GlacierShares Nasdaq Iceland ETF
  
Schedule of Investments
  
September 30, 2025 (Unaudited)
  
   
COMMON STOCKS - 99.0%
  
Shares
    
Value
 
Canada - 3.9%
        
Amaroq Ltd. (a)
    
31,221
    
$
30,263
  
                   
Faroe Islands - 4.5%
          
Bakkafrost P/F
    
761
      
34,886
  
                   
Iceland - 60.9%(b)
          
Arion Banki HF (c)
    
65,085
      
95,058
  
Eik fasteignafelag HF
    
60,363
      
6,874
  
Eimskipafelag Islands HF
    
4,165
      
11,960
  
Embla Medical HF (a)
    
4,867
      
23,826
  
Festi HF
    
10,860
      
27,063
  
Hagar HF
    
26,174
      
23,109
  
Hampidjan HF
    
23,978
      
24,138
  
Heimar HF
    
73,241
      
21,031
  
Icelandair Group HF (a)
    
1,489,542
      
13,766
  
Islandsbanki HF
    
101,482
      
102,160
  
Kaldalon HF (a)
    
39,333
      
7,789
  
Kvika banki HF
    
212,260
      
31,439
  
Nova Klubburinn HF
    
157,636
      
6,269
  
Olgerdin Egill Skallagrims HF (a)
    
114,318
      
16,791
  
Reitir fasteignafelag HF
    
26,279
      
25,154
  
Siminn HF
    
85,995
      
9,225
  
Sjova-Almennar Tryggingar HF
    
26,506
      
9,098
  
Skagi HF
    
73,297
      
10,887
  
Skel fjarfestingafelag HF
    
44,318
      
6,107
  
             
471,744
  
                   
Luxembourg - 8.7%
          
Alvotech SA (a)
    
8,255
      
67,608
  
                   
Norway - 10.7%
          
Aker BioMarine ASA (a)
    
105
      
976
  
Austevoll Seafood ASA
    
487
      
4,637
  
Grieg Seafood ASA (a)
    
260
      
1,728
  
Leroy Seafood Group ASA
    
1,333
      
6,581
  
Mowi ASA
    
1,615
      
34,120
  
Salmar ASA
    
640
      
34,188
  
Salmon Evolution ASA (a)
    
2,222
      
1,127
  
             
83,357
  
                   
Switzerland - 5.7%
          
Oculis Holding AG (a)
    
2,492
      
44,183
  
                   
United States - 4.6%
          
JBT Marel Corp.
    
254
      
35,674
  
TOTAL COMMON STOCKS (Cost $694,870)
      
767,715
  
                   
TOTAL INVESTMENTS - 99.1% (Cost $694,870)
      
767,715
  
Money Market Deposit Account - 0.9% (d)
      
7,148
  
Other Assets in Excess of Liabilities - 0.0% (e)
      
237
  
TOTAL NET ASSETS - 100.0%
0.0%
    
0.0
%
  
$
775,100
  

     

Percentages are stated as a percent of net assets.
      


(a)
Non-income producing security.
(b)
To the extent that the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting such country or region.
(c)
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 September 30, 2025, the value of these securities total $95,058 or 12.3% of the Fund’s net assets.
(d)
The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of September 30, 2025, was 3.95%.
(e)
Represents less than 0.05% of net assets.
Summary of Fair Value Disclosure as of September 30, 2025 (Unaudited)
 
GlacierShares Nasdaq Iceland 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 September 30, 2025:
 

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Common Stocks
  
$
760,841
    
$
6,874
    
$
–
    
$
767,715
  
Total Investments
  
$
760,841
    
$
6,874
    
$
–
    
$
767,715