Freddie Mac Strips

FolioBeyond Rising Rates ETF

SCHEDULE OF INVESTMENTS at April 30, 2023 (Unaudited)

	Principal Amount		Value
MORTGAGE BACKED SECURITIES ⁽¹⁾ - 105.8%
Federal Home Loan Mortgage Corporation REMICS - 37.0%
2.500%, 5/25/51	$	7,859,302	$	1,168,531
3.000%, 11/25/50		13,111,354		2,134,663
3.000%, 3/25/50		1,370,433		231,121
3.000%, 3/25/51		4,260,285		702,986
3.000%, 6/25/51		2,663,302		398,123
3.000%, 9/25/51		1,963,026		314,039
3.500%, 2/25/51		4,885,468		893,980
3.500%, 4/25/36		6,044,033		649,586
3.500%, 8/25/48		3,874,665		492,721
4.000%, 1/25/49		5,906,125		1,162,698
4.000%, 11/25/51		4,544,110		923,287
4.000%, 4/25/50		4,907,670		1,003,975
4.000%, 5/25/40		4,748,128		739,258
4.000%, 5/25/51		11,202,696		2,448,301
4.000%, 6/25/49		1,169,693		217,915
4.000%, 8/25/50		2,332,742		465,226
4.500%, 10/25/49		4,956,197		1,058,954
4.500%, 10/25/50		4,107,163		829,001
4.500%, 12/25/50		5,642,111		1,318,926
4.500%, 2/25/49		4,334,878		848,572
4.500%, 4/25/51		9,456,965		2,033,195
5.000%, 7/25/47		3,569,233		423,156
5.500%, 10/25/50		4,381,312		990,451
				21,448,665
Federal Home Loan Mortgage Corporation Strips - 0.9%
4.500%, 9/15/48		2,832,709		535,313

Federal National Mortgage Association REMICS - 32.9%
2.500%, 10/25/48		6,429,602		870,369
3.000%, 11/25/51		3,340,403		464,329
3.500%, 11/25/51		1,164,657		206,326
3.500%, 2/25/50		1,814,030		292,741
3.500%, 4/25/50		2,639,608		472,499
3.500%, 5/25/41		1,284,636		191,319
3.500%, 6/25/51		4,123,742		747,892
4.000%, 11/25/50		11,010,713		2,135,043
4.000%, 2/25/51		1,738,370		355,142
4.000%, 5/25/51		22,656,155		4,526,727
4.000%, 7/25/49		8,468,320		1,556,651
4.000%, 7/25/50		2,198,602		437,457
4.000%, 8/25/48		1,873,932		356,019
4.500%, 1/25/51		11,255,636		2,746,584
4.500%, 2/25/48		4,737,177		984,155
4.500%, 3/25/48		4,373,182		654,490
4.500%, 6/25/50		9,684,087		2,096,302
				19,094,045
Government National Mortgage Association - 35.0%
2.500%, 11/20/50		9,882,210		604,759
3.000%, 11/20/46		15,660,715		2,046,748
3.500%, 1/20/52		22,917,716		3,132,109
3.500%, 11/20/48		5,122,128		825,780
3.500%, 4/20/51		5,098,608		807,683
3.500%, 6/20/49		6,275,639		869,403
3.500%, 9/20/51		2,625,212		462,793
4.000%, 1/20/50		6,036,994		637,421
4.000%, 11/20/47		7,018,088		867,636
4.000%, 11/20/50		8,612,106		1,617,821
4.000%, 12/20/50		1,050,314		189,080
4.500%, 1/20/50		9,194,829		1,685,916
4.500%, 10/20/50		9,494,058		1,924,935
4.500%, 2/20/49		4,705,332		897,464
4.500%, 4/20/50		21,290,758		3,282,733
4.500%, 9/20/51		2,472,454		303,237
5.000%, 2/20/50		752,639		141,613
				20,297,131
TOTAL MORTGAGE BACKED SECURITIES
(Cost $56,739,088)				61,375,154


	Shares
SHORT-TERM INVESTMENTS - 0.0% ⁽³⁾
Money Market Funds - 0.0% ⁽³⁾
First American Government Obligations Fund - Class X, 4.725% ⁽²⁾		838		838
TOTAL SHORT-TERM INVESTMENTS
(Cost $838)				838

TOTAL INVESTMENTS IN SECURITIES - 105.8%
(Cost $56,739,926)				61,375,992
Liabilities in Excess of Other Assets - (5.8)%				(3,380,720	)
TOTAL NET ASSETS - 100.0%			$	57,995,272

	⁽¹⁾	Represents an interest-only security that entitles holders to receive only interest payments on underlying mortgages.
	⁽²⁾	The rate shown is the annualized seven-day effective yield as of April 30, 2023.
	⁽³⁾	Does not round to 0.1% or (0.1)%, as applicable.

Summary of Fair Value Exposure at April 30, 2023 (Unaudited)

The FolioBeyond Rising Rates 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 as of April 30, 2023:

Investments in Securities	Level 1		Level 2		Level 3		Total
Mortgage-Backed Securities	$	-	$	61,375,154	$	-	$	61,375,154
Short-Term Investments		838		-		-		838
Total Investments in Securities	$	838	$	61,375,154	$	-	$	61,375,992