EUCLIDEAN FUNDAMENTAL VALUE ETF
SCHEDULE OF INVESTMENTS
June 30, 2026 (Unaudited)

SharesValue
COMMON STOCKS - 99.9%


Communication Services - 3.3%

Broadcasting - 1.8%




Fox Corp. - Class A

44,062 

$2,298,274 





Interactive Media & Services - 1.5%




Yelp, Inc. (a)

77,110 

1,890,737 
Total Communication Services

4,189,011 





Consumer Discretionary - 24.5%

Automotive Parts & Equipment - 5.4%




BorgWarner, Inc.

40,811 

2,709,850 
Gentex Corp.

77,209 

1,951,072 
Visteon Corp.

22,049 

2,187,481 




6,848,403 
Casinos & Gaming - 1.6%




Boyd Gaming Corp.

23,611 

2,085,560 





Education Services - 3.6%




Perdoceo Education Corp.

77,441 

2,478,112 
Stride, Inc. (a)

24,349 

2,099,858 




4,577,970 
Footwear - 2.2%




Crocs, Inc. (a)

23,627 

2,850,361 





Homebuilding - 8.3%




DR Horton, Inc.

9,963 

1,622,773 
Green Brick Partners, Inc. (a)

23,139 

1,852,046 
M/I Homes, Inc. (a)

11,359 

1,826,414 
PulteGroup, Inc.

12,200 

1,673,962 
Taylor Morrison Home Corp. (a)

24,468 

1,755,334 
Toll Brothers, Inc.

11,068 

1,823,453 




10,553,982 
Leisure Products - 1.6%




Callaway Golf Co. (a)

110,627 

2,078,681 





Specialized Consumer Services - 1.8%




H&R Block, Inc.

58,632 

2,232,707 
Total Consumer Discretionary

31,227,664 







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EUCLIDEAN FUNDAMENTAL VALUE ETF
SCHEDULE OF INVESTMENTS
June 30, 2026 (Unaudited)
SharesValue
Consumer Staples - 8.7%

Agricultural Products & Services - 1.3%




Ingredion, Inc.

16,806 

$1,591,696 





Brewers - 1.0%




Molson Coors Beverage Co. - Class B

33,127 

1,290,628 





Packaged Foods & Meats - 4.3%




Cal-Maine Foods, Inc.

23,659 

1,905,969 
Pilgrim's Pride Corp.

50,429 

1,417,559 
Seneca Foods Corp. - Class A (a)

12,636 

2,197,906 




5,521,434 
Tobacco - 2.1%




Altria Group, Inc.

36,881 

2,653,588 
Total Consumer Staples

11,057,346 





Energy - 13.2%

Oil & Gas Equipment & Services - 1.3%




Halliburton Co.

47,880 

1,625,526 





Oil & Gas Exploration & Production - 4.2%




APA Corp.

69,292 

2,256,840 
ConocoPhillips

14,123 

1,468,227 
EOG Resources, Inc.

12,465 

1,617,085 




5,342,152 
Oil & Gas Refining & Marketing - 3.4%




HF Sinclair Corp.

31,213 

2,173,985 
Valero Energy Corp.

8,534 

2,222,595 




4,396,580 
Oil & Gas Storage & Transportation - 4.3%




Cheniere Energy Partners LP

29,433 

1,793,941 
Hess Midstream LP - Class A

47,935 

1,802,356 
International Seaways, Inc.

23,828 

1,824,987 




5,421,284 
Total Energy

16,785,542 





Health Care - 14.4%

Biotechnology - 3.0%




Biogen, Inc. (a)

8,156 

1,762,185 
Catalyst Pharmaceuticals, Inc. (a)

64,463 

2,026,072 




3,788,257 
Health Care Facilities - 2.2%




Tenet Healthcare Corp. (a)

8,228 

1,539,294 


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EUCLIDEAN FUNDAMENTAL VALUE ETF
SCHEDULE OF INVESTMENTS
June 30, 2026 (Unaudited)
SharesValue
Universal Health Services, Inc. - Class B

8,460 

$1,257,918 




2,797,212 
Health Care Services - 1.4%




Pediatrix Medical Group, Inc. (a)

73,228 

1,854,865 





Managed Health Care - 3.8%




Elevance Health, Inc.

5,444 

2,105,358 
Molina Healthcare, Inc. (a)

11,806 

2,700,032 




4,805,390 
Pharmaceuticals - 4.0%




Bristol-Myers Squibb Co.

25,804 

1,486,827 
Harmony Biosciences Holdings, Inc. (a)

57,445 

2,091,572 
Innoviva, Inc. (a)

67,460 

1,532,017 




5,110,416 
Total Health Care

18,356,140 





Industrials - 15.0%

Building Products - 2.3%




Owens Corning

18,184 

2,890,529 





Construction Machinery & Heavy Transportation Equipment - 4.2%




Allison Transmission Holdings, Inc.

22,193 

2,502,039 
Oshkosh Corp.

18,355 

2,817,125 




5,319,164 
Human Resource & Employment Services - 1.5%




Korn Ferry

29,982 

1,996,202 





Industrial Machinery & Supplies & Components - 2.4%




Mueller Industries, Inc.

24,762 

3,043,993 





Marine Transportation - 2.4%




Matson, Inc.

15,814 

3,039,925 





Passenger Airlines - 2.2%




Delta Air Lines, Inc.

29,767 

2,787,977 
Total Industrials

19,077,790 





Information Technology - 7.6%

Application Software - 1.7%




Adobe, Inc. (a)

10,334 

2,118,677 





IT Consulting & Other Services - 2.6%




Cognizant Technology Solutions Corp. - Class A

30,990 

1,200,243 


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EUCLIDEAN FUNDAMENTAL VALUE ETF
SCHEDULE OF INVESTMENTS
June 30, 2026 (Unaudited)
SharesValue
EPAM Systems, Inc. (a)

26,307 

$2,087,460 




3,287,703 
Semiconductor Materials & Equipment - 1.9%




Photronics, Inc. (a)

74,971 

2,438,807 





Technology Distributors - 1.4%




Arrow Electronics, Inc. (a)

8,669 

1,850,051 
Total Information Technology

9,695,238 





Materials - 13.2%

Aluminum - 1.2%




Alcoa Corp.

30,481 

1,589,279 





Commodity Chemicals - 2.0%




Cabot Corp.

27,572 

2,504,089 





Copper - 2.1%




Freeport-McMoRan, Inc.

42,800 

2,691,692 





Fertilizers & Agricultural Chemicals - 1.9%




CF Industries Holdings, Inc.

22,345 

2,419,070 





Gold Mining - 2.7%




Anglogold Ashanti PLC

22,155 

1,792,118 
Newmont Corp.

18,478 

1,725,845 




3,517,963 
Metal, Glass & Plastic Containers - 1.7%




Crown Holdings, Inc.

19,044 

2,129,500 





Specialty Chemicals - 1.6%




Minerals Technologies, Inc.

26,961 

1,994,305 
Total Materials

16,845,898 
TOTAL COMMON STOCKS (Cost $105,934,402)

127,234,629 





SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS - 0.2%

First American Government Obligations Fund - Class X, 3.57% (b)

309,502 

309,502 
TOTAL MONEY MARKET FUNDS (Cost $309,502)

309,502 





TOTAL INVESTMENTS - 100.1% (Cost $106,243,904)

$127,544,131 
Liabilities in Excess of Other Assets - (0.1)%
(79,731)
TOTAL NET ASSETS - 100.0%



$127,464,400 



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EUCLIDEAN FUNDAMENTAL VALUE ETF
SCHEDULE OF INVESTMENTS
June 30, 2026 (Unaudited)
Percentages are stated as a percent of net assets.

(a)

Non-income producing security.
(b)

The rate shown represents the 7-day annualized yield as of June 30, 2026.

The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services.


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EUCLIDEAN FUNDAMENTAL VALUE ETF

Summary of Fair Value Disclosures as of June 30, 2026 (Unaudited)

Euclidean Fundamental Value 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 June 30, 2026:
DESCRIPTIONLEVEL 1LEVEL 2LEVEL 3TOTAL
Investments
Common Stocks
$127,234,629 

$— $— 

$127,234,629 
Money Market Funds
309,502 — — 309,502 
Total Investments$127,544,131 

$— $— 

$127,544,131 
 
Refer to the Schedule of Investments for further disaggregation of investment categories.

During the fiscal period ended June 30, 2026, the Fund did not invest in any Level 3 investments and recognized no transfers to/from Level 3. Transfers between levels are recognized at the end of the reporting period.



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