NPORT-EX 2 ORR.htm NPORT-EX Document


MILITIA LONG/SHORT EQUITY ETF
SCHEDULE OF INVESTMENTS
February 28, 2025 (Unaudited)

COMMON STOCKS - 107.5%

Shares

Value  
Airport Services - 12.6%

Aena SME SA (a)

3,898 

$868,567 
Corp. America Airports SA (b)(e)

56,712 

1,037,830 
Flughafen Zurich AG

1,065 

261,370 
Grupo Aeroportuario del Centro Norte SAB de CV – ADR (e)

18,273 

1,411,224 




3,578,991 





Alternative Carriers - 6.8%

U-Next Holdings Co. Ltd.

165,156 

1,958,371 





Apparel Retail - 0.5%

Adastria Co. Ltd.

6,795 

130,948 





Apparel, Accessories & Luxury Goods - 4.3%

JNBY Design Ltd.

239,114 

449,508 
LVMH Moet Hennessy Louis Vuitton SE

1,061 

764,831 




1,214,339 





Asset Management & Custody Banks - 1.1%

Fairfax India Holdings Corp. (a)(b)

16,696 

300,528 





Automotive Parts & Equipment - 0.5%

Shoei Co. Ltd.

10,901 

132,520 





Building Products - 0.5%

Nichias Corp.

4,625 

137,796 





Casinos & Gaming - 1.8%

DraftKings, Inc. - Class A (b)(e)

5,415 

237,502 
NagaCorp Ltd. (b)

692,304 

278,629 




516,131 





Commercial & Residential Mortgage Finance - 4.2%

Federal Agricultural Mortgage Corp. - Class C(e)

5,679 

1,187,309 





Commodity Chemicals - 0.5%

PILLAR Corp.

5,721 

133,016 





Construction & Engineering - 0.5%

Shinnihon Corp.

13,289 

132,329 







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MILITIA LONG/SHORT EQUITY ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
February 28, 2025 (Unaudited)





COMMON STOCKS - 107.5% (CONTINUED)

Shares

Value  
Construction Machinery & Heavy Transportation Equipment - 3.1%

Takeuchi Manufacturing Co. Ltd.

25,317 

$862,764 
Construction Materials - 1.5%

Shinagawa Refractories Co. Ltd.

12,163 

141,236 
SigmaRoc PLC (b)

280,429 

281,847 




423,083 





Consumer Staples Merchandise Retail - 1.7%

Wal-Mart de Mexico SAB de CV

183,068 

487,107 





Diversified Real Estate Activities - 5.5%

Five Point Holdings LLC - Class A (b)(e)

47,412 

265,981 
Starts Corp., Inc.

5,385 

145,415 
Sumitomo Realty & Development Co. Ltd.

25,422 

879,177 
Tokyo Tatemono Co. Ltd.

17,747 

281,705 




1,572,278 







Electronic Equipment & Instruments - 0.9%

Jeol Ltd.

7,812 

254,233 





Homebuilding - 7.0%

Century Communities, Inc. (e)

7,466 

518,364 
Open House Group Co. Ltd.

33,863 

1,234,980 
Sumitomo Forestry Co. Ltd.

8,127 

246,021 




1,999,365 





Industrial Conglomerates - 10.8%

Hikari Tsushin, Inc.

12,183 

3,068,916 





Integrated Oil & Gas - 3.8%

Ecopetrol SA – ADR (e)

110,130 

1,088,084 





Interactive Home Entertainment - 1.0%

Take-Two Interactive Software, Inc. (b)(e)

1,351 

286,385 





Interactive Media & Services - 0.5%

ZIGExN Co. Ltd.

45,832 

128,482 





Investment Banking & Brokerage - 0.5%

Traders Holdings Co. Ltd.

21,520 

129,376 







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MILITIA LONG/SHORT EQUITY ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
February 28, 2025 (Unaudited)
COMMON STOCKS - 107.5% (CONTINUED)

Shares

Value  
Leisure Facilities - 0.5%

Tokyotokeiba Co. Ltd.

4,787 

$140,556 





Leisure Products - 3.9%

Dream International Ltd.

736,838 

543,837 
Games Workshop Group PLC

3,093 

556,365 




1,100,202 





Oil & Gas Exploration & Production - 1.4%

Geopark Ltd. (e)

47,582 

385,414 





Oil & Gas Storage & Transportation - 7.3%

Energy Transfer LP (e)

106,921 

2,062,506 





Other Specialty Retail - 1.0%

Asahi Co. Ltd.

14,634 

139,987 
Japan Eyewear Holdings Co. Ltd.

9,321 

136,532 




276,519 





Packaged Foods & Meats - 1.0%

Nippn Corp.

10,024 

142,301 
Starzen Co. Ltd.

7,268 

133,208 




275,509 





Property & Casualty Insurance - 1.0%

American Coastal Insurance Corp.(e)

23,686 

287,548 





Rail Transportation - 4.5%

Central Japan Railway Co.

29,303 

576,677 
Hankyu Hanshin Holdings, Inc.

5,865 

153,039 
Jungfraubahn Holding AG

2,635 

542,788 




1,272,504 





Real Estate Operating Companies - 0.5%

Hulic Co. Ltd.

15,615 

145,430 





Regional Banks - 6.7%

Axos Financial, Inc. (b)(e)

19,750 

1,319,301 
Bank OZK(e)

5,448 

261,558 


Parke Bancorp, Inc. (e)

14,271 

284,992 




1,865,851 







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MILITIA LONG/SHORT EQUITY ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
February 28, 2025 (Unaudited)
COMMON STOCKS - 107.5% (CONTINUED)

Shares

Value  
Semiconductor Materials & Equipment - 0.5%

SCREEN Holdings Co. Ltd.

2,146 

$152,110 





Steel - 0.5%

Yamato Kogyo Co. Ltd.

2,655 

138,575 





Technology Hardware, Storage & Peripherals - 0.5%

MCJ Co. Ltd.

16,319 

146,566 





Trading Companies & Distributors - 8.6%

Daiichi Jitsugyo Co. Ltd.

4,359 

69,467 
Distribution Solutions Group, Inc. (b)(e)

9,402 

277,171 
Hanwa Co. Ltd.

17,096 

559,324 
Mitsui & Co. Ltd.

30,366 

563,809 
Sumitomo Corp.

38,501 

857,822 
Totech Corp.

8,323 

133,137 




2,460,730 
TOTAL COMMON STOCKS (Cost $30,323,589)

30,432,371 





REAL ESTATE INVESTMENT TRUSTS - 1.0%

Other Specialized REITs - 1.0%

Lamar Advertising Co. - Class A (e)

2,173 

269,952 
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $272,252)

269,952 





SHORT-TERM INVESTMENTS - 0.0%(c)
Money Market Funds - 0.0%(c)

First American Government Obligations Fund - Class X, 4.29% (d)

1,193 

1,193 
TOTAL SHORT-TERM INVESTMENTS (Cost $1,193)

1,193 





TOTAL INVESTMENTS - 108.5% (Cost $30,597,034)

$30,703,516 
Liabilities in Excess of Other Assets - (8.5%)

(2,438,314)
TOTAL NET ASSETS - 100.0%

 

$28,265,202 

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt
LLC - Limited Liability Company
LP - Limited Partnership
PLC - Public Limited Company
REIT - Real Estate Investment Trust





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MILITIA LONG/SHORT EQUITY ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
February 28, 2025 (Unaudited)
(a)

Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of February 28, 2025, the value of these securities total $1,169,095 or 4.1% of the Fund’s net assets.
(b)

Non-income producing security.
(c)

Represents less than 0.05% of net assets.
(d)

The rate shown represents the 7-day annualized effective yield as of February 28, 2025.
(e)

Includes assets pledged as collateral for securities sold short and forward currency contracts. At February 28, 2025, the value of these assets total $11,181,120.

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






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MILITIA LONG/SHORT EQUITY ETF
SCHEDULE OF SECURITIES SOLD SHORT
February 28, 2025 (Unaudited)
EXCHANGE TRADED FUNDS - (49.1%)

Shares

Value
Direxion Daily Small Cap Bull 3X Shares

(31,046)

$(1,153,048)
Global X Russell 2000 Covered Call ETF

(558,807)

(8,968,853)
ProShares UltraPro Short QQQ

(59,500)

(1,868,300)
YieldMax Universe Fund of Option Income ETF

(126,583)

(1,888,618)
TOTAL EXCHANGE TRADED FUNDS (Proceeds $14,497,707)

(13,878,819)





COMMON STOCKS - (11.2%)

Apparel Retail - (0.7%)

Foot Locker, Inc.

(12,037)

(208,481)





Asset Management & Custody Banks - (4.6%)

BlackRock TCP Capital Corp.

(75,487)

(637,110)
Runway Growth Finance Corp.

(58,338)

(671,179)




(1,308,289)





Cable & Satellite - (2.0%)

Charter Communications, Inc. - Class A

(1,566)

(569,351)





Casinos & Gaming - (0.8%)

Caesars Entertainment, Inc.

(7,205)

(239,350)





Hotels, Resorts & Cruise Lines - (2.0%)

Booking Holdings, Inc.

(110)

(551,761)





Specialized Consumer Services - (1.1%)

Mister Car Wash, Inc.

(36,200)

(307,338)
TOTAL COMMON STOCKS (Proceeds $3,230,259)

(3,184,570)





CLOSED-END FUNDS - (2.4%)

TriplePoint Venture Growth BDC Corp.

(84,975)

(687,448)
TOTAL CLOSED-END FUNDS (Proceeds $665,395)

(687,448)





TOTAL SECURITIES SOLD SHORT - (62.7%) (Proceeds $18,393,361)



$(17,750,837)

Percentages are stated as a percent of net assets.

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




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MILITIA LONG/SHORT EQUITY ETF
SCHEDULE OF FORWARD CURRENCY CONTRACTS
February 28, 2025 (Unaudited)
Counterparty

Settlement Date

Currency Purchased

Currency Sold

Unrealized Appreciation (Depreciation)
U.S. Bancorp Investments, Inc.

03/31/2025

JPY
15,635,509

USD
104,985

$(738)
U.S. Bancorp Investments, Inc.

03/31/2025

USD
7,255,503

JPY
1,080,569,346

50,954 
Net Unrealized Appreciation (Depreciation)
$50,216 

JPY - Japanese Yen
USD - United States Dollar


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MILITIA LONG/SHORT EQUITY ETF

Summary of Fair Value Disclosures as of February 28, 2025 (Unaudited)

Militia Long/Short Equity ETF (the “Fund”) has adopted authoritative fair value accounting standards which establish an authoritative 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 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 would be based on the best information available.
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of February 28, 2025:
DESCRIPTIONLEVEL 1LEVEL 2LEVEL 3TOTAL
Assets:







  Common Stocks
$30,432,371 

$— 

$— 

$30,432,371 
  Real Estate Investment Trusts
269,952 

— 

— 

269,952 
  Money Market Funds
1,193 

— 

— 

1,193 
Total Investments
$30,703,516 

$— 

$— 

$30,703,516 

Other Financial Instruments:







  Forwards*
— 

50,954 

— 

50,954 
Total Other Financial Instruments
$— 

$50,954 

$— 

$50,954 








Liabilities:







  Exchange Traded Funds
$(13,878,819)

$— 

$— 

$(13,878,819)
  Common Stocks
(3,184,570)

— 

— 

(3,184,570)
  Closed-End Funds
(687,448)

— 

— 

(687,448)
Total Investments
$(17,750,837)

$— 

$— 

$(17,750,837)

Other Financial Instruments:







  Forwards*
— 

(738)

— 

(738)
Total Other Financial Instruments
$— 

$(738)

$— 

$(738)
* The fair value of the Fund's investment represents the net unrealized appreciation (depreciation) as of February 28, 2025.
 
Refer to the Schedule of Investments for further disaggregation of investment categories.

During the fiscal period ended February 28, 2025, 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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