NPORT-EX 2 emerald.htm NPORT-EX

F/m Emerald Life Sciences Innovation ETF
  
Schedule of Investments
  
November 30, 2025 (Unaudited)
  
   
COMMON STOCKS - 98.0%
  
Shares
    
Value
 
Health Care - 98.0% (a)
        
Biotechnology - 57.3%(a)
            
ACADIA Pharmaceuticals, Inc. (b)
    
88,936
    
$
2,226,957
  
Axsome Therapeutics, Inc. (b)
    
11,734
      
1,777,701
  
Billiontoone, Inc. (b)
    
8,917
      
1,160,815
  
Bridgebio Pharma, Inc. (b)
    
51,800
      
3,730,118
  
Cogent Biosciences, Inc. (b)
    
231,364
      
9,305,460
  
Guardant Health, Inc. (b)
    
45,120
      
4,891,910
  
Insmed, Inc. (b)
    
11,626
      
2,415,534
  
KalVista Pharmaceuticals, Inc. (b)
    
209,370
      
3,029,584
  
Korro Bio, Inc. (b)
    
58,015
      
330,686
  
Madrigal Pharmaceuticals, Inc. (b)
    
6,642
      
3,965,141
  
Mirum Pharmaceuticals, Inc. (b)
    
31,322
      
2,288,072
  
Nektar Therapeutics (b)
    
46,869
      
3,056,327
  
Savara, Inc. (b)
    
599,820
      
3,772,868
  
Soleno Therapeutics, Inc. (b)
    
24,341
      
1,228,003
  
Spyre Therapeutics, Inc. (b)
    
91,671
      
2,750,130
  
Trevi Therapeutics, Inc. (b)
    
194,630
      
2,567,170
  
Ultragenyx Pharmaceutical, Inc. (b)
    
64,910
      
2,255,623
  
WaVe Life Sciences Ltd. (b)
    
334,235
      
2,593,664
  
             
53,345,763
  
Health Care Services - 3.8%
                
Aveanna Healthcare Holdings, Inc. (b)
    
97,473
      
910,398
  
RadNet, Inc. (b)
    
31,665
      
2,621,545
  
             
3,531,943
  
Medical Equipment - 20.7%
                
Alphatec Holdings, Inc. (b)
    
92,040
      
2,075,502
  
Ceribell, Inc. (b)
    
81,478
      
1,382,682
  
Globus Medical, Inc. - Class A (b)
    
14,986
      
1,364,326
  
Integer Holdings Corp. (b)
    
18,385
      
1,327,029
  
LivaNova PLC (b)
    
93,225
      
5,948,687
  
Merit Medical Systems, Inc. (b)
    
15,023
      
1,300,842
  
Orthofix Medical, Inc. (b)
    
69,693
      
1,121,360
  
TransMedics Group, Inc. (b)
    
32,387
      
4,738,542
  
             
19,258,970
  
Medical Supplies - 2.5%
                
ICU Medical, Inc. (b)
    
15,873
      
2,356,188
  
                 
Pharmaceuticals - 13.7%
                
Collegium Pharmaceutical, Inc. (b)
    
44,210
      
2,063,723
  
Corcept Therapeutics, Inc. (b)
    
37,864
      
3,006,402
  
Travere Therapeutics, Inc. (b)
    
138,894
      
4,918,236
  
United Therapeutics Corp. (b)
    
5,748
      
2,793,528
  
             
12,781,889
  
Total Health Care
      
91,274,753
  
TOTAL COMMON STOCKS (Cost $56,357,712)
      
91,274,753
  
                 
EXCHANGE TRADED FUNDS - 2.0%
  
Shares
    
Value
 
F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF (c)
    
25,698
      
1,281,302
  
F/m US Treasury 6 Month Bill ETF (c)
    
11,837
      
594,158
  
TOTAL EXCHANGE TRADED FUNDS (Cost $1,878,053)
      
1,875,460
  
                 
TOTAL INVESTMENTS - 100.0% (Cost $58,235,765)
      
93,150,213
  
Liabilities in Excess of Other Assets - (0.0)% (d)
      
(26,210
)
TOTAL NET ASSETS - 100.0%
          
$
93,124,003
  
                 
Percentages are stated as a percent of net assets.
          

PLC - Public Limited Company

(a)
To the extent that the Fund invests more heavily in particular industries or sectors of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.
(b)
Non-income producing security.
(c)
Affiliated security as defined by the Investment Company Act of 1940.
(d)
Represents less than 0.05% of net assets.

 
Summary of Fair Value Disclosure as of November 30, 2025 (Unaudited)
 
F/m Emerald Life Sciences Innovation 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 November 30, 2025:
 
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Common Stocks
  
$
91,274,753
    
$
–
    
$
–
    
$
91,274,753
  
  Exchange Traded Funds
    
1,875,460
      
–
      
–
      
1,875,460
  
Total Investments
  
$
93,150,213
    
$
–
    
$
–
    
$
93,150,213
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.