SARMAYA THEMATIC ETF
SCHEDULE OF INVESTMENTS
August 31, 2026 (Unaudited)
Shares  

Value  
COMMON STOCKS - 77.4%

Energy - 42.3% (a)

Coal & Consumable Fuels - 0.8%




Cameco Corp.

            5,274

$520,860 





Integrated Oil & Gas - 16.0%




Chevron Corp.

            14,155

2,917,912 
Eni SpA - ADR

            18,245

999,826 
Equinor ASA - ADR

            15,160

648,848 
ExxonMobil Holdings Corp.

            17,793

2,863,783 
Petroleo Brasileiro SA - Petrobras - ADR

            67,553

1,307,151 
Repsol SA - ADR

            42,233

1,345,543 
TotalEnergies SE

            6,795

600,066 




10,683,129 
Oil & Gas Drilling - 2.0%




Transocean Ltd. (b)

            228,076

1,325,122 





Oil & Gas Equipment & Services - 9.3%




Baker Hughes Co.

            16,268

1,033,832 
Forum Energy Technologies, Inc. (b)

            12,293

1,007,657 
Halliburton Co.

            19,908

733,610 
National Energy Services Reunited Corp. (b)

            26,840

942,352 
SLB Ltd.

            27,422

1,648,062 
TechnipFMC PLC

            10,427

814,870 




6,180,383 
Oil & Gas Exploration & Production - 9.9%




Antero Resources Corp. (b)

            33,721

1,297,584 
ConocoPhillips

            4,968

658,210 
Devon Energy Corp.

            28,160

1,366,042 
Gran Tierra Energy, Inc. (b)

            88,518

898,458 
Range Resources Corp.

            36,517

1,508,882 
Venture Global, Inc. - Class A

            58,701

859,383 




6,588,559 
Oil & Gas Refining & Marketing - 2.3%




Phillips 66

            6,163

1,519,673 





Oil & Gas Storage & Transportation - 2.0%




Cheniere Energy, Inc.

            4,686

1,366,859 
Total Energy

28,184,585 





Industrials - 2.0%

Marine Transportation - 2.0%




Navios Maritime Partners LP

            15,338

1,354,806 







SARMAYA THEMATIC ETF
SCHEDULE OF INVESTMENTS
August 31, 2026 (Unaudited)
Shares  

Value  
Materials - 33.1% (a)

Diversified Metals & Mining - 3.0%




BHP Group Ltd. - ADR

            6,807

$639,313 
Guardian Metal Resources PLC - ADR (b)

            50,542

642,894 
Hudbay Minerals, Inc.

            24,636

706,068 




1,988,275 
Fertilizers & Agricultural Chemicals - 1.2%




CF Industries Holdings, Inc.

            6,056

787,462 





Gold Mining - 19.1%




Agnico Eagle Mines Ltd.

            10,116

2,054,661 
Anglogold Ashanti PLC

            8,456

949,778 
Aris Mining Corp. (b)

            64,793

1,295,212 
Coeur Mining, Inc.

            81,960

1,703,129 
Gold Fields Ltd. - ADR

            43,737

2,028,085 
Kinross Gold Corp.

            80,277

2,462,898 
Novagold Resources, Inc. (b)

            82,132

706,335 
Skeena Resources Ltd. (b)

            46,185

1,507,016 




12,707,114 
Precious Metals & Minerals - 2.4%




Sibanye Stillwater Ltd. - ADR

            134,742

1,596,693 





Silver - 5.7%




Endeavour Silver Corp. (b)

            81,992

878,134 
First Majestic Silver Corp.

            62,213

1,280,966 
Hecla Mining Co.

            81,162

1,612,689 




3,771,789 
Steel - 1.7%




Vale SA - ADR

            77,534

1,169,988 
Total Materials

22,021,321 
TOTAL COMMON STOCKS (Cost $44,802,665)

51,560,712 





EXCHANGE TRADED FUNDS - 17.8%

iShares Gold Trust Micro (b)

            78,443

3,482,085 
iShares Silver Trust (b)

            37,792

2,272,433 
SPDR Gold MiniShares Trust (b)

            61,490

5,417,884 
Y'all Street Physical Silver ETF (b)

            10,143

675,842 
TOTAL EXCHANGE TRADED FUNDS (Cost $12,560,789)

11,848,244 







SARMAYA THEMATIC ETF
SCHEDULE OF INVESTMENTS
August 31, 2026 (Unaudited)
Shares  

Value  
SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS - 4.6%
First American Government Obligations Fund - Class X, 3.59% (c)

            3,035,686

$3,035,686 
TOTAL MONEY MARKET FUNDS (Cost $3,035,686)

3,035,686 





TOTAL INVESTMENTS - 99.8% (Cost $60,399,140)

$66,444,642 
Other Assets in Excess of Liabilities - 0.2%
100,050 
TOTAL NET ASSETS - 100.0%



$66,544,692 

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 August 31, 2026.

The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services.


SARMAYA THEMATIC ETF
Summary of Fair Value Disclosure as of August 31, 2026 (Unaudited)

Sarmaya Thematic ETF (the "Fund") 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 August 31, 2026:
DESCRIPTIONLEVEL 1LEVEL 2LEVEL 3TOTAL
Investments
Common Stocks
$51,560,712 

$— $— 

$51,560,712 
Exchange Traded Funds11,848,244 — — 11,848,244 
Money Market Funds
3,035,686 — — 3,035,686 
Total Investments$66,444,642 

$— $— 

$66,444,642 
 
Refer to the Schedule of Investments for further disaggregation of investment categories.

During the fiscal period ended August 31, 2026, the Fund did not invest in any Level 3 investments and recognized no transfers to/from Level 3. Transfers between levels are recognized at the end of the reporting period.

TRANSACTIONS WITH AFFILIATES

Investments in issuers considered to be affiliate(s) of the Fund during the Current Fiscal Period for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows for the Fund:
Alpha Architect 1-3 Month Box ETF (a)
Value as of November 30, 2025 $468,485 
Additions614,391 
Reductions(1,089,205)
Realized gain (loss)14,001 
Net change in unrealized appreciation (depreciation) (7,672)
Value as of August 31, 2026$— 
Shares as of August 31, 2026— 
Dividend / Interest income$— 
Capital gain distributions$— 
(a) Security was affiliated at the beginning of the period and during the period, but is no longer held as of August 31, 2026.
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