| VegaShares AI Thermal, Cooling & Power Management ETF | ||||||||
| Schedule of Investments | ||||||||
| August 31, 2026 (Unaudited) | ||||||||
| COMMON STOCKS - 34.5% | Shares | Value | ||||||
| Industrial Products - 17.7% | ||||||||
| Advanced Energy Industries, Inc. | 66 | $ | 18,273 | |||||
| nVent Electric PLC | 72 | 10,854 | ||||||
| Sanyo Denki Co. Ltd. | 604 | 20,916 | ||||||
| Vertiv Holdings Co. - Class A | 163 | 42,171 | ||||||
| 92,214 | ||||||||
| Tech Hardware & Semiconductors - 16.8% | ||||||||
| Infineon Technologies AG | 159 | 10,396 | ||||||
| Monolithic Power Systems, Inc. | 10 | 12,678 | ||||||
| Navitas Semiconductor Corp.(a) | 1,600 | 18,544 | ||||||
| ON Semiconductor Corp.(a) | 60 | 4,445 | ||||||
| Power Integrations, Inc. | 117 | 6,011 | ||||||
| Rohm Co. Ltd. | 302 | 9,208 | ||||||
| STMicroelectronics NV | 157 | 7,845 | ||||||
| Vicor Corp.(a) | 100 | 18,768 | ||||||
| 87,895 | ||||||||
| TOTAL COMMON STOCKS (Cost $204,669) | 180,109 | |||||||
| SHORT-TERM INVESTMENTS - 19.9% | ||||||||
| Money Market Funds - 19.9% | Shares | Value | ||||||
| First American Government Obligations Fund – Class X, 3.58%(b) | 104,194 | 104,194 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $104,194) | 104,194 | |||||||
| TOTAL INVESTMENTS - 54.4% (Cost $308,863) | $ | 284,303 | ||||||
| Other Assets in Excess of Liabilities - 45.6% | 238,488 | |||||||
| TOTAL NET ASSETS - 100.0% | $ | 522,791 | ||||||
Percentages are stated as a percent of net assets.
| (a) | Non-income producing security. |
| (b) | The rate shown represents the 7-day annualized effective yield as of August 31, 2026. |
| VegaShares AI Thermal, Cooling & Power Management ETF | ||||||||||||||||||
| Schedule of Total Return Swaps Contracts | ||||||||||||||||||
| August 31, 2026 (Unaudited) | ||||||||||||||||||
| TOTAL RETURN SWAPS - 9.2% | ||||||||||||||||||
| Reference Entity | Counterparty | Pay/ Receive Reference Entity | Financing Rate | Payment Frequency | Maturity Date | Notional Value | Value / Unrealized Appreciation (Depreciation) | |||||||||||
| Adda Corp. | Marex Capital Markets, Inc. | Receive | OBFR + 4.00% | Termination(a) | 08/13/2033 | $ | 14,826 | $ | (285 | ) | ||||||||
| Asia Vital Components Co. Ltd. | Marex Capital Markets, Inc. | Receive | OBFR + 4.00% | Termination(a) | 08/13/2033 | 53,877 | 9,024 | |||||||||||
| AURAS Technology Co. Ltd. | Marex Capital Markets, Inc. | Receive | OBFR + 4.00% | Termination(a) | 08/13/2033 | 42,360 | 7,314 | |||||||||||
| Chicony Power Technology Co. Ltd. | Marex Capital Markets, Inc. | Receive | OBFR + 4.00% | Termination(a) | 08/13/2033 | 22,647 | (26 | ) | ||||||||||
| Fositek Corp. | Marex Capital Markets, Inc. | Receive | OBFR + 4.00% | Termination(a) | 08/13/2033 | 19,183 | 4,224 | |||||||||||
| FSP Technology, Inc. | Marex Capital Markets, Inc. | Receive | OBFR + 4.00% | Termination(a) | 08/13/2033 | 17,058 | (563 | ) | ||||||||||
| Jentech Precision Industrial Co. Ltd. | Marex Capital Markets, Inc. | Receive | OBFR + 4.00% | Termination(a) | 08/13/2033 | 57,970 | 15,362 | |||||||||||
| Lite-On Technology Corp. | Marex Capital Markets, Inc. | Receive | OBFR + 4.00% | Termination(a) | 08/13/2033 | 11,951 | 1,975 | |||||||||||
| Nidec Chaun-Choung Technology Corp. | Marex Capital Markets, Inc. | Receive | OBFR + 4.00% | Termination(a) | 08/13/2033 | 22,770 | (72 | ) | ||||||||||
| Shenzhen Envicool Technology Co. Ltd. | Marex Capital Markets, Inc. | Receive | OBFR + 4.00% | Termination(a) | 08/13/2033 | 26,503 | 4,808 | |||||||||||
| Sunonwealth Electric Machine Industry Co. Ltd. | Marex Capital Markets, Inc. | Receive | OBFR + 4.00% | Termination(a) | 08/13/2033 | 36,379 | 6,137 | |||||||||||
| TaiSol Electronics Co. Ltd. | Marex Capital Markets, Inc. | Receive | OBFR + 4.00% | Termination(a) | 08/13/2033 | 17,792 | 159 | |||||||||||
| 48,057 | ||||||||||||||||||
| Net Unrealized Appreciation (Depreciation) | $ | 48,057 | ||||||||||||||||
| (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. |