Opus Small Cap Value ETF
Schedule of Investments
July 31, 2026 (Unaudited)

COMMON STOCKS - 95.9%

Shares  

Value  
Basic Materials - 2.8%

Hawkins, Inc.

            113,005

    $        14,468,030
United States Lime & Minerals, Inc.

            50,561

             5,576,879




             20,044,909






Communications - 2.0%

A10 Networks, Inc.

            482,482

             14,266,993






Consumer, Cyclical - 13.0%

Allison Transmission Holdings, Inc.

            69,895

             8,005,773
Boyd Gaming Corp.

            128,798

             10,955,558
Copa Holdings SA - Class A

            70,306

             9,928,613
Gildan Activewear, Inc.

            168,138

             9,311,482
KB Home

            205,849

             11,315,520
PriceSmart, Inc.

            86,140

             16,703,407
Texas Roadhouse, Inc.

            102,561

             21,070,132
Winmark Corp.

            12,789

             4,265,132




             91,555,617






Consumer, Non-cyclical - 8.4%

Chemed Corp.

            28,769

             15,312,300
Encompass Health Corp.

            135,190

             15,015,553
Ensign Group, Inc.

            98,302

             17,513,485
Service Corp. International

            128,733

             11,095,497




             58,936,835






Energy - 9.7%

Chord Energy Corp.

            74,212

             10,417,881
DT Midstream, Inc.

            50,648

             6,989,424
HF Sinclair Corp.

            55,734

             5,097,989
Kimbell Royalty Partners LP

            206,779

             3,095,482
Kodiak Gas Services, Inc.

            79,424

             4,662,983
Northern Oil & Gas, Inc.

            308,528

             6,525,367
NOV, Inc.

            175,336

             3,406,778
Range Resources Corp.

            234,679

             9,420,015
Viper Energy, Inc. - Class A

            412,953

             18,421,833




             68,037,752






Financial - 39.0% (a)

American Healthcare REIT, Inc.

            349,562

             19,435,647
Blackstone Digital Infrastructure Trust, Inc. (b)

            323,618

             6,734,491
EastGroup Properties, Inc.

            58,987

             12,328,873
Enterprise Financial Services Corp.

            249,275

             16,529,425
Essential Properties Realty Trust, Inc.

            357,310

             11,180,230
Four Corners Property Trust, Inc.

            187,578

             4,801,997
German American Bancorp, Inc.

            288,842

             14,696,281
Hanover Insurance Group, Inc.

            94,638

             22,015,638
Hingham Institution For Savings

            26,501

             7,557,555
Home BancShares, Inc.

            407,127

             12,649,436
Houlihan Lokey, Inc.

            70,334

             8,826,214
Ladder Capital Corp.

            707,444

             6,763,165
Lakeland Financial Corp.

            164,546

             10,308,807
Mercury General Corp.

            84,351

             9,035,679


Pathward Financial, Inc.

            152,897

             13,491,631
Primerica, Inc.

            54,948

             17,581,162
Seacoast Banking Corp. of Florida

            471,611

             16,383,766
Stock Yards Bancorp, Inc.

            201,074

             17,111,397
Terreno Realty Corp.

            115,464

             8,272,996
Victory Capital Holdings, Inc. - Class A

            122,733

             12,154,249
West BanCorp, Inc.

            433,243

             12,152,466
Wintrust Financial Corp.

            93,280

             14,881,891




             274,892,996






Industrial - 15.4%

AptarGroup, Inc.

            67,555

             9,049,668
Argan, Inc.

            7,422

             4,233,732
Donaldson Co., Inc.

            56,531

             5,327,482
Federal Signal Corp.

            64,714

             8,086,014
Flowserve Corp.

            188,379

             14,314,920
Franklin Electric Co., Inc.

            73,013

             7,645,921
Kadant, Inc.

            43,971

             13,521,083
Leonardo DRS, Inc.

            161,262

             7,426,115
Marten Transport Ltd.

            213,263

             3,154,160
Materion Corp.

            37,641

             7,936,228
Mueller Industries, Inc.

            132,656

             8,809,685
Owens Corning

            80,546

             11,187,839
Zurn Elkay Water Solutions Corp.

            149,742

             7,563,468




             108,256,315






Technology - 0.8%

Kulicke & Soffa Industries, Inc.

            30,146

             2,689,023
Silicon Motion Technology Corp. - ADR

            11,525

             2,922,740




             5,611,763






Utilities - 4.8%

IDACORP, Inc.

            67,356

             9,625,846
National Fuel Gas Co.

            141,683

             11,661,928
New Jersey Resources Corp.

            212,571

             12,305,735




             33,593,509
TOTAL COMMON STOCKS (Cost $584,400,446)

             675,196,689






SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS - 4.1%
Shares  

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

            28,949,365

             28,949,365
TOTAL MONEY MARKET FUNDS (Cost $28,949,365)

             28,949,365






TOTAL INVESTMENTS - 100.0% (Cost $613,349,811)

             704,146,054
Liabilities in Excess of Other Assets - (0.0)% (d)
(0.00036)
            (252,850)
TOTAL NET ASSETS - 100.0%




    $        703,893,204


Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt









(a)

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.
(b)

Non-income producing security.
(c)

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

Represents less than 0.05% of net assets.











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

Opus Small Cap Value 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
    $        675,196,689

    $        –

    $        –

    $        675,196,689
  Money Market Funds
            28,949,365

            –

            –

            28,949,365
Total Investments
    $        704,146,054

    $        –

    $        –

    $        704,146,054




 

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