MUSQ Global Music Industry ETF
Schedule of Investments
July 31, 2024 (Unaudited)
| Description | Shares | Fair Value | ||||||
| COMMON STOCK†† — 98.8% | ||||||||
| Australia — 1.3% | ||||||||
| Communication Services — 1.3% | ||||||||
| Southern Cross Media Group | 658,732 | $ | 286,052 | |||||
| Canada — 1.2% | ||||||||
| Communication Services — 1.2% | ||||||||
| Stingray Group, Cl Common Subs. Receipt | 44,690 | 270,770 | ||||||
| China — 5.0% | ||||||||
| Communication Services — 5.0% | ||||||||
| Cloud Music* | 43,550 | 529,323 | ||||||
| Tencent Music Entertainment Group ADR | 39,492 | 559,997 | ||||||
| 1,089,320 | ||||||||
| Germany — 2.7% | ||||||||
| Communication Services — 2.7% | ||||||||
| CTS Eventim | 6,595 | 581,620 | ||||||
| Japan — 11.8% | ||||||||
| Communication Services — 4.9% | ||||||||
| Amuse | 24,700 | 264,959 | ||||||
| Avex | 56,800 | 569,284 | ||||||
| Stream Media* | 270,200 | 253,211 | ||||||
| 1,087,454 | ||||||||
| Consumer Discretionary — 6.9% | ||||||||
| Sony Group | 10,100 | 908,235 | ||||||
| Yamaha | 24,500 | 585,388 | ||||||
| 1,493,623 | ||||||||
| 2,581,077 | ||||||||
| Netherlands — 2.3% | ||||||||
| Communication Services — 2.3% | ||||||||
| Universal Music Group | 21,010 | 499,940 | ||||||
| South Korea — 21.7% | ||||||||
| Communication Services — 19.1% | ||||||||
| CUBE ENTERTAINMENT* | 58,041 | 577,564 | ||||||
| Genie Music* | 124,667 | 242,226 | ||||||
| HYBE | 4,272 | 546,121 | ||||||
| JYP Entertainment | 13,564 | 568,471 | ||||||
| Kakao | 19,429 | 553,199 | ||||||
| SM Entertainment | 10,496 | 538,237 | ||||||
| YG Entertainment | 21,109 | 589,535 | ||||||
| YG PLUS* | 241,848 | 557,739 | ||||||
| 4,173,092 | ||||||||
| Description | Shares | Fair Value | ||||||
| South Korea — continued | ||||||||
| Consumer Discretionary — 2.6% | ||||||||
| Dreamus* | 341,344 | $ | 571,489 | |||||
| 4,744,581 | ||||||||
| Taiwan — 2.6% | ||||||||
| Communication Services — 2.6% | ||||||||
| HIM International Music | 164,741 | 573,862 | ||||||
| United States — 50.2% | ||||||||
| Communication Services — 35.0% | ||||||||
| Alphabet, Cl A | 6,150 | 1,054,971 | ||||||
| Endeavor Group Holdings, Cl A | 20,523 | 562,741 | ||||||
| Live Nation Entertainment* | 6,247 | 600,898 | ||||||
| LiveOne* | 364,991 | 620,484 | ||||||
| Madison Square Garden Entertainment, Cl A* | 14,340 | 566,287 | ||||||
| Mediaco Holding, Cl A* | 70,779 | 257,636 | ||||||
| Reservoir Media* | 68,200 | 542,872 | ||||||
| Sirius XM Holdings | 157,862 | 544,624 | ||||||
| Sphere Entertainment* | 12,216 | 543,368 | ||||||
| Spotify Technology* | 2,333 | 802,411 | ||||||
| Townsquare Media, Cl A | 46,638 | 563,387 | ||||||
| Vivid Seats, Cl A* | 101,237 | 494,037 | ||||||
| Warner Music Group, Cl A | 17,396 | 522,054 | ||||||
| 7,675,770 | ||||||||
| Consumer Discretionary — 7.6% | ||||||||
| Amazon.com* | 6,120 | 1,144,318 | ||||||
| Sonos* | 38,789 | 523,652 | ||||||
| 1,667,970 | ||||||||
| Information Technology — 7.6% | ||||||||
| Apple | 4,988 | 1,107,735 | ||||||
| Dolby Laboratories, Cl A | 6,968 | 548,800 | ||||||
| 1,656,535 | ||||||||
| 11,000,275 | ||||||||
| Total Common Stock | ||||||||
| (Cost $21,099,693) | 21,627,497 | |||||||
| SHORT-TERM INVESTMENT — 1.4% | ||||||||
| Invesco Government & Agency Portfolio, Institutional Class, 5.22%(A) | 297,095 | 297,095 | ||||||
| Total Short-Term Investment | ||||||||
| (Cost $297,095) | 297,095 | |||||||
| Total Investments - 100.2% | ||||||||
| (Cost $21,396,788) | $ | 21,924,592 | ||||||
Percentages are based on net assets of $21,878,523.
MUSQ Global Music Industry ETF
Schedule of Investments
July 31, 2024 (Unaudited) (Concluded)
| †† | Industries are utilized for compliance purposes, whereas sectors are utilized for reporting. |
| * | Non-income producing security. |
| (A) | Rate shown is the 7-day effective yield as of July 31, 2024. |
ADR — American Depositary Receipt |
| Cl — Class |
MUS-QH-001-0300