Unusual Whales Subversive Republican Trading ETF
Schedule of Investments
June 30, 2026 (Unaudited)
| COMMON STOCKS - 95.7% | Shares | Value | ||||||
| Aerospace & Defense - 0.2% | ||||||||
| Honeywell Aerospace, Inc.(a) | 790 | $ | 174,653 | |||||
| Banking - 5.0% | ||||||||
| Bank of America Corp. | 2,403 | 136,923 | ||||||
| Citigroup, Inc. | 2,403 | 336,324 | ||||||
| Farmers & Merchants Bancorp, Inc. | 4,117 | 125,898 | ||||||
| JPMorgan Chase & Co. | 11,093 | 3,631,072 | ||||||
| United Bankshares, Inc. | 3,802 | 174,245 | ||||||
| 4,404,462 | ||||||||
| Consumer Discretionary Products - 2.4% | ||||||||
| LGI Homes, Inc.(a) | 19,812 | 1,261,628 | ||||||
| Tesla, Inc.(a) | 2,016 | 847,930 | ||||||
| 2,109,558 | ||||||||
| Consumer Discretionary Services - 0.6% | ||||||||
| Las Vegas Sands Corp. | 8,158 | 376,818 | ||||||
| Starbucks Corp. | 1,530 | 156,351 | ||||||
| 533,169 | ||||||||
| Consumer Staple Products - 2.4% | ||||||||
| Clorox Co. | 1,681 | 160,435 | ||||||
| Coca-Cola Co. | 2,006 | 163,027 | ||||||
| Philip Morris International, Inc. | 3,740 | 676,603 | ||||||
| Tyson Foods, Inc. - Class A | 20,579 | 1,178,148 | ||||||
| 2,178,213 | ||||||||
| Financial Services - 4.8% | ||||||||
| AerCap Holdings NV | 5,452 | 794,792 | ||||||
| Blackrock, Inc. | 411 | 395,201 | ||||||
| Capital One Financial Corp. | 1,156 | 231,917 | ||||||
| Charles Schwab Corp. | 2,236 | 206,316 | ||||||
| Fidelity National Information Services, Inc. | 17,493 | 680,128 | ||||||
| Houlihan Lokey, Inc. - Class A | 1,045 | 140,166 | ||||||
| Mastercard, Inc. - Class A | 735 | 377,496 | ||||||
| Paypal Holdings, Inc. | 13,887 | 599,641 | ||||||
| Stifel Financial Corp. | 5,099 | 355,757 | ||||||
| Visa, Inc. - Class A | 1,384 | 474,836 | ||||||
| 4,256,250 | ||||||||
| Health Care - 5.6% | ||||||||
| AbbVie, Inc. | 641 | 161,301 | ||||||
| Amgen, Inc. | 322 | $ | 116,603 | |||||
| Boston Scientific Corp.(a) | 3,492 | 149,039 | ||||||
| Elevance Health, Inc. | 1,042 | 402,973 | ||||||
| Henry Schein, Inc.(a) | 2,872 | 239,869 | ||||||
| Humana, Inc. | 737 | 292,751 | ||||||
| IQVIA Holdings, Inc.(a) | 724 | 139,891 | ||||||
| Johnson & Johnson | 4,759 | 1,208,643 | ||||||
| Novo Nordisk A/S - Class B, ADR | 8,420 | 403,655 | ||||||
| United Therapeutics Corp.(a) | 3,399 | 1,841,680 | ||||||
| 4,956,405 | ||||||||
| Industrial Products - 8.6% | ||||||||
| Caterpillar, Inc. | 810 | 862,569 | ||||||
| Donaldson Co., Inc. | 2,161 | 193,993 | ||||||
| Dover Corp. | 644 | 144,436 | ||||||
| Emerson Electric Co. | 3,643 | 521,496 | ||||||
| Gates Industrial Corp. PLC(a) | 4,836 | 135,263 | ||||||
| Honeywell International, Inc. | 790 | 176,881 | ||||||
| L3Harris Technologies, Inc. | 2,529 | 734,902 | ||||||
| Lockheed Martin Corp. | 796 | 405,530 | ||||||
| nVent Electric PLC | 6,925 | 1,174,549 | ||||||
| Oshkosh Corp. | 3,831 | 587,982 | ||||||
| Rockwell Automation, Inc. | 1,212 | 600,037 | ||||||
| RTX Corp. | 5,016 | 951,686 | ||||||
| Sensata Technologies Holding PLC | 3,643 | 173,917 | ||||||
| Woodward, Inc. | 2,248 | 956,389 | ||||||
| 7,619,630 | ||||||||
| Industrial Services - 11.9% | ||||||||
| Applied Industrial Technologies, Inc. | 644 | 217,768 | ||||||
| Aramark | 7,940 | 451,786 | ||||||
| Comfort Systems USA, Inc. | 3,997 | 7,921,854 | ||||||
| Core & Main, Inc. - Class A(a) | 2,924 | 141,083 | ||||||
| Delta Air Lines, Inc. | 5,804 | 543,603 | ||||||
| FedEx Corp. | 1,921 | 601,523 | ||||||
| Fedex Freight Holding Co, Inc.(a) | 960 | 144,960 | ||||||
| Quanta Services, Inc. | 326 | 234,733 | ||||||
| Southwest Airlines Co. | 5,321 | 273,606 | ||||||
| 10,530,916 | ||||||||
| Insurance - 4.2% | ||||||||
| Allstate Corp. | 7,223 | 1,718,641 | ||||||
| Chubb Ltd. | 722 | 246,014 | ||||||
| Equitable Holdings, Inc. | 7,120 | 312,426 | ||||||
| Markel Group, Inc.(a) | 158 | 308,576 | ||||||
| Marsh & McLennan Cos., Inc. | 1,042 | 173,670 | ||||||
| Primerica, Inc. | 805 | 228,781 | ||||||
| White Mountains Insurance Group Ltd. | 185 | 383,577 |
| Willis Towers Watson PLC | 1,285 | $ | 335,860 | |||||
| 3,707,545 | ||||||||
| Materials - 2.8% | ||||||||
| Alcoa Corp. | 3,176 | 165,597 | ||||||
| Alliance Resource Partners LP | 4,776 | 114,528 | ||||||
| AptarGroup, Inc. | 805 | 100,786 | ||||||
| Barrick Mining Corp. | 9,520 | 349,670 | ||||||
| Freeport-McMoRan, Inc. | 2,720 | 171,061 | ||||||
| Linde PLC | 1,047 | 543,330 | ||||||
| Louisiana-Pacific Corp. | 1,750 | 137,655 | ||||||
| Nucor Corp. | 1,686 | 375,556 | ||||||
| Simpson Manufacturing Co., Inc. | 1,043 | 218,352 | ||||||
| TriMas Corp. | 6,719 | 302,557 | ||||||
| 2,479,092 | ||||||||
| Media - 1.4% | ||||||||
| Meta Platforms, Inc. - Class A | 718 | 404,442 | ||||||
| Uber Technologies, Inc.(a) | 3,324 | 239,860 | ||||||
| Walt Disney Co. | 1,281 | 123,296 | ||||||
| Warner Bros Discovery, Inc.(a) | 17,145 | 457,086 | ||||||
| 1,224,684 | ||||||||
| Oil & Gas - 7.4% | ||||||||
| Atlas Energy Solutions, Inc. - Class A | 31,995 | 531,437 | ||||||
| Chevron Corp. | 7,569 | 1,254,637 | ||||||
| ConocoPhillips | 11,165 | 1,160,713 | ||||||
| Devon Energy Corp. | 4,979 | 205,732 | ||||||
| Energy Transfer LP | 17,795 | 340,240 | ||||||
| NGL Energy Partners LP(a) | 65,263 | 1,039,640 | ||||||
| Occidental Petroleum Corp. | 4,053 | 196,854 | ||||||
| ONEOK, Inc. | 2,007 | 174,489 | ||||||
| Shell PLC, ADR | 11,061 | 857,670 | ||||||
| Williams Cos., Inc. | 10,511 | 781,388 | ||||||
| 6,542,800 | ||||||||
| Real Estate - 1.4% | ||||||||
| Simon Property Group, Inc. - REIT | 5,535 | 1,237,903 | ||||||
| Retail & Wholesale - Discretionary - 3.0% | ||||||||
| Amazon.com, Inc.(a) | 2,254 | 537,218 | ||||||
| ePlus, Inc. | 1,361 | 113,276 | ||||||
| FirstCash Holdings, Inc. | 3,038 | 657,180 | ||||||
| Home Depot, Inc. | 1,364 | 481,056 | ||||||
| O’Reilly Automotive, Inc.(a) | 5,985 | 551,159 | ||||||
| Penske Automotive Group, Inc. | 645 | 115,423 |
| Valvoline, Inc.(a) | 4,925 | $ | 194,734 | |||||
| 2,650,046 | ||||||||
| Retail & Wholesale - Staples - 1.4% | ||||||||
| BJ’s Wholesale Club Holdings, Inc.(a) | 3,640 | 317,481 | ||||||
| Costco Wholesale Corp. | 639 | 597,765 | ||||||
| Dollar Tree, Inc.(a) | 2,806 | 339,386 | ||||||
| 1,254,632 | ||||||||
| Software & Tech Services - 5.0% | ||||||||
| Accenture PLC - Class A | 4,132 | 514,186 | ||||||
| Autodesk, Inc.(a) | 884 | 171,867 | ||||||
| Cadence Design Systems, Inc.(a) | 1,042 | 391,083 | ||||||
| CrowdStrike Holdings, Inc. - Class A(a) | 320 | 244,205 | ||||||
| EPAM Systems, Inc.(a) | 1,532 | 121,564 | ||||||
| Fortinet, Inc.(a) | 1,997 | 306,779 | ||||||
| Gen Digital, Inc. | 8,556 | 212,959 | ||||||
| Insight Enterprises, Inc.(a) | 1,045 | 127,281 | ||||||
| Intuit, Inc. | 555 | 144,855 | ||||||
| Microsoft Corp. | 963 | 359,218 | ||||||
| Oracle Corp. | 563 | 82,508 | ||||||
| Palo Alto Networks, Inc.(a) | 1,716 | 585,190 | ||||||
| PTC, Inc.(a) | 640 | 72,710 | ||||||
| SAP SE, ADR | 1,428 | 220,069 | ||||||
| ServiceNow, Inc.(a) | 1,200 | 119,136 | ||||||
| Snowflake, Inc. - Class A(a) | 1,467 | 373,352 | ||||||
| Strategy, Inc. - Class A(a) | 2,265 | 196,897 | ||||||
| Workday, Inc. - Class A(a) | 1,221 | 149,475 | ||||||
| 4,393,334 | ||||||||
| Tech Hardware & Semiconductors - 23.2% | ||||||||
| Advanced Micro Devices, Inc.(a) | 4,741 | 2,754,094 | ||||||
| Apple, Inc. | 1,541 | 445,904 | ||||||
| Arista Networks, Inc.(a) | 15,816 | 2,686,822 | ||||||
| Arrow Electronics, Inc.(a) | 1,041 | 222,160 | ||||||
| ASML Holding NV | 954 | 1,897,926 | ||||||
| Broadcom, Inc. | 2,161 | 816,318 | ||||||
| Cisco Systems, Inc. | 2,327 | 273,329 | ||||||
| Intel Corp.(a) | 47,665 | 6,655,464 | ||||||
| KLA Corp. | 1,118 | 337,312 | ||||||
| NVIDIA Corp. | 13,365 | 2,674,203 | ||||||
| Plexus Corp.(a) | 1,042 | 313,298 | ||||||
| QUALCOMM, Inc. | 889 | 164,278 | ||||||
| Texas Instruments, Inc. | 4,204 | 1,253,086 | ||||||
| 20,494,194 | ||||||||
| Telecommunications - 1.7% | ||||||||
| AT&T, Inc. | 65,491 | 1,355,664 |
| T-Mobile US, Inc. | 1,122 | $ | 188,193 | |||||
| 1,543,857 | ||||||||
| Utilities - 2.7% | ||||||||
| Dominion Energy, Inc. | 6,590 | 450,031 | ||||||
| National Fuel Gas Co. | 15,602 | 1,204,631 | ||||||
| NextEra Energy, Inc. | 4,913 | 431,214 | ||||||
| Suburban Propane Partners LP | 16,511 | 282,338 | ||||||
| 2,368,214 | ||||||||
| TOTAL COMMON STOCKS (Cost $60,298,471) | 84,659,557 | |||||||
| EXCHANGE TRADED FUNDS - 2.6% | Shares | Value | ||||||
| iShares Bitcoin Trust ETF(a) | 71,046 | 2,365,121 | ||||||
| TOTAL EXCHANGE TRADED FUNDS (Cost $3,587,822) | 2,365,121 | |||||||
| SHORT-TERM INVESTMENTS - 1.7% | ||||||||
| Money Market Funds - 1.7% | Shares | Value | ||||||
| First American Government Obligations Fund - Class X, 3.57%(b) | 1,463,164 | 1,463,164 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $1,463,164) | 1,463,164 | |||||||
| TOTAL INVESTMENTS - 100.0% (Cost $65,349,457) | $ | 88,487,842 | ||||||
| Liabilities in Excess of Other Assets - 0.0%(c) | (14,746 | ) | ||||||
| TOTAL NET ASSETS - 100.0% | $ | 88,473,096 | ||||||
| Percentages are stated as a percent of net assets. |
| ADR | American Depositary Receipt |
| PLC | Public Limited Company |
| REIT | Real Estate Investment Trust |
| (a) | Non-income producing security. |
| (b) | The rate shown represents the 7-day annualized effective yield as of June 30, 2026. |
| (c) | Does not round to 0.1% or (0.1)%, as applicable. |