Grizzle Growth ETF
Schedule of Investments
as of April 30, 2024 (Unaudited)
| COMMON STOCKS - 99.1% | Shares | Value | ||||||
| Advertising - 1.0% | ||||||||
| The Trade Desk, Inc. - Class A(a) | 1,537 | $ | 127,341 | |||||
| Chemicals - 1.1% | ||||||||
| Arcadium Lithium PLC(a) | 32,454 | 142,798 | ||||||
| Commercial Services - 1.9% | ||||||||
| Cipher Mining, Inc.(a) | 22,369 | 83,213 | ||||||
| DMG Blockchain Solutions, Inc.(a) | 347,608 | 115,123 | ||||||
| Hive Digital Technologies Ltd.(a) | 18,405 | 46,754 | ||||||
| 245,090 | ||||||||
| Computers - 2.2% | ||||||||
| Apple, Inc. | 1,620 | 275,935 | ||||||
| Diversified Financial Services - 1.3% | ||||||||
| Bit Digital, Inc.(a) | 23,340 | 47,497 | ||||||
| Visa, Inc. - Class A | 464 | 124,635 | ||||||
| 172,132 | ||||||||
| Internet - 20.9% | ||||||||
| Airbnb, Inc. - Class A(a) | 3,623 | 574,499 | ||||||
| Alphabet, Inc. - Class A | 5,079 | 826,759 | ||||||
| Amazon.com, Inc.(a) | 2,346 | 410,550 | ||||||
| Meta Platforms, Inc. - Class A | 1,411 | 606,970 | ||||||
| Palo Alto Networks, Inc.(a) | 209 | 60,796 | ||||||
| Robinhood Markets, Inc. - Class A(a) | 11,632 | 191,812 | ||||||
| 2,671,386 | ||||||||
| Investment Companies - 1.5% | ||||||||
| Galaxy Digital Holdings Ltd.(a) | 18,046 | 158,938 | ||||||
| Kobo Resources, Inc.(a) | 100,215 | 28,448 | ||||||
| 187,386 | ||||||||
| Machinery - Construction & Mining - 1.9% | ||||||||
| Vertiv Holdings Co. - Class A | 2,678 | 249,054 | ||||||
| Mining - 14.5% | ||||||||
| Amerigo Resources Ltd. | 464,380 | 584,764 | ||||||
| Anfield Energy, Inc.(a) | 1,236,964 | 67,527 | ||||||
| Canada Nickel Co., Inc.(a) | 59,357 | 62,647 | ||||||
| Cerrado Gold, Inc.(a) | 174,373 | 20,942 | ||||||
| Dolly Varden Silver Corp.(a) | 66,781 | 44,234 | ||||||
| Encore Energy Corp.(a) | 26,326 | 116,098 | ||||||
| Filo Corp.(a) | 3,779 | 67,859 | ||||||
| Hot Chili Ltd.(a) | 651,151 | 521,357 | ||||||
| Laramide Resources Ltd.(a) | 401,033 | 210,171 | ||||||
| Taseko Mines Ltd.(a) | 26,694 | 66,062 | ||||||
| West Red Lake Gold Mines Ltd.(a) | 149,559 | 87,089 | ||||||
| 1,848,750 | ||||||||
| Oil & Gas - 5.0% | ||||||||
| Civitas Resources, Inc. | 3,198 | 230,128 | ||||||
| Range Resources Corp. | 7,518 | 269,971 | ||||||
| Tourmaline Oil Corp. | 2,822 | 138,199 | ||||||
| 638,298 | ||||||||
| Pharmaceuticals - 0.8% | ||||||||
| Compass Pathways PLC - ADR(a) | 11,502 | 98,572 | ||||||
| Semiconductors - 34.4%(b) | ||||||||
| Advanced Micro Devices, Inc.(a) | 4,953 | 784,456 | ||||||
| Applied Materials, Inc. | 724 | 143,823 | ||||||
| ASML Holding NV - NYRS | 639 | 557,508 | ||||||
| NVIDIA Corp. | 2,852 | 2,464,185 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 2,782 | 382,080 | ||||||
| Wolfspeed, Inc.(a) | 2,011 | 54,357 | ||||||
| 4,386,409 | ||||||||
| Software - 12.6% | ||||||||
| Microsoft Corp. | 3,767 | 1,466,606 | ||||||
| Twilio, Inc. - Class A(a) | 2,323 | 139,101 | ||||||
| 1,605,707 | ||||||||
| TOTAL COMMON STOCKS (Cost $10,741,518) | 12,648,858 | |||||||
| SHORT-TERM INVESTMENTS - 1.0% | ||||||||
| Money Market Funds - 1.0% | ||||||||
| First American Government Obligations Fund - Class X, 5.23%(c) | 123,859 | 123,859 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $123,859) | 123,859 | |||||||
| TOTAL INVESTMENTS - 100.1% (Cost $10,865,377) | $ | 12,772,717 | ||||||
| Liabilities in Excess of Other Assets - (0.1)% | (6,561 | ) | ||||||
| TOTAL NET ASSETS - 100.0% | $ | 12,766,156 |
Percentages are stated as a percent of net assets.
| ADR - American Depositary Receipt |
| NV - Naamloze Vennootschap |
| NYRS – New York Registry Shares |
| PLC - Public Limited Company |
| (a) | Non-income producing security. | |
| (b) | To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors. | |
| (c) | 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:
Grizzle Growth ETF | |||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks(a) | $ | 12,648,858 | $ | — | $ | — | $ | 12,648,858 | ||||||||
| Money Market Funds | 123,859 | — | — | 123,859 | ||||||||||||
| Total Assets | $ | 12,772,717 | $ | — | $ | — | $ | 12,772,717 | ||||||||
(a) Refer to the Schedule of Investments for industry classifications.