SOPHUS CAPITAL EMERGING MARKET SMALL CAP ETF
SCHEDULE OF INVESTMENTS
June 30, 2026 (Unaudited)
SharesValue
COMMON STOCKS - 98.4%


Belgium - 0.7%

Titan SA

4,988 

$296,077 





Brazil - 3.7%

Bradsaude SA

87,892 

245,001 
Cia De Saneamento do Parana Sanepar

33,540 

241,432 
Cury Construtora e Incorporadora SA

41,280 

280,995 
Dimed SA Distribuidora da Medicamentos

92,192 

194,660 
GUARARAPES CONFECCOES SA

128,828 

228,343 
Multiplan Empreendimentos Imobiliarios SA

45,752 

258,791 
Oceanpact Servicos Maritimos SA

110,424 

218,183 




1,667,405 





Chile - 1.2%

Engie Energia Chile SA

118,680 

231,705 
Parque Arauco SA

72,928 

305,716 




537,421 





China - 5.3%

AK Medical Holdings Ltd. (a)

709,844 

464,308 
Anjoy Foods Group Co. Ltd. - Class H

20,984 

174,313 
Autel Intelligent Technology Corp. Ltd. - Class A

51,800 

192,301 
China Catalyst Holding Co. Ltd. - Class A

60,180 

174,720 
Consun Pharmaceutical Group Ltd.

124,528 

199,744 
Harbin Electric Co. Ltd. - Class H

92,192 

180,085 
Sany Heavy Equipment International Holdings Co. Ltd.

196,080 

166,007 
Shenzhen Batian Ecotypic Engineering Co. Ltd. - Class A

120,400 

192,700 
Shenzhen Click Technology Co. Ltd. - Class A

51,600 

160,076 
XD, Inc.

83,592 

474,298 




2,378,552 





Colombia - 0.6%

Mineros SA

60,716 

281,002 





Greece - 1.5%

Motor Oil Hellas Corinth Refineries SA

7,052 

309,250 
Optima bank SA

31,789 

363,220 




672,470 





Hong Kong - 2.8%

Kingboard Laminates Holdings Ltd.

44,533 

562,990 
Texhong International Group Ltd. (b)

253,184 

192,725 
1
SOPHUS CAPITAL EMERGING MARKET SMALL CAP ETF
SCHEDULE OF INVESTMENTS
June 30, 2026 (Unaudited)
SharesValue
Yuexiu Property Co. Ltd.

1,146,552 

$488,277 




1,243,992 





Hungary - 0.5%

Richter Gedeon Nyrt

5,504 

213,017 





India - 20.8%

Ajanta Pharma Ltd.

8,139 

294,292 
Aptus Value Housing Finance India Ltd.

243,501 

717,316 
Arvind Ltd.

66,024 

409,499 
Bajaj Consumer Care Ltd. (b)

37,044 

234,414 
Bank of Maharashtra

252,522 

243,935 
Elgi Equipments Ltd.

106,751 

674,505 
Emcure Pharmaceuticals Ltd.

37,629 

729,852 
Engineers India Ltd.

101,168 

257,156 
FIEM Industries Ltd.

9,334 

222,980 
India Shelter Finance Corp. Ltd.

86,427 

702,445 
Jamna Auto Industries Ltd.

197,635 

274,283 
LIC Housing Finance Ltd.

117,431 

699,683 
Medplus Health Services Ltd. (b)

25,864 

221,525 
National Aluminium Co. Ltd.

56,606 

203,081 
Navin Fluorine International Ltd.

8,847 

718,443 
RR Kabel Ltd.

29,770 

753,286 
Schaeffler India Ltd.

5,429 

240,293 
Sharda Cropchem Ltd.

71,860 

667,633 
SJS Enterprises Ltd.

10,015 

234,667 
Voltamp Transformers Ltd.

3,651 

400,339 
Welspun Corp. Ltd.

21,738 

349,498 




9,249,125 





Indonesia - 2.9%

Hartadinata Abadi PT

1,749,201 

164,844 
Medco Energi Internasional Tbk PT

3,361,399 

192,698 
Mitra Adiperkasa Tbk PT

8,074,106 

688,647 
United Tractors Tbk PT

182,848 

235,207 




1,281,396 





Malaysia - 2.8%

Allianz Malaysia Bhd

42,482 

219,625 
Kerjaya Prospek Group Bhd

414,394 

246,959 
Malaysia Smelting Corp. Bhd

588,800 

272,920 
MN Holdings Bhd

349,600 

247,785 
Sunway Construction Group Bhd

131,910 

240,366 




1,227,655 





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SOPHUS CAPITAL EMERGING MARKET SMALL CAP ETF
SCHEDULE OF INVESTMENTS
June 30, 2026 (Unaudited)
SharesValue
Mexico - 1.7%

Banco del Bajio SA (a)

87,548 

$283,608 
Betterware de Mexico SAPI de CV

13,416 

241,354 
Gentera SAB de CV

112,144 

243,045 




768,007 





Philippines - 0.5%

Manila Water Co., Inc.

372,326 

212,342 





Poland - 2.1%

Benefit Systems SA (b)

516 

668,284 
Synektik SA

2,924 

258,837 




927,121 





Singapore - 0.5%

China Yuchai International Ltd.

4,644 

220,172 





South Africa - 3.3%

AVI Ltd.

46,440 

285,019 
Fortress Real Estate Investments Ltd. - Class B

428,624 

637,179 
Netcare Ltd.

254,216 

279,979 
Omnia Holdings Ltd.

40,764 

278,505 




1,480,682 





South Korea - 14.6%

DB HiTek Co. Ltd.

2,924 

272,149 
Handsome Co. Ltd.

15,907 

215,098 
Hanmi Pharm Co. Ltd.

2,236 

573,685 
Hanwha Corp.

3,096 

199,233 
HK inno N Corp.

21,500 

562,028 
HPSP Co. Ltd.

17,372 

605,492 
IsuPetasys Co. Ltd.

8,256 

614,950 
JB Financial Group Co. Ltd.

15,308 

245,039 
KIWOOM Securities Co. Ltd.

1,204 

266,554 
LG CNS Co. Ltd.

5,681 

288,945 
LG Innotek Co. Ltd.

688 

435,634 
Myoung Shin Industrial Co. Ltd.

31,648 

151,366 
Orion Corp.

5,504 

468,584 
SL Corp.

5,848 

214,020 
T&L Co. Ltd.

6,205 

222,680 
Tokai Carbon Korea Co. Ltd.

1,376 

242,019 
Vieworks Co. Ltd.

20,858 

315,704 
3
SOPHUS CAPITAL EMERGING MARKET SMALL CAP ETF
SCHEDULE OF INVESTMENTS
June 30, 2026 (Unaudited)
SharesValue
WONIK IPS Co. Ltd.

3,784 

$410,566 
Youngone Corp.

4,300 

201,498 




6,505,244 





Taiwan - 29.5% (c)

Acter Group Corp. Ltd.

9,804 

397,004 
AP Memory Technology Corp.

20,124 

630,444 
Ardentec Corp.

42,828 

298,458 
Cathay Real Estate Development Co. Ltd.

921,920 

714,812 
Chenbro Micom Co. Ltd.

6,708 

270,582 
Chung-Hsin Electric & Machinery Manufacturing Corp.

136,224 

756,883 
Compeq Manufacturing Co. Ltd.

82,388 

601,297 
CyberPower Systems, Inc.

108,704 

726,820 
Evergreen Aviation Technologies Corp.

134,676 

784,217 
Fositek Corp.

11,524 

607,735 
Grand Process Technology Corp.

3,989 

454,541 
Greatek Electronics, Inc.

73,960 

316,907 
Mega Union Technology, Inc.

8,944 

274,302 
Phison Electronics Corp.

8,432 

631,278 
Powertech Technology, Inc.

90,128 

954,851 
Poya International Co. Ltd.

15,308 

320,513 
Sinbon Electronics Co. Ltd.

51,944 

535,640 
Sitronix Technology Corp.

27,004 

281,429 
Sunonwealth Electric Machine Industry Co. Ltd.

52,460 

233,840 
Topco Scientific Co. Ltd.

21,412 

369,004 
Tripod Technology Corp.

25,972 

422,316 
Tung Ho Steel Enterprise Corp.

157,208 

332,611 
United Integrated Services Co. Ltd.

10,836 

448,998 
Winbond Electronics Corp.

144,824 

943,323 
WT Microelectronics Co. Ltd.

77,056 

517,633 
Yankey Engineering Co. Ltd.

12,728 

304,051 




13,129,489 





Turkey - 2.3%

Anadolu Hayat Emeklilik AS

162,569 

358,622 
Kalekim Kimyevi Maddeler Sanayi ve Ticaret AS

348,092 

223,871 
Migros Ticaret AS

17,769 

255,033 
TAB Gida Sanayi Ve Ticaret AS

38,397 

185,868 




1,023,394 





United Arab Emirates - 1.1%

Fertiglobe PLC

667,017 

501,243 
TOTAL COMMON STOCKS (Cost $45,033,921)

43,815,806 





4
SOPHUS CAPITAL EMERGING MARKET SMALL CAP ETF
SCHEDULE OF INVESTMENTS
June 30, 2026 (Unaudited)
SharesValue
PREFERRED STOCKS - 0.4%


Brazil - 0.4%

Banco Pine SA, 0.00%

79,808 

186,136 
TOTAL PREFERRED STOCKS (Cost $235,044)

186,136 





RIGHTS - 0.0% (d)


Taiwan - 0.0% (d)

Compeq Manufacturing Co. Ltd., Expires 07/15/2026, Exercise Price $205.00 (b)

2,188 

1,888 
TOTAL RIGHTS (Cost $3,939)

1,888 





SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS - 4.8%

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

2,116,787 

2,116,787 
TOTAL MONEY MARKET FUNDS (Cost $2,116,787)

2,116,787 





TOTAL INVESTMENTS - 103.6% (Cost $47,389,691)

$46,120,617 
Liabilities in Excess of Other Assets - (3.6)%
(0.03562)
(1,586,105)
TOTAL NET ASSETS - 100.0%



$44,534,512 
Percentages are stated as a percent of net assets.
(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 $747,916 or 1.7% 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)

Represents less than 0.05% of net assets.
(e)

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








5


SOPHUS CAPITAL EMERGING MARKET SMALL CAP ETF
Summary of Fair Value Disclosure as of June 30, 2026 (Unaudited)
 
Sophus Capital Emerging Market Small Cap 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
$43,815,806 

$— 

$— 

$43,815,806 
Preferred Stocks
186,136 

— 

— 

186,136 
Rights
— 

1,888 

— 

1,888 
Money Market Funds
2,116,787 

— 

— 

2,116,787 
Total Investments
$46,118,729 

$1,888 

$— 

$46,120,617 

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.


6