Form: NPORT-P

Monthly Portfolio Investments Report on Form N-PORT (Public)

November 24, 2025

Documents

Palmer
Square
CLO
Senior
Debt
ETF
SCHEDULE
OF
INVESTMENTS
As
of
September
30,
2025
(Unaudited)
1
Principal
Amount
Value
COLLATERALIZED
LOAN
OBLIGATIONS
—
100.0%
AGL
CLO
Ltd.
Series
2021-13A-A1R
5.373%
(3-Month
Term
SOFR
+
110
basis
points),
10/20/2034
1,2,3
1,000,000
$
1,001,231
AIMCO
CLO
Ltd.
Series
2024-22A-A
5.825%
(3-Month
Term
SOFR
+
150
basis
points),
4/19/2037
1,2,3
850,000
853,029
Apidos
CLO
Ltd.
Series
2018-18A-A1R2
5.662%
(3-Month
Term
SOFR
+
133
basis
points),
1/22/2038
1,2,3
1,000,000
1,004,442
Ares
CLO
Ltd.
Series
2015-2A-A1R4
5.527%
(3-Month
Term
SOFR
+
129
basis
points),
7/17/2038
1,2,3
1,000,000
1,003,050
Bain
Capital
Credit
CLO
Ltd.
Series
2019-2A-AR3
5.242%
(3-Month
Term
SOFR
+
92
basis
points),
10/17/2032
1,2,3
903,262
904,106
Series
2022-2A-A1R
5.482%
(3-Month
Term
SOFR
+
115
basis
points),
4/22/2035
1,2,3
750,000
751,498
Series
2023-1A-A1R
5.725%
(3-Month
Term
SOFR
+
140
basis
points),
7/16/2038
1,2,3
1,000,000
1,005,750
Series
2023-3A-A1R
5.514%
(3-Month
Term
SOFR
+
131
basis
points),
10/24/2038
1,2,3
1,000,000
1,005,000
Barings
CLO
Ltd.
Series
2022-4A-A1R
5.685%
(3-Month
Term
SOFR
+
136
basis
points),
10/20/2037
1,2,3
1,000,000
1,004,499
Battalion
CLO
Ltd.
Series
2017-11A-AR2
5.449%
(3-Month
Term
SOFR
+
113
basis
points),
4/24/2034
1,2,3
1,000,000
999,997
Benefit
Street
Partners
CLO
Ltd.
Series
2014-IVA-AR5
5.204%
(3-Month
Term
SOFR
+
125
basis
points),
10/20/2038
1,2,3
1,000,000
1,002,717
Series
2024-37A-A
5.668%
(3-Month
Term
SOFR
+
135
basis
points),
1/25/2038
1,2,3
500,000
502,465
Series
2025-42A-A
5.371%
(3-Month
Term
SOFR
+
130
basis
points),
10/25/2038
1,2,3
1,000,000
1,003,000
Series
2025-42A-B
5.771%
(3-Month
Term
SOFR
+
170
basis
points),
10/25/2038
1,2,3
500,000
503,534
Blueberry
Park
CLO
Ltd.
Series
2024-1A-A
5.675%
(3-Month
Term
SOFR
+
135
basis
points),
10/20/2037
1,2,3
250,000
250,720
CarVal
CLO
Ltd.
Series
2023-1A-A1R
5.765%
(3-Month
Term
SOFR
+
144
basis
points),
7/20/2037
1,2,3
1,000,000
1,003,233
CBAMR
Ltd.
Series
2017-4A-BR
6.081%
(3-Month
Term
SOFR
+
180
basis
points),
3/31/2038
1,2,3
1,000,000
1,004,620
CIFC
Funding
Ltd.
Series
2017-4A-A1R
5.530%
(3-Month
Term
SOFR
+
121.2
basis
points),
10/24/2030
1,2,3
366,434
366,965
Series
2018-1A-A1R
5.649%
(3-Month
Term
SOFR
+
132
basis
points),
1/18/2038
1,2,3
750,000
753,710
Series
2019-1A-A1R2
5.685%
(3-Month
Term
SOFR
+
136
basis
points),
10/20/2037
1,2,3
1,000,000
1,002,865
Series
2022-3A-B
6.325%
(3-Month
Term
SOFR
+
200
basis
points),
4/21/2035
1,2,3
500,000
501,206
Dewolf
Park
CLO
Ltd.
Series
2017-1A-AR
5.499%
(3-Month
Term
SOFR
+
118.2
basis
points),
10/15/2030
1,2,3
778,486
778,880
Dryden
CLO
Ltd.
Series
2019-68A-BRR
5.868%
(3-Month
Term
SOFR
+
155
basis
points),
7/15/2035
1,2,3
1,000,000
997,118
Series
2019-80A-BRR
5.705%
(3-Month
Term
SOFR
+
150
basis
points),
1/17/2033
1,2,3
500,000
500,009
Series
2020-86A-A1R2
5.452%
(3-Month
Term
SOFR
+
113
basis
points),
7/17/2034
1,2,3
1,000,000
1,002,498
Dryden
Senior
Loan
Fund
Series
2016-43A-AR3
5.395%
(3-Month
Term
SOFR
+
107
basis
points),
4/20/2034
1,2,3
1,000,000
1,001,000
Series
2017-49A-BR
6.191%
(3-Month
Term
SOFR
+
186.2
basis
points),
7/18/2030
1,2,3
500,000
500,833
Elmwood
CLO
Ltd.
Series
2021-1A-AR
5.875%
(3-Month
Term
SOFR
+
155
basis
points),
4/20/2037
1,2,3
800,000
802,852
Series
2022-1A-A1R
5.579%
(3-Month
Term
SOFR
+
130
basis
points),
10/20/2038
1,2,3
1,000,000
1,005,358
GoldenTree
Loan
Management
US
CLO
Ltd.
Series
2024-19A-A
5.825%
(3-Month
Term
SOFR
+
150
basis
points),
4/20/2037
1,2,3
500,000
501,789
Invesco
US
CLO
Ltd.
Series
2023-1A-AR
5.902%
(3-Month
Term
SOFR
+
157
basis
points),
4/22/2037
1,2,3
550,000
552,717
Palmer
Square
CLO
Senior
Debt
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
September
30,
2025
(Unaudited)
2
Principal
Amount
Value
COLLATERALIZED
LOAN
OBLIGATIONS
(Continued)
Juniper
Valley
Park
CLO
Ltd.
Series
2023-1A-ARR
(3-Month
Term
SOFR
+
108
basis
points),
7/20/2036
1,2,3
1,000,000
$
1,000,000
KKR
CLO
Ltd.
Series
18-A1R2
5.191%
(3-Month
Term
SOFR
+
105
basis
points),
10/18/2035
1,2,3
1,000,000
1,000,686
Series
2022-41A-B
6.218%
(3-Month
Term
SOFR
+
190
basis
points),
4/15/2035
1,2,3
1,000,000
1,002,017
LCM
Ltd.
Series
26A-A1
5.657%
(3-Month
Term
SOFR
+
133.2
basis
points),
1/20/2031
1,2,3
6,527
6,530
Madison
Park
Funding
Ltd.
Series
13A-B
6.081%
(3-Month
Term
SOFR
+
176.2
basis
points),
11/21/2030
1,2,3
500,000
500,000
Series
13A-BR2
(3-Month
Term
SOFR
+
130
basis
points),
11/21/2030
1,2,3
700,000
700,875
Series
2019-35A-A1R
5.577%
(3-Month
Term
SOFR
+
125.2
basis
points),
4/20/2032
1,2,3
440,696
441,575
Magnetite
Ltd.
Series
2021-29A-AR
5.668%
(3-Month
Term
SOFR
+
135
basis
points),
7/15/2037
1,2,3
250,000
250,691
Morgan
Stanley
Eaton
Vance
CLO
Ltd.
Series
2021-1A-A1R
5.234%
(3-Month
Term
SOFR
+
129
basis
points),
10/23/2037
1,2,3
1,000,000
1,004,249
Neuberger
Berman
Loan
Advisers
CLO
Ltd.
Series
2018-27A-BR
6.068%
(3-Month
Term
SOFR
+
175
basis
points),
7/15/2038
1,2,3
465,000
467,163
Series
2019-31A-AR2
5.555%
(3-Month
Term
SOFR
+
123
basis
points),
1/20/2039
1,2,3
625,000
627,160
Series
2020-39A-A1R
5.855%
(3-Month
Term
SOFR
+
153
basis
points),
4/20/2038
1,2,3
830,000
832,952
Series
2022-47A-AR
(3-Month
Term
SOFR
+
109
basis
points),
4/16/2035
1,2,3,4
1,000,000
999,882
Oaktree
CLO
Ltd.
Series
2019-3A-A1R2
5.705%
(3-Month
Term
SOFR
+
138
basis
points),
1/20/2038
1,2,3
1,000,000
1,004,921
Octagon
Ltd.
Series
2022-1A-A1R
5.935%
(3-Month
Term
SOFR
+
175
basis
points),
11/16/2036
1,2,3
1,000,000
1,001,805
OHA
Credit
Funding
Ltd.
Series
2022-11A-B1R
5.925%
(3-Month
Term
SOFR
+
160
basis
points),
7/19/2037
1,2,3
500,000
501,610
Palmer
Square
CLO
Ltd.
Series
2021-3A-A1R
5.589%
(3-Month
Term
SOFR
+
129
basis
points),
10/15/2038
1,2,3,5
1,000,000
1,003,999
Series
2021-4A-BR
5.972%
(3-Month
Term
SOFR
+
170
basis
points),
7/15/2038
1,2,3,5
750,000
753,301
Rad
CLO
Ltd.
Series
2020-7A-A1R
5.672%
(3-Month
Term
SOFR
+
135
basis
points),
4/17/2036
1,2,3
820,000
821,050
RR
Ltd.
Series
2024-28RA-A1R
5.868%
(3-Month
Term
SOFR
+
155
basis
points),
4/15/2037
1,2,3
1,500,000
1,506,750
Signal
Peak
CLO
Ltd.
Series
2017-4A-AR2
5.278%
(3-Month
Term
SOFR
+
112
basis
points),
10/26/2034
1,2,3
1,000,000
1,000,000
Sound
Point
CLO
Ltd.
Series
2018-2A-A
5.675%
(3-Month
Term
SOFR
+
136.2
basis
points),
7/26/2031
1,2,3
243,535
243,876
Symphony
CLO
Ltd.
Series
2021-25A-A
5.567%
(3-Month
Term
SOFR
+
124.2
basis
points),
4/19/2034
1,2,3
1,000,000
1,001,475
THL
Credit
Wind
River
CLO
Ltd.
Series
2019-3A-AR2
5.378%
(3-Month
Term
SOFR
+
106
basis
points),
4/15/2031
1,2,3
222,249
222,393
Thompson
Park
CLO
Ltd.
Series
2021-1A-A1R
5.368%
(3-Month
Term
SOFR
+
105
basis
points),
4/15/2034
1,2,3
1,500,000
1,501,920
Trinitas
CLO
Ltd.
Series
2019-10A-AR
5.698%
(3-Month
Term
SOFR
+
138
basis
points),
1/15/2035
1,2,3
500,000
501,793
Voya
CLO
Ltd.
Series
2015-3A-A1R4
5.285%
(3-Month
Term
SOFR
+
96
basis
points),
10/20/2031
1,2,3
515,000
515,556
Series
2019-4A-BR
6.329%
(3-Month
Term
SOFR
+
201.2
basis
points),
1/15/2035
1,2,3
250,000
250,590
Palmer
Square
CLO
Senior
Debt
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
September
30,
2025
(Unaudited)
3
Principal
Amount
Value
COLLATERALIZED
LOAN
OBLIGATIONS
(Continued)
Wellman
Park
CLO
Ltd.
Series
2021-1A-AR
5.668%
(3-Month
Term
SOFR
+
135
basis
points),
7/15/2037
1,2,3
1,000,000
$
1,002,795
TOTAL
COLLATERALIZED
LOAN
OBLIGATIONS
(Cost
$46,624,593)
46,738,305
Number
of
Shares
SHORT-TERM
INVESTMENTS
—
8.1%
Money
Market
Funds
—
8.1%
Fidelity
Investments
Money
Market
Funds
-
Treasury
Portfolio
-
Class
I,
4.01%
6
3,767,846
3,767,846
TOTAL
SHORT-TERM
INVESTMENTS
(Cost
$3,767,846)
3,767,846
TOTAL
INVESTMENTS
—
108.1%
(Cost
$50,392,439)
50,506,151
Liabilities
in
Excess
of
Other
Assets
—
(8.1)%
(3,788,475)
TOTAL
NET
ASSETS
—
100.0%
$
46,717,676
1
Callable.
2
Floating
rate
security.
3
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
are
restricted
and
may
be
resold
in
transactions
exempt
from
registration
normally
to
qualified
institutional
buyers.
The
total
value
of
these
securities
is
$46,738,305
which
represents
100.04%
of
total
net
assets
of
the
Fund.
4
Denotes
investments
purchased
on
a
when-issued
or
delayed
delivery
basis.
5
The
Fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
Investment
Company
Act
of
1940,
as
amended,
an
affiliated
company
is
one
in
which
the
Fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
which
is
under
common
ownership
or
control.
6
The
rate
is
the
annualized
seven-day
yield
at
period
end.
Palmer
Square
CLO
Senior
Debt
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
September
30,
2025
(Unaudited)
4
Schedule
of
Affiliated
Investments
    aa
Value
at
Beginning
of
Period
Purchases
1
Sales
Realized
Gain
(Loss)
Amortization
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Interest
Income
a      
a  
a  
a  
a  
a  
a  
a  
Palmer
Square
CLO
Senior
Debt
ETF
Palmer
Square
CLO
Ltd.
Series
2021-4A-
BR
5.972%
(3-Month
Term
SOFR
+
170
basis
points),
7/15/2038
$
750,938
$
—
$
—
$
—
$
—
$
2,363
$
753,301
750,000
$
11,321
Palmer
Square
CLO
Ltd.
Series
2021-3A-A1R
5.589%
(3-Month
Term
SOFR
+
129
basis
points),
10/15/2038
—
1,000,000
—
—
—
3,999
1,003,999
1,000,000
7,452
Palmer
Square
CLO
Ltd.
Series
2021-4A-B
6.168%
(3-Month
Term
SOFR
+
191.2
basis
points),
10/15/2034
645,000
—
(645,000)
(49)
—
49
—
—
—
Total
Affiliated
Securities
$1,395,938
$1,000,000
$(645,000)
$(49)
$—
$6,411
$1,757,300
1,750,000
$18,773
1
May
include
partnership
adjustments,
and/or
corporate
actions.
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
As
of
September
30,
2025
(Unaudited)
5
Principal
Amount
Value
ASSET-BACKED
SECURITIES
—
10
.7
%
BA
Credit
Card
Trust
Series
2022-A2-A2,
5.000%
,
4/15/2028
1
500,000
$
500,480
Barings
Equipment
Finance
LLC
Series
2025-A-A2,
4.640%
,
10/13/2028
1,2
405,265
407,653
BMW
Vehicle
Lease
Trust
Series
2023-2-A3,
5.990%
,
9/25/2026
1
7,745
7,759
Capital
One
Multi-Asset
Execution
Trust
Series
2022-A3-A,
4.950%
,
10/15/2027
1
135,000
135,046
Series
2023-A1-A,
4.420%
,
5/15/2028
1
150,000
150,396
Capital
One
Prime
Auto
Receivables
Trust
Series
2022-2-A3,
3.660%
,
5/17/2027
1
25,395
25,363
Chase
Auto
Owner
Trust
Series
2024-5A-A2,
4.400%
,
11/26/2027
1,2
30,520
30,542
Citibank
Credit
Card
Issuance
Trust
Series
2023-A1-A1,
5.230%
,
12/8/2027
1
170,000
170,321
Citizens
Auto
Receivables
Trust
Series
2024-1-A3,
5.110%
,
4/17/2028
1,2
692,206
696,242
Dell
Equipment
Finance
Trust
Series
2023-1-A3,
5.650%
,
9/22/2028
1,2
20,181
20,212
Discover
Card
Execution
Note
Trust
Series
2022-A4-A,
5.030%
,
10/15/2027
1
110,000
110,034
Series
2023-A1-A,
4.310%
,
3/15/2028
1
130,000
130,158
DLLAA
LLC
Series
2023-1A-A3,
5.640%
,
2/22/2028
1,2
509,414
516,029
Ford
Credit
Floorplan
Master
Owner
Trust
A
Series
2023-1-A1,
4.920%
,
5/15/2028
1,2
145,000
145,721
GM
Financial
Automobile
Leasing
Trust
Series
2024-1-A3,
5.090%
,
3/22/2027
1
110,216
110,583
Series
2024-2-A2A,
5.430%
,
9/21/2026
1
25,222
25,264
Series
2024-3-A2A,
4.290%
,
1/20/2027
1
56,163
56,184
Series
2025-2-A2A,
4.550%
,
7/20/2027
1
50,000
50,198
Series
2025-3-A2A,
4.190%
,
10/20/2027
1
100,000
100,307
Series
2025-3-A3,
4.170%
,
8/21/2028
1
165,000
165,706
GM
Financial
Consumer
Automobile
Receivables
Trust
Series
2022-2-A3,
3.100%
,
2/16/2027
1
29,265
29,230
Series
2023-2-A3,
4.470%
,
2/16/2028
1
54,144
54,247
Series
2023-3-A3,
5.450%
,
6/16/2028
1
533,227
537,666
Series
2025-2-A2A,
4.400%
,
2/16/2028
1
29,771
29,822
Harley-Davidson
Motorcycle
Trust
Series
2024-A-A3,
5.370%
,
3/15/2029
1
60,000
60,669
Honda
Auto
Receivables
Owner
Trust
Series
2023-3-A3,
5.410%
,
2/18/2028
1
253,729
255,653
Series
2023-3-A4,
5.300%
,
12/18/2029
1
108,000
109,661
Series
2024-2-A3,
5.270%
,
11/20/2028
1
251,000
254,470
Series
2025-2-A2A,
4.300%
,
1/18/2028
1
65,000
65,113
Hyundai
Auto
Lease
Securitization
Trust
Series
2025-B-A2A,
4.580%
,
9/15/2027
1,2
70,000
70,331
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
September
30,
2025
(Unaudited)
6
Principal
Amount
Value
ASSET-BACKED
SECURITIES
(Continued)
Series
2025-C-A2A,
4.370%
,
1/18/2028
1,2
240,000
$
241,205
Hyundai
Auto
Receivables
Trust
Series
2023-C-A3,
5.540%
,
10/16/2028
1
148,332
149,938
Series
2025-A-A2A,
4.330%
,
12/15/2027
1
170,000
170,236
Series
2025-B-A2A,
4.450%
,
8/15/2028
1
80,000
80,337
John
Deere
Owner
Trust
Series
2022-C-A3,
5.090%
,
6/15/2027
1
35,126
35,246
Series
2025-A-A2A,
4.230%
,
3/15/2028
1
50,000
50,101
Kubota
Credit
Owner
Trust
Series
2023-2A-A3,
5.280%
,
1/18/2028
1,2
266,512
268,815
Series
2025-2A-A2,
4.480%
,
4/17/2028
1,2
75,000
75,455
Mercedes-Benz
Auto
Lease
Trust
Series
2023-A-A3,
4.740%
,
1/15/2027
1
26,117
26,132
Series
2024-A-A3,
5.320%
,
1/18/2028
1
750,000
759,757
Nissan
Auto
Lease
Trust
Series
2024-B-A2A,
5.050%
,
6/15/2027
1
123,796
124,365
Porsche
Innovative
Lease
Owner
Trust
Series
2025-1A-A2A,
4.600%
,
12/20/2027
1,2
45,000
45,151
SFS
Auto
Receivables
Securitization
Trust
Series
2023-1A-A3,
5.470%
,
10/20/2028
1,2
102,547
103,302
Toyota
Auto
Receivables
Owner
Trust
Series
2025-A-A2A,
4.480%
,
11/15/2027
1
134,178
134,378
Series
2025-B-A2A,
4.460%
,
3/15/2028
1
70,000
70,188
Toyota
Lease
Owner
Trust
Series
2024-A-A3,
5.250%
,
4/20/2027
1,2
101,636
102,138
Series
2024-B-A3,
4.210%
,
9/20/2027
1,2
295,000
295,822
USB
Auto
Owner
Trust
Series
2025-1A-A2,
4.510%
,
6/15/2028
1,2
75,000
75,274
Verizon
Master
Trust
Series
2024-1-A1A,
5.000%
,
12/20/2028
1
190,000
190,358
Volkswagen
Auto
Lease
Trust
Series
2025-A-A2A,
4.430%
,
12/20/2027
1
175,000
175,931
Series
2025-A-A4,
4.560%
,
3/20/2030
1
400,000
404,998
Volkswagen
Auto
Loan
Enhanced
Trust
Series
2024-1-A2A,
4.650%
,
11/22/2027
1
378,349
379,311
Volvo
Financial
Equipment
LLC
Series
2025-2A-A2,
3.960%
,
6/15/2028
1,2
145,000
144,963
World
Omni
Auto
Receivables
Trust
Series
2024-A-A3,
4.860%
,
3/15/2029
1
535,000
538,388
Series
2025-C-A3,
4.080%
,
11/15/2030
1
210,000
210,803
TOTAL
ASSET-BACKED
SECURITIES
(Cost
$9,851,140)
9,873,652
BANK
LOANS
—
6
.4
%
A-AP
Buyer,
Inc.,
First
Lien,
Initial
Term
Loan
6.752%
(3-Month
Term
SOFR
+
275
basis
points),
9/9/2031
1,3,4
198,997
199,372
Acrisure
LLC,
First
Lien,
2025
Refinancing
Term
Loan,
B
7.413%
(1-Month
Term
SOFR
+
325
basis
points),
6/21/2032
1,3,4
199,500
199,667
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
September
30,
2025
(Unaudited)
7
Principal
Amount
Value
BANK
LOANS
(Continued)
Alliant
Holdings
Intermediate
LLC,
First
Lien,
Initial
Term
Loan
6.666%
(1-Month
Term
SOFR
+
250
basis
points),
9/19/2031
1,3,4
99,002
$
98,836
American
Airlines,
Inc.,
First
Lien,
2024
Term
Loan,
B
6.502%
(6-Month
Term
SOFR
+
225
basis
points),
2/15/2028
1,3,4
98,980
98,959
Amynta
Agency
Borrower,
Inc.,
First
Lien,
2025
Refinancing
Term
Loan
6.913%
(1-Month
Term
SOFR
+
275
basis
points),
12/29/2031
3,4
149,624
149,263
Apollo
Commercial
Real
Estate
Finance,
Inc.,
First
Lien,
Initial
Term
Loan
7.400%
(1-Month
Term
SOFR
+
325
basis
points),
6/13/2030
1,3,4
199,500
201,059
Astoria
Energy
LLC,
First
Lien,
Advance
Term
Loan,
B
6.803%
(1-Month
Term
SOFR
+
2.75%;
3-Month
Term
SOFR
+
2.75%
+
0.000
basis
points),
6/16/2032
1,3,4
139,576
140,081
AthenaHealth
Group,
Inc.,
First
Lien,
Initial
Term
Loan
6.913%
(1-Month
Term
SOFR
+
275
basis
points),
2/15/2029
1,3,4
99,500
99,427
Belron
Finance
2019
LLC,
First
Lien,
2031
Dollar
Incremental
Term
Loan
6.742%
(3-Month
Term
SOFR
+
250
basis
points),
10/16/2031
1,3,4
198,999
200,243
Burlington
Coat
Factory
Warehouse
Corp.,
First
Lien,
Term
Loan,
B
5.913%
(1-Month
Term
SOFR
+
175
basis
points),
9/24/2031
1,3,4
198,995
199,492
Calpine
Construction
Finance
Co.
LP,
First
Lien,
Refinancing
Term
Loan,
B
6.163%
(1-Month
Term
SOFR
+
200
basis
points),
7/31/2030
1,3,4
100,000
100,113
Citadel
Securities
LP,
First
Lien,
2024
Term
Loan,
B
6.163%
(1-Month
Term
SOFR
+
200
basis
points),
10/31/2031
1,3,4
99,001
99,298
Cotiviti,
Inc.,
First
Lien,
New
Term
Loan,
B
7.030%
(1-Month
Term
SOFR
+
275
basis
points),
5/1/2031
1,3,4
99,000
97,432
Cross
Financial
Corp.,
First
Lien,
Term
Loan,
B4
6.913%
(1-Month
Term
SOFR
+
275
basis
points),
10/31/2031
3,4
99,500
100,060
Edgewater
Generation
LLC,
First
Lien,
2025
Refinancing
Term
Loan,
B
7.163%
(1-Month
Term
SOFR
+
300
basis
points),
8/1/2030
1,3,4
93,086
93,428
EFS
Cogen
Holdings
I
LLC,
First
Lien,
Term
Loan,
B
7.002%
(3-Month
Term
SOFR
+
300
basis
points),
10/3/2031
3,4
195,063
196,572
EP
Purchaser
LLC,
First
Lien,
Closing
Date
Term
Loan,
B
7.778%
(1-Month
Term
SOFR
+
350
basis
points),
11/6/2028
1,3,4
98,974
93,448
EPIC
Crude
Services
LP,
First
Lien,
Term
Loan
6.828%
(3-Month
Term
SOFR
+
250
basis
points),
10/15/2031
3,4
93,083
93,306
Financiere
Mendel
SAS,
First
Lien,
New
Term
Loan,
B
6.976%
(1-Month
Term
SOFR
+
275
basis
points),
11/8/2030
3,4
198,997
199,661
Fugue
Finance
BV,
First
Lien,
Fourteenth
Amendment
Dollar
Term
Loan
6.949%
(3-Month
Term
SOFR
+
275
basis
points),
1/9/2032
1,3,4
199,500
200,195
GIH
Borrower
LLC,
First
Lien,
Term
Loan,
B
6.502%
(3-Month
Term
SOFR
+
250
basis
points),
11/26/2031
1,3,4
99,250
99,697
Global
Medical
Response,
Inc.,
First
Lien,
Initial
Term
Loan
7.634%
(1-Month
Term
SOFR
+
350
basis
points),
10/1/2032
3,4
99,919
100,062
Grinding
Media,
Inc.,
First
Lien,
Term
Loan,
B
7.698%
(3-Month
Term
SOFR
+
350
basis
points),
10/12/2028
1,3,4
99,000
99,247
HUB
International
Ltd.,
First
Lien,
2025
Incremental
Term
Loan,
B
6.575%
(3-Month
Term
SOFR
+
225
basis
points),
6/20/2030
1,3,4
84,469
84,688
Hudson
River
Trading
LLC,
First
Lien,
Term
Loan,
B
7.150%
(1-Month
Term
SOFR
+
300
basis
points),
3/18/2030
1,3,4
98,744
99,018
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
September
30,
2025
(Unaudited)
8
Principal
Amount
Value
BANK
LOANS
(Continued)
Hyperion
Refinance
SARL,
First
Lien,
2025-2
Dollar
Refinancing
Term
Loan
7.066%
(1-Month
Term
SOFR
+
275
basis
points),
2/17/2031
1,3,4
99,002
$
99,119
Inception
Holdco
SARL,
First
Lien,
Term
Loan
7.298%
(12-Month
Term
SOFR
+
325
basis
points),
4/18/2031
3,4
200,000
201,500
Installed
Building
Products,
Inc.,
First
Lien,
Term
Loan,
B3
5.913%
(1-Month
Term
SOFR
+
175
basis
points),
3/28/2031
1,3,4
98,995
99,465
Iridium
Satellite
LLC,
First
Lien,
Term
Loan,
B4
6.413%
(1-Month
Term
SOFR
+
225
basis
points),
9/20/2030
1,3,4
97,680
92,769
LSF12
Crown
US
Commercial
Bidco
LLC,
First
Lien,
2025
Refinancing
Term
Loan
7.780%
(1-Month
Term
SOFR
+
350
basis
points),
12/2/2031
3,4
100,000
100,281
Medline
Borrower
LP,
First
Lien,
2028
Refinancing
Term
Loan
6.163%
(1-Month
Term
SOFR
+
200
basis
points),
10/23/2028
1,3,4
96,225
96,320
Michael
Baker
International,
Inc.,
First
Lien,
Term
Loan,
B1
8.308%
(3-Month
Term
SOFR
+
400
basis
points),
12/1/2028
3,4
99,001
99,434
MKS,
Inc.,
First
Lien,
2025-1
Dollar
Term
Loan,
B
6.166%
(1-Month
Term
SOFR
+
200
basis
points),
8/17/2029
1,3,4
182,493
182,854
OneDigital
Borrower
LLC,
First
Lien,
2025
Refinancing
Term
Loan,
B
7.316%
(1-Month
Term
SOFR
+
300
basis
points),
7/2/2031
1,3,4
99,000
99,126
Phoenix
Guarantor,
Inc.,
First
Lien,
Term
Loan,
B5
6.663%
(1-Month
Term
SOFR
+
250
basis
points),
2/21/2031
3,4
248,744
249,177
Pre-Paid
Legal
Services,
Inc.,
First
Lien,
Initial
Term
Loan,
B
7.449%
(3-Month
Term
SOFR
+
325
basis
points),
12/15/2028
1,3,4
98,991
93,794
Project
Alpha
Intermediate
Holding,
Inc.,
First
Lien,
Second
Amendment
Refinancing
Term
Loan
7.546%
(3-Month
Term
SOFR
+
325
basis
points),
10/28/2030
1,3,4
99,749
100,140
Quartz
AcquireCo
LLC,
First
Lien,
Term
Loan,
B2
6.252%
(3-Month
Term
SOFR
+
225
basis
points),
6/28/2030
3,4
198,985
198,820
Quikrete
Holdings,
Inc.,
First
Lien,
Term
Loan,
B3
6.413%
(1-Month
Term
SOFR
+
225
basis
points),
2/10/2032
1,3,4
99,500
99,551
Renaissance
Holdings
Corp.,
First
Lien,
2024-2
Term
Loan,
B
8.163%
(1-Month
Term
SOFR
+
400
basis
points),
4/8/2030
1,3,4
98,744
85,835
Rocket
Software,
Inc.,
First
Lien,
Term
Loan,
B
7.913%
(1-Month
Term
SOFR
+
375
basis
points),
11/28/2028
1,3,4
99,002
99,332
Ryan
Specialty
LLC,
First
Lien,
Term
Loan,
B1
6.163%
(1-Month
Term
SOFR
+
200
basis
points),
9/15/2031
1,3,4
198,997
199,309
WMG
Acquisition
Corp.,
First
Lien,
Term
Loan,
B
6.210%
(3-Month
Term
SOFR
+
175
basis
points),
1/24/2031
3,4
100,000
100,313
Zayo
Group
Holdings,
Inc.,
First
Lien,
Initial
Dollar
Term
Loan
7.430%
(1-Month
Term
SOFR
+
300
basis
points),
3/9/2027
1,3,4
183,062
180,961
TOTAL
BANK
LOANS
(Cost
$5,834,338)
5,820,724
COLLATERALIZED
LOAN
OBLIGATIONS
—
50
.8
%
720
East
CLO
Ltd.
Series
2023-2A-D1R
(3-Month
Term
SOFR
+
275
basis
points),
10/15/2038
1,2,4
500,000
501,875
Series
2023-2A-ER
(3-Month
Term
SOFR
+
550
basis
points),
10/15/2038
1,2,4
500,000
502,500
Apidos
CLO
Ltd.
Series
2018-18A-A1R2
5.662%
(3-Month
Term
SOFR
+
133
basis
points),
1/22/2038
1,2,4
500,000
502,221
Series
2025-54A-A1
5.472%
(3-Month
Term
SOFR
+
130
basis
points),
10/20/2038
1,2,4
1,000,000
1,003,989
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
September
30,
2025
(Unaudited)
9
Principal
Amount
Value
COLLATERALIZED
LOAN
OBLIGATIONS
(Continued)
Ares
CLO
Ltd.
Series
2016-39A-AR3
5.749%
(3-Month
Term
SOFR
+
142
basis
points),
7/18/2037
1,2,4
1,000,000
$
1,003,245
Series
2021-61A-ER
11.165%
(3-Month
Term
SOFR
+
684
basis
points),
4/20/2037
1,2,4
500,000
506,974
Series
2025-76A-E
11.486%
(3-Month
Term
SOFR
+
716
basis
points),
5/27/2038
1,2,4
250,000
254,671
Barings
CLO
Ltd.
Series
2023-1A-ER
11.025%
(3-Month
Term
SOFR
+
670
basis
points),
4/20/2038
1,2,4
500,000
509,078
Series
2025-3A-D1
7.080%
(3-Month
Term
SOFR
+
280
basis
points),
3/31/2038
1,2,4
1,000,000
1,007,721
Benefit
Street
Partners
CLO
Ltd.
Series
2014-IVA-AR5
5.204%
(3-Month
Term
SOFR
+
125
basis
points),
10/20/2038
1,2,4
1,000,000
1,002,717
Series
2023-32A-E
11.668%
(3-Month
Term
SOFR
+
735
basis
points),
10/25/2036
1,2,4
500,000
504,750
Series
2025-42A-A
5.371%
(3-Month
Term
SOFR
+
130
basis
points),
10/25/2038
1,2,4
1,000,000
1,003,000
Birch
Grove
CLO
Ltd.
Series
2024-8A-E
11.425%
(3-Month
Term
SOFR
+
710
basis
points),
4/20/2037
1,2,4
500,000
513,222
BlueMountain
CLO
Ltd.
Series
2020-30A-DR
7.618%
(3-Month
Term
SOFR
+
330
basis
points),
4/15/2035
1,2,4
500,000
501,252
Bryant
Park
Funding
Ltd.
Series
2023-20A-DR
7.725%
(3-Month
Term
SOFR
+
340
basis
points),
4/15/2038
1,2,4
250,000
255,202
Series
2023-21A-ER
(3-Month
Term
SOFR
+
525
basis
points),
10/18/2038
1,2,4
500,000
500,000
CBAMR
Ltd.
Series
2018-5A-D1R
7.112%
(3-Month
Term
SOFR
+
300
basis
points),
10/17/2038
1,2,4
1,000,000
999,932
Cedar
Funding
CLO
Ltd.
Series
2023-17A-D1R
7.375%
(3-Month
Term
SOFR
+
305
basis
points),
7/20/2038
1,2,4
1,000,000
1,011,703
CIFC
Funding
Ltd.
Series
2018-1A-A1R
5.649%
(3-Month
Term
SOFR
+
132
basis
points),
1/18/2038
1,2,4
500,000
502,473
Dryden
CLO
Ltd.
Series
2019-80A-DR
7.422%
(3-Month
Term
SOFR
+
310
basis
points),
1/17/2033
1,2,4
475,000
472,269
Series
2023-102A-ER
(3-Month
Term
SOFR
+
585
basis
points),
10/15/2038
1,2,4,5
500,000
499,986
Dryden
Senior
Loan
Fund
Series
2013-30A-DR
7.073%
(3-Month
Term
SOFR
+
286.2
basis
points),
11/15/2028
1,2,4
500,000
502,865
Series
2016-45A-A1RR
5.398%
(3-Month
Term
SOFR
+
108
basis
points),
10/15/2030
1,2,4
217,595
217,742
Series
2016-45A-DRR
7.368%
(3-Month
Term
SOFR
+
305
basis
points),
10/15/2030
1,2,4
625,000
628,750
Eaton
Vance
CLO
Ltd.
Series
2013-1A-AR4
5.623%
(3-Month
Term
SOFR
+
134
basis
points),
10/15/2038
1,2,4
1,000,000
1,004,622
Series
2013-1A-D1R4
7.283%
(3-Month
Term
SOFR
+
300
basis
points),
10/15/2038
1,2,4
1,000,000
1,011,425
Elmwood
CLO
Ltd.
Series
2021-1A-AR
5.875%
(3-Month
Term
SOFR
+
155
basis
points),
4/20/2037
1,2,4
800,000
802,852
Series
2021-2A-D1R
6.975%
(3-Month
Term
SOFR
+
265
basis
points),
4/20/2038
1,2,4
1,000,000
1,005,475
Series
2021-3A-AR2
5.558%
(3-Month
Term
SOFR
+
130
basis
points),
7/20/2038
1,2,4
1,000,000
1,005,196
Series
2021-3A-DR2
7.308%
(3-Month
Term
SOFR
+
305
basis
points),
7/20/2038
1,2,4
1,000,000
1,011,694
Series
2022-1A-A1R
5.579%
(3-Month
Term
SOFR
+
130
basis
points),
10/20/2038
1,2,4
1,500,000
1,508,036
Empower
CLO
Ltd.
Series
2023-1A-D1R
8.168%
(3-Month
Term
SOFR
+
385
basis
points),
4/25/2038
1,2,4
1,000,000
1,020,104
Series
2023-1A-ER
11.658%
(3-Month
Term
SOFR
+
734
basis
points),
4/25/2038
1,2,4
250,000
255,604
Golub
Capital
Partners
Static
Ltd.
Series
2024-1A-AR
5.446%
(3-Month
Term
SOFR
+
112
basis
points),
7/20/2035
1,2,4
2,000,000
2,001,432
Highbridge
Loan
Management
Ltd.
Series
5A-2015-DR3
7.318%
(3-Month
Term
SOFR
+
300
basis
points),
10/15/2030
1,2,4
500,000
498,825
Invesco
US
CLO
Ltd.
Series
2023-2A-ER
12.205%
(3-Month
Term
SOFR
+
788
basis
points),
4/21/2038
1,2,4
250,000
257,655
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
September
30,
2025
(Unaudited)
10
Principal
Amount
Value
COLLATERALIZED
LOAN
OBLIGATIONS
(Continued)
Series
2025-2A-D
7.291%
(3-Month
Term
SOFR
+
300
basis
points),
7/15/2038
1,2,4
1,000,000
$
1,016,772
LCM
Ltd.
Series
14A-AR
5.627%
(3-Month
Term
SOFR
+
130.2
basis
points),
7/20/2031
1,2,4
6,030
6,033
Series
26A-A1
5.657%
(3-Month
Term
SOFR
+
133.2
basis
points),
1/20/2031
1,2,4
6,527
6,530
Magnetite
Ltd.
Series
2020-27A-D1RR
(3-Month
Term
SOFR
+
265
basis
points),
10/20/2038
1,2,4
750,000
750,000
Menlo
CLO
Ltd.
Series
2024-1A-A1
5.745%
(3-Month
Term
SOFR
+
142
basis
points),
1/20/2038
1,2,4
500,000
502,442
Series
2024-1A-D1
7.575%
(3-Month
Term
SOFR
+
325
basis
points),
1/20/2038
1,2,4
500,000
510,019
Series
2025-3A-D
(3-Month
Term
SOFR
+
300
basis
points),
10/16/2038
1,2,4,5
750,000
750,000
Morgan
Stanley
Eaton
Vance
CLO
Ltd.
Series
2021-1A-ER
10.004%
(3-Month
Term
SOFR
+
606
basis
points),
10/23/2037
1,2,4
500,000
505,600
Series
2023-19A-D1R
7.318%
(3-Month
Term
SOFR
+
300
basis
points),
7/15/2038
1,2,4
1,000,000
1,011,721
Neuberger
Berman
CLO
Ltd.
Series
2016-22A-ER2
11.152%
(3-Month
Term
SOFR
+
683
basis
points),
4/15/2038
1,2,4
250,000
256,045
Series
2019-32RA-D1
7.279%
(3-Month
Term
SOFR
+
295
basis
points),
7/20/2039
1,2,4
1,000,000
1,007,466
Neuberger
Berman
Loan
Advisers
CLO
Ltd.
Series
2020-36RA-A
5.552%
(3-Month
Term
SOFR
+
127
basis
points),
7/20/2039
1,2,4
1,000,000
1,002,804
Series
2020-39A-A1R
5.855%
(3-Month
Term
SOFR
+
153
basis
points),
4/20/2038
1,2,4
500,000
501,778
Neuberger
Berman
Loan
Advisers
NBLA
CLO
Ltd.
Series
2022-52A-AR
5.669%
(3-Month
Term
SOFR
+
135
basis
points),
10/24/2038
1,2,4
1,000,000
1,003,953
New
Mountain
CLO
Ltd.
Series
4A-ER
11.235%
(3-Month
Term
SOFR
+
691
basis
points),
3/20/2038
1,2,4
450,000
454,532
NYACK
Park
CLO
Ltd.
Series
2021-1A-D
7.387%
(3-Month
Term
SOFR
+
306.2
basis
points),
10/20/2034
1,2,4
500,000
500,000
Series
2021-1A-D1R
(3-Month
Term
SOFR
+
270
basis
points),
10/20/2038
1,2,4
500,000
500,000
Oaktree
CLO
Ltd.
Series
2022-1A-DR
7.445%
(3-Month
Term
SOFR
+
310
basis
points),
7/15/2038
1,2,4
1,000,000
1,008,581
Series
2022-1A-ER
10.345%
(3-Month
Term
SOFR
+
600
basis
points),
7/15/2038
1,2,4
1,000,000
996,074
Series
2023-2A-A1R
5.675%
(3-Month
Term
SOFR
+
135
basis
points),
7/20/2038
1,2,4
1,000,000
1,004,673
OHA
Credit
Partners
Ltd.
Series
2015-12A-ER2
10.569%
(3-Month
Term
SOFR
+
625
basis
points),
4/23/2037
1,2,4
500,000
508,544
Post
CLO
Ltd.
Series
2024-2A-E
10.825%
(3-Month
Term
SOFR
+
650
basis
points),
1/20/2038
1,2,4
500,000
510,299
Rad
CLO
Ltd.
Series
2021-15A-A1AR
5.700%
(3-Month
Term
SOFR
+
136
basis
points),
7/20/2040
1,2,4
1,000,000
1,005,201
Regatta
Funding
Ltd.
Series
2025-4A-A1
5.628%
(3-Month
Term
SOFR
+
134
basis
points),
7/25/2038
1,2,4
1,000,000
1,005,031
Riserva
CLO
Ltd.
Series
2016-3A-DRR
7.841%
(3-Month
Term
SOFR
+
351.2
basis
points),
1/18/2034
1,2,4
500,000
499,125
Shackleton
CLO
Ltd.
Series
2015-7RA-ARR
5.418%
(3-Month
Term
SOFR
+
110
basis
points),
7/15/2031
1,2,4
449,259
449,573
Series
2019-14A-ERR
10.225%
(3-Month
Term
SOFR
+
590
basis
points),
7/20/2034
1,2,4
500,000
501,769
Signal
Peak
CLO
Ltd.
Series
2017-4A-BR2
5.808%
(3-Month
Term
SOFR
+
165
basis
points),
10/26/2034
1,2,4
1,000,000
1,000,000
Trestles
CLO
Ltd.
Series
2025-8A-D1
7.297%
(3-Month
Term
SOFR
+
300
basis
points),
6/11/2035
1,2,4
500,000
499,786
Voya
CLO
Ltd.
Series
2017-3A-CRR
7.425%
(3-Month
Term
SOFR
+
310
basis
points),
4/20/2034
1,2,4
1,000,000
1,002,562
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
September
30,
2025
(Unaudited)
11
Principal
Amount
Value
COLLATERALIZED
LOAN
OBLIGATIONS
(Continued)
Whitebox
CLO
Ltd.
Series
2023-4A-ER
10.805%
(3-Month
Term
SOFR
+
648
basis
points),
4/20/2036
1,2,4
500,000
$
509,922
TOTAL
COLLATERALIZED
LOAN
OBLIGATIONS
(Cost
$46,738,342)
47,077,892
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
—
0
.2
%
GS
Mortgage
Securities
Corp.
Trust
Series
2012-BWTR-A,
2.954%
,
11/5/2034
1,2
238,516
206,887
TOTAL
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
(Cost
$198,771)
206,887
CORPORATE
BONDS
—
23
.2
%
AUTOMOBILES
—
0
.1
%
BMW
US
Capital
LLC
3.625%,
4/18/2029
1,2
65,000
63,631
BEVERAGES
—
0
.3
%
Keurig
Dr.
Pepper,
Inc.
3.950%,
4/15/2029
1
170,000
167,260
Primo
Water
Holdings,
Inc.
/
Triton
Water
Holdings,
Inc.
4.375%,
4/30/2029
1,2
150,000
145,709
312,969
BIOTECHNOLOGY
—
0
.8
%
AbbVie,
Inc.
4.250%,
11/14/2028
1
350,000
352,847
Amgen,
Inc.
2.200%,
2/21/2027
1
300,000
292,824
Grifols
SA
4.750%,
10/15/2028
1,2
45,000
43,753
689,424
BROADLINE
RETAIL
—
0
.2
%
Match
Group
Holdings
II
LLC
5.000%,
12/15/2027
1,2
45,000
44,910
Match
Group
Holdings
II
LLC
4.625%,
6/1/2028
1,2
150,000
147,486
192,396
BUILDING
PRODUCTS
—
0
.7
%
Advanced
Drainage
Systems,
Inc.
5.000%,
9/30/2027
1,2
175,000
174,716
Smyrna
Ready
Mix
Concrete
LLC
8.875%,
11/15/2031
1,2
250,000
264,233
Standard
Industries,
Inc.
4.750%,
1/15/2028
1,2
175,000
173,639
612,588
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
September
30,
2025
(Unaudited)
12
Principal
Amount
Value
CORPORATE
BONDS
(Continued)
CAPITAL
MARKETS
—
0
.5
%
Osaic
Holdings,
Inc.
8.000%,
8/1/2033
1,2
96,000
$
99,576
S&P
Global,
Inc.
2.450%,
3/1/2027
1
325,000
318,407
417,983
CHEMICALS
—
0
.7
%
HB
Fuller
Co.
4.250%,
10/15/2028
1
125,000
121,652
SCIL
IV
LLC
/
SCIL
USA
Holdings
LLC
5.375%,
11/1/2026
1,2
200,000
200,005
Sherwin-Williams
Co.
(The)
3.450%,
6/1/2027
1
300,000
297,281
618,938
COMMERCIAL
SERVICES
&
SUPPLIES
—
0
.8
%
Allied
Universal
Holdco
LLC
/
Allied
Universal
Finance
Corp.
/
Atlas
Luxco
4
SARL
4.625%,
6/1/2028
1,2
200,000
196,292
Clean
Harbors,
Inc.
4.875%,
7/15/2027
1,2
39,000
39,000
Clean
Harbors,
Inc.
5.125%,
7/15/2029
1,2
125,000
124,070
GFL
Environmental,
Inc.
4.000%,
8/1/2028
1,2
300,000
293,174
Veralto
Corp.
5.500%,
9/18/2026
1
125,000
126,557
779,093
CONSTRUCTION
&
ENGINEERING
—
0
.4
%
MasTec,
Inc.
4.500%,
8/15/2028
1,2
150,000
149,718
Pike
Corp.
8.625%,
1/31/2031
1,2
175,000
187,949
337,667
CONSUMER
FINANCE
—
0
.8
%
American
Honda
Finance
Corp.
4.730%(Term
SOFR
+
55
basis
points),
5/21/2026
4
295,000
295,394
Avolon
Holdings
Funding
Ltd.
5.150%,
1/15/2030
1,2
120,000
121,773
Ford
Motor
Credit
Co.
LLC
2.900%,
2/10/2029
1
300,000
278,028
695,195
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
—
0
.2
%
7-Eleven,
Inc.
1.300%,
2/10/2028
1,2
165,000
154,313
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
September
30,
2025
(Unaudited)
13
Principal
Amount
Value
CORPORATE
BONDS
(Continued)
CONTAINERS
&
PACKAGING
—
0
.3
%
Crown
Americas
LLC
/
Crown
Americas
Capital
Corp.
V
4.250%,
9/30/2026
1
100,000
$
99,580
Graphic
Packaging
International
LLC
3.500%,
3/15/2028
1,2
225,000
217,236
316,816
DISTRIBUTORS
—
0
.2
%
American
Builders
&
Contractors
Supply
Co.,
Inc.
4.000%,
1/15/2028
1,2
145,000
142,219
DIVERSIFIED
REITS
—
0
.4
%
Digital
Realty
Trust
LP
3.700%,
8/15/2027
1
375,000
372,498
DIVERSIFIED
TELECOMMUNICATION
SERVICES
—
0
.8
%
AT&T,
Inc.
1.650%,
2/1/2028
1
100,000
94,681
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
5.125%,
5/1/2027
1,2
200,000
198,816
Verizon
Communications,
Inc.
4.125%,
3/16/2027
1
125,000
125,153
Verizon
Communications,
Inc.
4.329%,
9/21/2028
1
195,000
196,430
Virgin
Media
Finance
plc
5.000%,
7/15/2030
1,2
175,000
162,694
777,774
ELECTRIC
UTILITIES
—
1
.0
%
Duke
Energy
Corp.
3.150%,
8/15/2027
1
125,000
123,049
NextEra
Energy
Capital
Holdings,
Inc.
1.875%,
1/15/2027
1
300,000
291,843
NRG
Energy,
Inc.
5.750%,
7/15/2029
1,2
175,000
176,084
Southern
Co.
(The)
5.113%,
8/1/2027
175,000
178,021
XPLR
Infrastructure
Operating
Partners
LP
3.875%,
10/15/2026
1,2
25,000
24,660
XPLR
Infrastructure
Operating
Partners
LP
4.500%,
9/15/2027
1,2
175,000
171,803
965,460
ELECTRICAL
EQUIPMENT
—
0
.2
%
Vertiv
Group
Corp.
4.125%,
11/15/2028
1,2
166,000
162,299
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
September
30,
2025
(Unaudited)
14
Principal
Amount
Value
CORPORATE
BONDS
(Continued)
ENERGY
EQUIPMENT
&
SERVICES
—
0
.7
%
Archrock
Partners
LP
/
Archrock
Partners
Finance
Corp.
6.250%,
4/1/2028
1,2
200,000
$
200,424
Aris
Water
Holdings
LLC
7.250%,
4/1/2030
1,2
175,000
184,892
Kodiak
Gas
Services
LLC
7.250%,
2/15/2029
1,2
150,000
155,758
Star
Holding
LLC
8.750%,
8/1/2031
1,2
125,000
124,182
665,256
ENTERTAINMENT
—
0
.5
%
Netflix,
Inc.
4.875%,
4/15/2028
1
250,000
255,534
Warnermedia
Holdings,
Inc.
3.755%,
3/15/2027
1
175,000
172,748
428,282
FINANCIAL
SERVICES
—
0
.4
%
Block,
Inc.
6.000%,
8/15/2033
1,2
121,000
123,991
Global
Payments,
Inc.
2.150%,
1/15/2027
1
250,000
243,688
367,679
FOOD
PRODUCTS
—
0
.3
%
Mars,
Inc.
4.600%,
3/1/2028
1,2
300,000
303,733
GROUND
TRANSPORTATION
—
0
.3
%
Canadian
Pacific
Railway
Co.
1.750%,
12/2/2026
1
325,000
316,625
HEALTH
CARE
EQUIPMENT
&
SUPPLIES
—
0
.7
%
Avantor
Funding,
Inc.
4.625%,
7/15/2028
1,2
225,000
221,529
GE
HealthCare
Technologies,
Inc.
5.600%,
11/15/2025
1
85,000
85,039
GE
HealthCare
Technologies,
Inc.
5.650%,
11/15/2027
1
225,000
231,936
Medline
Borrower
LP
3.875%,
4/1/2029
1,2
100,000
96,518
635,022
HEALTH
CARE
PROVIDERS
&
SERVICES
—
0
.7
%
CVS
Health
Corp.
5.000%,
2/20/2026
1
75,000
75,115
Global
Medical
Response,
Inc.
7.375%,
10/1/2032
1,2
105,000
108,143
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
September
30,
2025
(Unaudited)
15
Principal
Amount
Value
CORPORATE
BONDS
(Continued)
HEALTH
CARE
PROVIDERS
&
SERVICES
(Continued)
HAH
Group
Holding
Co.
LLC
9.750%,
10/1/2031
1,2
125,000
$
118,855
Icon
Investments
Six
DAC
5.809%,
5/8/2027
1
175,000
178,641
Radiology
Partners,
Inc.
8.500%,
7/15/2032
1,2
120,000
124,330
Universal
Health
Services,
Inc.
1.650%,
9/1/2026
1
50,000
48,834
653,918
HEALTH
CARE
TECHNOLOGY
—
0
.1
%
IQVIA,
Inc.
5.700%,
5/15/2028
1
50,000
51,669
HOTELS,
RESTAURANTS
&
LEISURE
—
1
.1
%
1011778
BC
ULC
/
New
Red
Finance,
Inc.
3.875%,
1/15/2028
1,2
100,000
97,743
1011778
BC
ULC
/
New
Red
Finance,
Inc.
4.375%,
1/15/2028
1,2
125,000
123,001
Boyd
Gaming
Corp.
4.750%,
12/1/2027
1
50,000
49,807
Light
&
Wonder
International,
Inc.
7.250%,
11/15/2029
1,2
100,000
102,705
Rivers
Enterprise
Lender
LLC
/
Rivers
Enterprise
Lender
Corp.
6.250%,
10/15/2030
1,2
35,000
35,334
Starbucks
Corp.
4.850%,
2/8/2027
1
280,000
282,864
VOC
Escrow
Ltd.
5.000%,
2/15/2028
1,2
138,000
137,726
Wyndham
Hotels
&
Resorts,
Inc.
4.375%,
8/15/2028
1,2
225,000
219,802
1,048,982
INDEPENDENT
POWER
AND
RENEWABLE
ELECTRICITY
PRODUCERS
—
0
.7
%
Atlantica
Sustainable
Infrastructure
Ltd.
4.125%,
6/15/2028
1,2
200,000
195,808
Calpine
Corp.
4.500%,
2/15/2028
1,2
56,000
55,801
Clearway
Energy
Operating
LLC
4.750%,
3/15/2028
1,2
212,000
209,608
Vistra
Corp.
8.000%(5-Year
Term
U.S.
Treasury
Constant
Maturity
Yield
+
693
basis
points),
10/15/2026
1,2
200,000
204,723
665,940
INSURANCE
—
0
.4
%
AmWINS
Group,
Inc.
4.875%,
6/30/2029
1,2
225,000
218,824
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
September
30,
2025
(Unaudited)
16
Principal
Amount
Value
CORPORATE
BONDS
(Continued)
INSURANCE
(Continued)
Panther
Escrow
Issuer
LLC
7.125%,
6/1/2031
1,2
150,000
$
156,123
374,947
IT
SERVICES
—
0
.6
%
ASGN,
Inc.
4.625%,
5/15/2028
1,2
150,000
147,376
International
Business
Machines
Corp.
3.300%,
1/27/2027
1
325,000
322,331
Virtusa
Corp.
7.125%,
12/15/2028
1,2
75,000
73,547
543,254
MACHINERY
—
0
.0
%
†
Mueller
Water
Products,
Inc.
4.000%,
6/15/2029
1,2
43,000
41,447
MEDIA
—
0
.5
%
Fox
Corp.
4.709%,
1/25/2029
1
360,000
364,698
Nexstar
Media,
Inc.
5.625%,
7/15/2027
1,2
125,000
124,919
489,617
METALS
&
MINING
—
0
.1
%
Novelis
Corp.
3.875%,
8/15/2031
1,2
90,000
82,127
MORTGAGE
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
—
0
.4
%
Blackstone
Mortgage
Trust,
Inc.
3.750%,
1/15/2027
1,2
150,000
146,558
Starwood
Property
Trust,
Inc.
5.750%,
1/15/2031
1,2,5
175,000
175,110
321,668
MULTI-UTILITIES
—
0
.3
%
DTE
Energy
Co.
4.950%,
7/1/2027
1
300,000
303,882
OIL,
GAS
&
CONSUMABLE
FUELS
—
0
.8
%
Cheniere
Energy,
Inc.
4.625%,
10/15/2028
1
275,000
274,216
Genesis
Energy
LP
/
Genesis
Energy
Finance
Corp.
8.250%,
1/15/2029
1
100,000
104,368
Hess
Midstream
Operations
LP
5.125%,
6/15/2028
1,2
125,000
124,956
TerraForm
Power
Operating
LLC
5.000%,
1/31/2028
1,2
150,000
149,029
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
September
30,
2025
(Unaudited)
17
Principal
Amount
Value
CORPORATE
BONDS
(Continued)
OIL,
GAS
&
CONSUMABLE
FUELS
(Continued)
Venture
Global
LNG,
Inc.
9.000%(5-Year
Term
U.S.
Treasury
Constant
Maturity
Yield
+
544
basis
points),
3/30/2174
1,2
100,000
$
99,178
751,747
PASSENGER
AIRLINES
—
0
.2
%
Air
Canada
3.875%,
8/15/2026
1,2
150,000
148,769
PERSONAL
CARE
PRODUCTS
—
0
.5
%
Haleon
US
Capital
LLC
3.375%,
3/24/2027
1
300,000
297,021
Opal
Bidco
SAS
6.500%,
3/31/2032
1,2
200,000
205,125
502,146
PHARMACEUTICALS
—
0
.4
%
Elanco
Animal
Health,
Inc.
6.650%,
8/28/2028
1
100,000
104,237
Pfizer
Investment
Enterprises
Pte.
Ltd.
4.450%,
5/19/2028
1
150,000
151,734
Roche
Holdings,
Inc.
1.930%,
12/13/2028
1,2
140,000
131,631
387,602
PROFESSIONAL
SERVICES
—
0
.1
%
CoreLogic,
Inc.
4.500%,
5/1/2028
1,2
125,000
121,603
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
—
1
.0
%
Broadcom,
Inc.
3.150%,
11/15/2025
1
75,000
74,888
Broadcom,
Inc.
4.800%,
4/15/2028
1
200,000
203,719
Entegris,
Inc.
4.750%,
4/15/2029
1,2
275,000
272,935
Kioxia
Holdings
Corp.
6.250%,
7/24/2030
1,2
167,000
170,529
ON
Semiconductor
Corp.
3.875%,
9/1/2028
1,2
210,000
204,070
926,141
SOFTWARE
—
1
.0
%
AppLovin
Corp.
5.125%,
12/1/2029
1
260,000
266,047
Oracle
Corp.
2.300%,
3/25/2028
1
300,000
286,874
Salesforce,
Inc.
3.700%,
4/11/2028
1
325,000
324,026
876,947
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
September
30,
2025
(Unaudited)
18
Principal
Amount
Value
CORPORATE
BONDS
(Continued)
SPECIALIZED
REITS
—
1
.0
%
American
Tower
Corp.
1.500%,
1/31/2028
1
325,000
$
306,139
Crown
Castle,
Inc.
3.800%,
2/15/2028
1
250,000
247,153
Iron
Mountain,
Inc.
5.000%,
7/15/2028
1,2
60,000
59,680
Iron
Mountain,
Inc.
4.875%,
9/15/2029
1,2
125,000
123,157
SBA
Communications
Corp.
3.875%,
2/15/2027
1
200,000
197,136
933,265
SPECIALTY
RETAIL
—
0
.7
%
Home
Depot,
Inc.
(The)
5.100%,
12/24/2025
1
325,000
325,716
Lowe's
Cos.,
Inc.
3.100%,
5/3/2027
1
300,000
295,750
621,466
TECHNOLOGY
HARDWARE,
STORAGE
&
PERIPHERALS
—
0
.4
%
Dell
International
LLC
/
EMC
Corp.
5.250%,
2/1/2028
1
350,000
357,718
TEXTILES,
APPAREL
&
LUXURY
GOODS
—
0
.2
%
Beach
Acquisition
Bidco
LLC
10.000%,
7/15/2033
1,2
150,000
162,174
TRADING
COMPANIES
&
DISTRIBUTORS
—
0
.2
%
United
Rentals
North
America,
Inc.
3.875%,
11/15/2027
1
200,000
196,681
WIRELESS
TELECOMMUNICATION
SERVICES
—
0
.5
%
Sunrise
HoldCo
IV
BV
5.500%,
1/15/2028
1,2
225,000
224,510
T-Mobile
USA,
Inc.
2.250%,
2/15/2026
1
125,000
124,034
T-Mobile
USA,
Inc.
4.750%,
2/1/2028
1
150,000
150,233
498,777
TOTAL
CORPORATE
BONDS
(Cost
$21,247,955)
21,390,347
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
—
0
.4
%
Flagstar
Mortgage
Trust
Series
2021-2-A6,
2.500%
,
4/25/2051
1,2
214,312
192,460
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
September
30,
2025
(Unaudited)
19
Principal
Amount
Value
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
(Continued)
Sequoia
Mortgage
Trust
Series
2021-4-A4,
2.500%
,
6/25/2051
1,2
212,541
$
188,986
TOTAL
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
(Cost
$380,943)
381,446
U.S.
GOVERNMENT
AND
AGENCY
SECURITIES
—
2
.6
%
United
States
Treasury
Notes
—
2.6%
U.S.
Treasury
Notes
3.500%,
1/31/2028
1,600,000
1,595,969
U.S.
Treasury
Notes
4.000%,
1/31/2029
800,000
808,812
2,404,781
TOTAL
U.S.
GOVERNMENT
AND
AGENCY
SECURITIES
(Cost
$2,383,886)
2,404,781
Number
of
Shares
SHORT-TERM
INVESTMENTS
—
9
.8
%
Money
Market
Funds
—
4
.2
%
Fidelity
Investments
Money
Market
Funds
-
Treasury
Portfolio
-
Class
I,
4.01%
6
3,889,056
3,889,056
Principal
Amount
United
States
Treasury
Bills
—
5
.6
%
U.S.
Treasury
Bills,
3.800%,
10/16/2025
7
750,000
748,735
U.S.
Treasury
Bills,
3.860%,
10/23/2025
7
500,000
498,771
U.S.
Treasury
Bills,
3.920%,
11/12/2025
7
1,000,000
995,342
U.S.
Treasury
Bills,
3.920%,
11/18/2025
7
500,000
497,343
U.S.
Treasury
Bills,
3.840%,
12/18/2025
7
1,500,000
1,487,467
U.S.
Treasury
Bills,
3.820%,
1/13/2026
7
1,000,000
988,969
5,216,627
TOTAL
SHORT-TERM
INVESTMENTS
(Cost
$9,104,813)
9,105,683
TOTAL
INVESTMENTS
—
104.0%
(Cost
$95,740,188)
96,261,412
Liabilities
in
Excess
of
Other
Assets
—
(4.0)%
(3,663,238)
TOTAL
NET
ASSETS
—
100.0%
$
92,598,174
†
Rounds
to
less
than
0.1%
of
net
assets.
1
Callable.
2
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
are
restricted
and
may
be
resold
in
transactions
exempt
from
registration
normally
to
qualified
institutional
buyers.
The
total
value
of
these
securities
is
$61,292,821
which
represents
66.19%
of
total
net
assets
of
the
Fund.
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
September
30,
2025
(Unaudited)
20
3
Bank
loans
generally
pay
interest
at
rates
which
are
periodically
determined
by
reference
to
a
base
lending
rate
plus
a
premium.
All
loans
carry
a
variable
rate
of
interest.
These
base
lending
rates
are
generally
(i)
the
Prime
Rate
offered
by
one
or
more
major
United
States
banks,
(ii)
the
lending
rate
offered
by
one
or
more
European
banks
such
as
the
London
Interbank
Offered
Rate
("LIBOR"),
(iii)
the
Certificate
of
Deposit
rate,
or
(iv)
Secured
Overnight
Financing
Rate
("SOFR").
Bank
Loans,
while
exempt
from
registration,
under
the
Securities
Act
of
1933,
contain
certain
restrictions
on
resale
and
cannot
be
sold
publicly.
Floating
rate
bank
loans
often
require
prepayments
from
excess
cash
flow
or
permit
the
borrower
to
repay
at
its
election.
The
degree
to
which
borrowers
repay,
whether
as
a
contractual
requirement
or
at
their
election,
cannot
be
predicted
with
accuracy.
4
Floating
rate
security.
5
Denotes
investments
purchased
on
a
when-issued
or
delayed
delivery
basis.
6
The
rate
is
the
annualized
seven-day
yield
at
period
end.
7
The
rate
shown
represents
the
yield
at
period
end.