Relative Strength Managed Volatility Strategy ETF
  
Schedule of Investments
  
September 30, 2025 (Unaudited)
  
   
COMMON STOCKS - 90.4%
  
Shares
    
Value
 
Banking - 6.8%
        
Bank of America Corp.
    
19,589
    
$
1,010,596
  
JPMorgan Chase & Co.
    
3,264
      
1,029,564
  
Wells Fargo & Co.
    
12,259
      
1,027,549
  
             
3,067,709
  
                   
Consumer Staple Products - 6.7%
          
PepsiCo, Inc.
    
7,207
      
1,012,151
  
Philip Morris International, Inc.
    
6,266
      
1,016,345
  
Procter & Gamble Co.
    
6,440
      
989,506
  
             
3,018,002
  
                   
Financial Services - 11.2%
          
American Express Co.
    
2,979
      
989,505
  
Blackrock, Inc.
    
892
      
1,039,956
  
Goldman Sachs Group, Inc.
    
1,266
      
1,008,179
  
Morgan Stanley
    
6,371
      
1,012,734
  
S&P Global, Inc.
    
2,011
      
978,774
  
             
5,029,148
  
                   
Health Care - 11.7%
          
AbbVie, Inc.
    
4,588
      
1,062,305
  
Intuitive Surgical, Inc. (a)
    
2,346
      
1,049,202
  
Johnson & Johnson
    
5,809
      
1,077,105
  
Merck & Co., Inc.
    
12,474
      
1,046,943
  
Thermo Fisher Scientific, Inc.
    
2,119
      
1,027,757
  
             
5,263,312
  
                   
Industrial Products - 7.0%
          
Caterpillar, Inc.
    
2,184
      
1,042,096
  
General Electric Co.
    
3,432
      
1,032,414
  
RTX Corp.
    
6,454
      
1,079,948
  
             
3,154,458
  
                   
Media - 8.8%
          
Alphabet, Inc. - Class A
    
8,079
      
1,964,005
  
Meta Platforms, Inc. - Class A
    
1,296
      
951,757
  
Uber Technologies, Inc. (a)
    
10,753
      
1,053,471
  
             
3,969,233
  
                   
Oil & Gas - 4.5%
          
Chevron Corp.
    
6,399
      
993,701
  
Exxon Mobil Corp.
    
8,915
      
1,005,166
  
             
1,998,867
  
                   
Retail & Wholesale - Discretionary - 4.3%
          
Amazon.com, Inc. (a)
    
4,384
      
962,595
  
Home Depot, Inc.
    
2,431
      
985,017
  
             
1,947,612
  
                   
Retail & Wholesale - Staples - 2.2%
          
Costco Wholesale Corp.
    
1,067
      
987,647
  
                   
Software & Technology Services - 13.5%
          
Accenture PLC - Class A
    
4,244
      
1,046,570
  
Adobe, Inc. (a)
    
2,769
      
976,765
  
Intuit, Inc.
    
1,493
      
1,019,585
  
Microsoft Corp.
    
1,999
      
1,035,382
  
Oracle Corp.
    
3,411
      
959,310
  
Palantir Technologies, Inc. - Class A (a)
    
5,719
      
1,043,260
  
             
6,080,872
  
                   
Technology Hardware & Semiconductors - 11.5%
          
Advanced Micro Devices, Inc. (a)
    
6,441
      
1,042,089
  
Apple, Inc.
    
4,279
      
1,089,562
  
Broadcom, Inc.
    
2,942
      
970,595
  
NVIDIA Corp.
    
5,745
      
1,071,902
  
QUALCOMM, Inc.
    
6,105
      
1,015,628
  
             
5,189,776
  
                   
Telecommunications - 2.2%
          
AT&T, Inc.
    
34,851
      
984,192
  
TOTAL COMMON STOCKS (Cost $38,365,503)
      
40,690,828
  
                   
EXCHANGE TRADED FUNDS - 9.1%
  
Shares
    
Value
 
SPDR Portfolio Short Term Treasury ETF
    
140,748
      
4,126,731
  
TOTAL EXCHANGE TRADED FUNDS (Cost $4,108,932)
      
4,126,731
  
                   
TOTAL INVESTMENTS - 99.5% (Cost $42,474,435)
      
44,817,559
  
Money Market Deposit Account - 0.5% (b)
      
233,696
  
Liabilities in Excess of Other Assets - (0.0)% (c)
      
(22,821
)
TOTAL NET ASSETS - 100.0%
0.0%
    
0.0
%
  
$
45,028,434
  

     

Percentages are stated as a percent of net assets.
      


PLC - Public Limited Company

(a)
Non-income producing security.
(b)
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%.
(c)
Represents less than (0.05)% of net assets.
Summary of Fair Value Disclosure as of September 30, 2025 (Unaudited)
 
Relative Strength Managed Volatility Strategy 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
  
$
40,690,828
    
$
–
    
$
–
    
$
40,690,828
  
  Exchange Traded Funds
    
4,126,731
      
–
      
–
      
4,126,731
  
Total Investments
  
$
44,817,559
    
$
–
    
$
–
    
$
44,817,559
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.