Etho Climate Leadership U.S. ETF | ||||||||
Schedule of Investments | ||||||||
June 30, 2023 (Unaudited) | ||||||||
Shares | Value | |||||||
COMMON STOCKS - 99.6% | ||||||||
Bermuda - 1.1% | ||||||||
Capital Markets - 0.7% | ||||||||
Invesco, Ltd. | 40,817 | $ | 686,134 | |||||
Lazard, Ltd. - Class A | 20,218 | 646,976 | ||||||
Total Capital Markets | 1,333,110 | |||||||
Insurance - 0.4% | ||||||||
White Mountains Insurance Group, Ltd. | 486 | 675,010 | ||||||
Total Bermuda | 2,008,120 | |||||||
Canada - 0.3% | ||||||||
Food Products - 0.3% | ||||||||
SunOpta, Inc. (a) | 87,362 | 584,452 | ||||||
Guernsey - 0.4% | ||||||||
IT Services - 0.4% | ||||||||
Amdocs, Ltd. | 6,971 | 689,083 | ||||||
Ireland - 0.5% | ||||||||
Health Care Equipment & Supplies - 0.5% | ||||||||
STERIS PLC | 3,500 | 787,429 | ||||||
Singapore - 0.5% | ||||||||
Electronic Equipment, Instruments & Components - 0.5% | ||||||||
Flex, Ltd. (a) | 29,092 | 804,103 | ||||||
United States - 96.8% | ||||||||
Air Freight & Logistics - 0.3% | ||||||||
United Parcel Service, Inc. - Class B | 3,451 | 618,592 | ||||||
Auto Components - 0.4% | ||||||||
QuantumScape Corp. (a)(b) | 81,834 | 653,854 | ||||||
Automobiles - 0.5% | ||||||||
Tesla, Inc. (a) | 3,227 | 844,732 | ||||||
Banks - 2.0% | ||||||||
Amalgamated Financial Corp. | 37,841 | 608,862 | ||||||
Associated Banc-Corp. (b) | 37,231 | 604,259 | ||||||
Bank of Hawaii Corp. (b) | 12,853 | 529,929 | ||||||
Capitol Federal Financial, Inc. (b) | 99,466 | 613,705 | ||||||
Fulton Financial Corp. (b) | 48,437 | 577,369 | ||||||
Washington Federal, Inc. (b) | 22,225 | 589,407 | ||||||
Total Banks | 3,523,531 | |||||||
Biotechnology - 2.0% | ||||||||
Agios Pharmaceuticals, Inc. (a)(b) | 29,143 | 825,330 | ||||||
Alnylam Pharmaceuticals, Inc. (a) | 3,342 | 634,779 | ||||||
Ionis Pharmaceuticals, Inc. (a)(b) | 18,730 | 768,492 | ||||||
Myriad Genetics, Inc. (a) | 28,816 | 667,955 | ||||||
Vertex Pharmaceuticals, Inc. (a) | 2,125 | 747,809 | ||||||
Total Biotechnology | 3,644,365 | |||||||
Broadline Retail - 0.4% | ||||||||
eBay, Inc. | 15,087 | 674,238 | ||||||
Building Products - 1.8% | ||||||||
A.O. Smith Corp. | 9,680 | 704,510 | ||||||
AAON, Inc. (b) | 6,923 | 656,370 | ||||||
Advanced Drainage Systems, Inc. (b) | 7,949 | 904,438 | ||||||
Lennox International, Inc. (b) | 2,664 | 868,650 | ||||||
Total Building Products | 3,133,968 | |||||||
Capital Markets - 4.9% | ||||||||
Affiliated Managers Group, Inc. | 4,700 | 704,483 | ||||||
Ares Management Corp. - Class A | 8,023 | 773,016 | ||||||
Cboe Global Markets, Inc. | 4,987 | 688,256 | ||||||
Charles Schwab Corp. | 12,780 | 724,370 | ||||||
CME Group, Inc. | 3,495 | 647,589 | ||||||
FactSet Research Systems, Inc. | 1,613 | 646,248 | ||||||
Franklin Resources, Inc. (b) | 24,848 | 663,690 | ||||||
Intercontinental Exchange, Inc. | 6,419 | 725,861 | ||||||
MarketAxess Holdings, Inc. | 1,711 | 447,290 | ||||||
Morningstar, Inc. | 3,297 | 646,443 | ||||||
Nasdaq, Inc. | 12,244 | 610,363 | ||||||
Northern Trust Corp. | 7,596 | 563,167 | ||||||
S&P Global, Inc. | 1,942 | 778,528 | ||||||
Total Capital Markets | 8,619,304 | |||||||
Chemicals - 1.6% | ||||||||
Air Products and Chemicals, Inc. | 2,331 | 698,204 | ||||||
Cabot Corp. | 8,734 | 584,217 | ||||||
Ecolab, Inc. | 4,044 | 754,974 | ||||||
Livent Corp. (a)(b) | 30,820 | 845,393 | ||||||
Total Chemicals | 2,882,788 | |||||||
Commercial Services & Supplies - 1.6% | ||||||||
Brink’s Co. | 10,021 | 679,724 | ||||||
Cintas Corp. | 1,447 | 719,275 | ||||||
Copart, Inc. (a) | 8,900 | 811,770 | ||||||
Pitney Bowes, Inc. (b) | 172,084 | 609,177 | ||||||
Total Commercial Services & Supplies | 2,819,946 | |||||||
Communications Equipment - 1.8% | ||||||||
Arista Networks, Inc. (a) | 3,988 | 646,295 | ||||||
Cisco Systems, Inc. | 12,805 | 662,531 | ||||||
F5 Networks, Inc. (a) | 4,595 | 672,065 | ||||||
Juniper Networks, Inc. | 19,448 | 609,306 | ||||||
Viavi Solutions, Inc. (a) | 61,810 | 700,307 | ||||||
Total Communications Equipment | 3,290,504 | |||||||
Construction & Engineering - 0.4% | ||||||||
Ameresco, Inc. - Class A (a)(b) | 13,600 | 661,368 | ||||||
Consumer Finance - 1.2% | ||||||||
Ally Financial, Inc. | 26,261 | 709,310 | ||||||
American Express Co. | 4,058 | 706,904 | ||||||
Discover Financial Services | 6,773 | 791,424 | ||||||
Total Consumer Finance | 2,207,638 | |||||||
Consumer Staples Distribution & Retail - 1.2% | ||||||||
Grocery Outlet Holding Corp. (a)(b) | 23,687 | 725,059 | ||||||
Kroger Co. | 13,559 | 637,273 | ||||||
PriceSmart, Inc. | 9,365 | 693,572 | ||||||
Total Consumer Staples Distribution & Retail | 2,055,904 | |||||||
Containers & Packaging - 0.4% | ||||||||
Packaging Corp. of America (b) | 4,822 | 637,276 | ||||||
Distributors - 0.8% | ||||||||
Genuine Parts Co. | 4,001 | 677,089 | ||||||
LKQ Corp. | 11,794 | 687,237 | ||||||
Total Distributors | 1,364,326 | |||||||
Diversified Consumer Services - 0.7% | ||||||||
Graham Holdings Co. - Class B | 1,123 | 641,773 | ||||||
Service Corp. International (b) | 9,733 | 628,654 | ||||||
Total Diversified Consumer Services | 1,270,427 | |||||||
Diversified Telecommunication Services - 1.1% | ||||||||
ATN International, Inc. (b) | 16,359 | 598,739 | ||||||
EchoStar Corp. (a) | 36,600 | 634,644 | ||||||
Verizon Communications, Inc. | 17,213 | 640,152 | ||||||
Total Diversified Telecommunication Services | 1,873,535 | |||||||
Electrical Equipment - 4.7% | ||||||||
Array Technologies, Inc. (a)(b) | 30,594 | 691,424 | ||||||
Babcock & Wilcox Enterprises, Inc. (a) | 110,463 | 651,732 | ||||||
Beam Global (a)(b) | 42,075 | 435,476 | ||||||
Blink Charging Co. (a)(b) | 77,388 | 463,554 | ||||||
Bloom Energy Corp. (a)(b) - Class A | 33,588 | 549,164 | ||||||
ChargePoint Holdings, Inc. (a)(b) | 63,936 | 561,997 | ||||||
FuelCell Energy, Inc. (a)(b) | 234,879 | 507,339 | ||||||
Hubbell, Inc. (b) | 2,751 | 912,121 | ||||||
Plug Power, Inc. (a)(b) | 57,116 | 593,435 | ||||||
Shoals Technologies Group, Inc. - Class A (a) | 29,373 | 750,774 | ||||||
Stem, Inc. (a)(b) | 118,061 | 675,309 | ||||||
SunPower Corp. (a)(b) | 48,367 | 473,997 | ||||||
Sunrun, Inc. (a)(b) | 33,221 | 593,327 | ||||||
TPI Composites, Inc. (a)(b) | 51,295 | 531,929 | ||||||
Total Electrical Equipment | 8,391,578 | |||||||
Electronic Equipment, Instruments & Components - 4.6% | ||||||||
Arrow Electronics, Inc. (a) | 5,361 | 767,856 | ||||||
Avnet, Inc. | 14,810 | 747,165 | ||||||
Badger Meter, Inc. (b) | 5,495 | 810,842 | ||||||
Belden, Inc. | 7,715 | 737,940 | ||||||
Corning, Inc. | 18,974 | 664,849 | ||||||
Itron, Inc. (a) | 12,072 | 870,390 | ||||||
National Instruments Corp. | 12,772 | 733,113 | ||||||
OSI Systems, Inc. (a) | 6,540 | 770,608 | ||||||
Trimble, Inc. (a) | 12,770 | 676,044 | ||||||
Vishay Intertechnology, Inc. | 29,594 | 870,064 | ||||||
Zebra Technologies Corp. - Class A (a) | 2,105 | 622,722 | ||||||
Total Electronic Equipment, Instruments & Components | 8,271,593 | |||||||
Entertainment - 1.7% | ||||||||
Electronic Arts, Inc. | 5,558 | 720,873 | ||||||
Liberty Media Corp-Liberty Formula One - Class C (a) | 8,946 | 673,455 | ||||||
Netflix, Inc. (a) | 1,938 | 853,669 | ||||||
Take-Two Interactive Software, Inc. (a)(b) | 5,611 | 825,715 | ||||||
Total Entertainment | 3,073,712 | |||||||
Financial Services - 1.6% | ||||||||
Fiserv, Inc. (a)(b) | 5,922 | 747,060 | ||||||
MasterCard, Inc. - Class A | 1,842 | 724,459 | ||||||
PayPal Holdings, Inc. (a) | 8,815 | 588,225 | ||||||
Visa, Inc. - Class A (b) | 2,969 | 705,078 | ||||||
Total Financial Services | 2,764,822 | |||||||
Food Products - 0.4% | ||||||||
Ingredion, Inc. | 6,580 | 697,151 | ||||||
Ground Transportation - 1.2% | ||||||||
JB Hunt Transport Services, Inc. | 3,815 | 690,629 | ||||||
Landstar System, Inc. (b) | 3,734 | 718,944 | ||||||
Old Dominion Freight Line, Inc. | 1,964 | 726,190 | ||||||
Total Ground Transportation | 2,135,763 | |||||||
Health Care Equipment & Supplies - 4.3% | ||||||||
Align Technology, Inc. (a) | 2,003 | 708,341 | ||||||
Avanos Medical, Inc. (a) | 22,509 | 575,330 | ||||||
Baxter International, Inc. | 16,504 | 751,922 | ||||||
Becton Dickinson & Co. | 2,704 | 713,883 | ||||||
DENTSPLY SIRONA, Inc. | 17,042 | 682,021 | ||||||
DexCom, Inc. (a) | 5,762 | 740,475 | ||||||
Edwards Lifesciences Corp. (a) | 8,091 | 763,224 | ||||||
Hologic, Inc. (a) | 8,295 | 671,646 | ||||||
IDEXX Laboratories, Inc. (a) | 1,339 | 672,486 | ||||||
ResMed, Inc. | 3,057 | 667,955 | ||||||
Teleflex, Inc. (b) | 2,643 | 639,685 | ||||||
Total Health Care Equipment & Supplies | 7,586,968 | |||||||
Health Care Providers & Services - 2.1% | ||||||||
AMN Healthcare Services, Inc. (a)(b) | 8,069 | 880,489 | ||||||
Cigna Group | 2,620 | 735,172 | ||||||
Humana, Inc. | 1,379 | 616,592 | ||||||
Patterson Cos., Inc. | 25,006 | 831,700 | ||||||
Pediatrix Medical Group, Inc. (a) | 44,896 | 637,972 | ||||||
Total Health Care Providers & Services | 3,701,925 | |||||||
Hotels, Restaurants & Leisure - 2.7% | ||||||||
Booking Holdings, Inc. (a) | 252 | 680,483 | ||||||
Chipotle Mexican Grill, Inc. (a) | 392 | 838,487 | ||||||
Darden Restaurants, Inc. (b) | 4,314 | 720,783 | ||||||
Expedia Group, Inc. (a) | 6,899 | 754,682 | ||||||
Hilton Worldwide Holdings, Inc. | 4,752 | 691,654 | ||||||
Hyatt Hotels Corp. (b) | 5,988 | 686,105 | ||||||
Sabre Corp. (a)(b) | 156,039 | 497,764 | ||||||
Total Hotels, Restaurants & Leisure | 4,869,958 | |||||||
Household Durables - 1.8% | ||||||||
KB Home | 16,660 | 861,489 | ||||||
Lennar Corp. - Class A | 6,369 | 798,099 | ||||||
Tempur Sealy International, Inc. (b) | 16,951 | 679,227 | ||||||
Toll Brothers, Inc. | 11,151 | 881,709 | ||||||
Total Household Durables | 3,220,524 | |||||||
Household Products - 1.6% | ||||||||
Church & Dwight Co., Inc. | 7,572 | 758,942 | ||||||
Energizer Holdings, Inc. (b) | 19,291 | 647,792 | ||||||
Kimberly-Clark Corp. | 4,987 | 688,505 | ||||||
Spectrum Brands Holdings, Inc. (b) | 10,109 | 789,006 | ||||||
Total Household Products | 2,884,245 | |||||||
Independent Power and Renewable Electricity Producers - 1.1% | ||||||||
Montauk Renewables, Inc. (a)(b) | 85,058 | 632,832 | ||||||
Ormat Technologies, Inc. (b) | 7,897 | 635,393 | ||||||
Sunnova Energy International, Inc. (a)(b) | 42,856 | 784,692 | ||||||
Total Independent Power and Renewable Electricity Producers | 2,052,917 | |||||||
Insurance - 6.2% | ||||||||
Allstate Corp. | 6,041 | 658,711 | ||||||
Arthur J Gallagher & Co. | 3,499 | 768,275 | ||||||
CNA Financial Corp. | 17,151 | 662,372 | ||||||
Erie Indemnity Co. - Class A | 2,890 | 606,929 | ||||||
Fidelity National Financial, Inc. | 19,164 | 689,904 | ||||||
First American Financial Corp. | 12,027 | 685,780 | ||||||
Hanover Insurance Group, Inc. | 5,209 | 588,773 | ||||||
Hartford Financial Services Group, Inc. | 9,605 | 691,752 | ||||||
Marsh & McLennan Cos., Inc. | 4,019 | 755,894 | ||||||
MBIA, Inc. (a) | 72,290 | 624,586 | ||||||
Old Republic International Corp. (b) | 26,808 | 674,757 | ||||||
Principal Financial Group, Inc. | 9,007 | 683,091 | ||||||
Progressive Corp. | 4,679 | 619,359 | ||||||
Prudential Financial, Inc. (b) | 8,090 | 713,700 | ||||||
Reinsurance Group of America, Inc. | 5,042 | 699,275 | ||||||
Unum Group | 16,921 | 807,132 | ||||||
Total Insurance | 10,930,290 | |||||||
Interactive Media & Services - 0.3% | ||||||||
TripAdvisor, Inc. (a) | 33,706 | 555,812 | ||||||
IT Services - 2.0% | ||||||||
Akamai Technologies, Inc. (a) | 8,549 | 768,299 | ||||||
DXC Technology Co. (a) | 26,190 | 699,797 | ||||||
Gartner, Inc. (a) | 2,055 | 719,887 | ||||||
International Business Machines Corp. | 5,106 | 683,234 | ||||||
VeriSign, Inc. (a) | 3,168 | 715,873 | ||||||
Total IT Services | 3,587,090 | |||||||
Leisure Products - 1.2% | ||||||||
Brunswick Corp. (b) | 8,163 | 707,242 | ||||||
Hasbro, Inc. | 12,468 | 807,553 | ||||||
Mattel, Inc. (a) | 36,361 | 710,494 | ||||||
Total Leisure Products | 2,225,289 | |||||||
Life Sciences Tools & Services - 2.7% | ||||||||
Agilent Technologies, Inc. | 4,839 | 581,890 | ||||||
Bio-Rad Laboratories, Inc. - Class A (a) | 1,397 | 529,631 | ||||||
Bio-Techne Corp. | 9,023 | 736,547 | ||||||
Illumina, Inc. (a) | 2,879 | 539,784 | ||||||
IQVIA Holdings, Inc. (a) | 3,366 | 756,576 | ||||||
Mettler-Toledo International, Inc. (a) | 437 | 573,187 | ||||||
Revvity, Inc. | 5,023 | 596,682 | ||||||
Waters Corp. (a)(b) | 2,162 | 576,259 | ||||||
Total Life Sciences Tools & Services | 4,890,556 | |||||||
Machinery - 1.1% | ||||||||
3D Systems Corp. (a)(b) | 62,445 | 620,079 | ||||||
Deere & Co. | 1,621 | 656,813 | ||||||
Westinghouse Air Brake Technologies Corp. | 6,624 | 726,454 | ||||||
Total Machinery | 2,003,346 | |||||||
Media - 2.7% | ||||||||
DISH Network Corp. - Class A (a)(b) | 71,748 | 472,819 | ||||||
Interpublic Group of Cos., Inc. (b) | 17,975 | 693,476 | ||||||
John Wiley & Sons, Inc. - Class A (b) | 17,266 | 587,562 | ||||||
New York Times Co. - Class A (b) | 17,217 | 678,005 | ||||||
Omnicom Group, Inc. (b) | 7,096 | 675,184 | ||||||
Paramount Global - Class B (b) | 30,005 | 477,380 | ||||||
Sirius XM Holdings, Inc. (b) | 168,616 | 763,830 | ||||||
TEGNA, Inc. | 39,586 | 642,877 | ||||||
Total Media | 4,991,133 | |||||||
Personal Care Products - 1.0% | ||||||||
Coty, Inc. - Class A (a)(b) | 55,506 | 682,169 | ||||||
Edgewell Personal Care Co. (b) | 15,780 | 651,872 | ||||||
Estee Lauder Cos., Inc. - Class A | 2,716 | 533,368 | ||||||
Total Personal Products | 1,867,409 | |||||||
Pharmaceuticals - 0.7% | ||||||||
Merck & Co., Inc. | 6,292 | 726,034 | ||||||
Pfizer, Inc. | 16,407 | 601,809 | ||||||
Total Pharmaceuticals | 1,327,843 | |||||||
Professional Services - 1.7% | ||||||||
Broadridge Financial Solutions, Inc. | 4,567 | 756,432 | ||||||
ManpowerGroup, Inc. | 8,111 | 644,013 | ||||||
Verisk Analytics, Inc. | 3,489 | 788,619 | ||||||
Willdan Group, Inc. (a) | 42,856 | 821,121 | ||||||
Total Professional Services | 3,010,185 | |||||||
Real Estate Investment Trusts (REITs) - 6.2% | ||||||||
American Tower Corp. | 3,293 | 638,644 | ||||||
AvalonBay Communities, Inc. | 3,983 | 753,862 | ||||||
Camden Property Trust | 6,385 | 695,135 | ||||||
Digital Realty Trust, Inc. | 6,809 | 775,342 | ||||||
Equinix, Inc. | 928 | 727,496 | ||||||
Gladstone Land Corp. (b) | 40,205 | 654,135 | ||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (b) | 23,406 | 585,150 | ||||||
Iron Mountain, Inc. | 12,652 | 718,888 | ||||||
Prologis, Inc. | 5,365 | 657,910 | ||||||
Public Storage, Inc. | 2,216 | 646,806 | ||||||
Regency Centers Corp. | 10,942 | 675,887 | ||||||
SBA Communications Corp. | 2,564 | 594,233 | ||||||
UDR, Inc. (b) | 16,303 | 700,377 | ||||||
Ventas, Inc. | 15,442 | 729,943 | ||||||
Veris Residential, Inc. (a) | 45,724 | 733,870 | ||||||
Welltower, Inc. (b) | 9,337 | 755,270 | ||||||
Total Real Estate Investment Trusts (REITs) | 11,042,948 | |||||||
Semiconductors & Semiconductor Equipment - 6.4% | ||||||||
Advanced Micro Devices, Inc. (a) | 6,830 | 778,005 | ||||||
Amtech Systems, Inc. (a) | 70,168 | 670,806 | ||||||
Analog Devices, Inc. | 3,394 | 661,185 | ||||||
Applied Materials, Inc. | 5,450 | 787,743 | ||||||
Enphase Energy, Inc. (a)(b) | 3,183 | 533,089 | ||||||
First Solar, Inc. (a) | 3,078 | 585,097 | ||||||
Intel Corp. | 20,490 | 685,186 | ||||||
Micron Technology, Inc. | 11,094 | 700,142 | ||||||
NVIDIA Corp. | 2,410 | 1,019,478 | ||||||
ON Semiconductor Corp. (a) | 8,132 | 769,125 | ||||||
Qorvo, Inc. (a) | 6,591 | 672,480 | ||||||
QUALCOMM, Inc. | 5,247 | 624,603 | ||||||
Rambus, Inc. (a) | 13,059 | 837,996 | ||||||
Teradyne, Inc. (b) | 6,226 | 693,141 | ||||||
Universal Display Corp. | 4,315 | 621,921 | ||||||
Veeco Instruments, Inc. (a) | 31,680 | 813,542 | ||||||
Total Semiconductors & Semiconductor Equipment | 11,453,539 | |||||||
Software - 5.0% | ||||||||
Adobe Systems, Inc. (a) | 1,737 | 849,376 | ||||||
Autodesk, Inc. (a) | 3,216 | 658,026 | ||||||
Cadence Design System, Inc. (a) | 3,186 | 747,181 | ||||||
Dolby Laboratories, Inc. - Class A | 7,837 | 655,800 | ||||||
Gen Digital, Inc. | 39,010 | 723,636 | ||||||
Intuit, Inc. | 1,501 | 687,743 | ||||||
Salesforce, Inc. (a) | 3,351 | 707,932 | ||||||
ServiceNow, Inc. (a) | 1,440 | 809,237 | ||||||
Splunk, Inc. (a) | 6,982 | 740,720 | ||||||
Teradata Corp. (a) | 16,619 | 887,620 | ||||||
VMware, Inc. - Class A (a) | 5,362 | 770,466 | ||||||
Zoom Video Communications, Inc. - Class A (a) | 9,066 | 615,400 | ||||||
Total Software | 8,853,137 | |||||||
Specialty Retail - 3.0% | ||||||||
Advance Auto Parts, Inc. | 5,553 | 390,376 | ||||||
Chico’s FAS, Inc. (a)(b) | 121,710 | 651,149 | ||||||
EVgo, Inc. (a)(b) | 85,931 | 343,724 | ||||||
Foot Locker, Inc. (b) | 16,984 | 460,436 | ||||||
Lowe’s Cos., Inc. | 3,348 | 755,643 | ||||||
Penske Automotive Group, Inc. (b) | 4,720 | 786,493 | ||||||
Ross Stores, Inc. | 6,307 | 707,204 | ||||||
Tractor Supply Co. (b) | 2,848 | 629,693 | ||||||
Williams-Sonoma, Inc. (b) | 5,502 | 688,520 | ||||||
Total Specialty Retail | 5,413,238 | |||||||
Technology Hardware, Storage & Peripherals - 1.2% | ||||||||
Apple, Inc. | 4,059 | 787,323 | ||||||
HP, Inc. | 22,808 | 700,434 | ||||||
Xerox Holdings Corp. (b) | 43,468 | 647,239 | ||||||
Total Technology Hardware, Storage & Peripherals | 2,134,996 | |||||||
Textiles, Apparel & Luxury Goods - 1.4% | ||||||||
PVH Corp. | 7,508 | 637,955 | ||||||
Ralph Lauren Corp. (b) | 5,738 | 707,495 | ||||||
Tapestry, Inc. (b) | 15,528 | 664,598 | ||||||
VF Corp. | 29,219 | 557,791 | ||||||
Total Textiles, Apparel & Luxury Goods | 2,567,839 | |||||||
Trading Companies & Distributors - 1.3% | ||||||||
Herc Holdings, Inc. (b) | 5,877 | 804,268 | ||||||
MSC Industrial Direct Co., Inc. - Class A | 7,969 | 759,286 | ||||||
WESCO International, Inc. (b) | 4,332 | 775,688 | ||||||
Total Trading Companies & Distributors | 2,339,242 | |||||||
Water Utilities - 1.1% | ||||||||
American States Water Co. | 7,531 | 655,197 | ||||||
American Water Works Co., Inc. | 4,570 | 652,368 | ||||||
California Water Service Group (b) | 11,502 | 593,848 | ||||||
Total Water Utilities | 1,901,413 | |||||||
Wireless Telecommunication Services - 0.7% | ||||||||
Telephone and Data Systems, Inc. (b) | 63,692 | 524,185 | ||||||
T-Mobile US, Inc. (a) | 4,622 | 641,996 | ||||||
Total Wireless Telecommunication Services | 1,166,181 | |||||||
Total United States | 172,688,938 | |||||||
TOTAL COMMON STOCKS (Cost $171,447,124) | 177,562,125 | |||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 26.9% | ||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 5.22 (c) | 47,901,842 | 47,901,842 | ||||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL (Cost $47,901,842) | 47,901,842 | |||||||
SHORT-TERM INVESTMENTS - 0.3% | ||||||||
Money Market Funds - 0.3% | ||||||||
First American Government Obligations Fund - Class X, 5.01% (c) | 609,359 | 609,359 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $609,359) | 609,359 | |||||||
Total Investments (Cost $219,958,325) - 126.8% | 226,073,326 | |||||||
Liabilities in Excess of Other Assets - (26.8)% | (47,771,238 | ) | ||||||
TOTAL NET ASSETS - 100.0% | $ | 178,302,088 |
Percentages are stated as a percent of net assets. | ||||
PLC | Public Limited Company | |||
(a) | Non-income producing security. | |||
(b) | All or a portion of this security was out on loan at June 30, 2023. | |||
(c) | The rate shown is the annualized seven-day yield at period end. | |||
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”). | ||||
The accompanying notes are an integral part of these financial statements. |
ETF Managers Trust
The following is a summary of significant accounting policies consistently followed by ETFMG Prime Junior Silver Miners ETF (“SILJ”), ETFMG Prime 2x Daily Junior Silver Miners ETF (“SILX), ETFMG Prime Cyber Security ETF (“HACK”), ETFMG Prime Mobile Payments ETF (“IPAY”), ETFMG Sit Ultra Short ETF (“VALT”), ETFMG Travel Tech ETF (“AWAY”), ETFMG Treatments, Testing and Advancements ETF (“GERM”), ETFMG Alternative Harvest U.S. ETF (“MJUS”), ETFMG Alternative Harvest ETF (“MJ”), ETFMG 2x Daily Alternative Harvest ETF (“MJXL”), Wedbush ETFMG Video Game Tech ETF (“GAMR”), Wedbush ETFMG Global Cloud Technology ETF (“IVES”), BlueStar Israel Technology ETF (“ITEQ”), Etho Climate Leadership U.S. ETF (“ETHO”) and AI Powered Equity ETF (“AIEQ”)(each a “Fund,” or collectively the “Funds”). | ||
Security Valuation. Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on 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 pm Eastern Time 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. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. Securities for which quotations are not readily available are valued at their respective fair values as determined in good faith by the Board of Trustees (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 pricing procedures adopted by the Funds’ Board. The use of fair value pricing by a Fund may cause the net asset value of its shares to differ significantly from the net asset value that would be calculated without regard to such considerations. As of June 30, 2023, AIEQ, HACK, IPAY, GAMR, VALT, AWAY, GERM, MJUS, MJXL, SILX, IVES, ITEQ and ETHO did not hold any fair valued securities. As of June 30, 2023, SILJ held three fair valued securities and MJ held one fair valued security. 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 the Funds’ investments as of June 30, 2023: |
ETHO | ||||||||||||||||
Assets^ | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 177,562,125 | $ | - | $ | - | $ | 177,562,125 | ||||||||
Short-Term Investments | 609,359 | - | - | 609,359 | ||||||||||||
Investments Purchased with Securities Lending Collateral* | - | - | - | 47,901,842 | ||||||||||||
Total Investments in Securities | $ | 178,171,484 | $ | - | $ | - | $ | 226,073,326 |
(1) Includes a security valued at $0. | ||||||||
^ See Schedule of Investments for classifications by country and industry | ||||||||
* Certain investments that are measured at fair value used 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 presented in the Schedules of Investments. | ||||||||
** Investment was purchased with collateral. | ||||||||
*** Swap contracts are derivative instruments, which are presented at the unrealized appreciation/depreciation on the instrument. |