NPORT-EX 2 small-cap.htm

Abacus FCF Small Cap Leaders ETF
  
Schedule of Investments
  
October 31, 2025 (Unaudited)
  
   
COMMON STOCKS - 99.5%
  
Shares
    
Value
 
Communications - 3.6%
        
Grindr, Inc. (a)
    
1,528
    
$
21,178
  
MediaAlpha, Inc. - Class A (a)
    
1,542
      
19,661
  
             
40,839
  
                   
Consumer Discretionary - 6.9%
          
Kontoor Brands, Inc. (b)
    
444
      
35,929
  
LCI Industries (b)
    
270
      
27,942
  
Peloton Interactive, Inc. - Class A (a)
    
2,140
      
15,536
  
             
79,407
  
                   
Consumer Staples - 3.6%
          
Calavo Growers, Inc.
    
547
      
12,149
  
Seneca Foods Corp. - Class A (a)
    
263
      
28,360
  
             
40,509
  
                   
Energy - 3.3%
          
DNOW, Inc. (a)(b)
    
1,693
      
24,887
  
Matrix Service Co. (a)
    
847
      
12,722
  
             
37,609
  
                   
Financials - 19.5%
          
AMERISAFE, Inc.
    
670
      
26,854
  
Artisan Partners Asset Management, Inc. - Class A
    
923
      
40,298
  
Cohen & Steers, Inc.
    
273
      
18,651
  
CompoSecure, Inc. – Class A (a)
    
993
      
19,721
  
Diamond Hill Investment Group, Inc.
    
152
      
19,509
  
Enova International, Inc. (a)
    
254
      
30,371
  
PJT Partners, Inc. - Class A
    
244
      
39,311
  
Remitly Global, Inc. (a)
    
995
      
15,960
  
World Acceptance Corp. (a)
    
103
      
13,129
  
             
223,804
  
                   
Health Care - 19.4%
          
Catalyst Pharmaceuticals, Inc. (a)
    
1,036
      
22,036
  
Collegium Pharmaceutical, Inc. (a)
    
981
      
35,316
  
Harmony Biosciences Holdings, Inc. (a)
    
596
      
17,028
  
Innoviva, Inc. (a)
    
1,383
      
25,171
  
MiMedx Group, Inc. (a)
    
3,483
      
26,645
  
Oscar Health, Inc. - Class A (a)
    
992
      
17,856
  
Pediatrix Medical Group, Inc. (a)
    
928
      
15,748
  
Progyny, Inc. (a)
    
898
      
16,801
  
SIGA Technologies, Inc.
    
1,966
      
16,278
  
Supernus Pharmaceuticals, Inc. (a)
    
539
      
29,715
  
             
222,594
  
                   
Industrials - 20.7%
          
Alamo Group, Inc.
    
108
      
19,302
  
Argan, Inc.
    
129
      
39,501
  
Badger Meter, Inc.
    
127
      
22,917
  
Ennis, Inc.
    
1,317
      
21,599
  
Hackett Group, Inc.
    
1,262
      
22,855
  
Healthcare Services Group, Inc. (a)(b)
    
1,464
      
26,162
  
Heidrick & Struggles International, Inc.
    
388
      
22,648
  
Hudson Technologies, Inc. (a)
    
1,340
      
12,160
  
Huron Consulting Group, Inc. (a)
    
124
      
20,390
  
Zurn Elkay Water Solutions Corp.
    
625
      
29,444
  
             
236,978
  
                   
Materials - 3.7%
          
Karat Packaging, Inc.
    
862
      
20,705
  
WD-40 Co.
    
113
      
21,954
  
             
42,659
  
                   
Technology - 18.8%
          
Appian Corp. - Class A (a)
    
615
      
18,407
  
AvePoint, Inc. (a)
    
1,453
      
20,444
  
Box, Inc. - Class A (a)(b)
    
644
      
20,666
  
CommVault Systems, Inc. (a)
    
216
      
30,071
  
LiveRamp Holdings, Inc. (a)
    
753
      
20,587
  
Progress Software Corp. (a)
    
568
      
24,220
  
Qualys, Inc. (a)
    
157
      
19,352
  
Tenable Holdings, Inc. (a)
    
966
      
28,033
  
Varonis Systems, Inc. (a)
    
439
      
15,466
  
Workiva, Inc. (a)
    
218
      
18,532
  
             
215,778
  
TOTAL COMMON STOCKS (Cost $1,142,780)
      
1,140,177
  
           
SHORT-TERM INVESTMENTS
  
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 11.4%
  
Units
          
Mount Vernon Liquid Assets Portfolio, LLC, 4.24% (c)
    
131,126
      
131,126
  
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $131,126)
      
131,126
  
                   
TOTAL INVESTMENTS - 110.9% (Cost $1,273,906)
      
1,271,303
  
Money Market Deposit Account - 0.5% (d)
      
5,876
  
Liabilities in Excess of Other Assets - (11.4)%
      
(131,149
)
TOTAL NET ASSETS - 100.0%




 
$
1,146,030
  






Percentages are stated as a percent of net assets.





(a)
Non-income producing security.
(b)
All or a portion of this security is on loan as of October 31, 2025. The fair value of these securities was $128,645.
(c)
The rate shown represents the 7-day annualized yield as of October 31, 2025.
(d)
The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of October 31, 2025 was 3.70%.

For fund compliance purposes, the Fund’s sector classifications refers to any one or more of the sector classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine classifications for reporting ease.


Summary of Fair Value Disclosure as of October 31, 2025 (Unaudited)
 
Abacus FCF Small Cap Leaders 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 October 31, 2025:
 
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Common Stocks
  
$
1,140,177
    
$
–
    
$
–
    
$
1,140,177
  
  Investments Purchased with Proceeds from Securities Lending (a)
    
–
      
–
      
–
      
131,126
  
Total Investments
  
$
1,140,177
    
$
–
    
$
–
    
$
1,271,303
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.
  

(a)
Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $131,126 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.