Co. Ltd. | 796,540 | 3,187,359 | ||||||
| Star Bulk Carriers Corp. | 50,251 | 1,254,767 | ||||||
| StealthGas, Inc.(c) | 16,413 | $ | 129,663 | |||||
| Stolt-Nielsen Ltd. | 42,692 | 1,257,614 | ||||||
| T.S. Lines Ltd. | 734,894 | 716,897 | ||||||
| Teekay Corp. Ltd. | 38,406 | 384,060 | ||||||
| Teekay Tankers Ltd. - Class A | 13,250 | 859,528 | ||||||
| TORM PLC | 45,162 | 1,164,624 | ||||||
| Tsakos Energy Navigation Ltd. | 12,999 | 459,775 | ||||||
| Wallenius Wilhelmsen ASA - Class B | 205,429 | 2,725,767 | ||||||
| ZIM Integrated Shipping Services Ltd. | 53,173 | 1,382,498 | ||||||
| 65,806,109 | ||||||||
| TOTAL COMMON STOCKS (Cost $55,648,757) | 65,806,109 | |||||||
| SHORT-TERM INVESTMENTS - 14.2% | ||||||||
| Investments Purchased with Proceeds from Securities Lending - 12.8% | Shares | Value | ||||||
| Mount Vernon Liquid Assets Portfolio, LLC, 3.75%(e) | 8,580,573 | 8,580,573 | ||||||
| Money Market Funds - 1.4% | Shares | Value | ||||||
| First American Government Obligations Fund - Class X, 3.57%(e) | 930,980 | 930,980 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $9,511,553) | 9,511,553 | |||||||
| TOTAL INVESTMENTS - 112.3% (Cost $65,160,310) | $ | 75,317,662 | ||||||
| Liabilities in Excess of Other Assets - (12.3)% | (8,270,222 | ) | ||||||
| TOTAL NET ASSETS - 100.0% | $ | 67,047,440 | ||||||
| Percentages are stated as a percent of net assets. |
| PLC | Public Limited Company |
| (a) | 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. |
| (b) | All or a portion of this security is on loan as of June 30, 2026. The total market value of these securities was $8,288,523 which represented 12.4% of net assets. |
| (c) | Non-income producing security. |
| (d) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. As of June 30, 2026, the value of these securities total $848,134 or 1.3% of the Fund’s net assets. |
| (e) | The rate shown represents the 7-day annualized effective yield as of June 30, 2026. |