ZEGA Buy and Hedge ETF
Schedule of Investments
July 31, 2026 (Unaudited)
| PURCHASED OPTIONS - 75.2%(a)(b)(c) | Notional Amount |
Contracts | Value | |||
| Call Options - 73.7% | ||||||
| State Street SPDR S&P 500 ETF Trust, Expiration: 12/31/2026; Exercise Price: $220.01(d) | $ | 36,753,876 | 492 | $ | 25,923,898 | |
| Put Options - 1.5% | ||||||
| State Street SPDR S&P 500 ETF Trust, Expiration: 9/18/2026; Exercise Price: $660.00 | 14,193,570 | 190 | 38,380 | |||
| State Street SPDR S&P 500 ETF Trust, Expiration: 12/18/2026; Exercise Price: $650.00 | 7,470,300 | 100 | 76,200 | |||
| State Street SPDR S&P 500 ETF Trust, Expiration: 6/30/2027; Exercise Price: $750.00 | 7,470,300 | 100 | 416,850 | |||
| 531,430 | ||||||
| TOTAL PURCHASED OPTIONS (Cost $23,345,687) | 26,455,328 | |||||
| SHORT-TERM INVESTMENTS - 24.8% | ||||||
| Money Market Funds - 1.8% | Shares | Value | ||||
| First American Government Obligations Fund - Class X, 3.58%(e) | 641,666 | 641,666 | ||||
| U.S. Treasury Bills - 23.0% | Principal Amount |
Value | ||||
| U.S. Treasury Bill, 8/6/2026, 1.82%(f) | 1,822,000 | 1,821,454 | ||||
| U.S. Treasury Bill, 9/3/2026, 3.35%(f) | 2,100,000 | 2,093,472 | ||||
| U.S. Treasury Bill, 12/10/2026, 3.77%(f) | 1,338,000 | 1,319,985 | ||||
| U.S. Treasury Bill, 2/18/2027, 3.83%(f) | 2,927,000 | 2,866,237 | ||||
| 8,101,148 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $8,742,201) | 8,742,814 | |||||
| TOTAL INVESTMENTS - 100.0% (Cost $32,087,888) | $ | 35,198,142 | ||||
| Other Assets in Excess of Liabilities - 0.0%(g) | 1,321 | |||||
| TOTAL NET ASSETS - 100.0% | $ | 35,199,463 |
Percentages are stated as a percent of net assets.
| (a) | Exchange-traded. |
| (b) | 100 shares per contract. |
| (c) | Non-income producing security. |
| (d) | Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov. |
| (e) | The rate shown represents the 7-day annualized effective yield as of July 31, 2026. |
| (f) | The rate shown is the annualized effective yield as of July 31, 2026. |
| (g) | Does not round to 0.1% or (0.1)%, as applicable. |