Absolute
Select
Value
ETF
Schedule
of
Investments
June
30,
2026
(Unaudited)
Common
Stocks
—
78.43%
Shares
Fair
Value
Canada
—
9.38%
Materials
—
9.38%
Agnico
Eagle
Mines
Ltd.
24,745
$
3,838,692
Franco-Nevada
Corp.
44,790
9,336,028
13,174,720
Total
Canada
13,174,720
Ireland
—
4.93%
Health
Care
—
4.93%
Medtronic
PLC
88,582
6,929,770
Total
Ireland
6,929,770
United
Kingdom
—
6.36%
Consumer
Staples
—
6.36%
Unilever
PLC
-
ADR
148,723
8,941,227
Total
United
Kingdom
8,941,227
United
States
—
57.76%
Communications
—
4.69%
Verizon
Communications,
Inc.
155,635
6,589,586
Energy
—
19.05%
Berkshire
Hathaway,
Inc.,
Class
B
(a)
29,665
14,844,068
EOG
Resources,
Inc.
42,971
5,574,628
ONEOK,
Inc.
73,262
6,369,398
26,788,094
Financials
—
11.14%
Loews
Corp.
95,226
10,780,535
Travelers
Companies,
Inc.
(The)
14,765
4,874,222
15,654,757
Industrials
—
12.67%
Emerson
Electric
Co.
25,585
3,662,493
Honeywell
Aerospace,
Inc.
(a)
10,570
2,336,816
Honeywell
International,
Inc.
10,570
2,366,623
Hubbell,
Inc.
10,125
5,297,399
IDEX
Corp.
18,265
4,145,242
17,808,573
Materials
—
3.13%
Air
Products
&
Chemicals,
Inc.
15,030
4,406,495
Real
Estate
—
4.04%
Rayonier,
Inc.
266,620
5,673,674
Utilities
—
3.04%
NextEra
Energy,
Inc.
48,615
4,266,939
Total
United
States
81,188,118
Total Common
Stocks
(Cost $91,745,213)
110,233,835
Absolute
Select
Value
ETF
Schedule
of
Investments
(continued)
June
30,
2026
(Unaudited)
U.S.
Government
&
Agencies
—
18.13%
Principal
Amount
Fair
Value
United
States
Treasury
Bill
3.69%,
11/27/2026
$
13,000,000
$
12,797,573
United
States
Treasury
Strip
3.51%,
2/15/2027
13,000,000
12,686,270
TOTAL
U.S.
GOVERNMENT
&
AGENCIES
(Cost $25,516,914)
25,483,843
Total
Investments
—
96.56%
(Cost
$117,262,127)
135,717,678
Other
Assets
in
Excess
of
Liabilities
—
3.44%
4,842,239
Net
Assets
—
100.00%
$
140,559,917
(a)
Non-income
producing
security.
ADR
-
American
Depositary
Receipt