ClearShares OCIO ETF | |||||||
Schedule of Investments | |||||||
August 31, 2022 (Unaudited) | |||||||
Shares | Security Description | Value | |||||
EXCHANGE-TRADED FUNDS - 99.0% (a) | |||||||
Domestic Equity - 44.1% | |||||||
52,892 | iShares Cohen & Steers REIT ETF (b) | $ | 3,276,131 | ||||
10,878 | iShares Core S&P 500 ETF | 4,320,524 | |||||
5,144 | iShares Core S&P Mid-Cap ETF | 1,249,889 | |||||
12,872 | iShares Core S&P Small-Cap ETF (b) | 1,251,159 | |||||
78,690 | iShares MSCI USA Min Vol Factor ETF | 5,624,761 | |||||
80,759 | Schwab 1000 Index ETF | 3,094,685 | |||||
77,901 | Schwab U.S. Dividend Equity ETF (b) | 5,640,032 | |||||
101,462 | SPDR Portfolio S&P 1500 Composite Stock Market ETF | 4,947,287 | |||||
47,989 | SPDR Portfolio S&P 500 Value ETF (b) | 1,817,823 | |||||
3,246 | SPDR S&P 500 ETF Trust (b) | 1,282,754 | |||||
12,583 | Vanguard Growth ETF (b) | 3,011,867 | |||||
47,063 | Vanguard High Dividend Yield ETF (b) | 4,883,728 | |||||
11,154 | Vanguard S&P 500 ETF | 4,050,575 | |||||
23,186 | Vanguard Total Stock Market ETF (b) | 4,603,812 | |||||
44,283 | Vanguard Value ETF (b) | 5,971,120 | |||||
55,026,147 | |||||||
Fixed Income - 45.7% | |||||||
64,010 | ClearShares Ultra-Short Maturity ETF (b)(c) | 6,411,114 | |||||
34,800 | iShares 0-3 Month Treasury Bond ETF | 3,486,960 | |||||
77,378 | iShares 1-3 Year Treasury Bond ETF (b) | 6,367,436 | |||||
1 | iShares Core Total USD Bond Market ETF | 46 | |||||
125,106 | iShares Floating Rate Bond ETF | 6,299,087 | |||||
27,438 | iShares Intermediate Government/Credit Bond ETF (b) | 2,873,307 | |||||
58,227 | iShares Short Treasury Bond ETF (b) | 6,412,539 | |||||
125,638 | JPMorgan Ultra-Short Income ETF | 6,308,284 | |||||
19,446 | PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | 1,931,571 | |||||
2 | Schwab U.S. Aggregate Bond ETF | 95 | |||||
21,984 | Schwab U.S. TIPS ETF | 1,228,246 | |||||
70,183 | SPDR Bloomberg 1-3 Month T-Bill ETF (b) | 6,425,254 | |||||
37,551 | Vanguard Short-Term Bond ETF (b) | 2,864,766 | |||||
23,803 | Vanguard Short-Term Corporate Bond ETF | 1,810,218 | |||||
32,752 | Vanguard Short-Term Treasury ETF | 1,917,302 | |||||
36,818 | Vanguard Total Bond Market ETF | 2,746,623 | |||||
57,082,848 | |||||||
Global Equity - 9.2% | |||||||
58,756 | iShares Core MSCI EAFE ETF (b) | 3,424,887 | |||||
44,174 | iShares Core MSCI Total International Stock ETF (b) | 2,495,831 | |||||
94,300 | Vanguard FTSE Developed Markets ETF (b) | 3,815,378 | |||||
43,570 | Vanguard FTSE Emerging Markets ETF | 1,792,034 | |||||
11,528,130 | |||||||
TOTAL EXCHANGE-TRADED FUNDS (Cost $113,356,146) | 123,637,125 | ||||||
SHORT-TERM INVESTMENTS - 1.1% | |||||||
1,384,333 | First American Government Obligations Fund, Class X - 2.04% (d) | 1,384,333 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $1,384,333) | 1,384,333 | ||||||
Units | INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 31.4% | ||||||
39,279,883 | Mount Vernon Liquid Assets Portfolio, LLC - 2.47% (d)(e) | 39,279,883 | |||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $39,279,883) | 39,279,883 | ||||||
TOTAL INVESTMENTS - 131.5% (Cost $154,020,362) | 164,301,341 | ||||||
Liabilities in Excess of Other Assets - (31.5)% | (39,323,959 | ) | |||||
NET ASSETS - 100.0% | $ | 124,977,382 | |||||
Percentages are stated as a percent of net assets. | |||||||
(a) | The risks of investing in investment companies, such as the underlying ETFs, typically reflect the risks of the types of investments in which the investment companies invest. | ||||||
(b) | All or a portion of this security is out on loan as of August 31, 2022. Total value of securities on loan is $38,220,069 or 30.58% of net assets. | ||||||
(c) | Affiliated exchange-traded fund. | ||||||
(d) | The rate shown is the annualized seven-day yield as of August 31, 2022. | ||||||
(e) | Privately offered liquidity fund. |
Summary of Fair Value Disclosure at August 31, 2022 (Unaudited) | |||||||
The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuations methods. The three levels of inputs are: | |||||||
Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has 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 Fund’s 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 Fund’s investments as of August 31, 2022: |
ClearShares OCIO ETF | ||||||||||||||||
Assets^ | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Exchange-Traded Funds | $ | 123,637,125 | $ | - | $ | - | $ | 123,637,125 | ||||||||
Short-Term Investments | 1,384,333 | - | - | 1,384,333 | ||||||||||||
Investments Purchased with Proceeds From Securities Lending | - | 39,279,883 | - | 39,279,883 | ||||||||||||
Total Investments in Securities | $ | 125,021,458 | $ | 39,279,883 | $ | - | $ | 164,301,341 | ||||||||
^ See Schedule of Investments for further disaggregation of investment categories. | ||||||||||||||||
For the period ended August 31, 2022, there were no transfers into or out of Level 3 for the Fund. | ||||||||||||||||
Transactions with Affiliated Securities (Unaudited) | ||||||||||||||||
Investments in ClearShares Ultra-Short Maturity ETF | ||||||||||||||||
Value at May 31, 2022 | $ | 6,259,941 | ||||||||||||||
Purchases at Cost | 147,165 | |||||||||||||||
Proceeds from Sales | - | |||||||||||||||
Net Realized Gain (Loss) | - | |||||||||||||||
Change in Unrealized Appreciation (Depreciation) | 4,008 | |||||||||||||||
Value at August 31, 2022 | $ | 6,411,114 | ||||||||||||||
Shares held at August 31, 2022 | 64,010 | |||||||||||||||
Dividend Income | $ | 23,684 |