Fount Subscription Economy ETF
Schedule of Investments
November 30, 2022 (Unaudited)
Description | Shares | Fair Value | ||||||
COMMON STOCK — 99.7% | ||||||||
Canada — 8.1% | ||||||||
Communication Services — 1.5% | ||||||||
BCE | 822 | $ | 38,841 | |||||
Energy — 2.9% | ||||||||
Enbridge | 1,009 | 41,344 | ||||||
TC Energy | 780 | 34,291 | ||||||
75,635 | ||||||||
Financials — 1.7% | ||||||||
Brookfield Asset Management, Cl A | 977 | 45,704 | ||||||
Industrials — 2.0% | ||||||||
Thomson Reuters | 451 | 52,692 | ||||||
212,872 | ||||||||
China — 6.1% | ||||||||
Communication Services — 4.7% | ||||||||
Baidu, Cl A * | 2,350 | 30,589 | ||||||
NetEase | 2,200 | 30,806 | ||||||
Tencent Holdings | 1,700 | 62,551 | ||||||
123,946 | ||||||||
Consumer Discretionary — 1.4% | ||||||||
Meituan, Cl B * | 1,800 | 37,727 | ||||||
161,673 | ||||||||
France — 1.5% | ||||||||
Information Technology — 1.5% | ||||||||
Dassault Systemes | 1,088 | 39,305 | ||||||
Japan — 6.4% | ||||||||
Communication Services — 4.9% | ||||||||
KDDI | 1,400 | 41,246 | ||||||
SoftBank | 3,800 | 40,780 | ||||||
SoftBank Group | 1,100 | 46,920 | ||||||
128,946 | ||||||||
Industrials — 1.5% | ||||||||
Recruit Holdings | 1,300 | 40,330 | ||||||
169,276 |
Description | Shares | Fair Value | ||||||
Switzerland — 1.6% | ||||||||
Financials — 1.6% | ||||||||
UBS Group | 2,388 | $ | 43,173 | |||||
United Kingdom — 2.8% | ||||||||
Communication Services — 1.1% | ||||||||
Vodafone Group PLC | 26,826 | 29,340 | ||||||
Industrials — 1.7% | ||||||||
RELX PLC | 1,590 | 43,779 | ||||||
73,119 | ||||||||
United States — 73.2% | ||||||||
Communication Services — 22.5% | ||||||||
Activision Blizzard | 595 | 44,000 | ||||||
Alphabet, Cl A * | 1,122 | 113,311 | ||||||
AT&T | 2,733 | 52,692 | ||||||
Charter Communications, Cl A * | 98 | 38,346 | ||||||
Comcast, Cl A | 1,286 | 47,119 | ||||||
Electronic Arts | 313 | 40,934 | ||||||
Meta Platforms, Cl A * | 507 | 59,877 | ||||||
Netflix * | 254 | 77,605 | ||||||
T-Mobile US * | 456 | 69,066 | ||||||
Verizon Communications | 1,309 | 51,025 | ||||||
593,975 | ||||||||
Consumer Discretionary — 2.6% | ||||||||
Amazon.com * | 722 | 69,702 | ||||||
Energy — 1.6% | ||||||||
Kinder Morgan | 2,199 | 42,045 | ||||||
Financials — 9.3% | ||||||||
BlackRock, Cl A | 77 | 55,132 | ||||||
Blackstone | 418 | 38,260 | ||||||
Marsh & McLennan | 307 | 53,166 | ||||||
Moody's | 151 | 45,039 | ||||||
S&P Global | 156 | 55,037 | ||||||
246,634 | ||||||||
Health Care — 3.8% | ||||||||
Cigna | 163 | 53,609 | ||||||
CVS Health | 454 | 46,253 | ||||||
99,862 | ||||||||
Information Technology — 33.4% | ||||||||
Adobe * | 155 | 53,464 | ||||||
Autodesk * | 213 | 43,015 |
Fount Subscription Economy ETF
Schedule of Investments
November 30, 2022 (Unaudited)
Description | Shares | Fair Value | ||||||
Information Technology (continued) | ||||||||
Automatic Data Processing | 227 | $ | 59,960 | |||||
Cadence Design Systems * | 285 | 49,031 | ||||||
Intuit | 130 | 52,987 | ||||||
Microsoft | 1,039 | 265,090 | ||||||
Oracle | 871 | 72,319 | ||||||
Paychex | 356 | 44,155 | ||||||
Salesforce * | 372 | 59,613 | ||||||
ServiceNow * | 109 | 45,377 | ||||||
Snowflake, Cl A * | 341 | 48,729 | ||||||
Synopsys * | 140 | 47,536 | ||||||
VMware, Cl A * | 354 | 43,007 | ||||||
884,283 | ||||||||
1,936,501 | ||||||||
Total Common Stock | ||||||||
(Cost $3,378,192) | 2,635,919 | |||||||
SHORT-TERM INVESTMENT — 0.2% | ||||||||
Invesco Government & Agency, | ||||||||
CI Institutional, 3.741%(A) | 5,584 | 5,584 | ||||||
Total Short-Term Investment | ||||||||
(Cost $5,584) | 5,584 | |||||||
Total Investments - 99.9% | ||||||||
(Cost $3,383,776) | $ | 2,641,503 |
Percentages are based on net assets of $2,645,442.
* | Non-income producing security. |
(A) | The rate reported is the 7-day effective yield as of November 30, 2022. |
Cl — Class
PLC — Public Limited Company
As of November 30, 2022, all of the Fund's investments were considered Level 1, in accordance with the authoritative guidance under U.S. GAAP.
For information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent annual or semi-annual financial statements.
Fount Metaverse ETF
Schedule of Investments
November 30, 2022 (Unaudited)
Description | Shares | Fair Value | ||||||
COMMON STOCK — 99.8% | ||||||||
Australia — 2.1% | ||||||||
Consumer Discretionary — 2.1% | ||||||||
Aristocrat Leisure | 5,845 | $ | 137,121 | |||||
China — 10.9% | ||||||||
Communication Services — 5.8% | ||||||||
Baidu, Cl A * | 7,700 | 100,227 | ||||||
Bilibili, Cl Z * | 5,900 | 95,845 | ||||||
NetEase | 7,600 | 106,422 | ||||||
Weibo, Cl A * | 5,620 | 90,001 | ||||||
392,495 | ||||||||
Consumer Discretionary — 3.2% | ||||||||
Haichang Ocean Park Holdings * | 310,000 | 137,416 | ||||||
Pop Mart International Group | 34,600 | 76,864 | ||||||
214,280 | ||||||||
Information Technology — 1.9% | ||||||||
Xiaomi, Cl B * | 94,600 | 125,075 | ||||||
731,850 | ||||||||
France — 1.1% | ||||||||
Communication Services — 1.1% | ||||||||
Ubisoft Entertainment * | 2,580 | 70,610 | ||||||
Japan — 16.8% | ||||||||
Communication Services — 11.3% | ||||||||
Capcom | 4,900 | 146,607 | ||||||
Koei Tecmo Holdings | 7,900 | 134,460 | ||||||
Konami Group | 2,000 | 92,447 | ||||||
Nexon | 5,900 | 122,363 | ||||||
Square Enix Holdings | 2,800 | 124,208 | ||||||
Toho | 3,500 | 132,686 | ||||||
752,771 | ||||||||
Consumer Discretionary — 5.5% | ||||||||
Bandai Namco Holdings | 1,900 | 123,158 | ||||||
Oriental Land | 1,100 | 155,454 | ||||||
Sega Sammy Holdings | 7,200 | 94,063 | ||||||
372,675 | ||||||||
1,125,446 |
Description | Shares | Fair Value | ||||||
Netherlands — 2.3% | ||||||||
Communication Services — 2.3% | ||||||||
Universal Music Group | 6,552 | $ | 151,792 | |||||
Russia — 0.0% | ||||||||
Communication Services — 0.0% | ||||||||
VK GDR(A)* | 11,294 | 113 | ||||||
Yandex, Cl A (A)* | 3,751 | 37 | ||||||
150 | ||||||||
South Korea — 11.2% | ||||||||
Communication Services — 11.2% | ||||||||
HYBE* | 721 | 78,176 | ||||||
Kakao | 2,100 | 89,806 | ||||||
Kakao Games * | 2,646 | 87,274 | ||||||
Krafton * | 643 | 110,673 | ||||||
NAVER | 633 | 89,753 | ||||||
NCSoft | 381 | 135,922 | ||||||
Netmarble | 1,993 | 73,972 | ||||||
Pearl Abyss * | 2,604 | 85,888 | ||||||
751,464 | ||||||||
Sweden — 3.0% | ||||||||
Communication Services — 0.9% | ||||||||
Embracer Group, Cl B * | 15,008 | 62,495 | ||||||
Consumer Discretionary — 2.1% | ||||||||
Evolution | 1,400 | 140,081 | ||||||
202,576 | ||||||||
United Kingdom — 1.3% | ||||||||
Communication Services — 1.3% | ||||||||
Future PLC | 5,335 | 89,266 | ||||||
United States — 51.1% | ||||||||
Communication Services — 25.5% | ||||||||
Activision Blizzard | 2,080 | 153,816 | ||||||
Alphabet, Cl A * | 2,848 | 287,619 | ||||||
Bumble, Cl A * | 4,859 | 118,365 | ||||||
Electronic Arts | 1,103 | 144,250 | ||||||
Meta Platforms, Cl A * | 1,650 | 194,865 | ||||||
Pinterest, Cl A * | 7,206 | 183,177 | ||||||
Playtika Holding * | 9,417 | 88,991 | ||||||
ROBLOX, Cl A * | 4,797 | 152,401 |
Fount Metaverse ETF
Schedule of Investments
November 30, 2022 (Unaudited)
Description | Shares | Fair Value | ||||||
Communication Services (continued) | ||||||||
Snap, Cl A * | 10,274 | $ | 105,925 | |||||
Take-Two Interactive Software * | 1,166 | 123,235 | ||||||
Warner Music Group, Cl A | 4,669 | 160,007 | ||||||
1,712,651 | ||||||||
Consumer Discretionary — 8.0% | ||||||||
Cedar Fair | 2,866 | 119,398 | ||||||
DraftKings, Cl A * | 10,212 | 156,448 | ||||||
SeaWorld Entertainment * | 2,558 | 145,959 | ||||||
Six Flags Entertainment * | 4,702 | 113,271 | ||||||
535,076 | ||||||||
Information Technology — 17.6% | ||||||||
Adobe * | 499 | 172,120 | ||||||
Apple | 5,544 | 820,678 | ||||||
AppLovin, Cl A * | 3,540 | 51,011 | ||||||
Dolby Laboratories, Cl A | 1,791 | 134,092 | ||||||
1,177,901 | ||||||||
3,425,628 | ||||||||
Total Common Stock | ||||||||
(Cost $9,692,991) | 6,685,903 | |||||||
SHORT-TERM INVESTMENT — 0.2% | ||||||||
Invesco Government & Agency, | ||||||||
CI Institutional, 3.741%(B) | 10,853 | 10,853 | ||||||
Total Short-Term Investment | ||||||||
(Cost $10,853) | 10,853 | |||||||
Total Investments - 100.0% | ||||||||
(Cost $9,703,844) | $ | 6,696,756 |
Percentages are based on net assets of $6,698,061.
* | Non-income producing security. |
(A) | Level 3 security in accordance with fair value hierarchy. |
(B) | The rate reported is the 7-day effective yield as of November 30, 2022. |
Cl — Class
GDR — Global Depositary Receipt
PLC — Public Limited Company
The following is a summary of the inputs used as of November 30, 2022 in valuing the Fund’s investments carried at value:
Investments in Securities | Level 1 | Level 2 | Level 3(1) | Total | ||||||||||||
Common Stock | ||||||||||||||||
Australia | $ | 137,121 | $ | — | $ | — | $ | 137,121 | ||||||||
China | 731,850 | — | — | 731,850 | ||||||||||||
France | 70,610 | — | — | 70,610 | ||||||||||||
Japan | 1,125,446 | — | — | 1,125,446 | ||||||||||||
Netherlands | 151,792 | — | — | 151,792 | ||||||||||||
Russia | — | — | 150 | 150 | ||||||||||||
South Korea | 751,464 | — | — | 751,464 | ||||||||||||
Sweden | 202,576 | — | — | 202,576 | ||||||||||||
United Kingdom | 89,266 | — | — | 89,266 | ||||||||||||
United States | 3,425,628 | — | — | 3,425,628 | ||||||||||||
Total Common Stock | 6,685,753 | — | 150 | 6,685,903 | ||||||||||||
Short-Term Investment | 10,853 | — | — | 10,853 | ||||||||||||
Total Investments in Securities | $ | 6,696,606 | $ | — | $ | 150 | $ | 6,696,756 |
(1) | A reconciliation of Level 3 investments is presented when the fund has a significant amount of Level 3 investments at the end of the period in relation to net assets. Management has concluded that Level 3 investments are not material in relation to net assets. |
For information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent annual or semi-annual financial statements.
FIC-QH-001-0300