| VegaShares AI Inference ETF | ||||||||
| Schedule of Investments | ||||||||
| August 31, 2026 (Unaudited) | ||||||||
| COMMON STOCKS - 60.9% | Shares | Value | ||||||
| Tech Hardware & Semiconductors - 60.9%(a) | ||||||||
| Advanced Micro Devices, Inc.(b) | 137 | $ | 64,489 | |||||
| Astera Labs, Inc.(b) | 382 | 113,446 | ||||||
| Broadcom, Inc. | 174 | 64,439 | ||||||
| Cerebras Systems, Inc. - Class A(b) | 702 | 129,337 | ||||||
| Credo Technology Group Holding Ltd.(b) | 512 | 115,809 | ||||||
| Marvell Technology, Inc. | 264 | 55,878 | ||||||
| Micron Technology, Inc. | 70 | 67,111 | ||||||
| NVIDIA Corp. | 475 | 104,871 | ||||||
| Rambus, Inc.(b) | 397 | 34,416 | ||||||
| Samsung Electronics Co. Ltd. | 12 | 57,096 | ||||||
| SK hynix, Inc. | 404 | 66,490 | ||||||
| 873,382 | ||||||||
| TOTAL COMMON STOCKS (Cost $931,417) | 873,382 | |||||||
| SHORT-TERM INVESTMENTS - 14.2% | ||||||||
| Money Market Funds - 14.2% | Shares | Value | ||||||
| First American Government Obligations Fund – Class X, 3.58%(c) | 203,006 | 203,006 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $203,006) | 203,006 | |||||||
| TOTAL INVESTMENTS - 75.1% (Cost $1,134,423) | $ | 1,076,388 | ||||||
| Other Assets in Excess of Liabilities - 24.9% | 356,950 | |||||||
| TOTAL NET ASSETS - 100.0% | $ | 1,433,338 | ||||||
Percentages are stated as a percent of net assets.
| (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 those industries or sectors. |
| (b) | Non-income producing security. |
| (c) | The rate shown represents the 7-day annualized effective yield as of August 31, 2026. |
| VegaShares AI Inference ETF | ||||||||||||||||||
| Schedule of Total Return Swaps Contracts | ||||||||||||||||||
| August 31, 2026 (Unaudited) | ||||||||||||||||||
| TOTAL RETURN SWAPS - 2.2% | ||||||||||||||||||
| Reference Entity | Counterparty | Pay/ Receive Reference Entity | Financing Rate | Payment Frequency | Maturity Date | Notional Value | Value / Unrealized Appreciation (Depreciation) | |||||||||||
| Alchip Technologies, Ltd. | Marex Capital Markets, Inc. | Receive | OBFR + 4.00% | Termination(a) | 08/13/2033 | $ | 45,988 | $ | 1,249 | |||||||||
| Cambricon Technologies Corp. Ltd. | Marex Capital Markets, Inc. | Receive | OBFR + 4.00% | Termination(a) | 08/13/2033 | 106,090 | 2,675 | |||||||||||
| CXMT Corp. | Marex Capital Markets, Inc. | Receive | OBFR + 4.00% | Termination(a) | 08/13/2033 | 35,981 | 2,010 | |||||||||||
| Global Unichip Corp. | Marex Capital Markets, Inc. | Receive | OBFR + 4.00% | Termination(a) | 08/13/2033 | 54,419 | 9,387 | |||||||||||
| Hygon Information Technology Co. Ltd. | Marex Capital Markets, Inc. | Receive | OBFR + 4.00% | Termination(a) | 08/13/2033 | 68,842 | 2,103 | |||||||||||
| Montage Technology Co., Ltd. | Marex Capital Markets, Inc. | Receive | OBFR + 4.00% | Termination(a) | 08/13/2033 | 49,653 | (2,898 | ) | ||||||||||
| Shanghai Biren Technology Co., Ltd. | Marex Capital Markets, Inc. | Receive | OBFR + 4.00% | Termination(a) | 08/13/2033 | 61,474 | 9,966 | |||||||||||
| Shanghai Iluvatar CoreX Semiconductor Co. Ltd. | Marex Capital Markets, Inc. | Receive | OBFR + 4.00% | Termination(a) | 08/13/2033 | 57,096 | 1,745 | |||||||||||
| VeriSilicon Microelectronics Shanghai Co., Ltd. | Marex Capital Markets, Inc. | Receive | OBFR + 4.00% | Termination(a) | 08/13/2033 | 61,748 | 4,941 | |||||||||||
| 31,178 | ||||||||||||||||||
| Net Unrealized Appreciation (Depreciation) | $ | 31,178 | ||||||||||||||||
| (a) | Financing reset of the swap is effective monthly. Equity reset of the swap is effective on termination, but also may periodically reset throughout the term based on predetermined notional thresholds. |