UPAR ULTRA RISK PARITY ETF
SCHEDULE OF INVESTMENTS at March 31, 2023 (Unaudited)
	Shares		Value
Common Stocks - 19.8%
Biotechnology - 0.4%
Corteva, Inc.		4,944	$	298,173
Building Materials - 0.1%
Geberit AG		116		64,657
Chemicals - 1.5%
CF Industries Holdings, Inc.		1,290		93,512
Ecolab, Inc.		951		157,419
FMC Corp.		883		107,841
K+S AG		1,535		32,679
The Mosaic Co.		2,274		104,331
Nutrien Ltd.		3,363		248,022
OCI N.V.		1,317		44,728
PhosAgro PJSC - GDR (1)		1,126		0
Sociedad Quimica y Minera de Chile S.A. - ADR		1,785		144,692
Yara International ASA		1,748		75,758
				1,008,982
Distribution & Wholesale - 0.1%
Ferguson PLC		677		89,148
Electronics - 0.1%
Halma PLC		1,373		37,840
Energy - Alternate Sources - 1.0%
Enphase Energy, Inc. (2)		675		141,939
First Solar, Inc. (2)		598		130,065
Ming Yang Smart Energy Group Ltd. - GDR (2)		17		276
Plug Power, Inc. (2)		4,300		50,396
SolarEdge Technologies, Inc. (2)		313		95,137
Vestas Wind Systems A/S		6,269		181,947
Xinyi Solar Holdings Ltd.		48,802		58,501
				658,261
Food - 0.2%
Mowi ASA		3,695		68,233
Salmar ASA		795		34,599
				102,832
Iron & Steel - 1.1%
Fortescue Metals Group Ltd.		18,549		279,399
Mineral Resources Ltd.		1,134		61,208
Vale S.A. - ADR		26,041		410,927
				751,534
Machinery - Diversified - 2.2%
AGCO Corp.		440		59,488
CNH Industrial NV - Class A		9,431		144,011
Deere & Co.		2,131		879,847
Husqvarna AB		3,790		32,836
IDEX Corp.		252		58,220
Kubota Corp.		8,174		122,773
The Toro Co.		762		84,704
Xylem, Inc.		617		64,600
				1,446,479
Mining - 5.9%
Allkem Ltd. (2)		3,795		30,195
Anglo American PLC		7,171		237,446
Antofagasta PLC		5,791		113,204
BHP Group Ltd. - ADR		14,874		943,160
Boliden AB		1,725		67,839
Cameco Corp.		2,378		62,185
China Molybdenum Co. Ltd. - Class H (2)		171,993		104,073
First Quantum Minerals Ltd.		3,797		87,171
Freeport-McMoRan, Inc.		8,022		328,180
Glencore PLC		71,100		408,436
IGO Ltd.		4,568		39,069
Ivanhoe Mines Ltd. (2)		6,135		55,350
Jiangxi Copper Co. Ltd. - H Shares		27,964		47,379
Lundin Mining Corp.		4,858		32,953
MMC Norilsk Nickel PJSC - ADR (1)		3,990		0
MP Materials Corp. (2)		1,155		32,559
NAC Kazatomprom JSC - GDR		1,820		53,690
OZ Minerals Ltd.		2,085		39,254
Pilbara Minerals Ltd.		20,289		53,539
Rio Tinto PLC - ADR		9,532		653,895
South32 Ltd.		29,807		87,240
Southern Copper Corp.		4,021		306,601
Sumitomo Metal Mining Co. Ltd.		1,892		71,776
Teck Resources Ltd. - Class B		2,678		97,653
				3,952,847
Oil & Gas - 6.9%
Aker BP ASA		1,444		35,338
APA Corp.		535		19,292
BP PLC - ADR		6,494		246,382
Canadian Natural Resources Ltd.		2,126		117,489
Cenovus Energy, Inc.		4,270		74,398
Chevron Corp.		4,019		655,740
ConocoPhillips		2,798		277,590
Coterra Energy, Inc.		1,563		38,356
Devon Energy Corp.		1,367		69,184
Diamondback Energy, Inc.		429		57,988
Ecopetrol S.A. - ADR		3,501		36,970
Eni S.p.A - ADR		4,101		114,828
EOG Resources, Inc.		1,141		130,793
EQT Corp.		819		26,134
Equinor ASA - ADR		6,813		193,694
Exxon Mobil Corp.		8,932		979,483
Gazprom PJSC - ADR (1)		11,925		0
Hess Corp.		610		80,727
Imperial Oil Ltd.		1,352		68,661
Inpex Corp.		3,048		31,994
LUKOIL PJSC - ADR (1)		818		0
Marathon Oil Corp.		1,362		32,633
Novatek PJSC - GDR (1)		329		0
Occidental Petroleum Corp.		1,817		113,435
OMV AG		627		28,788
Pioneer Natural Resources Co.		570		116,417
Repsol S.A.		3,326		51,258
Rosneft Oil Co PJSC - GDR (1)		10,479		0
Santos Ltd. - ADR		7,820		35,816
Shell PLC - ADR		7,382		424,760
Suncor Energy, Inc.		3,065		95,029
Total S.A. - ADR		5,452		321,941
Tourmaline Oil Corp.		587		24,428
Woodside Energy Group Ltd.		4,242		94,722
				4,594,268
Water - 0.3%
American Water Works Co., Inc.		635		93,021
Essential Utilities, Inc.		962		41,991
Veolia Environnement S.A.		2,655		81,921
				216,933
Total Common Stocks
(Cost $14,459,446)				13,221,954
Exchange Traded Funds - 24.9%
SPDR Gold MiniShares Trust (2)		246,893		9,655,985
Vanguard FTSE Developed Markets ETF		36,192		1,634,793
Vanguard FTSE Emerging Markets ETF		81,024		3,273,369
Vanguard Extended Market ETF		15,338		2,150,388
Total Exchange Traded Funds
(Cost $16,053,544)				16,714,535
	Principal Amount
United States Treasury Obligations - 48.1%
United States Treasury Inflation Indexed Bonds - 48.1%
2.125%, 2/15/2040	$	589,648		651,557
2.125%, 2/15/2041		3,039,639		3,357,613
0.750%, 2/15/2042		3,744,244		3,272,213
0.625%, 2/15/2043		4,145,751		3,503,589
1.375%, 2/15/2044		3,930,598		3,812,911
0.750%, 2/15/2045		4,273,827		3,643,920
1.000%, 2/15/2046		3,380,034		3,026,648
0.875%, 2/15/2047		3,346,245		2,899,279
1.000%, 2/15/2048		3,342,366		2,977,087
1.000%, 2/15/2049		2,130,509		1,894,519
0.250%, 2/15/2050		2,078,297		1,509,901
0.125%, 2/15/2051		1,066,365		740,201
0.125%, 2/15/2052		1,250,951		870,041
1.500%, 2/15/2053		100,645		102,084
Total United States Treasury Obligations
(Cost $31,212,596)				32,261,563
	Shares
Short-Term Investments - 2.1%
Money Market Funds - 2.1%
First American Government Obligations Fund, Class X, 4.650% (3)		1,378,806		1,378,806
Total Short-Term Investments
(Cost $1,378,806)				1,378,806
Total Investments in Securities - 94.9%
(Cost $63,104,392)				63,576,858
Other Assets in Excess of Liabilities - 5.1%				3,450,353
Total Net Assets - 100.0%			$	67,027,211

ADR	American Depositary Receipt
GDR	Global Depositary Receipt
(1)	The Level 3 securities (Common Stocks) are fair valued at $0 due to a halt in trading of Russian securities as a result of the ongoing Ukrainian/Russian conflict and the Russian markets being currently uninvestible.
(2)	Non-income producing security.
(3)	The rate shown is the annualized seven-day effective yield as of March 31, 2023.

SCHEDULE OF FUTURES CONTRACTS at March 31, 2023 (Unaudited)
The UPAR Ultra Risk Parity ETF (the “Fund”) had the following futures contracts outstanding with PhillipCapital Inc.
					Unrealized
	Number of		Notional		Appreciation		Notional
Long Futures Contracts Outstanding	Contracts		Amount		(Depreciation)		Value
CME Group E-Mini S&P 500 Index Future (6/16/2023)		447	$	8,715,263	$	532,608	$	9,247,871
MSCI Emerging Markets Index Future (6/16/2023)		72		3,454,398		129,402		3,583,800
MSCI EAFE Index Future (6/16/2023)		28		2,809,256		125,844		2,935,100
10-Year U.S. Treasury Note Future (6/21/2023)		140		15,636,922		452,141		16,089,063
Ultra Long-Term U.S. Treasury Bond Future (6/21/2023)		116		15,693,020		677,480		16,370,500
			$	46,308,859	$	1,917,475	$	48,226,334

Summary of Fair Value Exposure at March 31, 2023 (Unaudited)

The UPAR Ultra Risk Parity ETF (the “Fund”) utilizes various methods to measure the fair value of its investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

• 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 spreads, 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 inputs used to value the Fund’s investments and other financial instruments as of March 31, 2023:

Investments in Securities	Level 1		Level 2		Level 3			Total
Common Stocks (1)	$	13,221,954	$	–	$	0	(2)	$	13,221,954
Exchange Traded Funds		16,714,535		-		-			16,714,535
United States Treasury Obligations (3)		-		32,261,563		-			32,261,563
Short-Term Investments		1,378,806		-		-			1,378,806
Total Investments in Securities	$	31,315,295	$	32,261,563	$	0		$	63,576,858
Other Financial Instruments (4)
Futures Contracts	$	1,917,475	$	-	$	-		$	1,917,475
	Common Stocks (2)
Balance as of December 31, 2022	$	0
Accrued discounts/premiums		-
Realized gain (loss)		-
Change in unrealized appreciation/depreciation		-
Purchases		-
Sales		-
Transfer into and/or out of Level 3		-
Balance as of March 31, 2023	$	0
Change in unrealized appreciation/depreciation during the period for Level 3 investments held at March 31, 2023:	$	0
(1) See Schedule of Investments for the industry breakout.
(2) The Level 3 securities (Common Stocks) are fair valued at $0 due to a halt in trading of Russian securities as a result of the ongoing Ukrainian/Russian conflict and the Russian markets being currently uninvestible.
(3) See Schedule of Investments for the security type breakout.
(4) Other Financial Instruments are derivative instruments not reflected in the Schedule of Investments, such as futures contracts, which are presented at the unrealized appreciation/depreciation on the investment.