NPORT-EX 2 emerald.htm NPORT-EX

F/m Emerald Life Sciences Innovation ETF
  
Schedule of Investments
  
May 31, 2025 (Unaudited)
  
   
COMMON STOCKS - 99.0%
  
Shares
    
Value
 
Health Care - 99.0%(a)
        
Biotechnology - 47.3%
            
89bio, Inc. (b)
    
217,742
    
$
2,142,581
  
ACADIA Pharmaceuticals, Inc. (b)
    
48,449
      
1,045,045
  
Akero Therapeutics, Inc. (b)
    
28,974
      
1,438,559
  
Biohaven Ltd. (b)
    
21,819
      
323,139
  
Bridgebio Pharma, Inc. (b)
    
104,715
      
3,586,489
  
Guardant Health, Inc. (b)
    
39,099
      
1,588,201
  
Insmed, Inc. (b)
    
26,506
      
1,848,263
  
KalVista Pharmaceuticals, Inc. (b)
    
115,128
      
1,358,510
  
Madrigal Pharmaceuticals, Inc. (b)
    
6,057
      
1,667,250
  
Novocure Ltd. (b)
    
34,560
      
660,442
  
Savara, Inc. (b)
    
226,028
      
515,344
  
Soleno Therapeutics, Inc. (b)
    
51,351
      
3,766,596
  
Spyre Therapeutics, Inc. (b)
    
52,546
      
802,903
  
Ultragenyx Pharmaceutical, Inc. (b)
    
59,102
      
2,011,241
  
WaVe Life Sciences Ltd. (b)
    
243,677
      
1,464,499
  
             
24,219,062
  
Healthcare Services - 6.6%
                
RadNet, Inc. (b)
    
58,579
      
3,367,707
  
           
$
–
  
Medical Equipment - 26.5%
                
Alphatec Holdings, Inc. (b)
    
173,945
      
2,162,136
  
Ceribell, Inc. (b)
    
20,350
      
342,083
  
Globus Medical, Inc. - Class A (b)
    
13,656
      
808,162
  
Integer Holdings Corp. (b)
    
4,338
      
515,181
  
LivaNova PLC (b)
    
74,606
      
3,226,710
  
Merit Medical Systems, Inc. (b)
    
28,020
      
2,662,741
  
Orthofix Medical, Inc. (b)
    
37,625
      
423,281
  
TransMedics Group, Inc. (b)
    
27,048
      
3,438,342
  
             
13,578,636
  
Pharmaceuticals - 18.6%
                
Blueprint Medicines Corp. (b)
    
25,521
      
2,586,553
  
Collegium Pharmaceutical, Inc. (b)
    
78,725
      
2,294,046
  
Corcept Therapeutics, Inc. (b)
    
17,778
      
1,378,862
  
Mural Oncology PLC (b)
    
77,567
      
203,226
  
Travere Therapeutics, Inc. (b)
    
149,459
      
2,244,874
  
United Therapeutics Corp. (b)
    
2,580
      
822,633
  
             
9,530,194
  
Total Health Care
      
50,695,599
  
TOTAL COMMON STOCKS (Cost $39,497,836)
      
50,695,599
  
                 
EXCHANGE TRADED FUNDS - 1.0%
  
Shares
    
Value
  
F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF (c)
    
10,749
      
538,848
  
TOTAL EXCHANGE TRADED FUNDS (Cost $539,636)
      
538,848
  
                 
TOTAL INVESTMENTS - 100.0% (Cost $40,037,472)
    
$
51,234,447
  
Liabilities in Excess of Other Assets - 0.0% (d)
      
(22,898
)
TOTAL NET ASSETS - 100.0%
          
$
51,211,549
  
two
      
–
%
Percentages are stated as a percent of net assets.
      
–
%

PLC - Public Limited Company

(a)
To the extent that the Fund invests more heavily in a particular industry or sector 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 May 31, 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 May 31, 2025:

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Common Stocks
  
$
50,695,599
    
$
–
    
$
–
    
$
50,695,599
  
  Exchange Traded Funds
    
538,848
      
–
      
–
      
538,848
  
Total Investments
  
$
51,234,447
    
$
–
    
$
–
    
$
51,234,447
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.