NPORT-EX 2 opportunistic.htm NPORT-EX Document


F/m Opportunistic Income ETF
Schedule of Investments
May 31, 2026 (Unaudited)

COLLATERALIZED MORTGAGE OBLIGATIONS - 30.9%
Par  

Value  
Chase Mortgage Finance Corp.
Series 2023-1, Class A4, 6.00%, 06/25/2054 (a)(b)

    $        546,531

    $        549,331
Series 2025-2, Class A4A, 5.50%, 12/25/2055 (a)(b)

             911,714

             913,457
Citigroup Mortgage Loan Trust, Inc., Series 2024-INV2, Class A3B, 6.50%, 06/25/2054 (a)(b)

             356,737

             365,961
DC Commercial Mortgage Trust, Series 2023-DC, Class B, 6.80%, 09/12/2040 (a)

             1,030,000

             1,045,819
Federal National Mortgage Association
Series 2024-25, Class AD, 5.00%, 03/25/2044

             951,804

             954,652
Series 2024-26, Class AB, 5.00%, 04/25/2050

             506,815

             508,436
Government National Mortgage Association
Series 2023-131, Class BT, 4.00%, 03/20/2049

             768,587

             750,835
Series 2025-178, Class GP, 6.50%, 08/20/2055

             964,185

             978,726
Series 2026-30, Class QE, 6.00%, 12/20/2055

             992,322

             1,005,424
JP Morgan Mortgage Trust
Series 2019-HYB1, Class B3, 5.11%, 10/25/2049 (a)(b)

             325,354

             326,227
Series 2022-6, Class A12, 3.00%, 11/25/2052 (a)(b)

             465,952

             446,646
Series 2024-12, Class A4, 6.00%, 06/25/2055 (a)(b)

             736,482

             739,962
Mastr Seasoned Securities Trust, Series 2005-1, Class 1A1, 5.71%, 09/25/2032 (b)

             209,460

             191,273
MTN Commercial Mortgage Trust, Series 2026-LPFX, Class A, 5.15%, 05/15/2043 (a)(b)

             1,000,000

             993,406
Provident Funding Mortgage Trust
Series 2025-1, Class A3, 5.50%, 02/25/2055 (a)(b)

             725,717

             727,167
Series 2025-2, Class A4, 5.50%, 06/25/2055 (a)(b)

             1,022,568

             1,023,341
RCKT Mortgage Trust, Series 2024-INV1, Class A1, 6.50%, 06/25/2054 (a)(b)

             471,821

             484,019
Sequoia Mortgage Trust, Series 2024-8, Class A20, 5.50%, 09/25/2054 (a)(b)

             602,081

             598,096
WaMu Mortgage Pass Through Certificates
Series 2004-AR13, Class A1A, 4.42% (1 mo. Term SOFR + 0.83%), 11/25/2034

             258,113

             255,366
Series 2005-AR2, Class 1A1A, 4.36% (1 mo. Term SOFR + 0.77%), 01/25/2045

             750,866

             755,842
Series 2005-AR2, Class 2A23, 4.46% (1 mo. Term SOFR + 0.87%), 01/25/2045

             320,571

             333,227
Wells Fargo Mortgage Backed Securities Trust, Series 2004-K, Class 2A6, 6.41%, 07/25/2034 (b)

             159,467

             159,664
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $14,076,312)

             14,106,877






CORPORATE BONDS - 22.6%
Par  

Value  
Communications - 1.0%
RD Michigan Property Owner I LLC, 7.50%, 03/30/2045 (a)

             450,000

             451,054






Consumer Discretionary - 1.7%
American Airlines 2017-1 Class A Pass Through Trust, Series 2017-1, 4.00%, 02/15/2029

             136,200

             131,395
Ford Motor Co., 3.25%, 02/12/2032

             742,000

             657,515


             788,910






Consumer Staples - 1.5%
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC, 4.75%, 01/15/2029 (a)

             693,000

             673,402






Energy - 4.5%
Coterra Energy Operating Co., 4.38%, 03/15/2029

             263,000

             256,515
Phillips 66 Partners LP
3.55%, 10/01/2026

             58,000

             57,569
3.75%, 03/01/2028

             750,000

             728,858
3.15%, 12/15/2029

             408,000

             376,574
Transcanada Trust, 5.88% to 08/15/2026 then 3 mo. LIBOR USD + 4.64%, 08/15/2076 (c)

             635,000

             636,132


             2,055,648






Financials - 7.4%
Antares Holdings LP, 6.35%, 10/23/2029 (a)

             1,050,000

             1,052,844


Ares Capital Corp., 5.80%, 03/08/2032 (d)

             882,000

             876,893
Athene Holding Ltd., 6.88% (5 yr. CMT Rate + 2.58%), 06/28/2055

             807,000

             779,679
Bank of New York Mellon Corp., 3.75% to 12/20/2026 then 5 yr. CMT Rate + 2.63%, Perpetual

             663,000

             656,133


             3,365,549






Health Care - 1.9%
CVS Pass-Through Trust
7.51%, 01/10/2032 (a)

             718,129

             755,091
5.77%, 01/10/2033 (a)

             125,858

             125,767


             880,858






Industrials - 1.8%
GXO Logistics, Inc., 6.25%, 05/06/2029

             800,000

             827,192






Information Technology - 1.4%
Kyndryl Holdings, Inc., 6.35%, 02/20/2034 (d)

             674,000

             645,004






Utilities - 1.4%
Sempra, 4.13% to 04/01/2027 then 5 yr. CMT Rate + 2.87%, 04/01/2052

             666,000

             657,696
TOTAL CORPORATE BONDS (Cost $10,304,922)

             10,345,313






EXCHANGE TRADED FUNDS - 18.7%

Shares  

Value  
F/m 3-Year Investment Grade Corporate Bond ETF (e)

            74,230

             3,762,118
F/m High Yield 100 ETF (e)

            88,308

             4,584,068
F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF (e)

            4,398

             219,900
TOTAL EXCHANGE TRADED FUNDS (Cost $8,584,554)

             8,566,086






U.S. TREASURY SECURITIES - 9.9%
Par  

Value  
United States Treasury Note/Bond
3.88%, 05/15/2029

             771,000

             767,386
4.13%, 05/31/2031

             2,563,000

             2,561,698
4.25%, 05/31/2033

             1,207,000

             1,204,784
TOTAL U.S. TREASURY SECURITIES (Cost $4,533,658)

             4,533,868






ASSET-BACKED SECURITIES - 9.2%
Par  

Value  
ACE Securities Corp., Series 2003-NC1, Class A2A, 4.54% (1 mo. Term SOFR + 0.95%), 07/25/2033

             234,621

             209,038
Argent Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2004-W10, Class A2, 3.72% (1 mo. Term SOFR + 0.89%), 10/25/2034

             199,354

             188,003
DB Master Finance Parent LLC, Series 2021-1A, Class A2I, 2.05%, 11/20/2051 (a)

             477,500

             471,791
Flagship Credit Auto Trust, Series 2021-3, Class D, 1.65%, 09/15/2027 (a)

             699,473

             692,249
Jack in the Box, Inc., Series 2022-1A, Class A2I, 3.45%, 02/26/2052 (a)

             581,025

             564,160
JP Morgan Mortgage Trust, Series 2025-CES2, Class A1, 5.59%, 06/25/2055 (a)(b)

             671,345

             672,969
Long Beach Mortgage Loan Trust, Series 2003-4, Class AV1, 4.32% (1 mo. Term SOFR + 0.73%), 08/25/2033

             445,991

             437,259
QTS Issuer ABS I LLC, Series 2025-1A, Class A2, 5.44%, 05/25/2055 (a)

             500,000

             497,060
SBA Depositor LLC, Series 2021-3, 2.59%, 10/15/2031 (a)

             519,000

             457,774
TOTAL ASSET-BACKED SECURITIES (Cost $4,172,673)

             4,190,303






MORTGAGE-BACKED SECURITIES - 5.0%
Par  

Value  
BX Trust
Series 2024-VLT4, Class B, 5.57% (1 mo. Term SOFR + 1.94%), 06/15/2041 (a)

             479,750

             479,750
Series 2025-ROIC, Class A, 4.77% (1 mo. Term SOFR + 1.14%), 03/15/2030 (a)

             481,977

             481,166
Extended Stay America Trust, Series 2025-ESH, Class B, 5.23% (1 mo. Term SOFR + 1.60%), 10/15/2042 (a)

             481,567

             481,976
Federal National Mortgage Association, Pool MA4626, 4.00%, 06/01/2052

             893,902

             841,075
TOTAL MORTGAGE-BACKED SECURITIES (Cost $2,294,513)

             2,283,967






MUNICIPAL BONDS - 3.2%
Par  

Value  
Northwest Independent School District, 5.25%, 02/15/2055

             700,000

             740,995


Princeton Independent School District, 5.00%, 02/15/2054

             685,000

             704,745
TOTAL MUNICIPAL BONDS (Cost $1,432,109)

             1,445,740






SHORT-TERM INVESTMENTS
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 3.2%
Units  

Value  
Mount Vernon Liquid Assets Portfolio, LLC, 3.74% (f)

            1,457,399

             1,457,399
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $1,457,399)

             1,457,399






TOTAL INVESTMENTS - 102.7% (Cost $46,856,140)

             46,929,553
Liabilities in Excess of Other Assets - (2.7)%
(0.02684)
            (1,226,497)
TOTAL NET ASSETS - 100.0%




    $        45,703,056


Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.




CMT - Constant Maturity Treasury
LIBOR - London Interbank Offered Rate
SOFR - Secured Overnight Financing Rate
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.




(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 May 31, 2026, the value of these securities total $16,070,485 or 35.2% of the Fund’s net assets.
(b)

Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of May 31, 2026.
(c)

Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date.
(d)

All or a portion of this security is on loan as of May 31, 2026. The fair value of these securities was $1,436,182.
(e)

Affiliated security as defined by the Investment Company Act of 1940.
(f)

The rate shown represents the 7-day annualized yield as of May 31, 2026.




























Summary of Fair Value Disclosure as of May 31, 2026 (Unaudited)
 
F/m Opportunistic Income 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, 2026:



Level 1

Level 2

Level 3

Total
Investments:







  Collateralized Mortgage Obligations
    $        –

    $        14,106,877

    $        –

    $        14,106,877
  Corporate Bonds
            –

            10,345,313

            –

            10,345,313
  Exchange Traded Funds
            8,566,086

            –

            –

            8,566,086
  U.S. Treasury Securities
            –

            4,533,868

            –

            4,533,868
  Asset-Backed Securities
            –

            4,190,303

            –

            4,190,303
  Mortgage-Backed Securities
            –

            2,283,967

            –

            2,283,967
  Municipal Bonds
            –

            1,445,740

            –

            1,445,740
  Investments Purchased with Proceeds from Securities Lending(a)
            –

            –

            –

            1,457,399
Total Investments
    $        8,566,086

    $        36,906,068

    $        –

    $        46,929,553

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 presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.