| NETLease Corporate Real Estate ETF | |
| Schedule of Investments | |
| November 30, 2024 (Unaudited) | |
| | |
| REAL ESTATE INVESTMENT TRUSTS - 99.4% | | Shares | | | Value | |
| Finance and Insurance - 3.6% | | | | |
| Innovative Industrial Properties, Inc. | | | 16,837 | | | $ | 1,835,570 | |
| | | | | | | | | |
Real Estate and Rental and Leasing - 95.8%(a) | | | | | |
| Agree Realty Corporation | | | 28,662 | | | | 2,201,241 | |
| Alpine Income Property Trust, Inc. | | | 48,000 | | | | 858,720 | |
| Broadstone Net Lease, Inc. | | | 114,346 | | | | 2,002,198 | |
| EPR Properties | | | 44,082 | | | | 2,000,000 | |
| Essential Properties Realty Trust, Inc. | | | 65,576 | | | | 2,236,142 | |
| Four Corners Property Trust, Inc. | | | 64,585 | | | | 1,918,820 | |
| Gaming and Leisure Properties, Inc. | | | 35,198 | | | | 1,816,569 | |
| Getty Realty Corporation | | | 65,845 | | | | 2,164,984 | |
| Gladstone Commercial Corporation | | | 136,856 | | | | 2,410,034 | |
| Global Net Lease, Inc. | | | 242,754 | | | | 1,798,807 | |
| LXP Industrial Trust | | | 201,982 | | | | 1,888,532 | |
| NETSTREIT Corporation | | | 125,376 | | | | 2,032,345 | |
| NNN REIT, Inc. | | | 89,063 | | | | 3,916,991 | |
| One Liberty Properties, Inc. | | | 73,395 | | | | 2,206,988 | |
| Postal Realty Trust, Inc. - Class A | | | 126,361 | | | | 1,790,535 | |
| Realty Income Corporation | | | 67,382 | | | | 3,900,744 | |
| Safehold, Inc. | | | 83,502 | | | | 1,783,603 | |
| STAG Industrial, Inc. | | | 103,132 | | | | 3,794,226 | |
| VICI Properties, Inc. | | | 125,002 | | | | 4,076,315 | |
| WP Carey, Inc. | | | 69,728 | | | | 3,978,680 | |
| | | | | | | | 48,776,474 | |
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $56,056,016) | | | | 50,612,044 | |
| | | | | | | | | |
| SHORT-TERM INVESTMENTS - 0.6% | | | | | | Value | |
| Money Market Funds - 0.6% | | Shares | | | | | |
First American Government Obligations Fund - Class X, 4.56% (b) | | | 290,460 | | | | 290,460 | |
TOTAL SHORT-TERM INVESTMENTS (Cost $290,460) | | | | 290,460 | |
| | | | | | | | | |
TOTAL INVESTMENTS - 100.0% (Cost $56,346,476) | | | | 50,902,504 | |
Other Assets in Excess of Liabilities - 0.0% (c) | | | | 9,387 | |
| TOTAL NET ASSETS - 100.0% | | | | | | $ | 50,911,891 | |
| two | | | | – | % |
| Percentages are stated as a percent of net assets. | | | | – | % |
| (a) | To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors. |
| (b) | The rate shown represents the 7-day annualized effective yield as of November 30, 2024. |
| (c) | Represents less than 0.05% of net assets. |
| | |
Summary of Fair Value Disclosure as of November 30, 2024 (Unaudited)
The Fund has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
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 following is a summary of the fair valuation hierarchy of the Fund’s securities as of November 30, 2024:
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Investments: | | | | | | | | | | | | |
| Common Stocks | | $ | 50,612,044 | | | $ | – | | | $ | – | | | $ | 50,612,044 | |
| Money Market Funds | | | 290,460 | | | | – | | | | – | | | | 290,460 | |
| Total Investments | | $ | 50,902,504 | | | $ | – | | | $ | – | | | $ | 50,902,504 | |
| | |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | |
During the period ended November 30, 2024, the Fund did not recognize any transfers to or from Level 3.
