Convergence Long/Short Equity ETF |
Schedule of Investments |
as of February 29, 2024 (Unaudited) |
COMMON STOCKS - 112.1% | Shares | Value | ||||
Administrative and Support Services - 2.0% | ||||||
Alarm.com Holdings, Inc.(a)(b) | 2,946 | $ | 222,983 | |||
Coinbase Global, Inc. - Class A(a)(b) | 3,128 | 636,737 | ||||
Duolingo, Inc.(a)(b) | 1,040 | 248,560 | ||||
1,108,280 | ||||||
Ambulatory Health Care Services - 1.0% | ||||||
DaVita, Inc.(a) | 740 | 93,958 | ||||
Molina Healthcare, Inc.(a) | 1,144 | 450,633 | ||||
544,591 | ||||||
Apparel Manufacturing - 0.2% | ||||||
Deckers Outdoor Corp.(a)(b) | 164 | 146,876 | ||||
Beverage and Tobacco Product Manufacturing - 1.4% | ||||||
Coca-Cola Consolidated, Inc.(b) | 420 | 353,136 | ||||
Molson Coors Beverage Co. - Class B(b) | 4,535 | 283,075 | ||||
National Beverage Corp.(a)(b) | 2,589 | 136,285 | ||||
772,496 | ||||||
Broadcasting (except Internet) - 1.8% | ||||||
Spotify Technology SA(a)(b) | 4,158 | 1,066,154 | ||||
Building Material and Garden Equipment and Supplies Dealers - 1.2% | ||||||
Home Depot, Inc.(b) | 1,586 | 603,647 | ||||
Masterbrand, Inc.(a) | 3,806 | 65,882 | ||||
669,529 | ||||||
Chemical Manufacturing - 8.5% | ||||||
AbbVie, Inc.(b) | 3,052 | 537,304 | ||||
Alkermes PLC(a)(b) | 8,580 | 254,740 | ||||
Amgen, Inc.(b) | 1,561 | 427,449 | ||||
elf Beauty, Inc.(a)(b) | 2 | 417 | ||||
Eli Lilly & Co.(b) | 989 | 745,389 | ||||
Gilead Sciences, Inc.(b) | 3,625 | 261,363 | ||||
Ironwood Pharmaceuticals, Inc.(a)(b) | 17,307 | 163,205 | ||||
Jazz Pharmaceuticals PLC(a)(b) | 2,918 | 346,951 | ||||
Merck & Co., Inc.(b) | 5,732 | 728,823 | ||||
NewMarket Corp.(b) | 186 | 119,351 | ||||
Procter & Gamble Co.(b) | 2,366 | 376,052 | ||||
Vertex Pharmaceuticals, Inc.(a)(b) | 587 | 246,974 | ||||
Viatris, Inc.(b) | 36,296 | 448,981 | ||||
4,656,999 | ||||||
Clothing, Clothing Accessories, Shoe and Jewelry Retailers - 1.2% | ||||||
Abercrombie & Fitch Co. - Class A(a)(b) | 1,430 | 182,697 | ||||
American Eagle Outfitters, Inc.(b) | 18,255 | 433,556 | ||||
Gap, Inc.(b) | 3,730 | 70,646 | ||||
686,899 | ||||||
Computer and Electronic Product Manufacturing - 19.6% | ||||||
Apple, Inc. | 3,993 | 721,735 | ||||
Arista Networks, Inc.(a)(b) | 3,331 | 924,486 | ||||
Broadcom, Inc.(b) | 894 | 1,162,638 | ||||
IDEXX Laboratories, Inc.(a)(b) | 292 | 167,967 | ||||
International Business Machines Corp.(b) | 4,498 | 832,265 | ||||
Itron, Inc.(a)(b) | 821 | 76,090 | ||||
Micron Technology, Inc.(b) | 14,425 | 1,307,049 | ||||
NetApp, Inc.(b) | 6,657 | 593,272 | ||||
NVIDIA Corp.(b) | 2,427 | 1,920,049 | ||||
Pure Storage, Inc. - Class A(a)(b) | 18,355 | 966,391 | ||||
QUALCOMM, Inc.(b) | 7,248 | 1,143,662 | ||||
Super Micro Computer, Inc.(a)(b) | 506 | 438,257 | ||||
Vertiv Holdings Co. - Class A(b) | 4,101 | 277,310 | ||||
Xerox Holdings Corp.(b) | 26,189 | 488,425 | ||||
11,019,596 | ||||||
Construction of Buildings - 0.3% | ||||||
Toll Brothers, Inc. | 1,240 | 142,154 | ||||
Couriers and Messengers - 0.2% | ||||||
FedEx Corp.(b) | 514 | 127,971 | ||||
Credit Intermediation and Related Activities - 4.9% | ||||||
Bank of America Corp.(b) | 8,390 | 289,623 | ||||
Bank OZK(b) | 6,406 | 280,583 | ||||
JPMorgan Chase & Co.(b) | 3,946 | 734,192 | ||||
PNC Financial Services Group, Inc. | 1,831 | 269,523 | ||||
Regions Financial Corp.(b) | 102 | 1,900 | ||||
Synchrony Financial(b) | 13,133 | 542,393 | ||||
Truist Financial Corp.(b) | 8,049 | 281,554 | ||||
Wells Fargo & Co.(b) | 5,702 | 316,974 | ||||
2,716,742 | ||||||
Data Processing, Hosting & Related Services - 1.7% | ||||||
Pagseguro Digital Ltd. - Class A(a)(b) | 31,355 | 436,462 | ||||
Pegasystems, Inc.(b) | 3,887 | 252,810 | ||||
Verisk Analytics, Inc.(b) | 938 | 226,902 | ||||
916,174 | ||||||
Electrical Equipment, Appliance, and Component Manufacturing - 1.5% | ||||||
Lennox International, Inc.(b) | 576 | 271,417 | ||||
Powell Industries, Inc. | 1,519 | 281,380 | ||||
Resideo Technologies, Inc.(a)(b) | 11,871 | 265,079 | ||||
817,876 | ||||||
Fabricated Metal Product Manufacturing - 1.3% | ||||||
Griffon Corp.(b) | 5,362 | 382,847 | ||||
Mueller Industries, Inc.(b) | 5,725 | 294,151 | ||||
676,998 | ||||||
Food Manufacturing - 1.3% | ||||||
BellRing Brands, Inc.(a)(b) | 6,170 | 351,382 | ||||
Tyson Foods, Inc. - Class A(b) | 6,518 | 353,536 | ||||
704,918 | ||||||
Food Services and Drinking Places - 2.1% | ||||||
Dave & Buster's Entertainment, Inc.(a)(b) | 3,846 | 237,452 | ||||
Domino's Pizza, Inc.(b) | 460 | 206,241 | ||||
Manhattan Associates, Inc.(a)(b) | 2,853 | 722,750 | ||||
1,166,443 | ||||||
Funds, Trusts, and Other Financial Vehicles - 0.2% | ||||||
Garmin Ltd.(b) | 1,021 | 140,234 | ||||
General Merchandise Stores - 1.3% | ||||||
Costco Wholesale Corp.(b) | 226 | 168,119 | ||||
Walmart, Inc.(b) | 9,654 | 565,821 | ||||
733,940 | ||||||
Health and Personal Care Retailers - 0.2% | ||||||
Walgreens Boots Alliance, Inc.(b) | 6,433 | 136,766 | ||||
Heavy and Civil Engineering Construction - 0.6% | ||||||
Fluor Corp.(a)(b) | 26 | 957 | ||||
Sterling Infrastructure, Inc.(a)(b) | 3,033 | 323,439 | ||||
324,396 | ||||||
Insurance Carriers and Related Activities - 5.0% | ||||||
Assured Guaranty Ltd. | 3,885 | 355,866 | ||||
Centene Corp.(a)(b) | 5,127 | 402,111 | ||||
Cigna Group/The(b) | 603 | 202,692 | ||||
CNA Financial Corp.(b) | 4,906 | 215,619 | ||||
Frontdoor, Inc.(a)(b) | 9,823 | 308,049 | ||||
Hartford Financial Services Group, Inc.(b) | 2,502 | 239,792 | ||||
MGIC Investment Corp.(b) | 22,035 | 438,276 | ||||
Oscar Health, Inc. - Class A(a)(b) | 9,017 | 146,616 | ||||
Progressive Corp.(b) | 1,250 | 236,950 | ||||
Reinsurance Group of America, Inc.(b) | 1,400 | 247,590 | ||||
UnitedHealth Group, Inc.(b) | 4 | 1,974 | ||||
2,795,535 | ||||||
Machinery Manufacturing - 0.1% | ||||||
Graco, Inc.(b) | 322 | 29,386 | ||||
Management of Companies and Enterprises - 1.1% | ||||||
StoneCo Ltd. - Class A(a)(b) | 32,110 | 552,613 | ||||
Merchant Wholesalers, Durable Goods - 3.3% | ||||||
Core & Main, Inc. - Class A(a)(b) | 7,256 | 346,329 | ||||
Fastenal Co.(b) | 3,610 | 263,566 | ||||
Gibraltar Industries, Inc.(a)(b) | 20 | 1,549 | ||||
GMS, Inc.(a)(b) | 4,780 | 426,902 | ||||
Reliance Steel & Aluminum Co.(b) | 544 | 174,744 | ||||
TD SYNNEX Corp.(b) | 4,659 | 484,069 | ||||
WW Grainger, Inc. | 143 | 139,205 | ||||
1,836,364 | ||||||
Merchant Wholesalers, Nondurable Goods - 2.9% | ||||||
Cardinal Health, Inc.(b) | 4,963 | 555,757 | ||||
Cencora, Inc.(b) | 2,747 | 647,193 | ||||
McKesson Corp.(b) | 809 | 421,821 | ||||
1,624,771 | ||||||
Mining (except Oil and Gas) - 1.1% | ||||||
Alpha Metallurgical Resources, Inc.(b) | 673 | 253,888 | ||||
Knife River Corp.(a)(b) | 2,952 | 218,714 | ||||
Warrior Met Coal, Inc. | 2,752 | 156,781 | ||||
629,383 | ||||||
Miscellaneous Manufacturing - 1.4% | ||||||
Intuitive Surgical, Inc.(a)(b) | 272 | 104,883 | ||||
Johnson & Johnson(b) | 2,928 | 472,521 | ||||
MSA Safety, Inc.(b) | 1,614 | 297,218 | ||||
874,622 | ||||||
Motor Vehicle and Parts Dealers - 1.2% | ||||||
Murphy USA, Inc.(b) | 1,476 | 615,507 | ||||
Nonmetallic Mineral Product Manufacturing - 0.7% | ||||||
Eagle Materials, Inc.(b) | 1,509 | 382,607 | ||||
Nonstore Retailers - 3.1% | ||||||
Amazon.com, Inc.(a)(b) | 9,697 | 1,714,042 | ||||
Oil and Gas Extraction - 0.6% | ||||||
Par Pacific Holdings, Inc.(a)(b) | 10,604 | 383,016 | ||||
Other Information Services - 2.7% | ||||||
Meta Platforms, Inc. - Class A(b) | 3,103 | 1,520,873 | ||||
Paper Manufacturing - 0.5% | ||||||
Boise Cascade Co.(b) | 2,221 | 301,856 | ||||
Petroleum and Coal Products Manufacturing - 3.1% | ||||||
CVR Energy, Inc. | 5,394 | 178,973 | ||||
Marathon Petroleum Corp.(b) | 2,237 | 378,568 | ||||
PBF Energy, Inc. - Class A | 8,481 | 396,062 | ||||
Phillips 66(b) | 2,415 | 344,162 | ||||
Valero Energy Corp.(b) | 2,506 | 354,499 | ||||
WD-40 Co. | 288 | 77,296 | ||||
1,729,560 | ||||||
Pipeline Transportation - 0.6% | ||||||
Equitrans Midstream Corp.(b) | 32,788 | 350,504 | ||||
Primary Metal Manufacturing - 0.3% | ||||||
Steel Dynamics, Inc.(b) | 1,536 | 205,548 | ||||
Professional, Scientific, and Technical Services - 10.8% | ||||||
Alphabet, Inc. - Class A(a)(b) | 7,796 | 1,079,434 | ||||
Alphabet, Inc. - Class C(a)(b) | 7,736 | 1,081,338 | ||||
AppLovin Corp. - Class A(a)(b) | 16,985 | 1,014,344 | ||||
Booz Allen Hamilton Holding Corp.(b) | 1,228 | 181,388 | ||||
H&R Block, Inc.(b) | 6,078 | 297,518 | ||||
Insight Enterprises, Inc.(a)(b) | 943 | 177,284 | ||||
Nutanix, Inc. - Class A(a)(b) | 19,760 | 1,248,041 | ||||
Palantir Technologies, Inc. - Class A(a)(b) | 8,712 | 218,497 | ||||
Parsons Corp.(a)(b) | 2,756 | 222,161 | ||||
Science Applications International Corp.(b) | 961 | 134,502 | ||||
Zscaler, Inc.(a)(b) | 1,171 | 283,347 | ||||
5,937,854 | ||||||
Publishing Industries - 6.3% | ||||||
Adobe, Inc.(a)(b) | 1,090 | 610,705 | ||||
AvidXchange Holdings, Inc.(a) | 4,507 | 59,898 | ||||
Crowdstrike Holdings, Inc. - Class A(a)(b) | 2,147 | 695,950 | ||||
Dropbox, Inc. - Class A(a)(b) | 4,926 | 117,978 | ||||
Microsoft Corp. | 2,707 | 1,119,723 | ||||
Salesforce, Inc.(a)(b) | 2,247 | 693,919 | ||||
Veeva Systems, Inc. - Class A(a) | 1,151 | 259,562 | ||||
3,557,735 | ||||||
Rental and Leasing Services - 0.2% | ||||||
Netflix, Inc.(a)(b) | 245 | 147,715 | ||||
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 4.1% | ||||||
Affiliated Managers Group, Inc.(b) | 3,392 | 530,204 | ||||
Ameriprise Financial, Inc.(b) | 904 | 368,253 | ||||
DraftKings, Inc. - Class A(a)(b) | 5,438 | 235,574 | ||||
PJT Partners, Inc. - Class A(b) | 1,963 | 206,900 | ||||
SEI Investments Co.(b) | 2,567 | 172,631 | ||||
T Rowe Price Group, Inc.(b) | 1,644 | 186,347 | ||||
Tradeweb Markets, Inc. - Class A(b) | 4,926 | 521,269 | ||||
Victory Capital Holdings, Inc. - Class A | 1,350 | 51,881 | ||||
2,273,059 | ||||||
Software - 0.3% | ||||||
Qualys, Inc.(a) | 938 | 161,205 | ||||
Specialty Trade Contractors - 2.2% | ||||||
EMCOR Group, Inc.(b) | 1,468 | 460,247 | ||||
IES Holdings, Inc.(a) | 2,171 | 238,636 | ||||
Installed Building Products, Inc.(b) | 1,353 | 323,272 | ||||
TopBuild Corp.(a)(b) | 487 | 195,959 | ||||
1,218,114 | ||||||
Support Activities for Mining - 0.3% | ||||||
Cleveland-Cliffs, Inc.(a)(b) | 9,467 | 196,914 | ||||
Support Activities for Transportation - 0.6% | ||||||
XPO, Inc.(a)(b) | 2,451 | 294,904 | ||||
Telecommunications - 0.8% | ||||||
AT&T, Inc.(b) | 28,184 | 477,155 | ||||
Transit and Ground Passenger Transportation - 0.9% | ||||||
Uber Technologies, Inc.(a)(b) | 6,292 | 500,214 | ||||
Transportation Equipment Manufacturing - 2.1% | ||||||
Ford Motor Co.(b) | 11,156 | 138,781 | ||||
Modine Manufacturing Co.(a)(b) | 5,182 | 464,877 | ||||
Oshkosh Corp.(b) | 16 | 1,774 | ||||
PACCAR, Inc.(b) | 2,496 | 276,781 | ||||
Thor Industries, Inc.(b) | 2,605 | 333,909 | ||||
1,216,122 | ||||||
Utilities - 2.0% | ||||||
ALLETE, Inc.(b) | 4,212 | 238,568 | ||||
Exelon Corp.(b) | 6,613 | 237,010 | ||||
Public Service Enterprise Group, Inc.(b) | 3,529 | 220,210 | ||||
Vistra Corp.(b) | 8,049 | 438,992 | ||||
1,134,780 | ||||||
Warehousing and Storage - 0.4% | ||||||
Landstar System, Inc.(b) | 1,218 | 231,664 | ||||
Wood Product Manufacturing - 0.9% | ||||||
Builders FirstSource, Inc.(a)(b) | 1,237 | 241,438 | ||||
Owens Corning(b) | 1,998 | 299,260 | ||||
540,698 | ||||||
TOTAL COMMON STOCKS (Cost $53,397,974) | 62,710,352 | |||||
REAL ESTATE INVESTMENT TRUSTS - 2.8% | Shares | Value | ||||
Real Estate - 2.2% | ||||||
Digital Realty Trust, Inc.(b) | 571 | 83,828 | ||||
Gaming and Leisure Properties, Inc.(b) | 4,214 | 191,653 | ||||
Rithm Capital Corp.(b) | 27,189 | 294,729 | ||||
Sabra Health Care REIT, Inc.(b) | 120 | 1,666 | ||||
STAG Industrial, Inc.(b) | 5,290 | 196,471 | ||||
Tanger Factory Outlet Centers, Inc.(b) | 9,317 | 268,423 | ||||
Urban Edge Properties | 7,243 | 123,203 | ||||
Welltower, Inc.(b) | 2,022 | 186,347 | ||||
1,346,320 | ||||||
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.6% | ||||||
Innovative Industrial Properties, Inc.(b) | 3,652 | 357,859 | ||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $1,542,731) | 1,704,179 | |||||
SHORT-TERM INVESTMENTS - 0.7% | ||||||
Money Market Funds - 0.7% | Shares | |||||
First American Government Obligations Fund - Class X, 5.23%(c) | 399,378 | 399,378 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost $399,378) | 399,378 | |||||
TOTAL INVESTMENTS - 115.6% (Cost $55,340,083) | $ | 64,813,909 | ||||
Liabilities in Excess of Other Assets - (15.6)% | (8,696,040) | |||||
TOTAL NET ASSETS - 100.0% | $ | 56,117,869 | ||||
Percentages are stated as a percent of net assets. |
PLC - Public Limited Company |
SA - Sociedad Anónima |
(a) | Non-income producing security. |
(b) | All or a portion of security has been pledged as collateral. The total value of assets committed as collateral as of February 29, 2024 is $57,888,974. |
(c) | The rate shown represents the 7-day effective yield as of February 29, 2024. |
Convergence Long/Short Equity ETF | |||||
Schedule of Securities Sold Short | |||||
as of February 29, 2024 (Unaudited) | |||||
COMMON STOCKS - (46.6)% | Shares | Value | |||
Accommodation - (0.6)% | |||||
Caesars Entertainment, Inc. | (2,531) | $ | (110,023) | ||
Hilton Grand Vacations, Inc. | (2,188) | (98,197) | |||
Penn Entertainment, Inc. | (5,611) | (102,681) | |||
(310,901) | |||||
Administrative and Support Services - (2.5)% | |||||
ACV Auctions, Inc. - Class A | (3,298) | (58,539) | |||
Cloudflare, Inc. - Class A | (1,340) | (132,044) | |||
Live Nation Entertainment, Inc. | (2,129) | (206,470) | |||
RB Global, Inc. | (727) | (55,187) | |||
Remitly Global, Inc. | (6,196) | (127,761) | |||
SentinelOne, Inc. - Class A | (7,918) | (223,050) | |||
Shift4 Payments, Inc. - Class A | (1,840) | (151,285) | |||
Sprout Social, Inc. - Class A | (3,467) | (214,330) | |||
TripAdvisor, Inc. | (6,674) | (178,997) | |||
WEX, Inc. | (296) | (65,040) | |||
(1,412,703) | |||||
Air Transportation - (0.4)% | |||||
Alaska Air Group, Inc. | (2,689) | (100,542) | |||
Southwest Airlines Co. | (2,879) | (98,663) | |||
(199,205) | |||||
Ambulatory Health Care Services - (0.2)% | |||||
LifeStance Health Group, Inc. | (12,273) | (102,479) | |||
Animal Production and Aquaculture - (0.5)% | |||||
Cal-Maine Foods, Inc. | (4,683) | (269,226) | |||
Apparel Manufacturing - (0.1)% | |||||
VF Corp. | (4,872) | (79,608) | |||
Beverage and Tobacco Product Manufacturing - (0.5)% | |||||
Brown-Forman Corp. - Class B | (2,344) | (141,179) | |||
Primo Water Corp. | (8,422) | (136,521) | |||
(277,700) | |||||
Broadcasting (except Internet) - (1.4)% | |||||
Liberty Broadband Corp. - Class C | (1,906) | (114,703) | |||
Madison Square Garden Sports Corp. | (1,081) | (203,433) | |||
Walt Disney Co. | (932) | (103,993) | |||
Warner Bros Discovery, Inc. | (42,938) | (377,425) | |||
(799,554) | |||||
Chemical Manufacturing - (3.4)% | |||||
10X Genomics, Inc. - Class A | (2,046) | (95,425) | |||
Air Products and Chemicals, Inc. | (261) | (61,084) | |||
Albemarle Corp. | (1,076) | (148,327) | |||
Bio-Techne Corp. | (2,543) | (187,089) | |||
Denali Therapeutics, Inc. | (5,816) | (115,040) | |||
Estee Lauder Cos., Inc. - Class A | (946) | (140,557) | |||
FMC Corp. | (1,276) | (71,954) | |||
Huntsman Corp. | (1,499) | (38,374) | |||
Intellia Therapeutics, Inc. | (3,614) | (116,082) | |||
Kenvue, Inc. | (7,444) | (141,436) | |||
Moderna, Inc. | (2,538) | (234,105) | |||
Pfizer, Inc. | (10,303) | (273,648) | |||
PTC Therapeutics, Inc. | (1,776) | (50,065) | |||
QuidelOrtho Corp. | (2,122) | (96,763) | |||
Tronox Holdings PLC | (4,123) | (60,608) | |||
(1,830,557) | |||||
Clothing, Clothing Accessories, Shoe, and Jewelry Retailers - (0.4)% | |||||
Foot Locker, Inc. | (5,885) | (202,621) | |||
Computer and Electronic Product Manufacturing - (6.6)% | |||||
Allegro MicroSystems, Inc. | (7,373) | (232,176) | |||
Bio-Rad Laboratories, Inc. - Class A | (395) | (128,723) | |||
Bloom Energy Corp. - Class A | (10,584) | (92,822) | |||
Cognex Corp. | (7,175) | (283,054) | |||
Enphase Energy, Inc. | (1,217) | (154,571) | |||
GLOBALFOUNDRIES, Inc. | (4,553) | (248,912) | |||
Intel Corp. | (8,296) | (357,143) | |||
Masimo Corp. | (1,216) | (156,305) | |||
Microchip Technology, Inc. | (3,684) | (309,972) | |||
Revvity, Inc. | (2,273) | (249,098) | |||
SiTime Corp. | (2,438) | (225,515) | |||
Texas Instruments, Inc. | (2,142) | (358,421) | |||
TransMedics Group, Inc. | (996) | (81,273) | |||
Viasat, Inc. | (15,429) | (301,945) | |||
Wolfspeed, Inc. | (12,588) | (327,540) | |||
Zebra Technologies Corp. - Class A | (996) | (278,362) | |||
(3,785,832) | |||||
Construction of Buildings - (0.1)% | |||||
Green Brick Partners, Inc. | (508) | (29,718) | |||
Credit Intermediation and Related Activities - (2.5)% | |||||
American Express Co. | (709) | (155,569) | |||
Associated Banc-Corp. | (4,273) | (89,049) | |||
Banc of California, Inc. | (6,309) | (92,301) | |||
Cadence Bank | (4,076) | (112,824) | |||
Citigroup, Inc. | (1,454) | (80,682) | |||
Columbia Banking System, Inc. | (6,384) | (115,550) | |||
Eastern Bankshares, Inc. | (7,190) | (92,895) | |||
First Citizens BancShares, Inc./NC - Class A | (99) | (155,807) | |||
Flywire Corp. | (5,478) | (155,520) | |||
Pacific Premier Bancorp, Inc. | (3,070) | (70,180) | |||
PennyMac Financial Services, Inc. | (1,570) | (133,340) | |||
Seacoast Banking Corp. of Florida | (3,487) | (84,176) | |||
Western Alliance Bancorp | (1,026) | (59,231) | |||
(1,397,124) | |||||
Data Processing, Hosting & Related Services - (0.2)% | |||||
Alight, Inc. - Class A | (9,501) | (85,604) | |||
Electrical Equipment, Appliance, and Component Manufacturing - (0.3)% | |||||
Regal Rexnord Corp. | (977) | (167,546) | |||
Fabricated Metal Product Manufacturing - (0.7)% | |||||
Axon Enterprise, Inc. | (342) | (105,121) | |||
Chart Industries, Inc. | (1,033) | (147,574) | |||
Zurn Elkay Water Solutions Corp. | (2,717) | (86,265) | |||
(338,960) | |||||
Food Manufacturing - (0.6)% | |||||
Archer-Daniels-Midland Co. | (849) | (45,090) | |||
Darling Ingredients, Inc. | (3,370) | (142,585) | |||
Krispy Kreme, Inc. | (8,802) | (113,898) | |||
(301,573) | |||||
Furniture, Home Furnishings, Electronics, and Appliance Retailers - (0.7)% | |||||
Floor & Decor Holdings, Inc. - Class A | (1,328) | (160,847) | |||
RH | (802) | (220,069) | |||
(380,916) | |||||
General Merchandise Stores - (1.0)% | |||||
Dollar General Corp. | (1,381) | (200,673) | |||
Dollar Tree, Inc. | (1,334) | (195,671) | |||
Five Below, Inc. | (953) | (191,248) | |||
(587,592) | |||||
Heavy and Civil Engineering Construction - (0.3)% | |||||
MasTec, Inc. | (1,628) | (122,849) | |||
St Joe Co. | (860) | (46,328) | |||
(169,177) | |||||
Insurance Carriers and Related Activities - (1.1)% | |||||
agilon health, Inc. | (12,852) | (78,783) | |||
American International Group, Inc. | (690) | (50,294) | |||
Arthur J Gallagher & Co. | (435) | (106,110) | |||
Brighthouse Financial, Inc. | (1,527) | (71,082) | |||
Kemper Corp. | (1,714) | (98,264) | |||
Lincoln National Corp. | (3,602) | (99,199) | |||
RenaissanceRe Holdings Ltd. | (304) | (68,345) | |||
Ryan Specialty Holdings, Inc. | (985) | (51,594) | |||
(623,671) | |||||
Leather and Allied Product Manufacturing - (0.1)% | |||||
Columbia Sportswear Co. | (588) | (48,622) | |||
Machinery Manufacturing - (1.3)% | |||||
Coherent Corp. | (4,392) | (261,236) | |||
Hayward Holdings, Inc. | (7,082) | (104,743) | |||
Mettler-Toledo International, Inc. | (186) | (231,983) | |||
Xylem, Inc./NY | (715) | (90,841) | |||
(688,803) | |||||
Management of Companies and Enterprises - (0.6)% | |||||
Noble Corp. PLC | (2,018) | (84,372) | |||
Rivian Automotive, Inc. - Class A | (9,677) | (109,544) | |||
White Mountains Insurance Group Ltd. | (48) | (84,741) | |||
(278,657) | |||||
Mining (except Oil and Gas) - (0.4)% | |||||
CNX Resources Corp. | (5,972) | (125,113) | |||
Royal Gold, Inc. | (496) | (50,904) | |||
Uranium Energy Corp. | (10,596) | (68,662) | |||
(244,679) | |||||
Miscellaneous Manufacturing - (1.6)% | |||||
Hasbro, Inc. | (1,223) | (61,505) | |||
ICU Medical, Inc. | (1,675) | (182,960) | |||
Inspire Medical Systems, Inc. | (938) | (167,939) | |||
Neogen Corp. | (11,124) | (191,222) | |||
PROCEPT BioRobotics Corp. | (1,527) | (73,815) | |||
Shockwave Medical, Inc. | (964) | (251,479) | |||
Topgolf Callaway Brands Corp. | (4,723) | (67,255) | |||
(996,175) | |||||
Motion Picture and Sound Recording Industries - (0.3)% | |||||
Take-Two Interactive Software, Inc. | (1,100) | (161,623) | |||
Motor Vehicle and Parts Dealers - (1.3)% | |||||
Advance Auto Parts, Inc. | (3,081) | (208,091) | |||
AutoZone, Inc. | (66) | (198,397) | |||
Group 1 Automotive, Inc. | (413) | (111,778) | |||
Lithia Motors, Inc. | (493) | (147,437) | |||
(665,703) | |||||
Nonmetallic Mineral Product Manufacturing - (0.7)% | |||||
Corning, Inc. | (10,461) | (337,263) | |||
Stepan Co. | (766) | (68,327) | |||
(405,590) | |||||
Oil and Gas Extraction - (1.2)% | |||||
Antero Resources Corp. | (3,751) | (96,401) | |||
Dominion Energy, Inc. | (4,016) | (192,085) | |||
EQT Corp. | (7,989) | (296,791) | |||
Northern Oil and Gas, Inc. | (3,165) | (113,085) | |||
(698,362) | |||||
Other Information Services - (0.4)% | |||||
VeriSign, Inc. | (1,157) | (225,951) | |||
Personal and Laundry Services - (0.4)% | |||||
IAC, Inc. | (3,641) | (206,809) | |||
Plastics and Rubber Products Manufacturing - (0.1)% | |||||
Newell Brands, Inc. | (9,720) | (72,900) | |||
Primary Metal Manufacturing - (0.1)% | |||||
Alcoa Corp. | (2,838) | (77,222) | |||
Printing and Related Support Activities - (0.2)% | |||||
Permian Resources Corp. | (6,069) | (94,434) | |||
Professional, Scientific, and Technical Services - (3.7)% | |||||
Asana, Inc. - Class A | (10,576) | (208,347) | |||
Aspen Technology, Inc. | (2,266) | (439,355) | |||
Charles River Laboratories International, Inc. | (806) | (204,877) | |||
Concentrix Corp. | (607) | (43,977) | |||
DoubleVerify Holdings, Inc. | (3,350) | (103,482) | |||
HashiCorp, Inc. - Class A | (5,009) | (130,585) | |||
Integral Ad Science Holding Corp. | (10,178) | (105,444) | |||
REVOLUTION Medicines, Inc. | (3,189) | (94,012) | |||
Riot Platforms, Inc. | (12,202) | (172,292) | |||
Trade Desk, Inc. - Class A | (1,201) | (102,601) | |||
Ubiquiti, Inc. | (1,902) | (222,876) | |||
Unity Software, Inc. | (6,787) | (198,995) | |||
(2,026,843) | |||||
Publishing Industries - (2.7)% | |||||
BILL Holdings, Inc. | (2,752) | (174,284) | |||
Braze, Inc. - Class A | (3,697) | (210,359) | |||
Confluent, Inc. - Class A | (7,217) | (244,440) | |||
Gitlab, Inc. - Class A | (2,331) | (168,112) | |||
HubSpot, Inc. | (287) | (177,598) | |||
Paycor HCM, Inc. | (3,071) | (64,860) | |||
PTC, Inc. | (1,205) | (220,527) | |||
ZoomInfo Technologies, Inc. | (17,975) | (301,261) | |||
(1,561,441) | |||||
Real Estate - (0.3)% | |||||
Marriott Vacations Worldwide Corp. | (798) | (74,366) | |||
MP Materials Corp. | (5,524) | (84,020) | |||
(158,386) | |||||
Rental and Leasing Services - (0.6)% | |||||
Air Lease Corp. | (2,497) | (100,130) | |||
Avis Budget Group, Inc. | (1,219) | (131,701) | |||
Hertz Global Holdings, Inc. | (14,862) | (116,667) | |||
(348,498) | |||||
Repair and Maintenance - (0.3)% | |||||
Driven Brands Holdings, Inc. | (6,383) | (88,021) | |||
Mister Car Wash, Inc. | (6,379) | (52,882) | |||
(140,903) | |||||
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - (2.8)% | |||||
Apollo Global Management, Inc. | (1,250) | (139,750) | |||
Blackstone, Inc. | (1,170) | (149,549) | |||
Carlyle Group, Inc. | (3,349) | (153,552) | |||
Goldman Sachs Group, Inc. | (1,156) | (449,742) | |||
Interactive Brokers Group, Inc. - Class A | (1,328) | (144,380) | |||
IonQ, Inc. | (21,254) | (220,191) | |||
Jefferies Financial Group, Inc. | (3,635) | (152,016) | |||
Joby Aviation, Inc. | (9,542) | (53,626) | |||
nVent Electric PLC | (1,210) | (81,457) | |||
(1,544,263) | |||||
Specialty Trade Contractors - (0.2)% | |||||
Sunrun, Inc. | (7,372) | (88,759) | |||
Sporting Goods, Hobby, Musical Instrument, Book, and Miscellaneous Retailers - (0.2)% | |||||
Tractor Supply Co. | (500) | (127,160) | |||
Support Activities for Mining - (0.3)% | |||||
Civitas Resources, Inc. | (1,447) | (99,380) | |||
Ovintiv, Inc. | (1,421) | (70,212) | |||
(169,592) | |||||
Support Activities for Transportation - (0.4)% | |||||
FTAI Aviation Ltd. | (1,588) | (89,389) | |||
GATX Corp. | (710) | (90,056) | |||
(179,445) | |||||
Telecommunications - (0.3)% | |||||
Frontier Communications Parent, Inc. | (8,107) | (191,974) | |||
Transportation Equipment Manufacturing - (1.0)% | |||||
Boeing Co. | (905) | (184,367) | |||
Fox Factory Holding Corp. | (2,129) | (107,706) | |||
Shoals Technologies Group, Inc. - Class A | (5,884) | (75,492) | |||
Spirit AeroSystems Holdings, Inc. - Class A | (3,867) | (110,596) | |||
Tesla, Inc. | (626) | (126,377) | |||
(604,538) | |||||
Utilities - (0.8)% | |||||
Atmos Energy Corp. | (1,179) | (133,121) | |||
DTE Energy Co. | (1,209) | (130,995) | |||
First Solar, Inc. | (648) | (99,721) | |||
New Jersey Resources Corp. | (2,012) | (83,719) | |||
Ormat Technologies, Inc. | (637) | (41,501) | |||
(489,057) | |||||
Waste Management and Remediation Services - (0.1)% | |||||
Casella Waste Systems, Inc. - Class A | (622) | (56,042) | |||
Wood Product Manufacturing - (0.1)% | |||||
Louisiana-Pacific Corp. | (862) | (63,762) | |||
TOTAL COMMON STOCKS (Proceeds $26,270,955) | (25,968,460) | ||||
REAL ESTATE INVESTMENT TRUSTS - (1.4)% | Shares | Value | |||
Real Estate - (1.4)% | |||||
AGNC Investment Corp. | (13,896) | (132,846) | |||
Agree Realty Corp. | (2,228) | (122,429) | |||
Extra Space Storage, Inc. | (441) | (62,168) | |||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | (2,973) | (74,830) | |||
Healthcare Realty Trust, Inc. | (5,940) | (81,853) | |||
Independence Realty Trust, Inc. | (8,040) | (117,706) | |||
PotlatchDeltic Corp. | (1,682) | (76,043) | |||
Realty Income Corp. | (1,444) | (75,247) | |||
Sun Communities, Inc. | (292) | (39,058) | |||
Ventas, Inc. | (1,288) | (54,469) | |||
VICI Properties, Inc. | (2,029) | (60,728) | |||
(897,377) | |||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Proceeds $934,201) | (897,377) | ||||
EXCHANGE TRADED FUNDS - (0.6)% | Shares | Value | |||
Invesco QQQ Trust Series 1 | (817) | (358,663) | |||
iShares Core S&P 500 ETF | (3) | (1,531) | |||
TOTAL EXCHANGE TRADED FUNDS (Proceeds $355,569) | (360,194) | ||||
TOTAL SECURITIES SOLD SHORT - (48.6)% (Proceeds $27,560,725) | (27,226,031) | ||||
Percentages are stated as a percent of net assets. | |||||
PLC - Public Limited Company |
Investment Valuation
Each equity security owned by the Fund that is listed on a securities exchange, except for securities listed on the NASDAQ Stock Market LLC (“NASDAQ”), is valued at its last sale price at the close of that exchange on the date as of which assets are valued. If a security is listed on more than one exchange, the Fund will use the price on the exchange that the Fund generally considers to be the principal exchange on which the security is traded.
Fund securities listed on NASDAQ will be valued at the NASDAQ Official Closing Price (“NOCP”), which may not necessarily represent the last sale price. If the NOCP is not available, such securities shall be valued at the last sale price on the day of valuation. If there has been no sale on such exchange or on NASDAQ on such day, the security is valued at (i) the mean between the most recent quoted bid and asked prices at the close of the exchange on such day or (ii) the latest sales price on the Composite Market for the day such security is being valued. “Composite Market” means a consolidation of the trade information provided by national securities and foreign exchanges and over-the counter markets as published by a pricing service.
If market quotations are not readily available, any security or other asset will be valued at its fair value in accordance with Rule 2a-5 of the 1940 Act as determined under the Adviser's fair value procedures, subject to oversight by the Board of Trustees. These fair value procedures will also be used to price a security when corporate events, events in the securities market and/or world events cause the Adviser to believe that a security’s last sale price may not reflect its actual fair market value. The intended effect of using fair value pricing procedures is to ensure that the Fund is accurately priced. The Adviser will regularly evaluate whether the Fund’s fair value pricing procedures continue to be appropriate in light of the specific circumstances of the Fund and the quality of prices obtained through their application of such procedures.
In the case of foreign securities, the occurrence of certain events after the close of foreign markets, but prior to the time the Fund’s net asset value (“NAV”) is calculated (such as a significant surge or decline in the U.S. or other markets) often will result in an adjustment to the trading prices of foreign securities when foreign markets open on the following business day. If such events occur, the Fund will value foreign securities at fair value, taking into account such events, in calculating the NAV. In such cases, use of fair valuation can reduce an investor’s ability to seek to profit by estimating the Fund's NAV in advance of the time the NAV is calculated.
Redeemable securities issued by open-end, registered investment companies, including money market mutual funds, are valued at the NAVs of such companies for purchase and/or redemption orders placed on that day. If, on a particular day, a share of an investment company is not listed on NASDAQ, such security’s fair value will be determined. Money market mutual funds are valued at cost. If cost does not represent current market value the securities will be priced at fair value.
The Trust has adopted Statement of Financial Accounting Standards, “Fair Value Measurements and Disclosures,” which requires the Fund to classify its securities based on a valuation method. These inputs are summarized in the three broad levels listed below:
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including a Fund's own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value the Fund's investments carried at fair value as of February 29, 2024:
Convergence Long/Short Equity ETF | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Common Stocks | 62,710,352 | – | – | 62,710,352 | ||||||||||||
Real Estate Investment Trusts | 1,704,179 | – | – | 1,704,179 | ||||||||||||
Money Market Funds | 399,378 | – | – | 399,378 | ||||||||||||
Total Assets | 64,813,909 | – | – | 64,813,909 | ||||||||||||
Liabilities: | ||||||||||||||||
Common Stocks | (25,968,460 | ) | – | – | (25,968,460 | ) | ||||||||||
Real Estate Investment Trusts | (897,377 | ) | – | – | (897,377 | ) | ||||||||||
Exchange Traded Funds | (360,194 | ) | – | – | (360,194 | ) | ||||||||||
Total Liabilities | (27,226,031 | ) | – | – | (27,226,031 | ) | ||||||||||
Refer to the Schedule of Investments for industry classifications. |