UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-23084
Series Portfolios Trust
(Exact name of registrant as specified in charter)
(Exact name of registrant as specified in charter)
615 East Michigan Street
Milwaukee, WI 53202
(Address of principal executive offices) (Zip code)
(Address of principal executive offices) (Zip code)
Ryan Roell, President
Series Portfolios Trust
c/o U.S. Bancorp Fund Services, LLC
777 East Wisconsin Ave, 5th Fl
Milwaukee, WI 53202
(Name and address of agent for service)
(Name and address of agent for service)
(414) 516-1652
Registrant's telephone number, including area code
Date of fiscal year end: September 30, 2023
Date of reporting period: March 31, 2023
Item 1. Reports to Stockholders.
(a) |
Unusual Whales Subversive Democratic Trading ETF
Ticker Symbol: NANC
Unusual Whales Subversive Republican Trading ETF
Ticker Symbol: KRUZ
Semi-Annual Report
March 31, 2023
UNUSUAL WHALES SUBVERSIVE CONGRESSIONAL TRADING ETFs
Fund Performance
During the period since inception starting February 6, 2023, ending March 31, 2023, the Unusual Whales Subversive Democratic Trading (“Democratic Trading Fund”) returned 0.84% and the Unusual Whales Subversive Republican Trading Fund (“Republican Trading Fund”) returned -2.67% while the S&P500 (the “index”) returned 0.28% during the same period.
The Republican Trading Fund holds what Republican members of congress hold and is more widely diversified in both concentration and sectors than the Democratic Trading Fund holdings. Republicans generally hold more energy stocks among the top holdings while Democrats hold technology and computing among the top holdings.
Both Funds’ performance reflects that difference in holdings, and we do not expect those holdings to vary widely. What will matter is the relative allocation to different names as more members of congress accumulate more or divest more in particular sectors or individual names.
One interesting qualitative aspect we have noticed is members of congress do appear to be trading less frequently than in the past now that this has become a bit more public. Whether that narrative holds over longer time periods is yet to be seen but we like to think members are thinking more about the implications of trading in public. We have also noticed members of congress are reporting their trading activity much sooner now than is required by law.
Looking Forward
While I monitor the legislation around the banning of congressional trading closely, I still believe Congress has little incentive to act in the best interest of the country and compromise is impossible. However, should a ban be put in place, that will likely apply only to a future session of Congress with at least a year, if not multiple years, notice and will have no immediate impact on fund operations.
The views in this report were those of the Author as of March 31, 2023, and may not reflect their views on the date that this report is first published or anytime thereafter. These views are intended to assist shareholders in understanding their investments and do not constitute investment advice.
This material must be preceded or accompanied by a prospectus
Past performance is not indicative of future results.
1
UNUSUAL WHALES SUBVERSIVE CONGRESSIONAL TRADING ETFs
Important Risks:
There is no guarantee that the Adviser’s use of investment techniques and risk analyses to make investment decisions will perform as expected.
Investing involves risk including possible loss of principal. It is possible that legislation or regulation could be enacted that limits, restricts or prevents United States Congresspeople and/or their spouses from personal securities trading. Legal, tax and regulatory changes could occur that may adversely affect the Fund and its ability to pursue its investment strategies and/or increase the costs of implementing such strategies. Government regulation may change the manner in which the Fund is able to implement its principal investment strategy. Government regulation may change frequently and may have significant adverse consequences for the Fund or its investments. It is not possible to predict fully the effects of current or future regulation.
A high portfolio turnover rate has the potential to result in the realization and distribution to shareholders of higher capital gains, which may subject you to higher tax liability. High portfolio turnover also necessarily results in greater transaction costs which may reduce Fund performance.
Distributor: Quasar Distributor, LLC.
2
UNUSUAL WHALES SUBVERSIVE CONGRESSIONAL TRADING ETFs
Expense Example (Unaudited)
March 31, 2023
As a shareholder of the Unusual Whales Subversive Congressional Trading ETFs, you incur two types of costs: (1) transaction costs, including broker commissions on the purchases and sales of Fund shares, and (2) ongoing costs, including management fees and other Fund specific expenses. The expense example is intended to help the shareholder understand ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the most recent period.
The Actual Expenses comparison provides information about actual account values and actual expenses. A shareholder may use the information in this line, together with the amount invested, to estimate the expenses paid over the period. A shareholder may divide his/her account value by $1,000 (e.g., an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses paid on his/her account during this period.
The Hypothetical Example for Comparison Purposes provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses paid for the period. A shareholder may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, a shareholder would compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Fund shares. Therefore, the Hypothetical Example for Comparisons Purposes is useful in comparing ongoing costs only and will not help to determine the relevant total costs of owning different funds. In addition, if these transactional costs were included, shareholder costs would have been higher.
Unusual Whales Subversive Democratic Trading ETF
Expenses Paid | ||||
Annualized Net | Beginning | Ending | Since Inception(1) | |
Expense Ratio | Account Value | Account Value | (2/6/2023 – | |
(3/31/2023) | (2/6/2023) | (3/31/2023) | 3/31/2023) | |
Actual(2) | 0.75% | $1,000.00 | $1,008.90 | $1.09 |
Hypothetical (5% annual return before expenses) | 0.75% | $1,000.00 | $1,006.17 | $1.09 |
Unusual Whales Subversive Republican Trading ETF
Expenses Paid | ||||
Annualized Net | Beginning | Ending | Since Inception(1) | |
Expense Ratio | Account Value | Account Value | (2/6/2023 – | |
(3/31/2023) | (2/6/2023) | (3/31/2023) | 3/31/2023) | |
Actual(3) | 0.75% | $1,000.00 | $ 972.30 | $1.07 |
Hypothetical (5% annual return before expenses) | 0.75% | $1,000.00 | $1,006.17 | $1.09 |
(1) | Inception date of the Funds was February 6, 2023. Expenses are equal to the Funds’ annualized expense ratio for the period multiplied by the average account value over the period, multiplied by 53/365 to reflect the period since inception. |
(2) | Based on the actual NAV returns for the period since inception from February 6, 2023 through March 31, 2023 of 0.89%. |
(3) | Based on the actual NAV returns for the period since inception from February 6, 2023 through March 31, 2023 of -2.77%. |
3
UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF
Allocation of Portfolio(1) (% of Net Assets) (Unaudited)
March 31, 2023
Top 10 Equity Holdings(1) (% of Net Assets) (Unaudited)
March 31, 2023
Microsoft Corp. | 8.04% | ||
Amazon.com, Inc. | 6.19% | ||
Apple, Inc. | 5.96% | ||
Alphabet, Inc., Class C | 5.68% | ||
Salesforce, Inc. | 5.61% | ||
NVIDIA Corp. | 4.54% | ||
The Walt Disney Co. | 2.28% | ||
Crowdstrike Holdings, Inc., Class A | 1.18% | ||
Philip Morris International, Inc. | 0.91% | ||
United Parcel Service, Inc., Class B | 0.91% |
(1) | Fund Holdings and Sector Allocations are subject to change at anytime and are not recommendations to buy or sell any security. |
4
UNUSUAL WHALES SUBVERSIVE REPUBLICAN TRADING ETF
Allocation of Portfolio(1) (% of Net Assets) (Unaudited)
March 31, 2023
Top 10 Equity Holdings(1) (% of Net Assets) (Unaudited)
March 31, 2023
Enterprise Products Partners LP | 3.69% | ||
Magellan Midstream Partners LP | 3.63% | ||
Energy Transfer LP | 2.03% | ||
Dow, Inc. | 1.69% | ||
Intel Corp. | 1.62% | ||
Accenture plc, Class A | 1.61% | ||
Shell plc – ADR | 1.53% | ||
Philip Morris International, Inc. | 1.52% | ||
Owl Rock Capital Corp. | 1.49% | ||
Elevance Health, Inc. | 1.43% |
(1) | Fund Holdings and Sector Allocation are subject to change at anytime and are not recommendations to buy or sell any security. |
5
UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF
Schedule of Investments (Unaudited)
March 31, 2023
Shares | Value | |||||||
COMMON STOCKS – 96.95% | ||||||||
Aerospace & Defense – 0.46% | ||||||||
Embraer SA – ADR (a)(b) | 190 | $ | 3,110 | |||||
General Dynamics Corp. | 40 | 9,128 | ||||||
HEICO Corp. | 10 | 1,359 | ||||||
Hexcel Corp. | 10 | 683 | ||||||
Howmet Aerospace, Inc. | 20 | 847 | ||||||
Huntington Ingalls Industries, Inc. | 5 | 1,035 | ||||||
Lockheed Martin Corp. | 10 | 4,727 | ||||||
Northrop Grumman Corp. | 3 | 1,385 | ||||||
Raytheon Technologies Corp. | 14 | 1,371 | ||||||
The Boeing Co. (a) | 20 | 4,249 | ||||||
Woodward, Inc. | 10 | 974 | ||||||
28,868 | ||||||||
Air Freight & Logistics – 1.03% | ||||||||
CH Robinson Worldwide, Inc. | 10 | 994 | ||||||
Expeditors International of Washington, Inc. | 20 | 2,202 | ||||||
FedEx Corp. | 20 | 4,570 | ||||||
United Parcel Service, Inc., Class B | 295 | 57,227 | ||||||
64,993 | ||||||||
Automobiles – 1.12% | ||||||||
Ferrari NV (b) | 16 | 4,335 | ||||||
Ford Motor Co. | 1,600 | 20,160 | ||||||
General Motors Co. | 459 | 16,836 | ||||||
Harley-Davidson, Inc. | 20 | 759 | ||||||
Lucid Group, Inc. (a) | 140 | 1,126 | ||||||
NIO, Inc. – ADR (a)(b) | 50 | 525 | ||||||
Rivian Automotive, Inc. (a) | 60 | 929 | ||||||
Tesla, Inc. (a) | 126 | 26,140 | ||||||
70,810 | ||||||||
Automobile Components – 0.21% | ||||||||
Aptiv plc (a)(b) | 40 | 4,488 | ||||||
BorgWarner, Inc. | 110 | 5,402 | ||||||
Lear Corp. | 12 | 1,674 | ||||||
Magna International, Inc. (b) | 10 | 536 | ||||||
QuantumScape Corp. (a) | 80 | 654 | ||||||
The Goodyear Tire & Rubber Co. | 40 | 441 | ||||||
13,195 |
The accompanying notes are an integral part of these financial statements.
6
UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF
Schedule of Investments (Unaudited) – Continued
March 31, 2023
Shares | Value | |||||||
Banks – 1.50% | ||||||||
Ameris Bancorp | 30 | $ | 1,097 | |||||
Bank of America Corp. | 550 | 15,730 | ||||||
Bank of Hawaii Corp. | 20 | 1,041 | ||||||
Cathay General Bancorp | 30 | 1,036 | ||||||
Citigroup, Inc. | 10 | 469 | ||||||
Citizens Financial Group, Inc. | 110 | 3,341 | ||||||
Comerica, Inc. | 40 | 1,737 | ||||||
Cullen/Frost Bankers, Inc. | 20 | 2,107 | ||||||
Fifth Third Bancorp | 240 | 6,394 | ||||||
First Horizon Corp. | 180 | 3,200 | ||||||
First Republic Bank | 40 | 560 | ||||||
Huntington Bancshares Inc. | 431 | 4,827 | ||||||
JPMorgan Chase & Co. | 60 | 7,819 | ||||||
KeyCorp. | 270 | 3,380 | ||||||
M&T Bank Corp. | 10 | 1,196 | ||||||
OceanFirst Financial Corp. | 40 | 739 | ||||||
Pacific Premier Bancorp, Inc. | 30 | 721 | ||||||
PacWest Bancorp | 30 | 292 | ||||||
Regions Financial Corp. | 40 | 742 | ||||||
Royal Bank of Canada (b) | 10 | 956 | ||||||
Seacoast Banking Corp. of Florida | 70 | 1,659 | ||||||
Signature Bank | 11 | 2 | ||||||
Silvergate Capital Corp., Class A (a) | 40 | 65 | ||||||
Synovus Financial Corp. | 20 | 617 | ||||||
The Bank of Nova Scotia (b) | 10 | 503 | ||||||
The PNC Financial Services Group Inc. | 40 | 5,084 | ||||||
Truist Financial Corp. | 250 | 8,525 | ||||||
Veritex Holdings, Inc. | 40 | 730 | ||||||
Wells Fargo & Co. | 503 | 18,802 | ||||||
Western Alliance Bancorp | 10 | 355 | ||||||
Zions Bancorp NA | 40 | 1,197 | ||||||
94,923 | ||||||||
Beverages – 0.96% | ||||||||
Ambev SA – ADR (b) | 290 | 818 | ||||||
Anheuser-Busch InBev SA/NV – ADR (b) | 20 | 1,334 | ||||||
Brown-Forman Corp., Class A | 14 | 913 | ||||||
Brown-Forman Corp., Class B | 11 | 707 | ||||||
Constellation Brands, Inc., Class A | 2 | 452 | ||||||
Diageo plc – ADR (b) | 49 | 8,878 | ||||||
Fomento Economico Mexicano SAB de CV – ADR (b) | 20 | 1,904 | ||||||
Keurig Dr. Pepper, Inc. | 30 | 1,058 |
The accompanying notes are an integral part of these financial statements.
7
UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF
Schedule of Investments (Unaudited) – Continued
March 31, 2023
Shares | Value | |||||||
Beverages – 0.96% (Continued) | ||||||||
Molson Coors Beverage Co., Class B | 30 | $ | 1,550 | |||||
Monster Beverage Corp. (a) | 128 | 6,913 | ||||||
PepsiCo, Inc. | 100 | 18,230 | ||||||
The Coca-Cola Co. | 288 | 17,865 | ||||||
60,622 | ||||||||
Biotechnology – 1.18% | ||||||||
AbbVie, Inc. | 148 | 23,587 | ||||||
Alnylam Pharmaceuticals, Inc. (a) | 4 | 801 | ||||||
Amgen, Inc. | 56 | 13,538 | ||||||
Anika Therapeutics, Inc. (a) | 50 | 1,436 | ||||||
Arcutis Biotherapeutics, Inc. (a) | 40 | 440 | ||||||
BioCryst Pharmaceuticals, Inc. (a) | 50 | 417 | ||||||
Biogen, Inc. (a) | 14 | 3,892 | ||||||
CareDx, Inc. (a) | 40 | 366 | ||||||
Celcuity, Inc. (a) | 220 | 2,255 | ||||||
DermTech, Inc. (a) | 10 | 37 | ||||||
Genmab A/S – ADR (a)(b) | 20 | 755 | ||||||
Gilead Sciences, Inc. | 35 | 2,904 | ||||||
Halozyme Therapeutics, Inc. (a) | 10 | 382 | ||||||
Incyte Corp. (a) | 20 | 1,445 | ||||||
Insmed, Inc. (a) | 10 | 170 | ||||||
Intellia Therapeutics, Inc. (a) | 20 | 745 | ||||||
Ionis Pharmaceuticals, Inc. (a) | 20 | 715 | ||||||
Moderna, Inc. (a) | 20 | 3,072 | ||||||
Regeneron Pharmaceuticals, Inc. (a) | 7 | 5,752 | ||||||
Seagen, Inc. (a) | 10 | 2,025 | ||||||
Ultragenyx Pharmaceutical, Inc. (a) | 10 | 401 | ||||||
Vertex Pharmaceuticals, Inc. (a) | 30 | 9,452 | ||||||
74,587 | ||||||||
Broadline Retail – 6.41% | ||||||||
Amazon.com, Inc. (a) | 3,780 | 390,436 | ||||||
Etsy, Inc. (a) | 59 | 6,569 | ||||||
Macy’s, Inc. | 150 | 2,624 | ||||||
MercadoLibre, Inc. (a) | 3 | 3,954 | ||||||
Qurate Retail, Inc. (a) | 850 | 840 | ||||||
404,423 | ||||||||
Building Products – 0.40% | ||||||||
Advanced Drainage Systems, Inc. | 10 | 842 | ||||||
Allegion plc (b) | 10 | 1,067 | ||||||
Builders FirstSource, Inc. (a) | 30 | 2,663 |
The accompanying notes are an integral part of these financial statements.
8
UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF
Schedule of Investments (Unaudited) – Continued
March 31, 2023
Shares | Value | |||||||
Building Products – 0.40% (Continued) | ||||||||
Carlisle Cos., Inc. | 1 | $ | 226 | |||||
Carrier Global Corp. | 110 | 5,033 | ||||||
Fortune Brands Innovations, Inc. | 19 | 1,116 | ||||||
Johnson Controls International plc (b) | 80 | 4,818 | ||||||
Lennox International, Inc. | 3 | 754 | ||||||
Masco Corp. | 30 | 1,492 | ||||||
Trane Technologies plc (b) | 38 | 6,991 | ||||||
25,002 | ||||||||
Capital Markets – 2.48% | ||||||||
Ameriprise Financial, Inc. | 20 | 6,130 | ||||||
Ares Management Corp., Class A | 40 | 3,338 | ||||||
BlackRock, Inc. | 20 | 13,383 | ||||||
Blackstone, Inc. | 60 | 5,270 | ||||||
Cboe Global Markets, Inc. | 10 | 1,342 | ||||||
CME Group, Inc. | 10 | 1,915 | ||||||
Coinbase Global, Inc., Class A (a) | 20 | 1,351 | ||||||
Franklin Resources, Inc. | 40 | 1,078 | ||||||
Interactive Brokers Group, Inc., Class A | 10 | 826 | ||||||
Intercontinental Exchange, Inc. | 50 | 5,215 | ||||||
KKR & Co, Inc. | 70 | 3,676 | ||||||
LPL Financial Holdings, Inc. | 30 | 6,072 | ||||||
Moody’s Corp. | 10 | 3,060 | ||||||
Morgan Stanley | 470 | 41,266 | ||||||
MSCI, Inc. | 6 | 3,358 | ||||||
Nasdaq, Inc. | 180 | 9,841 | ||||||
Northern Trust Corp. | 40 | 3,525 | ||||||
Open Lending Corp., Class A (a) | 20 | 141 | ||||||
Raymond James Financial, Inc. | 30 | 2,798 | ||||||
S&P Global, Inc. | 38 | 13,101 | ||||||
State Street Corp. | 30 | 2,271 | ||||||
Stifel Financial Corp. | 10 | 591 | ||||||
T Rowe Price Group, Inc. | 30 | 3,387 | ||||||
The Bank of New York Mellon Corp. | 150 | 6,816 | ||||||
The Carlyle Group Inc. | 20 | 621 | ||||||
The Charles Schwab Corp. | 127 | 6,652 | ||||||
The Goldman Sachs Group Inc. | 26 | 8,505 | ||||||
UBS Group AG (b) | 10 | 213 | ||||||
XP, Inc., Class A (a)(b) | 40 | 475 | ||||||
156,217 | ||||||||
Chemicals – 1.60% | ||||||||
Air Products and Chemicals, Inc. | 32 | 9,191 | ||||||
Celanese Corp. | 30 | 3,267 |
The accompanying notes are an integral part of these financial statements.
9
UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF
Schedule of Investments (Unaudited) – Continued
March 31, 2023
Shares | Value | |||||||
Chemicals – 1.60% (Continued) | ||||||||
CF Industries Holdings, Inc. | 20 | $ | 1,450 | |||||
Corteva, Inc. | 180 | 10,856 | ||||||
Dow, Inc. | 30 | 1,644 | ||||||
DuPont de Nemours, Inc. | 514 | 36,890 | ||||||
Eastman Chemical Co. | 20 | 1,687 | ||||||
Ecolab, Inc. | 40 | 6,621 | ||||||
FMC Corp. | 10 | 1,221 | ||||||
International Flavors & Fragrances, Inc. | 20 | 1,839 | ||||||
Linde plc (b) | 7 | 2,488 | ||||||
Minerals Technologies, Inc. | 30 | 1,813 | ||||||
The Mosaic Co. | 80 | 3,670 | ||||||
PPG Industries, Inc. | 100 | 13,358 | ||||||
The Chemours Co. | 30 | 898 | ||||||
The Scotts Miracle-Gro Co. | 10 | 697 | ||||||
The Sherwin-Williams Co. | 10 | 2,248 | ||||||
Westlake Corp. | 10 | 1,160 | ||||||
100,998 | ||||||||
Commercial Services & Supplies – 0.48% | ||||||||
Cintas Corp. | 10 | �� | 4,627 | |||||
Copart, Inc. (a) | 110 | 8,273 | ||||||
GFL Environmental, Inc. (b) | 80 | 2,755 | ||||||
Republic Services, Inc. | 40 | 5,409 | ||||||
Stericycle, Inc. (a) | 10 | 436 | ||||||
Tetra Tech, Inc. | 10 | 1,469 | ||||||
Waste Connections, Inc. (b) | 20 | 2,781 | ||||||
Waste Management, Inc. | 29 | 4,732 | ||||||
30,482 | ||||||||
Communications Equipment – 0.92% | ||||||||
Arista Networks, Inc. (a) | 40 | 6,714 | ||||||
Cisco Systems, Inc. | 540 | 28,228 | ||||||
CommScope Holding Co, Inc. (a) | 40 | 255 | ||||||
EMCORE Corp. (a) | 350 | 403 | ||||||
Infinera Corp. (a) | 1,180 | 9,157 | ||||||
Juniper Networks, Inc. | 30 | 1,033 | ||||||
Lumentum Holdings, Inc. (a) | 20 | 1,080 | ||||||
Motorola Solutions, Inc. | 30 | 8,584 | ||||||
Nokia Oyj – ADR (b) | 140 | 687 | ||||||
Telefonaktiebolaget LM Ericsson – ADR (b) | 60 | 351 | ||||||
Viavi Solutions, Inc. (a) | 130 | 1,408 | ||||||
57,900 |
The accompanying notes are an integral part of these financial statements.
10
UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF
Schedule of Investments (Unaudited) – Continued
March 31, 2023
Shares | Value | |||||||
Construction & Engineering – 1.03% | ||||||||
Ameresco, Inc., Class A (a) | 50 | $ | 2,461 | |||||
API Group Corp. (a) | 2,261 | 50,827 | ||||||
Argan, Inc. | 20 | 809 | ||||||
Fluor Corp. (a) | 44 | 1,360 | ||||||
Quanta Services, Inc. | 50 | 8,332 | ||||||
WillScot Mobile Mini Holdings Corp. (a) | 20 | 938 | ||||||
64,727 | ||||||||
Construction Materials – 0.49% | ||||||||
Eagle Materials, Inc. | 10 | 1,467 | ||||||
Martin Marietta Materials, Inc. | 6 | 2,130 | ||||||
Vulcan Materials Co. | 160 | 27,450 | ||||||
31,047 | ||||||||
Consumer Finance – 1.20% | ||||||||
Ally Financial, Inc. | 130 | 3,314 | ||||||
American Express Co. | 316 | 52,124 | ||||||
Capital One Financial Corp. | 59 | 5,673 | ||||||
Discover Financial Services | 101 | 9,983 | ||||||
LendingTree, Inc. (a) | 10 | 267 | ||||||
OneMain Holdings, Inc. | 40 | 1,483 | ||||||
Synchrony Financial | 90 | 2,617 | ||||||
75,461 | ||||||||
Consumer Staples Distribution – 1.72% | ||||||||
BJ’s Wholesale Club Holdings, Inc. (a) | 20 | 1,521 | ||||||
Casey’s General Stores, Inc. | 4 | 866 | ||||||
Costco Wholesale Corp. | 50 | 24,844 | ||||||
Dollar General Corp. | 30 | 6,314 | ||||||
Dollar Tree, Inc. (a) | 60 | 8,613 | ||||||
Performance Food Group Co. (a) | 60 | 3,620 | ||||||
Sysco Corp. | 110 | 8,495 | ||||||
Target Corp. | 56 | 9,275 | ||||||
The Kroger Co. | 80 | 3,950 | ||||||
US Foods Holding Corp. (a) | 40 | 1,478 | ||||||
Walgreens Boots Alliance, Inc. | 540 | 18,673 | ||||||
Walmart, Inc. | 140 | 20,643 | ||||||
108,292 | ||||||||
Containers & Packaging – 0.66% | ||||||||
AptarGroup, Inc. | 10 | 1,182 | ||||||
Avery Dennison Corp. | 10 | 1,789 | ||||||
Ball Corp. | 365 | 20,115 |
The accompanying notes are an integral part of these financial statements.
11
UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF
Schedule of Investments (Unaudited) – Continued
March 31, 2023
Shares | Value | |||||||
Containers & Packaging – 0.66% (Continued) | ||||||||
Berry Global Group, Inc. | 220 | $ | 12,958 | |||||
International Paper Co. | 20 | 721 | ||||||
Packaging Corp. of America | 10 | 1,388 | ||||||
Sealed Air Corp. | 50 | 2,296 | ||||||
Westrock Co. | 30 | 914 | ||||||
41,363 | ||||||||
Distributors – 0.11% | ||||||||
Genuine Parts Co. | 10 | 1,673 | ||||||
LKQ Corp. | 60 | 3,405 | ||||||
Pool Corp. | 6 | 2,055 | ||||||
7,133 | ||||||||
Diversified Consumer Services – 0.07% | ||||||||
Service Corp. International | 60 | 4,127 | ||||||
WW International, Inc. (a) | 30 | 123 | ||||||
4,250 | ||||||||
Diversified Telecommunication Services – 0.46% | ||||||||
AT&T, Inc. | 307 | 5,910 | ||||||
BCE, Inc. (b) | 20 | 896 | ||||||
Liberty Global plc, Class C (a)(b) | 190 | 3,872 | ||||||
Telkom Indonesia Persero Tbk PT – ADR (b) | 30 | 818 | ||||||
Verizon Communications, Inc. | 450 | 17,500 | ||||||
28,996 | ||||||||
Electric Utilities – 0.42% | ||||||||
Alliant Energy Corp. | 10 | 534 | ||||||
American Electric Power Co, Inc. | 30 | 2,730 | ||||||
Avangrid, Inc. | 10 | 399 | ||||||
Edison International | 10 | 706 | ||||||
Entergy Corp. | 20 | 2,155 | ||||||
Eversource Energy | 20 | 1,565 | ||||||
FirstEnergy Corp. | 50 | 2,003 | ||||||
NextEra Energy, Inc. | 140 | 10,791 | ||||||
Portland General Electric Co. | 50 | 2,444 | ||||||
PPL Corp. | 30 | 834 | ||||||
The Southern Co. | 20 | 1,392 | ||||||
Xcel Energy, Inc. | 10 | 674 | ||||||
26,227 | ||||||||
Electrical Equipment – 1.22% | ||||||||
Acuity Brands, Inc. | 1 | 183 | ||||||
AMETEK, Inc. | 20 | 2,907 |
The accompanying notes are an integral part of these financial statements.
12
UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF
Schedule of Investments (Unaudited) – Continued
March 31, 2023
Shares | Value | |||||||
Electrical Equipment – 1.22% (Continued) | ||||||||
ChargePoint Holdings, Inc. (a) | 180 | $ | 1,885 | |||||
Eaton Corp. plc (b) | 120 | 20,561 | ||||||
Emerson Electric Co. | 60 | 5,228 | ||||||
Generac Holdings, Inc. | 87 | 9,397 | ||||||
Plug Power, Inc. (a) | 50 | 586 | ||||||
Rockwell Automation, Inc. | 14 | 4,108 | ||||||
Sensata Technologies Holding plc (b) | 586 | 29,312 | ||||||
Sunrun, Inc. (a) | 50 | 1,007 | ||||||
Vertiv Holdings Co. | 140 | 2,003 | ||||||
77,177 | ||||||||
Electronic Equipment, Instruments & Components – 0.46% | ||||||||
Advanced Energy Industries, Inc. | 10 | 980 | ||||||
Amphenol Corp., Class A | 50 | 4,086 | ||||||
CDW Corp. | 10 | 1,949 | ||||||
Coherent Corp. (a) | 20 | 761 | ||||||
Corning, Inc. | 320 | 11,290 | ||||||
Jabil, Inc. | 20 | 1,763 | ||||||
Keysight Technologies, Inc. (a) | 29 | 4,683 | ||||||
Teledyne Technologies, Inc. (a) | 2 | 895 | ||||||
Vishay Intertechnology, Inc. | 30 | 679 | ||||||
Vontier Corp. | 80 | 2,187 | ||||||
29,273 | ||||||||
Energy Equipment & Services – 0.15% | ||||||||
Baker Hughes Co. | 10 | 289 | ||||||
ChampionX Corp. | 150 | 4,069 | ||||||
Halliburton Co. | 50 | 1,582 | ||||||
Patterson-UTI Energy, Inc. | 260 | 3,042 | ||||||
TechnipFMC plc (a)(b) | 60 | 819 | ||||||
9,801 | ||||||||
Entertainment – 3.30% | ||||||||
Activision Blizzard, Inc. | 90 | 7,703 | ||||||
Electronic Arts, Inc. | 30 | 3,613 | ||||||
Liberty Media Corp.-Liberty Braves, Class C (a) | 210 | 7,075 | ||||||
Liberty Media Corp.-Liberty Formula One, Class A (a) | 30 | 2,025 | ||||||
Liberty Media Corp.-Liberty Formula One, Class C (a) | 120 | 8,980 | ||||||
Lions Gate Entertainment Corp., Class A (b) | 557 | 6,166 | ||||||
Lions Gate Entertainment Corp., Class B (b) | 1,098 | 11,397 | ||||||
Live Nation Entertainment, Inc. (a) | 10 | 700 | ||||||
Netflix, Inc. (a) | 24 | 8,292 |
The accompanying notes are an integral part of these financial statements.
13
UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF
Schedule of Investments (Unaudited) – Continued
March 31, 2023
Shares | Value | |||||||
Entertainment – 3.30% (Continued) | ||||||||
Playtika Holding Corp. (a) | 80 | $ | 901 | |||||
ROBLOX Corp., Class A (a) | 83 | 3,733 | ||||||
Take-Two Interactive Software, Inc. (a) | 10 | 1,193 | ||||||
The Walt Disney Co. (a) | 1,435 | 143,687 | ||||||
Warner Bros Discovery, Inc. (a) | 160 | 2,416 | ||||||
207,881 | ||||||||
Financial Services – 2.21% | ||||||||
Apollo Global Management, Inc. | 20 | 1,263 | ||||||
Berkshire Hathaway, Inc., Class B (a) | 153 | 47,242 | ||||||
Block, Inc. (a) | 120 | 8,238 | ||||||
CNFinance Holdings Ltd. – ADR (a)(b) | 900 | 2,223 | ||||||
Equitable Holdings, Inc. | 30 | 762 | ||||||
Fidelity National Information Services, Inc. | 20 | 1,087 | ||||||
Fiserv, Inc. (a) | 40 | 4,521 | ||||||
Flywire Corp. (a) | 70 | 2,055 | ||||||
Global Payments, Inc. | 40 | 4,210 | ||||||
Jack Henry & Associates, Inc. | 10 | 1,507 | ||||||
Mastercard, Inc., Class A | 80 | 29,073 | ||||||
MGIC Investment Corp. | 140 | 1,879 | ||||||
PayPal Holdings, Inc. (a) | 150 | 11,391 | ||||||
Shift4 Payments, Inc., Class A (a) | 10 | 758 | ||||||
Visa, Inc., Class A | 95 | 21,419 | ||||||
Voya Financial, Inc. | 20 | 1,429 | ||||||
WEX, Inc. (a) | 2 | 368 | ||||||
139,425 | ||||||||
Food Products – 0.90% | ||||||||
Beyond Meat, Inc. (a) | 30 | 487 | ||||||
Conagra Brands, Inc. | 50 | 1,878 | ||||||
General Mills, Inc. | 160 | 13,673 | ||||||
Hormel Foods Corp. | 80 | 3,190 | ||||||
Kellogg Co. | 50 | 3,348 | ||||||
Lamb Weston Holdings, Inc. | 70 | 7,316 | ||||||
Mondelez International, Inc., Class A | 100 | 6,972 | ||||||
Post Holdings, Inc. (a) | 80 | 7,190 | ||||||
The Hershey Co. | 4 | 1,018 | ||||||
The J.M. Smucker Co. | 40 | 6,295 | ||||||
The Kraft Heinz Co. | 90 | 3,480 | ||||||
Tyson Foods, Inc., Class A | 30 | 1,780 | ||||||
56,627 |
The accompanying notes are an integral part of these financial statements.
14
UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF
Schedule of Investments (Unaudited) – Continued
March 31, 2023
Shares | Value | |||||||
Gas Utilities – 0.13% | ||||||||
Atmos Energy Corp. | 20 | $ | 2,247 | |||||
Brookfield Infrastructure Corp. (b) | 30 | 1,382 | ||||||
Northwest Natural Holding Co. | 60 | 2,854 | ||||||
Spire, Inc. | 21 | 1,473 | ||||||
7,956 | ||||||||
Ground Transportation – 0.93% | ||||||||
CSX Corp. | 230 | 6,886 | ||||||
JB Hunt Transport Services, Inc. | 10 | 1,755 | ||||||
Norfolk Southern Corp. | 18 | 3,816 | ||||||
Old Dominion Freight Line, Inc. | 20 | 6,817 | ||||||
Ryder System, Inc. | 30 | 2,677 | ||||||
Uber Technologies, Inc. (a) | 698 | 22,127 | ||||||
U-Haul Holding Co. | 10 | 596 | ||||||
Union Pacific Corp. | 69 | 13,887 | ||||||
58,561 | ||||||||
Health Care Equipment & Supplies – 1.73% | ||||||||
Abbott Laboratories | 132 | 13,366 | ||||||
Alcon, Inc. (b) | 20 | 1,411 | ||||||
Apollo Endosurgery, Inc. (a) | 860 | 8,531 | ||||||
Artivion, Inc. (a) | 515 | 6,747 | ||||||
Baxter International, Inc. | 50 | 2,028 | ||||||
Becton Dickinson and Co. | 14 | 3,466 | ||||||
Boston Scientific Corp. (a) | 180 | 9,005 | ||||||
DENTSPLY SIRONA, Inc. | 30 | 1,178 | ||||||
Dexcom, Inc. (a) | 40 | 4,647 | ||||||
Edwards Lifesciences Corp. (a) | 60 | 4,964 | ||||||
Haemonetics Corp. (a) | 10 | 828 | ||||||
ICU Medical, Inc. (a) | 4 | 660 | ||||||
IDEXX Laboratories, Inc. (a) | 5 | 2,500 | ||||||
Insulet Corp. (a) | 4 | 1,276 | ||||||
Integra LifeSciences Holdings Corp. (a) | 30 | 1,722 | ||||||
Intuitive Surgical, Inc. (a) | 20 | 5,109 | ||||||
Koninklijke Philips NV (b) | 160 | 2,936 | ||||||
Medtronic plc (b) | 181 | 14,592 | ||||||
Novocure Ltd. (a)(b) | 20 | 1,203 | ||||||
Profound Medical Corp. (a)(b) | 160 | 1,486 | ||||||
QuidelOrtho Corp. (a) | 30 | 2,673 | ||||||
ResMed, Inc. | 10 | 2,190 | ||||||
Stryker Corp. | 57 | 16,272 | ||||||
Teleflex, Inc. | 2 | 507 | ||||||
109,297 |
The accompanying notes are an integral part of these financial statements.
15
UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF
Schedule of Investments (Unaudited) – Continued
March 31, 2023
Shares | Value | |||||||
Health Care Providers & Services – 1.55% | ||||||||
AmerisourceBergen Corp. | 20 | $ | 3,202 | |||||
Cardinal Health, Inc. | 20 | 1,510 | ||||||
Centene Corp. (a) | 80 | 5,057 | ||||||
Chemed Corp. | 2 | 1,075 | ||||||
CVS Health Corp. | 147 | 10,924 | ||||||
DaVita, Inc. (a) | 10 | 811 | ||||||
Elevance Health, Inc. | 30 | 13,794 | ||||||
Fresenius Medical Care AG & Co KGaA – ADR (b) | 20 | 425 | ||||||
HCA Healthcare, Inc. | 60 | 15,821 | ||||||
HealthEquity, Inc. (a) | 30 | 1,761 | ||||||
Humana, Inc. | 13 | 6,311 | ||||||
McKesson Corp. | 14 | 4,985 | ||||||
Molina Healthcare, Inc. (a) | 6 | 1,605 | ||||||
NeoGenomics, Inc. (a) | 90 | 1,567 | ||||||
Quest Diagnostics, Inc. | 20 | 2,830 | ||||||
The Cigna Group | 35 | 8,944 | ||||||
UnitedHealth Group, Inc. | 36 | 17,013 | ||||||
97,635 | ||||||||
Health Care Technology – 0.02% | ||||||||
Phreesia, Inc. (a) | 20 | 646 | ||||||
Veeva Systems, Inc. (a) | 3 | 551 | ||||||
1,197 | ||||||||
Hotels, Restaurants & Leisure – 2.78% | ||||||||
Airbnb, Inc., Class A (a) | 160 | 19,904 | ||||||
Aramark | 20 | 716 | ||||||
Booking Holdings, Inc. (a) | 1 | 2,652 | ||||||
Caesars Entertainment, Inc. (a) | 30 | 1,464 | ||||||
Carnival Corp. (a)(b) | 150 | 1,522 | ||||||
Chipotle Mexican Grill, Inc. (a) | 1 | 1,708 | ||||||
Choice Hotels International, Inc. | 1 | 117 | ||||||
Darden Restaurants, Inc. | 10 | 1,552 | ||||||
Domino’s Pizza, Inc. | 44 | 14,514 | ||||||
DoorDash, Inc., Class A (a) | 30 | 1,907 | ||||||
Dutch Bros, Inc., Class A (a) | 20 | 633 | ||||||
Expedia Group, Inc. (b) | 20 | 1,941 | ||||||
Full House Resorts, Inc. (a) | 250 | 1,807 | ||||||
Hilton Worldwide Holdings, Inc. | 10 | 1,409 | ||||||
Las Vegas Sands Corp. (a) | 60 | 3,447 | ||||||
Marriott International Inc., Class A | 50 | 8,302 | ||||||
Marriott Vacations Worldwide Corp. | 70 | 9,440 |
The accompanying notes are an integral part of these financial statements.
16
UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF
Schedule of Investments (Unaudited) – Continued
March 31, 2023
Shares | Value | |||||||
Hotels, Restaurants & Leisure – 2.78% (Continued) | ||||||||
McDonald’s Corp. | 101 | $ | 28,241 | |||||
MGM Resorts International | 170 | 7,551 | ||||||
Norwegian Cruise Line Holdings Ltd. (a)(b) | 70 | 942 | ||||||
Planet Fitness, Inc., Class A (a) | 60 | 4,660 | ||||||
Restaurant Brands International, Inc. (b) | 140 | 9,400 | ||||||
Royal Caribbean Cruises Ltd. (a)(b) | 10 | 653 | ||||||
Sabre Corp. (a) | 40 | 172 | ||||||
Starbucks Corp. | 370 | 38,528 | ||||||
Vail Resorts, Inc. | 1 | 234 | ||||||
Wyndham Hotels & Resorts, Inc. (a) | 10 | 678 | ||||||
Wynn Resorts Ltd. (a) | 70 | 7,834 | ||||||
Yatra Online, Inc. (a)(b) | 360 | 828 | ||||||
Yum! Brands, Inc. | 20 | 2,642 | ||||||
175,398 | ||||||||
Household Durables – 0.93% | ||||||||
D.R. Horton, Inc. | 230 | 22,469 | ||||||
GoPro, Inc., Class A (a) | 140 | 704 | ||||||
Helen of Troy Ltd. (a)(b) | 10 | 952 | ||||||
iRobot Corp. (a) | 20 | 873 | ||||||
Lennar Corp., Class A | 40 | 4,204 | ||||||
Lennar Corp., Class B | 21 | 1,876 | ||||||
Mohawk Industries, Inc. (a) | 111 | 11,124 | ||||||
Newell Brands, Inc. | 100 | 1,244 | ||||||
NVR, Inc. (a) | 1 | 5,572 | ||||||
PulteGroup, Inc. | 50 | 2,914 | ||||||
Sony Group Corp. – ADR (b) | 30 | 2,720 | ||||||
Tempur Sealy International, Inc. | 80 | 3,159 | ||||||
Toll Brothers, Inc. | 10 | 600 | ||||||
Whirlpool Corp. | 1 | 132 | ||||||
58,543 | ||||||||
Household Products – 0.93% | ||||||||
Central Garden & Pet Co., Class A (a) | 30 | 1,172 | ||||||
Church & Dwight Co., Inc. | 40 | 3,536 | ||||||
Colgate-Palmolive Co. | 190 | 14,279 | ||||||
Kimberly-Clark Corp. | 20 | 2,684 | ||||||
The Clorox Co. | 17 | 2,690 | ||||||
The Procter & Gamble Co. | 229 | 34,050 | ||||||
58,411 |
The accompanying notes are an integral part of these financial statements.
17
UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF
Schedule of Investments (Unaudited) – Continued
March 31, 2023
Shares | Value | |||||||
Independent Power and Renewable Electricity Producers – 0.04% | ||||||||
Atlantica Sustainable Infrastructure plc (b) | 50 | $ | 1,478 | |||||
Clearway Energy, Inc., Class A | 30 | 901 | ||||||
2,379 | ||||||||
Industrial Conglomerates – 0.19% | ||||||||
3M Co. | 60 | 6,307 | ||||||
General Electric Co. | 40 | 3,824 | ||||||
Honeywell International, Inc. | 10 | 1,911 | ||||||
12,042 | ||||||||
Insurance – 1.76% | ||||||||
Aflac, Inc. | 90 | 5,807 | ||||||
American International Group, Inc. | 100 | 5,036 | ||||||
Aon plc, Class A (b) | 29 | 9,143 | ||||||
Arthur J Gallagher & Co. | 30 | 5,739 | ||||||
Brighthouse Financial, Inc. (a) | 10 | 441 | ||||||
Chubb Ltd. (b) | 20 | 3,884 | ||||||
Cincinnati Financial Corp. | 10 | 1,121 | ||||||
CNA Financial Corp. | 50 | 1,951 | ||||||
Fidelity National Financial, Inc. | 20 | 699 | ||||||
Hippo Holdings, Inc. (a) | 10 | 162 | ||||||
Horace Mann Educators Corp. | 20 | 670 | ||||||
Lemonade, Inc. (a) | 40 | 570 | ||||||
Lincoln National Corp. | 50 | 1,123 | ||||||
Loews Corp. | 40 | 2,321 | ||||||
Manulife Financial Corp. (b) | 40 | 734 | ||||||
Markel Corp. (a) | 2 | 2,555 | ||||||
Marsh & McLennan Cos., Inc. | 80 | 13,324 | ||||||
MetLife, Inc. | 30 | 1,738 | ||||||
Principal Financial Group, Inc. | 60 | 4,459 | ||||||
Prudential Financial, Inc. | 60 | 4,964 | ||||||
Reinsurance Group of America, Inc. | 10 | 1,328 | ||||||
The Allstate Corp. | 55 | 6,095 | ||||||
The Hartford Financial Services Group Inc. | 10 | 697 | ||||||
The Progressive Corp. | 181 | 25,894 | ||||||
The Travelers Cos. Inc. | 20 | 3,428 | ||||||
Unum Group | 60 | 2,374 | ||||||
Willis Towers Watson plc (b) | 21 | 4,880 | ||||||
111,137 | ||||||||
Interactive Media & Services – 7.02% | ||||||||
Alphabet, Inc., Class A (a) | 480 | 49,790 | ||||||
Alphabet, Inc., Class C (a) | 3,441 | 357,864 |
The accompanying notes are an integral part of these financial statements.
18
UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF
Schedule of Investments (Unaudited) – Continued
March 31, 2023
Shares | Value | |||||||
Interactive Media & Services – 7.02% (Continued) | ||||||||
Baidu, Inc. – ADR (a)(b) | 10 | $ | 1,509 | |||||
Cargurus, Inc. (a) | 20 | 374 | ||||||
IAC, Inc. (a) | 30 | 1,548 | ||||||
Match Group, Inc. (a) | 16 | 614 | ||||||
Meta Platforms, Inc., Class A (a) | 119 | 25,221 | ||||||
Pinterest, Inc., Class A (a) | 60 | 1,636 | ||||||
Snap, Inc., Class A (a) | 120 | 1,345 | ||||||
TripAdvisor, Inc. (a) | 80 | 1,589 | ||||||
ZoomInfo Technologies, Inc. (a) | 60 | 1,483 | ||||||
442,973 | ||||||||
IT Services – 1.03% | ||||||||
Accenture plc, Class A (b) | 50 | 14,290 | ||||||
Cloudflare, Inc., Class A (a) | 40 | 2,466 | ||||||
Cognizant Technology Solutions Corp., Class A | 30 | 1,828 | ||||||
DXC Technology Co. (a) | 150 | 3,834 | ||||||
EPAM Systems, Inc. (a) | 1 | 299 | ||||||
Gartner, Inc. (a) | 26 | 8,470 | ||||||
GoDaddy, Inc., Class A (a) | 10 | 777 | ||||||
International Business Machines Corp. | 175 | 22,941 | ||||||
MongoDB, Inc. (a) | 10 | 2,331 | ||||||
Okta, Inc. (a) | 10 | 862 | ||||||
Rackspace Technology, Inc. (a) | 140 | 263 | ||||||
Shopify, Inc., Class A (a)(b) | 36 | 1,726 | ||||||
Snowflake, Inc., Class A (a) | 10 | 1,543 | ||||||
Thoughtworks Holding, Inc. (a) | 90 | 662 | ||||||
Twilio, Inc., Class A (a) | 10 | 666 | ||||||
VeriSign, Inc. | 10 | 2,113 | ||||||
65,071 | ||||||||
Leisure Products – 0.10% | ||||||||
Hasbro, Inc. | 10 | 537 | ||||||
Mattel, Inc. (a) | 260 | 4,786 | ||||||
Peloton Interactive, Inc., Class A (a) | 90 | 1,021 | ||||||
6,344 | ||||||||
Life Sciences Tools & Services – 0.89% | ||||||||
Agilent Technologies, Inc. | 50 | 6,917 | ||||||
Avantor, Inc. (a) | 194 | 4,101 | ||||||
Azenta, Inc. (a) | 10 | 446 | ||||||
BioLife Solutions, Inc. (a) | 200 | 4,350 | ||||||
Bio-Rad Laboratories, Inc., Class A (a) | 3 | 1,437 | ||||||
Bio-Techne Corp. | 10 | 742 |
The accompanying notes are an integral part of these financial statements.
19
UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF
Schedule of Investments (Unaudited) – Continued
March 31, 2023
Shares | Value | |||||||
Life Sciences Tools & Services – 0.89% (Continued) | ||||||||
Bruker Corp. | 30 | $ | 2,365 | |||||
CryoPort, Inc. (a) | 20 | 480 | ||||||
Danaher Corp. | 50 | 12,602 | ||||||
Illumina, Inc. (a) | 4 | 930 | ||||||
IQVIA Holdings, Inc. (a) | 10 | 1,989 | ||||||
Medpace Holdings, Inc. (a) | 10 | 1,881 | ||||||
Mettler-Toledo International, Inc. (a) | 1 | 1,530 | ||||||
PerkinElmer, Inc. | 10 | 1,333 | ||||||
Thermo Fisher Scientific, Inc. | 20 | 11,527 | ||||||
West Pharmaceutical Services, Inc. | 10 | 3,465 | ||||||
56,095 | ||||||||
Machinery – 1.63% | ||||||||
Caterpillar, Inc. | 50 | 11,442 | ||||||
Chart Industries, Inc. (a) | 30 | 3,762 | ||||||
Deere & Co. | 25 | 10,322 | ||||||
Dover Corp. | 10 | 1,519 | ||||||
Evoqua Water Technologies Corp. (a) | 90 | 4,475 | ||||||
Flowserve Corp. | 80 | 2,720 | ||||||
Fortive Corp. | 40 | 2,727 | ||||||
IDEX Corp. | 10 | 2,310 | ||||||
Illinois Tool Works, Inc. | 45 | 10,955 | ||||||
Ingersoll Rand, Inc. | 20 | 1,163 | ||||||
ITT, Inc. | 10 | 863 | ||||||
Kadant, Inc. | 10 | 2,085 | ||||||
Oshkosh Corp. | 170 | 14,141 | ||||||
Otis Worldwide Corp. | 10 | 844 | ||||||
PACCAR, Inc. | 10 | 732 | ||||||
Parker-Hannifin Corp. | 60 | 20,167 | ||||||
Pentair plc (b) | 40 | 2,211 | ||||||
Snap-on, Inc. | 10 | 2,469 | ||||||
SPX Technologies, Inc. (a) | 20 | 1,412 | ||||||
Terex Corp. | 20 | 968 | ||||||
Xylem Inc. | 50 | 5,235 | ||||||
102,522 | ||||||||
Media – 1.04% | ||||||||
Charter Communications, Inc., Class A (a) | 6 | 2,146 | ||||||
Comcast Corp., Class A | 340 | 12,889 | ||||||
Fox Corp., Class B | 30 | 939 | ||||||
iHeartMedia, Inc., Class A (a) | 5,200 | 20,280 | ||||||
Liberty Broadband Corp., Class A (a) | 20 | 1,642 |
The accompanying notes are an integral part of these financial statements.
20
UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF
Schedule of Investments (Unaudited) – Continued
March 31, 2023
Shares | Value | |||||||
Media – 1.04% (Continued) | ||||||||
Liberty Broadband Corp., Class B (a) | 80 | $ | 6,536 | |||||
Liberty Media Corp.-Liberty SiriusXM, Class C (a) | 450 | 12,596 | ||||||
News Corp., Class A | 50 | 864 | ||||||
Nexstar Media Group, Inc. | 10 | 1,727 | ||||||
Omnicom Group, Inc. | 10 | 943 | ||||||
Paramount Global, Class B | 104 | 2,320 | ||||||
Sirius XM Holdings, Inc. | 150 | 596 | ||||||
The Interpublic Group of Cos. Inc. | 30 | 1,117 | ||||||
The Trade Desk Inc., Class A (a) | 20 | 1,218 | ||||||
65,813 | ||||||||
Metals & Mining – 0.59% | ||||||||
Alamos Gold, Inc., Class A (b) | 200 | 2,446 | ||||||
Alcoa Corp. | 90 | 3,830 | ||||||
Barrick Gold Corp. (b) | 210 | 3,900 | ||||||
BHP Group Ltd. – ADR (b) | 20 | 1,268 | ||||||
Cleveland-Cliffs, Inc. (a) | 160 | 2,933 | ||||||
Freeport-McMoRan, Inc. | 100 | 4,091 | ||||||
MP Materials Corp. (a) | 80 | 2,255 | ||||||
Newmont Corp. | 20 | 980 | ||||||
Nucor Corp. | 40 | 6,179 | ||||||
Pan American Silver Corp. (b) | 30 | 546 | ||||||
Reliance Steel & Aluminum Co. | 6 | 1,541 | ||||||
Rio Tinto plc – ADR (b) | 40 | 2,744 | ||||||
Royal Gold, Inc. | 20 | 2,594 | ||||||
Steel Dynamics, Inc. | 10 | 1,131 | ||||||
United States Steel Corp. | 40 | 1,044 | ||||||
37,482 | ||||||||
Multi-Utilities – 0.20% | ||||||||
Ameren Corp. | 20 | 1,728 | ||||||
CenterPoint Energy, Inc. | 50 | 1,473 | ||||||
Dominion Energy, Inc. | 114 | 6,374 | ||||||
National Grid plc – ADR (b) | 10 | 680 | ||||||
Public Service Enterprise Group, Inc. | 13 | 812 | ||||||
Sempra Energy | 10 | 1,511 | ||||||
12,578 | ||||||||
Oil, Gas & Consumable Fuels – 1.10% | ||||||||
Antero Midstream Corp. | 190 | 1,993 | ||||||
APA Corp. | 80 | 2,885 | ||||||
Berry Corp. | 800 | 6,280 | ||||||
Cheniere Energy, Inc. | 5 | 788 |
The accompanying notes are an integral part of these financial statements.
21
UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF
Schedule of Investments (Unaudited) – Continued
March 31, 2023
Shares | Value | |||||||
Oil, Gas & Consumable Fuels – 1.10% (Continued) | ||||||||
Chevron Corp. | 68 | $ | 11,095 | |||||
Clean Energy Fuels Corp. (a) | 90 | 392 | ||||||
ConocoPhillips | 60 | 5,953 | ||||||
Devon Energy Corp. | 160 | 8,098 | ||||||
Diamondback Energy, Inc. | 20 | 2,703 | ||||||
Enterprise Products Partners LP | 30 | 777 | ||||||
Equinor ASA (b) | 22 | 625 | ||||||
Exxon Mobil Corp. | 20 | 2,193 | ||||||
Hess Corp. | 20 | 2,647 | ||||||
HF Sinclair Corp. | 60 | 2,903 | ||||||
Kinder Morgan, Inc. | 130 | 2,276 | ||||||
Matador Resources Co. | 60 | 2,859 | ||||||
Murphy Oil Corp. | 40 | 1,479 | ||||||
ONEOK, Inc. | 40 | 2,542 | ||||||
Pioneer Natural Resources Co. | 16 | 3,268 | ||||||
Suncor Energy, Inc. (b) | 30 | 931 | ||||||
The Williams Cos. Inc. | 80 | 2,389 | ||||||
Valero Energy Corp. | 30 | 4,188 | ||||||
69,264 | ||||||||
Passenger Airlines – 0.12% | ||||||||
Alaska Air Group, Inc. (a) | 20 | 839 | ||||||
Allegiant Travel Co. (a) | 1 | 92 | ||||||
American Airlines Group, Inc. (a) | 40 | 590 | ||||||
Delta Air Lines, Inc. (a) | 20 | 698 | ||||||
Southwest Airlines Co. | 20 | 651 | ||||||
United Airlines Holdings, Inc. (a) | 100 | 4,425 | ||||||
7,295 | ||||||||
Personal Care Products – 0.20% | ||||||||
Coty, Inc., Class A (a) | 120 | 1,447 | ||||||
The Estee Lauder Cos. Inc. | 36 | 8,873 | ||||||
Unilever plc – ADR (b) | 50 | 2,596 | ||||||
12,916 | ||||||||
Pharmaceuticals – 1.66% | ||||||||
AstraZeneca plc – ADR (b) | 50 | 3,471 | ||||||
Aurora Cannabis, Inc. (a)(b) | 210 | 146 | ||||||
Bristol-Myers Squibb Co. | 210 | 14,555 | ||||||
Canopy Growth Corp. (a)(b) | 120 | 210 | ||||||
Catalent, Inc. (a) | 10 | 657 | ||||||
Cronos Group, Inc. (a)(b) | 190 | 369 | ||||||
Elanco Animal Health, Inc. (a) | 1,599 | 15,031 |
The accompanying notes are an integral part of these financial statements.
22
UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF
Schedule of Investments (Unaudited) – Continued
March 31, 2023
Shares | Value | |||||||
Pharmaceuticals – 1.66% (Continued) | ||||||||
Eli Lilly & Co. | 59 | $ | 20,262 | |||||
Intra-Cellular Therapies, Inc. (a) | 20 | 1,083 | ||||||
Johnson & Johnson | 87 | 13,485 | ||||||
Merck & Co, Inc. | 90 | 9,575 | ||||||
Nektar Therapeutics (a) | 40 | 28 | ||||||
Novo Nordisk A/S – ADR (b) | 20 | 3,183 | ||||||
Pacira BioSciences, Inc. (a) | 40 | 1,632 | ||||||
Pfizer, Inc. | 188 | 7,670 | ||||||
Sanofi – ADR (b) | 60 | 3,265 | ||||||
TFF Pharmaceuticals, Inc. (a) | 260 | 178 | ||||||
Tilray Brands, Inc. (a) | 290 | 734 | ||||||
Viatris, Inc. | 300 | 2,886 | ||||||
Zoetis, Inc. | 36 | 5,992 | ||||||
104,412 | ||||||||
Professional Services – 1.02% | ||||||||
Automatic Data Processing, Inc. | 30 | 6,679 | ||||||
Booz Allen Hamilton Holding Corp. | 10 | 927 | ||||||
Broadridge Financial Solutions, Inc. | 40 | 5,863 | ||||||
CACI International, Inc., Class A (a) | 3 | 889 | ||||||
CoStar Group, Inc. (a) | 30 | 2,066 | ||||||
Equifax, Inc. | 10 | 2,028 | ||||||
Jacobs Solutions, Inc. | 10 | 1,175 | ||||||
Leidos Holdings, Inc. | 20 | 1,841 | ||||||
Paychex, Inc. | 20 | 2,292 | ||||||
Science Applications International Corp. | 10 | 1,075 | ||||||
SS&C Technologies Holdings, Inc. | 542 | 30,607 | ||||||
TransUnion | 10 | 621 | ||||||
Verisk Analytics, Inc. | 42 | 8,058 | ||||||
64,121 | ||||||||
Real Estate Investment Trusts (REITs) – 0.84% | ||||||||
Agree Realty Corp. | 10 | 686 | ||||||
Alexandria Real Estate Equities, Inc. | 10 | 1,256 | ||||||
American Homes 4 Rent | 20 | 629 | ||||||
American Tower Corp. | 10 | 2,044 | ||||||
Americold Realty Trust, Inc. | 90 | 2,560 | ||||||
Apartment Investment and Management Co. | 110 | 846 | ||||||
Crown Castle, Inc. | 10 | 1,339 | ||||||
Digital Realty Trust, Inc. | 1 | 98 | ||||||
Douglas Emmett, Inc. | 98 | 1,208 | ||||||
Equinix, Inc. | 1 | 721 |
The accompanying notes are an integral part of these financial statements.
23
UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF
Schedule of Investments (Unaudited) – Continued
March 31, 2023
Shares | Value | |||||||
Real Estate Investment Trusts (REITs) – 0.84% (Continued) | ||||||||
Equity Residential | 90 | $ | 5,400 | |||||
Farmland Partners, Inc. | 60 | 642 | ||||||
Federal Realty Investment Trust | 30 | 2,965 | ||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 10 | 286 | ||||||
Invitation Homes, Inc. | 20 | 624 | ||||||
Iron Mountain, Inc. | 30 | 1,587 | ||||||
Kimco Realty Corp. | 270 | 5,273 | ||||||
Lamar Advertising Co. | 10 | 999 | ||||||
Mid-America Apartment Communities, Inc. | 10 | 1,510 | ||||||
National Retail Properties, Inc. | 20 | 883 | ||||||
Paramount Group, Inc. | 110 | 502 | ||||||
Prologis, Inc. | 30 | 3,743 | ||||||
Regency Centers Corp. | 80 | 4,894 | ||||||
Rithm Capital Corp. | 170 | 1,360 | ||||||
Simon Property Group, Inc. | 30 | 3,359 | ||||||
STAG Industrial, Inc. | 50 | 1,691 | ||||||
Sun Communities, Inc. | 10 | 1,409 | ||||||
UDR, Inc. | 20 | 821 | ||||||
Ventas, Inc. | 60 | 2,601 | ||||||
VICI Properties, Inc. | 30 | 979 | ||||||
52,915 | ||||||||
Real Estate Management & Development – 0.06% | ||||||||
CBRE Group, Inc., Class A (a) | 20 | 1,456 | ||||||
Cushman & Wakefield plc (a)(b) | 40 | 422 | ||||||
The Howard Hughes Corp. (a) | 20 | 1,600 | ||||||
Zillow Group, Inc., Class C (a) | 10 | 445 | ||||||
3,923 | ||||||||
Semiconductors & Semiconductor Equipment – 8.04% | ||||||||
Advanced Micro Devices, Inc. (a) | 220 | 21,562 | ||||||
Allegro MicroSystems, Inc. (a) | 23 | 1,104 | ||||||
Analog Devices, Inc. | 35 | 6,903 | ||||||
Applied Materials, Inc. | 140 | 17,196 | ||||||
ASML Holding NV (b) | 12 | 8,168 | ||||||
Broadcom, Inc. | 15 | 9,623 | ||||||
Enphase Energy, Inc. (a) | 20 | 4,206 | ||||||
GLOBALFOUNDRIES, Inc. (a)(b) | 50 | 3,609 | ||||||
Intel Corp. | 913 | 29,828 | ||||||
KLA Corp. | 17 | 6,786 | ||||||
Lam Research Corp. | 27 | 14,313 | ||||||
Marvell Technology, Inc. | 204 | 8,833 |
The accompanying notes are an integral part of these financial statements.
24
UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF
Schedule of Investments (Unaudited) – Continued
March 31, 2023
Shares | Value | |||||||
Semiconductors & Semiconductor Equipment – 8.04% (Continued) | ||||||||
Microchip Technology, Inc. | 214 | $ | 17,929 | |||||
Micron Technology, Inc. | 321 | 19,369 | ||||||
Monolithic Power Systems, Inc. | 2 | 1,001 | ||||||
NVIDIA Corp. | 1,030 | 286,103 | ||||||
NXP Semiconductors NV (b) | 50 | 9,324 | ||||||
ON Semiconductor Corp. (a) | 110 | 9,055 | ||||||
QUALCOMM, Inc. | 100 | 12,758 | ||||||
Skyworks Solutions, Inc. | 20 | 2,360 | ||||||
Teradyne, Inc. | 1 | 107 | ||||||
Texas Instruments, Inc. | 90 | 16,741 | ||||||
506,878 | ||||||||
Software – 16.49% | ||||||||
8x8, Inc. (a) | 170 | 709 | ||||||
ACI Worldwide, Inc. (a) | 20 | 540 | ||||||
Adobe, Inc. (a) | 16 | 6,166 | ||||||
Alteryx, Inc., Class A (a) | 20 | 1,177 | ||||||
ANSYS, Inc. (a) | 1 | 333 | ||||||
Aspen Technology, Inc. (a) | 10 | 2,289 | ||||||
Autodesk, Inc. | 10 | 2,082 | ||||||
BILL Holdings, Inc. (a) | 20 | 1,623 | ||||||
Black Knight, Inc. (a) | 20 | 1,151 | ||||||
Blackline, Inc. (a) | 20 | 1,343 | ||||||
C3.ai, Inc., Class A (a) | 30 | 1,007 | ||||||
Cadence Design Systems, Inc. (a) | 10 | 2,101 | ||||||
Crowdstrike Holdings, Inc., Class A (a) | 542 | 74,395 | ||||||
Datadog, Inc., Class A (a) | 20 | 1,453 | ||||||
DocuSign, Inc. (a) | 10 | 583 | ||||||
Elastic NV (a)(b) | 10 | 579 | ||||||
Everbridge, Inc. (a) | 60 | 2,080 | ||||||
Five9, Inc. (a) | 10 | 723 | ||||||
Fortinet, Inc. (a) | 50 | 3,323 | ||||||
Gen Digital, Inc. | 110 | 1,888 | ||||||
Guidewire Software, Inc. (a) | 10 | 820 | ||||||
HubSpot, Inc. (a) | 3 | 1,286 | ||||||
Intuit, Inc. | 43 | 19,171 | ||||||
LiveRamp Holdings, Inc. | 20 | 439 | ||||||
Marin Software, Inc. (a) | 30 | 27 | ||||||
Microsoft Corp. | 1,758 | 506,831 | ||||||
New Relic, Inc. (a) | 30 | 2,259 | ||||||
Oracle Corp. | 50 | 4,646 | ||||||
Palo Alto Networks, Inc. (a) | 10 | 1,997 |
The accompanying notes are an integral part of these financial statements.
25
UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF
Schedule of Investments (Unaudited) – Continued
March 31, 2023
Shares | Value | |||||||
Software – 16.49% (Continued) | ||||||||
Paycom Software, Inc. (a) | 2 | $ | 608 | |||||
Paycor HCM, Inc. (a) | 30 | 796 | ||||||
RingCentral, Inc., Class A (a) | 10 | 307 | ||||||
Roper Technologies, Inc. | 13 | 5,729 | ||||||
Salesforce, Inc. (a) | 1,771 | 353,810 | ||||||
SAP SE – ADR (b) | 10 | 1,266 | ||||||
ServiceNow, Inc. (a) | 24 | 11,153 | ||||||
Synopsys, Inc. (a) | 10 | 3,863 | ||||||
Teradata Corp. (a) | 190 | 7,653 | ||||||
The Descartes Systems Group Inc. (a)(b) | 20 | 1,612 | ||||||
Tyler Technologies, Inc. | 7 | 2,482 | ||||||
Unity Software, Inc. (a) | 30 | 973 | ||||||
VMware, Inc., Class A (a) | 10 | 1,249 | ||||||
Workday, Inc., Class A (a) | 10 | 2,065 | ||||||
Yext, Inc. (a) | 140 | 1,345 | ||||||
Zoom Video Communications, Inc., Class A (a) | 10 | 738 | ||||||
Zscaler, Inc. (a) | 10 | 1,168 | ||||||
1,039,838 | ||||||||
Specialty Retail – 1.98% | ||||||||
Advance Auto Parts, Inc. | 10 | 1,216 | ||||||
AutoZone, Inc. (a) | 5 | 12,291 | ||||||
Bath & Body Works, Inc. | 690 | 25,240 | ||||||
Best Buy Co., Inc. | 40 | 3,131 | ||||||
CarMax, Inc. (a) | 162 | 10,413 | ||||||
Chewy, Inc., Class A (a) | 20 | 748 | ||||||
Dick’s Sporting Goods, Inc. | 10 | 1,419 | ||||||
Leslie’s, Inc. (a) | 20 | 220 | ||||||
LL Flooring Holdings, Inc. (a) | 170 | 646 | ||||||
Lowe’s Cos., Inc. | 81 | 16,198 | ||||||
O’Reilly Automotive, Inc. (a) | 1 | 849 | ||||||
Revolve Group, Inc. (a) | 20 | 526 | ||||||
RH (a) | 19 | 4,627 | ||||||
Ross Stores, Inc. | 30 | 3,184 | ||||||
The Gap Inc. | 10 | 100 | ||||||
The Home Depot Inc. | 84 | 24,790 | ||||||
The TJX Cos. Inc. | 210 | 16,456 | ||||||
Ulta Beauty, Inc. (a) | 4 | 2,183 | ||||||
Vroom, Inc. (a) | 10 | 9 | ||||||
Wayfair, Inc., Class A (a) | 20 | 687 | ||||||
124,933 |
The accompanying notes are an integral part of these financial statements.
26
UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF
Schedule of Investments (Unaudited) – Continued
March 31, 2023
Shares | Value | |||||||
Technology Hardware, Storage & Peripherals – 6.61% | ||||||||
Apple, Inc. | 2,278 | $ | 375,642 | |||||
Dell Technologies, Inc. | 150 | 6,031 | ||||||
Hewlett Packard Enterprise Co. | 390 | 6,213 | ||||||
HP, Inc. | 306 | 8,981 | ||||||
NetApp, Inc. | 40 | 2,554 | ||||||
Pure Storage, Inc., Class A (a) | 60 | 1,531 | ||||||
Quantum Corp. (a) | 480 | 552 | ||||||
Seagate Technology Holdings plc (b) | 200 | 13,224 | ||||||
Western Digital Corp. (b) | 40 | 1,507 | ||||||
Xerox Holdings Corp. | 30 | 462 | ||||||
416,697 | ||||||||
Textiles, Apparel & Luxury Goods – 0.78% | ||||||||
Carter’s, Inc. | 290 | 20,857 | ||||||
Deckers Outdoor Corp. (a) | 2 | 899 | ||||||
LVMH Moet Hennessy Louis Vuitton SE (b) | 5 | 4,593 | ||||||
NIKE, Inc., Class B | 120 | 14,717 | ||||||
Tapestry, Inc. | 150 | 6,466 | ||||||
Under Armour, Inc., Class A (a) | 110 | 1,044 | ||||||
Under Armour, Inc., Class C (a) | 80 | 682 | ||||||
49,258 | ||||||||
Tobacco – 0.99% | ||||||||
Altria Group, Inc. | 110 | 4,908 | ||||||
Philip Morris International, Inc. | 590 | 57,378 | ||||||
62,286 | ||||||||
Trading Companies & Distributors – 0.25% | ||||||||
Air Lease Corp. | 10 | 394 | ||||||
Fastenal Co. | 30 | 1,618 | ||||||
United Rentals, Inc. | 20 | 7,915 | ||||||
Watsco, Inc. | 3 | 955 | ||||||
WESCO International, Inc. | 28 | 4,327 | ||||||
W.W. Grainger, Inc. | 1 | 689 | ||||||
15,898 | ||||||||
Water Utilities – 0.02% | ||||||||
American Water Works Co., Inc. | 10 | 1,465 | ||||||
Wireless Telecommunication Services – 0.15% | ||||||||
T-Mobile U.S., Inc. (a) | 60 | 8,690 | ||||||
Vodafone Group plc – ADR (b) | 68 | 751 | ||||||
9,441 | ||||||||
Total Common Stocks | ||||||||
(Cost $6,041,648) | 6,113,674 |
The accompanying notes are an integral part of these financial statements.
27
UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF
Schedule of Investments (Unaudited) – Continued
March 31, 2023
Shares | Value | |||||||
EXCHANGE TRADED FUNDS – 2.76% | ||||||||
Fidelity Dividend ETF for Rising Rates | 450 | $ | 18,297 | |||||
First Trust Institutional Preferred Securities and Income ETF | 340 | 5,695 | ||||||
First Trust Preferred Securities and Income ETF | 160 | 2,554 | ||||||
Franklin U.S. Core Bond ETF | 30 | 652 | ||||||
Franklin U.S. Large Cap Multifactor Index ETF | 20 | 828 | ||||||
Global X FinTech ETF | 130 | 2,707 | ||||||
Global X Variable Rate Preferred ETF | 270 | 6,172 | ||||||
Invesco Variable Rate Preferred ETF | 280 | 6,202 | ||||||
iShares 20+ Year Treasury Bond ETF | 10 | 1,064 | ||||||
iShares 7-10 Year Treasury Bond ETF | 10 | 991 | ||||||
iShares Core MSCI EAFE ETF | 10 | 668 | ||||||
iShares Core S&P 500 ETF | 10 | 4,111 | ||||||
iShares Core S&P Small-Cap ETF | 10 | 967 | ||||||
iShares ESG Aware MSCI USA ETF | 10 | 905 | ||||||
iShares Expanded Tech-Software Sector ETF | 65 | 19,805 | ||||||
iShares Global Healthcare ETF | 10 | 834 | ||||||
iShares MSCI EAFE Growth ETF | 10 | 937 | ||||||
iShares MSCI USA Min Vol Factor ETF | 10 | 727 | ||||||
iShares MSCI USA Value Factor ETF | 10 | 926 | ||||||
iShares Russell 2000 Value ETF | 30 | 4,111 | ||||||
iShares U.S. Medical Devices ETF | 10 | 540 | ||||||
iShares U.S. Telecommunications ETF | 20 | 463 | ||||||
iShares U.S. Treasury Bond ETF | 30 | 701 | ||||||
Nuveen ESG Large-Cap Growth ETF | 360 | 20,066 | ||||||
ProShares Short QQQ | 390 | 4,750 | ||||||
Schwab U.S. Dividend Equity ETF | 370 | 27,069 | ||||||
SPDR Blackstone Senior Loan ETF | 20 | 829 | ||||||
SPDR Dow Jones Industrial Average ETF Trust | 26 | 8,648 | ||||||
SPDR Portfolio S&P 500 Growth ETF | 360 | 19,930 | ||||||
VanEck Durable High Dividend ETF | 100 | 3,132 | ||||||
Vanguard FTSE Developed Markets ETF | 20 | 903 | ||||||
Vanguard FTSE Emerging Markets ETF | 20 | 808 | ||||||
Vanguard S&P 500 ETF | 10 | 3,761 | ||||||
Virtus Real Asset Income ETF | 120 | 2,819 | ||||||
Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund | 20 | 557 | ||||||
Total Exchange Traded Funds | ||||||||
(Cost $176,907) | 174,129 |
The accompanying notes are an integral part of these financial statements.
28
UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF
Schedule of Investments (Unaudited) – Continued
March 31, 2023
Shares | Value | |||||||
INVESTMENT COMPANIES – 0.05% | ||||||||
Ares Capital Corp. | 40 | $ | 731 | |||||
FS KKR Capital Corp. | 30 | 555 | ||||||
Golub Capital BDC, Inc. | 150 | 2,034 | ||||||
Total Investment Companies | ||||||||
(Cost $3,436) | 3,320 | |||||||
SHORT-TERM INVESTMENTS – 0.17% | ||||||||
Money Market Fund – 0.17% | ||||||||
First American Government Obligations Fund, Class X, 4.64% (c) | 10,378 | 10,378 | ||||||
Total Short-Term Investments | ||||||||
(Cost $10,378) | 10,378 | |||||||
Total Investments | ||||||||
(Cost $6,232,369) – 99.93% | $ | 6,301,501 | ||||||
Other Assets In Excess Of Liabilities – 0.07% | 4,286 | |||||||
Net Assets – 100.00% | $ | 6,305,787 |
ADR – American Depositary Receipt
ETF – Exchange Traded Fund
plc – Public Limited Company
(a) | Non-income producing security. |
(b) | Foreign Security |
(c) | The rate quoted is the annualized seven-day effective yield as of March 31, 2023. |
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC (“S&P”). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.
The accompanying notes are an integral part of these financial statements.
29
UNUSUAL WHALES SUBVERSIVE REPUBLICAN TRADING ETF
Schedule of Investments (Unaudited)
March 31, 2023
Shares | Value | |||||||
COMMON STOCKS – 94.18% | ||||||||
Aerospace & Defense – 2.37% | ||||||||
General Dynamics Corp. | 8 | $ | 1,826 | |||||
Hexcel Corp. | 8 | 546 | ||||||
Lockheed Martin Corp. | 66 | 31,200 | ||||||
Raytheon Technologies Corp. | 414 | 40,543 | ||||||
The Boeing Co. (a) | 42 | 8,922 | ||||||
Woodward, Inc. | 328 | 31,937 | ||||||
114,974 | ||||||||
Air Freight & Logistics – 1.23% | ||||||||
FedEx Corp. | 248 | 56,665 | ||||||
United Parcel Service, Inc., Class B | 16 | 3,104 | ||||||
59,769 | ||||||||
Automobiles – 0.09% | ||||||||
Ferrari NV (b) | 1 | 271 | ||||||
Ford Motor Co. | 24 | 302 | ||||||
NIO, Inc.– ADR (a)(b) | 8 | 84 | ||||||
Stellantis NV (b) | 64 | 1,164 | ||||||
Tesla, Inc. (a) | 12 | 2,490 | ||||||
Workhorse Group, Inc. (a) | 56 | 75 | ||||||
4,386 | ||||||||
Automobile Components – 0.11% | ||||||||
Gentex Corp. | 8 | 224 | ||||||
LCI Industries | 40 | 4,395 | ||||||
The Goodyear Tire & Rubber Co. (a) | 51 | 562 | ||||||
5,181 | ||||||||
Banks – 3.22% | ||||||||
Associated Banc-Corp. | 16 | 288 | ||||||
Bank of America Corp. | 243 | 6,950 | ||||||
Bank of Montreal (b) | 8 | 713 | ||||||
Citigroup, Inc. | 749 | 35,121 | ||||||
Citizens Financial Group, Inc. | 8 | 243 | ||||||
Community Trust Bancorp, Inc. | 8 | 303 | ||||||
Farmers & Merchants Bancorp Inc/Archbold OH | 40 | 973 | ||||||
Fifth Third Bancorp | 8 | 213 | ||||||
First Guaranty Bancshares, Inc. | 16 | 251 | ||||||
First Horizon Corp. | 8 | 142 | ||||||
FNB Corp. | 152 | 1,763 | ||||||
JPMorgan Chase & Co. | 178 | 23,195 | ||||||
KeyCorp | 16 | 200 |
The accompanying notes are an integral part of these financial statements.
30
UNUSUAL WHALES SUBVERSIVE REPUBLICAN TRADING ETF
Schedule of Investments (Unaudited) – Continued
March 31, 2023
Shares | Value | |||||||
Banks – 3.22% (Continued) | ||||||||
Limestone Bancorp, Inc. | 16 | $ | 357 | |||||
New York Community Bancorp, Inc. | 177 | 1,600 | ||||||
Northwest Bancshares, Inc. | 136 | 1,636 | ||||||
OceanFirst Financial Corp. | 88 | 1,626 | ||||||
Regions Financial Corp. | 16 | 297 | ||||||
Southern States Bancshares, Inc. | 192 | 4,330 | ||||||
Synovus Financial Corp. | 34 | 1,048 | ||||||
The Bank of Nova Scotia (b) | 8 | 403 | ||||||
The PNC Financial Services Group Inc. | 16 | 2,034 | ||||||
United Bankshares Inc. | 336 | 11,827 | ||||||
U.S. Bancorp | 56 | 2,019 | ||||||
Wells Fargo & Co. | 1,458 | 54,500 | ||||||
Zions Bancorp NA | 152 | 4,549 | ||||||
156,581 | ||||||||
Beverages – 0.64% | ||||||||
Constellation Brands, Inc., Class A | 11 | 2,485 | ||||||
Keurig Dr. Pepper, Inc. | 144 | 5,080 | ||||||
Monster Beverage Corp. (a) | 181 | 9,776 | ||||||
PepsiCo, Inc. | 8 | 1,458 | ||||||
The Coca-Cola Co. | 197 | 12,220 | ||||||
31,019 | ||||||||
Biotechnology – 2.06% | ||||||||
AbbVie, Inc. | 88 | 14,024 | ||||||
Akero Therapeutics, Inc. (a) | 8 | 306 | ||||||
Allakos, Inc. (a) | 168 | 748 | ||||||
Amgen, Inc. | 24 | 5,802 | ||||||
Anavex Life Sciences Corp. (a) | 40 | 343 | ||||||
AquaBounty Technologies, Inc. (a) | 72 | 43 | ||||||
Atreca, Inc. (a) | 624 | 711 | ||||||
Biogen, Inc. (a) | 1 | 278 | ||||||
Gilead Sciences, Inc. | 8 | 664 | ||||||
Humacyte, Inc. (a) | 240 | 742 | ||||||
IVERIC bio, Inc. (a) | 96 | 2,336 | ||||||
Neurocrine Biosciences, Inc. (a) | 56 | 5,668 | ||||||
Ocugen, Inc. (a) | 408 | 348 | ||||||
United Therapeutics Corp. (a) | 301 | 67,412 | ||||||
Vaxcyte, Inc. (a) | 8 | 300 | ||||||
Vertex Pharmaceuticals, Inc. (a) | 1 | 315 | ||||||
100,040 |
The accompanying notes are an integral part of these financial statements.
31
UNUSUAL WHALES SUBVERSIVE REPUBLICAN TRADING ETF
Schedule of Investments (Unaudited) – Continued
March 31, 2023
Shares | Value | |||||||
Broadline Retail – 1.19% | ||||||||
Alibaba Group Holding Ltd. – ADR (a)(b) | 8 | $ | 817 | |||||
Amazon.com, Inc. (a) | 53 | 53,401 | ||||||
Etsy, Inc. (a) | 32 | 3,563 | ||||||
Qurate Retail, Inc., Class A (a) | 144 | 142 | ||||||
57,923 | ||||||||
Building Products – 0.89% | ||||||||
Allegion plc (b) | 8 | 854 | ||||||
A.O. Smith Corp. | 32 | 2,213 | ||||||
Carlisle Cos. Inc. | 58 | 13,112 | ||||||
Fortune Brands Innovations, Inc. | 202 | 11,864 | ||||||
Johnson Controls International plc (b) | 8 | 482 | ||||||
Lennox International, Inc. | 10 | 2,513 | ||||||
Owens Corning | 16 | 1,533 | ||||||
Simpson Manufacturing Co, Inc. | 96 | 10,525 | ||||||
Trex Co, Inc. (a) | 8 | 389 | ||||||
43,485 | ||||||||
Capital Markets – 0.70% | ||||||||
Ameriprise Financial, Inc. | 1 | 307 | ||||||
BlackRock, Inc. | 7 | 4,684 | ||||||
Blackstone, Inc. | 13 | 1,142 | ||||||
Cboe Global Markets, Inc. | 8 | 1,074 | ||||||
Coinbase Global, Inc., Class A (a) | 8 | 541 | ||||||
Houlihan Lokey, Inc. | 104 | 9,099 | ||||||
Intercontinental Exchange, Inc. | 32 | 3,337 | ||||||
KKR & Co, Inc. | 72 | 3,782 | ||||||
LPL Financial Holdings, Inc. | 2 | 405 | ||||||
Morgan Stanley | 8 | 702 | ||||||
Nasdaq, Inc. | 8 | 437 | ||||||
S&P Global, Inc. | 3 | 1,034 | ||||||
T. Rowe Price Group, Inc. | 16 | 1,806 | ||||||
The Bank of New York Mellon Corp. | 8 | 364 | ||||||
The Charles Schwab Corp. | 40 | 2,095 | ||||||
The Goldman Sachs Group Inc. | 8 | 2,617 | ||||||
Victory Capital Holdings, Inc., Class A | 16 | 468 | ||||||
33,894 | ||||||||
Chemicals – 2.93% | ||||||||
Air Products and Chemicals, Inc. | 8 | 2,298 | ||||||
Cabot Corp. | 16 | 1,226 | ||||||
Dow, Inc. | 1,495 | 81,956 | ||||||
Linde plc (b) | 125 | 44,430 |
The accompanying notes are an integral part of these financial statements.
32
UNUSUAL WHALES SUBVERSIVE REPUBLICAN TRADING ETF
Schedule of Investments (Unaudited) – Continued
March 31, 2023
Shares | Value | |||||||
Chemicals – 2.93% (Continued) | ||||||||
PPG Industries, Inc. | 8 | $ | 1,068 | |||||
Sisecam Resources LP | 432 | 10,852 | ||||||
The Mosaic Co. | 8 | 367 | ||||||
142,197 | ||||||||
Commercial Services & Supplies – 0.59% | ||||||||
MillerKnoll, Inc. | 1,138 | 23,272 | ||||||
Republic Services, Inc. | 8 | 1,082 | ||||||
Waste Management, Inc. | 28 | 4,569 | ||||||
28,923 | ||||||||
Communications Equipment – 0.64% | ||||||||
Arista Networks, Inc. (a) | 121 | 20,311 | ||||||
Cisco Systems, Inc. | 200 | 10,455 | ||||||
Motorola Solutions, Inc. | 2 | 572 | ||||||
31,338 | ||||||||
Construction & Engineering – 1.48% | ||||||||
AECOM | 1 | 84 | ||||||
Comfort Systems USA, Inc. | 418 | 61,011 | ||||||
Quanta Services, Inc. | 32 | 5,333 | ||||||
Valmont Industries, Inc. | 17 | 5,428 | ||||||
71,856 | ||||||||
Construction Materials – 0.00% | ||||||||
Vulcan Materials Co. | 1 | 172 | ||||||
Consumer Finance – 1.00% | ||||||||
Ally Financial, Inc. | 120 | 3,059 | ||||||
American Express Co. | 24 | 3,959 | ||||||
Capital One Financial Corp. | 370 | 35,579 | ||||||
Discover Financial Services | 16 | 1,581 | ||||||
FirstCash Holdings, Inc. | 48 | 4,578 | ||||||
Katapult Holdings, Inc. (a) | 208 | 93 | ||||||
48,849 | ||||||||
Consumer Staples Distribution – 2.01% | ||||||||
BJ’s Wholesale Club Holdings, Inc. (a) | 200 | 15,214 | ||||||
Costco Wholesale Corp. | 64 | 31,800 | ||||||
Dollar General Corp. | 2 | 421 | ||||||
Dollar Tree, Inc. (a) | 256 | 36,749 | ||||||
Ingles Markets, Inc. | 8 | 709 | ||||||
Sysco Corp. | 8 | 618 | ||||||
Target Corp. | 19 | 3,147 |
The accompanying notes are an integral part of these financial statements.
33
UNUSUAL WHALES SUBVERSIVE REPUBLICAN TRADING ETF
Schedule of Investments (Unaudited) – Continued
March 31, 2023
Shares | Value | |||||||
Consumer Staples Distribution – 2.01% (Continued) | ||||||||
The Kroger Co. | 16 | $ | 790 | |||||
US Foods Holding Corp. (a) | 16 | 591 | ||||||
Walgreens Boots Alliance, Inc. | 24 | 830 | ||||||
Walmart, Inc. | 48 | 7,078 | ||||||
97,947 | ||||||||
Containers & Packaging – 0.66% | ||||||||
AptarGroup, Inc. | 72 | 8,510 | ||||||
Ardagh Metal Packaging SA (b) | 600 | 2,448 | ||||||
Avery Dennison Corp. | 32 | 5,726 | ||||||
Ball Corp. | 40 | 2,204 | ||||||
International Paper Co. | 8 | 288 | ||||||
TriMas Corp. | 464 | 12,927 | ||||||
32,103 | ||||||||
Diversified Consumer Services – 0.04% | ||||||||
Chegg, Inc. (a) | 56 | 913 | ||||||
Nerdy, Inc. (a) | 32 | 134 | ||||||
Service Corp International | 16 | 1,100 | ||||||
2,147 | ||||||||
Diversified Telecommunication Services – 1.15% | ||||||||
AT&T, Inc. | 2,617 | 50,377 | ||||||
Verizon Communications, Inc. | 136 | 5,289 | ||||||
55,666 | ||||||||
Electric Utilities – 0.92% | ||||||||
American Electric Power Co., Inc. | 24 | 2,184 | ||||||
Duke Energy Corp. | 48 | 4,630 | ||||||
NextEra Energy, Inc. | 432 | 33,299 | ||||||
PPL Corp. | 56 | 1,556 | ||||||
The Southern Co. | 8 | 557 | ||||||
Via Renewables, Inc. | 2 | 29 | ||||||
Xcel Energy, Inc. | 40 | 2,698 | ||||||
44,953 | ||||||||
Electrical Equipment – 1.65% | ||||||||
AMETEK, Inc. | 8 | 1,163 | ||||||
Ballard Power Systems, Inc. (a)(b) | 96 | 535 | ||||||
Emerson Electric Co. | 290 | 25,271 | ||||||
FuelCell Energy, Inc. (a) | 192 | 547 | ||||||
Generac Holdings, Inc. | 8 | 864 | ||||||
Ideal Power, Inc. (a) | 56 | 585 | ||||||
Nuvve Holding Corp. (a) | 96 | 67 |
The accompanying notes are an integral part of these financial statements.
34
UNUSUAL WHALES SUBVERSIVE REPUBLICAN TRADING ETF
Schedule of Investments (Unaudited) – Continued
March 31, 2023
Shares | Value | |||||||
Electrical Equipment – 1.65% (Continued) | ||||||||
nVent Electric plc (b) | 360 | $ | 15,458 | |||||
Plug Power, Inc. (a) | 24 | 281 | ||||||
Regal Rexnord Corp. | 40 | 5,629 | ||||||
Rockwell Automation, Inc. | 101 | 29,639 | ||||||
80,039 | ||||||||
Electronic Equipment, Instruments & Components – 0.91% | ||||||||
Arrow Electronics, Inc. (a) | 64 | 7,992 | ||||||
Corning, Inc. | 56 | 1,976 | ||||||
ePlus, Inc. (a) | 112 | 5,492 | ||||||
Insight Enterprises, Inc. (a) | 140 | 20,014 | ||||||
Keysight Technologies, Inc. (a) | 2 | 323 | ||||||
Plexus Corp. (a) | 88 | 8,586 | ||||||
44,383 | ||||||||
Energy Equipment & Services – 0.12% | ||||||||
Baker Hughes Co. | 112 | 3,232 | ||||||
Expro Group Holdings NV (a)(b) | 24 | 441 | ||||||
Halliburton Co. | 48 | 1,519 | ||||||
Helix Energy Solutions Group, Inc. (a) | 56 | 433 | ||||||
Helmerich & Payne, Inc. | 8 | 286 | ||||||
5,911 | ||||||||
Entertainment – 2.53% | ||||||||
Activision Blizzard, Inc. | 144 | 12,325 | ||||||
Electronic Arts, Inc. | 16 | 1,927 | ||||||
Liberty Media Corp.-Liberty Formula One, Class C (a) | 8 | 599 | ||||||
Netflix, Inc. (a) | 154 | 53,204 | ||||||
ROBLOX Corp., Class A (a) | 24 | 1,079 | ||||||
Take-Two Interactive Software, Inc. (a) | 3 | 358 | ||||||
The Walt Disney Co. (a) | 305 | 30,540 | ||||||
Warner Bros. Discovery, Inc. (a) | 1,508 | 22,771 | ||||||
122,803 | ||||||||
Financial Services – 4.79% | ||||||||
Berkshire Hathaway, Inc., Class B (a) | 33 | 10,189 | ||||||
Block, Inc. (a) | 80 | 5,492 | ||||||
Equitable Holdings, Inc. | 232 | 5,891 | ||||||
Euronet Worldwide, Inc. (a) | 16 | 1,790 | ||||||
Fidelity National Information Services, Inc. | 803 | 43,627 | ||||||
Fiserv, Inc. (a) | 270 | 30,518 | ||||||
FleetCor Technologies, Inc. (a) | 136 | 28,676 | ||||||
Global Payments, Inc. | 8 | 842 |
The accompanying notes are an integral part of these financial statements.
35
UNUSUAL WHALES SUBVERSIVE REPUBLICAN TRADING ETF
Schedule of Investments (Unaudited) – Continued
March 31, 2023
Shares | Value | |||||||
Financial Services – 4.79% (Continued) | ||||||||
Mastercard, Inc., Class A | 64 | $ | 23,258 | |||||
PayPal Holdings, Inc. (a) | 767 | 58,246 | ||||||
Visa, Inc., Class A | 108 | 24,350 | ||||||
232,879 | ||||||||
Food Products – 0.31% | ||||||||
Conagra Brands, Inc. | 122 | 4,582 | ||||||
General Mills, Inc. | 56 | 4,786 | ||||||
Kellogg Co. | 24 | 1,607 | ||||||
Mondelez International, Inc., Class A | 8 | 558 | ||||||
The Hershey Co. | 13 | 3,307 | ||||||
14,840 | ||||||||
Gas Utilities – 1.70% | ||||||||
National Fuel Gas Co. | 1,082 | 62,475 | ||||||
Suburban Propane Partners LP | 1,304 | 19,977 | ||||||
82,452 | ||||||||
Health Care Equipment & Supplies – 1.36% | ||||||||
Abbott Laboratories | 32 | 3,240 | ||||||
Align Technology, Inc. (a) | 8 | 2,673 | ||||||
Asensus Surgical, Inc. (a) | 520 | 342 | ||||||
Becton Dickinson and Co. | 2 | 495 | ||||||
Boston Scientific Corp. (a) | 494 | 24,715 | ||||||
DENTSPLY SIRONA, Inc. | 16 | 628 | ||||||
Dexcom, Inc. (a) | 88 | 10,224 | ||||||
Edwards Lifesciences Corp. (a) | 16 | 1,324 | ||||||
Intuitive Surgical, Inc. (a) | 2 | 511 | ||||||
Koninklijke Philips NV (b) | 152 | 2,789 | ||||||
Masimo Corp. | 43 | 7,935 | ||||||
Medtronic plc (b) | 40 | 3,225 | ||||||
Stryker Corp. | 25 | 7,137 | ||||||
Zimmer Biomet Holdings, Inc. | 8 | 1,034 | ||||||
66,272 | ||||||||
Health Care Providers & Services – 2.90% | ||||||||
AmerisourceBergen Corp. | 9 | 1,441 | ||||||
Centene Corp. (a) | 67 | 4,235 | ||||||
CVS Health Corp. | 75 | 5,573 | ||||||
Elevance Health, Inc. | 151 | 69,431 | ||||||
Fresenius Medical Care AG & Co KGaA – ADR (b) | 104 | 2,211 | ||||||
HealthEquity, Inc. (a) | 16 | 939 | ||||||
Henry Schein, Inc. (a) | 232 | 18,917 | ||||||
McKesson Corp. | 10 | 3,561 |
The accompanying notes are an integral part of these financial statements.
36
UNUSUAL WHALES SUBVERSIVE REPUBLICAN TRADING ETF
Schedule of Investments (Unaudited) – Continued
March 31, 2023
Shares | Value | |||||||
Health Care Providers & Services – 2.90% (Continued) | ||||||||
Quest Diagnostics, Inc. | 12 | $ | 1,698 | |||||
The Cigna Group | 2 | 511 | ||||||
UnitedHealth Group, Inc. | 69 | 32,609 | ||||||
141,126 | ||||||||
Health Care Technology – 0.03% | ||||||||
GoodRx Holdings, Inc., Class A (a) | 272 | 1,700 | ||||||
Hotels, Restaurants & Leisure – 1.90% | ||||||||
Airbnb, Inc., Class A (a) | 8 | 995 | ||||||
Booking Holdings, Inc. (a) | 3 | 7,957 | ||||||
Chipotle Mexican Grill, Inc. (a) | 1 | 1,708 | ||||||
Domino’s Pizza, Inc. | 3 | 990 | ||||||
DraftKings, Inc. (a) | 24 | 465 | ||||||
Hall of Fame Resort & Entertainment Co. (a) | 8 | 73 | ||||||
Hilton Worldwide Holdings, Inc. | 73 | 10,283 | ||||||
Hyatt Hotels Corp., Class A (a) | 18 | 2,012 | ||||||
Las Vegas Sands Corp. (a) | 727 | 41,766 | ||||||
McDonald’s Corp. | 10 | 2,796 | ||||||
Norwegian Cruise Line Holdings Ltd. (a)(b) | 88 | 1,184 | ||||||
Penn Entertainment, Inc. (a) | 8 | 237 | ||||||
Restaurant Brands International, Inc. (b) | 34 | 2,283 | ||||||
Starbucks Corp. | 128 | 13,329 | ||||||
Wynn Resorts Ltd. (a) | 56 | 6,267 | ||||||
92,345 | ||||||||
Household Durables – 0.21% | ||||||||
LGI Homes, Inc. (a) | 80 | 9,122 | ||||||
PulteGroup, Inc. | 8 | 466 | ||||||
Sony Group Corp. – ADR | 1 | 91 | ||||||
Vuzix Corp. (a) | 72 | 298 | ||||||
9,977 | ||||||||
Household Products – 0.20% | ||||||||
Church & Dwight Co, Inc. | 5 | 442 | ||||||
Kimberly-Clark Corp. | 8 | 1,074 | ||||||
The Clorox Co. | 28 | 4,431 | ||||||
The Procter & Gamble Co. | 24 | 3,568 | ||||||
9,515 | ||||||||
Independent Power and Renewable Electricity Producers – 0.11% | ||||||||
Clearway Energy, Inc., Class A | 160 | 4,805 | ||||||
The AES Corp. | 16 | 385 | ||||||
5,190 |
The accompanying notes are an integral part of these financial statements.
37
UNUSUAL WHALES SUBVERSIVE REPUBLICAN TRADING ETF
Schedule of Investments (Unaudited) – Continued
March 31, 2023
Shares | Value | |||||||
Industrial Conglomerates – 0.74% | ||||||||
3M Co. | 8 | $ | 841 | |||||
General Electric Co. | 113 | 10,803 | ||||||
Honeywell International, Inc. | 128 | 24,463 | ||||||
36,107 | ||||||||
Insurance – 2.86% | ||||||||
Aflac, Inc. | 8 | 516 | ||||||
American International Group, Inc. | 162 | 8,158 | ||||||
Arthur J Gallagher & Co. | 1 | 191 | ||||||
Chubb Ltd. (b) | 64 | 12,428 | ||||||
Fidelity National Financial, Inc. | 8 | 279 | ||||||
Marsh & McLennan Cos. Inc. | 96 | 15,989 | ||||||
Old Republic International Corp. | 48 | 1,199 | ||||||
Primerica, Inc. | 88 | 15,157 | ||||||
Selective Insurance Group, Inc. | 21 | 2,002 | ||||||
The Allstate Corp. | 466 | 51,637 | ||||||
The Hartford Financial Services Group Inc. | 8 | 558 | ||||||
The Progressive Corp. | 28 | 4,006 | ||||||
Willis Towers Watson plc (b) | 116 | 26,956 | ||||||
139,076 | ||||||||
Interactive Media & Services – 0.86% | ||||||||
Alphabet, Inc., Class A (a) | 202 | 20,954 | ||||||
Alphabet, Inc., Class C (a) | 40 | 4,160 | ||||||
IAC, Inc. (a) | 212 | 10,939 | ||||||
Liberty TripAdvisor Holdings, Inc. (a) | 88 | 76 | ||||||
Meta Platforms, Inc. (a) | 27 | 5,722 | ||||||
41,851 | ||||||||
IT Services – 3.09% | ||||||||
Accenture plc, Class A (b) | 273 | 78,026 | ||||||
EPAM Systems, Inc. (a) | 202 | 60,398 | ||||||
International Business Machines Corp. | 48 | 6,292 | ||||||
VeriSign, Inc. (a) | 27 | 5,706 | ||||||
150,422 | ||||||||
Leisure Products – 0.03% | ||||||||
Peloton Interactive, Inc., Class A (a) | 48 | 544 | ||||||
Polaris, Inc. | 8 | 885 | ||||||
1,429 | ||||||||
Life Sciences Tools & Services – 0.61% | ||||||||
Danaher Corp. | 18 | 4,537 | ||||||
ICON plc (a)(b) | 8 | 1,709 |
The accompanying notes are an integral part of these financial statements.
38
UNUSUAL WHALES SUBVERSIVE REPUBLICAN TRADING ETF
Schedule of Investments (Unaudited) – Continued
March 31, 2023
Shares | Value | |||||||
Life Sciences Tools & Services – 0.61% (Continued) | ||||||||
Illumina, Inc. (a) | 14 | $ | 3,256 | |||||
Inotiv, Inc. (a) | 64 | 277 | ||||||
IQVIA Holdings, Inc. (a) | 64 | 12,729 | ||||||
Thermo Fisher Scientific, Inc. | 12 | 6,916 | ||||||
Waters Corp. (a) | 1 | 309 | ||||||
29,733 | ||||||||
Machinery – 1.54% | ||||||||
AGCO Corp. | 41 | 5,543 | ||||||
Caterpillar, Inc. | 8 | 1,831 | ||||||
CNH Industrial NV (b) | 690 | 10,536 | ||||||
Crane Holdings Co. | 16 | 1,816 | ||||||
Deere & Co. | 8 | 3,303 | ||||||
Donaldson Co, Inc. | 224 | 14,636 | ||||||
Dover Corp. | 64 | 9,724 | ||||||
EnPro Industries, Inc. | 8 | 831 | ||||||
Gates Industrial Corp plc (a)(b) | 368 | 5,112 | ||||||
IDEX Corp. | 1 | 231 | ||||||
Illinois Tool Works, Inc. | 29 | 7,060 | ||||||
ITT, Inc. | 36 | 3,107 | ||||||
Otis Worldwide Corp. | 56 | 4,726 | ||||||
PACCAR, Inc. | 41 | 3,001 | ||||||
Parker-Hannifin Corp. | 8 | 2,689 | ||||||
Stanley Black & Decker, Inc. | 8 | 645 | ||||||
74,791 | ||||||||
Marine Transportation – 0.03% | ||||||||
Castor Maritime, Inc. (a)(b) | 40 | 32 | ||||||
Genco Shipping & Trading Ltd. (b) | 16 | 251 | ||||||
Golden Ocean Group Ltd. (b) | 112 | 1,066 | ||||||
1,349 | ||||||||
Media – 1.12% | ||||||||
Charter Communications, Inc., Class A (a) | 25 | 8,940 | ||||||
Comcast Corp., Class A | 152 | 5,762 | ||||||
DISH Network Corp., Class C (a) | 1,148 | 10,711 | ||||||
Liberty Broadband Corp., Class C (a) | 128 | 10,457 | ||||||
Liberty Media Corp.-Liberty SiriusXM, Class C (a) | 16 | 448 | ||||||
Omnicom Group, Inc. | 8 | 755 | ||||||
Paramount Global, Class B | 80 | 1,785 | ||||||
The Interpublic Group of Cos. Inc. | 424 | 15,790 | ||||||
54,648 |
The accompanying notes are an integral part of these financial statements.
39
UNUSUAL WHALES SUBVERSIVE REPUBLICAN TRADING ETF
Schedule of Investments (Unaudited) – Continued
March 31, 2023
Shares | Value | |||||||
Metals & Mining – 3.07% | ||||||||
Barrick Gold Corp. (b) | 432 | $ | 8,022 | |||||
BHP Group Ltd. – ADR (b) | 8 | 507 | ||||||
Cleveland-Cliffs, Inc. (a) | 2,608 | 47,805 | ||||||
Freeport-McMoRan, Inc. | 264 | 10,800 | ||||||
Nucor Corp. | 152 | 23,479 | ||||||
Piedmont Lithium, Inc. (a) | 8 | 480 | ||||||
Reliance Steel & Aluminum Co. | 1 | 257 | ||||||
Rio Tinto plc (b) | 8 | 549 | ||||||
Royal Gold, Inc. | 8 | 1,038 | ||||||
United States Steel Corp. | 2,149 | 56,089 | ||||||
149,026 | ||||||||
Multi-Utilities – 0.15% | ||||||||
CenterPoint Energy, Inc. | 56 | 1,650 | ||||||
CMS Energy Corp. | 8 | 491 | ||||||
Dominion Energy, Inc. | 88 | 4,920 | ||||||
7,061 | ||||||||
Oil, Gas & Consumable Fuels – 15.02% | ||||||||
Alliance Resource Partners LP | 120 | 2,420 | ||||||
Antero Midstream Corp. | 32 | 336 | ||||||
Chevron Corp. | 323 | 52,701 | ||||||
Civitas Resources, Inc. | 8 | 547 | ||||||
ConocoPhillips | 327 | 32,442 | ||||||
Coterra Energy, Inc. | 120 | 2,945 | ||||||
Crescent Energy Co., Class A | 64 | 724 | ||||||
CrossAmerica Partners LP | 104 | 2,235 | ||||||
Devon Energy Corp. | 272 | 13,766 | ||||||
Diamondback Energy, Inc. | 8 | 1,081 | ||||||
Earthstone Energy, Inc., Class A (a) | 64 | 833 | ||||||
Energy Transfer LP | 7,922 | 98,787 | ||||||
Enterprise Products Partners LP | 6,935 | 179,616 | ||||||
EOG Resources, Inc. | 8 | 917 | ||||||
Exxon Mobil Corp. | 136 | 14,914 | ||||||
Green Plains Partners LP | 232 | 2,946 | ||||||
Kinder Morgan, Inc. | 16 | 280 | ||||||
Magellan Midstream Partners LP | 3,256 | 176,670 | ||||||
NGL Energy Partners LP (a) | 6,153 | 17,844 | ||||||
ONEOK, Inc. | 172 | 10,929 | ||||||
Pembina Pipeline Corp. (b) | 120 | 3,888 | ||||||
Phillips 66 | 48 | 4,866 | ||||||
Shell plc – ADR (b) | 1,296 | 74,572 |
The accompanying notes are an integral part of these financial statements.
40
UNUSUAL WHALES SUBVERSIVE REPUBLICAN TRADING ETF
Schedule of Investments (Unaudited) – Continued
March 31, 2023
Shares | Value | |||||||
Oil, Gas & Consumable Fuels – 15.02% (Continued) | ||||||||
SM Energy Co. | 8 | $ | 225 | |||||
Summit Midstream Partners LP (a) | 8 | 123 | ||||||
Tellurian, Inc. (a) | 256 | 315 | ||||||
The Williams Cos. Inc. | 931 | 27,800 | ||||||
TotalEnergies SE – ADR (b) | 32 | 1,890 | ||||||
Uranium Energy Corp. (a) | 104 | 299 | ||||||
USD Partners LP | 656 | 1,968 | ||||||
Valero Energy Corp. | 8 | 1,117 | ||||||
729,996 | ||||||||
Paper & Forest Products – 0.01% | ||||||||
Sylvamo Corp. | 8 | 370 | ||||||
Passenger Airlines – 0.89% | ||||||||
American Airlines Group, Inc. (a) | 568 | 8,378 | ||||||
Delta Air Lines, Inc. (a) | 480 | 16,762 | ||||||
Southwest Airlines Co. | 512 | 16,660 | ||||||
United Airlines Holdings, Inc. (a) | 32 | 1,416 | ||||||
43,216 | ||||||||
Personal Care Products – 0.01% | ||||||||
The Beauty Health Co. (a) | 32 | 404 | ||||||
The Estee Lauder Cos. Inc. | 1 | 247 | ||||||
651 | ||||||||
Pharmaceuticals – 2.55% | ||||||||
Acasti Pharma, Inc. (a)(b) | 72 | 33 | ||||||
Amylyx Pharmaceuticals, Inc. (a) | 8 | 235 | ||||||
AstraZeneca plc (b) | 400 | 27,764 | ||||||
Bristol-Myers Squibb Co. | 50 | 3,465 | ||||||
Eli Lilly & Co. | 3 | 1,030 | ||||||
GSK plc (b) | 112 | 3,985 | ||||||
Johnson & Johnson | 229 | 35,495 | ||||||
Merck & Co., Inc. | 48 | 5,107 | ||||||
Novartis AG – ADR (b) | 8 | 736 | ||||||
Perrigo Co. plc (b) | 1,221 | 43,797 | ||||||
Pfizer, Inc. | 16 | 653 | ||||||
Relmada Therapeutics, Inc. (a) | 72 | 163 | ||||||
Takeda Pharmaceutical Co Ltd. – ADR (b) | 24 | 395 | ||||||
Zoetis, Inc. | 8 | 1,332 | ||||||
124,190 | ||||||||
Professional Services – 0.79% | ||||||||
Automatic Data Processing, Inc. | 8 | 1,781 | ||||||
Booz Allen Hamilton Holding Corp. | 64 | 5,932 |
The accompanying notes are an integral part of these financial statements.
41
UNUSUAL WHALES SUBVERSIVE REPUBLICAN TRADING ETF
Schedule of Investments (Unaudited) – Continued
March 31, 2023
Shares | Value | |||||||
Professional Services – 0.79% (Continued) | ||||||||
CACI International, Inc., Class A (a) | 8 | $ | 2,370 | |||||
FTI Consulting, Inc. (a) | 16 | 3,158 | ||||||
Jacobs Solutions, Inc. | 24 | 2,820 | ||||||
KBR, Inc. | 112 | 6,166 | ||||||
ManpowerGroup, Inc. | 40 | 3,301 | ||||||
Paychex, Inc. | 5 | 573 | ||||||
RELX plc (b) | 16 | 519 | ||||||
Robert Half International, Inc. | 144 | 11,602 | ||||||
38,222 | ||||||||
Real Estate Investment Trust (REITs) – 1.34% | ||||||||
AGNC Investment Corp. | 48 | 484 | ||||||
American Tower Corp. | 2 | 409 | ||||||
Annaly Capital Management, Inc. | 8 | 153 | ||||||
Apartment Investment and Management Co. (a) | 104 | 800 | ||||||
Arlington Asset Investment Corp. (a) | 8 | 23 | ||||||
Blackstone Mortgage Trust, Inc. | 8 | 143 | ||||||
Chimera Investment Corp. | 48 | 271 | ||||||
Crown Castle, Inc. | 11 | 1,472 | ||||||
Equity LifeStyle Properties, Inc. | 8 | 537 | ||||||
Innovative Industrial Properties, Inc. | 8 | 608 | ||||||
Iron Mountain, Inc. | 8 | 423 | ||||||
Kite Realty Group Trust | 8 | 167 | ||||||
Medical Properties Trust, Inc. | 16 | 132 | ||||||
Ready Capital Corp. | 304 | 3,091 | ||||||
Redwood Trust, Inc. | 248 | 1,671 | ||||||
Sabra Health Care REIT, Inc. | 56 | 644 | ||||||
Simon Property Group, Inc. | 449 | 50,275 | ||||||
The Macerich Co. | 200 | 2,120 | ||||||
The Necessity Retail REIT Inc. | 248 | 1,557 | ||||||
64,980 | ||||||||
Real Estate Management & Development – 0.06% | ||||||||
Kennedy-Wilson Holdings, Inc. | 48 | 796 | ||||||
The Howard Hughes Corp. (a) | 24 | 1,920 | ||||||
2,716 | ||||||||
Road & Rail – 0.12% | ||||||||
ArcBest Corp. | 32 | 2,957 | ||||||
CSX Corp. | 16 | 479 | ||||||
Old Dominion Freight Line, Inc. | 1 | 341 | ||||||
Union Pacific Corp. | 11 | 2,214 | ||||||
5,991 |
The accompanying notes are an integral part of these financial statements.
42
UNUSUAL WHALES SUBVERSIVE REPUBLICAN TRADING ETF
Schedule of Investments (Unaudited) – Continued
March 31, 2023
Shares | Value | |||||||
Semiconductors & Semiconductor Equipment – 5.31% | ||||||||
Advanced Micro Devices, Inc. (a) | 16 | $ | 1,568 | |||||
Applied Materials, Inc. | 24 | 2,948 | ||||||
ASML Holding NV (b) | 48 | 32,674 | ||||||
Broadcom, Inc. | 26 | 16,680 | ||||||
Daqo New Energy Corp. (a)(b) | 8 | 375 | ||||||
Entegris, Inc. | 195 | 15,992 | ||||||
Intel Corp. | 2,408 | 78,669 | ||||||
KLA Corp. | 10 | 3,992 | ||||||
Lam Research Corp. | 1 | 530 | ||||||
Micron Technology, Inc. | 40 | 2,414 | ||||||
MKS Instruments, Inc. | 8 | 709 | ||||||
Monolithic Power Systems, Inc. | 1 | 501 | ||||||
NVIDIA Corp. | 38 | 10,555 | ||||||
QUALCOMM, Inc. | 48 | 6,124 | ||||||
Skyworks Solutions, Inc. | 8 | 944 | ||||||
SolarEdge Technologies, Inc. (a) | 93 | 28,267 | ||||||
Taiwan Semiconductor Manufacturing Co Ltd. (b) | 8 | 744 | ||||||
Teradyne, Inc. | 8 | 860 | ||||||
Texas Instruments, Inc. | 288 | 53,571 | ||||||
258,117 | ||||||||
Software – 4.01% | ||||||||
Adobe, Inc. (a) | 60 | 23,122 | ||||||
Autodesk, Inc. (a) | 132 | 27,477 | ||||||
C3.ai, Inc., Class A (a) | 24 | 806 | ||||||
Cadence Design Systems, Inc. (a) | 96 | 20,169 | ||||||
Clear Secure, Inc. | 56 | 1,465 | ||||||
Crowdstrike Holdings, Inc., Class A (a) | 32 | 4,392 | ||||||
Fortinet, Inc. (a) | 16 | 1,063 | ||||||
Gen Digital, Inc. | 764 | 13,110 | ||||||
Intuit, Inc. | 42 | 18,725 | ||||||
Microsoft Corp. | 179 | 51,606 | ||||||
Oracle Corp. | 48 | 4,460 | ||||||
Paycom Software, Inc. (a) | 1 | 304 | ||||||
Progress Software Corp. | 128 | 7,354 | ||||||
PTC, Inc. (a) | 56 | 7,181 | ||||||
Salesforce, Inc. (a) | 8 | 1,598 | ||||||
ServiceNow, Inc. (a) | 20 | 9,294 | ||||||
VMware, Inc. (a) | 16 | 1,998 | ||||||
Zoom Video Communications, Inc., Class A (a) | 8 | 591 | ||||||
194,715 |
The accompanying notes are an integral part of these financial statements.
43
UNUSUAL WHALES SUBVERSIVE REPUBLICAN TRADING ETF
Schedule of Investments (Unaudited) – Continued
March 31, 2023
Shares | Value | |||||||
Special Purpose Acquisition Companies – 0.00% | ||||||||
Digital World Acquisition Corp., Class A (a) | 16 | $ | 225 | |||||
Specialty Retail – 3.06% | ||||||||
Advance Auto Parts, Inc. | 59 | 7,175 | ||||||
AutoZone, Inc. (a) | 1 | 2,458 | ||||||
Bath & Body Works, Inc. | 766 | 28,020 | ||||||
Burlington Stores, Inc. (a) | 96 | 19,402 | ||||||
CarMax, Inc. (a) | 32 | 2,057 | ||||||
Five Below, Inc. (a) | 31 | 6,385 | ||||||
GameStop Corp. (a) | 8 | 184 | ||||||
Lowe’s Cos. Inc. | 8 | 1,600 | ||||||
O’Reilly Automotive, Inc. (a) | 32 | 27,167 | ||||||
Penske Automotive Group, Inc. | 56 | 7,941 | ||||||
RH (a) | 1 | 243 | ||||||
The Gap Inc. | 16 | 161 | ||||||
The Home Depot Inc. | 107 | 31,578 | ||||||
The TJX Cos. Inc. | 122 | 9,560 | ||||||
Tractor Supply Co. | 20 | 4,701 | ||||||
148,632 | ||||||||
Technology Hardware, Storage & Peripherals – 0.66% | ||||||||
Apple, Inc. | 163 | 26,879 | ||||||
NetApp, Inc. | 32 | 2,043 | ||||||
Seagate Technology Holdings plc (b) | 8 | 529 | ||||||
Western Digital Corp. (a) | 72 | 2,712 | ||||||
32,163 | ||||||||
Textiles, Apparel & Luxury Goods – 0.76% | ||||||||
Crocs, Inc. (a) | 8 | 1,011 | ||||||
NIKE, Inc., Class B | 8 | 981 | ||||||
Skechers USA, Inc., Class A(a) | 386 | 18,343 | ||||||
Tapestry, Inc. | 352 | 15,175 | ||||||
Under Armour, Inc., Class A (a) | 153 | 1,452 | ||||||
VF Corp. | 8 | 183 | ||||||
37,145 | ||||||||
Tobacco – 1.71% | ||||||||
Altria Group, Inc. | 144 | 6,425 | ||||||
British American Tobacco plc – ADR (b) | 56 | 1,967 | ||||||
Philip Morris International, Inc. | 762 | 74,105 | ||||||
Universal Corp. | 16 | 846 | ||||||
83,343 |
The accompanying notes are an integral part of these financial statements.
44
UNUSUAL WHALES SUBVERSIVE REPUBLICAN TRADING ETF
Schedule of Investments (Unaudited) – Continued
March 31, 2023
Shares | Value | |||||||
Trading Companies & Distributors – 0.82% | ||||||||
AerCap Holdings NV (a)(b) | 168 | $ | 9,447 | |||||
Applied Industrial Technologies, Inc. | 96 | 13,645 | ||||||
Beacon Roofing Supply, Inc. (a) | 224 | 13,182 | ||||||
Boise Cascade Co. | 17 | 1,075 | ||||||
MSC Industrial Direct Co, Inc., Class A | 24 | 2,016 | ||||||
W.W. Grainger, Inc. | 1 | 689 | ||||||
40,054 | ||||||||
Wireless Telecommunication Services – 0.32% | ||||||||
T-Mobile US, Inc. (a) | 108 | 15,643 | ||||||
Total Common Stocks | ||||||||
(Cost $4,644,648) | 4,578,697 | |||||||
EXCHANGE TRADED FUNDS – 4.07% | ||||||||
Columbia Diversified Fixed Income Allocation ETF | 80 | 1,430 | ||||||
Direxion Daily Financial Bull 3X Shares | 16 | 923 | ||||||
Energy Select Sector SPDR Fund | 8 | 663 | ||||||
Federated Hermes Short Duration High Yield ETF | 16 | 358 | ||||||
Fidelity Dividend ETF for Rising Rates | 88 | 3,578 | ||||||
Fidelity International Multifactor ETF | 16 | 410 | ||||||
Fidelity MSCI Consumer Discretionary Index ETF | 40 | 2,619 | ||||||
Fidelity MSCI Health Care Index ETF | 80 | 4,918 | ||||||
Fidelity MSCI Information Technology Index ETF | 64 | 7,293 | ||||||
Fidelity MSCI Materials Index ETF | 32 | 1,459 | ||||||
Fidelity Nasdaq Composite Index ETF | 8 | 384 | ||||||
Fidelity Quality Factor ETF | 184 | 8,730 | ||||||
First Trust Enhanced Short Maturity ETF | 152 | 9,045 | ||||||
First Trust Value Line Dividend Index Fund | 48 | 1,928 | ||||||
Franklin FTSE United Kingdom ETF | 16 | 387 | ||||||
InfraCap MLP ETF | 973 | 30,893 | ||||||
Invesco Aerospace & Defense ETF | 8 | 644 | ||||||
Invesco QQQ Trust Series 1 | 8 | 2,567 | ||||||
iPath Series B S&P 500 VIX Short-Term Futures ETN (a) | 1 | 45 | ||||||
iShares 0-5 Year High Yield Corporate Bond ETF | 16 | 667 | ||||||
iShares 10-20 Year Treasury Bond ETF | 8 | 916 | ||||||
iShares 20+ Year Treasury Bond ETF | 8 | 851 | ||||||
iShares Core Dividend Growth ETF | 424 | 21,196 | ||||||
iShares Core MSCI Europe ETF | 8 | 419 | ||||||
iShares Core S&P Small-Cap ETF | 8 | 774 | ||||||
iShares Core S&P Total U.S. Stock Market ETF | 578 | 52,338 | ||||||
iShares MSCI EAFE ETF | 56 | 4,005 |
The accompanying notes are an integral part of these financial statements.
45
UNUSUAL WHALES SUBVERSIVE REPUBLICAN TRADING ETF
Schedule of Investments (Unaudited) – Continued
March 31, 2023
Shares | Value | |||||||
EXCHANGE TRADED FUNDS – 4.07% (Continued) | ||||||||
iShares Russell 1000 ETF | 1 | $ | 225 | |||||
iShares S&P 500 Growth ETF | 8 | 511 | ||||||
iShares TIPS Bond ETF | 184 | 20,286 | ||||||
PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund | 8 | 770 | ||||||
Schwab International Equity ETF | 8 | 278 | ||||||
Schwab U.S. TIPS ETF | 8 | 429 | ||||||
SPDR Gold Shares (a) | 19 | 3,481 | ||||||
SPDR S&P 500 ETF Trust | 2 | 819 | ||||||
SPDR S&P Bank ETF | 8 | 296 | ||||||
SPDR S&P MidCap 400 ETF Trust | 1 | 458 | ||||||
Strategy Shares NASDAQ 7 HANDL ETF | 96 | 1,942 | ||||||
U.S. Global Jets ETF | 24 | 447 | ||||||
United States Oil Fund LP (a) | 8 | 532 | ||||||
Vanguard Growth ETF | 8 | 1,995 | ||||||
Vanguard Russell 1000 | 32 | 5,963 | ||||||
Total Exchange Traded Funds | ||||||||
(Cost $196,068) | 197,872 | |||||||
INVESTMENT COMPANIES – 1.58% | ||||||||
Ares Capital Corp. | 16 | 292 | ||||||
BlackRock Utilities Infrastructure & Power Opportunities Trust | 8 | 192 | ||||||
Eaton Vance Tax-Managed Buy-Write Opportunities Fund | 104 | 1,314 | ||||||
First Trust MLP and Energy Income Fund | 112 | 856 | ||||||
Golub Capital BDC, Inc. | 24 | 325 | ||||||
Hercules Capital, Inc. | 8 | 103 | ||||||
Sprott Focus Trust, Inc. | 121 | 981 | ||||||
Owl Rock Capital Corp. | 5,744 | 72,432 | ||||||
Virtus Artificial Intelligence | 8 | 139 | ||||||
Total Investment Companies | ||||||||
(Cost $79,131) | 76,634 |
The accompanying notes are an integral part of these financial statements.
46
UNUSUAL WHALES SUBVERSIVE REPUBLICAN TRADING ETF
Schedule of Investments (Unaudited) – Continued
March 31, 2023
Shares | Value | |||||||
SHORT-TERM INVESTMENTS – 0.29% | ||||||||
Money Market Fund – 0.29% | ||||||||
First American Government Obligations Fund, Class X, 4.64% (c) | 13,908 | $ | 13,908 | |||||
Total Short-Term Investments | ||||||||
(Cost $13,908) | 13,908 | |||||||
Total Investments | ||||||||
(Cost $4,933,755) – 100.12% | $ | 4,867,111 | ||||||
Liabilities in Excess of Other Assets – (0.12)% | (5,772 | ) | ||||||
Net Assets – 100.00% | $ | 4,861,339 |
ADR – American Depositary Receipt
ETF – Exchange Traded Fund
plc – Public Limited Company
(a) | Non-income producing security. |
(b) | Foreign Security |
(c) | The rate quoted is the annualized seven-day effective yield as of March 31, 2023. |
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC (“S&P”). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.
The accompanying notes are an integral part of these financial statements.
47
UNUSUAL WHALES SUBVERSIVE CONGRESSIONAL TRADING ETFs
Statement of Assets and Liabilities (Unaudited)
March 31, 2023
Unusual Whales | Unusual Whales | |||||||
Subversive Democratic | Subversive Republican | |||||||
Trading ETF | Trading ETF | |||||||
ASSETS: | ||||||||
Investments, at value (Cost $6,232,369, $4,933,755) | $ | 6,301,501 | $ | 4,867,111 | ||||
Dividends and interest receivable | 3,808 | 5,529 | ||||||
Receivable for investments sold | 15,479 | 6,752 | ||||||
Total assets | 6,320,788 | 4,879,392 | ||||||
LIABILITIES: | ||||||||
Payable to Adviser | 4,134 | 2,772 | ||||||
Payable for investments purchased | 10,867 | 15,281 | ||||||
Total liabilities | 15,001 | 18,053 | ||||||
NET ASSETS | $ | 6,305,787 | $ | 4,861,339 | ||||
NET ASSETS CONSIST OF: | ||||||||
Paid-in capital | $ | 6,243,553 | $ | 4,935,618 | ||||
Total distributable earnings (accumulated loss) | 62,234 | (74,279 | ) | |||||
Total net assets | $ | 6,305,787 | $ | 4,861,339 | ||||
Net assets | $ | 6,305,787 | $ | 4,861,339 | ||||
Shares issued and outstanding(1) | 250,000 | 200,000 | ||||||
Net asset value | $ | 25.22 | $ | 24.31 |
(1) | Unlimited shares authorized without par value. |
The accompanying notes are an integral part of these financial statements.
48
UNUSUAL WHALES SUBVERSIVE CONGRESSIONAL TRADING ETFs
Statement of Operations (Unaudited)
For the Period Ended March 31, 2023(1)
Unusual Whales | Unusual Whales | |||||||
Subversive Democratic | Subversive Republican | |||||||
Trading ETF | Trading ETF | |||||||
INVESTMENT INCOME: | ||||||||
Dividend Income (net of foreign withholding taxes of $40, $24) | $ | 14,319 | $ | 15,917 | ||||
Interest income | 86 | 152 | ||||||
Total investment income | 14,405 | 16,069 | ||||||
EXPENSES: | ||||||||
Investment advisory fees (See Note 3) | 6,039 | 3,981 | ||||||
Total expenses | 6,039 | 3,981 | ||||||
NET INVESTMENT INCOME | 8,366 | 12,088 | ||||||
REALIZED AND CHANGE IN UNREALIZED | ||||||||
GAIN (LOSS) ON INVESTMENTS: | ||||||||
Net realized loss on: | ||||||||
Investments | (15,264 | ) | (19,723 | ) | ||||
Net realized loss | (15,264 | ) | (19,723 | ) | ||||
Net change in unrealized appreciation (depreciation) on: | ||||||||
Investments | 69,132 | (66,644 | ) | |||||
Net realized and change in unrealized gain (loss) on investments | 53,868 | (86,367 | ) | |||||
NET INCREASE (DECREASE) IN | ||||||||
NET ASSETS RESULTING FROM OPERATIONS | $ | 62,234 | $ | (74,279 | ) |
(1) | Inception date of the Funds was February 6, 2023. |
The accompanying notes are an integral part of these financial statements.
49
UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF
Statement of Changes in Net Assets
For the Period | ||||
Inception through | ||||
March 31, 2023(1) | ||||
(Unaudited) | ||||
OPERATIONS: | ||||
Net investment income | $ | 8,366 | ||
Net realized loss on investments | (15,264 | ) | ||
Change in net unrealized appreciation on investments | 69,132 | |||
Net increase in net assets resulting from operations | 62,234 | |||
CAPITAL SHARE TRANSACTIONS: | ||||
Net increase in net assets resulting from capital share transactions(2) | 6,243,553 | |||
NET INCREASE IN NET ASSETS | 6,305,787 | |||
NET ASSETS: | ||||
Beginning of period | — | |||
End of period | $ | 6,305,787 |
(1) | Inception date of the Fund was February 6, 2023. |
(2) | A summary of capital share transactions is as follows: |
For the Period Inception | ||||||||
through March 31, 2023(1) | ||||||||
(Unaudited) | ||||||||
SHARE TRANSACTIONS: | Shares | Amount | ||||||
Issued | 275,000 | $ | 6,847,305 | |||||
Redeemed | (25,000 | ) | (603,752 | ) | ||||
Net increase in shares outstanding | 250,000 | $ | 6,243,553 |
The accompanying notes are an integral part of these financial statements.
50
UNUSUAL WHALES SUBVERSIVE REPUBLICAN TRADING ETF
Statement of Changes in Net Assets
For the Period | ||||
Inception through | ||||
March 31, 2023(1) | ||||
(Unaudited) | ||||
OPERATIONS: | ||||
Net investment income | $ | 12,088 | ||
Net realized loss on investments | (19,723 | ) | ||
Change in net unrealized depreciation on investments | (66,644 | ) | ||
Net decrease in net assets resulting from operations | (74,279 | ) | ||
CAPITAL SHARE TRANSACTIONS: | ||||
Net increase in net assets resulting from capital share transactions(2) | 4,935,618 | |||
NET INCREASE IN NET ASSETS | 4,861,339 | |||
NET ASSETS: | ||||
Beginning of period | — | |||
End of period | $ | 4,861,339 |
(1) | Inception date of the Fund was February 6, 2023. |
(2) | A summary of capital share transactions is as follows: |
For the Period Inception | ||||||||
through March 31, 2023(1) | ||||||||
(Unaudited) | ||||||||
SHARE TRANSACTIONS: | Shares | Amount | ||||||
Issued | 200,000 | $ | 4,935,618 | |||||
Net increase in shares outstanding | 200,000 | $ | 4,935,618 |
The accompanying notes are an integral part of these financial statements.
51
UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF
Financial Highlights
For the Period | ||||
Inception through | ||||
March 31, 2023(1) | ||||
(Unaudited) | ||||
PER SHARE DATA:(2) | ||||
Net asset value, beginning of period | $ | 25.00 | ||
INVESTMENT OPERATIONS: | ||||
Net investment income(3) | 0.03 | |||
Net realized and unrealized gain on investments | 0.19 | |||
Total from investment operations | 0.22 | |||
LESS DISTRIBUTIONS: | ||||
From net investment income | — | |||
From net realized gains | — | |||
Total distributions paid | — | |||
CAPITAL SHARE TRANSACTIONS: | ||||
Transaction fees (see Note 6) | — | |||
Total transaction fees | — | |||
Net Asset Value, end of period | $ | 25.22 | ||
TOTAL RETURN, AT NAV(4) | 0.89 | %(5) | ||
TOTAL RETURN, AT MARKET(4) | 0.84 | %(5) | ||
SUPPLEMENTAL DATA AND RATIOS: | ||||
Net assets, end of period (in thousands) | $ | 6,306 | ||
Ratio of expenses to average net assets | 0.75 | %(6) | ||
Ratio of net investment income to average net assets | 1.04 | %(6) | ||
Portfolio turnover rate(7)(8) | 9 | % |
(1) | Inception date of the Fund was February 6, 2023. |
(2) | For a Fund share outstanding for the entire period. |
(3) | Calculated based on average shares outstanding during the period. |
(4) | Total return in the table represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of distributions. |
(5) | Not annualized for periods less than one year. |
(6) | Annualized for periods less that one year. |
(7) | Excludes in-kind transactions associated with creations of the Fund. |
(8) | The numerator for the portfolio turnover rate includes the lesser of purchases or sales (excluding short-term investments and securities sold short). The denominator includes the average fair value of long positions throughout the period. |
The accompanying notes are an integral part of these financial statements.
52
UNUSUAL WHALES SUBVERSIVE REPUBLICAN TRADING ETF
Financial Highlights
For the Period | ||||
Inception through | ||||
March 31, 2023(1) | ||||
(Unaudited) | ||||
PER SHARE DATA:(2) | ||||
Net asset value, beginning of period | $ | 25.00 | ||
INVESTMENT OPERATIONS: | ||||
Net investment income(3) | 0.08 | |||
Net realized and unrealized loss on investments | (0.77 | ) | ||
Total from investment operations | (0.69 | ) | ||
LESS DISTRIBUTIONS: | ||||
From net investment income | — | |||
From net realized gains | — | |||
Total distributions paid | — | |||
CAPITAL SHARE TRANSACTIONS: | ||||
Transaction fees (see Note 6) | — | |||
Total transaction fees | — | |||
Net Asset Value, end of period | $ | 24.31 | ||
TOTAL RETURN, AT NAV(4) | -2.77 | %(5) | ||
TOTAL RETURN, AT MARKET(4) | -2.67 | %(5) | ||
SUPPLEMENTAL DATA AND RATIOS: | ||||
Net assets, end of period (in thousands) | $ | 4,861 | ||
Ratio of expenses to average net assets | 0.75 | %(6) | ||
Ratio of net investment income to average net assets | 2.28 | %(6) | ||
Portfolio turnover rate(7)(8) | 12 | % |
(1) | Inception date of the Fund was February 6, 2023. |
(2) | For a Fund share outstanding for the entire period. |
(3) | Calculated based on average shares outstanding during the period. |
(4) | Total return in the table represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of distributions. |
(5) | Not annualized for periods less than one year. |
(6) | Annualized for periods less that one year. |
(7) | Excludes in-kind transactions associated with creations of the Fund. |
(8) | The numerator for the portfolio turnover rate includes the lesser of purchases or sales (excluding short-term investments and securities sold short). The denominator includes the average fair value of long positions throughout the period. |
The accompanying notes are an integral part of these financial statements.
53
UNUSUAL WHALES SUBVERSIVE CONGRESSIONAL TRADING ETFs
Notes to the Financial Statements (Unaudited)
March 31, 2023
1. ORGANIZATION
Series Portfolios Trust (the “Trust”) was organized as a Delaware statutory trust under a Declaration of Trust dated July 27, 2015. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Unusual Whales Subversive Democratic Trading ETF (“Democratic Trading Fund”) and the Unusual Whales Subversive Republican Trading ETF (“Republican Trading Fund”) (each separately a “Fund,” or collectively, the “Funds”) each has its own investment objectives and policies with the Trust. The Funds commenced operations on February 6, 2023. The Funds’ investment adviser, Subversive Capital Advisor LLC (the “Adviser”) is responsible for providing management oversight, investment advisory services, day-to-day management of the Funds’ assets, as well as compliance, sales, marketing, and operations services to the Funds. The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (the “Codification”) Topic 946 Financial Services – Investment Companies. The Funds do not hold themselves out as related to any other series of the Trust for purposes of investment and investor services, nor does it share the same investment adviser with any other series of the Trust.
The Democratic Trading Fund seeks to achieve long-term capital appreciation by investing primarily in equity securities of publicly traded companies that sitting Democratic members of United States Congress and/or their families also have reported to have invested in through public disclosure filings made by such Congresspersons pursuant to the Stop Trading on Congressional Knowledge Act (“STOCK Act”). The Fund will focus on the equity securities purchased or sold by members of Congress who are registered members of the Democratic Party and their families. The Fund will not consider investments by any U.S. Congressperson who is not registered as a member of the Democratic Party (e.g., a U.S. Congressperson who is registered as an Independent but who may caucus as member of the Democratic Party).
The Republican Trading Fund seeks to achieve long-term capital appreciation by investing primarily in equity securities of publicly traded companies that sitting Republican members of United States Congress and/or their families also have reported to have invested in through public disclosure filings made by such Congresspersons pursuant to the Stop Trading on Congressional Knowledge Act (“STOCK Act”). The Fund will focus on the equity securities purchased or sold by members of Congress who are registered members of the Republican Party and their families. The Fund will not consider investments by any U.S. Congressperson who is not registered as a member of the Republican Party (e.g., a U.S. Congressperson who is registered as an Independent but who may caucus as member of the Republican Party).
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of its financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America (“GAAP”).
A. Investment Valuation – The following is a summary of the Funds’ pricing procedures. It is intended to be a general discussion and may not necessarily reflect all the pricing procedures followed by the Funds. Equity securities, including common stocks, preferred stocks, and real estate investment trusts (“REITS”) that are traded on a national securities exchange, except those listed on the Nasdaq Global Market®, Nasdaq Global Select Market® and the Nasdaq Capital Market® exchanges (collectively “Nasdaq”), are valued at the last reported sale price on that exchange on which the security is principally traded. Securities traded on Nasdaq will be valued at the Nasdaq Official Closing
54
UNUSUAL WHALES SUBVERSIVE CONGRESSIONAL TRADING ETFs
Notes to the Financial Statements (Unaudited) – Continued
March 31, 2023
Price (“NOCP”). If, on a particular day, an exchange traded or Nasdaq security does not trade, then the mean between most recent quoted bid and asked prices will be used. All equity securities that are not traded on a listed exchange are valued at the last sale price in the over-the-counter market. If a non-exchanged traded equity security does not trade on a particular day, then the mean between the last quoted closing bid and asked price will be used. To the extent these securities are actively traded, and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy.
In the case of foreign securities, the occurrence of events after the close of foreign markets, but prior to the time the Funds’ NAV is calculated will result in an adjustment to the trading prices of foreign securities when foreign markets open on the following business day. The Funds will value foreign securities at fair value, taking into account such events in calculating the NAV. In such cases, use of fair valuation can reduce an investor’s ability to seek profit by estimating the Funds’ NAV in advance of the time the NAV is calculated. These securities are categorized in Level 2 of the fair value hierarchy.
Investments in registered open-end investment companies (including money market funds), other than exchange traded funds, are valued at their reported net asset values (“NAV”). To the extent these securities are valued at their NAV per share, they are categorized in Level 1 of the fair value hierarchy.
The Board of Trustees (the “Board”) has adopted a pricing and valuation policy for use by the Funds and its Valuation Designee (as defined below) in calculating the Funds’ NAV. Pursuant to Rule 2a-5 under the 1940 Act, the Funds have designated the Adviser as its “Valuation Designee” to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5. The Valuation Designee is authorized to make all necessary determinations of the fair values of the portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers, or independent pricing services are unreliable.
The Funds have 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 in 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:
Level 1 – | Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have 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 inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
55
UNUSUAL WHALES SUBVERSIVE CONGRESSIONAL TRADING ETFs
Notes to the Financial Statements (Unaudited) – Continued
March 31, 2023
The following is a summary of the inputs used to value the Funds’ securities by level within the fair value hierarchy as of March 31, 2023:
Democratic Trading Fund | ||||||||||||||||
Investments at Fair Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets | ||||||||||||||||
Common Stocks(1) | $ | 6,113,674 | $ | — | $ | — | $ | 6,113,674 | ||||||||
Exchange Traded Funds | 174,129 | — | — | 174,129 | ||||||||||||
Investment Companies | 3,320 | — | — | 3,320 | ||||||||||||
Short-Term Investments | 10,378 | — | — | 10,378 | ||||||||||||
Total | $ | 6,301,501 | $ | — | $ | — | $ | 6,301,501 | ||||||||
Republican Trading Fund | ||||||||||||||||
Investments at Fair Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets | ||||||||||||||||
Common Stocks(1) | $ | 4,578,697 | $ | — | $ | — | $ | 4,578,697 | ||||||||
Exchange Traded Funds | 197,872 | — | — | 197,872 | ||||||||||||
Investment Companies | 76,634 | — | — | 76,634 | ||||||||||||
Short-Term Investments | 13,908 | — | — | 13,908 | ||||||||||||
Total | $ | 4,867,111 | $ | — | $ | — | $ | 4,867,111 |
(1) | Please refer to the Schedules of Investments to view Common Stocks segregated by industry type. |
As of the period ended March 31, 2023, the Funds did not hold any level 3 securities, nor were there any transfers into or out of Level 3.
B. Foreign Securities and Currency Translation – Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Funds do not isolate the portion of the results of operations from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal year- end, resulting from changes in exchange rates.
Investments in foreign securities entail certain risks. There may be a possibility of nationalization or expropriation of assets, confiscatory taxation, political or financial instability, and diplomatic developments that could affect the value of the Funds’ investments in certain foreign countries. Since foreign securities normally are denominated and traded in foreign currencies, the value of the Funds’ assets may be affected favorably or unfavorably by currency exchange rates, currency exchange control regulations, foreign withholding taxes, and restrictions or prohibitions on the repatriation of foreign currencies. There may be less information publicly available about a foreign issuer than
56
UNUSUAL WHALES SUBVERSIVE CONGRESSIONAL TRADING ETFs
Notes to the Financial Statements (Unaudited) – Continued
March 31, 2023
about a U.S. issuer, and foreign issuers are not generally subject to accounting, auditing, and financial reporting standards, and practices comparable to those in the United States. The securities of some foreign issuers are less liquid and at times more volatile than securities of comparable U.S. issuers.
C. Cash and Cash Equivalents – The Funds consider highly liquid short-term fixed income investments purchased with an original maturity of less than three months and money market funds to be cash equivalents. Cash equivalents are included in short term investments on the Schedule of Investments as well as in investments on the Statement of Assets and Liabilities. Temporary cash overdrafts are reported as payable to custodian.
D. Guarantees and Indemnifications – In the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred.
E. Security Transactions, Income and Expenses – The Funds follow industry practice and records security transactions on the trade date. Realized gains and losses on sales of securities are calculated on the basis of identified cost. Dividend income is recorded on the ex-dividend date and interest income and expense is recorded on an accrual basis. Withholding taxes on foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and regulations. Discounts and premiums on securities purchased are amortized over the expected life of the respective securities. Interest income is accounted for on the accrual basis and includes amortization of premiums and accretion of discounts on the effective interest method.
F. Share Valuation – The NAV per share of the Funds is calculated by dividing the sum of the value of the securities held by the Funds, plus cash or other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding for the Funds, rounded to the nearest cent. The Funds’ shares will not be priced on days which the Cboe BZX Exchange, Inc. is closed for trading.
G. Use of Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
H. Statement of Cash Flows – Pursuant to the Cash Flows Topic of the Codification, the Funds qualify for an exemption from the requirement to provide a statement of cash flows and has elected not to provide a statement of cash flows.
3. RELATED PARTY TRANSACTIONS
The Trust has an agreement with the Adviser to furnish investment advisory services to the Funds’. Pursuant to an Investment Advisory Agreement between the Trust and the Adviser, the Adviser is entitled to receive, on a monthly basis, a unified management fee (accrued daily) based upon the average daily net assets of the Funds at the annual rate of 0.75%.
The Adviser has retained Toroso Investments, LLC (“sub-adviser”) to serve as sub-adviser to the Funds. The sub-adviser is responsible for trading portfolio securities for the Funds, including selecting broker-dealers to execute purchase and sale transactions, subject to the supervision of the Adviser and the Board. Fees associated with these services are paid to the sub-adviser by the Adviser.
57
UNUSUAL WHALES SUBVERSIVE CONGRESSIONAL TRADING ETFs
Notes to the Financial Statements (Unaudited) – Continued
March 31, 2023
Under the Investment Advisory Agreement, the Adviser has agreed to pay all expenses of the Funds except for the fee paid to the Adviser pursuant to the Investment Advisory Agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution fees and expenses paid by the Trust under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act.
The Advisory Agreement continues in effect for an initial two year period, and from year to year thereafter only if such continuance is specifically approved at least annually by the Board or by vote of a majority of the Funds’ outstanding voting securities and by a majority of the Independent Trustees, who are not parties to the Advisory Agreement or interested persons of any such party, in each case cast in person at a meeting called for the purpose of voting on the Advisory Agreement. The Advisory Agreement is terminable without penalty by the Trust on behalf of a Fund on not more than 60 days’, nor less than 30 days’, written notice to the Adviser when authorized either by a majority vote of the Funds’ shareholders or by a vote of a majority of the Trustees, or by the Adviser on not more than 60 days’ written notice to the Trust, and will automatically terminate in the event of its “assignment” (as defined in the 1940 Act). The Advisory Agreement provides that the Adviser shall not be liable under such agreement for any error of judgment or mistake of law or for any loss arising out of any investment or for any act or omission in the execution of portfolio transactions for the Funds, except for willful misfeasance, bad faith or gross negligence in the performance of its duties, or by reason of reckless disregard of its obligations and duties thereunder.
U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services” or “Administrator”) acts as the Funds’ Administrator, transfer agent, and fund accountant. U.S. Bank N.A. (the “Custodian”) serves as the custodian to the Funds. The Custodian is an affiliate of the Administrator. The Administrator performs various administrative and accounting services for the Funds. The Administrator prepares various federal and state regulatory filings, reports and returns for the Funds; prepares reports and materials to be supplied to the Board; monitors the activities of the Funds’ custodian; coordinates the payment of the Funds’ expenses and reviews the Funds’ expense accruals. The officers of the Trust, including the Chief Compliance Officer, are employees of the Administrator. A trustee of the Trust is an officer of the Administrator. As compensation for its services, the Administrator is entitled to a monthly fee at an annual rate based upon the average daily net assets of the Funds, subject to annual minimums. The Advisor has agreed to pay all expenses of the Funds’ Administrator, transfer agent, fund accountant and custodian in accordance with the Investment Advisory Agreement.
Quasar Distributors, LLC is the Funds’ distributor (the “Distributor”). The Distributor is not affiliated with the Adviser, Fund Services, or its affiliated companies.
4. TAX FOOTNOTE
Federal Income Taxes – The Funds intend to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, necessary to qualify as a regulated investment company and distributes substantially all net taxable investment income and net realized gains to shareholders in a manner which results in no tax cost to the Funds. Therefore, no federal income or excise tax provision is required. As of, and during the period ended March 31, 2023, the Funds did not have any tax positions that did not meet the “more-likely-than-not” threshold of being sustained by the applicable tax authority and did not have liabilities for any unrecognized tax benefits. The Funds recognizes interest and penalties, if any, related to unrecognized tax benefits on uncertain tax positions as income tax expense in the Statement of Operations. The Funds are subject to examination by taxing authorities for the tax periods since the commencement of operations.
58
UNUSUAL WHALES SUBVERSIVE CONGRESSIONAL TRADING ETFs
Notes to the Financial Statements (Unaudited) – Continued
March 31, 2023
Distributions to Shareholders – The Funds intend to distribute all net investment income and net realized gains at least annually. Distributions to shareholders are recorded on the ex-dividend date. The treatment for financial reporting purposes of distributions made to shareholders during the year from net investment income or net realized capital gains may differ from their treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, GAAP requires that they be reclassified in the components of the net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations or net asset values per share of the Funds.
For the period ended March 31, 2023, the Funds did not make any distributions to shareholders.
5. DISTRIBUTION FEES
The Board has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act (“the Plan”). In accordance with the Plan, the Funds are authorized to pay an amount up to 0.25% of the Funds’ average daily net assets each year for certain distribution-related activities. As authorized by the Board, no Rule 12b-1 fees are currently paid by the Funds and there are no plans to impose these fees. However, in the event Rule 12b-1 fees are charged in the future, they will be paid out of the Funds’ assets. The Adviser and its affiliates may, out of their own resources, pay amounts to third parties for distribution or marketing services on behalf of the Funds.
6. SHARE TRANSACTIONS
Shares of the Funds are listed and trade on the Cboe BZX Exchange, Inc. Market prices for the shares may be different from their NAV. The Fund issues and redeems shares on a continuous basis at NAV generally in blocks of 25,000 shares called “Creation Units.” Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, shares generally trade in the secondary market at market prices that change throughout the day. Except when aggregated in Creation Units, shares are not redeemable securities of the Fund. Creation Units may only be purchased or redeemed by certain financial institutions (“Authorized Participants”). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem shares directly from the Funds. Rather, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.
A fixed transaction fee is imposed for the transfer and other transaction costs associated with the purchase or sale of Creation Units. The standard fixed transaction fee for the Fund is $500, payable to the Custodian. The fixed transaction fee may be waived on certain orders if the Funds’ Custodian has determined to waive some or all of the creation order costs associated with the order, or another party, such as the Adviser, has agreed to pay such fee. In addition, a variable fee, payable to the Fund, may be charged on all cash transactions or substitutes for Creation Units of up to a maximum of 2% as a percentage of the value of the Creation Units subject to the transaction. Variable fees received by the Funds, if any, are displayed in the Capital Shares Transactions section of the Statements of Changes in Net Assets. The Funds may issue an unlimited number of shares of beneficial interest, with no par value. All shares of the Funds have equal rights and privileges.
59
UNUSUAL WHALES SUBVERSIVE CONGRESSIONAL TRADING ETFs
Notes to the Financial Statements (Unaudited) – Continued
March 31, 2023
7. INVESTMENT TRANSACTIONS
The aggregate purchases and sales (excluding short-term investments), creations in-kind and redemptions in-kind, by the Funds for the period ended March 31, 2023, were as follows:
Democratic Trading Fund | ||||||||||||||||
Purchases | Sales | Creations In-Kind | Redemptions In-Kind | |||||||||||||
U.S. Government | $ | — | $ | — | $ | — | $ | — | ||||||||
Other | 1,166,167 | 551,901 | 6,205,561 | 582,527 | ||||||||||||
Republican Trading Fund | ||||||||||||||||
Purchases | Sales | Creations In-Kind | Redemptions In-Kind | |||||||||||||
U.S. Government | $ | — | $ | — | $ | — | $ | — | ||||||||
Other | 1,240,149 | 524,408 | 4,224,038 | — |
8. BENEFICIAL OWNERSHIP
The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the Investment Company Act of 1940. As of March 31, 2023, no individuals, or entities, for the benefit of their customers, owned more than 25% of the outstanding shares of the Funds. Shareholders with a controlling interest could affect the outcome of proxy voting or direction of management of the Funds.
9. RECENT MARKET EVENTS RISK
One or more markets in which the Funds invest may go down in value, including the possibility that the markets will go down sharply and unpredictably. This may be due to numerous factors, including interest rates, the outlook for corporate profits, the health of the national and world economies, national and world social and political events, and the fluctuation of other stock markets around the world. The global pandemic outbreak of an infectious respiratory illness caused by a novel coronavirus known as COVID-19 and subsequent efforts to contain its spread have resulted and may continue to result in, among other things, substantial market volatility and reduced liquidity in financial markets; exchange trading suspensions and closures; higher default rates; travel restrictions and disruptions; significant global disruptions to business operations and supply chains; lower consumer demand for goods and services; significant job losses and increasing unemployment; event and service cancellations and restrictions; significant challenges in healthcare service preparation and delivery; prolonged quarantines; and general concern and uncertainty. The impact of this pandemic and any other public health emergencies (such as any other epidemics or pandemics) that may arise in the future could adversely affect the economies of many nations or the entire global economy and the financial performance of the individual issuers, sectors, industries, asset classes, and markets in significant and unforeseen ways.
10. SUBSEQUENT EVENTS
Management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. There were no subsequent events to report that would have a material impact on the Fund’s financial statements and notes to the financial statements.
60
UNUSUAL WHALES SUBVERSIVE CONGRESSIONAL TRADING ETFs
Board Consideration of Investment Advisory Agreement (Unaudited)
March 31, 2023
Under Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Series Portfolios Trust (the “Trust”), including a majority of the Trustees who have no direct or indirect interest in the investment advisory agreement and who are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), must approve the investment advisory agreement for any new fund of the Trust.
In this regard, at a meeting held on December 16, 2022 (the “Meeting”), the Board, including the Independent Trustees, considered and unanimously approved an advisory agreement (the “Advisory Agreement”) between the Trust, on behalf of its series, the Unusual Whales Subversive Democratic Trading ETF and the Unusual Whales Subversive Republican Trading ETF (each a “Fund” or together, the “Funds”) and Subversive Capital Advisor LLC (“Subversive”), for an initial two-year term. At the Meeting, the Board considered the factors and reached the conclusions described below in selecting Subversive to serve as the Funds’ investment adviser and approving the Advisory Agreement.
In advance of the Meeting, Subversive provided information to the Board in response to requests submitted to it by the Trust’s administrator, on behalf of the Trustees, to facilitate the Board’s evaluation of the terms of the Advisory Agreement. The information furnished by Subversive included materials describing, among other things: (i) the nature, extent, and quality of the services to be provided to the Funds by Subversive; (ii) the investment performance of the strategy to be used in managing the Funds; (iii) each Fund’s overall fees and operating expenses, including the proposed unified management fee payable to Subversive, compared with those of a peer group of registered funds; and (iv) potential “fall-out” benefits Subversive may receive based on its relationship with the Fund. In addition, the Board considered such additional information as it deemed reasonably necessary to evaluate the Advisory Agreement with respect to each Fund, which included information furnished to the Board at its meetings throughout the year in connection with Subversive’s management of an existing series of the Trust, as well as information specifically prepared in connection with the approval of the Advisory Agreement that was presented at the Board’s meeting held on October 26-27, 2022 and the Meeting. The Board also considered the presentation by representatives of Subversive received at the Meeting.
In considering and approving the Advisory Agreement, the Board considered the information it believed relevant, including, but not limited to, the information discussed below. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.
The Independent Trustees were assisted in their evaluation of the Advisory Agreement by independent legal counsel, from whom they received separate legal advice and with whom they met separately from Subversive, the Interested Trustee, and management. The following summarizes a number of relevant, but not necessarily all, factors considered by the Board in reaching its determination.
NATURE, EXTENT AND QUALITY OF SERVICES
The Board received and considered various information regarding the nature, extent and quality of services proposed to be provided to the Fund by Subversive under the Advisory Agreement. This information included, among other things, the qualifications, background, tenure and responsibilities of the portfolio managers who will be primarily responsible for the day-to-day management of the Funds. The Board also noted that Subversive would provide investment advisory services in connection with selecting, monitoring and supervising each Fund’s sub-adviser, and that Subversive had recommended to the Board that Toroso Investments, LLC (“Toroso”) be appointed as the sub-
61
UNUSUAL WHALES SUBVERSIVE CONGRESSIONAL TRADING ETFs
Board Consideration of Investment Advisory Agreement (Unaudited) – Continued
March 31, 2023
adviser to the Funds. In this regard, the Board evaluated information about the nature and extent of responsibilities retained and risks assumed by Subversive that were not proposed to be delegated to or assumed by Toroso. The Board considered that Subversive would oversee Toroso’s process for monitoring best execution of portfolio trades and other trading operations.
The Board also considered information about Subversive’s plans with respect to each Fund’s investment process and portfolio strategy, the approach to security selection and the overall positioning of each Fund’s portfolio. The Board considered the unique characteristics of each Fund’s thematic investment strategy. The Board evaluated the ability of Subversive, based on attributes such as its financial condition, resources and reputation, to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance program and compliance record of Subversive.
The Board considered the special attributes of each Fund as an exchange-traded fund (“ETF”) relative to a traditional mutual fund and the benefits that are expected to be realized from such a structure. The Board also considered the resources committed by Subversive to support the on-going operations of each Fund.
INVESTMENT PERFORMANCE
The Board reviewed Subversive’s process for identifying and selecting investments for inclusion in each Fund’s portfolio. The Board acknowledged that each Fund is newly formed and has no actual investment performance record. The Board then reviewed Subversive’s representations with respect to backtested performance of each Fund. The Board then noted that it would have the opportunity to review each Fund’s actual performance on an on-going basis after its launch and in connection with future reviews of the Advisory Agreement.
FUND EXPENSES AND INVESTMENT MANAGEMENT FEE RATE
The Board received and considered information regarding each Fund’s proposed management fee and anticipated total operating expense ratio.
The Board considered each Fund’s anticipated total expense ratio in comparison to the average and median ratios of funds in an expense group (the “Expense Group”) that was derived from information provided by Morningstar, Inc., an independent provider of investment company data, based on screening criteria applied by the Trust’s administrator in consultation with Subversive. The Board received a description of the methodology and screening criteria used by the Trust’s administrator to select the registered funds and share classes in the Expense Group. The Board considered the inherent limitations of comparisons to the Expense Group in light of uncertainty as to how the fees of other funds in the Expense Group are set and potentially material differences between the Funds and such other funds. The Board also reviewed each Fund’s anticipated total expense ratio in comparison to the expense ratios of a peer group of funds selected by Subversive. The Board noted it would be able to reevaluate fees in the future in the context of future contract renewals.
The Board reviewed and considered the contractual investment management fee rate that would be payable by each Fund to Subversive for investment advisory services (the “Management Fee Rate”). Among other information reviewed by the Board was a comparison of the Management Fee Rate of each Fund with those of other funds in the Expense Group. The Board noted the Management Fee Rate of each Fund is higher than the Expense Group’s average and median rates, but the Board noted that the overall expense structure of each Fund is competitive in the context of other factors considered by the Board. In this regard, the Board was informed by Subversive that the funds in the
62
UNUSUAL WHALES SUBVERSIVE CONGRESSIONAL TRADING ETFs
Board Consideration of Investment Advisory Agreement (Unaudited) – Continued
March 31, 2023
Expense Group may vary widely in their complexity. The Board also took into consideration each Fund’s “unified fee” structure, under which Subversive would, in addition to providing investment management services, bear the costs of various third-party services necessary for the Fund to operate. The Board considered that, other than the management fee, Subversive would pay all operating expenses of each Fund, except for certain costs such as interest, brokerage, acquired fund fees and expenses, extraordinary expenses, and, to the extent it is implemented, fees pursuant to a Distribution and/or Shareholder Servicing (12b-1) Plan.
The Board then noted that Subversive does not manage any accounts with the same or similar strategies as proposed for the Funds. Based on its consideration of the factors and information it deemed relevant, including those described above, the Board determined that the Management Fee Rate is reasonable in light of the services to be covered by the Advisory Agreement.
PROFITABILITY
The Board acknowledged that there is no actual information about Subversive’s profitability earned from each Fund but considered information about Subversive’s projected profitability based on a set of assumptions described to the Board. The Board noted that it would have an opportunity to review information about actual profitability earned from each Fund in the context of future contract renewals.
ECONOMIES OF SCALE
With respect to possible economies of scale, the Board considered that the Funds have not yet commenced operations and that Subversive did not present the Board with information regarding the extent to which economies of scale are expected to be realized as the assets of the Funds grow. The Board noted that the amount and structure of each Fund’s unified fee contemplates a sharing of economies of scale with Fund shareholders. The Board also considered that any reduction in fixed costs associated with the management of the Funds would benefit Subversive due to the unified fee structure of the Funds, but that the unified fee would protect shareholders from a rise in operating costs and/or a decline in Fund assets and is a transparent means of informing each Fund’s shareholders of the fees associated with the Fund. The Board noted that it would have an opportunity to consider economies of scale in the context of future contract renewals.
OTHER BENEFITS TO SUBVERSIVE
The Board received and considered information regarding potential “fall-out” or ancillary benefits to Subversive, as a result of its relationship with the Funds. Ancillary benefits could include, among others, benefits attributable to research credits generated by a Fund’s portfolio transactions.
CONCLUSION
After considering the above-described factors and based on its deliberations and its evaluation of the information described above, among other information and factors deemed relevant by the Board, the Board unanimously approved the Advisory Agreement for an initial two-year term.
63
UNUSUAL WHALES SUBVERSIVE CONGRESSIONAL TRADING ETFs
Board Consideration of Investment Sub-Advisory Agreement (Unaudited)
March 31, 2023
Under Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Series Portfolios Trust (the “Trust”), including a majority of the Trustees who have no direct or indirect interest in the investment advisory agreement and who are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), must approve the investment advisory agreement for any new fund of the Trust.
In this regard, at a meeting held on December 16, 2022 (the “Meeting”), the Board, including the Independent Trustees, considered and unanimously approved an investment sub-advisory agreement (the “Sub-Advisory Agreement”) between Subversive Capital Advisor LLC (“Subversive”) and Toroso Investments, LLC (“Toroso”), with respect to the Unusual Whales Subversive Democratic Trading ETF and the Unusual Whales Subversive Republican Trading ETF (the “Funds”) for an initial two-year term. At the Meeting, the Board considered the factors and reached the conclusions described below in selecting Toroso to serve as the Funds’ sub-adviser and approving the Advisory Agreement.
In advance of the Meeting, Toroso provided information to the Board in response to requests submitted to it by the Trust’s administrator, on behalf of the Trustees, to facilitate the Board’s evaluation of the terms of the Sub-Advisory Agreement. The information furnished by Toroso included materials describing, among other things: (i) the nature, extent, and quality of the services proposed to be provided to the Funds by Toroso; (ii) the proposed sub-advisory fee payable to Toroso by Subversive; and (iii) potential “fall-out” benefits Toroso may receive based on its relationship with the Funds. In addition, the Board considered such additional information as it deemed reasonably necessary to evaluate the Sub-Advisory Agreement with respect to each Fund, which included information specifically prepared in connection with the approval of the Sub-Advisory Agreement that was presented at the Board’s meeting held on October 26-27, 2022 and the Meeting. The Board also considered the presentation by a representative of Toroso received at the Meeting.
In considering and approving the Sub-Advisory Agreement, the Board considered the information it believed relevant, including, but not limited to, the information discussed below. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.
The Independent Trustees were assisted in their evaluation of the Sub-Advisory Agreement by independent legal counsel, from whom they received separate legal advice and with whom they met separately from Subversive and Toroso, the Interested Trustee, and management. The following summarizes a number of relevant, but not necessarily all, factors considered by the Board in reaching its determination.
NATURE, EXTENT AND QUALITY OF SERVICES
The Trustees considered the nature, extent and quality of services proposed to be provided by Toroso to the Funds. The Trustees considered Toroso’s specific responsibilities with respect to the Funds, noting that Toroso would be responsible for trading portfolio securities for the Funds, including selecting broker-dealers to execute purchase and sale transactions or in connection with any rebalancing of the Funds, subject to the supervision of the Subversive. The Board considered Toroso’s trade execution capabilities and experience. The Board discussed the qualifications, experience and responsibilities of the personnel at Toroso who would be responsible for implementing the securities trading for the Funds. The Trustees concluded that Toroso had sufficient quality and depth of personnel, resources, trading methods and compliance policies and procedures essential to performing its duties under the Toroso Sub-Advisory Agreement and that the nature, overall quality and extent of the services proposed to be provided to the Funds were satisfactory.
64
UNUSUAL WHALES SUBVERSIVE CONGRESSIONAL TRADING ETFs
Board Consideration of Investment Sub-Advisory Agreement (Unaudited) – Continued
March 31, 2023
INVESTMENT PERFORMANCE
In assessing the portfolio management services to be provided by Toroso, the Board considered that Toroso would not be responsible for making specific investment decisions for the Funds but would instead be responsible for trading portfolio securities for the Funds. The Trustees concluded that the Fund and its shareholders were likely to benefit from Toroso’s responsibilities under the Toroso Sub-Advisory Agreement.
FUND EXPENSES, SUB-ADVISORY FEE RATE AND PROFITABILITY OF THE SUB-ADVISER
The Trustees reviewed and considered the sub-advisory fees payable by Subversive to Toroso under the Toroso Sub-Advisory Agreement. The Trustees considered that, since Toroso’s sub-advisory fees would be paid by Subversive, the management fee paid by a Fund would not be directly affected by Toroso’s sub-advisory fee. The Board also considered statements from Subversive and Toroso that Toroso’s fees were negotiated at arm’s length. Consequently, the Trustees concluded that the costs of services to be provided by Toroso and its profitability from its relationship with the Funds were less relevant factors with respect to the Board’s consideration of the Sub-Advisory Agreement. Based on all these factors, the Trustees concluded that the sub-advisory fees to be paid to Toroso by Subversive were reasonable in light of the services to be provided under the Toroso Sub-Advisory Agreement.
ECONOMIES OF SCALE AND FEE LEVELS REFLECTING THOSE ECONOMIES
Because the sub-advisory fee is not paid by the Funds, the Board did not consider whether the sub-advisory fees should reflect any potential economies of scale that might be realized as a Fund’s assets increase.
OTHER BENEFITS TO TOROSO
The Trustees considered the direct and indirect benefits that could be realized by Toroso and its affiliates from its relationship with the Funds. The Trustees considered that Toroso may receive some form of reputational benefit from services rendered to the Funds, but that such benefits are immaterial and cannot otherwise be quantified.
CONCLUSION
After considering the above-described factors and based on its deliberations and its evaluation of the information described above, among other information and factors deemed relevant by the Board, the Board unanimously approved the Toroso Sub-Advisory Agreement for an initial two-year term.
65
UNUSUAL WHALES SUBVERSIVE CONGRESSIONAL TRADING ETFs
Additional Information (Unaudited)
March 31, 2023
AVAILABILITY OF FUND PORTFOLIO INFORMATION
The Funds file complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Part F of Form N-PORT, which is available on the SEC’s website at www.sec.gov. The Funds’ Part F of Form N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. For information on the Public Reference Room call 1-800-SEC-0330. In addition, the Funds’ Part F of Form N-PORT is available without charge upon request by calling 1-800-617-0004.
AVAILABILITY OF PROXY VOTING INFORMATION
A description of the Funds’ Proxy Voting Policies and Procedures is available without charge, upon request, by calling 1-800-617-0004. Information regarding how the Funds voted proxies relating to portfolio securities during the most recent period ended June 30, is available (1) without charge, upon request, by calling 1-800-617-0004, or on the SEC’s website at www.sec.gov.
FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS
Information regarding how often shares of the Funds trade on the exchange at a price about (i.e. at a premium) or below (i.e. at a discount) the NAV of the Funds are available, without charge on the Funds’ website at www.subversive.com/ETFs.
66
UNUSUAL WHALES SUBVERSIVE CONGRESSIONAL TRADING ETFs
Privacy Notice (Unaudited)
The Fund collects non-public information about you from the following sources:
• Information we receive about you on applications or other forms;
• Information you give us orally; and/or
• Information about your transactions with us or others
We do not disclose any non-public personal information about our customers or former customers without the customer’s authorization, except as permitted by law. We may share information with affiliated and unaffiliated third parties with whom we have contracts for servicing the Fund. We will provide unaffiliated third parties with only the information necessary to carry out their assigned responsibilities. We maintain physical, electronic and procedural safeguards to guard your personal information and require third parties to treat your personal information with the same high degree of confidentiality.
In the event that you hold shares of the Fund through a financial intermediary, including, but not limited to, a broker-dealer, bank, or trust company, the privacy policy of your financial intermediary would govern how your non-public personal information would be shared with unaffiliated third parties.
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INVESTMENT ADVISER
Subversive Capital Advisor LLC
217 Centre Street, Suite 122
New York, NY 10013
DISTRIBUTOR
Quasar Distributors, LLC
111 East Kilbourn Avenue, Suite 2200
Milwaukee, WI 53202
CUSTODIAN
U.S. Bank N.A.
1555 North Rivercenter Drive
Milwaukee, WI 53212
ADMINISTRATOR, FUND ACCOUNTANT AND TRANSFER AGENT
U.S. Bancorp Fund Services, LLC
615 East Michigan Street
Milwaukee, WI 53202
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Cohen & Company, Ltd.
342 North Water Street, Suite 830
Milwaukee, WI 53202
LEGAL COUNSEL
Goodwin Procter LLP
1900 N Street, NW
Washington, DC 20001
This report should be accompanied or preceded by a prospectus.
The Fund’s Statement of Additional Information contains additional information about the
Fund’s trustees and is available without charge upon request by calling 1-800-617-0004.
(b) | Not applicable. |
Item 2. Code of Ethics.
Not applicable for Semi-Annual Reports.
Item 3. Audit Committee Financial Expert.
Not applicable for Semi-Annual Reports.
Item 4. Principal Accountant Fees and Services.
Not applicable for Semi-Annual Reports.
The registrant is not a foreign issuer.
Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable for Semi-Annual Reports.
Item 6. Investments.
(a) | Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form. |
(b) | Not applicable. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 9. Purchases of Equity Securities by Closed‑End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.
Item 11. Controls and Procedures.
(a) | The Registrant’s President and Treasurer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d‑15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider. |
(b) | There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to open-end investment companies.
Item 13. Exhibits.
(a) | (1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Not applicable. |
(3) Any written solicitation to purchase securities under Rule 23c‑1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to open-end investment companies.
(4) Change in the registrant’s independent public accountant. There was no change in the registrant’s independent public accountant for the period covered by this report.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Series Portfolios Trust
By (Signature and Title) /s/Ryan Roell
Ryan Roell, President
Date 6/7/2023
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title) /s/Ryan Roell
Ryan Roell, President
Date 6/7/2023
By (Signature and Title) /s/Cullen Small
Cullen Small, Treasurer
Date 6/7/2023