Not applicable for semi-annual reports.
Not applicable for semi-annual reports.
Not applicable for semi-annual reports.
Not applicable for semi-annual reports.
Financial
Statements
March 31, 2025 (Unaudited)
Tidal
ETF Trust
| •
Gotham Enhanced 500 ETF |
|
GSPY |
|
NYSE Arca, Inc. |
| • Gotham
1000 Value ETF |
| GVLU |
| NYSE Arca,
Inc. |
| • Gotham
Short Strategies ETF |
| SHRT |
| NYSE Arca,
Inc. |
Gotham
ETFs
Table
of Contents
| Schedule
of Investments |
Gotham
Enhanced 500 ETF |
March
31, 2025 (Unaudited)
| |
|
|
|
|
|
|
| COMMON STOCKS - 98.3% |
|
Shares |
|
|
Value |
|
| Advertising - 0.1% |
|
|
|
|
|
|
| Interpublic Group of Cos., Inc. |
|
|
9,523 |
|
|
$ |
258,645 |
|
| Omnicom Group,
Inc. (a) |
|
|
5,843 |
|
|
|
484,443 |
|
| |
|
|
|
|
|
|
743,088 |
|
| |
|
|
|
|
|
|
|
|
| Aerospace/Defense - 1.7% |
|
|
|
|
|
|
|
|
| Boeing Co. (b) |
|
|
2,256 |
|
|
|
384,761 |
|
| General Dynamics Corp. |
|
|
6,941 |
|
|
|
1,891,978 |
|
| General Electric Co. |
|
|
3,780 |
|
|
|
756,567 |
|
| Howmet Aerospace, Inc. |
|
|
1,826 |
|
|
|
236,887 |
|
| L3Harris Technologies, Inc. |
|
|
4,808 |
|
|
|
1,006,362 |
|
| Lockheed Martin Corp. |
|
|
5,980 |
|
|
|
2,671,326 |
|
| Northrop Grumman Corp. |
|
|
1,459 |
|
|
|
747,022 |
|
| RTX Corp. |
|
|
4,663 |
|
|
|
617,661 |
|
| TransDigm Group, Inc. |
|
|
186 |
|
|
|
257,292 |
|
| |
|
|
|
|
|
|
8,569,856 |
|
| |
|
|
|
|
|
|
|
|
| Agriculture - 1.6% |
|
|
|
|
|
|
|
|
| Altria Group, Inc. |
|
|
50,951 |
|
|
|
3,058,079 |
|
| Archer-Daniels-Midland Co. |
|
|
1,679 |
|
|
|
80,609 |
|
| Bunge Global SA |
|
|
3,333 |
|
|
|
254,708 |
|
| Philip Morris International, Inc. |
|
|
28,637 |
|
|
|
4,545,551 |
|
| |
|
|
|
|
|
|
7,938,947 |
|
| |
|
|
|
|
|
|
|
|
| Airlines - 0.2% |
|
|
|
|
|
|
|
|
| Delta Air Lines, Inc. |
|
|
18,031 |
|
|
|
786,152 |
|
| Southwest Airlines Co. (a) |
|
|
2,142 |
|
|
|
71,928 |
|
| United Airlines
Holdings, Inc. (b) |
|
|
1,042 |
|
|
|
71,950 |
|
| |
|
|
|
|
|
|
930,030 |
|
| |
|
|
|
|
|
|
|
|
| Apparel - 0.7% |
|
|
|
|
|
|
|
|
| Deckers Outdoor Corp. (b) |
|
|
3,818 |
|
|
|
426,891 |
|
| Nike, Inc. - Class B |
|
|
37,343 |
|
|
|
2,370,534 |
|
| Ralph Lauren Corp. - Class A |
|
|
1,733 |
|
|
|
382,542 |
|
| Tapestry, Inc. |
|
|
6,228 |
|
|
|
438,513 |
|
| |
|
|
|
|
|
|
3,618,480 |
|
| |
|
|
|
|
|
|
|
|
| Auto Manufacturers - 1.7% |
|
|
|
|
|
|
|
|
| Cummins, Inc. |
|
|
4,029 |
|
|
|
1,262,850 |
|
| Ford Motor Co. (a) |
|
|
96,209 |
|
|
|
964,976 |
|
| General Motors Co. |
|
|
30,231 |
|
|
|
1,421,764 |
|
| PACCAR, Inc. |
|
|
1,769 |
|
|
|
172,247 |
|
| Tesla, Inc. (b) |
|
|
17,950 |
|
|
|
4,651,922 |
|
| |
|
|
|
|
|
|
8,473,759 |
|
| |
|
|
|
|
|
|
|
|
| Auto Parts/Equipment - 0.1% |
|
|
|
|
|
|
|
|
| Aptiv PLC (b) |
|
|
5,925 |
|
|
|
352,538 |
|
| |
|
|
|
|
|
|
|
|
| Banks - 4.5% |
|
|
|
|
|
|
|
|
| Bank of America Corp. |
|
|
76,821 |
|
|
|
3,205,740 |
|
| Bank of New York Mellon Corp. |
|
|
7,484 |
|
|
|
627,683 |
|
| Citigroup, Inc. |
|
|
18,955 |
|
|
|
1,345,616 |
|
| Citizens Financial Group, Inc. |
|
|
4,482 |
|
|
|
183,628 |
|
| Fifth Third Bancorp |
|
|
6,871 |
|
|
|
269,343 |
|
| Goldman Sachs Group, Inc. |
|
|
3,714 |
|
|
|
2,028,921 |
|
| Huntington Bancshares, Inc. |
|
|
13,745 |
|
|
|
206,312 |
|
| JPMorgan Chase & Co. |
|
|
31,891 |
|
|
|
7,822,862 |
|
| The accompanying notes are an integral part of these financial statements. | 1 |
| Schedule
of Investments |
Gotham
Enhanced 500 ETF |
March
31, 2025 (Unaudited)
| KeyCorp |
|
|
9,547 |
|
|
|
152,657 |
|
| M&T Bank Corp. |
|
|
1,612 |
|
|
|
288,145 |
|
| Morgan Stanley |
|
|
16,434 |
|
|
|
1,917,355 |
|
| Northern Trust Corp. |
|
|
1,963 |
|
|
|
193,650 |
|
| PNC Financial Services Group, Inc. |
|
|
3,955 |
|
|
|
695,170 |
|
| Regions Financial Corp. |
|
|
4,169 |
|
|
|
90,592 |
|
| State Street Corp. |
|
|
2,928 |
|
|
|
262,144 |
|
| Truist Financial Corp. |
|
|
13,313 |
|
|
|
547,830 |
|
| U.S. Bancorp |
|
|
15,669 |
|
|
|
661,545 |
|
| Wells Fargo & Co. |
|
|
32,944 |
|
|
|
2,365,050 |
|
| |
|
|
|
|
|
|
22,864,243 |
|
| |
|
|
|
|
|
|
|
|
| Beverages - 1.0% |
|
|
|
|
|
|
|
|
| Brown-Forman Corp. - Class B |
|
|
1,674 |
|
|
|
56,815 |
|
| Coca-Cola Co. |
|
|
15,103 |
|
|
|
1,081,677 |
|
| Constellation Brands, Inc. - Class A |
|
|
4,585 |
|
|
|
841,439 |
|
| Keurig Dr Pepper, Inc. |
|
|
31,033 |
|
|
|
1,061,949 |
|
| Molson Coors Beverage Co. - Class B
(a) |
|
|
6,036 |
|
|
|
367,411 |
|
| Monster Beverage Corp. (b) |
|
|
3,405 |
|
|
|
199,261 |
|
| PepsiCo, Inc. |
|
|
10,323 |
|
|
|
1,547,831 |
|
| |
|
|
|
|
|
|
5,156,383 |
|
| |
|
|
|
|
|
|
|
|
| Biotechnology - 1.7% |
|
|
|
|
|
|
|
|
| Amgen, Inc. |
|
|
1,800 |
|
|
|
560,790 |
|
| Biogen, Inc. (b) |
|
|
3,669 |
|
|
|
502,066 |
|
| Corteva, Inc. |
|
|
17,195 |
|
|
|
1,082,081 |
|
| Gilead Sciences, Inc. |
|
|
35,681 |
|
|
|
3,998,056 |
|
| Incyte Corp. (b) |
|
|
4,839 |
|
|
|
293,002 |
|
| Moderna, Inc. (b) |
|
|
1,350 |
|
|
|
38,273 |
|
| Regeneron Pharmaceuticals, Inc. |
|
|
2,962 |
|
|
|
1,878,589 |
|
| Vertex Pharmaceuticals,
Inc. (b) |
|
|
861 |
|
|
|
417,430 |
|
| |
|
|
|
|
|
|
8,770,287 |
|
| |
|
|
|
|
|
|
|
|
| Building Materials - 0.7% |
|
|
|
|
|
|
|
|
| Builders FirstSource, Inc. (b) |
|
|
3,472 |
|
|
|
433,792 |
|
| Carrier Global Corp. |
|
|
3,090 |
|
|
|
195,906 |
|
| Johnson Controls International PLC |
|
|
16,871 |
|
|
|
1,351,536 |
|
| Lennox International, Inc. (a) |
|
|
896 |
|
|
|
502,504 |
|
| Martin Marietta Materials, Inc. |
|
|
187 |
|
|
|
89,410 |
|
| Masco Corp. |
|
|
5,502 |
|
|
|
382,609 |
|
| Mohawk Industries, Inc. (b) |
|
|
1,563 |
|
|
|
178,463 |
|
| Trane Technologies PLC |
|
|
1,139 |
|
|
|
383,752 |
|
| Vulcan Materials Co. |
|
|
400 |
|
|
|
93,320 |
|
| |
|
|
|
|
|
|
3,611,292 |
|
| |
|
|
|
|
|
|
|
|
| Chemicals - 1.1% |
|
|
|
|
|
|
|
|
| Air Products and Chemicals, Inc. |
|
|
763 |
|
|
|
225,024 |
|
| Albemarle Corp. (a) |
|
|
294 |
|
|
|
21,174 |
|
| CF Industries Holdings, Inc. |
|
|
4,364 |
|
|
|
341,047 |
|
| Dow, Inc. |
|
|
2,384 |
|
|
|
83,249 |
|
| DuPont de Nemours, Inc. |
|
|
10,580 |
|
|
|
790,114 |
|
| Eastman Chemical Co. |
|
|
2,950 |
|
|
|
259,925 |
|
| Ecolab, Inc. |
|
|
4,908 |
|
|
|
1,244,276 |
|
| International Flavors & Fragrances, Inc. |
|
|
903 |
|
|
|
70,082 |
|
| Linde PLC |
|
|
1,638 |
|
|
|
762,718 |
|
| LyondellBasell Industries NV - Class A |
|
|
8,238 |
|
|
|
579,955 |
|
| Mosaic Co. |
|
|
1,122 |
|
|
|
30,305 |
|
| PPG Industries, Inc. |
|
|
5,884 |
|
|
|
643,416 |
|
| Sherwin-Williams Co. |
|
|
863 |
|
|
|
301,351 |
|
| |
|
|
|
|
|
|
5,352,636 |
|
| The accompanying notes are an integral part of these financial statements. | 2 |
| Schedule
of Investments |
Gotham
Enhanced 500 ETF |
March
31, 2025 (Unaudited)
| Commercial Services - 1.4% |
|
|
|
|
|
|
|
|
| Automatic Data Processing, Inc. |
|
|
8,908 |
|
|
|
2,721,661 |
|
| Cintas Corp. |
|
|
1,199 |
|
|
|
246,430 |
|
| Corpay, Inc. (b) |
|
|
2,095 |
|
|
|
730,568 |
|
| Equifax, Inc. (a) |
|
|
353 |
|
|
|
85,977 |
|
| Global Payments, Inc. |
|
|
5,267 |
|
|
|
515,745 |
|
| MarketAxess Holdings, Inc. |
|
|
93 |
|
|
|
20,121 |
|
| Moody’s Corp. |
|
|
544 |
|
|
|
253,335 |
|
| PayPal Holdings, Inc. (b) |
|
|
25,496 |
|
|
|
1,663,614 |
|
| Quanta Services, Inc. (a) |
|
|
518 |
|
|
|
131,665 |
|
| Rollins, Inc. (a) |
|
|
1,651 |
|
|
|
89,204 |
|
| S&P Global, Inc. |
|
|
1,078 |
|
|
|
547,732 |
|
| United Rentals, Inc. |
|
|
221 |
|
|
|
138,501 |
|
| Verisk Analytics, Inc. |
|
|
429 |
|
|
|
127,679 |
|
| |
|
|
|
|
|
|
7,272,232 |
|
| |
|
|
|
|
|
|
|
|
| Computers - 8.1% |
|
|
|
|
|
|
|
|
| Accenture PLC - Class A |
|
|
2,207 |
|
|
|
688,672 |
|
| Apple, Inc. |
|
|
152,093 |
|
|
|
33,784,418 |
|
| Cognizant Technology Solutions Corp. - Class A |
|
|
4,937 |
|
|
|
377,681 |
|
| Crowdstrike Holdings, Inc. - Class A
(b) |
|
|
793 |
|
|
|
279,596 |
|
| Dell Technologies, Inc. - Class C |
|
|
17,868 |
|
|
|
1,628,668 |
|
| EPAM Systems, Inc. (b) |
|
|
1,432 |
|
|
|
241,779 |
|
| Fortinet, Inc. (b) |
|
|
2,529 |
|
|
|
243,442 |
|
| Gartner, Inc. (b) |
|
|
222 |
|
|
|
93,182 |
|
| Hewlett Packard Enterprise Co. |
|
|
33,000 |
|
|
|
509,190 |
|
| HP, Inc. |
|
|
27,855 |
|
|
|
771,305 |
|
| International Business Machines Corp. |
|
|
3,161 |
|
|
|
786,014 |
|
| Leidos Holdings, Inc. |
|
|
4,013 |
|
|
|
541,514 |
|
| NetApp, Inc. |
|
|
6,122 |
|
|
|
537,756 |
|
| Seagate Technology Holdings PLC |
|
|
5,330 |
|
|
|
452,784 |
|
| Super Micro Computer, Inc. (a)(b) |
|
|
2,147 |
|
|
|
73,513 |
|
| Western Digital
Corp. (a)(b) |
|
|
8,695 |
|
|
|
351,539 |
|
| |
|
|
|
|
|
|
41,361,053 |
|
| |
|
|
|
|
|
|
|
|
| Cosmetics/Personal Care - 1.4% |
|
|
|
|
|
|
|
|
| Colgate-Palmolive Co. |
|
|
20,753 |
|
|
|
1,944,556 |
|
| Estee Lauder Cos., Inc. - Class A |
|
|
9,067 |
|
|
|
598,422 |
|
| Kenvue, Inc. (a) |
|
|
6,795 |
|
|
|
162,944 |
|
| Procter & Gamble Co. |
|
|
27,518 |
|
|
|
4,689,618 |
|
| |
|
|
|
|
|
|
7,395,540 |
|
| |
|
|
|
|
|
|
|
|
| Distribution/Wholesale - 0.2% |
|
|
|
|
|
|
|
|
| Copart, Inc. (b) |
|
|
3,360 |
|
|
|
190,142 |
|
| Fastenal Co. |
|
|
2,025 |
|
|
|
157,039 |
|
| LKQ Corp. |
|
|
7,582 |
|
|
|
322,538 |
|
| Pool Corp. (a) |
|
|
116 |
|
|
|
36,929 |
|
| W.W. Grainger, Inc. |
|
|
171 |
|
|
|
168,919 |
|
| |
|
|
|
|
|
|
875,567 |
|
| |
|
|
|
|
|
|
|
|
| Diversified Financial Services - 4.2% |
|
|
|
|
|
|
|
|
| American Express Co. |
|
|
8,216 |
|
|
|
2,210,515 |
|
| Ameriprise Financial, Inc. |
|
|
978 |
|
|
|
473,460 |
|
| Apollo Global Management, Inc. |
|
|
5,671 |
|
|
|
776,587 |
|
| Blackrock, Inc. |
|
|
1,705 |
|
|
|
1,613,748 |
|
| Capital One Financial Corp. |
|
|
3,807 |
|
|
|
682,595 |
|
| Cboe Global Markets, Inc. |
|
|
292 |
|
|
|
66,077 |
|
| The accompanying notes are an integral part of these financial statements. | 3 |
| Schedule
of Investments |
Gotham
Enhanced 500 ETF |
March
31, 2025 (Unaudited)
| Charles Schwab Corp. |
|
|
15,675 |
|
|
|
1,227,039 |
|
| CME Group, Inc. - Class A |
|
|
1,259 |
|
|
|
334,000 |
|
| Discover Financial Services |
|
|
2,523 |
|
|
|
430,676 |
|
| Franklin Resources, Inc. (a) |
|
|
15,650 |
|
|
|
301,262 |
|
| Intercontinental Exchange, Inc. |
|
|
2,336 |
|
|
|
402,960 |
|
| Invesco Ltd. |
|
|
4,449 |
|
|
|
67,491 |
|
| Mastercard, Inc. - Class A |
|
|
9,270 |
|
|
|
5,081,072 |
|
| Nasdaq, Inc. |
|
|
2,032 |
|
|
|
154,147 |
|
| Raymond James Financial, Inc. (a) |
|
|
2,047 |
|
|
|
284,349 |
|
| Synchrony Financial |
|
|
4,037 |
|
|
|
213,719 |
|
| T. Rowe Price Group, Inc. |
|
|
2,756 |
|
|
|
253,194 |
|
| Visa, Inc. - Class A |
|
|
19,828 |
|
|
|
6,948,921 |
|
| |
|
|
|
|
|
|
21,521,812 |
|
| |
|
|
|
|
|
|
|
|
| Electric - 1.3% |
|
|
|
|
|
|
|
|
| AES Corp. |
|
|
2,399 |
|
|
|
29,796 |
|
| Alliant Energy Corp. |
|
|
871 |
|
|
|
56,049 |
|
| Ameren Corp. |
|
|
923 |
|
|
|
92,669 |
|
| American Electric Power Co., Inc. |
|
|
1,771 |
|
|
|
193,517 |
|
| CenterPoint Energy, Inc. |
|
|
2,255 |
|
|
|
81,699 |
|
| CMS Energy Corp. |
|
|
968 |
|
|
|
72,706 |
|
| Consolidated Edison, Inc. |
|
|
1,098 |
|
|
|
121,428 |
|
| Constellation Energy Corp. |
|
|
7,959 |
|
|
|
1,604,773 |
|
| Dominion Energy, Inc. (a) |
|
|
2,994 |
|
|
|
167,874 |
|
| DTE Energy Co. |
|
|
751 |
|
|
|
103,841 |
|
| Duke Energy Corp. |
|
|
2,735 |
|
|
|
333,588 |
|
| Edison International |
|
|
1,357 |
|
|
|
79,954 |
|
| Entergy Corp. |
|
|
1,522 |
|
|
|
130,116 |
|
| Evergy, Inc. |
|
|
818 |
|
|
|
56,401 |
|
| Eversource Energy |
|
|
1,887 |
|
|
|
117,202 |
|
| Exelon Corp. |
|
|
3,493 |
|
|
|
160,957 |
|
| FirstEnergy Corp. |
|
|
2,033 |
|
|
|
82,174 |
|
| NextEra Energy, Inc. |
|
|
7,155 |
|
|
|
507,218 |
|
| NRG Energy, Inc. |
|
|
703 |
|
|
|
67,108 |
|
| PG&E Corp. |
|
|
21,555 |
|
|
|
370,315 |
|
| Pinnacle West Capital Corp. |
|
|
278 |
|
|
|
26,479 |
|
| PPL Corp. (a) |
|
|
2,517 |
|
|
|
90,889 |
|
| Public Service Enterprise Group, Inc. |
|
|
1,709 |
|
|
|
140,651 |
|
| Sempra |
|
|
2,185 |
|
|
|
155,922 |
|
| Southern Co. |
|
|
3,757 |
|
|
|
345,456 |
|
| Vistra Corp. |
|
|
8,547 |
|
|
|
1,003,760 |
|
| WEC Energy Group, Inc. |
|
|
1,030 |
|
|
|
112,249 |
|
| Xcel Energy, Inc. |
|
|
1,998 |
|
|
|
141,438 |
|
| |
|
|
|
|
|
|
6,446,229 |
|
| |
|
|
|
|
|
|
|
|
| Electrical Components/Equipment - 0.6% |
|
|
|
|
|
|
|
|
| AMETEK, Inc. |
|
|
5,793 |
|
|
|
997,207 |
|
| Eaton Corp. PLC |
|
|
1,383 |
|
|
|
375,941 |
|
| Emerson Electric Co. |
|
|
14,252 |
|
|
|
1,562,589 |
|
| Generac Holdings,
Inc. (b) |
|
|
1,498 |
|
|
|
189,722 |
|
| |
|
|
|
|
|
|
3,125,459 |
|
| |
|
|
|
|
|
|
|
|
| Electronics - 0.7% |
|
|
|
|
|
|
|
|
| Allegion PLC |
|
|
2,192 |
|
|
|
285,968 |
|
| Amphenol Corp. - Class A |
|
|
4,319 |
|
|
|
283,283 |
|
| Fortive Corp. |
|
|
8,554 |
|
|
|
625,982 |
|
| Garmin Ltd. |
|
|
844 |
|
|
|
183,258 |
|
| Honeywell International, Inc. |
|
|
6,291 |
|
|
|
1,332,119 |
|
| Hubbell, Inc. |
|
|
649 |
|
|
|
214,761 |
|
| The accompanying notes are an integral part of these financial statements. | 4 |
| Schedule
of Investments |
Gotham
Enhanced 500 ETF |
March
31, 2025 (Unaudited)
| Jabil, Inc. |
|
|
3,420 |
|
|
|
465,359 |
|
| Keysight Technologies, Inc. (b) |
|
|
476 |
|
|
|
71,290 |
|
| Mettler-Toledo International, Inc. (b) |
|
|
60 |
|
|
|
70,855 |
|
| TE Connectivity PLC |
|
|
1,057 |
|
|
|
149,375 |
|
| Trimble, Inc. (b) |
|
|
881 |
|
|
|
57,838 |
|
| |
|
|
|
|
|
|
3,740,088 |
|
| |
|
|
|
|
|
|
|
|
| Energy-Alternate
Sources - 0.0%(c) |
|
|
|
|
|
|
|
|
| Enphase Energy, Inc. (a)(b) |
|
|
386 |
|
|
|
23,951 |
|
| First Solar, Inc.
(a)(b) |
|
|
292 |
|
|
|
36,918 |
|
| |
|
|
|
|
|
|
60,869 |
|
| |
|
|
|
|
|
|
|
|
| Engineering/Construction - 0.1% |
|
|
|
|
|
|
|
|
| Jacobs Solutions, Inc. |
|
|
3,127 |
|
|
|
378,023 |
|
| |
|
|
|
|
|
|
|
|
| Entertainment - 0.1% |
|
|
|
|
|
|
|
|
| Caesars Entertainment, Inc. (b) |
|
|
5,465 |
|
|
|
136,625 |
|
| Live Nation Entertainment, Inc. (b) |
|
|
821 |
|
|
|
107,206 |
|
| TKO Group Holdings, Inc. - Class A |
|
|
2,057 |
|
|
|
314,330 |
|
| |
|
|
|
|
|
|
558,161 |
|
| |
|
|
|
|
|
|
|
|
| Environmental Control - 0.2% |
|
|
|
|
|
|
|
|
| Pentair PLC |
|
|
4,164 |
|
|
|
364,267 |
|
| Republic Services, Inc. |
|
|
1,016 |
|
|
|
246,035 |
|
| Veralto Corp. |
|
|
870 |
|
|
|
84,781 |
|
| Waste Management, Inc. |
|
|
1,410 |
|
|
|
326,429 |
|
| |
|
|
|
|
|
|
1,021,512 |
|
| |
|
|
|
|
|
|
|
|
| Food - 1.3% |
|
|
|
|
|
|
|
|
| Conagra Brands, Inc. |
|
|
11,995 |
|
|
|
319,907 |
|
| General Mills, Inc. (a) |
|
|
1,979 |
|
|
|
118,324 |
|
| Hershey Co. (a) |
|
|
712 |
|
|
|
121,773 |
|
| Hormel Foods Corp. |
|
|
1,848 |
|
|
|
57,177 |
|
| J M Smucker Co. |
|
|
307 |
|
|
|
36,352 |
|
| Kellanova |
|
|
8,690 |
|
|
|
716,838 |
|
| Kraft Heinz Co. |
|
|
35,226 |
|
|
|
1,071,927 |
|
| Kroger Co. |
|
|
20,464 |
|
|
|
1,385,208 |
|
| Lamb Weston Holdings, Inc. |
|
|
373 |
|
|
|
19,881 |
|
| McCormick & Co., Inc. |
|
|
908 |
|
|
|
74,738 |
|
| Mondelez International, Inc. - Class A |
|
|
25,056 |
|
|
|
1,700,050 |
|
| Sysco Corp. (a) |
|
|
1,720 |
|
|
|
129,069 |
|
| The Campbell’s Co. (a) |
|
|
7,470 |
|
|
|
298,202 |
|
| Tyson Foods, Inc. - Class A |
|
|
8,958 |
|
|
|
571,610 |
|
| |
|
|
|
|
|
|
6,621,056 |
|
| |
|
|
|
|
|
|
|
|
| Forest Products/Paper - 0.1% |
|
|
|
|
|
|
|
|
| International Paper
Co. (a) |
|
|
8,788 |
|
|
|
468,840 |
|
| |
|
|
|
|
|
|
|
|
| Gas - 0.0%(c) |
|
|
|
|
|
|
|
|
| Atmos Energy Corp. |
|
|
442 |
|
|
|
68,324 |
|
| NiSource, Inc. |
|
|
1,585 |
|
|
|
63,543 |
|
| |
|
|
|
|
|
|
131,867 |
|
| |
|
|
|
|
|
|
|
|
| Hand/Machine Tools - 0.2% |
|
|
|
|
|
|
|
|
| Snap-on, Inc. |
|
|
1,531 |
|
|
|
515,962 |
|
| Stanley Black &
Decker, Inc. (a) |
|
|
3,902 |
|
|
|
299,986 |
|
| |
|
|
|
|
|
|
815,948 |
|
| The accompanying notes are an integral part of these financial statements. | 5 |
| Schedule
of Investments |
Gotham
Enhanced 500 ETF |
March
31, 2025 (Unaudited)
| Healthcare-Products - 1.7% |
|
|
|
|
|
|
| Abbott Laboratories |
|
|
17,594 |
|
|
|
2,333,844 |
|
| Agilent Technologies, Inc. |
|
|
989 |
|
|
|
115,693 |
|
| Align Technology, Inc. (b) |
|
|
1,881 |
|
|
|
298,816 |
|
| Baxter International, Inc. |
|
|
12,868 |
|
|
|
440,472 |
|
| Bio-Techne Corp. |
|
|
452 |
|
|
|
26,501 |
|
| Boston Scientific Corp. (b) |
|
|
5,116 |
|
|
|
516,102 |
|
| Cooper Cos., Inc. (b) |
|
|
567 |
|
|
|
47,826 |
|
| Danaher Corp. |
|
|
7,277 |
|
|
|
1,491,785 |
|
| Edwards Lifesciences Corp. (b) |
|
|
2,122 |
|
|
|
153,803 |
|
| GE HealthCare Technologies, Inc. |
|
|
1,591 |
|
|
|
128,410 |
|
| Hologic, Inc. (b) |
|
|
5,871 |
|
|
|
362,652 |
|
| IDEXX Laboratories, Inc. (b) |
|
|
235 |
|
|
|
98,688 |
|
| Insulet Corp. (b) |
|
|
182 |
|
|
|
47,795 |
|
| Intuitive Surgical, Inc. (b) |
|
|
1,110 |
|
|
|
549,750 |
|
| Medtronic PLC |
|
|
4,511 |
|
|
|
405,358 |
|
| ResMed, Inc. (a) |
|
|
487 |
|
|
|
109,015 |
|
| Revvity, Inc. (a) |
|
|
363 |
|
|
|
38,405 |
|
| Solventum Corp. (b) |
|
|
4,331 |
|
|
|
329,329 |
|
| STERIS PLC |
|
|
281 |
|
|
|
63,689 |
|
| Stryker Corp. |
|
|
1,192 |
|
|
|
443,722 |
|
| Thermo Fisher Scientific, Inc. |
|
|
1,335 |
|
|
|
664,296 |
|
| Waters Corp. (b) |
|
|
169 |
|
|
|
62,288 |
|
| West Pharmaceutical Services, Inc. |
|
|
199 |
|
|
|
44,552 |
|
| Zimmer Biomet Holdings, Inc. |
|
|
702 |
|
|
|
79,452 |
|
| |
|
|
|
|
|
|
8,852,243 |
|
| |
|
|
|
|
|
|
|
|
| Healthcare-Services - 1.7% |
|
|
|
|
|
|
|
|
| Centene Corp. (b) |
|
|
1,736 |
|
|
|
105,392 |
|
| Charles River Laboratories International,
Inc. (b) |
|
|
1,286 |
|
|
|
193,569 |
|
| Cigna Group |
|
|
6,759 |
|
|
|
2,223,711 |
|
| DaVita, Inc. (b) |
|
|
2,136 |
|
|
|
326,744 |
|
| Elevance Health, Inc. |
|
|
5,837 |
|
|
|
2,538,861 |
|
| HCA Healthcare, Inc. |
|
|
884 |
|
|
|
305,466 |
|
| Humana, Inc. |
|
|
423 |
|
|
|
111,926 |
|
| IQVIA Holdings, Inc. (b) |
|
|
507 |
|
|
|
89,384 |
|
| Labcorp Holdings, Inc. |
|
|
251 |
|
|
|
58,418 |
|
| Molina Healthcare, Inc. (b) |
|
|
1,471 |
|
|
|
484,533 |
|
| Quest Diagnostics, Inc. |
|
|
333 |
|
|
|
56,344 |
|
| UnitedHealth Group, Inc. |
|
|
3,229 |
|
|
|
1,691,189 |
|
| Universal Health Services, Inc. - Class B |
|
|
1,790 |
|
|
|
336,341 |
|
| |
|
|
|
|
|
|
8,521,878 |
|
| |
|
|
|
|
|
|
|
|
| Home Builders - 0.1% |
|
|
|
|
|
|
|
|
| D.R. Horton, Inc. |
|
|
1,032 |
|
|
|
131,198 |
|
| Lennar Corp. - Class A |
|
|
2,719 |
|
|
|
312,087 |
|
| NVR, Inc. (b) |
|
|
11 |
|
|
|
79,688 |
|
| PulteGroup, Inc. |
|
|
723 |
|
|
|
74,325 |
|
| |
|
|
|
|
|
|
597,298 |
|
| |
|
|
|
|
|
|
|
|
| Household Products/Wares - 0.4% |
|
|
|
|
|
|
|
|
| Avery Dennison Corp. |
|
|
2,018 |
|
|
|
359,143 |
|
| Church & Dwight Co., Inc. |
|
|
830 |
|
|
|
91,375 |
|
| Clorox Co. |
|
|
435 |
|
|
|
64,054 |
|
| Kimberly-Clark Corp. |
|
|
10,039 |
|
|
|
1,427,747 |
|
| |
|
|
|
|
|
|
1,942,319 |
|
| |
|
|
|
|
|
|
|
|
| Insurance - 4.4% |
|
|
|
|
|
|
|
|
| Aflac, Inc. |
|
|
4,102 |
|
|
|
456,101 |
|
| The accompanying notes are an integral part of these financial statements. | 6 |
| Schedule
of Investments |
Gotham
Enhanced 500 ETF |
March
31, 2025 (Unaudited)
| Allstate Corp. |
|
|
891 |
|
|
|
184,499 |
|
| American International Group, Inc. |
|
|
2,258 |
|
|
|
196,310 |
|
| Aon PLC - Class A |
|
|
5,511 |
|
|
|
2,199,385 |
|
| Arch Capital Group Ltd. |
|
|
1,348 |
|
|
|
129,651 |
|
| Arthur J Gallagher & Co. |
|
|
770 |
|
|
|
265,835 |
|
| Assurant, Inc. |
|
|
326 |
|
|
|
68,378 |
|
| Berkshire Hathaway, Inc. - Class B (b) |
|
|
21,858 |
|
|
|
11,641,134 |
|
| Brown & Brown, Inc. |
|
|
1,007 |
|
|
|
125,271 |
|
| Chubb Ltd. |
|
|
1,512 |
|
|
|
456,609 |
|
| Cincinnati Financial Corp. |
|
|
637 |
|
|
|
94,098 |
|
| Erie Indemnity Co. - Class A (a) |
|
|
149 |
|
|
|
62,438 |
|
| Everest Group Ltd. |
|
|
118 |
|
|
|
42,873 |
|
| Globe Life, Inc. |
|
|
271 |
|
|
|
35,696 |
|
| Hartford Insurance Group, Inc. |
|
|
7,201 |
|
|
|
890,980 |
|
| Loews Corp. |
|
|
5,543 |
|
|
|
509,457 |
|
| Marsh & McLennan Cos., Inc. |
|
|
12,351 |
|
|
|
3,014,014 |
|
| MetLife, Inc. |
|
|
2,414 |
|
|
|
193,820 |
|
| Principal Financial Group, Inc. |
|
|
807 |
|
|
|
68,087 |
|
| Progressive Corp. |
|
|
2,071 |
|
|
|
586,114 |
|
| Prudential Financial, Inc. |
|
|
1,242 |
|
|
|
138,707 |
|
| Travelers Cos., Inc. |
|
|
786 |
|
|
|
207,865 |
|
| W.R. Berkley Corp. |
|
|
1,341 |
|
|
|
95,426 |
|
| Willis Towers Watson PLC |
|
|
2,513 |
|
|
|
849,268 |
|
| |
|
|
|
|
|
|
22,512,016 |
|
| |
|
|
|
|
|
|
|
|
| Internet - 14.0% |
|
|
|
|
|
|
|
|
| Airbnb, Inc. - Class A (b) |
|
|
2,193 |
|
|
|
261,976 |
|
| Alphabet, Inc. - Class A |
|
|
135,604 |
|
|
|
20,969,803 |
|
| Amazon.com, Inc. (b) |
|
|
121,374 |
|
|
|
23,092,617 |
|
| Booking Holdings, Inc. |
|
|
834 |
|
|
|
3,842,163 |
|
| CDW Corp. |
|
|
3,348 |
|
|
|
536,550 |
|
| DoorDash, Inc. - Class A (b) |
|
|
1,266 |
|
|
|
231,387 |
|
| eBay, Inc. (a) |
|
|
11,901 |
|
|
|
806,055 |
|
| Expedia Group, Inc. - Class A |
|
|
3,225 |
|
|
|
542,123 |
|
| F5, Inc. (b) |
|
|
1,700 |
|
|
|
452,659 |
|
| Gen Digital, Inc. |
|
|
18,430 |
|
|
|
489,132 |
|
| GoDaddy, Inc. - Class A (b) |
|
|
646 |
|
|
|
116,370 |
|
| Match Group, Inc. (a) |
|
|
6,322 |
|
|
|
197,246 |
|
| Meta Platforms, Inc. - Class A |
|
|
30,700 |
|
|
|
17,694,252 |
|
| Netflix, Inc. (b) |
|
|
1,479 |
|
|
|
1,379,212 |
|
| Palo Alto Networks, Inc. (b) |
|
|
2,142 |
|
|
|
365,511 |
|
| Uber Technologies, Inc. (b) |
|
|
7,166 |
|
|
|
522,115 |
|
| VeriSign, Inc.
(b) |
|
|
337 |
|
|
|
85,554 |
|
| |
|
|
|
|
|
|
71,584,725 |
|
| |
|
|
|
|
|
|
|
|
| Iron/Steel - 0.0%(c) |
|
|
|
|
|
|
|
|
| Nucor Corp. |
|
|
823 |
|
|
|
99,040 |
|
| Steel Dynamics, Inc. |
|
|
423 |
|
|
|
52,909 |
|
| |
|
|
|
|
|
|
151,949 |
|
| |
|
|
|
|
|
|
|
|
| Leisure Time - 0.4% |
|
|
|
|
|
|
|
|
| Carnival Corp. (b) |
|
|
32,867 |
|
|
|
641,893 |
|
| Norwegian Cruise Line Holdings Ltd.
(b) |
|
|
11,090 |
|
|
|
210,266 |
|
| Royal Caribbean Cruises Ltd. |
|
|
6,818 |
|
|
|
1,400,690 |
|
| |
|
|
|
|
|
|
2,252,849 |
|
| |
|
|
|
|
|
|
|
|
| Lodging - 0.1% |
|
|
|
|
|
|
|
|
| Hilton Worldwide Holdings, Inc. |
|
|
865 |
|
|
|
196,831 |
|
| Las Vegas Sands Corp. |
|
|
2,542 |
|
|
|
98,198 |
|
| The accompanying notes are an integral part of these financial statements. | 7 |
| Schedule
of Investments |
Gotham
Enhanced 500 ETF |
March
31, 2025 (Unaudited)
| Marriott International, Inc. - Class A |
|
|
971 |
|
|
|
231,292 |
|
| MGM Resorts International (b) |
|
|
1,052 |
|
|
|
31,181 |
|
| Wynn Resorts Ltd.
(a) |
|
|
386 |
|
|
|
32,231 |
|
| |
|
|
|
|
|
|
589,733 |
|
| |
|
|
|
|
|
|
|
|
| Machinery-Construction/Mining - 0.8% |
|
|
|
|
|
|
|
|
| Caterpillar, Inc. |
|
|
12,118 |
|
|
|
3,996,516 |
|
| GE Vernova, Inc. |
|
|
942 |
|
|
|
287,574 |
|
| |
|
|
|
|
|
|
4,284,090 |
|
| |
|
|
|
|
|
|
|
|
| Machinery-Diversified - 0.5% |
|
|
|
|
|
|
|
|
| Deere & Co. |
|
|
928 |
|
|
|
435,557 |
|
| Dover Corp. |
|
|
3,867 |
|
|
|
679,355 |
|
| IDEX Corp. |
|
|
217 |
|
|
|
39,270 |
|
| Ingersoll Rand, Inc. |
|
|
1,415 |
|
|
|
113,242 |
|
| Nordson Corp. |
|
|
173 |
|
|
|
34,898 |
|
| Otis Worldwide Corp. |
|
|
1,401 |
|
|
|
144,583 |
|
| Rockwell Automation, Inc. |
|
|
321 |
|
|
|
82,940 |
|
| Westinghouse Air Brake Technologies Corp. |
|
|
4,476 |
|
|
|
811,723 |
|
| Xylem, Inc. |
|
|
822 |
|
|
|
98,196 |
|
| |
|
|
|
|
|
|
2,439,764 |
|
| |
|
|
|
|
|
|
|
|
| Media - 1.5% |
|
|
|
|
|
|
|
|
| Charter Communications, Inc. - Class
A (a)(b) |
|
|
1,433 |
|
|
|
528,103 |
|
| Comcast Corp. - Class A |
|
|
96,042 |
|
|
|
3,543,950 |
|
| FactSet Research Systems, Inc. |
|
|
109 |
|
|
|
49,556 |
|
| Fox Corp. - Class A (a) |
|
|
11,794 |
|
|
|
667,540 |
|
| News Corp. - Class A |
|
|
14,421 |
|
|
|
392,540 |
|
| Paramount Global - Class B |
|
|
6,773 |
|
|
|
81,005 |
|
| Walt Disney Co. |
|
|
22,660 |
|
|
|
2,236,542 |
|
| Warner Bros Discovery,
Inc. (b) |
|
|
8,682 |
|
|
|
93,158 |
|
| |
|
|
|
|
|
|
7,592,394 |
|
| |
|
|
|
|
|
|
|
|
| Mining - 0.3% |
|
|
|
|
|
|
|
|
| Freeport-McMoRan, Inc. |
|
|
5,002 |
|
|
|
189,376 |
|
| Newmont Corp. |
|
|
28,406 |
|
|
|
1,371,441 |
|
| |
|
|
|
|
|
|
1,560,817 |
|
| |
|
|
|
|
|
|
|
|
| Miscellaneous Manufacturing - 1.2% |
|
|
|
|
|
|
|
|
| 3M Co. |
|
|
15,482 |
|
|
|
2,273,686 |
|
| A.O. Smith Corp. - Class A |
|
|
3,627 |
|
|
|
237,061 |
|
| Axon Enterprise, Inc. (b) |
|
|
229 |
|
|
|
120,443 |
|
| Illinois Tool Works, Inc. |
|
|
7,472 |
|
|
|
1,853,131 |
|
| Parker-Hannifin Corp. |
|
|
1,032 |
|
|
|
627,301 |
|
| Teledyne Technologies, Inc. (b) |
|
|
1,172 |
|
|
|
583,316 |
|
| Textron, Inc. |
|
|
4,672 |
|
|
|
337,552 |
|
| |
|
|
|
|
|
|
6,032,490 |
|
| |
|
|
|
|
|
|
|
|
| Office-Business Equipment - 0.1% |
|
|
|
|
|
|
|
|
| Zebra Technologies
Corp. - Class A (b) |
|
|
1,302 |
|
|
|
367,893 |
|
| |
|
|
|
|
|
|
|
|
| Oil/Gas - 2.2% |
|
|
|
|
|
|
|
|
| APA Corp. (a) |
|
|
1,012 |
|
|
|
21,272 |
|
| Chevron Corp. |
|
|
21,779 |
|
|
|
3,643,409 |
|
| ConocoPhillips |
|
|
4,469 |
|
|
|
469,334 |
|
| Coterra Energy, Inc. |
|
|
3,527 |
|
|
|
101,930 |
|
| Devon Energy Corp. |
|
|
2,152 |
|
|
|
80,485 |
|
| Diamondback Energy, Inc. |
|
|
1,016 |
|
|
|
162,438 |
|
| EOG Resources, Inc. |
|
|
7,428 |
|
|
|
952,567 |
|
| The accompanying notes are an integral part of these financial statements. | 8 |
| Schedule
of Investments |
Gotham
Enhanced 500 ETF |
March
31, 2025 (Unaudited)
| EQT Corp. |
|
|
1,789 |
|
|
|
95,586 |
|
| Expand Energy Corp. |
|
|
699 |
|
|
|
77,813 |
|
| Exxon Mobil Corp. |
|
|
38,790 |
|
|
|
4,613,295 |
|
| Hess Corp. |
|
|
998 |
|
|
|
159,410 |
|
| Marathon Petroleum Corp. |
|
|
1,123 |
|
|
|
163,610 |
|
| Occidental Petroleum Corp. (a) |
|
|
3,263 |
|
|
|
161,062 |
|
| Phillips 66 |
|
|
1,445 |
|
|
|
178,429 |
|
| Texas Pacific Land Corp. (a) |
|
|
227 |
|
|
|
300,773 |
|
| Valero Energy Corp. |
|
|
1,106 |
|
|
|
146,069 |
|
| |
|
|
|
|
|
|
11,327,482 |
|
| |
|
|
|
|
|
|
|
|
| Oil/Gas Services - 0.6% |
|
|
|
|
|
|
|
|
| Baker Hughes Co. (a) |
|
|
25,108 |
|
|
|
1,103,497 |
|
| Halliburton Co. |
|
|
22,389 |
|
|
|
568,009 |
|
| Schlumberger NV |
|
|
35,723 |
|
|
|
1,493,221 |
|
| |
|
|
|
|
|
|
3,164,727 |
|
| |
|
|
|
|
|
|
|
|
| Packaging/Containers - 0.3% |
|
|
|
|
|
|
|
|
| Amcor PLC |
|
|
14,499 |
|
|
|
140,640 |
|
| Ball Corp. |
|
|
8,941 |
|
|
|
465,558 |
|
| Packaging Corp. of America |
|
|
2,264 |
|
|
|
448,317 |
|
| Smurfit WestRock PLC |
|
|
5,166 |
|
|
|
232,780 |
|
| |
|
|
|
|
|
|
1,287,295 |
|
| |
|
|
|
|
|
|
|
|
| Pharmaceuticals - 3.3% |
|
|
|
|
|
|
|
|
| AbbVie, Inc. |
|
|
6,184 |
|
|
|
1,295,672 |
|
| Becton Dickinson & Co. |
|
|
955 |
|
|
|
218,752 |
|
| Bristol-Myers Squibb Co. |
|
|
7,113 |
|
|
|
433,822 |
|
| Cardinal Health, Inc. |
|
|
827 |
|
|
|
113,936 |
|
| Cencora, Inc. |
|
|
752 |
|
|
|
209,124 |
|
| CVS Health Corp. |
|
|
31,844 |
|
|
|
2,157,431 |
|
| Dexcom, Inc. (b) |
|
|
1,189 |
|
|
|
81,197 |
|
| Eli Lilly & Co. |
|
|
3,110 |
|
|
|
2,568,580 |
|
| Henry Schein, Inc. (b) |
|
|
899 |
|
|
|
61,572 |
|
| Johnson & Johnson |
|
|
9,896 |
|
|
|
1,641,152 |
|
| McKesson Corp. |
|
|
428 |
|
|
|
288,040 |
|
| Merck & Co., Inc. |
|
|
64,051 |
|
|
|
5,749,218 |
|
| Pfizer, Inc. |
|
|
59,096 |
|
|
|
1,497,492 |
|
| Viatris, Inc. |
|
|
30,032 |
|
|
|
261,579 |
|
| Zoetis, Inc. |
|
|
1,568 |
|
|
|
258,171 |
|
| |
|
|
|
|
|
|
16,835,738 |
|
| |
|
|
|
|
|
|
|
|
| Pipelines - 0.2% |
|
|
|
|
|
|
|
|
| Kinder Morgan, Inc. |
|
|
7,770 |
|
|
|
221,678 |
|
| ONEOK, Inc. |
|
|
2,053 |
|
|
|
203,699 |
|
| Targa Resources Corp. |
|
|
770 |
|
|
|
154,362 |
|
| Williams Cos., Inc. |
|
|
4,227 |
|
|
|
252,605 |
|
| |
|
|
|
|
|
|
832,344 |
|
| |
|
|
|
|
|
|
|
|
| Private Equity - 0.4% |
|
|
|
|
|
|
|
|
| Blackstone, Inc. |
|
|
7,417 |
|
|
|
1,036,748 |
|
| KKR & Co., Inc. |
|
|
8,940 |
|
|
|
1,033,554 |
|
| |
|
|
|
|
|
|
2,070,302 |
|
| |
|
|
|
|
|
|
|
|
| Real Estate - 0.2% |
|
|
|
|
|
|
|
|
| CBRE Group, Inc. - Class A (b) |
|
|
7,652 |
|
|
|
1,000,728 |
|
| CoStar Group, Inc.
(b) |
|
|
1,469 |
|
|
|
116,389 |
|
| |
|
|
|
|
|
|
1,117,117 |
|
| The accompanying notes are an integral part of these financial statements. | 9 |
| Schedule
of Investments |
Gotham
Enhanced 500 ETF |
March
31, 2025 (Unaudited)
| Retail - 3.9% |
|
|
|
|
|
|
| AutoZone, Inc. (b) |
|
|
56 |
|
|
|
213,516 |
|
| Bath & Body Works, Inc. |
|
|
5,472 |
|
|
|
165,911 |
|
| Best Buy Co., Inc. |
|
|
6,180 |
|
|
|
454,910 |
|
| CarMax, Inc. (b) |
|
|
523 |
|
|
|
40,752 |
|
| Chipotle Mexican Grill, Inc. (b) |
|
|
4,771 |
|
|
|
239,552 |
|
| Costco Wholesale Corp. |
|
|
1,543 |
|
|
|
1,459,338 |
|
| Darden Restaurants, Inc. |
|
|
360 |
|
|
|
74,793 |
|
| Dollar General Corp. |
|
|
5,545 |
|
|
|
487,572 |
|
| Dollar Tree, Inc. (b) |
|
|
5,426 |
|
|
|
407,330 |
|
| Domino’s Pizza, Inc. |
|
|
104 |
|
|
|
47,783 |
|
| Genuine Parts Co. |
|
|
414 |
|
|
|
49,324 |
|
| Home Depot, Inc. |
|
|
10,696 |
|
|
|
3,919,977 |
|
| Lowe’s Cos., Inc. |
|
|
1,971 |
|
|
|
459,696 |
|
| Lululemon Athletica, Inc. (b) |
|
|
3,088 |
|
|
|
874,089 |
|
| McDonald’s Corp. |
|
|
3,014 |
|
|
|
941,483 |
|
| O’Reilly Automotive, Inc. (b) |
|
|
167 |
|
|
|
239,241 |
|
| Ross Stores, Inc. |
|
|
1,148 |
|
|
|
146,703 |
|
| Starbucks Corp. |
|
|
3,946 |
|
|
|
387,063 |
|
| Target Corp. |
|
|
11,536 |
|
|
|
1,203,897 |
|
| TJX Cos., Inc. |
|
|
28,337 |
|
|
|
3,451,447 |
|
| Tractor Supply Co. |
|
|
1,527 |
|
|
|
84,138 |
|
| Ulta Beauty, Inc. (b) |
|
|
1,179 |
|
|
|
432,151 |
|
| Walmart, Inc. |
|
|
28,043 |
|
|
|
2,461,895 |
|
| Williams-Sonoma, Inc. |
|
|
3,105 |
|
|
|
490,900 |
|
| Yum! Brands, Inc. |
|
|
7,031 |
|
|
|
1,106,398 |
|
| |
|
|
|
|
|
|
19,839,859 |
|
| |
|
|
|
|
|
|
|
|
| Semiconductors - 9.3% |
|
|
|
|
|
|
|
|
| Advanced Micro Devices, Inc. (b) |
|
|
5,480 |
|
|
|
563,015 |
|
| Analog Devices, Inc. |
|
|
1,670 |
|
|
|
336,789 |
|
| Applied Materials, Inc. |
|
|
20,525 |
|
|
|
2,978,588 |
|
| Broadcom, Inc. |
|
|
45,138 |
|
|
|
7,557,455 |
|
| Intel Corp. |
|
|
14,947 |
|
|
|
339,446 |
|
| KLA Corp. |
|
|
468 |
|
|
|
318,146 |
|
| Lam Research Corp. |
|
|
32,422 |
|
|
|
2,357,079 |
|
| Microchip Technology, Inc. |
|
|
1,797 |
|
|
|
86,993 |
|
| Micron Technology, Inc. |
|
|
11,254 |
|
|
|
977,860 |
|
| Monolithic Power Systems, Inc. (a) |
|
|
172 |
|
|
|
99,757 |
|
| NVIDIA Corp. |
|
|
235,310 |
|
|
|
25,502,898 |
|
| NXP Semiconductors NV |
|
|
873 |
|
|
|
165,922 |
|
| ON Semiconductor Corp. (b) |
|
|
10,688 |
|
|
|
434,895 |
|
| QUALCOMM, Inc. |
|
|
29,991 |
|
|
|
4,606,918 |
|
| Skyworks Solutions, Inc. |
|
|
4,048 |
|
|
|
261,622 |
|
| Teradyne, Inc. |
|
|
4,093 |
|
|
|
338,082 |
|
| Texas Instruments, Inc. |
|
|
2,790 |
|
|
|
501,363 |
|
| |
|
|
|
|
|
|
47,426,828 |
|
| |
|
|
|
|
|
|
|
|
| Shipbuilding - 0.0%(c) |
|
|
|
|
|
|
|
|
| Huntington Ingalls Industries, Inc. |
|
|
126 |
|
|
|
25,709 |
|
| |
|
|
|
|
|
|
|
|
| Software - 8.9% |
|
|
|
|
|
|
|
|
| Adobe, Inc. (b) |
|
|
3,405 |
|
|
|
1,305,920 |
|
| Akamai Technologies, Inc. (b) |
|
|
393 |
|
|
|
31,636 |
|
| ANSYS, Inc. (b) |
|
|
873 |
|
|
|
276,357 |
|
| Autodesk, Inc. (b) |
|
|
745 |
|
|
|
195,041 |
|
| Broadridge Financial Solutions, Inc. |
|
|
394 |
|
|
|
95,529 |
|
| Cadence Design Systems, Inc. (a)(b) |
|
|
927 |
|
|
|
235,764 |
|
| Dayforce, Inc. (b) |
|
|
455 |
|
|
|
26,540 |
|
| The accompanying notes are an integral part of these financial statements. | 10 |
| Schedule
of Investments |
Gotham
Enhanced 500 ETF |
March
31, 2025 (Unaudited)
| Electronic Arts, Inc. |
|
|
2,618 |
|
|
|
378,353 |
|
| Fair Isaac Corp. (b) |
|
|
70 |
|
|
|
129,091 |
|
| Fidelity National Information Services, Inc. |
|
|
1,865 |
|
|
|
139,278 |
|
| Fiserv, Inc. (b) |
|
|
14,882 |
|
|
|
3,286,392 |
|
| Intuit, Inc. |
|
|
937 |
|
|
|
575,309 |
|
| Jack Henry & Associates, Inc. |
|
|
214 |
|
|
|
39,076 |
|
| Microsoft Corp. |
|
|
89,140 |
|
|
|
33,462,265 |
|
| MSCI, Inc. |
|
|
225 |
|
|
|
127,237 |
|
| Oracle Corp. |
|
|
9,628 |
|
|
|
1,346,091 |
|
| Palantir Technologies, Inc. - Class
A (b) |
|
|
8,402 |
|
|
|
709,129 |
|
| Paychex, Inc. |
|
|
1,122 |
|
|
|
173,102 |
|
| Paycom Software, Inc. |
|
|
169 |
|
|
|
36,923 |
|
| PTC, Inc. (b) |
|
|
326 |
|
|
|
50,514 |
|
| Roper Technologies, Inc. |
|
|
1,086 |
|
|
|
640,284 |
|
| Salesforce, Inc. |
|
|
3,349 |
|
|
|
898,738 |
|
| ServiceNow, Inc. (b) |
|
|
621 |
|
|
|
494,403 |
|
| Synopsys, Inc. (b) |
|
|
467 |
|
|
|
200,273 |
|
| Take-Two Interactive Software, Inc.
(b) |
|
|
1,754 |
|
|
|
363,516 |
|
| Tyler Technologies, Inc. (b) |
|
|
115 |
|
|
|
66,860 |
|
| Workday, Inc. -
Class A (b) |
|
|
788 |
|
|
|
184,022 |
|
| |
|
|
|
|
|
|
45,467,643 |
|
| |
|
|
|
|
|
|
|
|
| Telecommunications - 5.6% |
|
|
|
|
|
|
|
|
| Arista Networks, Inc. (b) |
|
|
31,876 |
|
|
|
2,469,753 |
|
| AT&T, Inc. |
|
|
181,870 |
|
|
|
5,143,284 |
|
| Cisco Systems, Inc. |
|
|
100,795 |
|
|
|
6,220,059 |
|
| Corning, Inc. |
|
|
2,846 |
|
|
|
130,290 |
|
| Juniper Networks, Inc. |
|
|
8,296 |
|
|
|
300,232 |
|
| Motorola Solutions, Inc. |
|
|
3,608 |
|
|
|
1,579,619 |
|
| T-Mobile US, Inc. |
|
|
29,326 |
|
|
|
7,821,537 |
|
| Verizon Communications, Inc. |
|
|
106,693 |
|
|
|
4,839,594 |
|
| |
|
|
|
|
|
|
28,504,368 |
|
| |
|
|
|
|
|
|
|
|
| Toys/Games/Hobbies - 0.0%(c) |
|
|
|
|
|
|
|
|
| Hasbro, Inc. |
|
|
494 |
|
|
|
30,376 |
|
| |
|
|
|
|
|
|
|
|
| Transportation - 1.2% |
|
|
|
|
|
|
|
|
| C.H. Robinson Worldwide, Inc. |
|
|
2,984 |
|
|
|
305,562 |
|
| CSX Corp. |
|
|
6,663 |
|
|
|
196,092 |
|
| Expeditors International of Washington, Inc. |
|
|
484 |
|
|
|
58,201 |
|
| FedEx Corp. |
|
|
6,048 |
|
|
|
1,474,381 |
|
| J.B. Hunt Transport Services, Inc. |
|
|
290 |
|
|
|
42,905 |
|
| Norfolk Southern Corp. |
|
|
773 |
|
|
|
183,085 |
|
| Old Dominion Freight Line, Inc. |
|
|
733 |
|
|
|
121,275 |
|
| Union Pacific Corp. |
|
|
6,490 |
|
|
|
1,533,198 |
|
| United Parcel Service, Inc. - Class B |
|
|
21,583 |
|
|
|
2,373,914 |
|
| |
|
|
|
|
|
|
6,288,613 |
|
| |
|
|
|
|
|
|
|
|
| Water - 0.0%(c) |
|
|
|
|
|
|
|
|
| American Water Works Co., Inc. |
|
|
532 |
|
|
|
78,481 |
|
| TOTAL COMMON STOCKS (Cost $434,199,412) |
|
|
|
|
|
|
501,755,135 |
|
| |
|
|
|
|
|
|
|
|
| REAL
ESTATE INVESTMENT TRUSTS - COMMON - 1.6% |
|
|
|
|
|
|
|
|
| Alexandria Real Estate Equities, Inc.
(a) |
|
|
516 |
|
|
|
47,735 |
|
| American Tower Corp. |
|
|
1,604 |
|
|
|
349,030 |
|
| AvalonBay Communities, Inc. (a) |
|
|
3,556 |
|
|
|
763,189 |
|
| BXP, Inc. (a) |
|
|
448 |
|
|
|
30,101 |
|
| Camden Property Trust |
|
|
285 |
|
|
|
34,856 |
|
| Crown Castle, Inc. |
|
|
1,507 |
|
|
|
157,075 |
|
| The accompanying notes are an integral part of these financial statements. | 11 |
| Schedule
of Investments |
Gotham
Enhanced 500 ETF |
March
31, 2025 (Unaudited)
| Digital Realty Trust, Inc. |
|
|
1,037 |
|
|
|
148,592 |
|
| Equinix, Inc. |
|
|
290 |
|
|
|
236,452 |
|
| Equity Residential |
|
|
1,338 |
|
|
|
95,774 |
|
| Essex Property Trust, Inc. |
|
|
227 |
|
|
|
69,591 |
|
| Extra Space Storage, Inc. |
|
|
745 |
|
|
|
110,625 |
|
| Federal Realty Investment Trust |
|
|
234 |
|
|
|
22,890 |
|
| Healthpeak Properties, Inc. |
|
|
2,252 |
|
|
|
45,535 |
|
| Host Hotels & Resorts, Inc. (a) |
|
|
2,397 |
|
|
|
34,061 |
|
| Invitation Homes, Inc. |
|
|
2,168 |
|
|
|
75,555 |
|
| Iron Mountain, Inc. |
|
|
949 |
|
|
|
81,652 |
|
| Kimco Realty Corp. |
|
|
17,080 |
|
|
|
362,779 |
|
| Mid-America Apartment Communities, Inc. |
|
|
334 |
|
|
|
55,972 |
|
| Prologis, Inc. |
|
|
3,149 |
|
|
|
352,027 |
|
| Public Storage |
|
|
500 |
|
|
|
149,645 |
|
| Realty Income Corp. (a) |
|
|
22,459 |
|
|
|
1,302,847 |
|
| Regency Centers Corp. |
|
|
517 |
|
|
|
38,134 |
|
| SBA Communications Corp. |
|
|
324 |
|
|
|
71,283 |
|
| Simon Property Group, Inc. |
|
|
1,124 |
|
|
|
186,674 |
|
| UDR, Inc. |
|
|
1,047 |
|
|
|
47,293 |
|
| Ventas, Inc. |
|
|
11,011 |
|
|
|
757,116 |
|
| VICI Properties, Inc. |
|
|
3,194 |
|
|
|
104,188 |
|
| Welltower, Inc. |
|
|
16,056 |
|
|
|
2,459,940 |
|
| Weyerhaeuser Co. |
|
|
2,505 |
|
|
|
73,346 |
|
| TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON (Cost $7,547,111) |
|
|
|
|
|
|
8,263,957 |
|
| |
|
|
|
|
|
|
|
|
| SHORT-TERM
INVESTMENTS - 2.2% |
|
|
|
|
|
|
|
|
| Investments Purchased with Proceeds from Securities Lending -
2.1% |
|
|
|
|
|
|
|
|
| Mount Vernon Liquid
Assets Portfolio, LLC, 4.46% (d) |
|
|
10,864,006 |
|
|
|
10,864,006 |
|
| |
|
|
|
|
|
|
|
|
| Money Market Funds - 0.1% |
|
|
|
|
|
|
|
|
| First American
Government Obligations Fund - Class X, 4.27% (d) |
|
|
497,978 |
|
|
|
497,978 |
|
| TOTAL SHORT-TERM INVESTMENTS (Cost $11,361,984) |
|
|
|
|
|
|
11,361,984 |
|
| |
|
|
|
|
|
|
|
|
| TOTAL INVESTMENTS - 102.1% (Cost $453,108,507) |
|
|
|
|
|
|
521,381,076 |
|
| Liabilities in Excess of Other Assets - (2.1)% |
|
|
|
|
|
|
(10,612,313 |
) |
| TOTAL NET ASSETS - 100.0% |
|
|
|
|
|
$ |
510,768,763 |
|
| |
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
PLC
- Public Limited Company
|
(a) |
All or a portion
of this security is on loan as of March 31, 2025. The total market value of these securities was $10,762,753 which represented 2.1% of
net assets. |
|
(b) |
Non-income producing
security. |
|
(c) |
Represents less
than 0.05% of net assets. |
|
(d) |
The rate shown
represents the 7-day annualized effective yield as of March 31, 2025. |
| The accompanying notes are an integral part of these financial statements. | 12 |
| Schedule
of Investments |
Gotham
1000 Value ETF |
March
31, 2025 (Unaudited)
| COMMON STOCKS - 99.7% |
|
Shares |
|
|
Value |
|
| Advertising - 0.7% |
|
|
|
|
|
|
|
|
| Interpublic Group of Cos., Inc. |
|
|
26,725 |
|
|
$ |
725,851 |
|
| Omnicom Group,
Inc. (a) |
|
|
7,024 |
|
|
|
582,360 |
|
| |
|
|
|
|
|
|
1,308,211 |
|
| |
|
|
|
|
|
|
|
|
| Aerospace/Defense - 0.6% |
|
|
|
|
|
|
|
|
| Hexcel Corp. |
|
|
6,613 |
|
|
|
362,128 |
|
| L3Harris Technologies, Inc. |
|
|
843 |
|
|
|
176,448 |
|
| Lockheed Martin Corp. |
|
|
357 |
|
|
|
159,476 |
|
| Spirit AeroSystems
Holdings, Inc. - Class A (b) |
|
|
9,940 |
|
|
|
342,532 |
|
| |
|
|
|
|
|
|
1,040,584 |
|
| |
|
|
|
|
|
|
|
|
| Agriculture - 0.8% |
|
|
|
|
|
|
|
|
| Altria Group, Inc. |
|
|
8,651 |
|
|
|
519,233 |
|
| Bunge Global SA |
|
|
2,931 |
|
|
|
223,987 |
|
| Darling Ingredients,
Inc. (a)(b) |
|
|
23,747 |
|
|
|
741,856 |
|
| |
|
|
|
|
|
|
1,485,076 |
|
| |
|
|
|
|
|
|
|
|
| Airlines - 0.8% |
|
|
|
|
|
|
|
|
| American Airlines Group, Inc. (b) |
|
|
36,657 |
|
|
|
386,731 |
|
| Delta Air Lines, Inc. |
|
|
12,067 |
|
|
|
526,121 |
|
| SkyWest, Inc. (b) |
|
|
5,761 |
|
|
|
503,339 |
|
| |
|
|
|
|
|
|
1,416,191 |
|
| |
|
|
|
|
|
|
|
|
| Apparel - 4.0% |
|
|
|
|
|
|
|
|
| Columbia Sportswear Co. (a) |
|
|
10,754 |
|
|
|
813,970 |
|
| Crocs, Inc. (b) |
|
|
6,527 |
|
|
|
693,167 |
|
| Deckers Outdoor Corp. (b) |
|
|
5,515 |
|
|
|
616,632 |
|
| Gildan Activewear, Inc. |
|
|
12,947 |
|
|
|
572,516 |
|
| Hanesbrands, Inc. (b) |
|
|
21,084 |
|
|
|
121,655 |
|
| Kontoor Brands, Inc. |
|
|
11,282 |
|
|
|
723,515 |
|
| Levi Strauss & Co. - Class A |
|
|
43,680 |
|
|
|
680,971 |
|
| NIKE, Inc. - Class B |
|
|
7,345 |
|
|
|
466,261 |
|
| PVH Corp. |
|
|
10,005 |
|
|
|
646,723 |
|
| Ralph Lauren Corp. - Class A |
|
|
1,928 |
|
|
|
425,587 |
|
| Steven Madden Ltd. |
|
|
3,362 |
|
|
|
89,564 |
|
| Tapestry, Inc. |
|
|
406 |
|
|
|
28,586 |
|
| Under Armour, Inc. - Class C (a)(b) |
|
|
106,540 |
|
|
|
633,913 |
|
| VF Corp. (a) |
|
|
36,188 |
|
|
|
561,638 |
|
| |
|
|
|
|
|
|
7,074,698 |
|
| |
|
|
|
|
|
|
|
|
| Auto Manufacturers - 0.5% |
|
|
|
|
|
|
|
|
| Cummins, Inc. |
|
|
814 |
|
|
|
255,140 |
|
| General Motors Co. |
|
|
12,552 |
|
|
|
590,321 |
|
| |
|
|
|
|
|
|
845,461 |
|
| |
|
|
|
|
|
|
|
|
| Auto Parts/Equipment - 2.1% |
|
|
|
|
|
|
|
|
| Allison Transmission Holdings, Inc. |
|
|
2,545 |
|
|
|
243,480 |
|
| Aptiv PLC (b) |
|
|
11,729 |
|
|
|
697,876 |
|
| BorgWarner, Inc. |
|
|
14,616 |
|
|
|
418,748 |
|
| Dorman Products, Inc. (b) |
|
|
3,556 |
|
|
|
428,640 |
|
| Gentex Corp. |
|
|
11,468 |
|
|
|
267,204 |
|
| Goodyear Tire & Rubber Co. (b) |
|
|
34,740 |
|
|
|
320,998 |
|
| Lear Corp. |
|
|
8,117 |
|
|
|
716,082 |
|
| Magna International,
Inc. (a) |
|
|
20,147 |
|
|
|
684,797 |
|
| |
|
|
|
|
|
|
3,777,825 |
|
| The accompanying notes are an integral part of these financial statements. | 13 |
| Schedule
of Investments |
Gotham
1000 Value ETF |
March
31, 2025 (Unaudited)
| Banks - 0.2% |
|
|
|
|
|
|
| Bank OZK (a) |
|
|
3,271 |
|
|
|
142,125 |
|
| Cathay General Bancorp |
|
|
3 |
|
|
|
129 |
|
| Columbia Banking System, Inc. (a) |
|
|
571 |
|
|
|
14,241 |
|
| Fulton Financial Corp. |
|
|
74 |
|
|
|
1,339 |
|
| International Bancshares Corp. |
|
|
2,628 |
|
|
|
165,722 |
|
| Valley National Bancorp |
|
|
222 |
|
|
|
1,973 |
|
| |
|
|
|
|
|
|
325,529 |
|
| |
|
|
|
|
|
|
|
|
| Beverages - 1.4% |
|
|
|
|
|
|
|
|
| Boston Beer Co., Inc. - Class A (a)(b) |
|
|
2,464 |
|
|
|
588,502 |
|
| Brown-Forman Corp. - Class B (a) |
|
|
10,329 |
|
|
|
350,566 |
|
| Constellation Brands, Inc. - Class A
(a) |
|
|
3,634 |
|
|
|
666,912 |
|
| Keurig Dr Pepper, Inc. |
|
|
1,311 |
|
|
|
44,862 |
|
| Molson Coors Beverage Co. - Class B
(a) |
|
|
9,282 |
|
|
|
564,995 |
|
| National Beverage Corp. |
|
|
1,740 |
|
|
|
72,280 |
|
| PepsiCo, Inc. |
|
|
927 |
|
|
|
138,994 |
|
| |
|
|
|
|
|
|
2,427,111 |
|
| |
|
|
|
|
|
|
|
|
| Biotechnology - 2.9% |
|
|
|
|
|
|
|
|
| Biogen, Inc. (b) |
|
|
6,063 |
|
|
|
829,661 |
|
| Bio-Rad Laboratories, Inc. - Class A
(b) |
|
|
3,180 |
|
|
|
774,521 |
|
| Corteva, Inc. |
|
|
11,934 |
|
|
|
751,007 |
|
| Exelixis, Inc. (b) |
|
|
20,389 |
|
|
|
752,762 |
|
| Gilead Sciences, Inc. |
|
|
3,645 |
|
|
|
408,422 |
|
| Halozyme Therapeutics, Inc. (b) |
|
|
4,636 |
|
|
|
295,823 |
|
| Incyte Corp. (b) |
|
|
9,277 |
|
|
|
561,722 |
|
| Regeneron Pharmaceuticals, Inc. |
|
|
40 |
|
|
|
25,369 |
|
| United Therapeutics
Corp. (b) |
|
|
2,290 |
|
|
|
705,938 |
|
| |
|
|
|
|
|
|
5,105,225 |
|
| |
|
|
|
|
|
|
|
|
| Building Materials - 0.9% |
|
|
|
|
|
|
|
|
| Fortune Brands Innovations, Inc. |
|
|
331 |
|
|
|
20,151 |
|
| Griffon Corp. |
|
|
4,601 |
|
|
|
328,971 |
|
| Johnson Controls International PLC |
|
|
2,441 |
|
|
|
195,548 |
|
| Masco Corp. |
|
|
4,288 |
|
|
|
298,188 |
|
| Mohawk Industries, Inc. (b) |
|
|
5,064 |
|
|
|
578,208 |
|
| Owens Corning |
|
|
699 |
|
|
|
99,831 |
|
| |
|
|
|
|
|
|
1,520,897 |
|
| |
|
|
|
|
|
|
|
|
| Chemicals - 4.2% |
|
|
|
|
|
|
|
|
| Ashland, Inc. |
|
|
6,517 |
|
|
|
386,393 |
|
| Avient Corp. |
|
|
4,844 |
|
|
|
180,003 |
|
| Axalta Coating Systems Ltd. (b) |
|
|
11,052 |
|
|
|
366,595 |
|
| Cabot Corp. |
|
|
6,362 |
|
|
|
528,937 |
|
| Celanese Corp. (a) |
|
|
7,028 |
|
|
|
398,980 |
|
| CF Industries Holdings, Inc. |
|
|
6,959 |
|
|
|
543,846 |
|
| DuPont de Nemours, Inc. |
|
|
1,283 |
|
|
|
95,814 |
|
| Eastman Chemical Co. |
|
|
3,136 |
|
|
|
276,313 |
|
| Element Solutions, Inc. |
|
|
3,910 |
|
|
|
88,405 |
|
| FMC Corp. (a) |
|
|
20,100 |
|
|
|
848,019 |
|
| HB Fuller Co. |
|
|
5,229 |
|
|
|
293,451 |
|
| Innospec, Inc. |
|
|
1,015 |
|
|
|
96,171 |
|
| LyondellBasell Industries NV - Class A |
|
|
9,377 |
|
|
|
660,141 |
|
| Minerals Technologies, Inc. |
|
|
921 |
|
|
|
58,548 |
|
| Mosaic Co. |
|
|
7,877 |
|
|
|
212,758 |
|
| NewMarket Corp. (a) |
|
|
1,003 |
|
|
|
568,149 |
|
| Nutrien Ltd. |
|
|
3,940 |
|
|
|
195,700 |
|
| Olin Corp. |
|
|
9,747 |
|
|
|
236,267 |
|
| The accompanying notes are an integral part of these financial statements. | 14 |
| Schedule
of Investments |
Gotham
1000 Value ETF |
March
31, 2025 (Unaudited)
| PPG Industries, Inc. |
|
|
6,250 |
|
|
|
683,438 |
|
| Quaker Chemical Corp. (a) |
|
|
1,725 |
|
|
|
213,227 |
|
| RPM International, Inc. |
|
|
1,268 |
|
|
|
146,682 |
|
| Sensient Technologies Corp. |
|
|
4,858 |
|
|
|
361,581 |
|
| |
|
|
|
|
|
|
7,439,418 |
|
| |
|
|
|
|
|
|
|
|
| Coal - 0.7% |
|
|
|
|
|
|
|
|
| Alpha Metallurgical Resources, Inc.
(b) |
|
|
2,034 |
|
|
|
254,759 |
|
| Core Natural Resources, Inc. |
|
|
2,851 |
|
|
|
219,812 |
|
| Teck Resources Ltd. - Class B |
|
|
20,519 |
|
|
|
747,507 |
|
| |
|
|
|
|
|
|
1,222,078 |
|
| |
|
|
|
|
|
|
|
|
| Commercial Services - 5.3% |
|
|
|
|
|
|
|
|
| ADT, Inc. |
|
|
74,213 |
|
|
|
604,094 |
|
| Adtalem Global Education, Inc. (b) |
|
|
3,989 |
|
|
|
401,453 |
|
| Alarm.com Holdings, Inc. (b) |
|
|
2,201 |
|
|
|
122,486 |
|
| API Group Corp. (b) |
|
|
5,393 |
|
|
|
192,854 |
|
| Block, Inc. (b) |
|
|
3,272 |
|
|
|
177,768 |
|
| Booz Allen Hamilton Holding Corp. |
|
|
4,607 |
|
|
|
481,800 |
|
| Brink’s Co. |
|
|
4,070 |
|
|
|
350,671 |
|
| Colliers International Group, Inc. |
|
|
1,525 |
|
|
|
184,983 |
|
| Corpay, Inc. (b) |
|
|
133 |
|
|
|
46,380 |
|
| Driven Brands Holdings, Inc. (a)(b) |
|
|
23,251 |
|
|
|
398,522 |
|
| Euronet Worldwide, Inc. (b) |
|
|
5,619 |
|
|
|
600,390 |
|
| FTI Consulting, Inc. (b) |
|
|
5,148 |
|
|
|
844,684 |
|
| Global Payments, Inc. |
|
|
6,610 |
|
|
|
647,251 |
|
| Graham Holdings Co. - Class B |
|
|
534 |
|
|
|
513,099 |
|
| Grand Canyon Education, Inc. (b) |
|
|
362 |
|
|
|
62,633 |
|
| John Wiley & Sons, Inc. - Class A |
|
|
921 |
|
|
|
41,040 |
|
| Korn Ferry |
|
|
3,531 |
|
|
|
239,508 |
|
| ManpowerGroup, Inc. |
|
|
10,233 |
|
|
|
592,286 |
|
| MarketAxess Holdings, Inc. |
|
|
1,249 |
|
|
|
270,221 |
|
| Morningstar, Inc. |
|
|
881 |
|
|
|
264,185 |
|
| Payoneer Global, Inc. (b) |
|
|
40,750 |
|
|
|
297,883 |
|
| PayPal Holdings, Inc. (b) |
|
|
7,909 |
|
|
|
516,062 |
|
| RB Global, Inc. |
|
|
994 |
|
|
|
99,698 |
|
| Stride, Inc. (a)(b) |
|
|
3,895 |
|
|
|
492,718 |
|
| Verra Mobility Corp. (b) |
|
|
2,773 |
|
|
|
62,420 |
|
| WEX, Inc. (a)(b) |
|
|
3,364 |
|
|
|
528,215 |
|
| WillScot Holdings
Corp. (a) |
|
|
9,538 |
|
|
|
265,156 |
|
| |
|
|
|
|
|
|
9,298,460 |
|
| |
|
|
|
|
|
|
|
|
| Computers - 4.1% |
|
|
|
|
|
|
|
|
| Amdocs Ltd. |
|
|
3,912 |
|
|
|
357,948 |
|
| Amentum Holdings, Inc. (b) |
|
|
1,908 |
|
|
|
34,726 |
|
| ASGN, Inc. (b) |
|
|
7,880 |
|
|
|
496,597 |
|
| CGI, Inc. - Class A |
|
|
2,301 |
|
|
|
229,709 |
|
| Crane NXT Co. (a) |
|
|
2,039 |
|
|
|
104,805 |
|
| Dell Technologies, Inc. - Class C |
|
|
3,047 |
|
|
|
277,734 |
|
| DXC Technology Co. (b) |
|
|
38,637 |
|
|
|
658,761 |
|
| EPAM Systems, Inc. (b) |
|
|
3,857 |
|
|
|
651,216 |
|
| Globant SA (b) |
|
|
558 |
|
|
|
65,688 |
|
| Hewlett Packard Enterprise Co. |
|
|
44,897 |
|
|
|
692,761 |
|
| HP, Inc. |
|
|
16,607 |
|
|
|
459,848 |
|
| Insight Enterprises, Inc. (a)(b) |
|
|
4,177 |
|
|
|
626,508 |
|
| KBR, Inc. (a) |
|
|
2,264 |
|
|
|
112,770 |
|
| Kyndryl Holdings, Inc. (b) |
|
|
5,273 |
|
|
|
165,572 |
|
| Leidos Holdings, Inc. |
|
|
3,704 |
|
|
|
499,818 |
|
| Maximus, Inc. |
|
|
3,378 |
|
|
|
230,346 |
|
| The accompanying notes are an integral part of these financial statements. | 15 |
| Schedule
of Investments |
Gotham
1000 Value ETF |
March
31, 2025 (Unaudited)
| NetApp, Inc. |
|
|
3,187 |
|
|
|
279,946 |
|
| Parsons Corp. (b) |
|
|
5,163 |
|
|
|
305,701 |
|
| Science Applications International Corp. |
|
|
728 |
|
|
|
81,732 |
|
| Seagate Technology Holdings PLC |
|
|
1,704 |
|
|
|
144,755 |
|
| Western Digital
Corp. (a)(b) |
|
|
17,171 |
|
|
|
694,223 |
|
| |
|
|
|
|
|
|
7,171,164 |
|
| |
|
|
|
|
|
|
|
|
| Cosmetics/Personal Care - 1.1% |
|
|
|
|
|
|
|
|
| Colgate-Palmolive Co. |
|
|
161 |
|
|
|
15,086 |
|
| Coty, Inc. - Class A (b) |
|
|
125,586 |
|
|
|
686,955 |
|
| Estee Lauder Cos., Inc. - Class A |
|
|
3,186 |
|
|
|
210,276 |
|
| Interparfums, Inc. |
|
|
3,739 |
|
|
|
425,760 |
|
| Perrigo Co. PLC |
|
|
18,343 |
|
|
|
514,338 |
|
| |
|
|
|
|
|
|
1,852,415 |
|
| |
|
|
|
|
|
|
|
|
| Distribution/Wholesale - 0.7% |
|
|
|
|
|
|
|
|
| Core & Main, Inc. - Class A (b) |
|
|
764 |
|
|
|
36,909 |
|
| LKQ Corp. |
|
|
13,086 |
|
|
|
556,678 |
|
| Pool Corp. (a) |
|
|
294 |
|
|
|
93,595 |
|
| Resideo Technologies, Inc. (b) |
|
|
1,858 |
|
|
|
32,887 |
|
| WESCO International, Inc. |
|
|
3,131 |
|
|
|
486,244 |
|
| W.W. Grainger, Inc. |
|
|
19 |
|
|
|
18,769 |
|
| |
|
|
|
|
|
|
1,225,082 |
|
| |
|
|
|
|
|
|
|
|
| Diversified Financial Services - 0.9% |
|
|
|
|
|
|
|
|
| Cboe Global Markets, Inc. |
|
|
1,077 |
|
|
|
243,714 |
|
| CME Group, Inc. - Class A |
|
|
2,162 |
|
|
|
573,557 |
|
| Enact Holdings, Inc. |
|
|
5,598 |
|
|
|
194,531 |
|
| Intercorp Financial Services, Inc. |
|
|
919 |
|
|
|
30,446 |
|
| Visa, Inc. - Class A |
|
|
91 |
|
|
|
31,892 |
|
| Western Union Co.
(a) |
|
|
50,119 |
|
|
|
530,259 |
|
| |
|
|
|
|
|
|
1,604,399 |
|
| |
|
|
|
|
|
|
|
|
| Electric - 0.8% |
|
|
|
|
|
|
|
|
| Constellation Energy Corp. |
|
|
3,827 |
|
|
|
771,638 |
|
| Dominion Energy, Inc. (a) |
|
|
3,872 |
|
|
|
217,103 |
|
| Talen Energy Corp.
(b) |
|
|
1,722 |
|
|
|
343,832 |
|
| |
|
|
|
|
|
|
1,332,573 |
|
| |
|
|
|
|
|
|
|
|
| Electrical Components/Equipment - 0.5% |
|
|
|
|
|
|
|
|
| Acuity, Inc. |
|
|
87 |
|
|
|
22,912 |
|
| AMETEK, Inc. |
|
|
134 |
|
|
|
23,067 |
|
| Generac Holdings, Inc. (b) |
|
|
4,276 |
|
|
|
541,555 |
|
| Littelfuse, Inc. |
|
|
612 |
|
|
|
120,405 |
|
| Powell Industries,
Inc. (a) |
|
|
1,519 |
|
|
|
258,731 |
|
| |
|
|
|
|
|
|
966,670 |
|
| |
|
|
|
|
|
|
|
|
| Electronics - 2.5% |
|
|
|
|
|
|
|
|
| Allegion PLC |
|
|
1,178 |
|
|
|
153,682 |
|
| Arrow Electronics, Inc. (b) |
|
|
6,825 |
|
|
|
708,640 |
|
| Atkore, Inc. (a) |
|
|
3,618 |
|
|
|
217,044 |
|
| Avnet, Inc. (a) |
|
|
15,294 |
|
|
|
735,488 |
|
| Brady Corp. - Class A |
|
|
727 |
|
|
|
51,355 |
|
| Celestica, Inc. (b) |
|
|
2,161 |
|
|
|
170,308 |
|
| Itron, Inc. (b) |
|
|
874 |
|
|
|
91,560 |
|
| Jabil, Inc. |
|
|
2,565 |
|
|
|
349,020 |
|
| NEXTracker, Inc. - Class A (b) |
|
|
9,110 |
|
|
|
383,895 |
|
| Plexus Corp. (b) |
|
|
5,098 |
|
|
|
653,207 |
|
| Sanmina Corp. (b) |
|
|
2,593 |
|
|
|
197,535 |
|
| The accompanying notes are an integral part of these financial statements. | 16 |
| Schedule
of Investments |
Gotham
1000 Value ETF |
March
31, 2025 (Unaudited)
| Sensata Technologies Holding PLC |
|
|
19,848 |
|
|
|
481,711 |
|
| TE Connectivity PLC |
|
|
853 |
|
|
|
120,546 |
|
| Vontier Corp. |
|
|
3,386 |
|
|
|
111,230 |
|
| |
|
|
|
|
|
|
4,425,221 |
|
| |
|
|
|
|
|
|
|
|
| Energy-Alternate
Sources - 0.0%(c) |
|
|
|
|
|
|
|
|
| Enphase Energy,
Inc. (a)(b) |
|
|
705 |
|
|
|
43,745 |
|
| |
|
|
|
|
|
|
|
|
| Engineering/Construction - 2.5% |
|
|
|
|
|
|
|
|
| AECOM |
|
|
1,372 |
|
|
|
127,226 |
|
| Comfort Systems USA, Inc. |
|
|
152 |
|
|
|
48,994 |
|
| Dycom Industries, Inc. (b) |
|
|
2,162 |
|
|
|
329,359 |
|
| EMCOR Group, Inc. |
|
|
1,567 |
|
|
|
579,210 |
|
| Everus Construction Group, Inc. (b) |
|
|
519 |
|
|
|
19,250 |
|
| Fluor Corp. (b) |
|
|
4,260 |
|
|
|
152,593 |
|
| Frontdoor, Inc. (b) |
|
|
7,977 |
|
|
|
306,476 |
|
| Granite Construction, Inc. (a) |
|
|
6,411 |
|
|
|
483,390 |
|
| IES Holdings, Inc. (a)(b) |
|
|
2,327 |
|
|
|
384,211 |
|
| Jacobs Solutions, Inc. |
|
|
4,875 |
|
|
|
589,339 |
|
| MasTec, Inc. (b) |
|
|
1,175 |
|
|
|
137,134 |
|
| Primoris Services Corp. |
|
|
11,376 |
|
|
|
653,096 |
|
| Sterling Infrastructure, Inc. (b) |
|
|
1,778 |
|
|
|
201,287 |
|
| TopBuild Corp.
(b) |
|
|
1,469 |
|
|
|
447,972 |
|
| |
|
|
|
|
|
|
4,459,537 |
|
| |
|
|
|
|
|
|
|
|
| Entertainment - 1.3% |
|
|
|
|
|
|
|
|
| Caesars Entertainment, Inc. (b) |
|
|
568 |
|
|
|
14,200 |
|
| Cinemark Holdings, Inc. (a) |
|
|
20,702 |
|
|
|
515,273 |
|
| International Game Technology PLC |
|
|
10,814 |
|
|
|
175,836 |
|
| Red Rock Resorts, Inc. - Class A |
|
|
5,871 |
|
|
|
254,625 |
|
| TKO Group Holdings, Inc. - Class A |
|
|
5,879 |
|
|
|
898,370 |
|
| United Parks & Resorts, Inc. (a)(b) |
|
|
7,086 |
|
|
|
322,129 |
|
| Vail Resorts, Inc. |
|
|
342 |
|
|
|
54,727 |
|
| Warner Music Group Corp. - Class A |
|
|
4,134 |
|
|
|
129,601 |
|
| |
|
|
|
|
|
|
2,364,761 |
|
| |
|
|
|
|
|
|
|
|
| Environmental Control - 0.2% |
|
|
|
|
|
|
|
|
| Tetra Tech, Inc. |
|
|
11,360 |
|
|
|
332,280 |
|
| |
|
|
|
|
|
|
|
|
| Food - 4.9% |
|
|
|
|
|
|
|
|
| Albertsons Cos., Inc. - Class A |
|
|
16,106 |
|
|
|
354,171 |
|
| Cal-Maine Foods, Inc. (a) |
|
|
4,852 |
|
|
|
441,047 |
|
| Conagra Brands, Inc. |
|
|
29,854 |
|
|
|
796,206 |
|
| Flowers Foods, Inc. (a) |
|
|
10,757 |
|
|
|
204,490 |
|
| General Mills, Inc. (a) |
|
|
10,771 |
|
|
|
643,998 |
|
| Hershey Co. (a) |
|
|
2,522 |
|
|
|
431,338 |
|
| Hormel Foods Corp. |
|
|
6,693 |
|
|
|
207,081 |
|
| Ingredion, Inc. |
|
|
6,857 |
|
|
|
927,135 |
|
| J & J Snack Foods Corp. |
|
|
490 |
|
|
|
64,543 |
|
| J M Smucker Co. |
|
|
4,520 |
|
|
|
535,213 |
|
| Kellanova |
|
|
663 |
|
|
|
54,691 |
|
| Kraft Heinz Co. |
|
|
20,297 |
|
|
|
617,638 |
|
| Kroger Co. |
|
|
1,133 |
|
|
|
76,693 |
|
| Lancaster Colony Corp. |
|
|
833 |
|
|
|
145,775 |
|
| Mondelez International, Inc. - Class A |
|
|
1,441 |
|
|
|
97,772 |
|
| Pilgrim’s Pride Corp. (a)(b) |
|
|
19,044 |
|
|
|
1,038,088 |
|
| Post Holdings, Inc. (b) |
|
|
4,807 |
|
|
|
559,342 |
|
| Simply Good Foods Co. (a)(b) |
|
|
3,528 |
|
|
|
121,681 |
|
| The Campbell’s Co. (a) |
|
|
10,737 |
|
|
|
428,621 |
|
| The accompanying notes are an integral part of these financial statements. | 17 |
| Schedule
of Investments |
Gotham
1000 Value ETF |
March
31, 2025 (Unaudited)
| Tyson Foods, Inc. - Class A |
|
|
8,979 |
|
|
|
572,950 |
|
| US Foods Holding
Corp. (b) |
|
|
5,671 |
|
|
|
371,224 |
|
| |
|
|
|
|
|
|
8,689,697 |
|
| |
|
|
|
|
|
|
|
|
| Forest Products/Paper - 0.4% |
|
|
|
|
|
|
|
|
| International Paper Co. (a) |
|
|
4,776 |
|
|
|
254,800 |
|
| Sylvamo Corp. |
|
|
6,888 |
|
|
|
461,978 |
|
| |
|
|
|
|
|
|
716,778 |
|
| |
|
|
|
|
|
|
|
|
| Gas - 0.3% |
|
|
|
|
|
|
|
|
| MDU Resources Group, Inc. |
|
|
20,546 |
|
|
|
347,433 |
|
| Southwest Gas Holdings, Inc. |
|
|
1,289 |
|
|
|
92,550 |
|
| |
|
|
|
|
|
|
439,983 |
|
| |
|
|
|
|
|
|
|
|
| Hand/Machine Tools - 1.0% |
|
|
|
|
|
|
|
|
| Franklin Electric Co., Inc. |
|
|
3,890 |
|
|
|
365,193 |
|
| Lincoln Electric Holdings, Inc. (a) |
|
|
356 |
|
|
|
67,341 |
|
| MSA Safety, Inc. |
|
|
1,517 |
|
|
|
222,529 |
|
| Regal Rexnord Corp. (a) |
|
|
3,833 |
|
|
|
436,387 |
|
| Snap-on, Inc. |
|
|
513 |
|
|
|
172,886 |
|
| Stanley Black &
Decker, Inc. (a) |
|
|
7,029 |
|
|
|
540,390 |
|
| |
|
|
|
|
|
|
1,804,726 |
|
| |
|
|
|
|
|
|
|
|
| Healthcare-Products - 2.7% |
|
|
|
|
|
|
|
|
| Align Technology, Inc. (b) |
|
|
1,090 |
|
|
|
173,157 |
|
| Avantor, Inc. (b) |
|
|
14,361 |
|
|
|
232,792 |
|
| Baxter International, Inc. |
|
|
16,925 |
|
|
|
579,343 |
|
| DENTSPLY SIRONA, Inc. |
|
|
32,470 |
|
|
|
485,102 |
|
| Envista Holdings Corp. (b) |
|
|
32,618 |
|
|
|
562,987 |
|
| GE HealthCare Technologies, Inc. |
|
|
1,406 |
|
|
|
113,478 |
|
| Globus Medical, Inc. - Class A (b) |
|
|
3,196 |
|
|
|
233,947 |
|
| Hologic, Inc. (b) |
|
|
3,070 |
|
|
|
189,634 |
|
| Lantheus Holdings, Inc. (a)(b) |
|
|
5,015 |
|
|
|
489,464 |
|
| Masimo Corp. (b) |
|
|
1,037 |
|
|
|
172,764 |
|
| QIAGEN NV |
|
|
9,305 |
|
|
|
373,596 |
|
| Solventum Corp. (b) |
|
|
7,411 |
|
|
|
563,533 |
|
| Teleflex, Inc. |
|
|
4,660 |
|
|
|
643,965 |
|
| |
|
|
|
|
|
|
4,813,762 |
|
| |
|
|
|
|
|
|
|
|
| Healthcare-Services - 2.7% |
|
|
|
|
|
|
|
|
| Amedisys, Inc. (b) |
|
|
8,951 |
|
|
|
829,131 |
|
| Centene Corp. (b) |
|
|
7,837 |
|
|
|
475,784 |
|
| Charles River Laboratories International,
Inc. (b) |
|
|
2,225 |
|
|
|
334,907 |
|
| Cigna Group |
|
|
1,322 |
|
|
|
434,938 |
|
| Concentra Group Holdings Parent, Inc. |
|
|
10,217 |
|
|
|
221,709 |
|
| DaVita, Inc. (b) |
|
|
3,306 |
|
|
|
505,719 |
|
| Elevance Health, Inc. |
|
|
560 |
|
|
|
243,578 |
|
| HCA Healthcare, Inc. |
|
|
318 |
|
|
|
109,885 |
|
| Humana, Inc. |
|
|
145 |
|
|
|
38,367 |
|
| Molina Healthcare, Inc. (b) |
|
|
1,912 |
|
|
|
629,794 |
|
| Tenet Healthcare Corp. (b) |
|
|
2,063 |
|
|
|
277,473 |
|
| UnitedHealth Group, Inc. |
|
|
81 |
|
|
|
42,424 |
|
| Universal Health Services, Inc. - Class B |
|
|
3,359 |
|
|
|
631,156 |
|
| |
|
|
|
|
|
|
4,774,865 |
|
| |
|
|
|
|
|
|
|
|
| Home Builders - 0.2% |
|
|
|
|
|
|
|
|
| LCI Industries
(a) |
|
|
3,955 |
|
|
|
345,786 |
|
| The accompanying notes are an integral part of these financial statements. | 18 |
| Schedule
of Investments |
Gotham
1000 Value ETF |
March
31, 2025 (Unaudited)
| Home Furnishings - 0.2% |
|
|
|
|
|
|
| Somnigroup
International, Inc. (a) |
|
|
5,445 |
|
|
|
326,047 |
|
| |
|
|
|
|
|
|
|
|
| Household Products/Wares - 0.9% |
|
|
|
|
|
|
|
|
| Avery Dennison Corp. |
|
|
2,314 |
|
|
|
411,823 |
|
| Clorox Co. |
|
|
1,306 |
|
|
|
192,308 |
|
| Kimberly-Clark Corp. |
|
|
1,944 |
|
|
|
276,476 |
|
| Reynolds Consumer Products, Inc. |
|
|
28,027 |
|
|
|
668,724 |
|
| |
|
|
|
|
|
|
1,549,331 |
|
| |
|
|
|
|
|
|
|
|
| Housewares - 0.3% |
|
|
|
|
|
|
|
|
| Newell Brands, Inc. |
|
|
73,640 |
|
|
|
456,568 |
|
| |
|
|
|
|
|
|
|
|
| Insurance - 9.3% |
|
|
|
|
|
|
|
|
| Aflac, Inc. |
|
|
2,723 |
|
|
|
302,770 |
|
| Allstate Corp. |
|
|
4,652 |
|
|
|
963,290 |
|
| American Financial Group, Inc. |
|
|
3,152 |
|
|
|
413,984 |
|
| Arch Capital Group Ltd. |
|
|
8,051 |
|
|
|
774,345 |
|
| Assurant, Inc. |
|
|
2,469 |
|
|
|
517,873 |
|
| Assured Guaranty Ltd. |
|
|
4,651 |
|
|
|
409,753 |
|
| Axis Capital Holdings Ltd. |
|
|
7,996 |
|
|
|
801,519 |
|
| Chubb Ltd. |
|
|
1,571 |
|
|
|
474,426 |
|
| Cincinnati Financial Corp. |
|
|
1,972 |
|
|
|
291,304 |
|
| CNO Financial Group, Inc. |
|
|
5,686 |
|
|
|
236,822 |
|
| Enstar Group Ltd. (b) |
|
|
2,794 |
|
|
|
928,670 |
|
| Everest Group Ltd. |
|
|
232 |
|
|
|
84,293 |
|
| First American Financial Corp. |
|
|
2,331 |
|
|
|
152,984 |
|
| Globe Life, Inc. |
|
|
6,044 |
|
|
|
796,116 |
|
| Hanover Insurance Group, Inc. |
|
|
5,003 |
|
|
|
870,272 |
|
| Hartford Insurance Group, Inc. |
|
|
2,977 |
|
|
|
368,344 |
|
| Kemper Corp. |
|
|
3,062 |
|
|
|
204,695 |
|
| Kinsale Capital Group, Inc. (a) |
|
|
849 |
|
|
|
413,217 |
|
| Lincoln National Corp. |
|
|
9,055 |
|
|
|
325,165 |
|
| Markel Group, Inc. (b) |
|
|
418 |
|
|
|
781,497 |
|
| Mercury General Corp. |
|
|
6,279 |
|
|
|
350,996 |
|
| MetLife, Inc. |
|
|
7,111 |
|
|
|
570,942 |
|
| MGIC Investment Corp. |
|
|
7 |
|
|
|
173 |
|
| Old Republic International Corp. |
|
|
4,028 |
|
|
|
157,978 |
|
| Primerica, Inc. |
|
|
1,943 |
|
|
|
552,842 |
|
| Progressive Corp. |
|
|
3,332 |
|
|
|
942,989 |
|
| Prudential Financial, Inc. |
|
|
3,861 |
|
|
|
431,196 |
|
| Reinsurance Group of America, Inc. |
|
|
316 |
|
|
|
62,220 |
|
| RenaissanceRe Holdings Ltd. |
|
|
3,749 |
|
|
|
899,760 |
|
| Sun Life Financial, Inc. |
|
|
4,829 |
|
|
|
276,509 |
|
| Travelers Cos., Inc. |
|
|
2,976 |
|
|
|
787,033 |
|
| Unum Group |
|
|
3,670 |
|
|
|
298,958 |
|
| W.R. Berkley Corp. |
|
|
8,340 |
|
|
|
593,474 |
|
| Willis Towers Watson PLC |
|
|
1,271 |
|
|
|
429,534 |
|
| |
|
|
|
|
|
|
16,465,943 |
|
| |
|
|
|
|
|
|
|
|
| Internet - 0.9% |
|
|
|
|
|
|
|
|
| Booking Holdings, Inc. |
|
|
24 |
|
|
|
110,566 |
|
| Etsy, Inc. (b) |
|
|
7,084 |
|
|
|
334,223 |
|
| Expedia Group, Inc. - Class A |
|
|
1,310 |
|
|
|
220,211 |
|
| Gen Digital, Inc. |
|
|
6,345 |
|
|
|
168,396 |
|
| Match Group, Inc. (a) |
|
|
13,791 |
|
|
|
430,279 |
|
| VeriSign, Inc.
(b) |
|
|
1,287 |
|
|
|
326,731 |
|
| |
|
|
|
|
|
|
1,590,406 |
|
| The accompanying notes are an integral part of these financial statements. | 19 |
| Schedule
of Investments |
Gotham
1000 Value ETF |
March
31, 2025 (Unaudited)
| Leisure Time - 1.2% |
|
|
|
|
|
|
| Acushnet Holdings Corp.
(a) |
|
|
6,393 |
|
|
|
438,943 |
|
| BRP, Inc. |
|
|
459 |
|
|
|
15,519 |
|
| Brunswick Corp. (a) |
|
|
5,928 |
|
|
|
319,223 |
|
| Harley-Davidson, Inc. (a) |
|
|
12,341 |
|
|
|
311,610 |
|
| Life Time Group Holdings, Inc. (b) |
|
|
11,677 |
|
|
|
352,646 |
|
| YETI Holdings,
Inc. (a)(b) |
|
|
20,542 |
|
|
|
679,940 |
|
| |
|
|
|
|
|
|
2,117,881 |
|
| |
|
|
|
|
|
|
|
|
| Lodging - 0.5% |
|
|
|
|
|
|
|
|
| Boyd Gaming Corp. |
|
|
3,453 |
|
|
|
227,311 |
|
| Hyatt Hotels Corp. - Class A (a) |
|
|
2,821 |
|
|
|
345,572 |
|
| Wynn Resorts Ltd.
(a) |
|
|
2,649 |
|
|
|
221,192 |
|
| |
|
|
|
|
|
|
794,075 |
|
| |
|
|
|
|
|
|
|
|
| Machinery-Construction/Mining - 0.6% |
|
|
|
|
|
|
|
|
| Caterpillar, Inc. |
|
|
836 |
|
|
|
275,713 |
|
| Oshkosh Corp. |
|
|
6,643 |
|
|
|
624,973 |
|
| Vertiv Holdings Co. - Class A |
|
|
1,721 |
|
|
|
124,256 |
|
| |
|
|
|
|
|
|
1,024,942 |
|
| |
|
|
|
|
|
|
|
|
| Machinery-Diversified - 2.0% |
|
|
|
|
|
|
|
|
| AGCO Corp. (a) |
|
|
7,626 |
|
|
|
705,939 |
|
| Cactus, Inc. - Class A |
|
|
10,749 |
|
|
|
492,627 |
|
| Chart Industries, Inc. (a)(b) |
|
|
2,224 |
|
|
|
321,056 |
|
| Dover Corp. |
|
|
612 |
|
|
|
107,516 |
|
| Flowserve Corp. |
|
|
5,345 |
|
|
|
261,050 |
|
| Gates Industrial Corp. PLC (b) |
|
|
14,420 |
|
|
|
265,472 |
|
| Middleby Corp. (b) |
|
|
2,372 |
|
|
|
360,496 |
|
| Mueller Water Products, Inc. - Class
A (a) |
|
|
18,659 |
|
|
|
474,312 |
|
| Toro Co. (a) |
|
|
4,796 |
|
|
|
348,909 |
|
| Watts Water Technologies, Inc. - Class A |
|
|
665 |
|
|
|
135,607 |
|
| Xylem, Inc. |
|
|
174 |
|
|
|
20,786 |
|
| |
|
|
|
|
|
|
3,493,770 |
|
| |
|
|
|
|
|
|
|
|
| Media - 1.8% |
|
|
|
|
|
|
|
|
| Charter Communications, Inc. - Class
A (a)(b) |
|
|
265 |
|
|
|
97,661 |
|
| Comcast Corp. - Class A |
|
|
8,793 |
|
|
|
324,462 |
|
| Fox Corp. - Class A (a) |
|
|
14,182 |
|
|
|
802,701 |
|
| New York Times Co. - Class A |
|
|
1,377 |
|
|
|
68,299 |
|
| Nexstar Media Group, Inc. (a) |
|
|
3,496 |
|
|
|
626,553 |
|
| Sirius XM Holdings, Inc. (a) |
|
|
28,191 |
|
|
|
635,566 |
|
| TEGNA, Inc. |
|
|
32,106 |
|
|
|
584,971 |
|
| Walt Disney Co. |
|
|
998 |
|
|
|
98,503 |
|
| |
|
|
|
|
|
|
3,238,716 |
|
| |
|
|
|
|
|
|
|
|
| Metal Fabricate/Hardware - 0.6% |
|
|
|
|
|
|
|
|
| Timken Co. (a) |
|
|
5,934 |
|
|
|
426,477 |
|
| Valmont Industries, Inc. |
|
|
1,979 |
|
|
|
564,747 |
|
| |
|
|
|
|
|
|
991,224 |
|
| |
|
|
|
|
|
|
|
|
| Mining - 2.5% |
|
|
|
|
|
|
|
|
| Agnico Eagle Mines Ltd. |
|
|
2,065 |
|
|
|
223,867 |
|
| Alcoa Corp. |
|
|
21,259 |
|
|
|
648,400 |
|
| Hudbay Minerals, Inc. (a) |
|
|
94,029 |
|
|
|
713,680 |
|
| Kinross Gold Corp. |
|
|
73,809 |
|
|
|
930,731 |
|
| New Gold, Inc. (b) |
|
|
82,289 |
|
|
|
305,292 |
|
| Newmont Corp. |
|
|
12,974 |
|
|
|
626,385 |
|
| The accompanying notes are an integral part of these financial statements. | 20 |
| Schedule
of Investments |
Gotham
1000 Value ETF |
March
31, 2025 (Unaudited)
| Orla Mining Ltd. (b) |
|
|
14,347 |
|
|
|
134,144 |
|
| Pan American Silver Corp. |
|
|
22,838 |
|
|
|
589,906 |
|
| Royal Gold, Inc. |
|
|
1,234 |
|
|
|
201,771 |
|
| Southern Copper
Corp. (a) |
|
|
978 |
|
|
|
91,404 |
|
| |
|
|
|
|
|
|
4,465,580 |
|
| |
|
|
|
|
|
|
|
|
| Miscellaneous Manufacturing - 1.1% |
|
|
|
|
|
|
|
|
| 3M Co. |
|
|
4,456 |
|
|
|
654,408 |
|
| A.O. Smith Corp. - Class A |
|
|
4,765 |
|
|
|
311,440 |
|
| Carlisle Cos., Inc. |
|
|
1,293 |
|
|
|
440,267 |
|
| Fabrinet (b) |
|
|
139 |
|
|
|
27,454 |
|
| JBT Marel Corp. |
|
|
3,597 |
|
|
|
439,553 |
|
| Teledyne Technologies,
Inc. (b) |
|
|
221 |
|
|
|
109,994 |
|
| |
|
|
|
|
|
|
1,983,116 |
|
| |
|
|
|
|
|
|
|
|
| Office-Business Equipment - 0.1% |
|
|
|
|
|
|
|
|
| Zebra Technologies
Corp. - Class A (b) |
|
|
473 |
|
|
|
133,651 |
|
| |
|
|
|
|
|
|
|
|
| Oil/Gas - 3.9% |
|
|
|
|
|
|
|
|
| Cenovus Energy, Inc. |
|
|
34,854 |
|
|
|
484,819 |
|
| Chevron Corp. |
|
|
3,425 |
|
|
|
572,968 |
|
| Coterra Energy, Inc. |
|
|
7,638 |
|
|
|
220,738 |
|
| EOG Resources, Inc. |
|
|
4,018 |
|
|
|
515,268 |
|
| Helmerich & Payne, Inc. (a) |
|
|
10,209 |
|
|
|
266,659 |
|
| HF Sinclair Corp. (a) |
|
|
8,927 |
|
|
|
293,520 |
|
| Imperial Oil Ltd. (a) |
|
|
5,598 |
|
|
|
404,847 |
|
| Magnolia Oil & Gas Corp. - Class A |
|
|
11,135 |
|
|
|
281,270 |
|
| Murphy Oil Corp. (a) |
|
|
21,589 |
|
|
|
613,128 |
|
| Ovintiv, Inc. |
|
|
9,595 |
|
|
|
410,666 |
|
| Patterson-UTI Energy, Inc. |
|
|
48,268 |
|
|
|
396,763 |
|
| Suncor Energy, Inc. |
|
|
15,777 |
|
|
|
610,886 |
|
| Transocean Ltd. (b) |
|
|
61,419 |
|
|
|
194,698 |
|
| Veren, Inc. |
|
|
155,053 |
|
|
|
1,026,451 |
|
| Weatherford International PLC |
|
|
11,119 |
|
|
|
595,423 |
|
| |
|
|
|
|
|
|
6,888,104 |
|
| |
|
|
|
|
|
|
|
|
| Oil/Gas Services - 2.0% |
|
|
|
|
|
|
|
|
| Baker Hughes Co. (a) |
|
|
664 |
|
|
|
29,183 |
|
| ChampionX Corp. |
|
|
19,452 |
|
|
|
579,670 |
|
| Halliburton Co. |
|
|
27,280 |
|
|
|
692,093 |
|
| NOV, Inc. |
|
|
50,632 |
|
|
|
770,619 |
|
| Schlumberger NV |
|
|
14,377 |
|
|
|
600,959 |
|
| TechnipFMC PLC |
|
|
16,105 |
|
|
|
510,367 |
|
| Tidewater, Inc.
(a)(b) |
|
|
7,372 |
|
|
|
311,614 |
|
| |
|
|
|
|
|
|
3,494,505 |
|
| |
|
|
|
|
|
|
|
|
| Packaging/Containers - 1.9% |
|
|
|
|
|
|
|
|
| AptarGroup, Inc. |
|
|
1,848 |
|
|
|
274,206 |
|
| Ball Corp. |
|
|
14,457 |
|
|
|
752,776 |
|
| Crown Holdings, Inc. |
|
|
8,564 |
|
|
|
764,423 |
|
| Graphic Packaging Holding Co. |
|
|
17,552 |
|
|
|
455,650 |
|
| Pactiv Evergreen, Inc. |
|
|
27,980 |
|
|
|
503,920 |
|
| Sealed Air Corp. (a) |
|
|
15,539 |
|
|
|
449,077 |
|
| Silgan Holdings, Inc. |
|
|
2,268 |
|
|
|
115,940 |
|
| |
|
|
|
|
|
|
3,315,992 |
|
| |
|
|
|
|
|
|
|
|
| Pharmaceuticals - 4.9% |
|
|
|
|
|
|
|
|
| Alkermes PLC (b) |
|
|
29,260 |
|
|
|
966,165 |
|
| Bausch Health Cos., Inc. (a)(b) |
|
|
48,855 |
|
|
|
316,092 |
|
| The accompanying notes are an integral part of these financial statements. | 21 |
| Schedule
of Investments |
Gotham
1000 Value ETF |
March
31, 2025 (Unaudited)
| Bristol-Myers Squibb Co. |
|
|
1,869 |
|
|
|
113,990 |
|
| Cardinal Health, Inc. |
|
|
2,238 |
|
|
|
308,329 |
|
| Catalyst Pharmaceuticals, Inc. (b) |
|
|
7,150 |
|
|
|
173,387 |
|
| Cencora, Inc. |
|
|
328 |
|
|
|
91,214 |
|
| CVS Health Corp. |
|
|
9,504 |
|
|
|
643,896 |
|
| Elanco Animal Health, Inc. (a)(b) |
|
|
48,709 |
|
|
|
511,445 |
|
| Henry Schein, Inc. (b) |
|
|
8,610 |
|
|
|
589,699 |
|
| Jazz Pharmaceuticals PLC (b) |
|
|
6,358 |
|
|
|
789,346 |
|
| Merck & Co., Inc. |
|
|
9,379 |
|
|
|
841,859 |
|
| Neurocrine Biosciences, Inc. (b) |
|
|
4,719 |
|
|
|
521,921 |
|
| Option Care Health, Inc. (b) |
|
|
30,088 |
|
|
|
1,051,576 |
|
| Organon & Co. (a) |
|
|
41,775 |
|
|
|
622,030 |
|
| Pfizer, Inc. |
|
|
12,962 |
|
|
|
328,457 |
|
| Viatris, Inc. |
|
|
74,795 |
|
|
|
651,464 |
|
| Zoetis, Inc. |
|
|
1,083 |
|
|
|
178,316 |
|
| |
|
|
|
|
|
|
8,699,186 |
|
| |
|
|
|
|
|
|
|
|
| Pipelines - 0.5% |
|
|
|
|
|
|
|
|
| TC Energy Corp.
(a) |
|
|
17,545 |
|
|
|
828,299 |
|
| |
|
|
|
|
|
|
|
|
| Real Estate - 0.1% |
|
|
|
|
|
|
|
|
| Howard Hughes Holdings,
Inc. (b) |
|
|
1,516 |
|
|
|
112,305 |
|
| |
|
|
|
|
|
|
|
|
| Retail - 5.6% |
|
|
|
|
|
|
|
|
| Abercrombie & Fitch Co. - Class
A (b) |
|
|
11,538 |
|
|
|
881,157 |
|
| Academy Sports & Outdoors, Inc.
(a) |
|
|
6,366 |
|
|
|
290,353 |
|
| American Eagle Outfitters, Inc. (a) |
|
|
40,236 |
|
|
|
467,542 |
|
| AutoNation, Inc. (b) |
|
|
243 |
|
|
|
39,347 |
|
| Bath & Body Works, Inc. |
|
|
13,492 |
|
|
|
409,078 |
|
| Best Buy Co., Inc. |
|
|
6,957 |
|
|
|
512,105 |
|
| Darden Restaurants, Inc. |
|
|
940 |
|
|
|
195,294 |
|
| Dillard’s, Inc. - Class A (a) |
|
|
1,280 |
|
|
|
458,406 |
|
| Dollar General Corp. |
|
|
8,653 |
|
|
|
760,858 |
|
| Dollar Tree, Inc. (b) |
|
|
11,361 |
|
|
|
852,870 |
|
| Five Below, Inc. (b) |
|
|
7,879 |
|
|
|
590,334 |
|
| Gap, Inc. (a) |
|
|
29,567 |
|
|
|
609,376 |
|
| Lululemon Athletica, Inc. (b) |
|
|
1,473 |
|
|
|
416,947 |
|
| Macy’s, Inc. (a) |
|
|
47,872 |
|
|
|
601,272 |
|
| MSC Industrial Direct Co., Inc. - Class
A (a) |
|
|
4,022 |
|
|
|
312,389 |
|
| Nordstrom, Inc. (a) |
|
|
22,357 |
|
|
|
546,629 |
|
| Ross Stores, Inc. |
|
|
242 |
|
|
|
30,925 |
|
| Target Corp. |
|
|
6,355 |
|
|
|
663,208 |
|
| Ulta Beauty, Inc. (b) |
|
|
1,562 |
|
|
|
572,536 |
|
| Urban Outfitters, Inc. (b) |
|
|
13,390 |
|
|
|
701,636 |
|
| Wendy’s Co. |
|
|
1,944 |
|
|
|
28,441 |
|
| |
|
|
|
|
|
|
9,940,703 |
|
| |
|
|
|
|
|
|
|
|
| Semiconductors - 1.9% |
|
|
|
|
|
|
|
|
| Amkor Technology, Inc. |
|
|
13,891 |
|
|
|
250,871 |
|
| Axcelis Technologies, Inc. (a)(b) |
|
|
2,298 |
|
|
|
114,142 |
|
| Cirrus Logic, Inc. (b) |
|
|
5,241 |
|
|
|
522,292 |
|
| GLOBALFOUNDRIES, Inc. (a)(b) |
|
|
14,031 |
|
|
|
517,884 |
|
| IPG Photonics Corp. (b) |
|
|
8,703 |
|
|
|
549,507 |
|
| MKS Instruments, Inc. (a) |
|
|
1,155 |
|
|
|
92,573 |
|
| ON Semiconductor Corp. (b) |
|
|
11,200 |
|
|
|
455,728 |
|
| Qorvo, Inc. (a)(b) |
|
|
3,594 |
|
|
|
260,242 |
|
| Skyworks Solutions,
Inc. (a) |
|
|
9,833 |
|
|
|
635,507 |
|
| |
|
|
|
|
|
|
3,398,746 |
|
| The accompanying notes are an integral part of these financial statements. | 22 |
| Schedule
of Investments |
Gotham
1000 Value ETF |
March
31, 2025 (Unaudited)
| Software - 1.5% |
|
|
|
|
|
|
| ACI Worldwide, Inc. (b) |
|
|
4,062 |
|
|
|
222,232 |
|
| Concentrix Corp. |
|
|
7,754 |
|
|
|
431,432 |
|
| Dropbox, Inc. - Class A (b) |
|
|
10,215 |
|
|
|
272,843 |
|
| Open Text Corp. |
|
|
17,599 |
|
|
|
444,551 |
|
| Paycom Software, Inc. |
|
|
1,154 |
|
|
|
252,126 |
|
| Teradata Corp. (b) |
|
|
17,655 |
|
|
|
396,884 |
|
| Zoom Communications,
Inc. - Class A (b) |
|
|
7,451 |
|
|
|
549,660 |
|
| |
|
|
|
|
|
|
2,569,728 |
|
| |
|
|
|
|
|
|
|
|
| Telecommunications - 1.8% |
|
|
|
|
|
|
|
|
| AT&T, Inc. |
|
|
461 |
|
|
|
13,037 |
|
| BCE, Inc. |
|
|
27,129 |
|
|
|
622,882 |
|
| Ciena Corp. (b) |
|
|
2,129 |
|
|
|
128,655 |
|
| InterDigital, Inc. (a) |
|
|
1,446 |
|
|
|
298,960 |
|
| Iridium Communications, Inc. |
|
|
12,512 |
|
|
|
341,828 |
|
| Juniper Networks, Inc. |
|
|
6,121 |
|
|
|
221,519 |
|
| Rogers Communications, Inc. - Class
B (a) |
|
|
19,681 |
|
|
|
526,073 |
|
| TELUS Corp. (a) |
|
|
13,182 |
|
|
|
189,030 |
|
| Ubiquiti, Inc. (a) |
|
|
1,400 |
|
|
|
434,196 |
|
| Verizon Communications, Inc. |
|
|
9,752 |
|
|
|
442,351 |
|
| |
|
|
|
|
|
|
3,218,531 |
|
| |
|
|
|
|
|
|
|
|
| Textiles - 0.2% |
|
|
|
|
|
|
|
|
| UniFirst Corp. |
|
|
1,890 |
|
|
|
328,860 |
|
| |
|
|
|
|
|
|
|
|
| Toys/Games/Hobbies - 0.6% |
|
|
|
|
|
|
|
|
| Hasbro, Inc. |
|
|
6,112 |
|
|
|
375,827 |
|
| Mattel, Inc. (b) |
|
|
38,518 |
|
|
|
748,405 |
|
| |
|
|
|
|
|
|
1,124,232 |
|
| |
|
|
|
|
|
|
|
|
| Transportation - 0.9% |
|
|
|
|
|
|
|
|
| FedEx Corp. |
|
|
1,927 |
|
|
|
469,764 |
|
| Kirby Corp. (b) |
|
|
3,934 |
|
|
|
397,373 |
|
| Matson, Inc. |
|
|
1,789 |
|
|
|
229,296 |
|
| United Parcel Service, Inc. - Class B |
|
|
3,834 |
|
|
|
421,702 |
|
| |
|
|
|
|
|
|
1,518,135 |
|
| TOTAL COMMON STOCKS (Cost $174,758,745) |
|
|
|
|
|
|
175,718,784 |
|
| |
|
|
|
|
|
|
|
|
| REAL
ESTATE INVESTMENT TRUSTS - COMMON - 0.1% |
|
|
|
|
|
|
|
|
| American Tower Corp. |
|
|
298 |
|
|
|
64,845 |
|
| Outfront Media, Inc. (a) |
|
|
3,672 |
|
|
|
59,266 |
|
| SBA Communications Corp. |
|
|
258 |
|
|
|
56,763 |
|
| TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON - (Cost
$177,557) |
|
|
|
|
|
|
180,874 |
|
| |
|
|
|
|
|
|
|
|
| SHORT-TERM
INVESTMENTS - 19.5% |
|
|
|
|
|
|
|
|
| Investments Purchased with Proceeds from Securities Lending -
19.4% |
|
|
|
|
|
|
|
|
| Mount Vernon Liquid
Assets Portfolio, LLC, 4.46% (d) |
|
|
34,273,775 |
|
|
|
34,273,775 |
|
| Money Market Funds - 0.1% |
|
|
|
|
|
|
|
|
| First American
Government Obligations Fund - Class X, 4.27% (d) |
|
|
147,714 |
|
|
|
147,714 |
|
| TOTAL SHORT-TERM INVESTMENTS (Cost $34,421,489) |
|
|
|
|
|
|
34,421,489 |
|
| |
|
|
|
|
|
|
|
|
| TOTAL INVESTMENTS - 119.3% (Cost $209,357,791) |
|
|
|
|
|
|
210,321,147 |
|
| Liabilities in Excess of Other Assets - (19.3)% |
|
|
|
|
|
|
(34,098,621 |
) |
| TOTAL NET ASSETS - 100.0% |
|
|
|
|
|
$ |
176,222,526 |
|
| |
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
| The accompanying notes are an integral part of these financial statements. | 23 |
| Schedule
of Investments |
Gotham
1000 Value ETF |
March
31, 2025 (Unaudited)
PLC
- Public Limited Company
|
(a) |
All or a portion
of this security is on loan as of March 31, 2025. The total market value of these securities was $33,511,191 which represented 19.0% of
net assets. |
|
(b) |
Non-income producing
security. |
|
(c) |
Represents less
than 0.05% of net assets. |
|
(d) |
The rate shown
represents the 7-day annualized effective yield as of March 31, 2025. |
| The accompanying notes are an integral part of these financial statements. | 24 |
| Schedule
of Investments |
Gotham
Short Strategies ETF |
| March
31, 2025 (Unaudited) |
|
| COMMON STOCKS - 88.4% |
|
Shares |
|
Value |
| Aerospace/Defense - 0.8% |
|
|
|
|
| Hexcel Corp. |
|
|
1,687 |
|
|
$ |
92,380 |
|
| Spirit AeroSystems
Holdings, Inc. - Class A (a) |
|
|
811 |
|
|
|
27,947 |
|
| |
|
|
|
|
|
|
120,327 |
|
| |
|
|
|
|
|
|
|
|
| Agriculture - 0.5% |
|
|
|
|
|
|
|
|
| Darling Ingredients,
Inc. (a) |
|
|
2,410 |
|
|
|
75,288 |
|
| |
|
|
|
|
|
|
|
|
| Airlines - 0.5% |
|
|
|
|
|
|
|
|
| Delta Air Lines, Inc. |
|
|
1,750 |
|
|
|
76,300 |
|
| |
|
|
|
|
|
|
|
|
| Apparel - 0.8% |
|
|
|
|
|
|
|
|
| Deckers Outdoor
Corp. (a) |
|
|
1,057 |
|
|
|
118,183 |
|
| |
|
|
|
|
|
|
|
|
| Auto Manufacturers - 0.4% |
|
|
|
|
|
|
|
|
| Cummins, Inc. |
|
|
185 |
|
|
|
57,986 |
|
| |
|
|
|
|
|
|
|
|
| Auto Parts/Equipment - 2.5% |
|
|
|
|
|
|
|
|
| Aptiv PLC (a) |
|
|
2,781 |
|
|
|
165,469 |
|
| Dorman Products, Inc. (a) |
|
|
41 |
|
|
|
4,942 |
|
| Lear Corp. |
|
|
1,326 |
|
|
|
116,980 |
|
| Magna International, Inc. |
|
|
2,625 |
|
|
|
89,224 |
|
| |
|
|
|
|
|
|
376,615 |
|
| |
|
|
|
|
|
|
|
|
| Beverages - 0.1% |
|
|
|
|
|
|
|
|
| Molson Coors Beverage Co. - Class B |
|
|
229 |
|
|
|
13,939 |
|
| |
|
|
|
|
|
|
|
|
| Biotechnology - 4.6% |
|
|
|
|
|
|
|
|
| ADMA Biologics, Inc. (a) |
|
|
1,680 |
|
|
|
33,331 |
|
| Amgen, Inc. |
|
|
361 |
|
|
|
112,470 |
|
| BioMarin Pharmaceutical, Inc. (a) |
|
|
878 |
|
|
|
62,066 |
|
| Bio-Rad Laboratories, Inc. - Class A
(a) |
|
|
303 |
|
|
|
73,799 |
|
| Corteva, Inc. |
|
|
2,652 |
|
|
|
166,890 |
|
| Exelixis, Inc. (a) |
|
|
1,590 |
|
|
|
58,703 |
|
| Incyte Corp. (a) |
|
|
606 |
|
|
|
36,693 |
|
| Krystal Biotech, Inc. (a) |
|
|
99 |
|
|
|
17,850 |
|
| Regeneron Pharmaceuticals, Inc. |
|
|
147 |
|
|
|
93,232 |
|
| United Therapeutics
Corp. (a) |
|
|
176 |
|
|
|
54,255 |
|
| |
|
|
|
|
|
|
709,289 |
|
| |
|
|
|
|
|
|
|
|
| Building Materials - 2.2% |
|
|
|
|
|
|
|
|
| Armstrong World Industries, Inc. |
|
|
150 |
|
|
|
21,132 |
|
| Johnson Controls International PLC |
|
|
1,679 |
|
|
|
134,505 |
|
| Mohawk Industries, Inc. (a) |
|
|
1,107 |
|
|
|
126,397 |
|
| SPX Technologies, Inc. (a) |
|
|
350 |
|
|
|
45,073 |
|
| West Fraser Timber Co. Ltd. |
|
|
208 |
|
|
|
16,004 |
|
| |
|
|
|
|
|
|
343,111 |
|
| |
|
|
|
|
|
|
|
|
| Chemicals - 3.7% |
|
|
|
|
|
|
|
|
| Cabot Corp. |
|
|
1,007 |
|
|
|
83,722 |
|
| CF Industries Holdings, Inc. |
|
|
2,596 |
|
|
|
202,878 |
|
| DuPont de Nemours, Inc. |
|
|
87 |
|
|
|
6,497 |
|
| Eastman Chemical Co. |
|
|
1,039 |
|
|
|
91,546 |
|
| Element Solutions, Inc. |
|
|
1,366 |
|
|
|
30,885 |
|
| FMC Corp. |
|
|
424 |
|
|
|
17,889 |
|
| LyondellBasell Industries NV - Class A |
|
|
1,816 |
|
|
|
127,846 |
|
| The accompanying notes are an integral part of these financial statements. | 25 |
| Schedule
of Investments |
Gotham
Short Strategies ETF |
| March
31, 2025 (Unaudited) |
|
| PPG Industries, Inc. |
|
|
111 |
|
|
|
12,138 |
|
| |
|
|
|
|
|
|
573,401 |
|
| |
|
|
|
|
|
|
|
|
| Coal - 0.1% |
|
|
|
|
|
|
|
|
| Teck Resources Ltd. - Class B |
|
|
551 |
|
|
|
20,073 |
|
| |
|
|
|
|
|
|
|
|
| Commercial Services - 0.6% |
|
|
|
|
|
|
|
|
| Graham Holdings Co. - Class B |
|
|
22 |
|
|
|
21,139 |
|
| Robert Half, Inc. |
|
|
770 |
|
|
|
42,003 |
|
| Valvoline, Inc.
(a) |
|
|
1,042 |
|
|
|
36,272 |
|
| |
|
|
|
|
|
|
99,414 |
|
| |
|
|
|
|
|
|
|
|
| Computers - 4.3% |
|
|
|
|
|
|
|
|
| CGI, Inc. - Class A |
|
|
89 |
|
|
|
8,885 |
|
| EPAM Systems, Inc. (a) |
|
|
106 |
|
|
|
17,897 |
|
| Gartner, Inc. (a) |
|
|
144 |
|
|
|
60,443 |
|
| Hewlett Packard Enterprise Co. |
|
|
5,584 |
|
|
|
86,161 |
|
| Kyndryl Holdings, Inc. (a) |
|
|
3,343 |
|
|
|
104,970 |
|
| Okta, Inc. (a) |
|
|
561 |
|
|
|
59,028 |
|
| Seagate Technology Holdings PLC |
|
|
2,304 |
|
|
|
195,725 |
|
| Western Digital
Corp. (a) |
|
|
3,205 |
|
|
|
129,578 |
|
| |
|
|
|
|
|
|
662,687 |
|
| |
|
|
|
|
|
|
|
|
| Cosmetics/Personal Care - 0.6% |
|
|
|
|
|
|
|
|
| Coty, Inc. - Class A (a) |
|
|
1,800 |
|
|
|
9,846 |
|
| Interparfums, Inc. |
|
|
372 |
|
|
|
42,360 |
|
| Perrigo Co. PLC |
|
|
1,601 |
|
|
|
44,892 |
|
| |
|
|
|
|
|
|
97,098 |
|
| |
|
|
|
|
|
|
|
|
| Distribution/Wholesale - 1.6% |
|
|
|
|
|
|
|
|
| Pool Corp. |
|
|
86 |
|
|
|
27,378 |
|
| Watsco, Inc. |
|
|
264 |
|
|
|
134,191 |
|
| WESCO International, Inc. |
|
|
582 |
|
|
|
90,385 |
|
| |
|
|
|
|
|
|
251,954 |
|
| |
|
|
|
|
|
|
|
|
| Electric - 1.6% |
|
|
|
|
|
|
|
|
| Constellation Energy Corp. |
|
|
1,069 |
|
|
|
215,542 |
|
| Evergy, Inc. |
|
|
151 |
|
|
|
10,411 |
|
| Pinnacle West Capital Corp. |
|
|
194 |
|
|
|
18,479 |
|
| |
|
|
|
|
|
|
244,432 |
|
| |
|
|
|
|
|
|
|
|
| Electrical Components/Equipment - 3.6% |
|
|
|
|
|
|
|
|
| Acuity, Inc. |
|
|
88 |
|
|
|
23,175 |
|
| AMETEK, Inc. |
|
|
383 |
|
|
|
65,930 |
|
| Belden, Inc. |
|
|
176 |
|
|
|
17,644 |
|
| Emerson Electric Co. |
|
|
1,396 |
|
|
|
153,057 |
|
| Generac Holdings, Inc. (a) |
|
|
1,634 |
|
|
|
206,946 |
|
| Littelfuse, Inc. |
|
|
121 |
|
|
|
23,806 |
|
| Novanta, Inc. (a) |
|
|
444 |
|
|
|
56,774 |
|
| |
|
|
|
|
|
|
547,332 |
|
| |
|
|
|
|
|
|
|
|
| Electronics - 2.8% |
|
|
|
|
|
|
|
|
| Advanced Energy Industries, Inc. |
|
|
80 |
|
|
|
7,625 |
|
| Avnet, Inc. |
|
|
245 |
|
|
|
11,782 |
|
| Badger Meter, Inc. |
|
|
4 |
|
|
|
761 |
|
| Celestica, Inc. (a) |
|
|
369 |
|
|
|
29,081 |
|
| Coherent Corp. (a) |
|
|
1,081 |
|
|
|
70,200 |
|
| ESCO Technologies, Inc. |
|
|
6 |
|
|
|
955 |
|
| The accompanying notes are an integral part of these financial statements. | 26 |
| Schedule
of Investments |
Gotham
Short Strategies ETF |
| March
31, 2025 (Unaudited) |
|
| Fortive Corp. |
|
|
158 |
|
|
|
11,562 |
|
| Garmin Ltd. |
|
|
105 |
|
|
|
22,799 |
|
| Itron, Inc. (a) |
|
|
806 |
|
|
|
84,437 |
|
| Mettler-Toledo International, Inc. (a) |
|
|
1 |
|
|
|
1,181 |
|
| NEXTracker, Inc. - Class A (a) |
|
|
1,662 |
|
|
|
70,037 |
|
| nVent Electric PLC |
|
|
13 |
|
|
|
681 |
|
| Plexus Corp. (a) |
|
|
310 |
|
|
|
39,720 |
|
| Sensata Technologies Holding PLC |
|
|
2,750 |
|
|
|
66,742 |
|
| Trimble, Inc. (a) |
|
|
228 |
|
|
|
14,968 |
|
| |
|
|
|
|
|
|
432,531 |
|
| |
|
|
|
|
|
|
|
|
| Energy-Alternate Sources - 1.7% |
|
|
|
|
|
|
|
|
| Enphase Energy,
Inc. (a) |
|
|
4,277 |
|
|
|
265,388 |
|
| |
|
|
|
|
|
|
|
|
| Engineering/Construction - 1.9% |
|
|
|
|
|
|
|
|
| AECOM |
|
|
177 |
|
|
|
16,413 |
|
| EMCOR Group, Inc. |
|
|
525 |
|
|
|
194,056 |
|
| Exponent, Inc. |
|
|
46 |
|
|
|
3,729 |
|
| MasTec, Inc. (a) |
|
|
9 |
|
|
|
1,050 |
|
| Primoris Services Corp. |
|
|
741 |
|
|
|
42,541 |
|
| Sterling Infrastructure,
Inc. (a) |
|
|
292 |
|
|
|
33,057 |
|
| |
|
|
|
|
|
|
290,846 |
|
| |
|
|
|
|
|
|
|
|
| Entertainment - 0.2% |
|
|
|
|
|
|
|
|
| Vail Resorts, Inc. |
|
|
147 |
|
|
|
23,523 |
|
| |
|
|
|
|
|
|
|
|
| Food - 3.1% |
|
|
|
|
|
|
|
|
| Cal-Maine Foods, Inc. |
|
|
1,236 |
|
|
|
112,352 |
|
| Hershey Co. |
|
|
44 |
|
|
|
7,525 |
|
| Ingredion, Inc. |
|
|
433 |
|
|
|
58,546 |
|
| J M Smucker Co. |
|
|
562 |
|
|
|
66,547 |
|
| Lancaster Colony Corp. |
|
|
15 |
|
|
|
2,625 |
|
| Pilgrim’s Pride Corp. (a) |
|
|
2,315 |
|
|
|
126,191 |
|
| Post Holdings, Inc. (a) |
|
|
761 |
|
|
|
88,550 |
|
| US Foods Holding
Corp. (a) |
|
|
90 |
|
|
|
5,891 |
|
| |
|
|
|
|
|
|
468,227 |
|
| |
|
|
|
|
|
|
|
|
| Hand/Machine Tools - 0.2% |
|
|
|
|
|
|
|
|
| Franklin Electric Co., Inc. |
|
|
354 |
|
|
|
33,234 |
|
| |
|
|
|
|
|
|
|
|
| Healthcare-Products - 7.8% |
|
|
|
|
|
|
|
|
| Alcon AG |
|
|
1,386 |
|
|
|
131,573 |
|
| Align Technology, Inc. (a) |
|
|
880 |
|
|
|
139,797 |
|
| Avantor, Inc. (a) |
|
|
1,205 |
|
|
|
19,533 |
|
| Baxter International, Inc. |
|
|
7,237 |
|
|
|
247,723 |
|
| Bio-Techne Corp. |
|
|
7 |
|
|
|
410 |
|
| Bruker Corp. |
|
|
695 |
|
|
|
29,009 |
|
| Edwards Lifesciences Corp. (a) |
|
|
1,110 |
|
|
|
80,453 |
|
| Globus Medical, Inc. - Class A (a) |
|
|
2,622 |
|
|
|
191,930 |
|
| Masimo Corp. (a) |
|
|
934 |
|
|
|
155,604 |
|
| QIAGEN NV |
|
|
343 |
|
|
|
13,772 |
|
| Repligen Corp. (a) |
|
|
950 |
|
|
|
120,878 |
|
| Teleflex, Inc. |
|
|
207 |
|
|
|
28,605 |
|
| Thermo Fisher Scientific, Inc. |
|
|
88 |
|
|
|
43,789 |
|
| |
|
|
|
|
|
|
1,203,076 |
|
| |
|
|
|
|
|
|
|
|
| Healthcare-Services - 2.9% |
|
|
|
|
|
|
|
|
| Charles River Laboratories International,
Inc. (a) |
|
|
1,411 |
|
|
|
212,384 |
|
| IQVIA Holdings, Inc. (a) |
|
|
204 |
|
|
|
35,965 |
|
| The accompanying notes are an integral part of these financial statements. | 27 |
| Schedule
of Investments |
Gotham
Short Strategies ETF |
March 31, 2025
(Unaudited)
| Labcorp Holdings, Inc. |
|
|
40 |
|
|
|
9,309 |
|
| Universal Health Services, Inc. - Class B |
|
|
991 |
|
|
|
186,209 |
|
| |
|
|
|
|
|
|
443,867 |
|
| |
|
|
|
|
|
|
|
|
| Home Builders - 0.5% |
|
|
|
|
|
|
|
|
| Champion Homes, Inc. (a) |
|
|
746 |
|
|
|
70,691 |
|
| Thor Industries, Inc. |
|
|
123 |
|
|
|
9,325 |
|
| |
|
|
|
|
|
|
80,016 |
|
| |
|
|
|
|
|
|
|
|
| Home Furnishings - 0.8% |
|
|
|
|
|
|
|
|
| Dolby Laboratories, Inc. - Class A |
|
|
263 |
|
|
|
21,122 |
|
| SharkNinja, Inc. (a) |
|
|
807 |
|
|
|
67,312 |
|
| Somnigroup International, Inc. |
|
|
590 |
|
|
|
35,329 |
|
| |
|
|
|
|
|
|
123,763 |
|
| |
|
|
|
|
|
|
|
|
| Internet - 0.7% |
|
|
|
|
|
|
|
|
| Airbnb, Inc. - Class A (a) |
|
|
43 |
|
|
|
5,137 |
|
| DoorDash, Inc. - Class A (a) |
|
|
86 |
|
|
|
15,718 |
|
| F5, Inc. (a) |
|
|
336 |
|
|
|
89,467 |
|
| |
|
|
|
|
|
|
110,322 |
|
| |
|
|
|
|
|
|
|
|
| Leisure Time - 0.2% |
|
|
|
|
|
|
|
|
| Acushnet Holdings Corp. |
|
|
184 |
|
|
|
12,634 |
|
| Amer Sports, Inc. (a) |
|
|
437 |
|
|
|
11,681 |
|
| Royal Caribbean Cruises Ltd. |
|
|
3 |
|
|
|
616 |
|
| |
|
|
|
|
|
|
24,931 |
|
| |
|
|
|
|
|
|
|
|
| Lodging - 0.2% |
|
|
|
|
|
|
|
|
| Choice Hotels International, Inc. |
|
|
72 |
|
|
|
9,560 |
|
| Las Vegas Sands Corp. |
|
|
456 |
|
|
|
17,616 |
|
| |
|
|
|
|
|
|
27,176 |
|
| |
|
|
|
|
|
|
|
|
| Machinery-Construction/Mining - 1.4% |
|
|
|
|
|
|
|
|
| Bloom Energy Corp. - Class A (a) |
|
|
3,124 |
|
|
|
61,418 |
|
| Oshkosh Corp. |
|
|
1,566 |
|
|
|
147,329 |
|
| Vertiv Holdings Co. - Class A |
|
|
76 |
|
|
|
5,487 |
|
| |
|
|
|
|
|
|
214,234 |
|
| |
|
|
|
|
|
|
|
|
| Machinery-Diversified - 4.5% |
|
|
|
|
|
|
|
|
| AGCO Corp. |
|
|
314 |
|
|
|
29,067 |
|
| Chart Industries, Inc. (a) |
|
|
1 |
|
|
|
144 |
|
| Cognex Corp. |
|
|
437 |
|
|
|
13,036 |
|
| Crane Co. |
|
|
6 |
|
|
|
919 |
|
| Dover Corp. |
|
|
810 |
|
|
|
142,301 |
|
| Gates Industrial Corp. PLC (a) |
|
|
4,041 |
|
|
|
74,395 |
|
| Mueller Water Products, Inc. - Class A |
|
|
40 |
|
|
|
1,017 |
|
| Rockwell Automation, Inc. |
|
|
715 |
|
|
|
184,742 |
|
| Toro Co. |
|
|
822 |
|
|
|
59,800 |
|
| Watts Water Technologies, Inc. - Class A |
|
|
351 |
|
|
|
71,576 |
|
| Xylem, Inc. |
|
|
988 |
|
|
|
118,026 |
|
| |
|
|
|
|
|
|
695,023 |
|
| |
|
|
|
|
|
|
|
|
| Media - 1.0% |
|
|
|
|
|
|
|
|
| Nexstar Media Group, Inc. |
|
|
467 |
|
|
|
83,696 |
|
| Warner Bros Discovery,
Inc. (a) |
|
|
6,317 |
|
|
|
67,781 |
|
| |
|
|
|
|
|
|
151,477 |
|
| Metal Fabricate/Hardware - 1.2% |
|
|
|
|
|
|
|
|
| The accompanying notes are an integral part of these financial statements. | 28 |
| Schedule
of Investments |
Gotham
Short Strategies ETF |
March 31, 2025
(Unaudited)
| Timken Co. |
|
|
570 |
|
|
|
40,966 |
|
| Valmont Industries, Inc. |
|
|
476 |
|
|
|
135,836 |
|
| |
|
|
|
|
|
|
176,802 |
|
| |
|
|
|
|
|
|
|
|
| Mining - 4.0% |
|
|
|
|
|
|
|
|
| Agnico Eagle Mines Ltd. |
|
|
1,163 |
|
|
|
126,081 |
|
| Alcoa Corp. |
|
|
4,176 |
|
|
|
127,368 |
|
| Newmont Corp. |
|
|
4,299 |
|
|
|
207,556 |
|
| Pan American Silver Corp. |
|
|
6,083 |
|
|
|
157,124 |
|
| Southern Copper Corp. |
|
|
1 |
|
|
|
58 |
|
| Wheaton Precious Metals Corp. |
|
|
11 |
|
|
|
854 |
|
| |
|
|
|
|
|
|
619,041 |
|
| |
|
|
|
|
|
|
|
|
| Miscellaneous Manufacturing - 2.5% |
|
|
|
|
|
|
|
|
| Enpro, Inc. |
|
|
65 |
|
|
|
10,516 |
|
| ITT, Inc. |
|
|
300 |
|
|
|
38,748 |
|
| JBT Marel Corp. |
|
|
1,201 |
|
|
|
146,762 |
|
| Parker-Hannifin Corp. |
|
|
249 |
|
|
|
151,355 |
|
| Teledyne Technologies,
Inc. (a) |
|
|
58 |
|
|
|
28,867 |
|
| |
|
|
|
|
|
|
376,248 |
|
| |
|
|
|
|
|
|
|
|
| Office-Business Equipment - 0.9% |
|
|
|
|
|
|
|
|
| Zebra Technologies
Corp. - Class A (a) |
|
|
508 |
|
|
|
143,541 |
|
| |
|
|
|
|
|
|
|
|
| Oil/Gas - 3.6% |
|
|
|
|
|
|
|
|
| Magnolia Oil & Gas Corp. - Class A |
|
|
2,883 |
|
|
|
72,825 |
|
| Marathon Petroleum Corp. |
|
|
200 |
|
|
|
29,138 |
|
| Suncor Energy, Inc. |
|
|
4,967 |
|
|
|
192,322 |
|
| Texas Pacific Land Corp. |
|
|
22 |
|
|
|
29,150 |
|
| Veren, Inc. |
|
|
33,033 |
|
|
|
218,678 |
|
| Weatherford International PLC |
|
|
55 |
|
|
|
2,945 |
|
| |
|
|
|
|
|
|
545,058 |
|
| |
|
|
|
|
|
|
|
|
| Oil/Gas Services - 0.5% |
|
|
|
|
|
|
|
|
| NOV, Inc. |
|
|
5,412 |
|
|
|
82,371 |
|
| |
|
|
|
|
|
|
|
|
| Packaging/Containers - 0.1% |
|
|
|
|
|
|
|
|
| AptarGroup, Inc. |
|
|
123 |
|
|
|
18,251 |
|
| |
|
|
|
|
|
|
|
|
| Pharmaceuticals - 4.9% |
|
|
|
|
|
|
|
|
| Alkermes PLC (a) |
|
|
3,107 |
|
|
|
102,593 |
|
| Dexcom, Inc. (a) |
|
|
1,189 |
|
|
|
81,197 |
|
| Elanco Animal Health, Inc. (a) |
|
|
5,261 |
|
|
|
55,240 |
|
| Henry Schein, Inc. (a) |
|
|
2,090 |
|
|
|
143,144 |
|
| Jazz Pharmaceuticals PLC (a) |
|
|
1,424 |
|
|
|
176,790 |
|
| Merck & Co., Inc. |
|
|
1,180 |
|
|
|
105,917 |
|
| Pfizer, Inc. |
|
|
3,210 |
|
|
|
81,341 |
|
| |
|
|
|
|
|
|
746,222 |
|
| |
|
|
|
|
|
|
|
|
| Pipelines - 0.9% |
|
|
|
|
|
|
|
|
| TC Energy Corp. |
|
|
2,919 |
|
|
|
137,806 |
|
| |
|
|
|
|
|
|
|
|
| Retail - 3.2% |
|
|
|
|
|
|
|
|
| Abercrombie & Fitch Co. - Class
A (a) |
|
|
137 |
|
|
|
10,463 |
|
| Brinker International, Inc. (a) |
|
|
778 |
|
|
|
115,961 |
|
| Dollar Tree, Inc. (a) |
|
|
114 |
|
|
|
8,558 |
|
| Five Below, Inc. (a) |
|
|
1,692 |
|
|
|
126,773 |
|
| Gap, Inc. |
|
|
626 |
|
|
|
12,902 |
|
| Penske Automotive Group, Inc. |
|
|
164 |
|
|
|
23,613 |
|
| The accompanying notes are an integral part of these financial statements. | 29 |
| Schedule
of Investments |
Gotham
Short Strategies ETF |
March 31, 2025
(Unaudited)
| Ross Stores, Inc. |
|
|
72 |
|
|
|
9,201 |
|
| Target Corp. |
|
|
49 |
|
|
|
5,114 |
|
| Ulta Beauty, Inc. (a) |
|
|
67 |
|
|
|
24,558 |
|
| Urban Outfitters, Inc. (a) |
|
|
2,754 |
|
|
|
144,309 |
|
| Williams-Sonoma, Inc. |
|
|
85 |
|
|
|
13,438 |
|
| |
|
|
|
|
|
|
494,890 |
|
| |
|
|
|
|
|
|
|
|
| Semiconductors - 2.2% |
|
|
|
|
|
|
|
|
| Broadcom, Inc. |
|
|
1,345 |
|
|
|
225,193 |
|
| GLOBALFOUNDRIES, Inc. (a) |
|
|
447 |
|
|
|
16,499 |
|
| Onto Innovation, Inc. (a) |
|
|
5 |
|
|
|
607 |
|
| Semtech Corp. (a) |
|
|
1,010 |
|
|
|
34,744 |
|
| Teradyne, Inc. |
|
|
645 |
|
|
|
53,277 |
|
| |
|
|
|
|
|
|
330,320 |
|
| |
|
|
|
|
|
|
|
|
| Software - 2.1% |
|
|
|
|
|
|
|
|
| ACI Worldwide, Inc. (a) |
|
|
1,900 |
|
|
|
103,949 |
|
| CCC Intelligent Solutions Holdings,
Inc. (a) |
|
|
1,647 |
|
|
|
14,873 |
|
| Docusign, Inc. (a) |
|
|
811 |
|
|
|
66,015 |
|
| Salesforce, Inc. |
|
|
297 |
|
|
|
79,703 |
|
| Workday, Inc. -
Class A (a) |
|
|
227 |
|
|
|
53,011 |
|
| |
|
|
|
|
|
|
317,551 |
|
| |
|
|
|
|
|
|
|
|
| Telecommunications - 2.3% |
|
|
|
|
|
|
|
|
| Arista Networks, Inc. (a) |
|
|
903 |
|
|
|
69,964 |
|
| InterDigital, Inc. |
|
|
614 |
|
|
|
126,945 |
|
| Juniper Networks, Inc. |
|
|
4,422 |
|
|
|
160,032 |
|
| |
|
|
|
|
|
|
356,941 |
|
| |
|
|
|
|
|
|
|
|
| Toys/Games/Hobbies - 0.1% |
|
|
|
|
|
|
|
|
| Mattel, Inc. (a) |
|
|
1,135 |
|
|
|
22,053 |
|
| |
|
|
|
|
|
|
|
|
| Transportation - 1.5% |
|
|
|
|
|
|
|
|
| FedEx Corp. |
|
|
76 |
|
|
|
18,527 |
|
| Kirby Corp. (a) |
|
|
713 |
|
|
|
72,020 |
|
| Matson, Inc. |
|
|
1,104 |
|
|
|
141,500 |
|
| |
|
|
|
|
|
|
232,047 |
|
| TOTAL COMMON STOCKS (Cost $14,410,400) |
|
|
|
|
|
|
13,574,205 |
|
| |
|
|
|
|
|
|
|
|
| SHORT-TERM
INVESTMENTS - 4.0% |
|
|
|
|
|
|
|
|
| Money Market Funds - 4.0% |
|
|
|
|
|
|
|
|
| First American
Government Obligations Fund - Class X, 4.27% (b) |
|
|
608,402 |
|
|
|
608,402 |
|
| TOTAL SHORT-TERM INVESTMENTS (Cost $608,402) |
|
|
|
|
|
|
608,402 |
|
| |
|
|
|
|
|
|
|
|
| TOTAL INVESTMENTS - 92.4% (Cost $15,018,802) |
|
|
|
|
|
|
14,182,607 |
|
| Other Assets in Excess of Liabilities - 7.6% |
|
|
|
|
|
|
1,174,731 |
|
| TOTAL NET ASSETS - 100.0% |
|
|
|
|
|
$ |
15,357,338 |
|
Percentages
are stated as a percent of net assets.
PLC
- Public Limited Company
| (a) |
Non-income producing
security. |
| (b) |
The rate shown
represents the 7-day annualized effective yield as of March 31, 2025. |
| The accompanying notes are an integral part of these financial statements. | 30 |
| Schedule of Total Return Swap Contracts |
Gotham Short Strategies ETF |
March 31, 2025 (Unaudited)
| Reference Entity |
|
Counterparty |
|
Pay/
Receive
Reference
Entity |
|
Financing Rate |
|
Payment
Frequency |
|
Maturity
Date |
|
Notional Amount |
|
|
Value/
Unrealized
Appreciation
(Depreciation) |
|
| Abercrombie & Fitch Co. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
$ |
993 |
|
|
$ |
(23 |
) |
| ACI Worldwide, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
10,176 |
|
|
|
238 |
|
| Acuity, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
2,897 |
|
|
|
(32 |
) |
| Acushnet Holdings Corp. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
1,511 |
|
|
|
32 |
|
| Advanced Energy Industries, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
858 |
|
|
|
(110 |
) |
| Airbnb, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
717 |
|
|
|
(39 |
) |
| Alcoa Corp. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
13,634 |
|
|
|
(1,573 |
) |
| Alcon AG |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
7,656 |
|
|
|
(636 |
) |
| Align Technology, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
16,363 |
|
|
|
(1,615 |
) |
| Alkermes PLC |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
11,524 |
|
|
|
(633 |
) |
| AMETEK, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
7,574 |
|
|
|
(374 |
) |
| Amgen, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
11,839 |
|
|
|
515 |
|
| AptarGroup, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
445 |
|
|
|
5 |
|
| Aptiv PLC |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
18,802 |
|
|
|
(1,876 |
) |
| Arista Networks, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
7,671 |
|
|
|
(546 |
) |
| Armstrong World Industries, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
2,536 |
|
|
|
(199 |
) |
| Avantor, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
3,161 |
|
|
|
(55 |
) |
| Avnet, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
1,250 |
|
|
|
(85 |
) |
| Badger Meter, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
190 |
|
|
|
0 |
|
| Baxter International, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
27,110 |
|
|
|
(664 |
) |
| Belden, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
1,805 |
|
|
|
(221 |
) |
| BioMarin Pharmaceutical, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
6,998 |
|
|
|
68 |
|
| Bio-Rad Laboratories, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
8,037 |
|
|
|
(590 |
) |
| Bio-Techne Corp. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
117 |
|
|
|
0 |
|
| Bloom Energy Corp. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
7,038 |
|
|
|
(1,222 |
) |
| Brinker International, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
15,799 |
|
|
|
(1,071 |
) |
| Broadcom, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
24,780 |
|
|
|
(3,551 |
) |
| Bruker Corp. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
3,131 |
|
|
|
(500 |
) |
| Cabot Corp. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
10,143 |
|
|
|
(1,044 |
) |
| Cal-Maine Foods, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
13,453 |
|
|
|
(781 |
) |
| CCC Intelligent Solutions Holdings, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
1,842 |
|
|
|
(104 |
) |
| Celestica, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
7,802 |
|
|
|
(871 |
) |
| CF Industries Holdings, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
22,507 |
|
|
|
(47 |
) |
| CGI, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
2,596 |
|
|
|
17 |
|
| Champion Homes, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
7,391 |
|
|
|
(539 |
) |
| Charles River Laboratories International, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
23,331 |
|
|
|
(2,340 |
) |
| Chart Industries, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
1,155 |
|
|
|
(346 |
) |
| The accompanying notes are an integral part of these financial statements. | 31 |
| Schedule of Total Return Swap Contracts |
Gotham Short Strategies ETF |
March 31, 2025 (Unaudited)
| Choice Hotels International, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
1,062 |
|
|
|
(91 |
) |
| Cognex Corp. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
1,402 |
|
|
|
(137 |
) |
| Coherent Corp. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
7,663 |
|
|
|
(2,880 |
) |
| Constellation Energy Corp. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
24,397 |
|
|
|
(7,031 |
) |
| Corteva, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
18,753 |
|
|
|
65 |
|
| Coty, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
804 |
|
|
|
(37 |
) |
| Crane Co. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
460 |
|
|
|
(38 |
) |
| Cummins, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
6,582 |
|
|
|
(48 |
) |
| Darling Ingredients, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
8,404 |
|
|
|
345 |
|
| Deckers Outdoor Corp. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
13,305 |
|
|
|
(4,462 |
) |
| Delta Air Lines, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
7,456 |
|
|
|
(1,994 |
) |
| Dexcom, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
8,673 |
|
|
|
(289 |
) |
| Docusign, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
7,326 |
|
|
|
(450 |
) |
| Dolby Laboratories, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
2,249 |
|
|
|
(65 |
) |
| Dollar Tree, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
976 |
|
|
|
9 |
|
| DoorDash, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
1,645 |
|
|
|
42 |
|
| Dorman Products, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
603 |
|
|
|
(22 |
) |
| Dover Corp. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
16,514 |
|
|
|
(1,403 |
) |
| DuPont de Nemours, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
821 |
|
|
|
(3 |
) |
| Eastman Chemical Co. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
05/10/2029 |
|
|
1,057 |
|
|
|
(170 |
) |
| Eastman Chemical Co. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
8,899 |
|
|
|
(438 |
) |
| Edwards Lifesciences Corp. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
8,698 |
|
|
|
431 |
|
| Elanco Animal Health, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
95 |
|
|
|
(1 |
) |
| Element Solutions, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
4,477 |
|
|
|
(489 |
) |
| EMCOR Group, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
18,851 |
|
|
|
(2,354 |
) |
| Emerson Electric Co. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
17,542 |
|
|
|
(2,205 |
) |
| Enphase Energy, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
29,474 |
|
|
|
(109 |
) |
| Enpro, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
1,294 |
|
|
|
(309 |
) |
| EPAM Systems, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
1,857 |
|
|
|
(37 |
) |
| ESCO Technologies, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
318 |
|
|
|
0 |
|
| Evergy, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
1,862 |
|
|
|
90 |
|
| Exponent, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
486 |
|
|
|
3 |
|
| F5, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
10,385 |
|
|
|
(66 |
) |
| FedEx Corp. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
1,950 |
|
|
|
152 |
|
| Five Below, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
10,265 |
|
|
|
(2,176 |
) |
| FMC Corp. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
1,350 |
|
|
|
114 |
|
| Fortive Corp. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
1,171 |
|
|
|
6 |
|
| Franklin Electric Co., Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
3,661 |
|
|
|
(249 |
) |
| Gap, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
1,793 |
|
|
|
54 |
|
| Garmin Ltd. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
4,125 |
|
|
|
158 |
|
| Gartner, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
6,296 |
|
|
|
(44 |
) |
| Gates Industrial Corp. PLC |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
8,211 |
|
|
|
(1,048 |
) |
| The accompanying notes are an integral part of these financial statements. | 32 |
| Schedule of Total Return Swap Contracts |
Gotham Short Strategies ETF |
March 31, 2025 (Unaudited)
| Generac Holdings, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
05/10/2029 |
|
|
2,533 |
|
|
|
(970 |
) |
| Generac Holdings, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
21,404 |
|
|
|
(4,690 |
) |
| GLOBALFOUNDRIES, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
2,990 |
|
|
|
(37 |
) |
| Globus Medical, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
05/10/2029 |
|
|
512 |
|
|
|
(71 |
) |
| Globus Medical, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
20,789 |
|
|
|
(1,549 |
) |
| Graphic Packaging Holding Co. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
05/10/2029 |
|
|
29,542 |
|
|
|
(572 |
) |
| Henry Schein, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
15,684 |
|
|
|
(847 |
) |
| Hershey Co. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
1,026 |
|
|
|
24 |
|
| Hewlett Packard Enterprise Co. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
9,273 |
|
|
|
(3,607 |
) |
| Hexcel Corp. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
10,459 |
|
|
|
(1,637 |
) |
| Incyte Corp. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
4,117 |
|
|
|
(35 |
) |
| Ingredion, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
05/10/2029 |
|
|
541 |
|
|
|
(14 |
) |
| Ingredion, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
7,301 |
|
|
|
(204 |
) |
| InterDigital, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
13,852 |
|
|
|
(243 |
) |
| Interparfums, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
5,352 |
|
|
|
(701 |
) |
| IQVIA Holdings, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
3,879 |
|
|
|
(31 |
) |
| Itron, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
9,114 |
|
|
|
(305 |
) |
| ITT, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
4,133 |
|
|
|
(424 |
) |
| J M Smucker Co. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
7,815 |
|
|
|
404 |
|
| Jazz Pharmaceuticals PLC |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
19,616 |
|
|
|
(2,189 |
) |
| JBT Marel Corp. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
16,253 |
|
|
|
(907 |
) |
| Johnson Controls International PLC |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
05/10/2029 |
|
|
561 |
|
|
|
(35 |
) |
| Johnson Controls International PLC |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
19,547 |
|
|
|
(413 |
) |
| Juniper Networks, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
17,805 |
|
|
|
86 |
|
| Kirby Corp. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
7,778 |
|
|
|
(300 |
) |
| Krystal Biotech, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
2,705 |
|
|
|
16 |
|
| Kyndryl Holdings, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
11,838 |
|
|
|
(2,381 |
) |
| Labcorp Holdings, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
1,164 |
|
|
|
(12 |
) |
| Lancaster Colony Corp. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
350 |
|
|
|
(2 |
) |
| Las Vegas Sands Corp. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
1,854 |
|
|
|
(95 |
) |
| Lear Corp. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
12,615 |
|
|
|
(888 |
) |
| Littelfuse, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
3,345 |
|
|
|
(405 |
) |
| LyondellBasell Industries NV |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
14,080 |
|
|
|
(961 |
) |
| Magna International, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
10,605 |
|
|
|
(860 |
) |
| Magnolia Oil & Gas Corp. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
7,932 |
|
|
|
644 |
|
| Marathon Petroleum Corp. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
3,642 |
|
|
|
(39 |
) |
| Masimo Corp. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
17,160 |
|
|
|
(870 |
) |
| MasTec, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
117 |
|
|
|
3 |
|
| Matson, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
05/10/2029 |
|
|
6,793 |
|
|
|
(575 |
) |
| Matson, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
8,331 |
|
|
|
(843 |
) |
| Mattel, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
2,565 |
|
|
|
(23 |
) |
| Merck & Co., Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
11,759 |
|
|
|
177 |
|
| The accompanying notes are an integral part of these financial statements. | 33 |
| Schedule of Total Return Swap Contracts |
Gotham Short Strategies ETF |
March 31, 2025 (Unaudited)
| Mohawk Industries, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
14,158 |
|
|
|
(494 |
) |
| Molson Coors Beverage Co. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
1,826 |
|
|
|
44 |
|
| Mueller Water Products, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
101 |
|
|
|
0 |
|
| Newmont Corp. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
23,368 |
|
|
|
2,533 |
|
| Nexstar Media Group, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
9,678 |
|
|
|
399 |
|
| NEXTracker, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
8,892 |
|
|
|
(581 |
) |
| NOV, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
05/10/2029 |
|
|
913 |
|
|
|
(28 |
) |
| NOV, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
8,797 |
|
|
|
107 |
|
| Novanta, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
6,138 |
|
|
|
(555 |
) |
| Okta, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
6,734 |
|
|
|
(40 |
) |
| Onto Innovation, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
121 |
|
|
|
(10 |
) |
| Oshkosh Corp. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
16,464 |
|
|
|
(1,993 |
) |
| Pan American Silver Corp. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
17,280 |
|
|
|
834 |
|
| Parker-Hannifin Corp. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
18,236 |
|
|
|
(2,069 |
) |
| Penske Automotive Group, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
2,448 |
|
|
|
(100 |
) |
| Perrigo Co. PLC |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
5,075 |
|
|
|
(48 |
) |
| Pfizer, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
11,960 |
|
|
|
(272 |
) |
| Pilgrim's Pride Corp. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
05/10/2029 |
|
|
10,684 |
|
|
|
2,550 |
|
| Pilgrim's Pride Corp. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
5,506 |
|
|
|
550 |
|
| Pinnacle West Capital Corp. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
2,000 |
|
|
|
68 |
|
| Plexus Corp. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
05/10/2029 |
|
|
384 |
|
|
|
(122 |
) |
| Plexus Corp. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
3,844 |
|
|
|
(1,010 |
) |
| Pool Corp. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
2,865 |
|
|
|
2 |
|
| Post Holdings, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
9,774 |
|
|
|
241 |
|
| PPG Industries, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
1,422 |
|
|
|
30 |
|
| Primoris Services Corp. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
4,708 |
|
|
|
(1,811 |
) |
| QIAGEN NV |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
05/10/2029 |
|
|
2,048 |
|
|
|
(235 |
) |
| QIAGEN NV |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
803 |
|
|
|
(42 |
) |
| Regeneron Pharmaceuticals, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
9,513 |
|
|
|
(100 |
) |
| Repligen Corp. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
14,124 |
|
|
|
(2,530 |
) |
| Robert Half, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
4,800 |
|
|
|
(242 |
) |
| Rockwell Automation, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
21,446 |
|
|
|
(2,240 |
) |
| Ross Stores, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
1,022 |
|
|
|
25 |
|
| Royal Caribbean Cruises Ltd. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
4,520 |
|
|
|
(1,131 |
) |
| Salesforce, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
8,856 |
|
|
|
(758 |
) |
| Seagate Technology Holdings PLC |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
21,492 |
|
|
|
(2,869 |
) |
| Semtech Corp. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
4,266 |
|
|
|
(3,865 |
) |
| Sensata Technologies Holding PLC |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
7,936 |
|
|
|
(1,349 |
) |
| SharkNinja, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
7,423 |
|
|
|
(1,327 |
) |
| Somnigroup International, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
3,952 |
|
|
|
207 |
|
| Spirit AeroSystems Holdings, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
3,412 |
|
|
|
9 |
|
| SPX Technologies, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
4,765 |
|
|
|
(390 |
) |
| The accompanying notes are an integral part of these financial statements. | 34 |
| Schedule of Total Return Swap Contracts |
Gotham Short Strategies ETF |
March 31, 2025 (Unaudited)
| Sterling Infrastructure, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
3,962 |
|
|
|
(976 |
) |
| Suncor Energy, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
21,567 |
|
|
|
554 |
|
| Target Corp. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
522 |
|
|
|
5 |
|
| TC Energy Corp. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
15,013 |
|
|
|
751 |
|
| Teck Resources Ltd. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
2,186 |
|
|
|
(16 |
) |
| Teledyne Technologies, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
6,470 |
|
|
|
(225 |
) |
| Teleflex, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
3,317 |
|
|
|
63 |
|
| Teradyne, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
5,947 |
|
|
|
(352 |
) |
| Texas Pacific Land Corp. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
1,325 |
|
|
|
(74 |
) |
| Thermo Fisher Scientific, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
4,976 |
|
|
|
91 |
|
| Thor Industries, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
910 |
|
|
|
(60 |
) |
| Timken Co. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
4,384 |
|
|
|
(473 |
) |
| Toro Co. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
6,620 |
|
|
|
(733 |
) |
| Trimble, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
1,510 |
|
|
|
(12 |
) |
| Ulta Beauty, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
4,398 |
|
|
|
1 |
|
| United Therapeutics Corp. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
10,789 |
|
|
|
(1,039 |
) |
| Universal Health Services, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
20,857 |
|
|
|
1,448 |
|
| Urban Outfitters, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
15,615 |
|
|
|
16 |
|
| US Foods Holding Corp. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
786 |
|
|
|
19 |
|
| Vail Resorts, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
3,040 |
|
|
|
(3 |
) |
| Valmont Industries, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
05/10/2029 |
|
|
3,424 |
|
|
|
(464 |
) |
| Valmont Industries, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
13,127 |
|
|
|
(1,898 |
) |
| Valvoline, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
3,620 |
|
|
|
(286 |
) |
| Veren, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
24,686 |
|
|
|
347 |
|
| Vertiv Holdings Co. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
578 |
|
|
|
(82 |
) |
| Warner Bros Discovery, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
8,520 |
|
|
|
(517 |
) |
| Watsco, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
15,757 |
|
|
|
96 |
|
| Watts Water Technologies, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
7,137 |
|
|
|
(342 |
) |
| Weatherford International PLC |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
696 |
|
|
|
17 |
|
| WESCO International, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
10,871 |
|
|
|
(1,828 |
) |
| West Fraser Timber Co. Ltd. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
1,770 |
|
|
|
(61 |
) |
| WESTERN DIGITAL |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
14,514 |
|
|
|
(2,237 |
) |
| Wheaton Precious Metals Corp. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
233 |
|
|
|
4 |
|
| Williams-Sonoma, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
1,739 |
|
|
|
(70 |
) |
| Workday, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
5,605 |
|
|
|
(438 |
) |
| Xylem, Inc. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
12,902 |
|
|
|
(1,163 |
) |
| Zebra Technologies Corp. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
05/10/2029 |
|
|
7,347 |
|
|
|
(2,835 |
) |
| Zebra Technologies Corp. |
|
Morgan Stanley |
|
Receive |
|
EFFR + 0.25% |
|
Termination |
|
11/14/2029 |
|
|
9,324 |
|
|
|
(2,762 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(108,515 |
) |
| The accompanying notes are an integral part of these financial statements. | 35 |
| Schedule of Total Return Swap Contracts |
Gotham Short Strategies ETF |
March 31, 2025 (Unaudited)
| Reference Entity |
|
Counterparty |
|
Pay/
Receive
Reference
Entity |
|
Financing Rate |
|
Payment
Frequency |
|
Maturity
Date |
|
Notional Amount |
|
|
Value/
Unrealized
Appreciation
(Depreciation) |
|
| A O Smith Corp. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(13,203 |
) |
|
|
737 |
|
| AAON, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(167,433 |
) |
|
|
3,350 |
|
| Acadia Healthcare Co., Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(24,862 |
) |
|
|
12,488 |
|
| Advanced Drainage Systems, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(52,913 |
) |
|
|
7,432 |
|
| AeroVironment, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(10,131 |
) |
|
|
4,297 |
|
| Air Products and Chemicals, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
05/10/2029 |
|
|
(5,309 |
) |
|
|
379 |
|
| Air Products and Chemicals, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(155,423 |
) |
|
|
7,892 |
|
| Alaska Air Group, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(69,499 |
) |
|
|
9,713 |
|
| Algonquin Power & Utilities Corp. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/09/2028 |
|
|
(99,618 |
) |
|
|
12,156 |
|
| Algonquin Power & Utilities Corp. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
05/10/2029 |
|
|
(3,901 |
) |
|
|
851 |
|
| Allegion PLC |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(8,610 |
) |
|
|
(55 |
) |
| Allegro MicroSystems, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
05/10/2029 |
|
|
(2,010 |
) |
|
|
(316 |
) |
| Allegro MicroSystems, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(171,613 |
) |
|
|
(4,235 |
) |
| ALLETE, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(66 |
) |
|
|
0 |
|
| American Electric Power Co., Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(190,895 |
) |
|
|
(24,912 |
) |
| Antero Midstream Corp. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(2,340 |
) |
|
|
(8 |
) |
| Appfolio, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(23,969 |
) |
|
|
249 |
|
| Applied Materials, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(218,115 |
) |
|
|
31,646 |
|
| Arcellx, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(4,658 |
) |
|
|
355 |
|
| Archer-Daniels-Midland Co. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(194,969 |
) |
|
|
5,705 |
|
| Archrock, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(46,786 |
) |
|
|
(2,675 |
) |
| Arcosa, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(58,071 |
) |
|
|
2,480 |
|
| Astera Labs, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(375,682 |
) |
|
|
55,067 |
|
| AutoZone, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(34,315 |
) |
|
|
(2,942 |
) |
| Avidity Biosciences, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(3,808 |
) |
|
|
1,007 |
|
| AZEK Co., Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(44,734 |
) |
|
|
150 |
|
| Becton Dickinson & Co. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(256,089 |
) |
|
|
1,018 |
|
| BellRing Brands, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(256,813 |
) |
|
|
5,909 |
|
| BILL Holdings, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(98,434 |
) |
|
|
706 |
|
| BJ's Wholesale Club Holdings, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(55,909 |
) |
|
|
95 |
|
| Black Hills Corp. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(35,177 |
) |
|
|
(270 |
) |
| Boeing Co. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
05/10/2029 |
|
|
(370,264 |
) |
|
|
16,328 |
|
| Boeing Co. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(41,785 |
) |
|
|
1,164 |
|
| Box, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(15,708 |
) |
|
|
1,599 |
|
| Bunge Global SA |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(18,188 |
) |
|
|
27 |
|
| Burlington Stores, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(220,455 |
) |
|
|
2,385 |
|
| CACI International, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(204,741 |
) |
|
|
3,191 |
|
| Cadence Design Systems, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(5,341 |
) |
|
|
2 |
|
| The accompanying notes are an integral part of these financial statements. | 36 |
| Schedule of Total Return Swap Contracts |
Gotham Short Strategies ETF |
March 31, 2025 (Unaudited)
| CAE, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(1,402 |
) |
|
|
12 |
|
| California Resources Corp. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(5,408 |
) |
|
|
11 |
|
| Canadian National Railway Co. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(164,220 |
) |
|
|
7,796 |
|
| Canadian Natural Resources Ltd. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(27,196 |
) |
|
|
140 |
|
| Canadian Pacific Kansas City Ltd. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(229,306 |
) |
|
|
26,077 |
|
| Cardinal Health, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(142,454 |
) |
|
|
(5,332 |
) |
| Casella Waste Systems, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(33,118 |
) |
|
|
136 |
|
| Casey's General Stores, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(152,782 |
) |
|
|
(8,265 |
) |
| Cava Group, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(58,413 |
) |
|
|
361 |
|
| CBIZ, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(20,179 |
) |
|
|
542 |
|
| Celanese Corp. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(131,366 |
) |
|
|
6,170 |
|
| Cencora, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(167,688 |
) |
|
|
(9,339 |
) |
| Charter Communications, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(107,242 |
) |
|
|
(582 |
) |
| Chewy, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(134,982 |
) |
|
|
3,675 |
|
| Cigna Group |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(81,263 |
) |
|
|
(2,286 |
) |
| Cleveland-Cliffs, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(18,372 |
) |
|
|
7,913 |
|
| Clorox Co. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(1,473 |
) |
|
|
(1 |
) |
| CNX Resources Corp. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(2,172 |
) |
|
|
(106 |
) |
| Commercial Metals Co. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(24,569 |
) |
|
|
750 |
|
| Commvault Systems, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(94,656 |
) |
|
|
8,830 |
|
| Confluent, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(211 |
) |
|
|
0 |
|
| ConocoPhillips |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(51,355 |
) |
|
|
(4,376 |
) |
| Construction Partners, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(42,116 |
) |
|
|
1,900 |
|
| Copart, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(20,429 |
) |
|
|
(167 |
) |
| Corcept Therapeutics, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(27,641 |
) |
|
|
(5,746 |
) |
| Core & Main, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(1,498 |
) |
|
|
11 |
|
| Credo Technology Group Holding Ltd. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(341,199 |
) |
|
|
24,111 |
|
| Crinetics Pharmaceuticals, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(10,901 |
) |
|
|
5,827 |
|
| Crowdstrike Holdings, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(497,138 |
) |
|
|
2,183 |
|
| CSW Industrials, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(69,090 |
) |
|
|
4,615 |
|
| Cytokinetics, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(2,813 |
) |
|
|
55 |
|
| Darden Restaurants, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(21,192 |
) |
|
|
(60 |
) |
| Datadog, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(455,374 |
) |
|
|
98,947 |
|
| Devon Energy Corp. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(49,555 |
) |
|
|
(8,486 |
) |
| Diamondback Energy, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
05/10/2029 |
|
|
(15,508 |
) |
|
|
1,987 |
|
| Diamondback Energy, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(206,245 |
) |
|
|
8,955 |
|
| Dick's Sporting Goods, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(33,459 |
) |
|
|
4,552 |
|
| DigitalOcean Holdings, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(1,603 |
) |
|
|
583 |
|
| Dominion Energy, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(95,599 |
) |
|
|
(368 |
) |
| Domino's Pizza, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(165,402 |
) |
|
|
4,789 |
|
| Dow, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
05/10/2029 |
|
|
(96,938 |
) |
|
|
37,260 |
|
| Dow, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(246,570 |
) |
|
|
26,600 |
|
| The accompanying notes are an integral part of these financial statements. | 37 |
| Schedule of Total Return Swap Contracts |
Gotham Short Strategies ETF |
March 31, 2025 (Unaudited)
| DT Midstream, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(183,794 |
) |
|
|
(6,290 |
) |
| DTE Energy Co. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
05/10/2029 |
|
|
(66,923 |
) |
|
|
(7,110 |
) |
| DTE Energy Co. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(36,088 |
) |
|
|
(2,185 |
) |
| Duke Energy Corp. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(350,908 |
) |
|
|
(20,031 |
) |
| Duolingo, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(30,433 |
) |
|
|
1,423 |
|
| Eagle Materials, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(3,329 |
) |
|
|
97 |
|
| eBay, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(269,091 |
) |
|
|
881 |
|
| Enbridge, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
05/10/2029 |
|
|
(64,560 |
) |
|
|
(14,298 |
) |
| Enbridge, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(181,715 |
) |
|
|
(7,967 |
) |
| EnerSys |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(38,097 |
) |
|
|
3,657 |
|
| Ensign Group, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(80,099 |
) |
|
|
899 |
|
| Esab Corp. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(1,748 |
) |
|
|
99 |
|
| Exact Sciences Corp. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(20,433 |
) |
|
|
4,202 |
|
| Exelon Corp. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(179,666 |
) |
|
|
(11,419 |
) |
| Expand Energy Corp. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(14,472 |
) |
|
|
(66 |
) |
| Fastenal Co. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(93,603 |
) |
|
|
863 |
|
| FirstEnergy Corp. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
05/10/2029 |
|
|
(17,421 |
) |
|
|
578 |
|
| FirstEnergy Corp. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(175,423 |
) |
|
|
(5,680 |
) |
| Flowers Foods, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(3,479 |
) |
|
|
32 |
|
| Fortis, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(11,076 |
) |
|
|
(411 |
) |
| Franco-Nevada Corp. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
05/10/2029 |
|
|
(20,798 |
) |
|
|
(3,358 |
) |
| Franco-Nevada Corp. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(306,927 |
) |
|
|
(55,229 |
) |
| Freeport-McMoRan, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(270,018 |
) |
|
|
5,974 |
|
| Freshpet, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(78,097 |
) |
|
|
4,496 |
|
| Frontier Communications Parent, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
05/10/2029 |
|
|
(24,206 |
) |
|
|
(119 |
) |
| Frontier Communications Parent, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(208,526 |
) |
|
|
(3,376 |
) |
| Genuine Parts Co. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
05/10/2029 |
|
|
(38,125 |
) |
|
|
(216 |
) |
| Genuine Parts Co. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(256,747 |
) |
|
|
6,305 |
|
| GEO Group, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(3,242 |
) |
|
|
(23 |
) |
| GFL Environmental, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(13,285 |
) |
|
|
(964 |
) |
| Gitlab, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(470 |
) |
|
|
(4 |
) |
| Glaukos Corp. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(121,647 |
) |
|
|
6,270 |
|
| Graphic Packaging Holding Co. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(29,542 |
) |
|
|
2,956 |
|
| GXO Logistics, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(40,252 |
) |
|
|
1,715 |
|
| Halliburton Co. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(65,252 |
) |
|
|
2,171 |
|
| Herc Holdings, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(69,820 |
) |
|
|
9,015 |
|
| Hess Corp. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(14,216 |
) |
|
|
57 |
|
| Hims & Hers Health, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(16,312 |
) |
|
|
1,744 |
|
| Honeywell International, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(82,583 |
) |
|
|
641 |
|
| Hormel Foods Corp. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(52,010 |
) |
|
|
(2,540 |
) |
| Humana, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(142,884 |
) |
|
|
(357 |
) |
| Huntington Ingalls Industries, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(151,602 |
) |
|
|
(3,327 |
) |
| The accompanying notes are an integral part of these financial statements. | 38 |
| Schedule of Total Return Swap Contracts |
Gotham Short Strategies ETF |
March 31, 2025 (Unaudited)
| Immunovant, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
05/10/2029 |
|
|
(24,319 |
) |
|
|
16,202 |
|
| Insmed, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(29,906 |
) |
|
|
(3,379 |
) |
| Installed Building Products, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(15,603 |
) |
|
|
286 |
|
| Intel Corp. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(440,483 |
) |
|
|
(37,146 |
) |
| Ionis Pharmaceuticals, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
05/10/2029 |
|
|
(453 |
) |
|
|
145 |
|
| Ionis Pharmaceuticals, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(45,738 |
) |
|
|
4,749 |
|
| IonQ, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.63)% |
|
Termination |
|
11/14/2029 |
|
|
(18,649 |
) |
|
|
1,926 |
|
| Joby Aviation, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.83)% |
|
Termination |
|
11/14/2029 |
|
|
(15,538 |
) |
|
|
2,499 |
|
| Kenvue, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(243,277 |
) |
|
|
(11,721 |
) |
| Keurig Dr Pepper, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(88,288 |
) |
|
|
(1,896 |
) |
| Klaviyo, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(59,794 |
) |
|
|
12,226 |
|
| Knife River Corp. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(17,862 |
) |
|
|
1,304 |
|
| Lamb Weston Holdings, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(142,418 |
) |
|
|
(289 |
) |
| Leonardo DRS, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(4,833 |
) |
|
|
134 |
|
| Light & Wonder, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(3,551 |
) |
|
|
787 |
|
| Lowe's Cos., Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(61,573 |
) |
|
|
1,417 |
|
| Lucid Group, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (1.38)% |
|
Termination |
|
11/14/2029 |
|
|
(12,168 |
) |
|
|
(1,292 |
) |
| Lumen Technologies, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(134,636 |
) |
|
|
32,291 |
|
| Madison Square Garden Sports Corp. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(46,928 |
) |
|
|
743 |
|
| Maplebear, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(15,118 |
) |
|
|
308 |
|
| Martin Marietta Materials, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
05/10/2029 |
|
|
(251,975 |
) |
|
|
33,510 |
|
| Martin Marietta Materials, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(20,081 |
) |
|
|
1,792 |
|
| Matador Resources Co. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
05/10/2029 |
|
|
(43,324 |
) |
|
|
658 |
|
| Matador Resources Co. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(14,407 |
) |
|
|
820 |
|
| Maximus, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(31,436 |
) |
|
|
458 |
|
| McKesson Corp. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(231,509 |
) |
|
|
(12,750 |
) |
| MGM Resorts International |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(5,661 |
) |
|
|
1,008 |
|
| Microchip Technology, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(41,826 |
) |
|
|
9,189 |
|
| Molina Healthcare, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(189,399 |
) |
|
|
(8,178 |
) |
| Mondelez International, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(20,762 |
) |
|
|
(91 |
) |
| MongoDB, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(345,889 |
) |
|
|
23,181 |
|
| Moog, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
05/10/2029 |
|
|
(1,734 |
) |
|
|
421 |
|
| Moog, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(125,679 |
) |
|
|
3,521 |
|
| Motorola Solutions, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(103,323 |
) |
|
|
(1,018 |
) |
| Neogen Corp. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/09/2028 |
|
|
(7,205 |
) |
|
|
7,792 |
|
| New Jersey Resources Corp. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(92,037 |
) |
|
|
(3,037 |
) |
| NextEra Energy, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(50,970 |
) |
|
|
371 |
|
| Noble Corp. PLC |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(1,683 |
) |
|
|
84 |
|
| Nordson Corp. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(130,109 |
) |
|
|
8,184 |
|
| Northrop Grumman Corp. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(27,649 |
) |
|
|
2 |
|
| Nutrien Ltd. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(4,272 |
) |
|
|
(203 |
) |
| Nuvalent, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(10,851 |
) |
|
|
1,120 |
|
| The accompanying notes are an integral part of these financial statements. | 39 |
| Schedule of Total Return Swap Contracts |
Gotham Short Strategies ETF |
March 31, 2025 (Unaudited)
| NXP Semiconductors NV |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(255,821 |
) |
|
|
40,963 |
|
| Occidental Petroleum Corp. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(382,984 |
) |
|
|
3,702 |
|
| Ollie's Bargain Outlet Holdings, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(31,883 |
) |
|
|
(4,143 |
) |
| ONE Gas, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
05/10/2029 |
|
|
(18,444 |
) |
|
|
(633 |
) |
| ONE Gas, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(76 |
) |
|
|
1 |
|
| ONEOK, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(330,899 |
) |
|
|
(14,487 |
) |
| Onestream, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(3,500 |
) |
|
|
46 |
|
| Option Care Health, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(54,872 |
) |
|
|
(5,402 |
) |
| Oracle Corp. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(458,577 |
) |
|
|
84,861 |
|
| O'Reilly Automotive, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(65,899 |
) |
|
|
(2,978 |
) |
| Otis Worldwide Corp. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(104,851 |
) |
|
|
(1,683 |
) |
| Parsons Corp. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(6,158 |
) |
|
|
216 |
|
| Paycom Software, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(5,680 |
) |
|
|
74 |
|
| Paylocity Holding Corp. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(149,123 |
) |
|
|
16,084 |
|
| Performance Food Group Co. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
05/10/2029 |
|
|
(5,740 |
) |
|
|
(107 |
) |
| Performance Food Group Co. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(10,222 |
) |
|
|
827 |
|
| Phillips 66 |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(58,900 |
) |
|
|
742 |
|
| Planet Fitness, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(16,617 |
) |
|
|
609 |
|
| PPL Corp. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(15,997 |
) |
|
|
(40 |
) |
| Primo Brands Corp. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(24,701 |
) |
|
|
(1,405 |
) |
| Public Service Enterprise Group, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(267,887 |
) |
|
|
(5,853 |
) |
| Pure Storage, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(340,392 |
) |
|
|
44,703 |
|
| RadNet, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(10,690 |
) |
|
|
336 |
|
| Range Resources Corp. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(20,684 |
) |
|
|
(1,567 |
) |
| Reddit, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(54,653 |
) |
|
|
(1,217 |
) |
| Revolution Medicines, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(10,431 |
) |
|
|
807 |
|
| RH |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(16,878 |
) |
|
|
131 |
|
| Rogers Communications, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(7,377 |
) |
|
|
254 |
|
| Roivant Sciences Ltd. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(6,700 |
) |
|
|
(28 |
) |
| Rollins, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(24,530 |
) |
|
|
(1,364 |
) |
| Roper Technologies, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(5,306 |
) |
|
|
(37 |
) |
| RTX Corp. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(81,198 |
) |
|
|
(367 |
) |
| RXO, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
05/10/2029 |
|
|
(1,452 |
) |
|
|
816 |
|
| RXO, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(8,194 |
) |
|
|
3,806 |
|
| Saia, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(20,267 |
) |
|
|
6,086 |
|
| Samsara, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(46,418 |
) |
|
|
(2,426 |
) |
| Sanmina Corp. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(1,524 |
) |
|
|
71 |
|
| Sarepta Therapeutics, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
05/10/2029 |
|
|
(56,864 |
) |
|
|
54,387 |
|
| Sarepta Therapeutics, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(52,205 |
) |
|
|
27,505 |
|
| Schneider National, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(297 |
) |
|
|
52 |
|
| Sempra |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(99,333 |
) |
|
|
(89 |
) |
| SentinelOne, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(154,930 |
) |
|
|
29,982 |
|
| The accompanying notes are an integral part of these financial statements. | 40 |
| Schedule of Total Return Swap Contracts |
Gotham Short Strategies ETF |
March 31, 2025 (Unaudited)
| Sherwin-Williams Co. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(19,555 |
) |
|
|
436 |
|
| SiTime Corp. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(13,453 |
) |
|
|
1,408 |
|
| Six Flags Entertainment Corp. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(5,921 |
) |
|
|
1,363 |
|
| Skechers USA, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
05/10/2029 |
|
|
(41,620 |
) |
|
|
4,769 |
|
| Skechers USA, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(104,759 |
) |
|
|
15,179 |
|
| Snap, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(14,532 |
) |
|
|
0 |
|
| Solventum Corp. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(23,040 |
) |
|
|
720 |
|
| Sonoco Products Co. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(109,172 |
) |
|
|
(927 |
) |
| Southwest Gas Holdings, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(13,427 |
) |
|
|
432 |
|
| Spire, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(2,661 |
) |
|
|
(63 |
) |
| Sprouts Farmers Market, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(66,704 |
) |
|
|
(1,324 |
) |
| Steel Dynamics, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(386,747 |
) |
|
|
12,559 |
|
| Summit Therapeutics, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.78)% |
|
Termination |
|
11/14/2029 |
|
|
(17,554 |
) |
|
|
(389 |
) |
| Super Micro Computer, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(16,196 |
) |
|
|
5,934 |
|
| Synopsys, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(452,008 |
) |
|
|
55,703 |
|
| Targa Resources Corp. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(382,096 |
) |
|
|
(13,000 |
) |
| TD SYNNEX Corp. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(12,995 |
) |
|
|
(46 |
) |
| Tempus AI, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (6.23)% |
|
Termination |
|
11/14/2029 |
|
|
(24,072 |
) |
|
|
(1,404 |
) |
| Tenet Healthcare Corp. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(58,642 |
) |
|
|
(2,779 |
) |
| Textron, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(48,119 |
) |
|
|
1,539 |
|
| Tractor Supply Co. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(5,896 |
) |
|
|
(65 |
) |
| TransDigm Group, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(307,090 |
) |
|
|
(5,517 |
) |
| Trex Co., Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(222,988 |
) |
|
|
500 |
|
| Twilio, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(35,248 |
) |
|
|
3,024 |
|
| UFP Industries, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(2,034 |
) |
|
|
66 |
|
| UiPath, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(45,526 |
) |
|
|
796 |
|
| UL Solutions, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(52,734 |
) |
|
|
(1,351 |
) |
| United Rentals, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(30,082 |
) |
|
|
1,085 |
|
| United States Cellular Corp. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(3,112 |
) |
|
|
3 |
|
| United States Steel Corp. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(20,200 |
) |
|
|
(1,799 |
) |
| UnitedHealth Group, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(398,050 |
) |
|
|
(8,423 |
) |
| Varonis Systems, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(5,663 |
) |
|
|
150 |
|
| Vaxcyte, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(39,044 |
) |
|
|
32,075 |
|
| Veralto Corp. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(26,604 |
) |
|
|
635 |
|
| Verisk Analytics, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(4,464 |
) |
|
|
(5 |
) |
| Vertex Pharmaceuticals, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(381,069 |
) |
|
|
(3,958 |
) |
| Vertex, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(82,309 |
) |
|
|
(3,098 |
) |
| VIKING HOLDINGS Ltd. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(70,199 |
) |
|
|
731 |
|
| Vulcan Materials Co. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(290,692 |
) |
|
|
15,575 |
|
| Warner Music Group Corp. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(114,929 |
) |
|
|
9,694 |
|
| Waste Management, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(351,895 |
) |
|
|
(7,336 |
) |
| WEC Energy Group, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
05/10/2029 |
|
|
(22,232 |
) |
|
|
(2,506 |
) |
| The accompanying notes are an integral part of these financial statements. | 41 |
| Schedule of Total Return Swap Contracts |
Gotham Short Strategies ETF |
March 31, 2025 (Unaudited)
| WEC Energy Group, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(167,393 |
) |
|
|
(16,193 |
) |
| Woodward, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(34,308 |
) |
|
|
1,154 |
|
| Xcel Energy, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(166,569 |
) |
|
|
(4,811 |
) |
| Zeta Global Holdings Corp. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(2,997 |
) |
|
|
1,002 |
|
| Zimmer Biomet Holdings, Inc. |
|
Morgan Stanley |
|
Pay |
|
EFFR + (0.25)% |
|
Termination |
|
11/14/2029 |
|
|
(193,198 |
) |
|
|
(10,295 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
742,350 |
|
| Net Unrealized Appreciation (Depreciation) |
|
|
|
|
|
|
|
|
|
$ |
633,835 |
|
There are no upfront payments or receipts associated with total return
swaps in the Fund as of March 31, 2025.
EFFR - Effective Federal Funds Rate was 4.33% as of March 31, 2025.
| The accompanying notes are an integral part of these financial statements. | 42 |
| Statements
of Assets and Liabilities |
Gotham
ETFs |
| March
31, 2025 (Unaudited) |
|
| |
|
Gotham Enhanced
500 ETF |
|
Gotham 1000 Value
ETF |
|
Gotham Short
Strategies ETF |
| ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
| Investments, at value (Note 2) |
|
$ |
521,381,076 |
|
|
$ |
210,321,147 |
|
|
$ |
14,182,607 |
|
| Receivable for investments sold |
|
|
3,574,459 |
|
|
|
1,770,905 |
|
|
|
151,377 |
|
| Dividends receivable |
|
|
367,804 |
|
|
|
181,537 |
|
|
|
8,621 |
|
| Dividend tax reclaims receivable |
|
|
3,887 |
|
|
|
11,065 |
|
|
|
963 |
|
| Security lending income receivable (Note 6) |
|
|
844 |
|
|
|
4,362 |
|
|
|
— |
|
| Cash |
|
|
— |
|
|
|
3,814 |
|
|
|
1,017,963 |
|
| Interest receivable |
|
|
1,297 |
|
|
|
484 |
|
|
|
2,870 |
|
| Receivable for swap contracts (Note 2) |
|
|
— |
|
|
|
— |
|
|
|
1,192,671 |
|
| Foreign currency, at value |
|
|
— |
|
|
|
— |
|
|
|
298 |
|
| Total assets |
|
|
525,329,367 |
|
|
|
212,293,314 |
|
|
|
16,557,370 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| LIABILITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
| Payable upon return of securities loaned (Note 6) |
|
|
10,864,006 |
|
|
|
34,273,775 |
|
|
|
— |
|
| Payable for investments purchased |
|
|
3,476,091 |
|
|
|
1,721,447 |
|
|
|
623,811 |
|
| Payable to adviser (Note 4) |
|
|
220,507 |
|
|
|
75,566 |
|
|
|
17,385 |
|
| Payable for swap contracts (Note 2) |
|
|
— |
|
|
|
— |
|
|
|
558,836 |
|
| Total liabilities |
|
|
14,560,604 |
|
|
|
36,070,788 |
|
|
|
1,200,032 |
|
| NET ASSETS |
|
$ |
510,768,763 |
|
|
$ |
176,222,526 |
|
|
$ |
15,357,338 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| NET ASSETS CONSISTS OF: |
|
|
|
|
|
|
|
|
|
|
|
|
| Paid-in capital |
|
$ |
451,981,420 |
|
|
$ |
167,163,360 |
|
|
$ |
31,250,274 |
|
| Total distributable earnings/(accumulated losses) |
|
|
58,787,343 |
|
|
|
9,059,166 |
|
|
|
(15,892,936 |
) |
| Total net assets |
|
$ |
510,768,763 |
|
|
$ |
176,222,526 |
|
|
$ |
15,357,338 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net assets |
|
$ |
510,768,763 |
|
|
$ |
176,222,526 |
|
|
$ |
15,357,338 |
|
| Shares
issued and outstanding(a) |
|
|
16,600,000 |
|
|
|
7,650,000 |
|
|
|
1,892,414 |
|
| Net asset value per share |
|
$ |
30.77 |
|
|
$ |
23.04 |
|
|
$ |
8.12 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| COST: |
|
|
|
|
|
|
|
|
|
|
|
|
| Investments, at cost |
|
$ |
453,108,507 |
|
|
$ |
209,357,791 |
|
|
$ |
15,018,802 |
|
| Foreign currency, at cost |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
303 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| LOANED SECURITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
| at value (included in investments) |
|
$ |
10,762,753 |
|
|
$ |
33,511,191 |
|
|
$ |
— |
|
|
(a) |
Unlimited shares authorized without
par value. |
| The accompanying notes are an integral part of these financial statements. | 43 |
| Statements
of Operations |
Gotham
ETFs |
| For
the Six-Months Ended March 31, 2025 (Unaudited) |
|
| |
|
Gotham Enhanced
500 ETF |
|
Gotham 1000 Value
ETF |
|
Gotham Short
Strategies ETF |
| INVESTMENT INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
| Dividend income |
|
$ |
3,678,237 |
|
|
$ |
1,784,533 |
|
|
$ |
69,701 |
|
| Less: Dividend withholding taxes |
|
|
(262 |
) |
|
|
(48,109 |
) |
|
|
(1,387 |
) |
| Less: Issuance fees |
|
|
(76 |
) |
|
|
(34 |
) |
|
|
(1 |
) |
| Interest income |
|
|
11,431 |
|
|
|
3,782 |
|
|
|
9,068 |
|
| Securities lending income (Note 6) |
|
|
6,826 |
|
|
|
29,355 |
|
|
|
— |
|
| Total investment income |
|
|
3,696,156 |
|
|
|
1,769,527 |
|
|
|
77,381 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
| Investment advisory fee (Note 4) |
|
|
1,681,360 |
|
|
|
582,867 |
|
|
|
82,666 |
|
| Interest expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Total expenses |
|
|
1,681,360 |
|
|
|
582,867 |
|
|
|
82,666 |
|
| Expense reimbursement by Adviser (Note 4) |
|
|
(388,006 |
) |
|
|
(134,508 |
) |
|
|
— |
|
| Net expenses |
|
|
1,293,354 |
|
|
|
448,359 |
|
|
|
82,666 |
|
| NET INVESTMENT INCOME/(LOSS) |
|
|
2,402,802 |
|
|
|
1,321,168 |
|
|
|
(5,285 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| REALIZED AND UNREALIZED GAIN (LOSS) |
|
|
|
|
|
|
|
|
|
|
|
|
| Net realized gain (loss) from: |
|
|
|
|
|
|
|
|
|
|
|
|
| Investments |
|
|
4,525,829 |
|
|
|
9,213,944 |
|
|
|
695,010 |
|
| Swap contracts |
|
|
— |
|
|
|
— |
|
|
|
(404,137 |
) |
| Foreign currency transactions |
|
|
— |
|
|
|
— |
|
|
|
(11,586 |
) |
| Net realized gain (loss) |
|
|
4,525,829 |
|
|
|
9,213,944 |
|
|
|
279,017 |
|
| Net change in unrealized appreciation (depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|
|
| Investments |
|
|
(17,284,921 |
) |
|
|
(18,933,975 |
) |
|
|
(1,405,217 |
) |
| Swap contracts |
|
|
— |
|
|
|
— |
|
|
|
979,446 |
|
| Foreign currency translation |
|
|
— |
|
|
|
(35 |
) |
|
|
(14 |
) |
| Net change in unrealized appreciation (depreciation) |
|
|
(17,284,921 |
) |
|
|
(18,934,010 |
) |
|
|
(425,785 |
) |
| Net realized and unrealized gain (loss) |
|
|
(12,759,092 |
) |
|
|
(9,720,066 |
) |
|
|
(134,927 |
) |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
$ |
(10,356,290 |
) |
|
$ |
(8,398,898 |
) |
|
$ |
(152,053 |
) |
| The accompanying notes are an integral part of these financial statements. | 44 |
| Statements
of Changes in Net Assets |
Gotham
ETFs |
| |
|
Gotham Enhanced
500 ETF |
|
Gotham 1000 Value
ETF |
| |
|
Six-Months ended
March 31, 2025
(Unaudited) |
|
Year ended
September 30,
2024 |
|
Six-Months ended
March 31, 2025
(Unaudited) |
|
Year ended
September 30,
2024 |
| OPERATIONS: |
|
|
|
|
|
|
|
|
| Net investment income (loss) |
|
$ |
2,402,802 |
|
|
$ |
4,225,499 |
|
|
$ |
1,321,168 |
|
|
$ |
2,371,264 |
|
| Net realized gain (loss) |
|
|
4,525,829 |
|
|
|
31,236,269 |
|
|
|
9,213,944 |
|
|
|
15,923,750 |
|
| Net change in unrealized appreciation
(depreciation) |
|
|
(17,284,921 |
) |
|
|
79,902,044 |
|
|
|
(18,934,010 |
) |
|
|
16,676,962 |
|
| Net increase (decrease) in net assets from operations |
|
|
(10,356,290 |
) |
|
|
115,363,812 |
|
|
|
(8,398,898 |
) |
|
|
34,971,976 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| DISTRIBUTIONS TO SHAREHOLDERS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| From earnings |
|
|
(4,292,739 |
) |
|
|
(3,836,259 |
) |
|
|
(5,134,636 |
) |
|
|
(2,397,237 |
) |
| Total distributions to shareholders |
|
|
(4,292,739 |
) |
|
|
(3,836,259 |
) |
|
|
(5,134,636 |
) |
|
|
(2,397,237 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CAPITAL TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Subscriptions |
|
|
36,375,405 |
|
|
|
187,238,243 |
|
|
|
28,495,985 |
|
|
|
57,140,840 |
|
| Redemptions |
|
|
(2,441,720 |
) |
|
|
(100,773,273 |
) |
|
|
(3,508,515 |
) |
|
|
(61,299,990 |
) |
| ETF transaction fees (See Note 9) |
|
|
251 |
|
|
|
1,158 |
|
|
|
— |
|
|
|
— |
|
| Net increase (decrease) in net assets from capital transactions |
|
|
33,933,936 |
|
|
|
86,466,128 |
|
|
|
24,987,470 |
|
|
|
(4,159,150 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET INCREASE (DECREASE) IN NET ASSETS |
|
|
19,284,907 |
|
|
|
197,993,681 |
|
|
|
11,453,936 |
|
|
|
28,415,589 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Beginning of the period |
|
|
491,483,856 |
|
|
|
293,490,175 |
|
|
|
164,768,590 |
|
|
|
136,353,001 |
|
| End of the period |
|
$ |
510,768,763 |
|
|
$ |
491,483,856 |
|
|
$ |
176,222,526 |
|
|
$ |
164,768,590 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SHARES TRANSACTIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Subscriptions |
|
|
1,100,000 |
|
|
|
6,700,000 |
|
|
|
1,150,000 |
|
|
|
2,550,000 |
|
| Redemptions |
|
|
(75,000 |
) |
|
|
(3,500,000 |
) |
|
|
(150,000 |
) |
|
|
(2,700,000 |
) |
| Total increase (decrease) in shares outstanding |
|
|
1,025,000 |
|
|
|
3,200,000 |
|
|
|
1,000,000 |
|
|
|
(150,000 |
) |
| The accompanying notes are an integral part of these financial statements. | 45 |
| Statements
of Changes in Net Assets |
Gotham
ETFs |
| |
|
Gotham
Short Strategies ETF |
| |
|
Six-Months
ended
March 31, 2025
(Unaudited) |
|
Year
ended
September 30,
2024(a) |
| OPERATIONS: |
|
|
|
|
|
|
|
|
| Net investment income (loss) |
|
$ |
(5,285 |
) |
|
$ |
115,235 |
|
| Net realized gain (loss) |
|
|
279,017 |
|
|
|
1,005,189 |
|
| Net change in unrealized appreciation
(depreciation) |
|
|
(425,785 |
) |
|
|
(1,322,595 |
) |
| Net increase (decrease) in net assets from operations |
|
|
(152,053 |
) |
|
|
(202,171 |
) |
| |
|
|
|
|
|
|
|
|
| DISTRIBUTIONS TO SHAREHOLDERS: |
|
|
|
|
|
|
|
|
| From earnings |
|
|
(88,870 |
) |
|
|
(46,249 |
) |
| Total distributions to shareholders |
|
|
(88,870 |
) |
|
|
(46,249 |
) |
| |
|
|
|
|
|
|
|
|
| CAPITAL TRANSACTIONS: |
|
|
|
|
|
|
|
|
| Subscriptions |
|
|
4,870,605 |
|
|
|
6,493,298 |
|
| Redemptions |
|
|
(1,160,735 |
) |
|
|
(13,481,644 |
) |
| Net increase (decrease) in net assets from capital transactions |
|
|
3,709,870 |
|
|
|
(6,988,346 |
) |
| |
|
|
|
|
|
|
|
|
| NET INCREASE (DECREASE) IN NET ASSETS |
|
|
3,468,947 |
|
|
|
(7,236,766 |
) |
| |
|
|
|
|
|
|
|
|
| NET ASSETS: |
|
|
|
|
|
|
|
|
| Beginning of the period |
|
|
11,888,391 |
|
|
|
19,125,157 |
|
| End of the period |
|
$ |
15,357,338 |
|
|
$ |
11,888,391 |
|
| |
|
|
|
|
|
|
|
|
| SHARES TRANSACTIONS |
|
|
|
|
|
|
|
|
| Subscriptions |
|
|
625,000 |
|
|
|
780,773 |
|
| Redemptions |
|
|
(150,000 |
) |
|
|
(1,666,932 |
) |
| Total increase (decrease) in shares outstanding |
|
|
475,000 |
|
|
|
(886,159 |
) |
|
(a) |
Prior to November 6, 2023, the Fund
operated as a traditional, open-end mutual fund and series of FundVantage Trust. See Note 1. |
| The accompanying notes are an integral part of these financial statements. | 46 |
| Financial
Highlights |
Gotham
Enhanced 500 ETF |
| For
a share outstanding throughout the periods presented |
|
| |
|
Six-Months |
|
Year ended September
30, |
|
|
| |
|
ended March 31,
2025
(Unaudited) |
|
2024 |
|
2023 |
|
2022 |
|
Period
ended
September 30,
2021(a) |
| PER SHARE DATA: |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
| Net asset value, beginning of period |
|
$31.56 |
|
$23.72 |
|
$19.68 |
|
$23.10 |
|
$20.00 |
| |
|
|
|
|
|
|
|
|
|
|
| INVESTMENT OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
| Net investment income(b) |
|
0.15 |
|
0.30 |
|
0.30 |
|
0.28 |
|
0.19 |
| Net realized and
unrealized gain (loss) on investments(c) |
|
(0.67) |
|
7.82 |
|
4.00 |
|
(3.64) |
|
2.91 |
| Total from investment operations |
|
(0.52) |
|
8.12 |
|
4.30 |
|
(3.36) |
|
3.10 |
| |
|
|
|
|
|
|
|
|
|
|
| LESS DISTRIBUTIONS FROM: |
|
|
|
|
|
|
|
|
|
|
| Net investment income |
|
(0.27) |
|
(0.28) |
|
(0.26) |
|
(0.06) |
|
— |
| Total distributions |
|
(0.27) |
|
(0.28) |
|
(0.26) |
|
(0.06) |
|
— |
| |
|
|
|
|
|
|
|
|
|
|
| ETF transaction fees per share |
|
0.00(d) |
|
0.00(d) |
|
— |
|
— |
|
— |
| Net asset value, end of period |
|
$30.77 |
|
$31.56 |
|
$23.72 |
|
$19.68 |
|
$23.10 |
| |
|
|
|
|
|
|
|
|
|
|
| TOTAL RETURN(e) |
|
-1.69% |
|
34.47% |
|
22.01% |
|
-14.62% |
|
15.53% |
| |
|
|
|
|
|
|
|
|
|
|
| SUPPLEMENTAL DATA AND RATIOS: |
|
|
|
|
|
|
|
|
|
|
| Net assets, end of period (in thousands) |
|
$510,769 |
|
$491,484 |
|
$293,490 |
|
$262,264 |
|
$87,799 |
| Ratio of expenses to average net assets: |
|
|
|
|
|
|
|
|
|
|
| Before expense
reimbursement/recoupment(f) |
|
0.65% |
|
0.65% |
|
0.65% |
|
0.65% |
|
0.65% |
| After expense
reimbursement/recoupment(f) |
|
0.50% |
|
0.50% |
|
0.50% |
|
0.50% |
|
0.50% |
| Ratio of net investment income (loss)
to average net assets(f) |
|
0.93% |
|
1.08% |
|
1.17% |
|
1.05% |
|
0.92% |
| Portfolio turnover rate(e)(g) |
|
66% |
|
144% |
|
134% |
|
59% |
|
36% |
|
(a) |
Inception date of the Fund was December
28, 2020. |
|
(b) |
Net investment income per share has
been calculated based on average shares outstanding during the periods. |
|
(c) |
Realized and unrealized gains and
losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods,
and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions for the periods. |
|
(d) |
Amount represents less than $0.005
per share. |
|
(e) |
Not annualized for periods less than
one year. |
|
(f) |
Annualized for periods less than
one year. |
|
(g) |
Portfolio turnover rate excludes
in-kind transactions. |
| The accompanying notes are an integral part of these financial statements. | 47 |
| Financial
Highlights |
Gotham
1000 Value ETF |
| For
a share outstanding throughout the periods presented |
|
| |
|
Six-Months |
|
Year ended September
30, |
|
|
| |
|
ended March 31,
2025
(Unaudited) |
|
2024 |
|
2023 |
|
Period
ended
September 30,
2022(a) |
| PER SHARE DATA: |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Net asset value, beginning of period |
|
$24.78 |
|
$20.05 |
|
$16.68 |
|
$20.00 |
| |
|
|
|
|
|
|
|
|
| INVESTMENT OPERATIONS: |
|
|
|
|
|
|
|
|
| Net investment income(b) |
|
0.18 |
|
0.34 |
|
0.35 |
|
0.13 |
| Net realized and
unrealized gain (loss) on investments(c) |
|
(1.24) |
|
4.74 |
|
3.20 |
|
(3.45) |
| Total from investment operations |
|
(1.06) |
|
5.08 |
|
3.55 |
|
(3.32) |
| |
|
|
|
|
|
|
|
|
| LESS DISTRIBUTIONS FROM: |
|
|
|
|
|
|
|
|
| Net investment income |
|
(0.47) |
|
(0.35) |
|
(0.18) |
|
— |
| Net realized gains |
|
(0.21) |
|
— |
|
— |
|
— |
| Total distributions |
|
(0.68) |
|
(0.35) |
|
(0.18) |
|
— |
| Net asset value, end of period |
|
$23.04 |
|
$24.78 |
|
$20.05 |
|
$16.68 |
| |
|
|
|
|
|
|
|
|
| TOTAL RETURN(d) |
|
-4.47% |
|
25.56% |
|
21.37% |
|
-16.58% |
| |
|
|
|
|
|
|
|
|
| SUPPLEMENTAL DATA AND RATIOS: |
|
|
|
|
|
|
|
|
| Net assets, end of period (in thousands) |
|
$176,223 |
|
$164,769 |
|
$136,353 |
|
$33,368 |
| Ratio of expenses to average net assets: |
|
|
|
|
|
|
|
|
| Before expense
reimbursement/recoupment(e) |
|
0.65% |
|
0.65% |
|
0.65% |
|
0.65% |
| After expense
reimbursement/recoupment(e) |
|
0.50% |
|
0.50% |
|
0.50% |
|
0.50% |
| Ratio of net investment income (loss)
to average net assets(e) |
|
1.47% |
|
1.52% |
|
1.78% |
|
2.22% |
| Portfolio turnover rate(d)(f) |
|
105% |
|
199% |
|
155% |
|
52% |
|
(a) |
Inception date of the Fund was June
7, 2022. |
|
(b) |
Net investment income per share has
been calculated based on average shares outstanding during the periods. |
|
(c) |
Realized and unrealized gains and
losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods,
and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions for the periods. |
|
(d) |
Not annualized for periods less than
one year. |
|
(e) |
Annualized for periods less than
one year. |
|
(f) |
Portfolio turnover rate excludes
in-kind transactions. |
| The accompanying notes are an integral part of these financial statements. | 48 |
| Financial
Highlights |
Gotham
Short Strategies ETF |
| For
a share outstanding throughout the periods presented |
|
| |
|
Six-Months |
|
Year ended September
30, |
| |
|
ended
March 31, 2025 (Unaudited) |
|
2024(a) |
|
2023 |
|
2022 |
|
2021 |
|
2020 |
| PER SHARE DATA: |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net asset value, beginning of period |
|
$8.39 |
|
$8.30 |
|
$9.02 |
|
$5.90 |
|
$7.42 |
|
$8.78 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| INVESTMENT OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment income (loss)(b) |
|
(0.00)(e) |
|
0.06 |
|
0.00(c) |
|
0.01 |
|
(0.02) |
|
0.01 |
| Net realized and
unrealized gain (loss) on investments(d) |
|
(0.21) |
|
0.05 |
|
(0.72) |
|
3.22 |
|
(1.50) |
|
(1.35) |
| Total from investment operations |
|
(0.21) |
|
0.11 |
|
(0.72) |
|
3.23 |
|
(1.52) |
|
(1.34) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| LESS DISTRIBUTIONS FROM: |
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment income |
|
(0.06) |
|
(0.02) |
|
— |
|
(0.12) |
|
(0.00)(e) |
|
(0.02) |
| Return of capital |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(0.00)(e) |
| Total distributions |
|
(0.06) |
|
(0.02) |
|
— |
|
(0.12) |
|
(0.00)(e) |
|
(0.02) |
| Redemption fee per share |
|
— |
|
— |
|
0.00(c) |
|
0.01 |
|
0.00(c) |
|
0.00(c) |
| Net asset value, end of period |
|
$8.12 |
|
$8.39 |
|
$8.30 |
|
$9.02 |
|
$5.90 |
|
$7.42 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL RETURN(f) |
|
-2.46% |
|
1.29% |
|
-7.98% |
|
55.96% |
|
-20.47% |
|
-15.27% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| SUPPLEMENTAL DATA AND RATIOS: |
|
|
|
|
|
|
|
|
|
|
|
|
| Net assets, end of period (in thousands) |
|
$15,357 |
|
$11,888 |
|
$19,125 |
|
$18,739 |
|
$1,520 |
|
$37,619 |
| Ratio of expenses to average net assets: |
|
|
|
|
|
|
|
|
|
|
|
|
| Before expense
reimbursement/recoupment(g) |
|
1.35% |
|
1.61% |
|
2.23% |
|
3.52% |
|
2.92% |
|
1.88% |
| After expense
reimbursement/recoupment(g) |
|
1.35% |
|
1.51% |
|
1.35% |
|
1.35% |
|
1.35% |
|
1.35% |
| Ratio of net investment income (loss)
to average net assets(g) |
|
(0.09)% |
|
0.74% |
|
0.05% |
|
0.09% |
|
(0.25)% |
|
0.12% |
| Portfolio turnover rate(f)(h) |
|
311% |
|
538% |
|
670% |
|
717% |
|
459% |
|
692% |
|
(a) |
Prior to November 6, 2023, the Fund
operated as a traditional, open-end mutual fund and series of FundVantage Trust. See Note 1. |
|
(b) |
Net investment income per share has
been calculated based on average shares outstanding during the periods. |
|
(c) |
Amount represents less than $0.005
per share. |
|
(d) |
Realized and unrealized gains and
losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods,
and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions for the periods. |
|
(e) |
Amount represents less than $(0.005)
per share. |
|
(f) |
Not annualized for periods less than
one year. |
|
(g) |
Annualized for periods less than
one year. |
|
(h) |
Portfolio turnover rate excludes
in-kind transactions. |
| The accompanying notes are an integral part of these financial statements. | 49 |
| Notes
to the Financial Statements |
Gotham
ETFs |
March
31, 2025 (Unaudited)
The
Gotham Enhanced 500 ETF, Gotham 1000 Value ETF, and Gotham Short Strategies ETF are each diversified series of shares (each, a “Fund,”
and collectively, the “Funds”) of beneficial interest of Tidal ETF Trust (the “Trust”). The Trust was organized
as a Delaware statutory trust on June 4, 2018 and is registered with the Securities and Exchange Commission (the “SEC”) under
the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company and the offering
of each Fund’s shares (“Shares”) is registered under the Securities Act of 1933, as amended. The Trust is governed by
the Board of Trustees (the “Board”). Tidal Investments LLC (“Tidal Investments” or the “Adviser”),
a Tidal Financial Group company, serves as investment adviser to the Funds and Gotham Asset Management, LLC (“Gotham” or the
“Sub-Adviser”) serves as investment sub-adviser to the Funds. Each Fund is an investment company and accordingly follows the
investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards
Codification Topic 946 “Financial Services—Investment Companies.”
The
Gotham Enhanced 500 ETF commenced operations on December 28, 2020, the Gotham 1000 Value ETF commenced operations on June 7, 2022, and
the Gotham Short Strategies ETF commenced operations on January 31, 2008. Effective November 6, 2023, the Gotham Short Strategies Fund
(the “Predecessor Fund”), a mutual fund and series of FundVantage Trust, was converted into an exchange-traded fund through
the reorganization of the Predecessor Fund into the Gotham Short Strategies ETF, a newly created corresponding series of the Trust with
substantially similar investment objectives and substantially similar principal investment strategies as the Predecessor Fund. The Gotham
Short Strategies ETF has adopted the accounting history and performance of the Predecessor Fund. For financial reporting purposes, assets
received and shares issued by the Gotham Short Strategies ETF were recorded at fair value; however, the cost basis of the investments
received from the Predecessor Fund was carried forward to align ongoing reporting of the Gotham Short Strategies ETF realized and unrealized
gains and losses with amounts distributable to shareholders for tax purposes.
The
investment objective of each of the Gotham Enhanced 500 ETF and the Gotham 1000 Value ETF is to seek long-term capital appreciation. The
investment objective of the Gotham Short Strategies ETF is to seek long-term capital appreciation and to provide positive returns in down
markets.
| NOTE
2 – SIGNIFICANT ACCOUNTING POLICIES |
The
following is a summary of significant accounting policies consistently followed by the Funds. These policies are in conformity with accounting
principles generally accepted in the United States of America (“U.S. GAAP”).
|
A. |
Security
Valuation. Equity securities, which may include Real Estate Investment Trusts (“REITs”), Business Development Companies
(“BDCs”), and Master Limited Partnerships (“MLPs”), listed on a securities exchange, market or automated quotation
system for which quotations are readily available (except for securities traded on The Nasdaq Stock Market, LLC (“NASDAQ”)),
including securities traded over-the-counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic)
on which they are traded on the valuation date (or at approximately 4:00 p.m. EST if a security’s primary exchange is normally open
at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price or mean between the most
recent quoted bid and ask prices for long and short positions. For a security that trades on multiple exchanges, the primary exchange
will generally be considered the exchange on which the security is generally most actively traded. For securities traded on the NASDAQ,
the NASDAQ Official Closing Price will be used. Prices of securities traded on the securities exchange will be obtained from recognized
independent pricing agents each day that the Funds are open for business. |
Swap
contracts, such as credit default swaps, total return swaps, interest rate swaps, currency swaps and swaptions, are priced by an approved
independent pricing service. The independent pricing service will include unadjusted exchange close prices but may also provide prices
with observable market data inputs in an evaluated valuation methodology.
Under
Rule 2a-5 of the 1940 Act, a fair value will be determined for securities for which quotations are not readily available by the Valuation
Designee (as defined in Rule 2a-5) in accordance with the Pricing and Valuation Policy and Fair Value Procedures, as applicable, of the
Adviser, subject to oversight by the Board. When a security is “fair valued,” consideration is given to the facts and circumstances
relevant to the particular situation, including a review of various factors set forth in the Adviser’s Pricing and Valuation Policy
and Fair Value Procedures, as applicable. Fair value pricing is an inherently subjective process, and no single standard exists for determining
fair value. Different funds could reasonably arrive at different values for the same security. The use of fair value pricing by a Fund
may cause the net asset value (“NAV”) of its shares to differ significantly from the NAV that would be calculated without
regard to such considerations.
| Notes
to the Financial Statements |
Gotham
ETFs |
March
31, 2025 (Unaudited)
As
described above, the Funds utilize various methods to measure the fair value of their 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 Funds have 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 speeds, 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
Funds’ 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
availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example,
the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics
particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the
market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value
is greatest for instruments categorized in Level 3.
The
inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes,
the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest
level input that is significant to the fair value measurement in its entirety.
The
following is a summary of the inputs used to value each Fund’s investments as of March 31, 2025:
| Gotham Enhanced 500 ETF |
|
|
|
|
|
|
|
|
| |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| Investments: |
|
|
|
|
|
|
|
|
| Common Stocks |
|
$ |
501,755,135 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
501,755,135 |
|
| Real Estate Investment Trusts - Common |
|
|
8,263,957 |
|
|
|
— |
|
|
|
— |
|
|
|
8,263,957 |
|
| Investments
Purchased with Collateral from Securities Lending(a) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
10,864,006 |
|
| Money Market Funds |
|
|
497,978 |
|
|
|
— |
|
|
|
— |
|
|
|
497,978 |
|
| Total Investments |
|
$ |
510,517,070 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
521,381,076 |
|
| Gotham 1000 Value ETF |
|
|
|
|
|
|
|
|
| |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| Investments: |
|
|
|
|
|
|
|
|
| Common Stocks |
|
$ |
175,718,784 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
175,718,784 |
|
| Real Estate Investment Trusts - Common |
|
|
180,874 |
|
|
|
— |
|
|
|
— |
|
|
|
180,874 |
|
| Investments
Purchased with Collateral from Securities Lending(a) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
34,273,775 |
|
| Money Market Funds |
|
|
147,714 |
|
|
|
— |
|
|
|
— |
|
|
|
147,714 |
|
| Total Investments |
|
$ |
176,047,372 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
210,321,147 |
|
| Gotham Short Strategies ETF |
|
|
|
|
|
|
|
|
| |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| Assets: |
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
| Common Stocks |
|
$ |
13,574,205 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
13,574,205 |
|
| Money Market Funds |
|
|
608,402 |
|
|
|
— |
|
|
|
— |
|
|
|
608,402 |
|
| Total Investments |
|
$ |
14,182,607 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
14,182,607 |
|
| Notes
to the Financial Statements |
Gotham
ETFs |
March
31, 2025 (Unaudited)
| Other
Financial Instruments(b): |
|
|
|
|
|
|
|
|
| Total Return Swaps |
|
$ |
1,192,671 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,192,671 |
|
| Total Other Financial Instruments |
|
$ |
1,192,671 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,192,671 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other
Financial Instruments(b): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Return Swaps |
|
$ |
(558,836 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(558,836 |
) |
| Total Other Financial Instruments |
|
$ |
(558,836 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(558,836 |
) |
Refer
to the Schedules of Investments for further disaggregation of investment categories.
|
(a) |
Certain
investments that are measured at fair value using the net asset value per Share (or its equivalent) practical expedient have not been
categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair
value hierarchy to the amounts listed in the Schedules of Investments. |
|
(b) |
The fair value
of the Fund’s other financial instruments represents the net unrealized appreciation (depreciation) as of March 31, 2025. |
|
B. |
Derivative
Instruments. Total return swaps are a swap agreement in which one party makes payments based on a set rate, either fixed or variable,
while the other party makes payments based on the return of an underlying asset, which includes both the income it generates and any capital
gains. The Gotham Short Strategies ETF will generally enter into swap agreements on a net basis, which means the two payment streams that
are to be made by the Fund and its counterparty with respect to a particular swap agreement are netted out, with the Fund receiving or
paying, as the case may be, only the net difference in the two payments. The Fund’s obligations (or rights) under a swap agreement
that is entered into on a net basis will generally be the net amount to be paid or received under the agreement based on the relative
values of the obligations of each party upon termination of the agreement or at set valuation dates. The Fund will accrue its obligations
under a swap agreement daily (offset by any amounts the counterparty owes the Fund). If the swap agreement does not provide for that type
of netting, the full amount of the Fund’s obligations will be accrued on a daily basis. |
The
Fund has adopted financial reporting rules and regulations that require enhanced disclosure regarding derivatives and hedging activity
intending to improve financial reporting of derivative instruments by enabling investors to understand how an entity uses derivatives,
how derivatives are accounted for, and how derivative instruments affect an entity’s results of operations and financial position.
The following tables show the effects of derivative instruments on the Gotham Short Strategies ETF’s financial statements.
For
the period ended March 31, 2025, the Gotham Short Strategies ETF’s monthly average quantity and notional value are described
below:
| |
|
Average
Contracts |
|
Average
Notional
Amount |
| Total Return Swaps |
|
|
|
|
|
|
|
|
| Purchased |
|
$ |
18,520,299 |
|
|
$ |
1,269,565 |
|
| Total Return Swaps |
|
|
|
|
|
|
|
|
| Written |
|
|
(1,585,656 |
) |
|
|
(18,770,440 |
) |
The
effect of derivative instruments on the Statements of Assets and Liabilities as of March 31, 2025:
| |
|
Asset Derivatives as of
March 31, 2025 |
|
Liability Derivatives as of
March 31,
2025 |
| Instrument |
|
Balance Sheet Location |
|
Fair Value |
|
Balance Sheet Location |
|
Fair Value |
| Total Return Swaps |
|
Appreciation on swap agreements |
|
$1,192,671 |
|
Depreciation on swap agreements |
|
$558,836 |
| Notes
to the Financial Statements |
Gotham
ETFs |
March
31, 2025 (Unaudited)
The
effect of derivative instruments on the Statements of Operations for the period ended March 31, 2025:
| Instrument |
|
Location
of Gain (Loss) on
Derivatives
Recognized
in Income |
|
Realized Gain (Loss) on
Derivatives Recognized
in Income |
|
Change in Unrealized
Appreciation/Depreciation
on Derivatives Recognized
in Income |
| Total Return Swaps |
|
Realized and unrealized gain (loss) on swap contracts |
|
$(404,137) |
|
$979,446 |
|
C. |
Federal
Income Taxes. Each Fund has elected to be taxed as a regulated investment company (“RIC”) and intends to distribute substantially
all taxable income to its shareholders and otherwise comply with the provisions of the Internal Revenue Code applicable to RICs. Therefore,
no provision for federal income taxes or excise taxes has been made. |
In
order to avoid imposition of the excise tax applicable to RICs, each Fund intends to declare as dividends in each calendar year at least
98% of its net investment income (earned during the calendar year) and at least 98.2% of its net realized capital gains (earned during
the twelve months ended October 31) plus undistributed amounts, if any, from prior years. As a RIC, each Fund is subject to a 4% excise
tax that is imposed if a Fund does not distribute by the end of any calendar year at least the sum of (i) 98% of its ordinary income (not
taking into account any capital gain or loss) for the calendar year and (ii) 98.2% of its capital gain in excess of its capital loss (adjusted
for certain ordinary losses) for a one year period generally ending on October 31 of the calendar year (unless an election is made to
use the Funds’ fiscal year). The Funds generally intend to distribute income and capital gains in the manner necessary to minimize
(but not necessarily eliminate) the imposition of such excise tax. The Funds may retain income or capital gains and pay excise tax when
it is determined that doing so is in the best interest of shareholders. Management evaluates the costs of the excise tax relative to the
benefits of retaining income and capital gains, including that such undistributed amounts (net of the excise tax paid) remain available
for investment by the Funds and are available to supplement future distributions. Tax expense is disclosed in the Statements of Operations,
if applicable.
As
of March 31, 2025, the Funds did not have any tax positions that did not meet the threshold of being sustained by the applicable tax authority.
Generally, tax authorities can examine all the tax returns filed for the last three years. Each Fund identifies its major tax jurisdiction
as U.S. Federal and the Commonwealth of Delaware; however, the Funds are not aware of any tax positions for which it is reasonably possible
that the total amounts of unrecognized tax benefits will change materially.
|
D. |
Securities
Transactions and Investment Income. Investment securities transactions are accounted for on the trade date. Gains and losses realized
on sales of securities are determined on a specific identification basis. Discounts/premiums on debt securities purchased are accreted/amortized
over the life of the respective securities using the effective interest method. Dividend income is recorded on the ex-dividend date. Interest
income is recorded on an accrual basis. Other non-cash dividends are recognized as investment income at the fair value of the property
received. Withholding taxes on foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable
country’s tax rules and rates. If a Fund’s distributions exceed its earnings and profits, all or a portion of the distributions
made for a taxable year may be recharacterized as a return of capital to shareholders. A return of capital distribution will generally
not be taxable but will reduce each shareholder’s cost basis in a Fund and result in a higher capital gain or lower capital loss
when the Shares of a Fund on which the distribution was received are sold. After a shareholder’s basis in the Shares has been reduced
to zero, distributions in excess of earnings and profits will be treated as gain from the sale of the shareholder’s Shares. |
A
REIT is a corporation or business trust (that would otherwise be taxed as a corporation) which meets the definitional requirements of
the Internal Revenue Code of 1986, as amended (the “Code”). The Code permits a qualifying REIT to deduct from taxable income
the dividends paid, thereby effectively eliminating corporate level federal income tax. To meet the definitional requirements of the Code,
a REIT must, among other things: invest substantially all of its assets in interests in real estate (including mortgages and other REITs),
cash and government securities; derive most of its income from rents from real property or interest on loans secured by mortgages on real
property; and, in general, distribute annually 90% or more of its taxable income (other than net capital gains) to shareholders.
The
Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the
fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized
gain or loss from investments.
| Notes
to the Financial Statements |
Gotham
ETFs |
March
31, 2025 (Unaudited)
The
Funds report net realized foreign exchange gains or losses that arise from sales of foreign currencies, currency gains or losses realized
between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and
foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid.
Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments
in securities at period end, resulting from changes in exchange rates.
|
E. |
Distributions
to Shareholders. Distributions to shareholders from net investment income, if any, for the Funds are declared and paid at least annually.
Distributions to shareholders from net realized gains on securities, if any, for the Funds normally are declared and paid at least annually.
Distributions are recorded on the ex-dividend date. |
|
F. |
Use
of Estimates. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results
could differ from those estimates. |
|
G. |
Share
Valuation. The NAV per Share is calculated by dividing the sum of the value of the securities held by each Fund, plus cash or other
assets, minus all liabilities by the total number of Shares outstanding for each Fund, rounded to the nearest cent. Each Fund’s
Shares will not be priced on the days on which the New York Stock Exchange (“NYSE”) is closed for trading. |
|
H. |
Foreign
Currency. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar
amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies
are translated into U.S. dollar amounts on the respective dates of such transactions. |
|
I. |
Guarantees
and Indemnifications. In the normal course of business, the Funds enter into contracts with service providers that contain general
indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that
may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote. |
|
J. |
Illiquid
Securities. Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a Board-approved Liquidity Risk Management Program (the
“Program”) that requires, among other things, that each Fund limit its illiquid investments that are assets to no more than
15% of the value of each Fund’s net assets. An illiquid investment is any security that a Fund reasonably expects cannot be sold
or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the
market value of the investment. If a Fund should be in a position where the value of illiquid investments held by a Fund exceeds 15% of
that Fund’s net assets, that Fund will take such steps as set forth in the Program. |
|
K. |
Derivatives
Transactions. Pursuant to Rule 18f-4 under the 1940 Act, the SEC imposes limits on the amount of derivatives a fund can enter into,
eliminates the asset segregation and cover framework arising from prior SEC guidance for covering derivatives and certain financial instruments
currently used by funds to comply with Section 18 of the 1940 Act and treats derivatives as senior securities. Under Rule 18f-4, a fund’s
derivatives exposure is limited through a value-at-risk test. Funds whose use of derivatives is more than a limited specified exposure
amount are required to establish and maintain a comprehensive derivatives risk management program, subject to oversight by a fund’s
board of trustees, and appoint a derivatives risk manager. The Gotham Short Strategies ETF has implemented a Rule 18f-4 Derivative Risk
Management Program that complies with Rule 18f-4. |
| NOTE
3 – PRINCIPAL INVESTMENT RISKS |
Counterparty
Risk (Gotham Short Strategies ETF Only). Swaps and certain other derivative contracts entered into by the Fund involve exposure to
counterparty credit risk, since contract performance depends in part on the financial condition of the counterparty. Relying on a counterparty
exposes the Fund to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of
a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Fund
to suffer a loss. If a counterparty defaults on its payment obligations to the Fund, this default will cause the value of an investment
in the Fund to decrease. In addition, to the extent the Fund deals with a limited number of counterparties, it will be more susceptible
to the credit risks associated with those counterparties. The Fund is neither restricted from dealing with any particular counterparty
nor from concentrating any or all of its transactions with one counterparty. The ability of the Fund to transact business with any one
or number of counterparties and the absence of a regulated market to facilitate settlement may increase the potential for losses by the
Fund.
| Notes
to the Financial Statements |
Gotham
ETFs |
March
31, 2025 (Unaudited)
Database
Error Risk. The investment strategies used by the Sub-Adviser, rely on proprietary databases and third-party data sources. Data entries
made by the Sub-Adviser’s team of financial analysts or third parties may contain errors, as may the database system used to store
such data. Any errors in the underlying data sources, data entry or database may result in the Funds acquiring or selling investments
based on incorrect information.
Derivatives
Risk (Gotham Short Strategies ETF Only). The Fund obtains portfolio exposure through the use of swap(s) referenced to a basket of
short and/or long equity security positions selected by the Sub-Adviser. In general, with a derivative, the Fund will be exposed to additional
risks that are separate from those associated with short sales. In general, a derivative contract such as a swap typically involves leverage
(i.e., it provides exposure to potential gain or loss from a change in the market price of a security or group of securities in a notional
amount that exceeds the amount of cash or assets required to establish or maintain the derivative contract). Swap agreements can be highly
volatile, illiquid and difficult to value, and changes in the value of such instruments held by the Fund may not correlate with the underlying
instrument or reference assets, or the Fund’s other investments. Although the value of swap agreements depends largely upon price
movements in the underlying instrument or reference asset, there are additional risks associated with swap agreements that are possibly
greater than the risks associated with investing directly in the underlying instruments or reference assets, including illiquidity risk,
leveraging risk and counterparty credit risk. Any swap will be based on a notional amount agreed upon by the Sub-Adviser and a counterparty.
The Sub-Adviser will retain the ability to adjust the notional exposure of the swap at its discretion, as well as the composition of the
reference short securities basket. Generally, the fees and expenses of a swap are based on the notional value of the swap. The value of
the swap typically includes a deduction for fees of the counterparty as well as costs typically associated with short sales of securities,
such as dividend and interest expenses. As a result, the Fund’s return from such instrument will be net of such costs and expenses
and any such costs and expenses will reduce the Fund’s return on the swap. A small position in swap agreements could have a potentially
large impact on the Fund’s performance. Trading restrictions or limitations may be imposed by an exchange, and government regulations
may restrict trading in swap agreements or any other derivative.
Exchanged
Traded Fund (“ETF”) Risks.
|
● |
Authorized
Participants, Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that
are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”).
In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the
following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise
become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers
and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform
their functions. |
|
● |
Cash
Redemption Risk (Gotham Short Strategies ETF Only). The Fund’s investment strategy may require it to redeem Shares for cash
or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities
held by the Fund (e.g., swap agreements that cannot be broken up beyond certain minimum sizes needed for transfer and settlement). In
such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds.
This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result,
the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. |
|
● |
Costs
of Buying or Selling Shares. Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and
bid-ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable
for investors who anticipate regularly making small investments. |
|
● |
Shares
May Trade at Prices Other Than NAV. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although
it is expected that the market price of Shares will approximate a Fund’s NAV, there may be times when the market price of Shares
is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods
of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there
is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant. Because securities
held by the Gotham Short Strategies ETF may trade on foreign exchanges that are closed when the Fund’s primary listing exchange
is open, the Fund is likely to experience premiums and discounts greater than those of ETFs holding only domestic securities. |
| Notes
to the Financial Statements |
Gotham
ETFs |
March
31, 2025 (Unaudited)
|
● |
Trading.
Although Shares are listed on a national securities exchange, such as the NYSE Arca, Inc. (the “Exchange”), and may be traded
on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange.
In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings,
which can be significantly less liquid than Shares. Also, in stressed market conditions, the market for Shares may become less liquid
in response to deteriorating liquidity in the markets for the Funds’ underlying portfolio holdings. These adverse effects on liquidity
for Shares, in turn, could lead to wider bid/ask spreads and differences between the market price of Shares and the underlying value of
those Shares. |
Equity
Market Risk. The equity securities held in each Fund’s portfolio may experience sudden, unpredictable drops in value or long
periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific
issuers, industries, or sectors in which the Funds invest. Common stocks, such as those held by the Funds, are generally exposed to greater
risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior
rights to receive payment from issuers.
General
Market Risk. Securities markets and individual securities may increase or decrease in value. Security prices may fluctuate widely
over short or extended periods in response to market or economic news and conditions, and securities markets also tend to move in cycles.
If there is a general decline in the securities markets, it is possible your investment may lose value regardless of the individual results
of the companies in which the Funds invest. The magnitude of up and down price or market fluctuations over time is sometimes referred
to as “volatility”, and it can be significant. In addition, different asset classes and geographic markets may experience
periods of significant correlation with each other. As a result of this correlation, the securities and markets in which the Funds invest
may experience volatility due to market, economic, political or social events and conditions that may not readily appear to directly relate
to such securities, the securities’ issuer or the markets in which they trade.
High
Portfolio Turnover Risk. The Funds may actively and frequently trade all or a significant portion of the securities in their portfolios.
A high portfolio turnover rate increases transaction costs, which may increase each Fund’s expenses. Frequent trading may also cause
adverse tax consequences for investors in the Funds due to an increase in short-term capital gains.
Large-Capitalization
Investing Risk The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore
subject to slower growth during times of economic expansion. Large-capitalization companies may also be unable to respond quickly to new
competitive challenges, such as changes in technology and consumer tastes.
Leverage
Risk (Gotham Short Strategies ETF Only). The Fund utilizes leverage in its investment program. The use of leverage allows the Fund
to make additional investments, thereby increasing its exposure to assets, such that its total assets may be greater than its capital.
However, leverage also magnifies the volatility of changes in the value of the Fund’s portfolio. The effect of the use of leverage
by the Fund in a market that moves adversely to its investments could result in substantial losses to the Fund, which would be greater
than if the Fund were not leveraged.
Liquidity
Risk (Gotham Short Strategies ETF Only). The Fund is subject to liquidity risk primarily due to its investments in derivatives. Investments
in illiquid securities or derivative instruments involve the risk that the Fund may be unable to sell the security or derivative instrument
or sell it at a reasonable price.
Mid-Capitalization
Investing Risk (Gotham 1000 Value ETF and Gotham Short Strategies ETF Only). The securities of mid-capitalization companies may be
more vulnerable to adverse issuer, market, political, or economic developments than securities of large-capitalization companies. The
securities of mid-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes
than large-capitalization stocks or the stock market as a whole.
Management
Risk. The Funds are actively-managed and may not meet their investment objectives based on the Sub-Adviser’s success or failure
to implement investment strategies for the Funds.
OTC
Trading Risk (Gotham Short Strategies ETF Only). Certain of the derivatives in which the Fund invests may be traded (and privately
negotiated) in the “over-the-counter” or “OTC” market. While the OTC derivatives market is the primary trading
venue for many derivatives, it is largely unregulated. As a result and similar to other privately negotiated contracts, the Fund is subject
to counterparty credit risk with respect to such derivative contracts.
Sector
Risk. At times the Funds may increase the relative emphasis of their investments in a particular sector or group of industries. The
prices of securities of issuers in a particular sector may be more susceptible to fluctuations due to changes in economic or business
conditions, government regulations, availability of basic resources or supplies, or other events that affect that industry or sector more
than securities of issuers in other industries and sectors. To the extent that the Funds increase the relative emphasis of their investments
in a particular industry or sector, the value of Shares may fluctuate in response to events affecting that industry or sector.
| Notes
to the Financial Statements |
Gotham
ETFs |
March
31, 2025 (Unaudited)
Short
Sale Risk (Gotham Short Strategies ETF Only). Short selling a security involves selling a borrowed security with the expectation that
the value of that security will decline so that the security may be purchased at a lower price when returning the borrowed security. The
risk for loss on short selling is greater than the original value of the securities sold short because the price of the borrowed security
may rise, thereby increasing the price at which the security must be purchased. Any such loss is increased by the amount of premium or
interest the Fund must pay to the lender of the security. Likewise, any gain will be decreased by the amount of premium or interest the
Fund must pay to the lender of the security. Although the Fund’s gain is limited to the price at which it sold the security short,
its potential loss is limited only by the maximum attainable price of the security, less the price at which the security was sold and
may, theoretically, be unlimited. Government actions also may affect the Fund’s ability to engage in short selling. In addition,
the Fund may be subject to expenses related to short sales that are not typically associated with investing in securities directly, such
as costs of borrowing and margin account maintenance costs associated with the Fund’s open short positions. These types of short
sales expenses (sometimes referred to as the “negative cost of carry”) negatively impact the performance of the Fund since
these expenses tend to cause the Fund to lose money on a short sale even in instances where the price of the underlying security sold
short does not change over the duration of the short sale. The Fund may not be able to borrow a security that it needs to deliver or it
may not be able to close out a short position at an acceptable price and may have to sell long positions earlier than it had expected.
Small-
and Mid-Cap Securities Risk (Gotham Short Strategies ETF Only). In addition to large cap securities, the Fund also invests in small
and mid-cap companies. Investments in small and mid-cap companies may be riskier than investments in larger, more established companies.
The securities of smaller companies may trade less frequently and in smaller volumes, and as a result, may be less liquid than securities
of larger companies. In addition, smaller companies may be more vulnerable to economic, market and industry changes. As a result, share
price changes may be more sudden or erratic than the prices of other equity securities, especially over the short-term. Because smaller
companies may have limited product lines, markets or financial resources or may depend on a few key employees, they may be more susceptible
to particular economic events or competitive factors than large capitalization companies.
Systems
Risk. The Funds depend on the Sub-Adviser to develop and implement appropriate systems to provide sub-advisory services. The Sub-Adviser
relies extensively on computer programs and systems to implement and monitor each Fund’s investment strategy. As a result, there
is a risk of human or technological errors affecting the portfolio construction process and order origination, including errors in programming
(e.g., “bugs” and classic coding errors), modeling, design, translational errors and compatibility issues with data sets and
among systems. There can be no guarantee that such defects or issues will be identified in time to avoid a material adverse effect on
the Funds.
Value
Style Risk. The Sub-Adviser buys securities, on behalf of the Funds, that it believes are undervalued. Investing in “value”
stocks presents the risk that the stocks may never reach what the Sub-Adviser believes are their full market values, either because the
market fails to recognize what the Sub-Adviser considers to be the companies’ true business values or because the Sub-Adviser misjudges
those values. In addition, value stocks may fall out of favor with investors and underperform other stocks (such as growth stocks) during
given periods. Conversely, the Gotham Short Strategies ETF shorts securities the Sub-Adviser believes are overvalued. This presents the
risk that a stock’s value may not decrease to what the Sub-Adviser believes is its true market value because the market fails to
recognize what the Sub-Adviser considers to be the company’s value, because the Sub-Adviser misjudges that value or because the
Sub-Adviser is required to purchase the security before its investment thesis could be realized.
| NOTE
4 – COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS |
The
Adviser serves as investment adviser to the Funds pursuant to an investment advisory agreement between the Adviser and the Trust, on behalf
of the Funds (the “Advisory Agreement”), and, pursuant to the Advisory Agreement, provides investment advice to the Funds
and oversees the day-to-day operations of the Funds, subject to the direction and oversight of the Board. The Adviser is also responsible
for trading portfolio securities for the Gotham Enhanced 500 ETF and the Gotham 1000 Value ETF, including selecting broker-dealers to
execute purchase and sales transactions, subject to the supervision of the Board. With respect to the Gotham Short Strategies ETF, the
Adviser is responsible for any trading of portfolio securities that may be required in connection with the issuance or redemption of Creation
Units for the Fund, including selecting broker-dealers to execute purchase and sales transactions. The Adviser has, however, delegated
trading authority in connection with the day-to-day management of the Gotham Short Strategies ETF’s portfolio to the Sub-Adviser,
including selecting broker-dealers to execute purchase and sales transactions.
| Notes
to the Financial Statements |
Gotham
ETFs |
March
31, 2025 (Unaudited)
Pursuant
to the Advisory Agreement, each Fund pays the Adviser a unitary management fee (the “Investment Advisory Fee”) based on the
average daily net assets of the Funds as follows:
| Fund |
|
Investment Advisory
Fee |
|
Investment Advisory
Fee After Waiver |
| Gotham Enhanced 500 ETF |
|
0.65% |
|
0.50% |
| Gotham 1000 Value ETF |
|
0.65% |
|
0.50% |
| Gotham Short Strategies ETF |
|
1.35% |
|
N/A* |
|
* |
Prior
to reorganizing into the Gotham Short Strategies ETF, the Predecessor Fund waived expenses to an expense cap of 1.35% of average daily
net assets during the period October 1, 2023 through November 3, 2023. |
The
Adviser has contractually agreed to a reduced Investment Advisory Fee for the Gotham Enhanced 500 ETF and the Gotham 1000 Value ETF to
0.50% until at least January 31, 2026 (the “Fee Waiver Agreements”). The Fee Waiver Agreements may be terminated only by,
or with the consent of, the Board. Any waived Investment Advisory Fees are not able to be recouped by the Adviser under the Fee Waiver
Agreements.
Out
of each Investment Advisory Fee, the Adviser is obligated to pay or arrange for the payment of substantially all expenses of the Funds,
including the cost of sub-advisory, transfer agency, custody, fund administration, and all other related services necessary for the Funds
to operate. Under the Advisory Agreement, the Adviser has agreed to pay, or require the Sub-Adviser to pay, all expenses incurred by the
Funds except for interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions
and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund
fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution fees and expenses paid by the Funds under
any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act (collectively, “Excluded Expenses”). The Investment
Advisory Fees incurred are paid monthly to the Adviser. Investment Advisory Fees for the six-months ended March 31, 2025 are disclosed
in the Statements of Operations.
The
Sub-Adviser serves as investment sub-adviser to the Funds, pursuant to a sub-advisory agreement between the Adviser and the Sub-Adviser
with respect to each Fund (the “Sub-Advisory Agreement”). Pursuant to the Sub-Advisory Agreement, the Sub-Adviser is responsible
for the day-to-day management of the Gotham Enhanced 500 ETF and Gotham 1000 Value ETF portfolios, including determining the securities
purchased and sold by the Funds, subject to the supervision of the Adviser and the Board. The Adviser may retain responsibility for trading
portfolio securities for the Gotham Short Strategies ETF or may delegate such authority to the Sub-Adviser. The Sub-Adviser currently
exercises trading authority in connection with the day-to-day management of the Gotham Short Strategies ETF portfolio, including selecting
broker-dealers to execute purchase and sale transactions; however, trading authority related to the issuance or redemption of creation
units is currently being exercised by the Adviser. If the Adviser determines to retain trading authority, the Sub-Adviser will no longer
trade the Gotham Short Strategies ETF’s portfolio securities. The Sub-Adviser is paid a fee by the Adviser, which is calculated
daily and paid monthly, at an annual rate of 0.50% of average daily net assets for the Gotham Enhanced 500 ETF and Gotham 1000 Value ETF
and 1.20% of average daily net assets for the Gotham Short Strategies ETF.
Under
the Sub-Advisory Agreement, the Sub-Adviser has agreed to assume the Adviser’s obligation to pay all expenses incurred by the Funds
except for the sub-advisory fee payable to the Sub-Adviser and Excluded Expenses. Such expenses incurred by the Funds and paid by the
Sub-Adviser include fees charged by Tidal (defined below), which is an affiliate of the Adviser. For assuming the payment obligations
for the Funds, the Adviser has agreed to pay the Sub-Adviser the profits, if any, generated by each Fund’s Investment Advisory Fee,
less a contractual fee retained by the Adviser.
Tidal
ETF Services LLC (“Tidal”), a Tidal Financial Group company and an affiliate of the Adviser, serves as the Funds’ administrator
and, in that capacity, performs various administrative and management services for the Funds. Tidal coordinates the payment of Fund-related
expenses and manages the Trust’s relationships with its various service providers. As compensation for the services it provides,
Tidal receives a fee based on each Fund’s average daily net assets, subject to a minimum annual fee. Tidal also is entitled to certain
out-of-pocket expenses for the services mentioned above.
U.S.
Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”), serves as the Funds’
sub-administrator, fund accountant and transfer agent. In those capacities, Fund Services performs various administrative and accounting
services for the Funds. Fund Services prepares various federal and state regulatory filings, reports and returns for the Funds, including
regulatory compliance monitoring and financial reporting; prepares reports and materials to be supplied to the Board; and monitors the
activities of the Funds’ custodian. U.S. Bank N.A. (the “Custodian”), an affiliate of Fund Services, serves as the Funds’
custodian. The Custodian acts as the securities lending agent for the Gotham Enhanced 500 ETF and the Gotham 1000 Value ETF.
| Notes
to the Financial Statements |
Gotham
ETFs |
March
31, 2025 (Unaudited)
Foreside
Fund Services, LLC (the “Distributor”) acts as the Funds’ principal underwriter in a continuous public offering of the
Funds’ Shares.
For
the Predecessor Fund, prior to its reorganization into the Trust, the investment adviser, custodian, fund administrator and transfer agent,
and principal underwriter were Gotham Asset Management, LLC, The Bank of New York Mellon, BNY Mellon Investment Servicing (US) Inc., and
Foreside Funds Distributors LLC, respectively.
Certain
officers and a trustee of the Trust are affiliated with the Adviser. Neither the affiliated trustee nor the Trust’s officers receive
compensation from the Funds.
| NOTE
5 – SEGMENT REPORTING |
In
accordance with the FASB Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment
Disclosures, the Funds have evaluated their business activities and determined that they each operate as a single reportable segment.
Each
Fund’s investment activities are managed by the Adviser, which serves as the Chief Operating Decision Maker (“CODM”).
The Adviser is responsible for assessing each Fund’s financial performance and allocating resources. In making these assessments,
the Adviser evaluates each Fund’s financial results on an aggregated basis, rather than by separate segments. As such, the Funds
do not allocate operating expenses or assets to multiple segments, and accordingly, no additional segment disclosures are required. There
were no intra-entity sales or transfers during the reporting period.
The
Funds primarily generate income through dividends, interest, and realized/unrealized gains on their investment portfolios. Expenses incurred,
including management fees, Fund operating expenses, and transaction costs, are considered general Fund-level expenses and are not allocated
to specific segments or business lines.
Management
has determined that the Funds do not meet the criteria for disaggregated segment reporting under ASU 2023-07 and will continue to evaluate
its reporting requirements in accordance with applicable accounting standards.
| NOTE
6 – SECURITIES LENDING |
The
Gotham Enhanced 500 ETF and Gotham 1000 Value ETF may lend up to 33 1/3% of the value of the securities in its portfolio to brokers, dealers
and financial institutions (but not individuals) under terms of participation in a securities lending program administered by the Securities
Lending Agent. The securities lending agreement requires that loans are collateralized at all times in an amount equal to at least the
market value of the securities loaned by the Gotham Enhanced 500 ETF and Gotham 1000 Value ETF. The Gotham Enhanced 500 ETF and Gotham
1000 Value ETF receive compensation in the form of fees and earned interest on the cash collateral. Due to timing issues of when a security
is recalled from loan, the financial statements may differ in presentation. The amount of fees depends on a number of factors including
the type of security and length of the loan. The Gotham Enhanced 500 ETF and Gotham 1000 Value ETF continue to receive interest payments
or dividends on the securities loaned during the borrowing period. Gain or loss in the value of securities loaned that may occur during
the term of the loan will be for the account of each Fund. The Gotham Enhanced 500 ETF and Gotham 1000 Value ETF have the right under
the terms of the securities lending agreements to recall the securities from the borrower on demand. The Gotham Short Strategies ETF does
not currently participate in securities lending.
As
of March 31, 2025, the market value of the securities on loan and payable on collateral received for securities lending were as follows:
| Fund |
|
Market Value of
Securities on Loan |
|
Payable on
Collateral
Received |
|
Percentage of
Net Assets of
Securities
on Loan |
| Gotham Enhanced 500 ETF |
|
$ |
10,762,753 |
|
|
$ |
10,864,006 |
|
|
|
2.1 |
% |
| Gotham 1000 Value ETF |
|
|
33,511,191 |
|
|
|
34,273,775 |
|
|
|
19.0 |
% |
As
of March 31, 2025, the Funds had loaned securities and received cash collateral for the loans. The cash collateral is invested in the
Mount Vernon Liquid Assets Portfolio, LLC of which the investment objective is to seek to maximize income to the extent consistent with
the preservation of capital and liquidity and maintain a stable NAV of $1.00. Although risk is mitigated by the collateral, the Funds
could experience a delay in recovering their securities and possible loss of income or value if the borrower fails to return the borrowed
securities. In addition, the Funds bear the risk of loss associated with the investment of cash collateral received.
| Notes
to the Financial Statements |
Gotham
ETFs |
March
31, 2025 (Unaudited)
During
the six-months ended March 31, 2025, the Funds loaned securities that were collateralized by cash. The cash collateral received was invested
in the Mount Vernon Liquid Assets Portfolio, LLC as listed in each Fund’s Schedule of Investments. Securities lending income is
disclosed in the Funds’ Statements of Operations.
The
Funds are not subject to a master netting agreement with respect to each Funds’ participation in securities lending; therefore,
no additional disclosures regarding netting arrangements are required.
| NOTE
7 – PURCHASES AND SALES OF SECURITIES |
For
the six-months ended March 31, 2025, the cost of purchases and proceeds from the sales or maturities of securities, excluding short-term
investments, U.S. government securities, and in-kind transactions were as follows:
| Fund |
|
Purchases |
|
Sales |
| Gotham Enhanced 500 ETF |
|
$ |
338,939,039 |
|
|
$ |
338,227,660 |
|
| Gotham 1000 Value ETF |
|
|
188,106,565 |
|
|
|
191,319,713 |
|
| Gotham Short Strategies ETF |
|
|
38,269,944 |
|
|
|
34,319,751 |
|
For
the six-months ended March 31, 2025, there were no purchases or sales of long-term U.S. government securities.
For
the six-months ended March 31, 2025, in-kind transactions associated with creations and redemptions for the Funds were as follows:
| Fund |
|
Purchases |
|
Sales |
| Gotham Enhanced 500 ETF |
|
$ |
33,587,154 |
|
|
$ |
2,296,357 |
|
| Gotham 1000 Value ETF |
|
|
27,628,436 |
|
|
|
3,414,116 |
|
| Gotham Short Strategies ETF |
|
|
— |
|
|
|
— |
|
| NOTE
8 – INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS |
The
tax character of distributions paid during the six months ended March 31, 2025 (estimated) and prior fiscal year ended September
30, 2024 were as follows:
| Fund |
|
Distributions
paid from: |
|
March 31, 2025 |
|
September 30, 2024 |
| Gotham Enhanced 500 ETF |
|
Ordinary Income |
|
$ |
4,292,739 |
|
|
$ |
3,836,259 |
|
| Gotham 1000 Value ETF |
|
Ordinary Income |
|
|
3,553,968 |
|
|
|
2,397,237 |
|
| Gotham 1000 Value ETF |
|
Capital Gains |
|
|
1,580,668 |
|
|
|
— |
|
| Gotham Short Strategies ETF |
|
Ordinary Income |
|
|
88,870 |
|
|
|
46,249 |
|
| Notes
to the Financial Statements |
Gotham
ETFs |
March
31, 2025 (Unaudited)
As
of the prior fiscal year ended September 30, 2024, the components of the distributable earnings/(accumulated losses) on a tax basis were
as follows:
| |
|
Gotham
Enhanced 500
ETF |
|
Gotham
1000 Value ETF |
|
Gotham Short
Strategies ETF |
| Investments,
at cost (a) |
|
$ |
429,645,800 |
|
|
$ |
164,481,239 |
|
|
$ |
10,481,662 |
|
| Gross tax unrealized appreciation |
|
|
90,366,227 |
|
|
|
21,361,119 |
|
|
|
1,959,485 |
|
| Gross tax unrealized depreciation |
|
|
(15,204,369 |
) |
|
|
(3,903,075 |
) |
|
|
(1,925,156 |
) |
| Net tax unrealized appreciation (depreciation) |
|
|
75,161,858 |
|
|
|
17,458,044 |
|
|
|
34,329 |
|
| Undistributed ordinary income (loss) |
|
|
3,148,493 |
|
|
|
3,553,968 |
|
|
|
80,186 |
|
| Undistributed long-term capital gain (loss) |
|
|
— |
|
|
|
1,580,652 |
|
|
|
— |
|
| Total distributable earnings/(accumulated losses) |
|
|
3,148,493 |
|
|
|
5,134,620 |
|
|
|
80,186 |
|
| Other accumulated gain (loss) |
|
|
(4,873,979 |
) |
|
|
36 |
|
|
|
(15,766,528 |
) |
| Total distributable earnings/(accumulated losses) |
|
$ |
73,436,372 |
|
|
$ |
22,592,700 |
|
|
$ |
(15,652,013 |
) |
|
a) |
The difference
between book and tax-basis cost of investments was attributable primarily to the treatment of wash sales. |
Net
capital losses incurred after October 31 (post-October losses) and net investment losses incurred after December 31 (late-year losses),
and within the taxable year, may be elected to be deferred to the first business day of each Fund’s next taxable year. As of the
prior fiscal year ended September 30, 2024, the Funds have not elected to defer any post-October or late-year losses.
As
of the prior fiscal year ended September 30, 2024, the Gotham Enhanced 500 ETF had long-term capital loss carryovers of $(4,873,979) and
the Gotham Short Strategies ETF had short-term capital loss carryovers of $(15,758,662), which do not expire.
| NOTE
9 – SHARES TRANSACTIONS |
Shares
of the Funds are listed and traded on the Exchange. Market prices for the shares may be different from their NAV. The Funds issue and
redeem shares on a continuous basis at NAV generally in large blocks of shares, called Creation Units. Creation Units are issued and redeemed
principally in-kind for securities included in a specified universe. Once created, shares generally trade in the secondary market at market
prices that change throughout the day. Except when aggregated in Creation Units, shares are not redeemable securities of the Funds. Creation
Units may only be purchased or redeemed by Authorized Participants. An Authorized Participant is either (i) a broker-dealer or other participant
in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository
Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors do
not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase
or redeem the shares directly from the Funds. Rather, most retail investors may purchase shares in the secondary market with the assistance
of a broker and are subject to customary brokerage commissions or fees.
The
Funds currently offer one class of shares, which has no front-end sales load, no deferred sales charge, and no redemption fee. A fixed
transaction fee is imposed for the transfer and other transaction costs associated with the purchase or sale of Creation Units. The standard
fixed transaction fee for the Funds is $500, payable to the Custodian. The fixed transaction fee may be waived on certain orders if the
Funds’ Custodian has determined to waive some or all of the costs associated with the order or another party, such as the Adviser,
has agreed to pay such fee. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units and
Redemption Units of up to a maximum of 2% of the value of the Creation Units and Redemption Units subject to the transaction. Variable
fees are imposed to compensate the Funds for transaction costs associated with the cash transactions. Variable fees received by the Funds,
if any, are disclosed in the capital shares transactions section of the Statements of Changes in Net Assets. The Funds may issue an unlimited
number of shares of beneficial interest, with no par value. All shares of the Funds have equal rights and privileges.
| Notes
to the Financial Statements |
Gotham
ETFs |
March
31, 2025 (Unaudited)
| NOTE
10 – RECENT MARKET EVENTS |
U.S.
and international markets have experienced and may continue to experience significant periods of volatility in recent years and months
due to a number of economic, political and global macro factors including uncertainty regarding inflation and central banks’ interest
rate changes, the possibility of a national or global recession, trade tensions and tariffs, political events, armed conflict, war, and
geopolitical conflict. These developments, as well as other events, could result in further market volatility and negatively affect financial
asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets, despite government
efforts to address market disruptions. As a result, the risk environment remains elevated.
| NOTE
11 – SUBSEQUENT EVENTS |
In
preparing these financial statements, management has evaluated events and transactions for potential recognition or disclosure through
the date the financial statements were issued. Management has determined that there are no subsequent events that would need to be recognized
or disclosed in the Funds’ financial statements.
There have been no changes in or disagreements
with the Fund’s accountants.
There were no matters submitted to a vote of shareholders
during the period covered by the report.
See Item 7(a). Under the Investment Advisory Agreement,
in exchange for a single unitary management fee from the Fund, the Adviser has agreed to pay all expenses incurred by the Fund, including
Trustee compensation, except for certain excluded expenses.
Not applicable to open-end investment companies.
Not applicable to open-end investment companies.
Not applicable to open-end investment companies.
Not Applicable.
Not applicable to open-end investment companies.
(2) Any policy required by the listing
standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered
national securities association upon which the registrant’s securities are listed. Not applicable.
(5) Change in the registrant’s
independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless
otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information
should relate to events occurring during the reporting period. Not applicable.
Pursuant to the requirements
of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.
Pursuant to the requirements
of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons
on behalf of the registrant and in the capacities and on the dates indicated.
