F/m Emerald Special Situations ETF
Schedule of Investments
July 31, 2026 (Unaudited)

COMMON STOCKS - 98.1%

Shares  

Value  
Consumer Discretionary - 13.0%

Consumer Electronics - 3.0%




Arlo Technologies, Inc. (a)

            68,893

    $        1,014,105






Consumer Services: Misc. - 1.3%




Matthews International Corp. - Class A

            15,607

             433,094






Diversified Retailers - 3.9%




Amazon.com, Inc. (a)

            4,780

             1,298,153






Electronic Entertainment - 2.8%




Take-Two Interactive Software, Inc. (a)

            3,803

             923,825






Restaurants and Bars - 2.0%




Starbucks Corp.

            6,285

             661,496
Total Consumer Discretionary

             4,330,673






Consumer Staples - 2.0%

Food Products - 2.0%




Freshpet, Inc. (a)

            11,290

             672,207






Energy - 8.5%

Integrated Oil and Gas - 0.4%




Sable Offshore Corp. (a)

            29,969

             158,536






Oil Equipment and Services - 6.3%




Solaris Energy Infrastructure, Inc. - Class A

            15,246

             783,797
TETRA Technologies, Inc. (a)

            171,294

             1,318,964





             2,102,761
Renewable Energy Equipment - 1.8%




American Superconductor Corp. (a)

            20,184

             592,804
Total Energy

             2,854,101






Financials - 4.6%

Full Line Insurance - 2.7%




Skyward Specialty Insurance Group, Inc. (a)

            15,126

             906,804






Property and Casualty Insurance - 1.9%




Palomar Holdings, Inc. (a)

            4,607

             616,370
Total Financials

             1,523,174






Health Care - 25.3% (b)

Biotechnology - 12.1%




BillionToOne, Inc. - Class A (a)

            2,901

             402,079
Biogen, Inc. (a)

            3,593

             729,199
Guardant Health, Inc. (a)

            7,405

             1,199,536
Insmed, Inc. (a)

            5,414

             533,820
Nektar Therapeutics (a)

            9,695

             685,146
Wave Life Sciences Ltd. (a)

            86,380

             475,954





             4,025,734
Medical Equipment - 5.2%






LivaNova PLC (a)

            13,074

             1,047,750
TransMedics Group, Inc. (a)

            9,119

             697,695





             1,745,445
Pharmaceuticals - 8.0%




Corcept Therapeutics, Inc. (a)

            15,679

             1,795,089
Travere Therapeutics, Inc. (a)

            15,858

             886,303





             2,681,392
Total Health Care

             8,452,571






Industrials - 20.1%

Aerospace - 1.2%




Boeing Co. (a)

            1,811

             391,429






Building: Climate Control - 2.1%




Modine Manufacturing Co. (a)

            3,537

             711,149






Commercial Vehicle-Equipment Leasing - 1.1%




FTAI Aviation Ltd.

            1,823

             375,538






Construction - 2.6%




Cardinal Infrastructure Group, Inc. - Class A (a)

            14,155

             876,053






Defense - 7.2%




AeroVironment, Inc. (a)

            5,107

             762,832
BWX Technologies, Inc.

            2,813

             474,553
Kratos Defense & Security Solutions, Inc. (a)

            11,581

             539,675
Mercury Systems, Inc. (a)

            6,339

             615,517





             2,392,577
Engineering and Contracting Services - 2.0%




MasTec, Inc. (a)

            2,507

             659,592






Machinery: Specialty - 1.2%




Bloom Energy Corp. - Class A (a)

            1,865

             383,836






Professional Business Support Services - 2.7%




Fair Isaac Corp. (a)

            539

             605,281
TSS, Inc. (a)

            30,206

             299,643





             904,924
Total Industrials

             6,695,098






Technology - 19.1%

Computer Hardware - 1.6%




Everpure, Inc. - Class A (a)

            6,850

             528,615






Production Technology Equipment - 1.3%




Axcelis Technologies, Inc. (a)

            3,443

             448,898






Semiconductors - 10.9%




Broadcom, Inc.

            1,777

             691,750
Credo Technology Group Holding Ltd. (a)

            4,904

             1,015,079
indie Semiconductor, Inc. - Class A (a)

            119,788

             386,915
nLight, Inc. (a)

            11,336

             779,917
NVIDIA Corp.

            2,455

             492,841
Pixelworks, Inc. (a)

            43,059

             258,785





             3,625,287
Software - 5.3%






Commvault Systems, Inc. (a)

            6,551

             771,708
MongoDB, Inc. - Class A (a)

            1,687

             569,329
Unity Software, Inc. (a)

            14,082

             446,540





             1,787,577
Total Technology

             6,390,377






Telecommunications - 2.4%

Telecommunications Equipment - 2.4%




InterDigital, Inc.

            2,618

             798,032






Utilities - 3.1%

Gas Distribution - 3.1%




Excelerate Energy, Inc. - Class A

            26,257

             1,031,112
TOTAL COMMON STOCKS (Cost $28,165,901)

             32,747,345






EXCHANGE TRADED FUNDS - 1.9%

Shares  

Value  
F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF (c)

            12,569

             627,947
TOTAL EXCHANGE TRADED FUNDS (Cost $625,089)

             627,947






TOTAL INVESTMENTS - 100.0% (Cost $28,790,990)

             33,375,292
Liabilities in Excess of Other Assets - (0.0)% (d)
(0.00021)
            (6,972)
TOTAL NET ASSETS - 100.0%




    $        33,368,320


Percentages are stated as a percent of net assets.






(a)

Non-income producing security.
(b)

To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect that industry or sector.
(c)

Affiliated security as defined by the Investment Company Act of 1940.
(d)

Represents less than 0.05% of net assets.


























Summary of Fair Value Disclosure as of July 31, 2026 (Unaudited)

F/m Emerald Special Situations ETF 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 July 31, 2026:



Level 1

Level 2

Level 3

Total
Investments:







  Common Stocks
    $        32,747,345

    $        –

    $        –

    $        32,747,345
  Exchange Traded Funds
            627,947

            –

            –

            627,947
Total Investments
    $        33,375,292

    $        –

    $        –

    $        33,375,292




 

Refer to the Schedule of Investments for further disaggregation of investment categories.