SOPHUS CAPITAL EMERGING MARKET ETF
SCHEDULE OF INVESTMENTS
June 30, 2026 (Unaudited)
SharesValue
COMMON STOCKS - 97.7%


Brazil - 4.3%

Caixa Seguridade Participacoes S/A

118,680 

$454,048 
Embraer SA - ADR

8,970 

572,286 
Itau Unibanco Holding SA - ADR

106,030 

866,265 
Petroleo Brasileiro SA - Petrobras - ADR

44,850 

724,776 




2,617,375 





China - 17.2%

Aluminum Corp. of China Ltd. - Class H

306,590 

291,624 
Anjoy Foods Group Co. Ltd. - Class H

44,160 

366,834 
Bank of Nanjing Co. Ltd. - Class A

240,900 

351,122 
China Hongqiao Group Ltd.

87,170 

222,959 
China Merchants Bank Co. Ltd. - Class H

138,460 

793,031 
Contemporary Amperex Technology Co. Ltd. - Class A

6,600 

382,272 
Hangzhou First Applied Material Co. Ltd. - Class A

145,400 

359,782 
Henan Shenhuo Coal Industry & Electricity Power Co. Ltd. - Class A

69,800 

218,080 
Li Ning Co. Ltd.

133,630 

250,806 
New China Life Insurance Co. Ltd. - Class H

93,150 

546,582 
Ningbo Orient Wires & Cables Co. Ltd. - Class A

48,120 

294,376 
PetroChina Co. Ltd. - Class H

309,580 

334,730 
Ping An Bank Co. Ltd. - Class A

365,300 

541,054 
Sany Heavy Industry Co. Ltd. - Class H

107,870 

254,998 
Shengyi Electronics Co. Ltd. - Class A

18,400 

359,030 
Shennan Circuits Co. Ltd. - Class A

6,000 

404,899 
Shenzhen Batian Ecotypic Engineering Co. Ltd. - Class A

174,200 

278,806 
Tencent Holdings Ltd. - ADR

41,170 

2,273,407 
Weichai Power Co. Ltd. - Class H

68,310 

297,006 
WuXi AppTec Co. Ltd. - Class H (a)

29,900 

585,964 
Yum China Holdings, Inc.

9,890 

404,204 
Zhejiang Taotao Vehicles Co. Ltd. - Class A

9,900 

337,032 
Zijin Mining Group Co. Ltd. - Class H

108,100 

377,661 




10,526,259 





Greece - 0.5%

Optima bank SA

26,350 

301,074 





Hong Kong - 1.6%

Alibaba Group Holding Ltd. - ADR

2,070 

198,678 
China Resources Land Ltd.

120,750 

461,886 
Guangdong Investment Ltd.

289,800 

286,739 




947,303 





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SOPHUS CAPITAL EMERGING MARKET ETF
SCHEDULE OF INVESTMENTS
June 30, 2026 (Unaudited)
SharesValue
India - 10.4%

Aptus Value Housing Finance India Ltd.

152,745 

$449,963 
Arvind Ltd.

58,738 

364,309 
Bajaj Consumer Care Ltd. (b)

49,786 

315,045 
Bank of Maharashtra

692,368 

668,825 
DLF Ltd.

79,133 

518,351 
Hindustan Zinc Ltd.

50,694 

285,526 
Muthoot Finance Ltd.

19,494 

617,263 
Polycab India Ltd.

3,300 

347,261 
RR Kabel Ltd.

12,974 

328,288 
Schaeffler India Ltd.

7,441 

329,347 
Sharda Cropchem Ltd.

33,474 

310,998 
Shriram Finance Ltd. (b)

72,534 

798,566 
TVS Motor Co. Ltd.

10,121 

370,011 
Vedanta Ltd.

99,876 

296,224 
Voltamp Transformers Ltd.

3,068 

336,412 




6,336,389 





Indonesia - 1.1%

Bank Mandiri Persero Tbk PT

2,090,930 

450,228 
Hartadinata Abadi PT

2,159,470 

203,507 




653,735 





Ireland - 0.8%

PDD Holdings, Inc. - ADR (b)

6,670 

508,787 





Malaysia - 0.8%

Tenaga Nasional Bhd

138,000 

483,296 





Mexico - 2.2%

Alsea SAB de CV

127,880 

334,920 
Fresnillo PLC

5,060 

183,972 
Gentera SAB de CV

117,070 

253,721 
Grupo Financiero Banorte SAB de CV

55,200 

584,591 




1,357,204 





Poland - 0.5%

LPP SA

64 

311,000 





Saudi Arabia - 3.1%

Alinma Bank

101,660 

661,283 
Riyad Bank

109,020 

577,714 
SABIC Agri-Nutrients Co.

8,970 

295,562 
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SOPHUS CAPITAL EMERGING MARKET ETF
SCHEDULE OF INVESTMENTS
June 30, 2026 (Unaudited)
SharesValue
Saudi Energy Co.

70,610 

$334,520 




1,869,079 





South Africa - 0.7%

Standard Bank Group Ltd.

22,080 

435,494 





South Korea - 20.8%

APR Corp.

920 

228,916 
DB Insurance Co. Ltd.

3,910 

337,926 
Hanmi Pharm Co. Ltd.

1,150 

295,053 
Hanwha Corp.

4,830 

310,818 
HD Hyundai Heavy Industries Co. Ltd.

1,150 

439,424 
HD Hyundai Marine Solution Co. Ltd.

2,760 

399,935 
KIWOOM Securities Co. Ltd.

1,150 

254,599 
LG CNS Co. Ltd.

6,629 

337,162 
Samsung Electronics Co. Ltd.

27,140 

5,850,875 
Samsung Heavy Industries Co. Ltd. (b)

17,940 

269,801 
Shinhan Financial Group Co. Ltd. - ADR

8,510 

538,257 
Shinsegae, Inc.

646 

314,807 
SK hynix, Inc.

1,840 

3,147,228 




12,724,801 





Taiwan - 31.0% (c)

Acter Group Corp. Ltd.

15,640 

633,327 
Airtac International Group

7,130 

298,794 
ASE Technology Holding Co. Ltd. - ADR

13,415 

605,285 
Asia Vital Components Co. Ltd.

8,616 

682,919 
Delta Electronics, Inc.

15,706 

961,396 
E.Sun Financial Holding Co. Ltd.

369,380 

399,452 
King Slide Works Co. Ltd.

3,074 

710,205 
King Yuan Electronics Co. Ltd.

49,302 

522,324 
Lotes Co. Ltd.

7,360 

487,486 
MediaTek, Inc.

8,740 

1,164,638 
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR

21,351 

10,196,597 
United Microelectronics Corp.

153,037 

790,250 
Wiwynn Corp.

4,304 

626,216 
Yageo Corp.

23,938 

856,633 




18,935,522 





Turkey - 1.5%

Aselsan Elektronik Sanayi Ve Ticaret AS

39,560 

292,589 
BIM Birlesik Magazalar AS

37,950 

297,157 
Turkiye Garanti Bankasi AS

101,890 

301,435 




891,181 





3

SOPHUS CAPITAL EMERGING MARKET ETF
SCHEDULE OF INVESTMENTS
June 30, 2026 (Unaudited)
SharesValue
United Arab Emirates - 1.2%

Emaar Development PJSC

124,504 

$468,483 
Fertiglobe PLC

379,514 

285,194 




753,677 
TOTAL COMMON STOCKS (Cost $59,560,304)

59,652,176 





PREFERRED STOCKS - 0.4%


Brazil - 0.4%

Banco Pine SA, 0.00%

103,730 

241,929 
TOTAL PREFERRED STOCKS (Cost $311,051)

241,929 





SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS - 1.6%

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

987,995 

987,995 
TOTAL MONEY MARKET FUNDS (Cost $987,995)

987,995 





TOTAL INVESTMENTS - 99.7% (Cost $60,859,350)

$60,882,100 
Other Assets in Excess of Liabilities - 0.3%
188,807 
TOTAL NET ASSETS - 100.0%



$61,070,907 
Percentages are stated as a percent of net assets.
ADR - American Depositary Receipt
PJSC - Public Joint Stock Company
(a)

Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of June 30, 2026, the value of these securities total $585,964 or 1.0% of the Fund’s net assets.
(b)

Non-income producing security.
(c)

To the extent that the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting such country or region.
(d)

The rate shown represents the 7-day annualized yield as of June 30, 2026.
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SOPHUS CAPITAL EMERGING MARKET ETF
Summary of Fair Value Disclosure as of June 30, 2026 (Unaudited)
 
Sophus Capital Emerging Market 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:
DESCRIPTION
LEVEL 1

LEVEL 2

LEVEL 3

TOTAL
Investments:







Common Stocks
$59,652,176 

$— 

$— 

$59,652,176 
Preferred Stocks
241,929 

— 

— 

241,929 
Money Market Funds
987,995 

— 

— 

987,995 
Total Investments
$60,882,100 

$— 

$— 

$60,882,100 

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.

5