NPORT-EX 2 tenyear-note.htm NPORT-EX

F/m US Treasury 10 Year Note ETF
  
Schedule of Investments
  
November 30, 2025 (Unaudited)
  
   
U.S. TREASURY SECURITIES - 99.8%
Par
  
Value
 
United States Treasury Note/Bond, 4.00%, 11/15/2035 (a)
  
$
250,032,000
    
$
249,719,460
  
TOTAL U.S. TREASURY SECURITIES (Cost $247,065,842)
      
249,719,460
  
                 
SHORT-TERM INVESTMENTS
  
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 44.9%
Par / Shares
  
Value
 
Money Market Funds - 4.9%
                
Goldman Sachs Square Government Fund - Institutional Class, 3.93% (b)
    
12,340,266
      
12,340,266
  
                 
Repurchase Agreements - 40.0%
                
CF Secured LLC, 4.00%, dated 11/19/2025, matures 12/15/2025, repurchase price $100,188,889 (collateralized by mortgage backed securities and
    U.S. treasury bills, 2.500%-7.000%, matures 10/31/2026-04/20/2074: total value $101,695,325)
    
100,000,000
      
100,000,000
  
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $112,340,266)
      
112,340,266
  
                 
TOTAL INVESTMENTS - 144.7% (Cost $359,406,108)
      
362,059,726
  
Liabilities in Excess of Other Assets - (44.7)%
      
(111,920,478
)
TOTAL NET ASSETS - 100.0%
          
$
250,139,248
  
                 
Par amount is in USD unless otherwise indicated.
          
Percentages are stated as a percent of net assets.
          
LLC - Limited Liability Company

(a)
All or a portion of this security is on loan as of November 30, 2025. The fair value of these securities was $110,175,611.
(b)
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 US Treasury 10 Year Note 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:
                        
  U.S. Treasury Securities
  
$
–
    
$
249,719,460
    
$
–
    
$
249,719,460
  
  Investments Purchased with Proceeds from Securities Lending
    
12,340,266
      
100,000,000
      
–
      
112,340,266
  
Total Investments
  
$
12,340,266
    
$
349,719,460
    
$
–
    
$
362,059,726
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.