FPA GLOBAL EQUITY ETF | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) | |||||||
December 31, 2022 | |||||||
Shares | Fair Value | ||||||
COMMON STOCKS — 96.1% | |||||||
AEROSPACE & DEFENSE - 4.1% | |||||||
12,987 | Howmet Aerospace, Inc. | $ 511,818 | |||||
5,074 | Safran S.A. | 635,242 | |||||
1,147,060 | |||||||
APPAREL & TEXTILE PRODUCTS - 1.7% | |||||||
3,637 | Cie Financiere Richemont S.A. | 471,643 | |||||
ASSET MANAGEMENT - 3.0% | |||||||
10,668 | Groupe Bruxelles Lambert S.A. | 851,932 | |||||
BANKING - 6.2% | |||||||
19,318 | Citigroup, Inc. | 873,753 | |||||
21,427 | Wells Fargo & Company | 884,721 | |||||
1,758,474 | |||||||
BEVERAGES - 2.2% | |||||||
21,855 | JDE Peet's BV | 632,318 | |||||
CABLE & SATELLITE - 7.3% | |||||||
2,127 | Charter Communications, Inc., Class A(a) | 721,266 | |||||
38,330 | Comcast Corporation, Class A | 1,340,400 | |||||
2,061,666 | |||||||
CHEMICALS - 3.6% | |||||||
9,781 | International Flavors & Fragrances, Inc. | 1,025,440 | |||||
CONSTRUCTION MATERIALS - 6.8% | |||||||
5,482 | HeidelbergCement A.G. | 312,754 | |||||
31,096 | Holcim Ltd. | 1,610,310 | |||||
1,923,064 | |||||||
E-COMMERCE DISCRETIONARY - 2.8% | |||||||
15,876 | Alibaba Group Holding Ltd.(a) | 175,427 | |||||
7,275 | Amazon.com, Inc.(a) | 611,100 | |||||
786,527 | |||||||
ELECTRIC UTILITIES - 2.2% | |||||||
12,125 | FirstEnergy Corporation | 508,522 |
FPA GLOBAL EQUITY ETF | |||||||
SCHEDULE OF INVESTMENTS (Unaudited)(Continued) | |||||||
December 31, 2022 | |||||||
Shares | Fair Value | ||||||
COMMON STOCKS — 96.1% (Continued) | |||||||
ELECTRIC UTILITIES - 2.2% (Continued) | |||||||
7,183 | PG&E Corporation(a) | $ 116,796 | |||||
625,318 | |||||||
ELECTRICAL EQUIPMENT - 4.1% | |||||||
10,148 | TE Connectivity Ltd. | 1,164,990 | |||||
ENGINEERING & CONSTRUCTION - 1.2% | |||||||
3,760 | Samsung C&T Corporation | 338,908 | |||||
ENTERTAINMENT CONTENT - 2.2% | |||||||
5,013 | Activision Blizzard, Inc. | 383,745 | |||||
10,582 | Nexon Company Ltd. | 238,791 | |||||
622,536 | |||||||
HEALTH CARE FACILITIES & SERVICES - 0.9% | |||||||
1,265 | ICON PLC(a) | 245,726 | |||||
INDUSTRIAL SUPPORT SERVICES - 3.5% | |||||||
3,780 | Ferguson PLC | 479,947 | |||||
7,988 | LG Corporation | 495,436 | |||||
975,383 | |||||||
INSURANCE - 8.5% | |||||||
22,986 | American International Group, Inc. | 1,453,635 | |||||
3,143 | Aon PLC, Class A | 943,340 | |||||
2,396,975 | |||||||
INTERNET MEDIA & SERVICES - 13.9% | |||||||
13,021 | Alphabet, Inc., Class A(a) | 1,148,842 | |||||
9,842 | Alphabet, Inc., Class C(a) | 873,281 | |||||
2,985 | Delivery Hero S.E.(a) | 143,129 | |||||
5,084 | Meta Platforms, Inc., Class A(a) | 611,808 | |||||
3,071 | Naspers Ltd., Class N | 510,416 | |||||
1,291 | Netflix, Inc.(a) | 380,690 | |||||
9,445 | Uber Technologies, Inc.(a) | 233,575 | |||||
3,901,741 | |||||||
LEISURE FACILITIES & SERVICES - 1.9% | |||||||
8,348 | Entain PLC | 133,361 |
FPA GLOBAL EQUITY ETF | |||||||
SCHEDULE OF INVESTMENTS (Unaudited)(Continued) | |||||||
December 31, 2022 | |||||||
Shares | Fair Value | ||||||
COMMON STOCKS — 96.1% (Continued) | |||||||
LEISURE FACILITIES & SERVICES - 1.9% (Continued) | |||||||
2,720 | Marriott International, Inc., Class A | $ 404,981 | |||||
538,342 | |||||||
METALS & MINING - 3.2% | |||||||
134,180 | Glencore PLC | 896,026 | |||||
OIL & GAS PRODUCERS - 1.8% | |||||||
28,457 | Kinder Morgan, Inc. | 514,503 | |||||
REAL ESTATE OWNERS & DEVELOPERS - 0.7% | |||||||
21,093 | Swire Pacific Ltd., Class A | 185,648 | |||||
RETAIL - CONSUMER STAPLES - 0.4% | |||||||
5,217 | Just Eat Takeaway.com N.V.(a) | 110,328 | |||||
RETAIL - DISCRETIONARY - 1.8% | |||||||
8,229 | CarMax, Inc.(a) | 501,064 | |||||
SEMICONDUCTORS - 9.4% | |||||||
8,528 | Analog Devices, Inc. | 1,398,848 | |||||
1,462 | Broadcom, Inc. | 817,448 | |||||
2,805 | NXP Semiconductors N.V. | 443,274 | |||||
2,659,570 | |||||||
TECHNOLOGY HARDWARE - 1.0% | |||||||
6,448 | Nintendo Company Ltd. | 271,751 | |||||
TRANSPORTATION EQUIPMENT - 1.7% | |||||||
4,819 | Westinghouse Air Brake Technologies Corporation | 480,984 | |||||
TOTAL COMMON STOCKS (Cost $29,483,791) | 27,087,917 | ||||||
FPA GLOBAL EQUITY ETF | ||||||||
SCHEDULE OF INVESTMENTS (Unaudited)(Continued) | ||||||||
December 31, 2022 | ||||||||
Shares | Fair Value | |||||||
EXCHANGE-TRADED FUND — 3.3% | ||||||||
EQUITY - 3.3% | ||||||||
10,700 | Vanguard Total World Stock ETF (Cost $915,355) | $ 922,233 | ||||||
SHORT-TERM INVESTMENT — 0.5% | ||||||||
MONEY MARKET FUND - 0.5% | ||||||||
136,229 | State Street Institutional Treasury Money Market Fund, 3.65% (Cost $136,229)(b) | 136,229 | ||||||
TOTAL INVESTMENTS - 99.9% (Cost $30,535,375) | $ 28,146,379 | |||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1% | 19,390 | |||||||
NET ASSETS - 100.0% | $ 28,165,769 | |||||||
A.G. | - Aktiengesellschaft |
BV | - Beroepsvereniging |
ETF | - Exchange-Traded Fund |
Ltd. | - Limited Company |
N.V. | - Naamioze Vennootschap |
PLC | - Public Limited Company |
S.A. | - Société Anonyme |
S.E. | - Societas Europaea |
(a) | Non-income producing security. |
(b) | Rate disclosed is the seven day effective yield as of December 31, 2022. |