NPORT-EX 2 emerald.htm NPORT-EX

F/m Emerald Life Sciences Innovation ETF
  
Schedule of Investments
  
November 30, 2024 (Unaudited)
  
   
COMMON STOCKS - 98.7%
  
Shares
    
Value
 
Health Care - 98.7%
        
Biotechnology - 48.9%
            
ACADIA Pharmaceuticals, Inc. (a)
    
64,660
      
1,055,251
  
Akero Therapeutics, Inc. (a)
    
45,778
      
1,469,474
  
BioAge Labs, Inc. (a)
    
26,287
      
494,196
  
Biohaven Ltd. (a)
    
15,382
      
707,726
  
Bridgebio Pharma, Inc. (a)
    
80,162
      
2,171,589
  
Immunovant, Inc. (a)
    
20,573
      
580,159
  
Insmed, Inc. (a)
    
42,793
      
3,216,322
  
Intra-Cellular Therapies, Inc. (a)
    
36,920
      
3,162,198
  
Keros Therapeutics, Inc. (a)
    
17,061
      
985,102
  
Madrigal Pharmaceuticals, Inc. (a)
    
2,259
      
741,381
  
Novocure Ltd. (a)
    
15,466
      
309,939
  
Sarepta Therapeutics, Inc. (a)
    
16,924
      
2,256,646
  
Savara, Inc. (a)
    
81,343
      
273,312
  
Soleno Therapeutics, Inc. (a)
    
47,694
      
2,513,951
  
Spyre Therapeutics, Inc. (a)
    
48,806
      
1,387,554
  
Ultragenyx Pharmaceutical, Inc. (a)
    
42,004
      
2,000,650
  
WaVe Life Sciences Ltd. (a)
    
226,034
      
3,413,113
  
             
26,738,563
  
Health Care Services - 9.6%
                
GeneDx Holdings Corp. (a)
    
7,469
      
585,495
  
RadNet, Inc. (a)
    
56,968
      
4,657,704
  
             
5,243,199
  
Medical Equipment - 19.7%
                
Alphatec Holdings, Inc. (a)
    
123,305
      
1,292,236
  
AtriCure, Inc. (a)
    
18,970
      
685,955
  
Integer Holdings Corp. (a)
    
4,034
      
566,777
  
LivaNova PLC (a)
    
58,031
      
3,046,628
  
Merit Medical Systems, Inc. (a)
    
26,031
      
2,704,621
  
Orthofix Medical, Inc. (a)
    
26,400
      
515,592
  
Quanterix Corp. (a)
    
59,922
      
738,838
  
TransMedics Group, Inc. (a)
    
13,870
      
1,202,668
  
             
10,753,315
  
Medical Services - 4.6%
                
NeoGenomics, Inc. (a)
    
141,574
      
2,510,107
  
           
$
–
  
Pharmaceuticals - 15.9%
                
Blueprint Medicines Corp. (a)
    
31,313
      
3,017,947
  
Collegium Pharmaceutical, Inc. (a)
    
73,163
      
2,231,472
  
Travere Therapeutics, Inc. (a)
    
111,158
      
2,090,882
  
United Therapeutics Corp. (a)
    
3,617
      
1,340,062
  
             
8,680,363
  
Total Health Care
      
53,925,547
  
TOTAL COMMON STOCKS (Cost $33,258,595)
      
53,925,547
  
                 
EXCHANGE TRADED FUNDS - 1.3%
  
Shares
    
Value
  
US Treasury 3 Month Bill ETF (b)
    
14,425
      
721,394
  
TOTAL EXCHANGE TRADED FUNDS (Cost $720,240)
      
721,394
  
                 
TOTAL INVESTMENTS - 100.0% (Cost $33,978,835)
      
54,646,941
  
Liabilities in Excess of Other Assets - (0.0)% (c)
      
(9,825
)
TOTAL NET ASSETS - 100.0%
          
$
54,637,116
  
two
      
–
%
Percentages are stated as a percent of net assets.
      
–
%

PLC - Public Limited Company

(a)
Non-income producing security.
(b)
Affiliated company as defined by the Investment Company Act of 1940.
(c)
Represents less than 0.05% of net assets.


Summary of Fair Value Disclosure as of November 30, 2024 (Unaudited)
 
F/m Emerald Life Sciences Innovation ETF 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 November 30, 2024:

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Common Stocks
  
$
53,925,547
    
$
–
    
$
–
    
$
53,925,547
  
  Exchange Traded Funds
    
721,394
      
–
      
–
      
721,394
  
Total Investments
  
$
54,646,941
    
$
–
    
$
–
    
$
54,646,941
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.