| | |
| MARKETDESK FOCUSED U.S. DIVIDEND ETF |
| SCHEDULE OF INVESTMENTS |
| October 31, 2024 (Unaudited) |
| | | | | | | | | | | | | | |
| COMMON STOCKS - 99.7% |
| Shares |
| Value |
| Advertising - 2.0% | | | |
|
| Interpublic Group of Cos., Inc. |
| 73,581 | |
| $ | 2,163,281 | |
|
|
|
|
|
| Agricultural & Farm Machinery - 2.0% | | | |
|
| Toro Co. |
| 27,314 | |
| 2,198,231 | |
|
|
|
|
|
| Agricultural Products & Services - 3.0% | | | |
|
| Archer-Daniels-Midland Co. |
| 39,633 | |
| 2,188,138 | |
| Bunge Global SA |
| 12,943 | |
| 1,087,471 | |
|
|
|
| 3,275,609 | |
|
|
|
|
|
| Air Freight & Logistics - 3.0% | | | |
|
| FedEx Corp. |
| 4,016 | |
| 1,099,782 | |
| United Parcel Service, Inc. - Class B |
| 16,542 | |
| 2,217,620 | |
|
|
|
| 3,317,402 | |
|
|
|
|
|
| Asset Management & Custody Banks - 2.0% | | | |
|
| T Rowe Price Group, Inc. |
| 19,765 | |
| 2,171,383 | |
|
|
|
|
|
| Broadcasting - 1.0% | | | |
|
| TEGNA, Inc. |
| 65,904 | |
| 1,082,803 | |
|
|
|
|
|
| Building Products - 2.0% | | | |
|
| A O Smith Corp. |
| 29,038 | |
| 2,180,754 | |
|
|
|
|
|
| Cable & Satellite - 2.1% | | | |
|
| Comcast Corp. - Class A |
| 52,277 | |
| 2,282,937 | |
|
|
|
|
|
| Commercial & Residential Mortgage Finance - 1.0% | | | |
|
| Essent Group Ltd. |
| 18,057 | |
| 1,083,601 | |
|
|
|
|
|
| Commodity Chemicals - 2.0% | | | |
|
| LyondellBasell Industries NV - Class A |
| 25,420 | |
| 2,207,727 | |
|
|
|
|
|
| Computer & Electronics Retail - 2.0% | | | |
|
| Best Buy Co., Inc. |
| 24,496 | |
| 2,215,173 | |
|
|
|
|
|
| Consumer Staples Merchandise Retail - 4.1% | | | |
|
| Dollar General Corp. |
| 27,825 | |
| 2,227,113 | |
| Target Corp. |
| 14,892 | |
| 2,234,396 | |
|
|
|
| 4,461,509 | |
|
|
|
|
|
| | |
| MARKETDESK FOCUSED U.S. DIVIDEND ETF |
| SCHEDULE OF INVESTMENTS (CONTINUED) |
| October 31, 2024 (Unaudited) |
| | | | | | | | | | | | | | |
| COMMON STOCKS - 99.7% (CONTINUED) |
| Shares |
| Value |
| Distillers & Vintners - 1.0% | | | |
|
| Brown-Forman Corp. - Class B |
| 24,180 | |
| $ | 1,064,645 | |
|
|
|
|
|
| Distributors - 3.0% | | | |
|
| Genuine Parts Co. |
| 19,002 | |
| 2,179,529 | |
| LKQ Corp. |
| 29,611 | |
| 1,089,389 | |
|
|
|
| 3,268,918 | |
|
|
|
|
|
| Diversified Financial Services - 2.0% | | | |
|
| Voya Financial, Inc. |
| 27,212 | |
| 2,185,124 | |
|
|
|
|
|
| Electrical Components & Equipment - 1.0% | | | |
|
| Rockwell Automation, Inc. |
| 4,121 | |
| 1,099,112 | |
|
|
|
|
|
| Fertilizers & Agricultural Chemicals - 2.0% | | | |
|
| CF Industries Holdings, Inc. |
| 13,632 | |
| 1,120,959 | |
| Mosaic Co. |
| 40,983 | |
| 1,096,705 | |
|
|
|
| 2,217,664 | |
|
|
|
|
|
| Food Distributors - 2.0% | | | |
|
| Sysco Corp. |
| 29,692 | |
| 2,225,415 | |
|
|
|
|
|
| Footwear - 2.0% | | | |
|
| NIKE, Inc. - Class B |
| 28,772 | |
| 2,219,184 | |
|
|
|
|
|
| Health Care Equipment - 2.0% | | | |
|
| Abbott Laboratories |
| 19,294 | |
| 2,187,361 | |
|
|
|
|
|
| Health Care Supplies - 1.0% | | | |
|
| Dentsply Sirona, Inc. |
| 46,982 | |
| 1,088,573 | |
|
|
|
|
|
| Home Improvement Retail - 1.0% | | | |
|
| Home Depot, Inc. |
| 2,799 | |
| 1,102,106 | |
|
|
|
|
|
| Household Products - 3.0% | | | |
|
| Kimberly-Clark Corp. |
| 16,460 | |
| 2,208,603 | |
| Procter & Gamble Co. |
| 6,638 | |
| 1,096,465 | |
|
|
|
| 3,305,068 | |
|
|
|
|
|
| Human Resource & Employment Services - 4.0% | | | |
|
| Automatic Data Processing, Inc. |
| 3,787 | |
| 1,095,352 | |
| Korn Ferry |
| 15,623 | |
| 1,103,765 | |
| | |
| MARKETDESK FOCUSED U.S. DIVIDEND ETF |
| SCHEDULE OF INVESTMENTS (CONTINUED) |
| October 31, 2024 (Unaudited) |
| | | | | | | | | | | | | | |
| COMMON STOCKS - 99.7% (CONTINUED) |
| Shares |
| Value |
| Human Resource & Employment Services - 4.0% (Continued) | | | | |
| Paychex, Inc. |
| 7,845 | |
| $ | 1,093,043 | |
| Robert Half, Inc. |
| 16,017 | |
| 1,090,918 | |
|
|
|
| 4,383,078 | |
|
|
|
|
|
| Independent Power Producers & Energy Traders - 1.0% | | | |
|
| AES Corp. |
| 66,818 | |
| 1,101,829 | |
|
|
|
|
|
| Industrial Conglomerates - 2.0% | | | |
|
| Honeywell International, Inc. |
| 10,843 | |
| 2,230,188 | |
|
|
|
|
|
| Industrial Machinery & Supplies & Components - 1.0% | | | |
|
| Illinois Tool Works, Inc. |
| 4,190 | |
| 1,094,135 | |
|
|
|
|
|
| Integrated Oil & Gas - 1.0% | | | |
|
| Chevron Corp. |
| 7,451 | |
| 1,108,858 | |
|
|
|
|
|
| Leisure Products - 1.9% | | | |
|
| Brunswick Corp. |
| 13,478 | |
| 1,074,736 | |
| Polaris, Inc. |
| 15,218 | |
| 1,063,890 | |
|
|
|
| 2,138,626 | |
|
|
|
|
|
| Movies & Entertainment - 1.0% | | | |
|
| Warner Music Group Corp. - Class A |
| 34,375 | |
| 1,098,625 | |
|
|
|
|
|
| Oil & Gas Exploration & Production - 5.0% | | | |
|
| Chord Energy Corp. |
| 8,760 | |
| 1,095,876 | |
| Civitas Resources, Inc. |
| 22,490 | |
| 1,097,287 | |
| Matador Resources Co. |
| 21,425 | |
| 1,116,457 | |
| Northern Oil & Gas, Inc. |
| 30,372 | |
| 1,100,985 | |
| Ovintiv, Inc. |
| 28,038 | |
| 1,099,089 | |
|
|
|
| 5,509,694 | |
|
|
|
|
|
| Other Specialty Retail - 2.0% | | | |
|
| Dick's Sporting Goods, Inc. |
| 10,936 | |
| 2,140,722 | |
|
|
|
|
|
| Packaged Foods & Meats - 10.0% | | | |
|
| General Mills, Inc. |
| 16,262 | |
| 1,106,141 | |
| Hershey Co. |
| 12,434 | |
| 2,208,030 | |
| Hormel Foods Corp. |
| 72,241 | |
| 2,206,963 | |
| J M Smucker Co. |
| 9,767 | |
| 1,108,652 | |
| | |
| MARKETDESK FOCUSED U.S. DIVIDEND ETF |
| SCHEDULE OF INVESTMENTS (CONTINUED) |
| October 31, 2024 (Unaudited) |
| | | | | | | | | | | | | | |
| COMMON STOCKS - 99.7% (CONTINUED) |
| Shares |
| Value |
| Packaged Foods & Meats - 10.0% (Continued) | | | | |
| Lamb Weston Holdings, Inc. |
| 28,492 | |
| $ | 2,213,543 | |
| Mondelez International, Inc. - Class A |
| 31,654 | |
| 2,167,666 | |
|
|
|
| 11,010,995 | |
|
|
|
|
|
| Paper & Plastic Packaging Products & Materials - 3.0% | | | |
|
| Sealed Air Corp. |
| 30,261 | |
| 1,094,843 | |
| Sonoco Products Co. |
| 42,295 | |
| 2,221,333 | |
|
|
|
| 3,316,176 | |
|
|
|
|
|
| Pharmaceuticals - 4.0% | | | |
|
| Johnson & Johnson |
| 13,763 | |
| 2,200,153 | |
| Merck & Co., Inc. |
| 21,261 | |
| 2,175,426 | |
|
|
|
| 4,375,579 | |
|
|
|
|
|
| Property & Casualty Insurance - 2.0% | | | |
|
| American Financial Group, Inc. |
| 16,973 | |
| 2,188,329 | |
|
|
|
|
|
| Rail Transportation - 2.0% | | | |
|
| Norfolk Southern Corp. |
| 4,365 | |
| 1,093,127 | |
| Union Pacific Corp. |
| 4,756 | |
| 1,103,725 | |
|
|
|
| 2,196,852 | |
|
|
|
|
|
| Reinsurance - 1.9% | | | |
|
| Everest Group Ltd. |
| 5,789 | |
| 2,058,626 | |
|
|
|
|
|
| Semiconductors - 5.8% | | | |
|
| Microchip Technology, Inc. |
| 28,880 | |
| 2,118,926 | |
| Qualcomm, Inc. |
| 6,538 | |
| 1,064,190 | |
| Skyworks Solutions, Inc. |
| 24,507 | |
| 2,146,323 | |
| Texas Instruments, Inc. |
| 5,286 | |
| 1,073,904 | |
|
|
|
| 6,403,343 | |
|
|
|
|
|
| Soft Drinks & Non-alcoholic Beverages - 2.0% | | | |
|
| PepsiCo, Inc. |
| 13,261 | |
| 2,202,387 | |
|
|
|
|
|
| Specialty Chemicals - 3.9% | | | |
|
| Ashland, Inc. |
| 25,348 | |
| 2,143,680 | |
| PPG Industries, Inc. |
| 17,515 | |
| 2,180,793 | |
|
|
|
| 4,324,473 | |
TOTAL COMMON STOCKS (Cost $112,341,998) | | |
| 109,486,095 | |
|
|
|
|
|
| | |
| MARKETDESK FOCUSED U.S. DIVIDEND ETF |
| SCHEDULE OF INVESTMENTS (CONTINUED) |
| October 31, 2024 (Unaudited) |
| | | | | | | | | | | | | | |
| SHORT-TERM INVESTMENTS - 0.3% | | Shares |
| Values |
| Money Market Funds - 0.3% |
| |
| |
First American Government Obligations Fund - Class X, 4.78% (a) |
| 358,347 | |
| $ | 358,347 | |
TOTAL SHORT-TERM INVESTMENTS (Cost $358,347) | | |
| 358,347 | |
|
|
|
|
|
TOTAL INVESTMENTS - 100.0% (Cost $112,700,345) | | |
| $ | 109,844,442 | |
Other Assets in Excess of Liabilities - 0.0% (b) | | |
| 40,172 | |
| TOTAL NET ASSETS - 100.0% |
| |
| $ | 109,884,614 | |
Percentages are stated as a percent of net assets.
| | |
| NV - Naamloze Vennootschap |
| SA - Sociedad Anónima |
| | | | | |
| (a) | The rate shown represents the 7-day annualized effective yield as of October 31, 2024. |
| (b) | 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.
MARKETDESK FOCUSED U.S. DIVIDEND ETF
Summary of Fair Value Disclosure as of October 31, 2024 (Unaudited)
MarketDesk Focused U.S. Dividend 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 | | $ | 109,486,095 | |
| $ | — | | | $ | — | |
| $ | 109,486,095 | |
Money Market Funds | | 358,347 |
| — | | | — | |
| 358,347 |
| Total Investments | | $ | 109,844,442 | |
| $ | — | | | $ | — | |
| $ | 109,844,442 | |
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.
