| | |
| BURNEY U.S. FACTOR ROTATION ETF |
| SCHEDULE OF INVESTMENTS |
| October 31, 2024 (Unaudited) |
| | | | | | | | | | | | | | |
| COMMON STOCKS - 98.8% |
| Shares |
| Value |
| Aerospace & Defense - 0.8% | | | |
|
| Howmet Aerospace, Inc. |
| 21,768 | |
| $ | 2,170,705 | |
|
|
|
|
|
| Apparel Retail - 0.8% | | | |
|
Burlington Stores, Inc. (a) |
| 5,327 | |
| 1,319,871 | |
| Ross Stores, Inc. |
| 5,134 | |
| 717,322 | |
|
|
|
| 2,037,193 | |
|
|
|
|
|
| Application Software - 5.1% | | | |
|
AppLovin Corp. - Class A (a) |
| 18,506 | |
| 3,134,731 | |
| Clear Secure, Inc. - Class A |
| 64,865 | |
| 2,385,735 | |
DocuSign, Inc. (a) |
| 19,032 | |
| 1,320,440 | |
Guidewire Software, Inc. (a) |
| 7,201 | |
| 1,341,258 | |
Jamf Holding Corp. (a) |
| 69,023 | |
| 1,148,543 | |
Palantir Technologies, Inc. - Class A (a) |
| 41,280 | |
| 1,715,597 | |
Vertex, Inc. - Class A (a) |
| 58,683 | |
| 2,435,931 | |
|
|
|
| 13,482,235 | |
|
|
|
|
|
| Asset Management & Custody Banks - 0.5% | | | |
|
| Bank of New York Mellon Corp. |
| 17,583 | |
| 1,325,055 | |
|
|
|
|
|
| Biotechnology - 5.1% | | | |
|
Alnylam Pharmaceuticals, Inc. (a) |
| 4,905 | |
| 1,307,624 | |
Exelixis, Inc. (a) |
| 212,466 | |
| 7,053,871 | |
Incyte Corp. (a) |
| 19,573 | |
| 1,450,751 | |
TG Therapeutics, Inc. (a) |
| 43,056 | |
| 1,078,983 | |
United Therapeutics Corp. (a) |
| 3,592 | |
| 1,343,300 | |
Vertex Pharmaceuticals, Inc. (a) |
| 2,859 | |
| 1,360,827 | |
|
|
|
| 13,595,356 | |
|
|
|
|
|
| Broadline Retail - 0.5% | | | |
|
| eBay, Inc. |
| 23,225 | |
| 1,335,670 | |
|
|
|
|
|
| Building Products - 4.3% | | | |
|
| Lennox International, Inc. |
| 2,202 | |
| 1,326,859 | |
| Trane Technologies PLC |
| 27,752 | |
| 10,272,680 | |
|
|
|
| 11,599,539 | |
|
|
|
|
|
| Communications Equipment - 1.6% | | | |
|
Arista Networks, Inc. (a) |
| 11,026 | |
| 4,260,887 | |
|
|
|
|
|
| | |
| BURNEY U.S. FACTOR ROTATION ETF |
| SCHEDULE OF INVESTMENTS (CONTINUED) |
| October 31, 2024 (Unaudited) |
| | | | | | | | | | | | | | |
| COMMON STOCKS - 98.8% (CONTINUED) |
| Shares |
| Value |
| Construction & Engineering - 1.1% | | | |
|
| EMCOR Group, Inc. |
| 6,308 | |
| $ | 2,813,810 | |
|
|
|
|
|
| Construction Machinery & Heavy Transportation Equipment - 4.5% | | | |
|
| Allison Transmission Holdings, Inc. |
| 13,581 | |
| 1,451,266 | |
| Westinghouse Air Brake Technologies Corp. |
| 56,479 | |
| 10,616,922 | |
|
|
|
| 12,068,188 | |
|
|
|
|
|
| Construction Materials - 0.5% | | | |
|
| Eagle Materials, Inc. |
| 4,635 | |
| 1,323,107 | |
|
|
|
|
|
| Consumer Finance - 1.0% | | | |
|
| PROG Holdings, Inc. |
| 29,606 | |
| 1,292,894 | |
| Synchrony Financial |
| 23,843 | |
| 1,314,703 | |
|
|
|
| 2,607,597 | |
|
|
|
|
|
| Data Processing & Outsourced Services - 1.8% | | | |
|
| Genpact Ltd. |
| 127,604 | |
| 4,870,645 | |
|
|
|
|
|
| Diversified Banks - 1.0% | | | |
|
| JPMorgan Chase & Co. |
| 5,949 | |
| 1,320,202 | |
| Wells Fargo & Co. |
| 20,387 | |
| 1,323,524 | |
|
|
|
| 2,643,726 | |
|
|
|
|
|
| Education Services - 0.3% | | | |
|
Grand Canyon Education, Inc. (a) |
| 5,058 | |
| 693,502 | |
|
|
|
|
|
| Electrical Components & Equipment - 0.6% | | | |
|
| Eaton Corp. PLC |
| 3,075 | |
| 1,019,608 | |
| nVent Electric PLC |
| 8,673 | |
| 646,746 | |
|
|
|
| 1,666,354 | |
|
|
|
|
|
| Electronic Components - 1.3% | | | |
|
| Amphenol Corp. - Class A |
| 52,183 | |
| 3,497,305 | |
|
|
|
|
|
| Financial Exchanges & Data - 3.5% | | | |
|
| Cboe Global Markets, Inc. |
| 7,169 | |
| 1,531,083 | |
Donnelley Financial Solutions, Inc. (a) |
| 10,944 | |
| 638,473 | |
| Moody's Corp. |
| 15,862 | |
| 7,201,983 | |
|
|
|
| 9,371,539 | |
|
|
|
|
|
| Food Retail - 0.7% | | | |
|
Sprouts Farmers Market, Inc. (a) |
| 14,956 | |
| 1,920,799 | |
|
|
|
|
|
| | |
| BURNEY U.S. FACTOR ROTATION ETF |
| SCHEDULE OF INVESTMENTS (CONTINUED) |
| October 31, 2024 (Unaudited) |
| | | | | | | | | | | | | | |
| COMMON STOCKS - 98.8% (CONTINUED) |
| Shares |
| Value |
| Gas Utilities - 1.2% | | | |
|
| UGI Corp. |
| 132,910 | |
| $ | 3,177,878 | |
|
|
|
|
|
| Health Care Distributors - 4.5% | | | |
|
| Cencora, Inc. |
| 53,087 | |
| 12,108,083 | |
|
|
|
|
|
| Health Care Technology - 0.8% | | | |
|
Doximity, Inc. - Class A (a) |
| 50,425 | |
| 2,104,740 | |
|
|
|
|
|
| Homebuilding - 5.7% | | | |
|
Green Brick Partners, Inc. (a) |
| 19,320 | |
| 1,333,273 | |
| PulteGroup, Inc. |
| 9,203 | |
| 1,192,065 | |
| Toll Brothers, Inc. |
| 80,470 | |
| 11,784,027 | |
Tri Pointe Homes, Inc. (a) |
| 24,977 | |
| 1,009,820 | |
|
|
|
| 15,319,185 | |
|
|
|
|
|
| Household Appliances - 0.4% | | | |
|
| SharkNinja, Inc. |
| 12,051 | |
| 1,111,223 | |
|
|
|
|
|
| Industrial Gases - 0.5% | | | |
|
| Linde PLC |
| 2,898 | |
| 1,321,923 | |
|
|
|
|
|
| Insurance Brokers - 0.4% | | | |
|
| Marsh & McLennan Cos., Inc. |
| 4,600 | |
| 1,003,904 | |
|
|
|
|
|
| Integrated Oil & Gas - 0.4% | | | |
|
| Imperial Oil Ltd. |
| 14,217 | |
| 1,058,882 | |
|
|
|
|
|
Interactive Home Entertainment - 0.8% | | | |
|
| Electronic Arts, Inc. |
| 13,886 | |
| 2,094,703 | |
|
|
|
|
|
| Interactive Media & Services - 8.3% | | | |
|
| Alphabet, Inc. - Class A |
| 46,345 | |
| 7,930,093 | |
| Meta Platforms, Inc. - Class A |
| 24,847 | |
| 14,102,660 | |
|
|
|
| 22,032,753 | |
|
|
|
|
|
| Investment Banking & Brokerage - 0.5% | | | |
|
| Morgan Stanley |
| 11,366 | |
| 1,321,298 | |
|
|
|
|
|
| Managed Health Care - 0.4% | | | |
|
Centene Corp. (a) |
| 16,310 | |
| 1,015,461 | |
|
|
|
|
|
| | |
| BURNEY U.S. FACTOR ROTATION ETF |
| SCHEDULE OF INVESTMENTS (CONTINUED) |
| October 31, 2024 (Unaudited) |
| | | | | | | | | | | | | | |
| COMMON STOCKS - 98.8% (CONTINUED) |
| Shares |
| Value |
| Movies & Entertainment - 1.8% | | | |
|
Netflix, Inc. (a) |
| 6,406 | |
| $ | 4,843,128 | |
|
|
|
|
|
| Oil & Gas Storage & Transportation - 1.0% | | | |
|
| Kinder Morgan, Inc. |
| 54,176 | |
| 1,327,854 | |
| Targa Resources Corp. |
| 8,461 | |
| 1,412,648 | |
|
|
|
| 2,740,502 | |
|
|
|
|
|
| Other Specialty Retail - 0.3% | | | |
|
| Tractor Supply Co. |
| 2,551 | |
| 677,316 | |
|
|
|
|
|
| Personal Care Products - 1.7% | | | |
|
BellRing Brands, Inc. (a) |
| 70,688 | |
| 4,653,391 | |
|
|
|
|
|
| Pharmaceuticals - 2.3% | | | |
|
Collegium Pharmaceutical, Inc. (a) |
| 123,459 | |
| 4,214,891 | |
Corcept Therapeutics, Inc. (a) |
| 36,758 | |
| 1,800,039 | |
|
|
|
| 6,014,930 | |
|
|
|
|
|
| Property & Casualty Insurance - 4.5% | | | |
|
| Allstate Corp. |
| 7,010 | |
| 1,307,505 | |
Arch Capital Group Ltd. (a) |
| 7,048 | |
| 694,651 | |
| Progressive Corp. |
| 41,361 | |
| 10,043,692 | |
|
|
|
| 12,045,848 | |
|
|
|
|
|
| Research & Consulting Services - 0.5% | | | |
|
CACI International, Inc. - Class A (a) |
| 2,672 | |
| 1,476,440 | |
|
|
|
|
|
| Restaurants - 5.5% | | | |
|
| Texas Roadhouse, Inc. |
| 70,867 | |
| 13,544,101 | |
| Wingstop, Inc. |
| 4,365 | |
| 1,255,767 | |
|
|
|
| 14,799,868 | |
|
|
|
|
|
| Semiconductor Materials & Equipment - 0.7% | | | |
|
| Applied Materials, Inc. |
| 6,521 | |
| 1,184,083 | |
| KLA Corp. |
| 933 |
| 621,593 | |
|
|
|
| 1,805,676 | |
|
|
|
|
|
| Semiconductors - 7.4% | | | |
|
| Broadcom, Inc. |
| 7,760 | |
| 1,317,415 | |
| Nvidia Corp. |
| 104,583 | |
| 13,884,439 | |
| Qualcomm, Inc. |
| 27,734 | |
| 4,514,263 | |
|
|
|
| 19,716,117 | |
|
|
|
|
|
| | |
| BURNEY U.S. FACTOR ROTATION ETF |
| SCHEDULE OF INVESTMENTS (CONTINUED) |
| October 31, 2024 (Unaudited) |
| | | | | | | | | | | | | | |
| COMMON STOCKS - 98.8% (CONTINUED) |
| Shares |
| Value |
| Systems Software - 8.4% | | | |
|
Fortinet, Inc. (a) |
| 177,325 | |
| $ | 13,948,384 | |
Palo Alto Networks, Inc. (a) |
| 23,441 | |
| 8,446,496 | |
|
|
|
| 22,394,880 | |
|
|
|
|
|
| Technology Hardware, Storage & Peripherals - 5.3% | | | |
|
| Apple, Inc. |
| 57,071 | |
| 12,892,910 | |
| NetApp, Inc. |
| 11,424 | |
| 1,317,301 | |
|
|
|
| 14,210,211 | |
|
|
|
|
|
| Trading Companies & Distributors - 0.5% | | | |
|
| AerCap Holdings NV |
| 14,238 | |
| 1,331,965 | |
TOTAL COMMON STOCKS (Cost $234,652,013) | | |
| 263,663,517 | |
|
|
|
|
|
| REAL ESTATE INVESTMENT TRUSTS - 1.0% |
| | | |
| Simon Property Group, Inc. |
| 8,597 | |
| 1,453,924 | |
| VICI Properties, Inc. |
| 41,176 | |
| 1,307,750 | |
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $2,414,280) | | |
| 2,761,674 | |
|
|
|
|
|
| SHORT-TERM INVESTMENTS - 0.2% | |
|
|
|
| Money Market Funds - 0.2% |
| |
| |
First American Government Obligations Fund - Class X, 4.78% (b) |
| 457,550 | |
| 457,550 | |
TOTAL SHORT-TERM INVESTMENTS (Cost $457,550) | | |
| 457,550 | |
|
|
|
|
|
TOTAL INVESTMENTS - 100.0% (Cost $237,523,843) | | |
| $ | 266,882,741 | |
Liabilities in Excess of Other Assets - (0.0%)(c) | | |
| (97,357) | |
| TOTAL NET ASSETS - 100.0% |
| |
| $ | 266,785,384 | |
Percentages are stated as a percent of net assets.
NV - Naamloze Vennootschap
PLC - Public Limited Company
| | | | | | | | |
| (a) |
| Non-income producing security. |
| (b) |
| The rate shown represents the 7-day annualized effective yield as of October 31, 2024. |
| (c) |
| Represents less than 0.05% of net assets. |
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, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services.
BURNEY U.S. FACTOR ROTATION ETF
Summary of Fair Value Disclosure as of October 31, 2024 (Unaudited)
Burney U.S. Factor Rotation ETF 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 October 31, 2024:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| DESCRIPTION | | LEVEL 1 | | LEVEL 2 | | LEVEL 3 | | TOTAL |
| Assets | | | | | | | | |
| Common Stocks | | $ | 263,663,517 | | | $ | — | | | $ | — | | | $ | 263,663,517 | |
| Real Estate Investment Trusts | | 2,761,674 | | | — | | | — | | | 2,761,674 | |
| Money Market Funds | | 457,550 | | | — | | | — | | | 457,550 | |
| Total Investments | | $ | 266,882,741 | | | $ | — | | | $ | — | | | $ | 266,882,741 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| Refer to the Schedule of Investments for additional information. |
During the fiscal period ended October 31, 2024, the Fund did not invest in any Level 3 investments and recognized no transfers to/from Level 3. Transfers between levels are recognized at the end of the reporting period.
