Aztlan Global Stock Selection DM SMID ETF
Schedule of Investments
as of April 30, 2024 (Unaudited)
| COMMON STOCKS - 99.1% | Shares | Value | ||||||
| Auto Parts & Equipment - 4.3% | ||||||||
| Toyo Tire Corporation | 65,472 | $ | 1,242,331 | |||||
| Banks - 4.2% | ||||||||
| Rakuten Bank Ltd.(a) | 59,831 | 1,218,558 | ||||||
| Chemicals - 11.0% | ||||||||
| Evonik Industries AG | 51,501 | 1,076,299 | ||||||
| Olin Corp. | 17,323 | 905,647 | ||||||
| Resonac Holdings Corp. | 55,638 | 1,211,297 | ||||||
| 3,193,243 | ||||||||
| Commercial Services - 3.7% | ||||||||
| Wise PLC - Class A(a) | 110,472 | 1,074,108 | ||||||
| Diversified Financial Services - 3.1% | ||||||||
| Evercore, Inc. - Class A | 4,990 | 905,685 | ||||||
| Electric - 4.3% | ||||||||
| Hokkaido Electric Power Co., Inc. | 172,473 | 1,229,719 | ||||||
| Electrical Components & Equipment - 7.3% | ||||||||
| Encore Wire Corp. | 3,216 | 898,422 | ||||||
| GS Yuasa Corp. | 64,674 | 1,224,928 | ||||||
| 2,123,350 | ||||||||
| Electronics - 4.3% | ||||||||
| Dexerials Corp. | 32,504 | 1,230,015 | ||||||
| Engineering & Construction - 3.7% | ||||||||
| Maire Tecnimont SpA | 128,555 | 1,070,799 | ||||||
| Entertainment - 6.8% | ||||||||
| Cinemark Holdings, Inc.(a) | 52,856 | 905,952 | ||||||
| CTS Eventim AG & Co. KGaA | 12,046 | 1,071,637 | ||||||
| 1,977,589 | ||||||||
| Food - 7.4% | ||||||||
| Marks & Spencer Group PLC | 333,346 | 1,067,702 | ||||||
| NH Foods Ltd. | 32,458 | 1,069,455 | ||||||
| 2,137,157 | ||||||||
| Gas - 3.1% | ||||||||
| Southwest Gas Holdings, Inc. | 12,118 | 904,245 | ||||||
| Healthcare-Products - 7.9% | ||||||||
| Ansell Ltd. | 72,125 | 1,198,493 | ||||||
| DiaSorin SpA | 10,645 | 1,080,628 | ||||||
| 2,279,121 | ||||||||
| Healthcare-Services - 3.6% | ||||||||
| HealthEquity, Inc.(a) | 13,377 | 1,055,579 | ||||||
| Internet - 7.1% | ||||||||
| CyberAgent, Inc. | 182,865 | 1,150,074 | ||||||
| Maplebear, Inc.(a) | 26,313 | 898,063 | ||||||
| 2,048,137 | ||||||||
| Oil & Gas - 3.7% | ||||||||
| Rubis SCA | 30,874 | 1,072,897 | ||||||
| Retail - 6.8% | ||||||||
| Gap, Inc. | 44,039 | 903,680 | ||||||
| Zalando SE(a) | 40,599 | 1,070,508 | ||||||
| 1,974,188 | ||||||||
| Software - 6.8% | ||||||||
| Darktrace PLC(a) | 142,491 | 1,074,798 | ||||||
| Teradata Corp.(a) | 23,908 | 886,987 | ||||||
| 1,961,785 | ||||||||
| TOTAL COMMON STOCKS (Cost $28,295,021) | 28,698,506 | |||||||
| SHORT-TERM INVESTMENTS - 0.2% | ||||||||
| Money Market Funds - 0.2% | ||||||||
| First American Government Obligations Fund - Class X, 5.23%(b) | 50,909 | 50,909 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $50,909) | 50,909 | |||||||
| TOTAL INVESTMENTS - 99.3% (Cost $28,345,930) | $ | 28,749,415 | ||||||
| Other Assets in Excess of Liabilities - 0.7% | 191,512 | |||||||
| TOTAL NET ASSETS - 100.0% | $ | 28,940,927 |
Percentages are stated as a percent of net assets.
AG – Aktiengesellschaft
KGaA - Kommanditgesellschaft auf Aktien
PLC - Public Limited Company
SCA - Société en commandite par actions
SE - Societas Europaea
SpA - Sociedad por Acciones
| (a) | Non-income producing security. |
| (b) | The rate shown represents the annualized 7-day effective yield as of April 30, 2024. |
Summary of Fair Value Exposure at April 30, 2024 (Unaudited)
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, 2024:
Aztlan Global Stock Selection DM SMID ETF |
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks(a) | $ | 28,698,506 | $ | — | $ | — | $ | 28,698,506 | ||||||||
| Money Market Funds | 50,909 | — | — | 50,909 | ||||||||||||
| Total Assets | $ | 28,749,415 | $ | — | $ | — | $ | 28,749,415 | ||||||||
(a) Refer to the Schedule of Investments for industry classifications.