NPORT-EX 2 opportunistic.htm NPORT-EX

F/m Opportunistic ETF
  
Schedule of Investments
  
November 30, 2024 (Unaudited)
  
   
CORPORATE BONDS - 85.9%
Par
  
Value
  
Communications - 4.5%
  
Charter Communications Operating LLC / Charter Communications Operating Capital, 3.75%, 02/15/2028
    
1,638,000
    
$
1,572,685
  
                 
Consumer Discretionary - 13.6%
  
Ford Motor Co., 3.25%, 02/12/2032
    
1,843,000
      
1,572,011
  
General Motors Co., 6.60%, 04/01/2036
    
1,457,000
      
1,575,184
  
VF Corp., 2.95%, 04/23/2030 (a)
    
1,885,000
      
1,627,721
  
             
4,774,916
  
                 
Energy - 6.9%
  
Phillips 66 Partners LP
  
3.61%, 02/15/2025
    
65,000
      
64,726
  
3.75%, 03/01/2028 (a)
    
500,000
      
475,481
  
3.15%, 12/15/2029
    
365,000
      
317,223
  
Transcanada Trust, 5.88% to 08/15/2026 then 3 mo. LIBOR US + 4.64%, 08/15/2076 (b)
    
1,575,000
      
1,565,985
  
             
2,423,415
  
                 
Finance and Insurance - 4.6%
  
Nationwide Financial Services, Inc., 6.75%, 05/15/2037
    
1,571,000
      
1,623,897
  
                 
Financials - 14.0%
  
Bank of America Corp., 5.88% to 03/15/2028 then 3 mo. Term SOFR + 3.19%, Perpetual
    
1,631,000
      
1,640,544
  
Blackstone Secured Lending Fund, 5.35%, 04/13/2028
    
1,661,000
      
1,661,490
  
JPMorgan Chase & Co., 4.60% to 02/01/2025 then 3 mo. Term SOFR + 3.13%, Perpetual
    
1,638,000
      
1,629,495
  
             
4,931,529
  
                 
Health Care - 7.1%
  
Elevance Health, Inc., 4.90%, 02/08/2026
    
784,000
      
783,962
  
Viatris, Inc., 3.85%, 06/22/2040
    
2,218,000
      
1,726,123
  
             
2,510,085
  
                 
Industrials - 4.6%
  
Concentrix Corp., 6.85%, 08/02/2033 (a)
    
1,575,000
      
1,616,690
  
                 
Information Technology - 10.6%
  
Kyndryl Holdings, Inc., 4.10%, 10/15/2041
    
1,956,000
      
1,605,077
  
Nokia Oyj, 6.63%, 05/15/2039
    
1,445,000
      
1,483,324
  
VeriSign, Inc., 4.75%, 07/15/2027
    
661,000
      
661,188
  
             
3,749,589
  
                 
Manufacturing - 9.0%
  
Celanese US Holdings LLC, 6.33%, 07/15/2029
    
1,541,000
      
1,592,618
  
Dell, Inc., 6.50%, 04/15/2038
    
1,490,000
      
1,596,607
  
             
3,189,225
  
                 
Mining, Quarrying, and Oil and Gas Extraction - 3.9%
  
Freeport Minerals Corp., 9.50%, 06/01/2031
    
1,128,000
      
1,380,897
  
                 
Professional, Scientific, and Technical Services - 4.5%
  
Leidos, Inc., 5.75%, 03/15/2033
    
1,525,000
      
1,571,615
  
                 
Wholesale Trade - 2.6%
  
Ricoh USA, Inc., 6.75%, 12/01/2025
    
925,000
      
912,227
  
TOTAL CORPORATE BONDS (Cost $29,282,164)
      
30,256,770
  
                 
EXCHANGE TRADED FUNDS - 10.0%
Shares
  
Value
  
F/m 10-Year Investment Grade Corporate Bond ETF
    
27,670
      
1,411,873
  
F/m 2-Year Investment Grade Corporate Bond ETF
    
795
      
40,210
  
F/m 3-Year Investment Grade Corporate Bond ETF
    
41,200
      
2,089,170
  
TOTAL EXCHANGE TRADED FUNDS (Cost $3,506,043)
      
3,541,253
  
                 
PREFERRED STOCKS - 2.2%
Shares
  
Value
 
Financials - 2.2%
          
AGNC Investment Corp., Series G, 7.75% to 10/15/2027 then 5 yr. CMT Rate + 4.39%, Perpetual
    
31,400
      
791,908
  
TOTAL PREFERRED STOCKS (Cost $796,618)
      
791,908
  
                 
MUNICIPAL BONDS - 0.4%
Par
  
Value
  
New Hampshire Business Finance Authority
  
3.25%, 04/01/2028
    
130,000
      
92,486
  
3.96%, 10/01/2031
    
40,000
      
34,347
  
TOTAL MUNICIPAL BONDS (Cost $146,722)
      
126,833
  
                 
SHORT-TERM INVESTMENTS - 7.0%
Units
  
Value
 
Investments Purchased with Proceeds from Securities Lending - 7.0%
                
Mount Vernon Liquid Assets Portfolio, LLC, 5.50% (c)
    
2,471,150
      
2,471,150
  
TOTAL SHORT-TERM INVESTMENTS (Cost $2,471,150)
      
2,471,150
  
                 
TOTAL INVESTMENTS - 105.5% (Cost $36,202,697)
    
$
37,187,914
  
Liabilities in Excess of Other Assets - (5.5)%
      
(1,963,743
)
TOTAL NET ASSETS - 100.0%
          
$
35,224,171
  
two
      
–
%
Percentages are stated as a percent of net assets.
      
–
%
   
The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
  

CMT - Constant Maturity Treasury Rate
LIBOR - London Interbank Offered Rate
OYJ - Julkinen Asakeyhtio
SOFR - Secured Overnight Financing Rate

(a)
All or a portion of this security is on loan as of November 30, 2024. The total market value of these securities was $2,434,508 which represented 6.9% of net assets.
(b)
Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date.
(c)
The rate shown represents the 7-day annualized effective yield as of November 30, 2024.


Summary of Fair Value Disclosure as of November 30, 2024 (Unaudited)
 
F/m Opportunistic 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:
                        
  Corporate Bonds
  
$
–
    
$
30,256,770
    
$
–
    
$
30,256,770
  
  Exchange Traded Funds
    
3,541,253
      
–
      
–
      
3,541,253
  
  Preferred Stocks
    
791,908
      
–
      
–
      
791,908
  
  Municipal Bonds
    
–
      
126,833
      
–
      
126,833
  
  Investments Purchased with Proceeds from Securities Lending(a)
    
–
      
–
      
–
      
2,471,150
  
Total Investments
  
$
4,333,161
    
$
30,383,603
    
$
–
    
$
37,187,914
  
   
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 $2,471,150 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.