GURU FAVORITE STOCKS ETF
SCHEDULE OF INVESTMENTS
August 31, 2026 (Unaudited)
SharesValue
COMMON STOCKS - 93.2%


Communication Services - 8.8%

Interactive Media & Services - 8.8%




Alphabet, Inc. - Class A

4,680 

$1,588,158 
Alphabet, Inc. - Class C

2,073 

695,305 
Meta Platforms, Inc. - Class A

1,083 

619,844 
Total Communication Services

2,903,307 





Consumer Discretionary - 5.9%

Broadline Retail - 3.4%




Amazon.com, Inc. (a)

4,370 

1,135,195 





Home Improvement Retail - 2.5%




Home Depot, Inc.

2,513 

823,837 
Total Consumer Discretionary

1,959,032 





Financials - 30.1% (b)

Consumer Finance - 1.5%




American Express Co.

1,480 

488,652 





Financial Exchanges & Data - 8.8%




Moody's Corp.

1,858 

937,621 
MSCI, Inc.

2,528 

1,442,578 
S&P Global, Inc.

1,183 

515,599 




2,895,798 
Insurance Brokers - 5.6%




Arthur J Gallagher & Co.

3,386 

887,640 
Brown & Brown, Inc.

13,330 

962,026 




1,849,666 
Multi-Sector Holdings - 3.8%




Berkshire Hathaway, Inc. - Class B (a)

2,509 

1,264,611 





Property & Casualty Insurance - 2.9%




Progressive Corp.

4,382 

955,626 





Transaction & Payment Processing Services - 7.5%




Mastercard, Inc. - Class A

1,890 

1,113,796 
Visa, Inc. - Class A

3,610 

1,369,526 




2,483,322 
Total Financials

9,937,675 







GURU FAVORITE STOCKS ETF
SCHEDULE OF INVESTMENTS
August 31, 2026 (Unaudited)
SharesValue
Health Care - 12.8%

Health Care Equipment - 1.3%




Intuitive Surgical, Inc. (a)

1,109 

$417,938 





Managed Health Care - 7.6%




Elevance Health, Inc.

3,065 

1,203,135 
UnitedHealth Group, Inc.

3,363 

1,309,586 




2,512,721 
Pharmaceuticals - 3.9%




Eli Lilly & Co.

1,128 

1,304,791 
Total Health Care

4,235,450 





Industrials - 2.2%

Diversified Support Services - 2.1%




Copart, Inc. (a)

21,422 

706,711 





Research & Consulting Services - 0.1%




Mobility Global, Inc.

1,183 

24,015 
Total Industrials

730,726 





Information Technology - 33.4% (b)

Application Software - 4.7%




Descartes Systems Group, Inc. (a)

8,947 

721,486 
Synopsys, Inc. (a)

1,866 

820,275 




1,541,761 
Semiconductor Materials & Equipment - 4.1%




ASML Holding NV

808 

1,370,376 





Semiconductors - 11.5%




Monolithic Power Systems, Inc.

721 

914,062 
NVIDIA Corp.

6,578 

1,452,291 
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR

3,439 

1,428,286 




3,794,639 
Systems Software - 8.9%




Microsoft Corp.

5,793 

2,938,731 





Technology Hardware, Storage & Peripherals - 4.2%




Apple, Inc.

4,352 

1,378,931 
Total Information Technology

11,024,438 
TOTAL COMMON STOCKS (Cost $23,198,008)

30,790,628 







GURU FAVORITE STOCKS ETF
SCHEDULE OF INVESTMENTS
August 31, 2026 (Unaudited)
SharesValue
SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS - 6.8%

First American Government Obligations Fund - Class X, 3.59% (c)

2,256,497 

$2,256,497 
TOTAL MONEY MARKET FUNDS (Cost $2,256,497)

2,256,497 





TOTAL INVESTMENTS - 100.0% (Cost $25,454,505)

$33,047,125 
Other Assets in Excess of Liabilities - 0.0% (d)
2,189 
TOTAL NET ASSETS - 100.0%



$33,049,314 

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

(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)
The rate shown represents the 7-day annualized yield as of August 31, 2026.
(d)
Represents less than 0.05% of net assets.

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.

GURU FAVORITE STOCKS ETF

Summary of Fair Value Disclosure as of August 31, 2026 (Unaudited)
 
Guru Favorite Stocks 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
$30,790,628 

$— 

$— 

$30,790,628 
Money Market Funds
2,256,497 

— 

— 

2,256,497 
Total Investments$33,047,125 

$— 

$— 

$33,047,125 
 
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.


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