A
INSPIRE SMALL/MID CAP ETF | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) | |||||||
August 31, 2023 | |||||||
Shares | Fair Value | ||||||
COMMON STOCKS — 99.7% | |||||||
ADVERTISING & MARKETING - 0.2% | |||||||
38,350 | QuinStreet, Inc.(a) | $ 379,665 | |||||
AEROSPACE & DEFENSE - 0.5% | |||||||
5,812 | AAR Corporation(a) | 358,019 | |||||
4,421 | Hexcel Corporation | 324,059 | |||||
11,527 | Spirit AeroSystems Holdings, Inc., Class A | 245,756 | |||||
927,834 | |||||||
APPAREL & TEXTILE PRODUCTS - 0.8% | |||||||
73,817 | Hanesbrands, Inc. | 387,538 | |||||
7,978 | Kontoor Brands, Inc. | 365,313 | |||||
3,426 | Oxford Industries, Inc. | 345,992 | |||||
6,389 | Skechers USA, Inc., Class A(a) | 321,431 | |||||
1,420,274 | |||||||
ASSET MANAGEMENT - 0.7% | |||||||
7,312 | B Riley Financial, Inc. | 374,411 | |||||
5,807 | Cohen & Steers, Inc. | 378,501 | |||||
5,624 | Stifel Financial Corporation | 365,672 | |||||
1,118,584 | |||||||
AUTOMOTIVE - 1.9% | |||||||
19,831 | Dana, Inc. | 319,477 | |||||
4,266 | Dorman Products, Inc.(a) | 351,988 | |||||
11,480 | Gentex Corporation | 374,937 | |||||
5,941 | Gentherm, Inc.(a) | 357,708 | |||||
24,689 | Goodyear Tire & Rubber Company (The)(a) | 318,735 | |||||
2,335 | Lear Corporation | 336,450 | |||||
10,249 | Modine Manufacturing Company(a) | 487,750 | |||||
8,971 | Standard Motor Products, Inc. | 332,196 | |||||
2,341 | Visteon Corporation(a) | 326,031 | |||||
3,205,272 | |||||||
BANKING - 10.9% | |||||||
9,861 | Ameris Bancorp | 401,836 | |||||
3,660 | BancFirst Corporation | 349,823 | |||||
15,720 | BankUnited, Inc. | 412,649 | |||||
38,398 | Brookline Bancorp, Inc. | 367,469 |
INSPIRE SMALL/MID CAP ETF | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
August 31, 2023 | |||||||
Shares | Fair Value | ||||||
COMMON STOCKS — 99.7% (Continued) | |||||||
BANKING – 10.9% (Continued) | |||||||
18,648 | Byline Bancorp, Inc. | $ 394,965 | |||||
3,730 | City Holding Company | 340,773 | |||||
6,895 | Commerce Bancshares, Inc. | 338,476 | |||||
7,146 | Community Bank System, Inc. | 339,792 | |||||
11,116 | Customers Bancorp, Inc.(a) | 390,616 | |||||
16,262 | Eagle Bancorp, Inc. | 391,264 | |||||
6,366 | East West Bancorp, Inc. | 352,294 | |||||
11,999 | FB Financial Corporation | 364,530 | |||||
16,944 | First Busey Corporation | 342,269 | |||||
26,536 | First Commonwealth Financial Corporation | 346,826 | |||||
16,386 | First Financial Bancorp | 340,501 | |||||
11,736 | First Financial Bankshares, Inc. | 337,058 | |||||
29,806 | First Horizon Corporation | 374,065 | |||||
14,313 | First Interstate BancSystem, Inc., Class A | 370,850 | |||||
29,330 | FNB Corporation | 341,108 | |||||
28,157 | Fulton Financial Corporation | 375,333 | |||||
10,904 | Glacier Bancorp, Inc. | �� | 329,410 | ||||
10,738 | Hilltop Holdings, Inc. | 326,328 | |||||
14,726 | Home BancShares, Inc. | 326,623 | |||||
40,553 | Hope Bancorp, Inc. | 392,148 | |||||
10,028 | Independent Bank Group, Inc. | 423,181 | |||||
7,614 | International Bancshares Corporation | 340,955 | |||||
25,075 | Lakeland Bancorp, Inc. | 338,763 | |||||
10,546 | NBT Bancorp, Inc. | 362,993 | |||||
30,257 | New York Community Bancorp, Inc. | 371,556 | |||||
32,284 | Northwest Bancshares, Inc. | 355,124 | |||||
5,946 | Prosperity Bancshares, Inc. | 337,792 | |||||
12,802 | Renasant Corporation | 356,536 | |||||
12,360 | S&T Bancorp, Inc. | 350,159 | |||||
14,792 | Sandy Spring Bancorp, Inc. | 328,974 | |||||
15,238 | Seacoast Banking Corp of Florida | 359,769 | |||||
8,167 | ServisFirst Bancshares, Inc. | 457,678 | |||||
12,849 | Southside Bancshares, Inc. | 386,755 | |||||
11,082 | Synovus Financial Corporation | 343,099 |
INSPIRE SMALL/MID CAP ETF | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
August 31, 2023 | |||||||
Shares | Fair Value | ||||||
COMMON STOCKS — 99.7% (Continued) | |||||||
BANKING – 10.9% (Continued) | |||||||
6,516 | Texas Capital Bancshares, Inc.(a) | $ 406,859 | |||||
26,776 | TFS Financial Corporation | 364,421 | |||||
14,423 | Towne Bank | 340,383 | |||||
5,550 | UMB Financial Corporation | 350,816 | |||||
11,333 | United Bankshares, Inc. | 340,897 | |||||
13,439 | United Community Banks, Inc. | 362,853 | |||||
43,270 | Valley National Bancorp | 397,219 | |||||
8,891 | Webster Financial Corporation | 377,067 | |||||
13,061 | WesBanco, Inc. | 331,227 | |||||
8,872 | Westamerica BanCorporation | 390,634 | |||||
9,218 | Western Alliance Bancorp | 460,991 | |||||
4,622 | Wintrust Financial Corporation | 358,713 | |||||
12,384 | Zions Bancorp NA | 439,631 | |||||
18,682,051 | |||||||
BEVERAGES - 0.2% | |||||||
527 | Coca-Cola Consolidated, Inc. | 368,320 | |||||
BIOTECH & PHARMA - 4.4% | |||||||
11,808 | Agios Pharmaceuticals, Inc.(a) | 323,893 | |||||
26,885 | Amicus Therapeutics, Inc.(a) | 344,666 | |||||
16,423 | Arcus Biosciences, Inc.(a) | 336,672 | |||||
47,768 | BioCryst Pharmaceuticals, Inc.(a) | 339,630 | |||||
13,864 | Biohaven Ltd.(a) | 253,573 | |||||
79,137 | Coherus Biosciences, Inc.(a) | 421,800 | |||||
10,297 | Cytokinetics, Inc.(a) | 359,777 | |||||
23,793 | Deciphera Pharmaceuticals, Inc.(a) | 334,054 | |||||
45,616 | Emergent BioSolutions, Inc.(a) | 213,939 | |||||
15,793 | Enanta Pharmaceuticals, Inc.(a) | 234,526 | |||||
17,604 | Exelixis, Inc.(a) | 394,154 | |||||
9,282 | Halozyme Therapeutics, Inc.(a) | 395,042 | |||||
5,364 | Intra-Cellular Therapies, Inc.(a) | 297,809 | |||||
31,482 | Ironwood Pharmaceuticals, Inc.(a) | 277,042 | |||||
9,308 | Mirati Therapeutics, Inc.(a) | 346,258 | |||||
571,061 | Nektar Therapeutics(a) | 339,781 |
INSPIRE SMALL/MID CAP ETF | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
August 31, 2023 | |||||||
Shares | Fair Value | ||||||
COMMON STOCKS — 99.7% (Continued) | |||||||
BIOTECH & PHARMA - 4.4% (Continued) | |||||||
3,575 | Neurocrine Biosciences, Inc.(a) | $ 389,282 | |||||
8,407 | Pacira BioSciences, Inc.(a) | 296,767 | |||||
5,640 | Prestige Consumer Healthcare, Inc.(a) | 328,981 | |||||
13,330 | Revance Therapeutics, Inc.(a) | 235,008 | |||||
7,178 | Sage Therapeutics, Inc.(a) | 143,560 | |||||
2,952 | Sarepta Therapeutics, Inc.(a) | 357,222 | |||||
16,074 | Syndax Pharmaceuticals, Inc.(a) | 297,530 | |||||
20,661 | Viking Therapeutics, Inc.(a) | 285,328 | |||||
7,546,294 | |||||||
BUSINESS DEVELOPMENT COMPANIES - 0.6% | |||||||
22,644 | Hercules Capital, Inc.(b) | 372,493 | |||||
27,057 | New Mountain Finance Corporation | 345,518 | |||||
23,655 | Solar Capital Ltd. | 359,793 | |||||
1,077,804 | |||||||
CABLE & SATELLITE - 0.2% | |||||||
513 | Cable One, Inc. | 333,742 | |||||
CHEMICALS - 3.4% | |||||||
9,611 | AdvanSix, Inc. | 317,932 | |||||
2,505 | Balchem Corporation | 351,953 | |||||
5,015 | Cabot Corporation | 363,386 | |||||
9,082 | Chemours Company (The) | 308,970 | |||||
120,221 | Codexis, Inc.(a) | 209,185 | |||||
4,710 | HB Fuller Company | 341,616 | |||||
5,750 | Ingevity Corporation(a) | 309,868 | |||||
3,324 | Innospec, Inc. | 357,064 | |||||
2,940 | Materion Corporation | 319,843 | |||||
5,849 | Minerals Technologies, Inc. | 357,374 | |||||
834 | NewMarket Corporation | 391,679 | |||||
1,720 | Quaker Houghton | 305,266 | |||||
2,066 | Rogers Corporation(a) | 298,558 | |||||
3,743 | RPM International, Inc. | 373,326 | |||||
4,726 | Sensient Technologies Corporation | 291,169 | |||||
26,536 | Trinseo plc | 279,424 |
INSPIRE SMALL/MID CAP ETF | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
August 31, 2023 | |||||||
Shares | Fair Value | ||||||
COMMON STOCKS — 99.7% (Continued) | |||||||
CHEMICALS - 3.4% (Continued) | |||||||
8,980 | Valvoline, Inc. | $ 309,271 | |||||
1,775 | WD-40 Company | 381,393 | |||||
5,867,277 | |||||||
COMMERCIAL SUPPORT SERVICES - 2.4% | |||||||
7,886 | ABM Industries, Inc. | 358,182 | |||||
7,048 | Brady Corporation, Class A | 355,501 | |||||
4,940 | Brink's Company (The) | 374,501 | |||||
6,329 | CBIZ, Inc.(a) | 355,120 | |||||
1,722 | CorVel Corporation(a) | 372,727 | |||||
33,909 | Enviri Corporation (a) | 252,622 | |||||
11,549 | Forrester Research, Inc.(a) | 353,746 | |||||
2,828 | Insperity, Inc. | 286,561 | |||||
6,759 | Korn Ferry | 344,574 | |||||
18,900 | TrueBlue, Inc.(a) | 285,957 | |||||
2,171 | UniFirst Corporation | 382,379 | |||||
12,465 | Viad Corporation(a) | 353,881 | |||||
4,075,751 | |||||||
CONSTRUCTION MATERIALS - 1.0% | |||||||
1,297 | Carlisle Companies, Inc. | 341,137 | |||||
1,811 | Eagle Materials, Inc. | 342,859 | |||||
16,088 | MDU Resources Group, Inc. | 327,552 | |||||
2,423 | Simpson Manufacturing Company, Inc. | 387,098 | |||||
8,920 | Summit Materials, Inc., Class A(a) | 333,697 | |||||
1,732,343 | |||||||
CONSUMER SERVICES - 1.0% | |||||||
3,255 | Grand Canyon Education, Inc.(a) | 381,648 | |||||
7,922 | Matthews International Corporation, Class A | 334,150 | |||||
3,658 | Medifast, Inc. | 308,516 | |||||
5,201 | Service Corp International | 328,235 | |||||
10,803 | Upbound Group, Inc. | 330,788 | |||||
1,683,337 | |||||||
CONTAINERS & PACKAGING - 0.6% | |||||||
2,905 | AptarGroup, Inc. | 385,087 | |||||
7,174 | Silgan Holdings, Inc. | 323,763 |
INSPIRE SMALL/MID CAP ETF | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
August 31, 2023 | |||||||
Shares | Fair Value | ||||||
COMMON STOCKS — 99.7% (Continued) | |||||||
CONTAINERS & PACKAGING - 0.6% (Continued) | |||||||
1,740 | UFP Technologies, Inc.(a) | $ 305,735 | |||||
1,014,585 | |||||||
ELECTRIC UTILITIES - 1.4% | |||||||
5,809 | ALLETE, Inc. | 318,914 | |||||
5,591 | Black Hills Corporation | 307,505 | |||||
9,304 | Hawaiian Electric Industries, Inc. | 130,442 | |||||
3,279 | IDACORP, Inc. | 314,259 | |||||
4,259 | MGE Energy, Inc. | 308,479 | |||||
9,381 | OGE Energy Corporation | 319,423 | |||||
4,179 | Ormat Technologies, Inc. | 317,353 | |||||
7,458 | PNM Resources, Inc. | 330,465 | |||||
2,346,840 | |||||||
ELECTRICAL EQUIPMENT - 2.6% | |||||||
5,347 | AAON, Inc. | 337,182 | |||||
3,006 | Advanced Energy Industries, Inc. | 354,918 | |||||
6,529 | Alarm.com Holdings, Inc.(a) | 382,404 | |||||
2,155 | Atkore International Group, Inc.(a) | 331,805 | |||||
2,276 | Badger Meter, Inc. | 377,998 | |||||
3,504 | Belden, Inc. | 329,026 | |||||
5,984 | Cognex Corporation | 281,727 | |||||
20,803 | FARO Technologies, Inc.(a) | 329,936 | |||||
4,667 | Itron, Inc.(a) | 319,269 | |||||
5,862 | National Instruments Corporation | 349,375 | |||||
2,849 | OSI Systems, Inc.(a) | 388,461 | |||||
11,471 | SMART Global Holdings, Inc.(a) | 296,296 | |||||
1,829 | Watts Water Technologies, Inc., Class A | 345,260 | |||||
4,423,657 | |||||||
ENGINEERING & CONSTRUCTION - 1.6% | |||||||
2,043 | Comfort Systems USA, Inc. | 377,077 | |||||
1,820 | EMCOR Group, Inc. | 408,134 | |||||
3,598 | Exponent, Inc. | 323,316 | |||||
2,397 | Installed Building Products, Inc. | 346,918 | |||||
5,165 | KBR, Inc. | 317,751 | |||||
2,863 | MasTec, Inc.(a) | 284,840 |
INSPIRE SMALL/MID CAP ETF | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
August 31, 2023 | |||||||
Shares | Fair Value | ||||||
COMMON STOCKS — 99.7% (Continued) | |||||||
ENGINEERING & CONSTRUCTION - 1.6% (Continued) | |||||||
2,051 | Tetra Tech, Inc. | $ 322,725 | |||||
1,269 | TopBuild Corporation(a) | 368,112 | |||||
2,748,873 | |||||||
FOOD - 2.5% | |||||||
7,618 | Cal-Maine Foods, Inc. | 364,064 | |||||
5,284 | Darling Ingredients, Inc.(a) | 326,340 | |||||
13,524 | Flowers Foods, Inc. | 318,625 | |||||
13,108 | Fresh Del Monte Produce, Inc. | 334,909 | |||||
26,704 | Hain Celestial Group, Inc. (The)(a) | 282,795 | |||||
25,676 | Herbalife Ltd.(a) | 385,653 | |||||
3,172 | Ingredion, Inc. | 326,431 | |||||
2,120 | J & J Snack Foods Corporation | 343,716 | |||||
2,854 | John B Sanfilippo & Son, Inc. | 286,399 | |||||
2,941 | Lamb Weston Holdings, Inc. | 286,483 | |||||
1,677 | Lancaster Colony Corporation | 277,024 | |||||
24,630 | Phibro Animal Health Corporation, Class A | 343,589 | |||||
3,894 | Post Holdings, Inc.(a) | 349,331 | |||||
4,225,359 | |||||||
FORESTRY, PAPER & WOOD PRODUCTS - 0.4% | |||||||
4,501 | Louisiana-Pacific Corporation | 281,222 | |||||
5,102 | Trex Company, Inc.(a) | 364,130 | |||||
645,352 | |||||||
GAS & WATER UTILITIES - 1.5% | |||||||
3,891 | American States Water Company | 327,661 | |||||
2,898 | Atmos Energy Corporation | 336,023 | |||||
2,840 | Chesapeake Utilities Corporation | 312,684 | |||||
6,534 | National Fuel Gas Company | 351,138 | |||||
7,125 | New Jersey Resources Corporation | 300,461 | |||||
4,383 | ONE Gas, Inc. | 317,636 | |||||
5,291 | Southwest Gas Holdings, Inc. | 327,672 | |||||
5,320 | Spire, Inc. | 310,741 | |||||
2,584,016 | |||||||
HEALTH CARE FACILITIES & SERVICES - 2.6% | |||||||
4,227 | Acadia Healthcare Company, Inc.(a) | 325,902 |
INSPIRE SMALL/MID CAP ETF | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
August 31, 2023 | |||||||
Shares | Fair Value | ||||||
COMMON STOCKS — 99.7% (Continued) | |||||||
HEALTH CARE FACILITIES & SERVICES - 2.6% (Continued) | |||||||
3,638 | Addus HomeCare Corporation(a) | $ 319,053 | |||||
3,687 | Amedisys, Inc.(a) | 345,656 | |||||
622 | Chemed Corporation | 318,116 | |||||
76,632 | Community Health Systems, Inc.(a) | 259,016 | |||||
3,534 | Ensign Group, Inc. (The) | 354,177 | |||||
5,341 | HealthEquity, Inc.(a) | 360,784 | |||||
1,399 | Medpace Holdings, Inc.(a) | 378,107 | |||||
5,443 | National HealthCare Corporation | 358,966 | |||||
17,707 | Owens & Minor, Inc.(a) | 299,248 | |||||
12,118 | Premier, Inc., Class A | 260,901 | |||||
10,528 | Select Medical Holdings Corporation | 307,523 | |||||
7,453 | Surgery Partners, Inc.(a) | 270,246 | |||||
4,116 | Tenet Healthcare Corporation(a) | 319,237 | |||||
4,476,932 | |||||||
HEALTH CARE REIT - 1.0% | |||||||
17,113 | CareTrust REIT, Inc. | 344,827 | |||||
36,616 | Medical Properties Trust, Inc.(b) | 264,368 | |||||
11,202 | Omega Healthcare Investors, Inc. | 356,448 | |||||
24,329 | Physicians Realty Trust | 338,416 | |||||
28,910 | Sabra Health Care REIT, Inc. | 362,242 | |||||
1,666,301 | |||||||
HOME & OFFICE PRODUCTS - 1.3% | |||||||
11,968 | HNI Corporation | 392,072 | |||||
38,569 | Newell Brands, Inc. | 408,060 | |||||
8,361 | Tempur Sealy International, Inc. | 390,626 | |||||
420,982 | Tupperware Brands Corporation(a),(b) | 1,048,245 | |||||
2,239,003 | |||||||
HOME CONSTRUCTION - 3.4% | |||||||
4,383 | American Woodmark Corporation(a) | 340,428 | |||||
4,569 | Armstrong World Industries, Inc. | 349,940 | |||||
4,687 | Fortune Brands Innovations, Inc. | 323,497 | |||||
5,897 | Green Brick Partners, Inc.(a) | 291,666 | |||||
8,320 | Griffon Corporation | 348,358 | |||||
38,303 | Interface, Inc. | 395,669 |
INSPIRE SMALL/MID CAP ETF | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
August 31, 2023 | |||||||
Shares | Fair Value | ||||||
COMMON STOCKS — 99.7% (Continued) | |||||||
HOME CONSTRUCTION - 3.4% (Continued) | |||||||
6,517 | KB Home | $ 331,064 | |||||
2,505 | LGI Homes, Inc.(a) | 308,366 | |||||
3,860 | M/I Homes, Inc.(a) | 378,974 | |||||
3,266 | Masonite International Corporation(a) | 335,451 | |||||
28,978 | Masterbrand, Inc.(a) | 371,207 | |||||
2,373 | Meritage Homes Corporation | 329,942 | |||||
4,218 | Patrick Industries, Inc. | 352,793 | |||||
11,520 | PGT Innovations, Inc.(a) | 324,749 | |||||
6,909 | Taylor Morrison Home Corporation(a) | 327,487 | |||||
4,263 | Toll Brothers, Inc. | 349,268 | |||||
10,256 | Tri Pointe Homes, Inc.(a) | 318,962 | |||||
5,777,821 | |||||||
HOTEL REIT - 0.8% | |||||||
42,367 | DiamondRock Hospitality Company | 341,478 | |||||
33,027 | RLJ Lodging Trust | 329,940 | |||||
3,650 | Ryman Hospitality Properties, Inc. | 310,360 | |||||
27,578 | Xenia Hotels & Resorts, Inc. | 325,420 | |||||
1,307,198 | |||||||
HOUSEHOLD PRODUCTS - 0.8% | |||||||
8,149 | Edgewell Personal Care Company | 314,225 | |||||
3,098 | Helen of Troy Ltd.(a) | 380,806 | |||||
2,507 | Inter Parfums, Inc. | 350,303 | |||||
10,140 | Nu Skin Enterprises, Inc., Class A | 242,245 | |||||
1,287,579 | |||||||
INDUSTRIAL INTERMEDIATE PRODUCTS - 0.7% | |||||||
2,091 | Chart Industries, Inc.(a) | 377,592 | |||||
9,601 | Proto Labs, Inc.(a) | 283,230 | |||||
3,660 | Timken Company (The) | 279,697 | |||||
1,160 | Valmont Industries, Inc. | 294,060 | |||||
1,234,579 | |||||||
INDUSTRIAL REIT - 0.6% | |||||||
1,966 | EastGroup Properties, Inc. | 353,153 | |||||
6,486 | First Industrial Realty Trust, Inc. | 336,883 |
INSPIRE SMALL/MID CAP ETF | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
August 31, 2023 | |||||||
Shares | Fair Value | ||||||
COMMON STOCKS — 99.7% (Continued) | |||||||
INDUSTRIAL REIT - 0.6% (Continued) | |||||||
6,540 | Rexford Industrial Realty, Inc. | $ 349,694 | |||||
1,039,730 | |||||||
INDUSTRIAL SUPPORT SERVICES - 0.8% | |||||||
2,318 | Applied Industrial Technologies, Inc. | 357,830 | |||||
8,519 | Textainer Group Holdings Ltd. | 337,608 | |||||
877 | Watsco, Inc. | 319,710 | |||||
1,878 | WESCO International, Inc. | 303,954 | |||||
1,319,102 | |||||||
INSTITUTIONAL FINANCIAL SERVICES - 0.4% | |||||||
2,707 | Evercore, Inc., Class A | 379,116 | |||||
5,640 | SEI Investments Company | 350,018 | |||||
729,134 | |||||||
INSURANCE - 3.7% | |||||||
2,829 | American Financial Group, Inc. | 327,938 | |||||
6,311 | AMERISAFE, Inc. | 326,910 | |||||
2,660 | Assurant, Inc. | 370,618 | |||||
14,187 | CNO Financial Group, Inc. | 331,976 | |||||
8,984 | Employers Holdings, Inc. | 352,442 | |||||
67,250 | Genworth Financial, Inc., Class A(a) | 389,378 | |||||
2,964 | Hanover Insurance Group, Inc. (The) | 316,318 | |||||
11,336 | Horace Mann Educators Corporation | 324,890 | |||||
6,924 | Kemper Corporation | 325,220 | |||||
11,072 | Mercury General Corporation | 316,770 | |||||
816 | National Western Life Group, Inc., Class A | 370,905 | |||||
13,133 | NMI Holdings, Inc., Class A(a) | 375,866 | |||||
1,688 | Primerica, Inc. | 339,220 | |||||
22,178 | ProAssurance Corporation | 392,106 | |||||
2,417 | Reinsurance Group of America, Inc. | 335,045 | |||||
2,446 | RLI Corporation | 321,698 | |||||
4,687 | Safety Insurance Group, Inc. | 322,794 | |||||
17,621 | Trupanion, Inc.(a),(b) | 523,871 | |||||
6,363,965 | |||||||
INTERNET MEDIA & SERVICES - 0.5% | |||||||
16,991 | Cars.com, Inc.(a) | 317,562 |
INSPIRE SMALL/MID CAP ETF | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
August 31, 2023 | |||||||
Shares | Fair Value | ||||||
COMMON STOCKS — 99.7% (Continued) | |||||||
INTERNET MEDIA & SERVICES - 0.5% (Continued) | |||||||
13,674 | HealthStream, Inc. | $ 287,564 | |||||
10,832 | TechTarget, Inc.(a) | 311,420 | |||||
916,546 | |||||||
LEISURE FACILITIES & SERVICES - 2.1% | |||||||
10,532 | BJ's Restaurants, Inc.(a) | 309,746 | |||||
9,730 | Cheesecake Factory, Inc. (The) | 309,901 | |||||
20,348 | Cinemark Holdings, Inc.(a) | 331,265 | |||||
3,460 | Jack in the Box, Inc. | 278,080 | |||||
2,740 | Marriott Vacations Worldwide Corporation | 297,811 | |||||
4,551 | Papa John's International, Inc. | 344,511 | |||||
6,027 | SeaWorld Entertainment, Inc.(a) | 293,515 | |||||
4,343 | Shake Shack, Inc., Class A(a) | 304,010 | |||||
7,052 | St Joe Company (The) | 435,389 | |||||
3,008 | Texas Roadhouse, Inc. | 313,133 | |||||
15,511 | Wendy's Company (The) | 306,963 | |||||
3,524,324 | |||||||
LEISURE PRODUCTS - 1.1% | |||||||
3,872 | Brunswick Corporation | 306,353 | |||||
3,087 | Fox Factory Holding Corporation(a) | 342,070 | |||||
2,770 | Polaris, Inc. | 310,489 | |||||
3,235 | Thor Industries, Inc. | 339,093 | |||||
16,849 | Topgolf Callaway Brands Corporation(a) | 293,847 | |||||
5,020 | Winnebago Industries, Inc. | 325,547 | |||||
1,917,399 | |||||||
MACHINERY - 4.1% | |||||||
2,556 | AGCO Corporation | 331,079 | |||||
3,614 | Albany International Corporation, Class A | 335,090 | |||||
3,783 | Crane Company | 344,707 | |||||
1,838 | Curtiss-Wright Corporation | 382,285 | |||||
5,383 | Donaldson Company, Inc. | 343,812 | |||||
3,254 | ESCO Technologies, Inc. | 348,211 | |||||
3,267 | Franklin Electric Company, Inc. | 315,952 | |||||
3,897 | Graco, Inc. | 307,629 | |||||
6,514 | Hillenbrand, Inc. | 315,538 |
INSPIRE SMALL/MID CAP ETF | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
August 31, 2023 | |||||||
Shares | Fair Value | ||||||
COMMON STOCKS — 99.7% (Continued) | |||||||
MACHINERY - 4.1% (Continued) | |||||||
6,043 | Hyster-Yale Materials Handling, Inc., Class A | $ 275,984 | |||||
2,761 | John Bean Technologies Corporation | 303,462 | |||||
1,507 | Kadant, Inc. | 331,148 | |||||
11,831 | Kennametal, Inc. | 313,167 | |||||
1,694 | Lincoln Electric Holdings, Inc. | 326,027 | |||||
1,358 | Nordson Corporation | 331,542 | |||||
2,186 | Regal Rexnord Corporation | 354,547 | |||||
2,366 | Standex International Corporation | 363,489 | |||||
4,144 | Tennant Company | 341,590 | |||||
5,603 | Terex Corporation | 339,598 | |||||
3,292 | Toro Company (The) | 336,837 | |||||
12,482 | Zurn Elkay Water Solutions Corporation | 369,717 | |||||
7,011,411 | |||||||
MEDICAL EQUIPMENT & DEVICES - 1.9% | |||||||
19,570 | Artivion, Inc.(a) | 331,124 | |||||
3,577 | Exact Sciences Corporation(a) | 299,288 | |||||
4,718 | Glaukos Corporation(a) | 354,511 | |||||
5,647 | Globus Medical, Inc., Class A(a) | 305,503 | |||||
3,952 | Haemonetics Corporation(a) | 354,612 | |||||
1,886 | ICU Medical, Inc.(a) | 273,527 | |||||
8,158 | Integra LifeSciences Holdings Corporation(a) | 347,041 | |||||
14,463 | Myriad Genetics, Inc.(a) | 258,165 | |||||
15,428 | Neogen Corporation(a) | 356,694 | |||||
8,078 | NuVasive, Inc.(a) | 321,101 | |||||
3,201,566 | |||||||
METALS & MINING - 0.9% | |||||||
118,922 | Coeur Mining, Inc.(a) | 286,602 | |||||
9,861 | Compass Minerals International, Inc. | 297,309 | |||||
1,800 | Encore Wire Corporation | 296,658 | |||||
65,294 | Hecla Mining Company | 286,641 | |||||
2,943 | Royal Gold, Inc. | 329,881 | |||||
1,497,091 | |||||||
MORTGAGE FINANCE - 0.4% | |||||||
29,811 | Apollo Commercial Real Estate Finance, Inc. - REIT | 325,536 |
INSPIRE SMALL/MID CAP ETF | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
August 31, 2023 | |||||||
Shares | Fair Value | ||||||
COMMON STOCKS — 99.7% (Continued) | |||||||
MORTGAGE FINANCE - 0.4% (Continued) | |||||||
29,431 | Invesco Mortgage Capital, Inc. - REIT | $ 331,099 | |||||
656,635 | |||||||
MULTI ASSET CLASS REIT - 0.4% | |||||||
20,831 | Elme Communities | 320,381 | |||||
34,988 | LXP Industrial Trust | 343,582 | |||||
663,963 | |||||||
OFFICE REIT - 1.1% | |||||||
14,350 | Corporate Office Properties Trust | 371,378 | |||||
14,236 | Highwoods Properties, Inc. | 339,244 | |||||
11,297 | Kilroy Realty Corporation | 417,423 | |||||
46,803 | Piedmont Office Realty Trust, Inc., Class A | 321,537 | |||||
21,153 | Veris Residential, Inc.(a) | 393,656 | |||||
1,843,238 | |||||||
OIL & GAS PRODUCERS - 0.9% | |||||||
2,190 | Chord Energy Corporation | 353,685 | |||||
10,602 | SM Energy Company | 448,570 | |||||
55,714 | Southwestern Energy Company(a) | 377,741 | |||||
16,203 | World Fuel Services Corporation | 354,846 | |||||
1,534,842 | |||||||
OIL & GAS SERVICES & EQUIPMENT - 0.7% | |||||||
18,033 | Oceaneering International, Inc.(a) | 410,972 | |||||
41,511 | Select Water Solutions, Inc., Class A | 334,164 | |||||
6,071 | Tidewater, Inc.(a) | 394,797 | |||||
1,139,933 | |||||||
PUBLISHING & BROADCASTING - 0.8% | |||||||
36,850 | EW Scripps Company (The), Class A(a) | 281,534 | |||||
148,934 | Gannett Company, Inc.(a) | 433,398 | |||||
8,634 | Scholastic Corporation | 375,147 | |||||
3,114 | World Wrestling Entertainment, Inc., Class A | 300,657 | |||||
1,390,736 | |||||||
RENEWABLE ENERGY - 0.6% | |||||||
6,863 | Ameresco, Inc., Class A(a) | 298,472 | |||||
3,092 | EnerSys | 324,598 |
INSPIRE SMALL/MID CAP ETF | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
August 31, 2023 | |||||||
Shares | Fair Value | ||||||
COMMON STOCKS — 99.7% (Continued) | |||||||
RENEWABLE ENERGY - 0.6% (Continued) | |||||||
10,441 | Green Plains, Inc.(a) | $ 324,089 | |||||
947,159 | |||||||
RESIDENTIAL REIT - 0.2% | |||||||
18,777 | Independence Realty Trust, Inc. | 316,017 | |||||
RETAIL - CONSUMER STAPLES - 1.2% | |||||||
38,147 | Big Lots, Inc.(b) | 236,511 | |||||
1,376 | Casey's General Stores, Inc. | 336,308 | |||||
1,707 | Five Below, Inc.(a) | 293,536 | |||||
5,783 | Ollie's Bargain Outlet Holdings, Inc.(a) | 445,754 | |||||
9,132 | Sprouts Farmers Market, Inc.(a) | 372,494 | |||||
5,225 | Weis Markets, Inc. | 338,946 | |||||
2,023,549 | |||||||
RETAIL - DISCRETIONARY - 2.9% | |||||||
1,398 | Asbury Automotive Group, Inc.(a) | 321,540 | |||||
1,474 | Avis Budget Group, Inc.(a) | 314,537 | |||||
2,461 | Builders FirstSource, Inc.(a) | 356,943 | |||||
2,126 | Burlington Stores, Inc.(a) | 344,965 | |||||
1,026 | Dillard's, Inc., Class A | 354,093 | |||||
84,359 | EVgo, Inc.(a),(b) | 339,123 | |||||
9,292 | Hibbett, Inc. | 430,313 | |||||
1,102 | Lithia Motors, Inc. | 339,438 | |||||
9,878 | MarineMax, Inc.(a) | 328,641 | |||||
8,294 | Monro, Inc. | 271,546 | |||||
13,761 | National Vision Holdings, Inc.(a) | 251,964 | |||||
8,266 | Rush Enterprises, Inc., Class A | 342,274 | |||||
27,217 | Sally Beauty Holdings, Inc.(a) | 276,525 | |||||
12,374 | Sleep Number Corporation(a) | 316,527 | |||||
6,988 | Sonic Automotive, Inc., Class A | 372,600 | |||||
4,961,029 | |||||||
RETAIL REIT - 1.4% | |||||||
23,727 | Acadia Realty Trust | 353,295 | |||||
13,452 | Four Corners Property Trust, Inc. | 338,452 | |||||
15,276 | Kite Realty Group Trust | 344,779 |
INSPIRE SMALL/MID CAP ETF | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
August 31, 2023 | |||||||
Shares | Fair Value | ||||||
COMMON STOCKS — 99.7% (Continued) | |||||||
RETAIL REIT - 1.4% (Continued) | |||||||
7,959 | NNN REIT, Inc. | $ 313,505 | |||||
25,175 | Retail Opportunity Investments Corporation | 338,856 | |||||
9,275 | Saul Centers, Inc. | 348,369 | |||||
15,434 | Tanger Factory Outlet Centers, Inc. | 358,841 | |||||
2,396,097 | |||||||
SEMICONDUCTORS - 4.2% | |||||||
8,138 | Aehr Test Systems(a) | 415,120 | |||||
10,265 | Alpha & Omega Semiconductor Ltd.(a) | 323,861 | |||||
11,244 | Amkor Technology, Inc. | 314,382 | |||||
1,842 | Axcelis Technologies, Inc.(a) | 353,940 | |||||
7,209 | Azenta, Inc.(a) | 406,804 | |||||
13,194 | CEVA, Inc.(a) | 306,365 | |||||
4,152 | Cirrus Logic, Inc.(a) | 340,630 | |||||
8,100 | Cohu, Inc.(a) | 302,859 | |||||
3,640 | Diodes, Inc.(a) | 297,934 | |||||
9,870 | FormFactor, Inc.(a) | 348,608 | |||||
2,490 | IPG Photonics Corporation(a) | 269,816 | |||||
3,502 | Lattice Semiconductor Corporation(a) | 340,605 | |||||
10,626 | MaxLinear, Inc.(a) | 249,711 | |||||
3,123 | MKS Instruments, Inc. | 313,018 | |||||
3,542 | Power Integrations, Inc. | 297,599 | |||||
13,211 | Semtech Corporation(a) | 345,468 | |||||
2,123 | Silicon Laboratories, Inc.(a) | 286,308 | |||||
3,950 | Synaptics, Inc.(a) | 345,783 | |||||
2,338 | Universal Display Corporation | 380,065 | |||||
13,042 | Veeco Instruments, Inc.(a) | 380,696 | |||||
11,411 | Vishay Intertechnology, Inc. | 313,118 | |||||
6,026 | Wolfspeed, Inc.(a) | 288,163 | |||||
7,220,853 | |||||||
SOFTWARE - 4.8% | |||||||
79,798 | 8x8, Inc.(a) | 259,344 | |||||
14,577 | ACI Worldwide, Inc.(a) | 353,930 | |||||
59,124 | Alignment Healthcare, Inc.(a) | 345,284 | |||||
7,401 | Alteryx, Inc., Class A(a) | 218,478 |
INSPIRE SMALL/MID CAP ETF | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
August 31, 2023 | |||||||
Shares | Fair Value | ||||||
COMMON STOCKS — 99.7% (Continued) | |||||||
SOFTWARE - 4.8% (Continued) | |||||||
4,723 | Blackbaud, Inc.(a) | $ 359,468 | |||||
6,728 | Calix, Inc.(a) | 312,919 | |||||
4,625 | CommVault Systems, Inc.(a) | 315,934 | |||||
8,536 | Digi International, Inc.(a) | 284,932 | |||||
7,391 | Donnelley Financial Solutions, Inc.(a) | 364,155 | |||||
4,443 | Guidewire Software, Inc.(a) | 384,008 | |||||
74,677 | LivePerson, Inc.(a) | 313,643 | |||||
1,686 | Manhattan Associates, Inc.(a) | 341,617 | |||||
979 | MicroStrategy, Inc., Class A(a) | 350,022 | |||||
5,168 | New Relic, Inc.(a) | 439,847 | |||||
4,532 | Omnicell, Inc.(a) | 257,690 | |||||
6,798 | Pegasystems, Inc. | 337,589 | |||||
5,800 | Progress Software Corporation | 352,872 | |||||
11,011 | PROS Holdings, Inc.(a) | 394,854 | |||||
10,878 | Q2 Holdings, Inc.(a) | 374,312 | |||||
2,604 | Qualys, Inc.(a) | 405,312 | |||||
7,442 | Rapid7, Inc.(a) | 375,002 | |||||
1,756 | SPS Commerce, Inc.(a) | 326,844 | |||||
12,664 | Varonis Systems, Inc.(a) | 404,362 | |||||
26,808 | Veradigm, Inc.(a) | 358,691 | |||||
8,231,109 | |||||||
SPECIALTY FINANCE - 2.0% | |||||||
6,931 | Encore Capital Group, Inc.(a) | 324,787 | |||||
6,313 | Enova International, Inc.(a) | 318,491 | |||||
7,160 | Essent Group Ltd. | 359,575 | |||||
2,337 | Federal Agricultural Mortgage Corporation, Class C | 393,365 | |||||
5,892 | First American Financial Corporation | 363,419 | |||||
15,264 | LendingTree, Inc.(a) | 288,642 | |||||
21,230 | MGIC Investment Corporation | 373,223 | |||||
3,486 | Nelnet, Inc., Class A | 320,189 | |||||
4,269 | Walker & Dunlop, Inc. | 364,316 | |||||
2,508 | World Acceptance Corporation(a) | 338,103 | |||||
3,444,110 |
INSPIRE SMALL/MID CAP ETF | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
August 31, 2023 | |||||||
Shares | Fair Value | ||||||
COMMON STOCKS — 99.7% (Continued) | |||||||
SPECIALTY REIT - 0.2% | |||||||
3,421 | Lamar Advertising Company, Class A | $ 312,064 | |||||
STEEL - 0.8% | |||||||
7,622 | ATI, Inc.(a) | 345,505 | |||||
6,388 | Commercial Metals Company | 359,581 | |||||
1,242 | Reliance Steel & Aluminum Company | 353,920 | |||||
3,091 | Steel Dynamics, Inc. | 329,470 | |||||
1,388,476 | |||||||
TECHNOLOGY HARDWARE - 3.5% | |||||||
31,850 | ADTRAN Holdings, Inc. | 272,318 | |||||
2,332 | Arrow Electronics, Inc.(a) | 311,159 | |||||
13,030 | Benchmark Electronics, Inc. | 335,392 | |||||
12,911 | Extreme Networks, Inc.(a) | 354,407 | |||||
2,299 | F5, Inc.(a) | 376,254 | |||||
81,081 | GoPro, Inc., Class A(a) | 294,729 | |||||
20,792 | Harmonic, Inc.(a) | 222,059 | |||||
3,488 | InterDigital, Inc. | 302,444 | |||||
3,107 | Jabil, Inc. | 355,503 | |||||
18,658 | Knowles Corporation(a) | 299,088 | |||||
5,904 | Lumentum Holdings, Inc.(a) | 319,584 | |||||
13,340 | NCR Corporation(a) | 410,338 | |||||
10,888 | NetScout Systems, Inc.(a) | 311,723 | |||||
10,226 | PAR Technology Corporation(a) | 444,626 | |||||
3,427 | Plexus Corporation(a) | 348,012 | |||||
1,348 | Super Micro Computer, Inc.(a) | 370,808 | |||||
24,164 | TTM Technologies, Inc.(a) | 360,044 | |||||
8,136 | ViaSat, Inc.(a) | 225,693 | |||||
5,914,181 | |||||||
TECHNOLOGY SERVICES - 2.6% | |||||||
983 | CACI International, Inc., Class A(a) | 322,434 | |||||
6,385 | CSG Systems International, Inc. | 346,769 | |||||
11,130 | ExlService Holdings, Inc.(a) | 325,330 | |||||
415 | Fair Isaac Corporation(a) | 375,405 | |||||
8,966 | Genpact Ltd. | 334,701 |
INSPIRE SMALL/MID CAP ETF | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
August 31, 2023 | |||||||
Shares | Fair Value | ||||||
COMMON STOCKS — 99.7% (Continued) | |||||||
TECHNOLOGY SERVICES - 2.6% (Continued) | |||||||
2,712 | ICF International, Inc. | $ 366,283 | |||||
2,010 | Jack Henry & Associates, Inc. | 315,128 | |||||
1,288 | MarketAxess Holdings, Inc. | 310,318 | |||||
3,977 | MAXIMUS, Inc. | 321,421 | |||||
3,997 | Perficient, Inc.(a) | 254,969 | |||||
105,544 | Sabre Corporation(a),(b) | 527,719 | |||||
2,979 | Science Applications International Corporation | 350,509 | |||||
1,845 | WEX, Inc.(a) | 361,952 | |||||
4,512,938 | |||||||
TELECOMMUNICATIONS - 1.5% | |||||||
87,508 | Consolidated Communications Holdings, Inc.(a) | 345,657 | |||||
19,395 | EchoStar Corporation, Class A(a) | 337,085 | |||||
307,630 | Globalstar, Inc.(a) | 442,987 | |||||
5,426 | Iridium Communications, Inc. | 265,603 | |||||
17,313 | Shenandoah Telecommunications Company | 393,698 | |||||
40,306 | Telephone and Data Systems, Inc. | 866,176 | |||||
2,651,206 | |||||||
TIMBER REIT - 0.2% | |||||||
10,856 | Rayonier, Inc. | 324,594 | |||||
TRANSPORTATION & LOGISTICS - 2.3% | |||||||
17,950 | Air Transport Services Group, Inc.(a) | 387,002 | |||||
2,659 | Allegiant Travel Company | 236,226 | |||||
19,433 | CryoPort, Inc.(a) | 274,005 | |||||
3,174 | Forward Air Corporation | 224,783 | |||||
20,534 | Heartland Express, Inc. | 309,858 | |||||
4,186 | Hub Group, Inc., Class A(a) | 326,675 | |||||
6,045 | Knight-Swift Transportation Holdings, Inc. | 331,387 | |||||
1,750 | Landstar System, Inc. | 332,168 | |||||
4,330 | Matson, Inc. | 380,520 | |||||
3,958 | Ryder System, Inc. | 398,571 | |||||
977 | Saia, Inc.(a) | 416,397 | |||||
7,602 | Werner Enterprises, Inc. | 316,319 | |||||
3,933,911 |
INSPIRE SMALL/MID CAP ETF | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
August 31, 2023 | |||||||
Shares | Fair Value | ||||||
COMMON STOCKS — 99.7% (Continued) | |||||||
TRANSPORTATION EQUIPMENT - 0.4% | |||||||
5,941 | Allison Transmission Holdings, Inc. | $ 359,134 | |||||
13,249 | Trinity Industries, Inc. | 332,152 | |||||
691,286 | |||||||
WHOLESALE - CONSUMER STAPLES - 0.2% | |||||||
7,249 | Andersons, Inc. (The) | 372,309 | |||||
WHOLESALE - DISCRETIONARY - 0.9% | |||||||
6,008 | ePlus, Inc.(a) | 398,811 | |||||
22,090 | Openlane, Inc.(a) | 344,825 | |||||
11,361 | ScanSource, Inc.(a) | 372,414 | |||||
2,664 | Veritiv Corporation | 448,431 | |||||
1,564,481 | |||||||
TOTAL COMMON STOCKS (Cost $168,477,602) | 170,351,627 | ||||||
COLLATERAL FOR SECURITIES LOANED — 1.4% | |||||||
MONEY MARKET FUND - 1.4% | |||||||
2,348,298 | Fidelity Government Portfolio - Institutional Class, Institutional, 5.25% (Cost $2,348,298)(c)(d) | 2,348,298 | |||||
TOTAL INVESTMENTS - 101.1% (Cost $170,825,900) | $ 172,699,925 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (1.1)% | (1,836,005) | ||||||
NET ASSETS - 100.0% | $ 170,863,920 | ||||||
REIT | - Real Estate Investment Trust |
(a) | Non-income producing security. |
(b) | All or a portion of the security is on loan. The total fair value of the securities on loan as of August 31, 2023 was $2,290,443. |
(c) | Security was purchased with cash received as collateral for securities on loan at August 31, 2023. Total collateral had a value of $2,348,298 at August 31, 2023. |
(d) | Rate disclosed is the seven day effective yield as of August 31, 2023. |