F/m High Yield 100 ETF
Schedule of Investments
November 30, 2025 (Unaudited)
CORPORATE BONDS - 97.9%	Par		Value
Advertising & Marketing - 1.0%
Neptune Bidco US, Inc., 10.38%, 05/15/2031 (a)	$	187,000	$	189,115
Aerospace & Defense - 2.0%
Bombardier, Inc., 8.75%, 11/15/2030 (a)		175,000		188,899
TransDigm, Inc., 7.13%, 12/01/2031 (a)		183,000		192,122
				381,021
Airlines - 1.0%
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/2029 (a)		188,000		189,983
Auto Parts Manufacturing - 2.0%
Goodyear Tire & Rubber Co., 6.63%, 07/15/2030 (b)		190,000		193,246
ZF North America Capital, Inc., 7.50%, 03/24/2031 (a)		197,000		195,133
				388,379
Automobiles Manufacturing - 1.0%
Nissan Motor Co. Ltd., 8.13%, 07/17/2035 (a)		176,000		186,457
Cable & Satellite - 4.7%
CCO Holdings LLC / CCO Holdings Capital Corp., 7.38%, 03/01/2031 (a)		185,000		188,934
CSC Holdings LLC, 11.75%, 01/31/2029 (a)		215,000		149,891
Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 10.00%, 02/15/2031 (a)		190,000		188,859
DISH Network Corp., 11.75%, 11/15/2027 (a)		170,000		177,664
Sirius XM Radio LLC, 5.50%, 07/01/2029 (a)		195,000		196,060
				901,408
Casinos & Gaming - 2.9%
Caesars Entertainment, Inc., 7.00%, 02/15/2030 (a)		185,000		191,661
Melco Resorts Finance Ltd., 7.63%, 04/17/2032 (a)		177,000		183,883
Wynn Macau Ltd., 6.75%, 02/15/2034 (a)		192,000		192,032
				567,576
Chemicals - 2.0%
Celanese US Holdings LLC, 7.20%, 11/15/2033		186,000		194,342
Olympus Water US Holding Corp., 7.25%, 02/15/2033 (a)		193,000		191,696
				386,038
Commercial Finance - 1.0%
FTAI Aviation Investors LLC, 7.88%, 12/01/2030 (a)		176,000		187,261
Communications Equipment - 1.0%
CommScope LLC, 9.50%, 12/15/2031 (a)		183,000		185,573
Construction Materials Manufacturing - 2.0%
Quikrete Holdings, Inc., 6.38%, 03/01/2032 (a)		185,000		192,312
Standard Building Solutions, Inc., 6.50%, 08/15/2032 (a)		185,000		190,949
				383,261
Consumer Finance - 7.0%
Block, Inc., 6.50%, 05/15/2032		186,000		194,479
Freedom Mortgage Corp., 12.25%, 10/01/2030 (a)		164,000		181,944
Navient Corp., 11.50%, 03/15/2031		173,000		193,298
OneMain Finance Corp., 7.88%, 03/15/2030		182,000		192,546
PennyMac Financial Services, Inc., 7.88%, 12/15/2029 (a)		183,000		195,212
Rocket Cos., Inc., 7.13%, 02/01/2032 (a)		195,000		205,020
Starwood Property Trust, Inc., 7.25%, 04/01/2029 (a)		180,000		191,023
				1,353,522
Consumer Services - 2.0%
Allied Universal Holdco LLC, 7.88%, 02/15/2031 (a)		185,000		195,040
Service Corp. International/US, 5.75%, 10/15/2032		185,000		189,160
				384,200
Containers & Packaging - 2.8%
Ball Corp., 6.00%, 06/15/2029		180,000		185,497
Clydesdale Acquisition Holdings, Inc., 6.88%, 01/15/2030 (a)		184,000		187,089
Mauser Packaging Solutions Holding Co., 7.88%, 04/15/2030 (a)		175,000		168,536
				541,122
Electrical Equipment Manufacturing - 2.0%
EMRLD Borrower LP / Emerald Co.-Issuer, Inc., 6.75%, 07/15/2031 (a)		185,000		193,786
WESCO Distribution, Inc., 7.25%, 06/15/2028 (a)		185,000		187,773
				381,559
Entertainment Content - 1.9%
Discovery Communications LLC, 6.35%, 06/01/2040		205,000		183,363
Univision Communications, Inc., 9.38%, 08/01/2032 (a)		177,000		188,539
				371,902
Exploration & Production - 2.9%
Civitas Resources, Inc., 9.63%, 06/15/2033 (a)		177,000		191,181
Hilcorp Energy I LP / Hilcorp Finance Co., 8.38%, 11/01/2033 (a)		177,000		181,645
Permian Resources Operating LLC, 9.88%, 07/15/2031 (a)		173,000		186,473
				559,299
Financial Services - 1.9%
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 10.00%, 11/15/2029 (a)		185,000		186,214
Jane Street Group / JSG Finance, Inc., 7.13%, 04/30/2031 (a)		180,000		189,625
				375,839
Food & Beverage - 1.0%
Post Holdings, Inc., 6.25%, 02/15/2032 (a)		185,000		191,193
Health Care Facilities & Services - 4.9%
CHS/Community Health Systems, Inc., 10.88%, 01/15/2032 (a)		178,000		192,389
DaVita, Inc., 6.88%, 09/01/2032 (a)(b)		185,000		192,640
IQVIA, Inc., 6.50%, 05/15/2030 (a)		185,000		192,711
LifePoint Health, Inc., 11.00%, 10/15/2030 (a)		168,000		185,339
Tenet Healthcare Corp., 6.75%, 05/15/2031		185,000		192,797
				955,876
Home & Office Products Manufacturing - 0.9%
Newell Brands, Inc., 8.50%, 06/01/2028 (a)		177,000		184,623
Home Improvement - 1.0%
Whirlpool Corp., 6.50%, 06/15/2033		194,000		192,743
Industrial Other - 2.0%
Herc Holdings, Inc., 7.25%, 06/15/2033 (a)(b)		185,000		195,745
United Rentals North America, Inc., 3.88%, 11/15/2027		195,000		192,977
				388,722
Managed Care - 1.0%
Molina Healthcare, Inc., 6.50%, 02/15/2031 (a)		185,000		189,064
Medical Equipment & Devices Manufacturing - 1.0%
Medline Borrower LP/Medline Co.-Issuer, Inc., 6.25%, 04/01/2029 (a)		185,000		191,295
Metals & Mining - 2.0%
Cleveland-Cliffs, Inc., 7.63%, 01/15/2034 (a)		188,000		195,310
Novelis Corp., 6.88%, 01/30/2030 (a)		185,000		191,727
				387,037
Oil & Gas Services & Equipment - 1.0%
Transocean International Ltd., 8.75%, 02/15/2030 (a)		183,000		190,781
Pharmaceuticals - 1.9%
Bausch Health Cos., Inc., 11.00%, 09/30/2028 (a)		172,000		181,147
Organon & Co. / Organon Foreign Debt Co.-Issuer BV, 6.75%, 05/15/2034 (a)		207,000		187,144
				368,291
Pipeline - 3.9%
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 7.38%, 02/15/2029 (a)		188,000		194,986
Venture Global Calcasieu Pass LLC, 6.25%, 01/15/2030 (a)		185,000		186,937
Venture Global LNG, Inc., 9.88%, 02/01/2032 (a)		178,000		185,348
Venture Global Plaquemines LNG LLC, 7.75%, 05/01/2035 (a)		166,000		185,030
				752,301
Power Generation - 3.0%
Calpine Corp., 4.50%, 02/15/2028 (a)		195,000		194,687
NRG Energy, Inc., 6.25%, 11/01/2034 (a)		185,000		190,675
Vistra Operations Co. LLC, 7.75%, 10/15/2031 (a)		180,000		191,321
				576,683
Property & Casualty Insurance - 3.0%
Acrisure LLC / Acrisure Finance, Inc., 7.50%, 11/06/2030 (a)		185,000		192,288
Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer, 7.00%, 01/15/2031 (a)		185,000		192,461
HUB International Ltd., 7.25%, 06/15/2030 (a)		185,000		193,837
				578,586
Publishing & Broadcasting - 2.0%
Clear Channel Outdoor Holdings, Inc., 7.88%, 04/01/2030 (a)		177,000		186,564
Gray Media, Inc., 10.50%, 07/15/2029 (a)		178,000		191,870
				378,434
Real Estate - 3.9%
Iron Mountain, Inc., 7.00%, 02/15/2029 (a)		185,000		190,133
MPT Operating Partnership LP / MPT Finance Corp., 8.50%, 02/15/2032 (a)		183,000		193,802
RHP Hotel Properties LP / RHP Finance Corp., 7.25%, 07/15/2028 (a)		185,000		191,006
Service Properties Trust, 8.88%, 06/15/2032		187,000		180,116
				755,057
Refining & Marketing - 1.0%
Sunoco LP, 7.25%, 05/01/2032 (a)		183,000		193,257
Restaurants - 2.0%
1011778 BC ULC / New Red Finance, Inc., 6.13%, 06/15/2029 (a)		185,000		190,450
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.75%, 06/01/2027 (a)		195,000		195,301
				385,751
Retail - Consumer Discretionary - 2.9%
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 8.38%, 06/15/2032 (a)		178,000		183,220
Builders FirstSource, Inc., 6.75%, 05/15/2035 (a)		185,000		195,390
Rakuten Group, Inc., 11.25%, 02/15/2027 (a)		175,000		187,635
				566,245
Software & Services - 2.8%
Cloud Software Group, Inc., 8.25%, 06/30/2032 (a)		178,000		188,008
CoreWeave, Inc., 9.25%, 06/01/2030 (a)		194,000		179,035
ION Platform Finance US, Inc. / ION Platform Finance SARL, 9.50%, 05/30/2029 (a)		180,000		183,067
				550,110
Supermarkets & Pharmacies - 1.0%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 6.50%, 02/15/2028 (a)		185,000		188,501
Travel & Lodging - 4.0%
Carnival Corp., 6.13%, 02/15/2033 (a)		185,000		190,386
Hilton Domestic Operating Co., Inc., 6.13%, 04/01/2032 (a)		185,000		191,826
NCL Corp. Ltd., 7.75%, 02/15/2029 (a)		182,000		193,077
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/2029 (a)		189,000		188,909
				764,198
Utilities - 2.9%
PG&E Corp., 5.25%, 07/01/2030		195,000		193,197
Talen Energy Supply LLC, 8.63%, 06/01/2030 (a)		175,000		185,710
XPLR Infrastructure Operating Partners LP, 8.63%, 03/15/2033 (a)		180,000		188,443
				567,350
Waste & Environment Services & Equipment - 1.0%
GFL Environmental, Inc., 6.75%, 01/15/2031 (a)		183,000		192,245
Wireless Telecommunications Services - 3.7%
Altice France SA, 8.13%, 02/01/2027		188,000		149,085
EchoStar Corp., 10.75%, 11/30/2029		169,000		186,323
Vmed O2 UK Financing I PLC, 7.75%, 04/15/2032 (a)		177,000		183,750
Vodafone Group PLC, 7.00% (5 yr. Swap Rate USD + 4.87%), 04/04/2079		177,000		186,571
				705,729
Wireline Telecommunications Services - 3.0%
Frontier Florida LLC, 6.86%, 02/01/2028		185,000		192,799
Level 3 Financing, Inc., 7.00%, 03/31/2034 (a)		185,000		189,727
Windstream Services LLC, 7.50%, 10/15/2033 (a)		193,000		196,756
				579,282
TOTAL CORPORATE BONDS (Cost $18,686,472)				18,886,869
SHORT-TERM INVESTMENTS
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 2.7%	Units		Value
Mount Vernon Liquid Assets Portfolio, LLC, 4.09% (c)		530,420		530,420
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $530,420)				530,420
TOTAL INVESTMENTS - 100.6% (Cost $19,216,892)				19,417,289
Liabilities in Excess of Other Assets - (0.6)%				(119,686	)
TOTAL NET ASSETS - 100.0%			$	19,297,603
Par amount is in USD unless otherwise indicated.
Percentages are stated as a percent of net assets.

LLC - Limited Liability Company

LP - Limited Partnership

PLC - Public Limited Company

(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 November 30, 2025, the value of these securities total $15,694,330 or 81.3% of the Fund’s net assets.
(b)	All or a portion of this security is on loan as of November 30, 2025. The fair value of these securities was $520,021.
(c)	The rate shown represents the 7-day annualized yield as of November 30, 2025.

Summary of Fair Value Disclosure as of November 30, 2025 (Unaudited)

F/m High Yield 100 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:
Corporate Bonds	$	–	$	18,886,869	$	–	$	18,886,869
Investments Purchased with Proceeds from Securities Lending(a)		–		–		–		530,420
Total Investments	$	–	$	18,886,869	$	–	$	19,417,289
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 $530,420 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.