Ballast
Small/Mid
Cap
ETF
Schedule
of
Investments
December
31,
2022
-
(Unaudited)
COMMON
STOCKS
—
98.52%
Shares
Fair
Value
Communications
—
3.67%
Criteo
S.A.
-
ADR
(a)
58,930
$
1,535,716
IAC/InterActiveCorp.
(a)
5,229
232,168
TripAdvisor,
Inc.
(a)
36,271
652,152
2,420,036
Consumer
Discretionary
—
15.46%
American
Eagle
Outfitters,
Inc.
70,965
990,671
America's
Car-Mart,
Inc.
(a)
19,090
1,379,443
BorgWarner,
Inc.
37,350
1,503,338
Cavco
Industries,
Inc.
(a)
4,316
976,495
Global
Business
Travel
Group
Inc.
(a)
186,818
1,261,022
Polished.com,
Inc.
(a)
1,093,232
631,560
PulteGroup,
Inc.
35,275
1,606,071
Wayside
Technology
Group,
Inc.
58,100
1,831,893
10,180,493
Consumer
Staples
—
1.33%
Olaplex
Holdings,
Inc.
(a)
168,214
876,395
Energy
—
10.48%
CNX
Resources
Corp.
(a)
60,507
1,018,937
Green
Plains,
Inc.
(a)
72,957
2,225,189
Kosmos
Energy
Ltd.
(a)
110,375
701,985
Sitio
Royalties
Corp.
35,080
1,012,058
Solaris
Oilfield
Infrastructure,
Inc.,
Class
A
195,963
1,945,913
6,904,082
Financials
—
18.19%
Capital
Bancorp,
Inc.
81,257
1,912,789
Everest
Re
Group
Ltd.
4,150
1,374,771
Federal
Agricultural
Mortgage
Corp.,
Class
C
15,023
1,693,242
First
Citizens
BancShares,
Inc.,
Class
A
1,992
1,510,652
First
Financial
Bancorp
59,511
1,441,952
International
General
Insurance
Holdings
Ltd.
169,071
1,352,568
International
Money
Express,
Inc.
(a)
53,761
1,310,156
MGIC
Investment
Corp.
106,489
1,384,357
11,980,487
Health
Care
—
2.70%
Bausch
+
Lomb
Corp.
(a)
84,976
1,317,977
iRadimed
Corp.
16,268
460,222
1,778,199
Industrials
—
11.01%
AZZ,
Inc.
36,437
1,464,768
Eagle
Bulk
Shipping,
Inc.
20,300
1,013,782
Eastern
Co.
(The)
59,594
1,148,972
Landstar
System,
Inc.
9,794
1,595,442
Lennox
International,
Inc.
4,316
1,032,517
RXO,
Inc.
(a)
19,679
338,479
Ballast
Small/Mid
Cap
ETF
Schedule
of
Investments
(continued)
December
31,
2022
-
(Unaudited)
COMMON
STOCKS
—
98.52%
-
continued
Shares
Fair
Value
Industrials
—
11.01%
-
continued
XPO
Logistics,
Inc.
(a)
19,679
$
655,114
7,249,074
Materials
—
18.14%
Bioceres
Crop
Solutions
Corp.
(a)
114,748
1,380,418
CONSOL
Energy,
Inc.
13,968
907,920
Eagle
Materials,
Inc.
12,035
1,598,850
Huntsman
Corp.
54,199
1,489,389
Natural
Resource
Partners,
L.P.
35,134
1,908,830
Northern
Technologies
International
Corp.
141,183
1,879,146
Perimeter
Solutions
S.A.
(a)
121,838
1,113,599
UFP
Technologies,
Inc.
(a)
14,157
1,668,969
11,947,121
Real
Estate
—
3.88%
EPR
Properties
29,050
1,095,766
Lamar
Advertising
Co.,
Class
A
15,438
1,457,347
2,553,113
Technology
—
13.66%
Amdocs
Ltd.
16,203
1,472,853
Cass
Information
Systems,
Inc.
44,820
2,053,653
Extreme
Networks,
Inc.
(a)
50,400
922,824
F5,
Inc.
(a)
7,387
1,060,108
Lumentum
Holdings,
Inc.
(a)
8,300
433,011
Rimini
Street,
Inc.
(a)
295,231
1,124,830
Teradata
Corp.
(a)
57,270
1,927,708
8,994,987
Total
Common
Stocks
(Cost $69,605,193)
64,883,987
Total
Investments
—
98.52%
(Cost
$69,605,193)
64,883,987
Other
Assets
in
Excess
of
Liabilities — 1.48%
977,342
NET
ASSETS
—
100.00%
$
65,861,329
(a)
Non-income
producing
security.
ADR
-
American
Depositary
Receipt.