Unusual Whales Subversive Democratic Trading ETF |
Schedule of Investments (Unaudited) |
December 31, 2023 |
Shares | Value | |||
COMMON STOCKS — 90.61% | ||||
Aerospace & Defense — 0.35% | ||||
Boeing Co.(a) | 7 | $ | 1,825 | |
Ducommun, Inc.(a) | 109 | 5,675 | ||
Embraer SA - ADR(a) | 342 | 6,310 | ||
General Dynamics Corp. | 60 | 15,580 | ||
HEICO Corp., Class A | 18 | 2,564 | ||
Hexcel Corp. | 18 | 1,328 | ||
Huntington Ingalls Industries, Inc. | 5 | 1,298 | ||
Lockheed Martin Corp. | 8 | 3,626 | ||
Northrop Grumman Corp. | 6 | 2,809 | ||
Raytheon Technologies Corp. | 22 | 1,851 | ||
TransDigm Group, Inc. | 2 | 2,023 | ||
Woodward, Inc. | 18 | 2,450 | ||
47,339 | ||||
Air Freight & Logistics — 0.80% | ||||
CH Robinson Worldwide, Inc. | 18 | 1,555 | ||
Expeditors International of Washington, Inc. | 36 | 4,579 | ||
FedEx Corp. | 39 | 9,866 | ||
United Parcel Service, Inc., Class B | 594 | 93,395 | ||
109,395 | ||||
Automobile Components — 0.17% | ||||
Aptiv PLC(a)(b) | 95 | 8,523 | ||
BorgWarner, Inc. | 198 | 7,099 | ||
Goodyear Tire & Rubber Co.(a) | 72 | 1,031 | ||
Lear Corp. | 40 | 5,648 | ||
QuantumScape Corp.(a) | 144 | 1,001 | ||
23,302 | ||||
Automobiles — 1.54% | ||||
Ford Motor Co. | 2,674 | 32,596 | ||
General Motors Co. | 75 | 2,694 | ||
Harley-Davidson, Inc. | 36 | 1,326 | ||
Lucid Group, Inc.(a) | 252 | 1,061 | ||
Rivian Automotive, Inc., Class A(a) | 108 | 2,534 | ||
Tesla, Inc.(a) | 689 | 171,203 | ||
211,414 | ||||
Banks — 1.88% | ||||
Ameris Bancorp | 54 | 2,865 | ||
Banc of California, Inc. | 1 | 8 | ||
Bank of America Corp. | 1,512 | 50,908 | ||
Bank of Hawaii Corp. | 36 | 2,609 | ||
Bank of Nova Scotia(b) | 18 | 876 | ||
Cadence Bank | 117 | 3,462 | ||
Canadian Imperial Bank of Commerce(b) | 276 | 13,287 | ||
Cathay General Bancorp | 54 | 2,407 | ||
Citigroup, Inc. | 324 | 16,667 | ||
Citizens Financial Group, Inc. | 198 | 6,562 | ||
Comerica, Inc. | 72 | 4,018 | ||
Cullen/Frost Bankers, Inc. | 36 | 3,906 | ||
Fifth Third Bancorp | 432 | 14,900 | ||
First Horizon Corp. | 883 | 12,503 | ||
Huntington Bancshares, Inc. | 1,027 | 13,063 | ||
JPMorgan Chase & Co. | 126 | 21,433 | ||
KeyCorp | 486 | 6,998 | ||
M&T Bank Corp. | 18 | 2,467 | ||
OceanFirst Financial Corp. | 72 | 1,250 | ||
Pacific Premier Bancorp, Inc. | 54 | 1,572 | ||
PNC Financial Services Group, Inc. | 43 | 6,659 | ||
Regions Financial Corp. | 72 | 1,395 | ||
Seacoast Banking Corp. of Florida | 126 | 3,586 | ||
Synovus Financial Corp. | 36 | 1,355 | ||
Toronto-Dominion Bank(b) | 327 | 21,131 | ||
Truist Financial Corp. | 576 | 21,266 | ||
Wells Fargo & Co. | 315 | 15,504 | ||
Western Alliance Bancorp | 18 | 1,184 | ||
Zions Bancorp NA | 72 | 3,159 | ||
257,000 | ||||
Beverages — 1.02% | ||||
Ambev SA - ADR | 522 | 1,462 | ||
Anheuser-Busch InBev SA - ADR | 36 | 2,326 | ||
Brown-Forman Corp., Class A | 22 | 1,311 | ||
Celsius Holdings, Inc.(a) | 81 | 4,416 | ||
Coca-Cola Co. | 1,165 | 68,654 | ||
Constellation Brands, Inc., Class A | 2 | 484 | ||
Diageo PLC - ADR | 81 | 11,798 | ||
Fomento Economico Mexicano SAB de CV - ADR | 36 | 4,693 | ||
Keurig Dr Pepper, Inc. | 54 | 1,799 | ||
Molson Coors Beverage Co., Class B | 54 | 3,305 | ||
Monster Beverage Corp.(a) | 180 | 10,370 | ||
PepsiCo, Inc. | 167 | 28,363 | ||
138,981 | ||||
Biotechnology — 1.17% | ||||
AbbVie, Inc. | 243 | 37,657 | ||
Alnylam Pharmaceuticals, Inc.(a) | 4 | 766 | ||
Amgen, Inc. | 192 | 55,299 | ||
Arcutis Biotherapeutics, Inc.(a) | 72 | 233 | ||
BioCryst Pharmaceuticals, Inc.(a) | 90 | 539 | ||
Biogen, Inc.(a) | 22 | 5,693 | ||
Genmab AS - ADR(a) | 36 | 1,146 | ||
Gilead Sciences, Inc. | 59 | 4,780 | ||
Halozyme Therapeutics, Inc.(a) | 18 | 665 | ||
Incyte Corp.(a) | 36 | 2,260 | ||
Insmed, Inc.(a) | 18 | 558 | ||
Intellia Therapeutics, Inc.(a) | 36 | 1,098 | ||
Ionis Pharmaceuticals, Inc.(a) | 36 | 1,821 | ||
Moderna, Inc.(a) | 36 | 3,580 | ||
Regeneron Pharmaceuticals, Inc.(a) | 20 | 17,566 | ||
Sarepta Therapeutics, Inc.(a) | 30 | 2,893 | ||
Vertex Pharmaceuticals, Inc.(a) | 58 | 23,600 | ||
160,154 | ||||
Broadline Retail — 6.23% | ||||
Amazon.com, Inc.(a) | 5,460 | 829,592 | ||
Etsy, Inc.(a) | 99 | 8,024 | ||
Macy's, Inc. | 270 | 5,432 | ||
MercadoLibre, Inc.(a)(b) | 6 | 9,429 | ||
Qurate Retail, Inc., Class A(a) | 1,530 | 1,340 | ||
853,817 | ||||
Building Products — 0.42% | ||||
Advanced Drainage Systems, Inc. | 18 | 2,532 | ||
Allegion PLC(b) | 18 | 2,280 | ||
Builders FirstSource, Inc.(a) | 42 | 7,011 | ||
Carlisle Cos., Inc. | 1 | 312 | ||
Carrier Global Corp. | 198 | 11,375 | ||
Fortune Brands Innovations, Inc. | 27 | 2,056 | ||
Johnson Controls International PLC(b) | 144 | 8,300 | ||
Lennox International, Inc. | 3 | 1,343 | ||
Masco Corp. | 54 | 3,617 | ||
Trane Technologies PLC(b) | 76 | 18,537 | ||
57,363 | ||||
Capital Markets — 2.27% | ||||
Ameriprise Financial, Inc. | 36 | 13,674 | ||
Ares Management Corp., Class A | 72 | 8,562 | ||
Bank of New York Mellon Corp. | 362 | 18,842 | ||
BlackRock, Inc. | 25 | 20,295 | ||
Blackstone, Inc. | 171 | 22,387 | ||
Carlyle Group, Inc. | 36 | 1,465 | ||
Cboe Global Markets, Inc. | 18 | 3,214 | ||
Charles Schwab Corp. | 384 | 26,420 | ||
CME Group, Inc. | 26 | 5,476 | ||
Franklin Resources, Inc. | 72 | 2,145 | ||
Goldman Sachs Group, Inc. | 7 | 2,700 | ||
Interactive Brokers Group, Inc., Class A | 18 | 1,492 | ||
Intercontinental Exchange, Inc. | 130 | 16,696 | ||
KKR & Co., Inc. | 126 | 10,439 | ||
LPL Financial Holdings, Inc. | 54 | 12,291 | ||
Moody's Corp. | 18 | 7,030 | ||
Morgan Stanley | 804 | 74,974 | ||
MSCI, Inc. | 6 | 3,394 | ||
Nasdaq, Inc. | 367 | 21,337 | ||
Northern Trust Corp. | 72 | 6,075 | ||
Open Lending Corp.(a) | 36 | 306 | ||
Raymond James Financial, Inc. | 54 | 6,021 | ||
S&P Global, Inc. | 25 | 11,013 | ||
State Street Corp. | 54 | 4,183 | ||
Stifel Financial Corp. | 18 | 1,245 | ||
T Rowe Price Group, Inc. | 54 | 5,815 | ||
UBS Group AG(b) | 18 | 556 | ||
XP, Inc., Class A(b) | 72 | 1,877 | ||
309,924 | ||||
Chemicals — 1.23% | ||||
Air Products and Chemicals, Inc. | 62 | 16,976 | ||
Celanese Corp. | 54 | 8,390 | ||
CF Industries Holdings, Inc. | 63 | 5,009 | ||
Chemours Co. | 54 | 1,703 | ||
Corteva, Inc. | 324 | 15,526 | ||
Dow, Inc. | 54 | 2,961 | ||
DuPont de Nemours, Inc. | 514 | 39,541 | ||
Eastman Chemical Co. | 36 | 3,234 | ||
Ecolab, Inc. | 72 | 14,281 | ||
FMC Corp. | 18 | 1,135 | ||
International Flavors & Fragrances, Inc. | 36 | 2,915 | ||
Linde PLC(b) | 38 | 15,607 | ||
Livent Corp.(a) | 228 | 4,099 | ||
Minerals Technologies, Inc. | 54 | 3,851 | ||
Mosaic Co. | 144 | 5,145 | ||
PPG Industries, Inc. | 130 | 19,442 | ||
Scotts Miracle-Gro Co. | 18 | 1,148 | ||
Sherwin-Williams Co. | 18 | 5,614 | ||
Westlake Corp. | 18 | 2,519 | ||
169,096 | ||||
Commercial Services & Supplies — 0.41% | ||||
Cintas Corp. | 18 | 10,848 | ||
Copart, Inc.(a) | 264 | 12,935 | ||
GFL Environmental, Inc.(b) | 144 | 4,970 | ||
Republic Services, Inc. | 72 | 11,874 | ||
Stericycle, Inc.(a) | 18 | 892 | ||
Tetra Tech, Inc. | 18 | 3,005 | ||
Waste Connections, Inc.(b) | 5 | 746 | ||
Waste Management, Inc. | 60 | 10,746 | ||
56,016 | ||||
Communications Equipment — 0.75% | ||||
Arista Networks, Inc.(a) | 72 | 16,957 | ||
Cisco Systems, Inc. | 1,126 | 56,885 | ||
CommScope Holding Co., Inc.(a) | 72 | 203 | ||
EMCORE Corp.(a) | 630 | 308 | ||
Infinera Corp.(a) | 2,124 | 10,089 | ||
Juniper Networks, Inc. | 54 | 1,592 | ||
Lumentum Holdings, Inc.(a) | 36 | 1,887 | ||
Motorola Solutions, Inc. | 39 | 12,211 | ||
Telefonaktiebolaget LM Ericsson - ADR | 108 | 680 | ||
Viavi Solutions, Inc.(a) | 234 | 2,356 | ||
103,168 | ||||
Construction & Engineering — 1.56% | ||||
Ameresco, Inc., Class A(a) | 24 | 760 | ||
API Group Corp.(a) | 5,365 | 185,629 | ||
Argan, Inc. | 36 | 1,684 | ||
EMCOR Group, Inc. | 18 | 3,878 | ||
Quanta Services, Inc. | 90 | 19,422 | ||
WillScot Mobile Mini Holdings Corp.(a) | 36 | 1,602 | ||
212,975 | ||||
Construction Materials — 0.58% | ||||
Eagle Materials, Inc. | 18 | 3,651 | ||
Martin Marietta Materials, Inc. | 6 | 2,993 | ||
Vulcan Materials Co. | 320 | 72,644 | ||
79,288 | ||||
Consumer Finance — 1.23% | ||||
Ally Financial, Inc. | 315 | 11,000 | ||
American Express Co. | 588 | 110,156 | ||
Capital One Financial Corp. | 126 | 16,521 | ||
Discover Financial Services | 181 | 20,344 | ||
OneMain Holdings, Inc. | 72 | 3,542 | ||
Synchrony Financial | 162 | 6,187 | ||
167,750 | ||||
Consumer Staples Distribution & Retail — 1.63% | ||||
BJ's Wholesale Club Holdings, Inc.(a) | 36 | 2,400 | ||
Casey's General Stores, Inc. | 4 | 1,099 | ||
Costco Wholesale Corp. | 96 | 63,368 | ||
Dollar General Corp. | 116 | 15,770 | ||
Dollar Tree, Inc.(a) | 127 | 18,040 | ||
Kroger Co. | 144 | 6,582 | ||
Performance Food Group Co.(a) | 108 | 7,468 | ||
Sysco Corp. | 117 | 8,556 | ||
Target Corp. | 184 | 26,205 | ||
US Foods Holding Corp.(a) | 72 | 3,270 | ||
Walgreens Boots Alliance, Inc. | 399 | 10,418 | ||
Walmart, Inc. | 384 | 60,538 | ||
223,714 | ||||
Containers & Packaging — 0.78% | ||||
AptarGroup, Inc. | 18 | 2,225 | ||
Avery Dennison Corp. | 18 | 3,639 | ||
Ball Corp. | 788 | 45,326 | ||
Berry Global Group, Inc. | 423 | 28,506 | ||
Graphic Packaging Holding Co. | 273 | 6,729 | ||
International Paper Co. | 36 | 1,301 | ||
Packaging Corp. of America | 18 | 2,932 | ||
Sealed Air Corp. | 90 | 3,287 | ||
Silgan Holdings, Inc. | 44 | 1,991 | ||
Westrock Co. | 253 | 10,505 | ||
106,441 | ||||
Distributors — 0.07% | ||||
Genuine Parts Co. | 18 | 2,493 | ||
LKQ Corp. | 108 | 5,162 | ||
Pool Corp. | 6 | 2,392 | ||
10,047 | ||||
Diversified Consumer Services — 0.00% | ||||
WW International, Inc.(a) | 54 | 473 | ||
Diversified Telecommunication Services — 0.35% | ||||
AT&T, Inc. | 547 | 9,179 | ||
BCE, Inc.(b) | 36 | 1,418 | ||
Liberty Global Ltd., Class C(a)(b) | 342 | 6,375 | ||
Lumen Technologies, Inc.(a) | 474 | 867 | ||
Telkom Indonesia Persero Tbk PT - ADR | 54 | 1,391 | ||
Verizon Communications, Inc. | 748 | 28,200 | ||
47,430 | ||||
Electric Utilities — 0.29% | ||||
Alliant Energy Corp. | 18 | 923 | ||
American Electric Power Co., Inc. | 54 | 4,387 | ||
Avangrid, Inc. | 18 | 583 | ||
Constellation Energy Corp. | 25 | 2,922 | ||
Duke Energy Corp. | 41 | 3,979 | ||
Edison International | 18 | 1,287 | ||
Entergy Corp. | 36 | 3,643 | ||
Eversource Energy | 36 | 2,222 | ||
FirstEnergy Corp. | 90 | 3,299 | ||
NextEra Energy, Inc. | 129 | 7,836 | ||
Portland General Electric Co. | 90 | 3,901 | ||
PPL Corp. | 54 | 1,463 | ||
Southern Co. | 36 | 2,524 | ||
Xcel Energy, Inc. | 18 | 1,114 | ||
40,083 | ||||
Electrical Equipment — 0.85% | ||||
Acuity Brands, Inc. | 1 | 205 | ||
AMETEK, Inc. | 93 | 15,334 | ||
ChargePoint Holdings, Inc.(a) | 324 | 758 | ||
Eaton Corp. PLC(b) | 93 | 22,396 | ||
Emerson Electric Co. | 108 | 10,512 | ||
Plug Power, Inc.(a) | 90 | 405 | ||
Regal Rexnord Corp. | 40 | 5,921 | ||
Rockwell Automation, Inc. | 22 | 6,831 | ||
Sensata Technologies Holding PLC(b) | 1,026 | 38,547 | ||
Shoals Technologies Group, Inc., Class A(a) | 185 | 2,875 | ||
Vertiv Holdings Co., Class A | 252 | 12,103 | ||
115,887 | ||||
Electronic Equipment, Instruments & Components — 0.28% | ||||
Advanced Energy Industries, Inc. | 18 | 1,961 | ||
Amphenol Corp., Class A | 90 | 8,921 | ||
CDW Corp. | 18 | 4,092 | ||
Coherent Corp.(a) | 36 | 1,567 | ||
Corning, Inc. | 255 | 7,765 | ||
Jabil, Inc. | 36 | 4,586 | ||
Keysight Technologies, Inc.(a) | 22 | 3,500 | ||
Teledyne Technologies, Inc.(a) | 2 | 893 | ||
Vontier Corp. | 144 | 4,975 | ||
38,260 | ||||
Energy Equipment & Services — 0.23% | ||||
Baker Hughes Co. | 18 | 615 | ||
ChampionX Corp. | 770 | 22,492 | ||
Patterson-UTI Energy, Inc. | 468 | 5,054 | ||
TechnipFMC PLC(b) | 108 | 2,175 | ||
30,336 | ||||
Entertainment — 2.77% | ||||
Electronic Arts, Inc. | 54 | 7,388 | ||
Liberty Media Corp.-Liberty Formula One, Class A(a) | 54 | 3,131 | ||
Liberty Media Corp.-Liberty Formula One, Class C(a) | 832 | 52,524 | ||
Lions Gate Entertainment Corp., Class A(a)(b) | 997 | 10,867 | ||
Lions Gate Entertainment Corp., Class B(a)(b) | 2,095 | 21,348 | ||
Live Nation Entertainment, Inc.(a) | 18 | 1,685 | ||
Netflix, Inc.(a) | 25 | 12,172 | ||
Playtika Holding Corp.(a)(b) | 144 | 1,256 | ||
ROBLOX Corp., Class A(a) | 147 | 6,721 | ||
Walt Disney Co. | 2,853 | 257,597 | ||
Warner Bros Discovery, Inc.(a) | 288 | 3,277 | ||
377,966 | ||||
Financial Services — 2.08% | ||||
Apollo Global Management, Inc. | 66 | 6,151 | ||
Berkshire Hathaway, Inc., Class B(a) | 294 | 104,858 | ||
Block, Inc.(a) | 37 | 2,862 | ||
Equitable Holdings, Inc. | 54 | 1,798 | ||
Fidelity National Information Services, Inc. | 108 | 6,488 | ||
Flywire Corp.(a) | 126 | 2,917 | ||
Global Payments, Inc. | 45 | 5,715 | ||
Jack Henry & Associates, Inc. | 18 | 2,941 | ||
Mastercard, Inc., Class A | 163 | 69,521 | ||
MGIC Investment Corp. | 252 | 4,861 | ||
PayPal Holdings, Inc.(a) | 270 | 16,581 | ||
Shift4 Payments, Inc., Class A(a) | 18 | 1,338 | ||
Visa, Inc., Class A | 205 | 53,372 | ||
Voya Financial, Inc. | 73 | 5,326 | ||
WEX, Inc.(a) | 2 | 389 | ||
285,118 | ||||
Food Products — 0.57% | ||||
Archer-Daniels-Midland Co. | 165 | 11,916 | ||
Beyond Meat, Inc.(a) | 54 | 481 | ||
Conagra Brands, Inc. | 90 | 2,579 | ||
Darling Ingredients, Inc.(a) | 38 | 1,894 | ||
General Mills, Inc. | 80 | 5,211 | ||
Hershey Co. | 4 | 746 | ||
Hormel Foods Corp. | 57 | 1,830 | ||
J M Smucker Co. | 22 | 2,780 | ||
Kellanova | 276 | 15,431 | ||
Kraft Heinz Co. | 162 | 5,991 | ||
Lamb Weston Holdings, Inc. | 126 | 13,619 | ||
Mondelez International, Inc., Class A | 100 | 7,243 | ||
Tyson Foods, Inc., Class A | 54 | 2,903 | ||
Utz Brands, Inc. | 374 | 6,074 | ||
78,698 | ||||
Gas Utilities — 0.09% | ||||
Atmos Energy Corp. | 36 | 4,172 | ||
Brookfield Infrastructure Corp., Class A(b) | 54 | 1,905 | ||
Northwest Natural Holding Co. | 170 | 6,620 | ||
12,697 | ||||
Ground Transportation — 0.51% | ||||
CSX Corp. | 279 | 9,673 | ||
JB Hunt Transport Services, Inc. | 18 | 3,595 | ||
Norfolk Southern Corp. | 43 | 10,164 | ||
Old Dominion Freight Line, Inc. | 36 | 14,592 | ||
Uber Technologies, Inc.(a) | 184 | 11,329 | ||
U-Haul Holding Co.(a) | 18 | 1,292 | ||
Union Pacific Corp. | 80 | 19,650 | ||
70,295 | ||||
Health Care Equipment & Supplies — 2.21% | ||||
Abbott Laboratories | 236 | 25,977 | ||
Alcon, Inc.(b) | 36 | 2,812 | ||
Artivion, Inc.(a) | 3,191 | 57,055 | ||
Baxter International, Inc. | 388 | 15,000 | ||
Becton Dickinson & Co. | 22 | 5,364 | ||
Boston Scientific Corp.(a) | 184 | 10,637 | ||
DENTSPLY SIRONA, Inc. | 54 | 1,922 | ||
Dexcom, Inc.(a) | 44 | 5,460 | ||
Edwards Lifesciences Corp.(a) | 108 | 8,235 | ||
Globus Medical, Inc., Class A(a) | 40 | 2,132 | ||
Haemonetics Corp.(a) | 18 | 1,539 | ||
ICU Medical, Inc.(a) | 4 | 399 | ||
IDEXX Laboratories, Inc.(a) | 5 | 2,775 | ||
Insulet Corp.(a) | 4 | 868 | ||
Integra LifeSciences Holdings Corp.(a) | 54 | 2,352 | ||
Intuitive Surgical, Inc.(a) | 9 | 3,036 | ||
Koninklijke Philips NV(a)(b) | 295 | 6,882 | ||
Medtronic PLC(b) | 288 | 23,726 | ||
ResMed, Inc. | 18 | 3,096 | ||
Stryker Corp. | 66 | 19,764 | ||
Tactile Systems Technology, Inc.(a) | 3,683 | 52,667 | ||
Teleflex, Inc. | 2 | 499 | ||
Zimmer Biomet Holdings, Inc. | 417 | 50,749 | ||
302,946 | ||||
Health Care Providers & Services — 1.45% | ||||
Cardinal Health, Inc. | 36 | 3,629 | ||
Centene Corp.(a) | 144 | 10,686 | ||
Chemed Corp. | 2 | 1,170 | ||
Cigna Group | 36 | 10,780 | ||
CVS Health Corp. | 259 | 20,451 | ||
DaVita, Inc.(a) | 18 | 1,886 | ||
Elevance Health, Inc. | 54 | 25,464 | ||
Fresenius Medical Care AG & Co. KGaA - ADR | 36 | 750 | ||
HCA Healthcare, Inc. | 94 | 25,444 | ||
HealthEquity, Inc.(a) | 54 | 3,580 | ||
Humana, Inc. | 21 | 9,614 | ||
Laboratory Corp. of America Holdings | 94 | 21,365 | ||
McKesson Corp. | 26 | 12,037 | ||
Molina Healthcare, Inc.(a) | 25 | 9,033 | ||
NeoGenomics, Inc.(a) | 162 | 2,621 | ||
Quest Diagnostics, Inc. | 36 | 4,964 | ||
UnitedHealth Group, Inc. | 61 | 32,114 | ||
US Physical Therapy, Inc. | 27 | 2,515 | ||
198,103 | ||||
Health Care REITs — 0.04% | ||||
Ventas, Inc. | 108 | 5,383 | ||
Health Care Technology — 0.01% | ||||
Phreesia, Inc.(a) | 36 | 833 | ||
Veeva Systems, Inc., Class A(a) | 3 | 578 | ||
1,411 | ||||
Hotels, Restaurants & Leisure — 2.14% | ||||
Airbnb, Inc., Class A(a) | 54 | 7,352 | ||
Aramark | 36 | 1,012 | ||
Booking Holdings, Inc.(a) | 1 | 3,547 | ||
Caesars Entertainment, Inc.(a) | 54 | 2,532 | ||
Carnival Corp.(a)(b) | 63 | 1,168 | ||
Chipotle Mexican Grill, Inc.(a) | 1 | 2,287 | ||
Choice Hotels International, Inc. | 1 | 113 | ||
Darden Restaurants, Inc. | 18 | 2,957 | ||
Domino's Pizza, Inc. | 76 | 31,329 | ||
DoorDash, Inc., Class A(a) | 54 | 5,340 | ||
Expedia Group, Inc.(a) | 36 | 5,464 | ||
Full House Resorts, Inc.(a) | 450 | 2,417 | ||
Hilton Worldwide Holdings, Inc. | 18 | 3,278 | ||
Las Vegas Sands Corp. | 108 | 5,315 | ||
Marriott International, Inc., Class A | 209 | 47,132 | ||
Marriott Vacations Worldwide Corp. | 152 | 12,903 | ||
McDonald's Corp. | 108 | 32,023 | ||
MGM Resorts International | 355 | 15,861 | ||
Planet Fitness, Inc., Class A(a) | 37 | 2,701 | ||
Restaurant Brands International, Inc.(b) | 252 | 19,689 | ||
Royal Caribbean Cruises Ltd.(a)(b) | 18 | 2,331 | ||
Sabre Corp.(a) | 72 | 317 | ||
Starbucks Corp. | 703 | 67,495 | ||
Vail Resorts, Inc. | 1 | 213 | ||
Wyndham Hotels & Resorts, Inc. | 18 | 1,447 | ||
Wynn Resorts Ltd. | 126 | 11,480 | ||
Yum! Brands, Inc. | 36 | 4,704 | ||
292,407 | ||||
Household Durables — 1.14% | ||||
DR Horton, Inc. | 476 | 72,342 | ||
Helen of Troy Ltd.(a) | 18 | 2,175 | ||
iRobot Corp.(a) | 36 | 1,393 | ||
Lennar Corp., Class A | 72 | 10,731 | ||
Lennar Corp., Class B | 37 | 4,960 | ||
Mohawk Industries, Inc.(a) | 245 | 25,358 | ||
Newell Brands, Inc. | 180 | 1,562 | ||
NVR, Inc.(a) | 2 | 14,001 | ||
PulteGroup, Inc. | 90 | 9,290 | ||
Sony Group Corp. - ADR | 54 | 5,113 | ||
Tempur Sealy International, Inc. | 144 | 7,340 | ||
Toll Brothers, Inc. | 18 | 1,850 | ||
Whirlpool Corp. | 1 | 122 | ||
156,237 | ||||
Household Products — 0.78% | ||||
Central Garden & Pet Co., Class A(a) | 54 | 2,378 | ||
Church & Dwight Co., Inc. | 23 | 2,175 | ||
Clorox Co. | 25 | 3,565 | ||
Colgate-Palmolive Co. | 288 | 22,956 | ||
Kimberly-Clark Corp. | 36 | 4,374 | ||
Procter & Gamble Co. | 486 | 71,219 | ||
106,667 | ||||
Independent Power & Renewable Elec Producers — 0.02% | ||||
Atlantica Sustainable Infrastructure PLC(b) | 90 | 1,935 | ||
Clearway Energy, Inc., Class A | 54 | 1,381 | ||
3,316 | ||||
Industrial Conglomerates — 0.23% | ||||
3M Co. | 108 | 11,807 | ||
General Electric Co. | 27 | 3,446 | ||
Honeywell International, Inc. | 78 | 16,357 | ||
31,610 | ||||
Industrial REITs — 0.11% | ||||
Americold Realty Trust, Inc. | 162 | 4,904 | ||
Prologis, Inc. | 54 | 7,198 | ||
STAG Industrial, Inc. | 90 | 3,533 | ||
15,635 | ||||
Insurance — 1.64% | ||||
Aflac, Inc. | 162 | 13,365 | ||
Allstate Corp. | 210 | 29,396 | ||
American International Group, Inc. | 151 | 10,230 | ||
Aon PLC, Class A(b) | 45 | 13,096 | ||
Arthur J Gallagher & Co. | 54 | 12,144 | ||
Brighthouse Financial, Inc.(a) | 18 | 953 | ||
Chubb Ltd.(b) | 19 | 4,294 | ||
Cincinnati Financial Corp. | 18 | 1,862 | ||
Fidelity National Financial, Inc. | 36 | 1,837 | ||
Hartford Financial Services Group, Inc. | 18 | 1,447 | ||
Horace Mann Educators Corp. | 36 | 1,177 | ||
Lincoln National Corp. | 90 | 2,427 | ||
Loews Corp. | 72 | 5,010 | ||
Manulife Financial Corp.(b) | 72 | 1,591 | ||
Markel Group, Inc.(a) | 2 | 2,840 | ||
Marsh & McLennan Cos., Inc. | 135 | 25,578 | ||
MetLife, Inc. | 54 | 3,571 | ||
Principal Financial Group, Inc. | 108 | 8,496 | ||
Progressive Corp. | 318 | 50,652 | ||
Prudential Financial, Inc. | 72 | 7,467 | ||
Reinsurance Group of America, Inc. | 18 | 2,912 | ||
Travelers Cos., Inc. | 36 | 6,858 | ||
Unum Group | 108 | 4,884 | ||
W R Berkley Corp. | 95 | 6,718 | ||
Willis Towers Watson PLC(b) | 23 | 5,548 | ||
224,353 | ||||
Interactive Media & Services — 4.78% | ||||
Alphabet, Inc., Class C(a) | 4,046 | 570,202 | ||
Cargurus, Inc.(a) | 36 | 870 | ||
IAC, Inc.(a) | 54 | 2,829 | ||
Match Group, Inc.(a) | 81 | 2,957 | ||
Meta Platforms, Inc., Class A(a) | 187 | 66,190 | ||
Pinterest, Inc., Class A(a) | 108 | 4,000 | ||
Snap, Inc., Class A(a) | 216 | 3,657 | ||
TripAdvisor, Inc.(a) | 144 | 3,100 | ||
ZoomInfo Technologies, Inc.(a) | 108 | 1,997 | ||
655,802 | ||||
IT Services — 1.42% | ||||
Accenture PLC, Class A(b) | 162 | 56,847 | ||
Cloudflare, Inc., Class A(a) | 72 | 5,995 | ||
Cognizant Technology Solutions Corp., Class A | 54 | 4,079 | ||
DXC Technology Co.(a) | 278 | 6,358 | ||
EPAM Systems, Inc.(a) | 1 | 297 | ||
Gartner, Inc.(a) | 42 | 18,946 | ||
GoDaddy, Inc., Class A(a) | 18 | 1,911 | ||
International Business Machines Corp. | 452 | 73,924 | ||
Kyndryl Holdings, Inc.(a) | 188 | 3,907 | ||
MongoDB, Inc.(a) | 18 | 7,359 | ||
Okta, Inc.(a) | 18 | 1,630 | ||
Rackspace Technology, Inc.(a) | 252 | 504 | ||
Shopify, Inc., Class A(a)(b) | 60 | 4,674 | ||
Snowflake, Inc., Class A(a) | 18 | 3,582 | ||
Thoughtworks Holding, Inc.(a) | 162 | 779 | ||
Twilio, Inc., Class A(a) | 18 | 1,366 | ||
VeriSign, Inc.(a) | 18 | 3,707 | ||
195,865 | ||||
Leisure Products — 0.27% | ||||
Hasbro, Inc. | 18 | 919 | ||
Mattel, Inc.(a) | 468 | 8,836 | ||
Peloton Interactive, Inc., Class A(a) | 162 | 987 | ||
Topgolf Callaway Brands Corp.(a) | 1,848 | 26,500 | ||
37,242 | ||||
Life Sciences Tools & Services — 0.54% | ||||
Agilent Technologies, Inc. | 90 | 12,513 | ||
Avantor, Inc.(a) | 634 | 14,473 | ||
Azenta, Inc.(a) | 18 | 1,173 | ||
Bio-Rad Laboratories, Inc., Class A(a) | 7 | 2,260 | ||
Bio-Techne Corp. | 18 | 1,389 | ||
Bruker Corp. | 54 | 3,968 | ||
Charles River Laboratories International, Inc.(a) | 6 | 1,418 | ||
CryoPort, Inc.(a) | 36 | 558 | ||
Danaher Corp. | 30 | 6,940 | ||
Illumina, Inc.(a) | 4 | 557 | ||
IQVIA Holdings, Inc.(a) | 18 | 4,165 | ||
Medpace Holdings, Inc.(a) | 18 | 5,518 | ||
Mettler-Toledo International, Inc.(a) | 1 | 1,213 | ||
Thermo Fisher Scientific, Inc. | 27 | 14,331 | ||
West Pharmaceutical Services, Inc. | 8 | 2,817 | ||
73,293 | ||||
Machinery — 1.64% | ||||
Caterpillar, Inc. | 119 | 35,184 | ||
Cummins, Inc. | 22 | 5,271 | ||
Deere & Co. | 48 | 19,194 | ||
Dover Corp. | 18 | 2,769 | ||
Flowserve Corp. | 144 | 5,936 | ||
Fortive Corp. | 98 | 7,216 | ||
IDEX Corp. | 18 | 3,908 | ||
Illinois Tool Works, Inc. | 77 | 20,169 | ||
Ingersoll Rand, Inc. | 36 | 2,784 | ||
ITT, Inc. | 18 | 2,148 | ||
Kadant, Inc. | 18 | 5,046 | ||
Oshkosh Corp. | 314 | 34,041 | ||
Otis Worldwide Corp. | 18 | 1,610 | ||
PACCAR, Inc. | 18 | 1,758 | ||
Parker-Hannifin Corp. | 116 | 53,440 | ||
Pentair PLC(b) | 72 | 5,235 | ||
Snap-on, Inc. | 18 | 5,199 | ||
Terex Corp. | 36 | 2,069 | ||
Xylem, Inc. | 94 | 10,750 | ||
223,727 | ||||
Media — 0.69% | ||||
Charter Communications, Inc., Class A(a) | 6 | 2,332 | ||
Comcast Corp., Class A | 551 | 24,161 | ||
Fox Corp., Class B | 54 | 1,493 | ||
iHeartMedia, Inc., Class A(a) | 9,402 | 25,102 | ||
Interpublic Group of Cos., Inc. | 54 | 1,763 | ||
Liberty Broadband Corp., Class A(a) | 44 | 3,548 | ||
Liberty Media Corp.-Liberty SiriusXM(a) | 802 | 23,082 | ||
News Corp., Class A | 90 | 2,210 | ||
Nexstar Media Group, Inc., Class A | 18 | 2,822 | ||
Omnicom Group, Inc. | 18 | 1,557 | ||
Paramount Global, Class B | 184 | 2,721 | ||
Sirius XM Holdings, Inc. | 270 | 1,477 | ||
Trade Desk, Inc., Class A(a) | 36 | 2,591 | ||
94,859 | ||||
Metals & Mining — 0.52% | ||||
Alamos Gold, Inc., Class A(b) | 360 | 4,849 | ||
Alcoa Corp. | 162 | 5,508 | ||
Barrick Gold Corp.(b) | 378 | 6,838 | ||
BHP Group Ltd. - ADR | 36 | 2,459 | ||
Cleveland-Cliffs, Inc.(a) | 288 | 5,881 | ||
Freeport-McMoRan, Inc. | 180 | 7,663 | ||
Newmont Corp. | 36 | 1,490 | ||
Nucor Corp. | 72 | 12,530 | ||
Pan American Silver Corp.(b) | 54 | 882 | ||
Reliance Steel & Aluminum Co. | 6 | 1,678 | ||
Rio Tinto PLC - ADR | 146 | 10,871 | ||
Royal Gold, Inc. | 36 | 4,355 | ||
Steel Dynamics, Inc. | 18 | 2,126 | ||
United States Steel Corp. | 72 | 3,503 | ||
70,633 | ||||
Miscellaneous Intermediation — 0.03% | ||||
SOFI TECHNOLOGIES INC COM(a) | 453 | 4,507 | ||
Mortgage Real Estate Investment Trusts (REITs) — 0.03% | ||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 18 | 496 | ||
Rithm Capital Corp. | 306 | 3,269 | ||
3,765 | ||||
Multi-Utilities — 0.20% | ||||
Ameren Corp. | 36 | 2,604 | ||
CenterPoint Energy, Inc. | 90 | 2,571 | ||
CMS Energy Corp. | 18 | 1,045 | ||
Dominion Energy, Inc. | 257 | 12,080 | ||
National Grid PLC - ADR | 18 | 1,224 | ||
Public Service Enterprise Group, Inc. | 21 | 1,284 | ||
Sempra Energy | 80 | 5,978 | ||
26,786 | ||||
Office REITs — 0.04% | ||||
Alexandria Real Estate Equities, Inc. | 18 | 2,282 | ||
Douglas Emmett, Inc. | 170 | 2,465 | ||
Paramount Group, Inc. | 198 | 1,024 | ||
5,771 | ||||
Oil, Gas & Consumable Fuels — 0.65% | ||||
Antero Midstream Corp. | 342 | 4,285 | ||
Berry Corp. | 1,440 | 10,123 | ||
BP PLC - ADR | 165 | 5,841 | ||
Cheniere Energy, Inc. | 5 | 854 | ||
Chevron Corp. | 76 | 11,336 | ||
Clean Energy Fuels Corp.(a) | 162 | 620 | ||
ConocoPhillips | 83 | 9,634 | ||
Diamondback Energy, Inc. | 36 | 5,583 | ||
Enbridge, Inc.(b) | 24 | 864 | ||
Exxon Mobil Corp. | 36 | 3,599 | ||
Hess Corp. | 36 | 5,190 | ||
Kinder Morgan, Inc. | 74 | 1,305 | ||
Matador Resources Co. | 108 | 6,141 | ||
Murphy Oil Corp. | 72 | 3,072 | ||
ONEOK, Inc. | 72 | 5,056 | ||
Pioneer Natural Resources Co. | 24 | 5,397 | ||
Shell PLC - ADR | 57 | 3,751 | ||
Suncor Energy, Inc.(b) | 54 | 1,730 | ||
Williams Cos., Inc. | 144 | 5,016 | ||
89,397 | ||||
Passenger Airlines — 0.09% | ||||
Alaska Air Group, Inc.(a) | 36 | 1,407 | ||
Allegiant Travel Co. | 1 | 83 | ||
American Airlines Group, Inc.(a) | 72 | 989 | ||
Delta Air Lines, Inc. | 36 | 1,448 | ||
Southwest Airlines Co. | 36 | 1,040 | ||
United Airlines Holdings, Inc.(a) | 180 | 7,426 | ||
12,393 | ||||
Personal Care Products — 0.18% | ||||
Coty, Inc., Class A(a) | 216 | 2,683 | ||
Estee Lauder Cos., Inc., Class A | 73 | 10,676 | ||
Haleon PLC - ADR | 315 | 2,592 | ||
Kenvue, Inc. | 186 | 4,005 | ||
Unilever PLC - ADR | 90 | 4,364 | ||
24,320 | ||||
Pharmaceuticals — 1.65% | ||||
AstraZeneca PLC - ADR | 56 | 3,772 | ||
Bristol-Myers Squibb Co. | 624 | 32,017 | ||
Catalent, Inc.(a) | 18 | 809 | ||
Elanco Animal Health, Inc.(a) | 2,412 | 35,939 | ||
Eli Lilly & Co. | 58 | 33,809 | ||
Intra-Cellular Therapies, Inc.(a) | 36 | 2,578 | ||
Johnson & Johnson | 155 | 24,295 | ||
Merck & Co., Inc. | 130 | 14,173 | ||
Nektar Therapeutics(a) | 72 | 41 | ||
Novartis AG - ADR | 295 | 29,786 | ||
Novo Nordisk AS - ADR | 38 | 3,931 | ||
Pfizer, Inc. | 730 | 21,017 | ||
Revance Therapeutics, Inc.(a) | 403 | 3,542 | ||
Sanofi - ADR | 108 | 5,371 | ||
Viatris, Inc. | 540 | 5,848 | ||
Zoetis, Inc. | 45 | 8,882 | ||
225,810 | ||||
Professional Services — 0.92% | ||||
Automatic Data Processing, Inc. | 54 | 12,580 | ||
Broadridge Financial Solutions, Inc. | 80 | 16,460 | ||
CACI International, Inc., Class A(a) | 3 | 972 | ||
Equifax, Inc. | 18 | 4,451 | ||
Jacobs Solutions, Inc. | 18 | 2,336 | ||
Leidos Holdings, Inc. | 36 | 3,897 | ||
Paychex, Inc. | 36 | 4,288 | ||
Paycom Software, Inc. | 2 | 413 | ||
Paycor HCM, Inc.(a) | 54 | 1,166 | ||
Science Applications International Corp. | 18 | 2,238 | ||
SS&C Technologies Holdings, Inc. | 1,160 | 70,888 | ||
TransUnion | 18 | 1,237 | ||
Verisk Analytics, Inc. | 20 | 4,777 | ||
125,703 | ||||
Real Estate Management & Development — 0.08% | ||||
CBRE Group, Inc., Class A(a) | 36 | 3,351 | ||
CoStar Group, Inc.(a) | 54 | 4,720 | ||
Cushman & Wakefield PLC(a)(b) | 72 | 778 | ||
Zillow Group, Inc., Class C(a) | 18 | 1,041 | ||
9,890 | ||||
Residential REITs — 0.14% | ||||
American Homes 4 Rent, Class A | 36 | 1,295 | ||
Apartment Investment and Management Co., Class A(a) | 198 | 1,550 | ||
Equity Residential | 162 | 9,908 | ||
Invitation Homes, Inc. | 36 | 1,228 | ||
Mid-America Apartment Communities, Inc. | 18 | 2,420 | ||
Sun Communities, Inc. | 18 | 2,406 | ||
UDR, Inc. | 36 | 1,378 | ||
20,185 | ||||
Retail REITs — 0.09% | ||||
Agree Realty Corp. | 18 | 1,133 | ||
NNN REIT, Inc. | 36 | 1,552 | ||
Regency Centers Corp. | 20 | 1,340 | ||
Simon Property Group, Inc. | 54 | 7,702 | ||
11,727 | ||||
Semiconductors & Semiconductor Equipment — 7.54% | ||||
Advanced Micro Devices, Inc.(a) | 166 | 24,470 | ||
Allegro MicroSystems, Inc.(a) | 39 | 1,181 | ||
Analog Devices, Inc. | 76 | 15,091 | ||
Applied Materials, Inc. | 300 | 48,620 | ||
ASML Holding NV(b) | 22 | 16,653 | ||
Broadcom, Inc. | 4 | 4,465 | ||
Enphase Energy, Inc.(a) | 36 | 4,757 | ||
First Solar, Inc.(a) | 20 | 3,446 | ||
Intel Corp. | 1,951 | 98,037 | ||
KLA Corp. | 25 | 14,533 | ||
Lam Research Corp. | 47 | 36,813 | ||
Marvell Technology, Inc. | 59 | 3,558 | ||
Microchip Technology, Inc. | 398 | 35,892 | ||
Micron Technology, Inc. | 803 | 68,527 | ||
NVIDIA Corp. | 1,148 | 568,512 | ||
NXP Semiconductors NV(b) | 58 | 13,321 | ||
ON Semiconductor Corp.(a) | 198 | 16,539 | ||
QUALCOMM, Inc. | 219 | 31,674 | ||
Skyworks Solutions, Inc. | 36 | 4,047 | ||
Teradyne, Inc. | 1 | 109 | ||
Texas Instruments, Inc. | 136 | 23,183 | ||
1,033,428 | ||||
Software — 17.47% | ||||
ACI Worldwide, Inc.(a) | 36 | 1,102 | ||
Adobe, Inc.(a) | 24 | 14,318 | ||
Alteryx, Inc., Class A(a) | 36 | 1,698 | ||
ANSYS, Inc.(a) | 1 | 363 | ||
Appfolio, Inc., Class A(a) | 5 | 866 | ||
Aspen Technology, Inc.(a) | 18 | 3,963 | ||
Autodesk, Inc.(a) | 18 | 4,383 | ||
BILL Holdings, Inc.(a) | 36 | 2,937 | ||
Cadence Design Systems, Inc.(a) | 18 | 4,903 | ||
Crowdstrike Holdings, Inc., Class A(a) | 1,177 | 300,512 | ||
Datadog, Inc., Class A(a) | 36 | 4,370 | ||
Descartes Systems Group, Inc.(a)(b) | 36 | 3,025 | ||
DocuSign, Inc.(a) | 18 | 1,070 | ||
Elastic NV(a)(b) | 18 | 2,029 | ||
Everbridge, Inc.(a) | 108 | 2,625 | ||
Fortinet, Inc.(a) | 45 | 2,634 | ||
Gen Digital, Inc. | 198 | 4,518 | ||
Guidewire Software, Inc.(a) | 18 | 1,963 | ||
HubSpot, Inc.(a) | 3 | 1,742 | ||
Intuit, Inc. | 83 | 51,877 | ||
LiveRamp Holdings, Inc.(a) | 36 | 1,364 | ||
Marin Software, Inc.(a) | 54 | 20 | ||
Microsoft Corp. | 3,333 | 1,253,340 | ||
Oracle Corp. | 90 | 9,489 | ||
Palo Alto Networks, Inc.(a) | 18 | 5,308 | ||
RingCentral, Inc., Class A(a) | 18 | 611 | ||
Roper Technologies, Inc. | 36 | 19,626 | ||
Salesforce, Inc.(a) | 2,424 | 637,850 | ||
SAP SE - ADR | 18 | 2,783 | ||
ServiceNow, Inc.(a) | 43 | 30,379 | ||
Synopsys, Inc.(a) | 7 | 3,604 | ||
Tyler Technologies, Inc.(a) | 7 | 2,927 | ||
Unity Software, Inc.(a) | 54 | 2,208 | ||
Workday, Inc., Class A(a) | 27 | 7,454 | ||
Zoom Video Communications, Inc., Class A(a) | 18 | 1,294 | ||
Zscaler, Inc.(a) | 18 | 3,988 | ||
2,393,143 | ||||
Specialized REITs — 0.15% | ||||
American Tower Corp. | 18 | 3,886 | ||
Crown Castle, Inc. | 18 | 2,073 | ||
Digital Realty Trust, Inc. | 1 | 135 | ||
Equinix, Inc. | 1 | 805 | ||
Farmland Partners, Inc. | 108 | 1,348 | ||
Iron Mountain, Inc. | 54 | 3,779 | ||
Lamar Advertising Co., Class A | 18 | 1,913 | ||
National Storage Affiliates Trust | 108 | 4,478 | ||
VICI Properties, Inc. | 54 | 1,722 | ||
20,139 | ||||
Specialty Retail — 1.73% | ||||
Advance Auto Parts, Inc. | 18 | 1,099 | ||
AutoZone, Inc.(a) | 3 | 7,757 | ||
Bath & Body Works, Inc. | 566 | 24,429 | ||
Best Buy Co., Inc. | 18 | 1,409 | ||
CarMax, Inc.(a) | 347 | 26,629 | ||
Chewy, Inc., Class A(a) | 36 | 851 | ||
Dick's Sporting Goods, Inc. | 18 | 2,645 | ||
Gap, Inc. | 18 | 376 | ||
Home Depot, Inc. | 166 | 57,526 | ||
Leslie's, Inc.(a) | 36 | 249 | ||
Lowe's Cos., Inc. | 227 | 50,519 | ||
O'Reilly Automotive, Inc.(a) | 1 | 950 | ||
Revolve Group, Inc.(a) | 36 | 597 | ||
Ross Stores, Inc. | 144 | 19,928 | ||
TJX Cos., Inc. | 404 | 37,899 | ||
Ulta Beauty, Inc.(a) | 4 | 1,960 | ||
Wayfair, Inc., Class A(a) | 36 | 2,221 | ||
237,044 | ||||
Technology Hardware, Storage & Peripherals — 6.07% | ||||
Apple, Inc. | 3,814 | 734,308 | ||
Dell Technologies, Inc., Class C | 270 | 20,654 | ||
Hewlett Packard Enterprise Co. | 702 | 11,920 | ||
HP, Inc. | 546 | 16,429 | ||
NetApp, Inc. | 72 | 6,348 | ||
Pure Storage, Inc., Class A(a) | 108 | 3,851 | ||
Quantum Corp.(a) | 864 | 302 | ||
Seagate Technology Holdings PLC(b) | 400 | 34,148 | ||
Western Digital Corp.(a) | 72 | 3,771 | ||
Xerox Holdings Corp. | 54 | 990 | ||
832,721 | ||||
Textiles, Apparel & Luxury Goods — 0.42% | ||||
Carter's, Inc. | 291 | 21,794 | ||
Lululemon Athletica, Inc.(a)(b) | 12 | 6,135 | ||
NIKE, Inc., Class B | 225 | 24,429 | ||
Tapestry, Inc. | 58 | 2,135 | ||
Under Armour, Inc., Class A(a) | 198 | 1,740 | ||
Under Armour, Inc., Class C(a) | 144 | 1,202 | ||
57,435 | ||||
Tobacco — 0.88% | ||||
Altria Group, Inc. | 198 | 7,987 | ||
Philip Morris International, Inc. | 1,191 | 112,050 | ||
120,037 | ||||
Trading Companies & Distributors — 0.30% | ||||
Air Lease Corp. | 18 | 755 | ||
Fastenal Co. | 54 | 3,498 | ||
Ferguson PLC(b) | 37 | 7,144 | ||
United Rentals, Inc. | 36 | 20,642 | ||
Watsco, Inc. | 3 | 1,285 | ||
WESCO International, Inc. | 44 | 7,651 | ||
WW Grainger, Inc. | 1 | 829 | ||
41,804 | ||||
Water Utilities — 0.02% | ||||
American Water Works Co., Inc. | 18 | 2,376 | ||
Wireless Telecommunication Services — 0.19% | ||||
TIM SA/Brazil - ADR | 385 | 7,111 | ||
T-Mobile US, Inc. | 108 | 17,316 | ||
Vodafone Group PLC - ADR | 116 | 1,009 | ||
25,436 | ||||
Total Common Stocks (Cost $10,673,437) | 12,407,733 | |||
EXCHANGE TRADED FUNDS — 1.85% | ||||
Fixed Income – 1.85% | ||||
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | 2,538 | 253,267 | ||
Total Exchange Traded Funds (Cost $253,352) | 253,267 | |||
CLOSED END FUNDS — 0.05% | ||||
Business Development Companies – 0.05% | ||||
Ares Capital Corp. | 72 | 1,442 | ||
FS KKR Capital Corp. | 54 | 1,078 | ||
Golub Capital BDC, Inc. | 270 | 4,078 | ||
Total Closed End Funds (Cost $6,227) | 6,598 | |||
SHORT-TERM INVESTMENTS – 7.43% | ||||
Money Market Funds — 7.43% | ||||
First American Government Obligations Fund, Class X, 5.29%(c) | 1,016,729 | 1,016,729 | ||
Total Short-Term Investments (Cost $1,016,729) | 1,016,729 | |||
Total Investments (Cost $11,949,746) — 99.94% | 13,684,327 | |||
Other Assets in Excess of Liabilities — 0.06% | 8,660 | |||
Total Net Assets — 100.00% | $ | 13,692,987 |
ADR | -American Depositary Receipt |
REIT | -Real Estate Investment Trust |
PLC | -Public Liability Company |
(a) | Non-income producing security. |
(b) | Foreign issued security. |
(c) | The rate quoted is the annualized seven-day effective yield as of December 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
SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently followed by the Fund 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 Fund’s pricing procedures. It is intended to be a general discussion and may not necessarily reflect all the pricing procedures followed by the Fund.
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 Price (“NOCP”). If, on a particular day, an exchange traded or Nasdaq security does not trade, then the mean between the 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 (“OTC”) 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 Fund’s net asset values (“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 Fund 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 Fund’s NAV in advance of the time the NAV is calculated. These securities are categorized in Level 2 of the fair value hierarchy.
Exchange traded funds and closed-end funds are valued at the last reported sale price on the exchange on which the security is principally traded. If, on a particular day, an exchange-traded fund does not trade, then the mean between the most recent quoted bid and asked prices 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.
Investments in registered open-end investment companies (including money market funds), other than exchange-traded funds, are typically valued at their reported NAV per share. 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 has adopted a pricing and valuation policy for use by the Fund and its Valuation Designee (as defined below) in calculating the Fund’s NAV. Pursuant to Rule 2a-5 under the 1940 Act, the Fund has 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 Fund has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion 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 Fund has the ability to access.
Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
The following table is a summary of the inputs used to value the Fund’s securities by level within the fair value hierarchy as of December 31, 2023:
Unusual Whales Subversive Democratic Trading ETF | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments at Fair Value | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 12,407,733 | $ | – | $ | – | $ | 12,407,733 | ||||||||
Exchange Traded Funds | 253,267 | – | – | 253,267 | ||||||||||||
Closed End Funds | 6,598 | – | – | 6,598 | ||||||||||||
Short-Term Investments | 1,016,729 | – | – | 1,016,729 | ||||||||||||
Total Investments in Securities | $ | 13,684,327 | $ | – | $ | – | $ | 13,684,327 |
As of the period ended December 31, 2023, the Fund did not hold any Level 3 securities, nor were there any transfers into or out of Level 3. Refer to the Fund's Schedule of Investments for further information on the classification of investments.