CapForce IBD® 50 ETF
Schedule of Investments
July 31, 2026 (Unaudited)

COMMON STOCKS - 96.5%

Shares  

Value  
Aerospace/Defense - 1.0%

Howmet Aerospace, Inc.

            2,920

    $        824,199






Banks - 7.1%

Carter Bankshares, Inc.

            80,783

             2,793,476
Eastern Bankshares, Inc.

            17,285

             396,863
State Street Corp.

            9,050

             1,666,648
UMB Financial Corp.

            5,371

             782,716




             5,639,703






Beverages - 1.0%

Monster Beverage Corp. (a)

            8,193

             789,641






Biotechnology - 19.1%

Arcutis Biotherapeutics, Inc. (a)

            57,181

             1,535,882
Exelixis, Inc. (a)

            43,188

             2,290,259
Halozyme Therapeutics, Inc. (a)

            9,564

             789,412
Kiniksa Pharmaceuticals International PLC (a)

            34,452

             2,561,162
Krystal Biotech, Inc. (a)

            7,673

             2,617,414
Liquidia Corp. (a)

            32,111

             2,700,856
TG Therapeutics, Inc. (a)

            52,128

             2,712,220




             15,207,205






Commercial Services - 7.4%

Corpay, Inc. (a)

            1,014

             387,459
Flywire Corp. (a)

            24,050

             385,040
Paymentus Holdings, Inc. - Class A (a)

            43,406

             1,480,145
Remitly Global, Inc. (a)

            34,200

             778,734
Sezzle, Inc. (a)

            18,257

             2,825,271




             5,856,649






Computers - 1.5%

Apple, Inc.

            1,177

             363,587
NetApp, Inc.

            4,598

             820,743




             1,184,330






Diversified Financial Services - 12.2%

Affiliated Managers Group, Inc.

            2,212

             811,207
Dave, Inc. (a)

            7,356

             2,741,508
Enova International, Inc. (a)

            11,393

             2,895,417
Victory Capital Holdings, Inc. - Class A

            16,346

             1,618,744
Virtu Financial, Inc. - Class A

            27,500

             1,615,075




             9,681,951






Electronics - 0.5%

Garmin Ltd.

            1,351

             396,897






Entertainment - 2.6%

Rush Street Interactive, Inc. (a)

            77,659

             2,089,804






Healthcare-Products - 11.3%



Adaptive Biotechnologies Corp. (a)

            70,614

             1,593,758
Billiontoone, Inc. (a)

            6,011

             833,124
Establishment Labs Holdings, Inc. (a)

            25,994

             2,405,485
Glaukos Corp. (a)

            14,783

             2,464,622
Natera, Inc. (a)

            6,276

             1,680,462




             8,977,451






Healthcare-Services - 3.6%

Oscar Health, Inc. - Class A (a)

            91,194

             2,847,077






Home Furnishings - 3.1%

SharkNinja, Inc. (a)

            15,008

             2,427,844






Insurance - 2.8%

Skyward Specialty Insurance Group, Inc. (a)

            25,481

             1,527,586
Slide Insurance Holdings, Inc. (a)

            35,977

             718,461




             2,246,047






Internet - 3.4%

Expedia Group, Inc.

            7,855

             2,315,182
Grindr, Inc. (a)

            23,141

             401,265




             2,716,447






Oil & Gas Services - 0.5%

TechnipFMC PLC

            5,551

             397,785






Pharmaceuticals - 9.1%

Eli Lilly & Co.

            1,974

             2,267,810
Indivior Pharmaceuticals, Inc. (a)

            69,522

             2,781,575
Neurocrine Biosciences, Inc. (a)

            13,218

             2,204,763




             7,254,148






Retail - 0.5%

Ross Stores, Inc.

            1,581

             396,942






Software - 6.2%

Cloudflare, Inc. - Class A (a)

            5,892

             1,643,750
Datadog, Inc. - Class A (a)

            9,045

             2,423,789
Snowflake, Inc. - Class A (a)

            2,816

             825,876




             4,893,415






Transportation - 3.1%

Okeanis Eco Tankers Corp.

            40,973

             2,471,901






Trucking & Leasing - 0.5%

Willis Lease Finance Corp.

            5,754

             410,433
TOTAL COMMON STOCKS (Cost $74,684,656)

             76,709,869






REAL ESTATE INVESTMENT TRUSTS - 2.4%

Shares  

Value  
Commercial Services - 0.5%

GEO Group, Inc. (a)

            13,297

             410,744






REITS - 1.9%

Welltower, Inc.

            6,608

             1,549,180
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $1,989,600)

             1,959,924








SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS - 0.2%
Shares  

Value  
First American Treasury Obligations Fund - Class X, 3.60% (b)

            127,912

             127,912
TOTAL MONEY MARKET FUNDS (Cost $127,912)

             127,912






TOTAL INVESTMENTS - 99.1% (Cost $76,802,168)

             78,797,705
Other Assets in Excess of Liabilities - 0.9%
0.00906
            720,105
TOTAL NET ASSETS - 100.0%




    $        79,517,810


Percentages are stated as a percent of net assets.




REIT - Real Estate Investment Trust
PLC - Public Limited Company



(a)

Non-income producing security.
(b)

The rate shown represents the 7-day annualized yield as of July 31, 2026.


Placeholder: Returns an entire table created with the Holdings Mapper - Options - Written (Model Office - SOI)


Summary of Fair Value Disclosure as of July 31, 2026 (Unaudited)
 
FASB established a framework for measuring fair value in accordance with U.S. GAAP. Under ASC Topic 820, “Fair Value Measurement” (“ASC 820”), various inputs are used in determining the value of the Funds’ investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three Levels of inputs of the fair value hierarchy are defined as follows:
Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have 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 availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgement. Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The following table summarizes valuation of the Funds’ investments under the fair value hierarchy as of July 31, 2026:



Level 1

Level 2

Level 3

Total
Investments:







  Common Stocks
    $        76,709,869

    $        –

    $        –

    $        76,709,869
  Real Estate Investment Trusts
            1,959,924

            –

            –

            1,959,924
  Money Market Funds
            127,912

            –

            –

            127,912
Total Investments
    $        78,797,705

    $        –

    $        –

    $        78,797,705