Unusual Whales Subversive Republican Trading ETF |
Schedule of Investments (Unaudited) |
December 31, 2023 |
Shares | Value | |||
COMMON STOCKS — 99.26% | ||||
Aerospace & Defense — 2.51% | ||||
Boeing Co.(a) | 55 | $ | 14,336 | |
General Dynamics Corp. | 9 | 2,337 | ||
Hexcel Corp. | 9 | 664 | ||
Lockheed Martin Corp. | 86 | 38,979 | ||
Raytheon Technologies Corp. | 549 | 46,193 | ||
Woodward, Inc. | 388 | 52,818 | ||
155,327 | ||||
Air Freight & Logistics — 1.50% | ||||
FedEx Corp. | 344 | 87,022 | ||
United Parcel Service, Inc., Class B | 36 | 5,660 | ||
92,682 | ||||
Automobile Components — 0.13% | ||||
Gentex Corp. | 9 | 294 | ||
Goodyear Tire & Rubber Co.(a) | 57 | 816 | ||
LCI Industries | 55 | 6,914 | ||
8,024 | ||||
Automobiles — 0.39% | ||||
Ferrari NV(b) | 1 | 338 | ||
Ford Motor Co. | 1,396 | 17,017 | ||
NIO, Inc. - ADR(a) | 9 | 82 | ||
Stellantis NV(b) | 210 | 4,897 | ||
Tesla, Inc.(a) | 6 | 1,491 | ||
Workhorse Group, Inc.(a) | 63 | 23 | ||
23,848 | ||||
Banks — 3.09% | ||||
Bank of America Corp. | 273 | 9,192 | ||
Citigroup, Inc. | 7 | 360 | ||
Citizens Financial Group, Inc. | 9 | 298 | ||
Community Trust Bancorp, Inc. | 9 | 395 | ||
Farmers & Merchants Bancorp, Inc. | 271 | 6,721 | ||
Fifth Third Bancorp | 9 | 310 | ||
JPMorgan Chase & Co. | 232 | 39,464 | ||
KeyCorp | 18 | 259 | ||
New York Community Bancorp, Inc. | 51 | 522 | ||
PNC Financial Services Group, Inc. | 7 | 1,084 | ||
Regions Financial Corp. | 18 | 349 | ||
Royal Bank of Canada(b) | 36 | 3,641 | ||
Southern States Bancshares, Inc. | 223 | 6,529 | ||
Synovus Financial Corp. | 76 | 2,861 | ||
United Bankshares, Inc. | 429 | 16,109 | ||
US Bancorp | 144 | 6,232 | ||
Wells Fargo & Co. | 1,752 | 86,234 | ||
Zions Bancorp NA | 253 | 11,099 | ||
191,659 | ||||
Beverages — 0.58% | ||||
Coca-Cola Co. | 261 | 15,380 | ||
Constellation Brands, Inc., Class A | 18 | 4,352 | ||
Keurig Dr Pepper, Inc. | 211 | 7,031 | ||
Monster Beverage Corp.(a) | 136 | 7,834 | ||
PepsiCo, Inc. | 9 | 1,529 | ||
36,126 | ||||
Biotechnology — 2.19% | ||||
AbbVie, Inc. | 84 | 13,017 | ||
Amgen, Inc. | 48 | 13,825 | ||
Gilead Sciences, Inc. | 9 | 729 | ||
Humacyte, Inc.(a) | 270 | 767 | ||
Neurocrine Biosciences, Inc.(a) | 135 | 17,788 | ||
United Therapeutics Corp.(a) | 405 | 89,055 | ||
Vertex Pharmaceuticals, Inc.(a) | 1 | 407 | ||
135,588 | ||||
Broadline Retail — 1.78% | ||||
Alibaba Group Holding Ltd. - ADR | 9 | 698 | ||
Amazon.com, Inc.(a) | 691 | 104,990 | ||
Etsy, Inc.(a) | 55 | 4,458 | ||
Qurate Retail, Inc., Class A(a) | 162 | 142 | ||
110,288 | ||||
Building Products — 1.29% | ||||
A O Smith Corp. | 36 | 2,968 | ||
Allegion PLC(b) | 9 | 1,140 | ||
Carlisle Cos., Inc. | 90 | 28,118 | ||
Fortune Brands Innovations, Inc. | 236 | 17,969 | ||
Lennox International, Inc. | 2 | 895 | ||
Owens Corning | 30 | 4,447 | ||
Simpson Manufacturing Co., Inc. | 120 | 23,758 | ||
Trex Co., Inc.(a) | 9 | 745 | ||
80,040 | ||||
Capital Markets — 1.67% | ||||
Ameriprise Financial, Inc. | 1 | 380 | ||
Bank of New York Mellon Corp. | 9 | 468 | ||
BlackRock, Inc. | 7 | 5,683 | ||
Cboe Global Markets, Inc. | 9 | 1,607 | ||
Charles Schwab Corp. | 570 | 39,216 | ||
Coinbase Global, Inc., Class A(a) | 9 | 1,565 | ||
Goldman Sachs Group, Inc. | 9 | 3,472 | ||
Houlihan Lokey, Inc. | 141 | 16,907 | ||
Intercontinental Exchange, Inc. | 46 | 5,908 | ||
KKR & Co., Inc. | 81 | 6,711 | ||
LPL Financial Holdings, Inc. | 2 | 455 | ||
Moody's Corp. | 4 | 1,562 | ||
Morgan Stanley | 9 | 839 | ||
Nasdaq, Inc. | 9 | 523 | ||
S&P Global, Inc. | 3 | 1,322 | ||
Stifel Financial Corp. | 171 | 11,825 | ||
T Rowe Price Group, Inc. | 40 | 4,308 | ||
Victory Capital Holdings, Inc., Class A | 18 | 620 | ||
103,371 | ||||
Chemicals — 2.43% | ||||
Air Products and Chemicals, Inc. | 5 | 1,369 | ||
Cabot Corp. | 18 | 1,503 | ||
Chemours Co. | 60 | 1,892 | ||
Dow, Inc. | 1,555 | 85,276 | ||
Ecolab, Inc. | 12 | 2,380 | ||
Linde PLC (b) | 137 | 56,267 | ||
Mosaic Co. | 9 | 322 | ||
PPG Industries, Inc. | 9 | 1,346 | ||
150,355 | ||||
Commercial Services & Supplies — 0.15% | ||||
Republic Services, Inc. | 9 | 1,484 | ||
Waste Management, Inc. | 45 | 8,060 | ||
9,544 | ||||
Communications Equipment — 0.85% | ||||
Arista Networks, Inc.(a) | 202 | 47,573 | ||
Cisco Systems, Inc. | 92 | 4,648 | ||
Motorola Solutions, Inc. | 2 | 626 | ||
52,847 | ||||
Construction & Engineering — 2.03% | ||||
AECOM | 1 | 92 | ||
Comfort Systems USA, Inc. | 546 | 112,296 | ||
Quanta Services, Inc. | 42 | 9,064 | ||
Valmont Industries, Inc. | 19 | 4,437 | ||
125,889 | ||||
Construction Materials — 0.00% | ||||
Vulcan Materials Co. | 1 | 227 | ||
Consumer Finance — 1.17% | ||||
Ally Financial, Inc. | 20 | 698 | ||
American Express Co. | 27 | 5,058 | ||
Capital One Financial Corp. | 461 | 60,447 | ||
Discover Financial Services | 18 | 2,023 | ||
FirstCash Holdings, Inc. | 13 | 1,409 | ||
Katapult Holdings, Inc.(a) | 273 | 2,981 | ||
72,616 | ||||
Consumer Staples Distribution & Retail — 2.18% | ||||
BJ's Wholesale Club Holdings, Inc.(a) | 303 | 20,198 | ||
Costco Wholesale Corp. | 93 | 61,388 | ||
Dollar General Corp. | 2 | 272 | ||
Dollar Tree, Inc.(a) | 196 | 27,842 | ||
Ingles Markets, Inc., Class A | 9 | 777 | ||
Kroger Co. | 186 | 8,502 | ||
Sysco Corp. | 9 | 658 | ||
Target Corp. | 21 | 2,991 | ||
Walgreens Boots Alliance, Inc. | 95 | 2,480 | ||
Walmart, Inc. | 65 | 10,247 | ||
135,355 | ||||
Containers & Packaging — 0.65% | ||||
AptarGroup, Inc. | 95 | 11,744 | ||
Avery Dennison Corp. | 43 | 8,693 | ||
Ball Corp. | 45 | 2,588 | ||
Crown Holdings, Inc. | 19 | 1,750 | ||
International Paper Co. | 9 | 325 | ||
TriMas Corp. | 590 | 14,945 | ||
40,045 | ||||
Diversified Consumer Services — 0.03% | ||||
Chegg, Inc.(a) | 63 | 716 | ||
Service Corp. International | 18 | 1,232 | ||
1,948 | ||||
Diversified Telecommunication Services — 1.17% | ||||
AT&T, Inc. | 3,991 | 66,969 | ||
Verizon Communications, Inc. | 153 | 5,768 | ||
72,737 | ||||
Electric Utilities — 0.73% | ||||
American Electric Power Co., Inc. | 27 | 2,193 | ||
Duke Energy Corp. | 30 | 2,911 | ||
NextEra Energy, Inc. | 603 | 36,626 | ||
Southern Co. | 9 | 631 | ||
Via Renewables, Inc. | 2 | 19 | ||
Xcel Energy, Inc. | 45 | 2,786 | ||
45,166 | ||||
Electrical Equipment — 1.94% | ||||
AMETEK, Inc. | 9 | 1,484 | ||
Ballard Power Systems, Inc.(a)(b) | 108 | 400 | ||
Emerson Electric Co. | 329 | 32,022 | ||
FuelCell Energy, Inc.(a) | 216 | 346 | ||
Generac Holdings, Inc.(a) | 9 | 1,163 | ||
Ideal Power, Inc.(a) | 63 | 489 | ||
Nuvve Holding Corp.(a) | 108 | 13 | ||
nVent Electric PLC(b) | 356 | 21,035 | ||
Plug Power, Inc.(a) | 27 | 122 | ||
Regal Rexnord Corp. | 46 | 6,809 | ||
Rockwell Automation, Inc. | 130 | 40,361 | ||
Sensata Technologies Holding PLC | 412 | 15,479 | ||
119,723 | ||||
Electronic Equipment, Instruments & Components — 1.21% | ||||
Amphenol Corp., Class A | 21 | 2,082 | ||
Arrow Electronics, Inc.(a) | 85 | 10,391 | ||
Corning, Inc. | 63 | 1,918 | ||
CTS Corp. | 93 | 4,068 | ||
ePlus, Inc.(a) | 154 | 12,295 | ||
Fabrinet(a)(b) | 48 | 9,136 | ||
Insight Enterprises, Inc.(a) | 122 | 21,618 | ||
Keysight Technologies, Inc.(a) | 2 | 318 | ||
Plexus Corp.(a) | 119 | 12,867 | ||
Vuzix Corporation(a) | 81 | 169 | ||
74,862 | ||||
Energy Equipment & Services — 0.10% | ||||
Baker Hughes Co. | 126 | 4,307 | ||
Halliburton Co. | 54 | 1,952 | ||
6,259 | ||||
Entertainment — 0.94% | ||||
Electronic Arts, Inc. | 18 | 2,463 | ||
Netflix, Inc.(a) | 36 | 17,528 | ||
ROBLOX Corp., Class A(a) | 27 | 1,234 | ||
Take-Two Interactive Software, Inc.(a) | 3 | 483 | ||
Walt Disney Co. | 166 | 14,988 | ||
Warner Bros Discovery, Inc.(a) | 1,913 | 21,770 | ||
58,466 | ||||
Financial Services — 4.29% | ||||
Berkshire Hathaway, Inc., Class B(a) | 33 | 11,770 | ||
Block, Inc.(a) | 121 | 9,359 | ||
Equitable Holdings, Inc. | 768 | 25,574 | ||
Euronet Worldwide, Inc.(a) | 28 | 2,842 | ||
Fidelity National Information Services, Inc. | 1,058 | 63,554 | ||
FleetCor Technologies, Inc.(a) | 79 | 22,326 | ||
Global Payments, Inc. | 9 | 1,143 | ||
Mastercard, Inc., Class A | 75 | 31,988 | ||
PayPal Holdings, Inc.(a) | 1,049 | 64,420 | ||
Visa, Inc., Class A | 126 | 32,804 | ||
265,780 | ||||
Food Products — 1.49% | ||||
Conagra Brands, Inc. | 137 | 3,926 | ||
General Mills, Inc. | 76 | 4,951 | ||
Hershey Co. | 14 | 2,610 | ||
Mondelez International, Inc., Class A | 9 | 652 | ||
Tyson Foods, Inc., Class A | 1,498 | 80,518 | ||
92,657 | ||||
Gas Utilities — 1.67% | ||||
National Fuel Gas Co. | 1,519 | 76,208 | ||
Suburban Propane Partners LP | 1,534 | 27,244 | ||
103,452 | ||||
Ground Transportation — 0.23% | ||||
ArcBest Corp. | 51 | 6,131 | ||
CSX Corp. | 18 | 624 | ||
Old Dominion Freight Line, Inc. | 1 | 405 | ||
Uber Technologies, Inc.(a) | 40 | 2,463 | ||
Union Pacific Corp. | 19 | 4,667 | ||
14,290 | ||||
Health Care Equipment & Supplies — 1.17% | ||||
Abbott Laboratories | 47 | 5,173 | ||
Align Technology, Inc.(a) | 9 | 2,466 | ||
Asensus Surgical, Inc.(a) | 585 | 187 | ||
Becton Dickinson & Co. | 2 | 488 | ||
Boston Scientific Corp.(a) | 524 | 30,291 | ||
DENTSPLY SIRONA, Inc. | 18 | 641 | ||
Dexcom, Inc.(a) | 109 | 13,526 | ||
Edwards Lifesciences Corp.(a) | 18 | 1,373 | ||
Intuitive Surgical, Inc.(a) | 6 | 2,024 | ||
Koninklijke Philips NV(a)(b) | 177 | 4,129 | ||
Masimo Corp.(a) | 55 | 6,447 | ||
Medtronic PLC(b) | 58 | 4,778 | ||
Zimmer Biomet Holdings, Inc. | 9 | 1,095 | ||
72,618 | ||||
Health Care Providers & Services — 4.06% | ||||
Centene Corp.(a) | 75 | 5,566 | ||
Cigna Group | 2 | 599 | ||
CVS Health Corp. | 289 | 22,819 | ||
Elevance Health, Inc. | 279 | 131,566 | ||
Fresenius Medical Care AG & Co. KGaA - ADR | 117 | 2,437 | ||
HealthEquity, Inc.(a) | 18 | 1,193 | ||
Henry Schein, Inc.(a) | 304 | 23,016 | ||
McKesson Corp. | 15 | 6,945 | ||
Quest Diagnostics, Inc. | 24 | 3,309 | ||
UnitedHealth Group, Inc. | 103 | 54,226 | ||
251,676 | ||||
Health Care REITs — 0.00% | ||||
Medical Properties Trust, Inc. | 18 | 88 | ||
Hotels, Restaurants & Leisure — 2.18% | ||||
Airbnb, Inc., Class A(a) | 9 | 1,225 | ||
Booking Holdings, Inc.(a) | 3 | 10,642 | ||
Chipotle Mexican Grill, Inc.(a) | 10 | 22,870 | ||
Domino's Pizza, Inc. | 6 | 2,473 | ||
DraftKings, Inc., Class A(a) | 27 | 952 | ||
Hilton Worldwide Holdings, Inc. | 90 | 16,388 | ||
Hyatt Hotels Corp., Class A | 29 | 3,782 | ||
Las Vegas Sands Corp. | 964 | 47,438 | ||
McDonald's Corp. | 14 | 4,151 | ||
Norwegian Cruise Line Holdings Ltd.(a)(b) | 99 | 1,984 | ||
Penn Entertainment, Inc.(a) | 9 | 234 | ||
Restaurant Brands International, Inc.(b) | 38 | 2,969 | ||
Starbucks Corp. | 131 | 12,577 | ||
Wynn Resorts Ltd. | 79 | 7,198 | ||
134,883 | ||||
Household Durables — 0.28% | ||||
Garmin Ltd.(b) | 15 | 1,928 | ||
LGI Homes, Inc.(a) | 108 | 14,381 | ||
PulteGroup, Inc. | 9 | 929 | ||
Sony Group Corp. - ADR | 1 | 95 | ||
17,333 | ||||
Household Products — 0.33% | ||||
Church & Dwight Co., Inc. | 5 | 473 | ||
Clorox Co. | 39 | 5,561 | ||
Kimberly-Clark Corp. | 77 | 9,356 | ||
Procter & Gamble Co. | 33 | 4,836 | ||
20,226 | ||||
Independent Power & Renewable Elec Producers — 0.09% | ||||
Clearway Energy, Inc., Class A | 212 | 5,423 | ||
Industrial Conglomerates — 0.66% | ||||
3M Co. | 65 | 7,106 | ||
General Electric Co. | 12 | 1,532 | ||
Honeywell International, Inc. | 154 | 32,295 | ||
40,933 | ||||
Insurance — 3.49% | ||||
Aflac, Inc. | 9 | 743 | ||
Allstate Corp. | 626 | 87,627 | ||
Chubb Ltd.(b) | 103 | 23,278 | ||
Fidelity National Financial, Inc. | 9 | 459 | ||
Hartford Financial Services Group, Inc. | 9 | 723 | ||
Markel Group, Inc.(a) | 4 | 5,680 | ||
Marsh & McLennan Cos., Inc. | 119 | 22,547 | ||
Old Republic International Corp. | 54 | 1,588 | ||
Primerica, Inc. | 117 | 24,074 | ||
Progressive Corp. | 32 | 5,097 | ||
Selective Insurance Group, Inc. | 23 | 2,288 | ||
Willis Towers Watson PLC(b) | 177 | 42,692 | ||
216,796 | ||||
Interactive Media & Services — 1.14% | ||||
Alphabet, Inc., Class A(a) | 274 | 38,275 | ||
Alphabet, Inc., Class C(a) | 56 | 7,892 | ||
IAC, Inc.(a) | 141 | 7,386 | ||
Meta Platforms, Inc., Class A(a) | 48 | 16,990 | ||
70,543 | ||||
IT Services — 3.76% | ||||
Accenture PLC, Class A(b) | 382 | 134,048 | ||
EPAM Systems, Inc.(a) | 263 | 78,200 | ||
International Business Machines Corp. | 81 | 13,248 | ||
VeriSign, Inc.(a) | 36 | 7,415 | ||
232,911 | ||||
Leisure Products — 0.02% | ||||
Peloton Interactive, Inc., Class A(a) | 54 | 329 | ||
Polaris, Inc. | 9 | 853 | ||
1,182 | ||||
Life Sciences Tools & Services — 0.89% | ||||
Agilent Technologies, Inc. | 12 | 1,668 | ||
Danaher Corp. | 25 | 5,784 | ||
ICON PLC(a)(b) | 9 | 2,548 | ||
Illumina, Inc.(a) | 22 | 3,063 | ||
IQVIA Holdings, Inc.(a) | 85 | 19,667 | ||
Thermo Fisher Scientific, Inc. | 42 | 22,294 | ||
Waters Corp.(a) | 1 | 329 | ||
55,353 | ||||
Machinery — 2.34% | ||||
AGCO Corp. | 46 | 5,585 | ||
Caterpillar, Inc. | 9 | 2,661 | ||
CNH Industrial NV(b) | 702 | 8,550 | ||
Crane Co. | 18 | 2,127 | ||
Cummins, Inc. | 6 | 1,437 | ||
Deere & Co. | 9 | 3,599 | ||
Donaldson Co., Inc. | 280 | 18,297 | ||
Dover Corp. | 92 | 14,151 | ||
EnPro Industries, Inc. | 9 | 1,411 | ||
Gates Industrial Corp. PLC(a)(b) | 540 | 7,247 | ||
IDEX Corp. | 1 | 217 | ||
Illinois Tool Works, Inc. | 32 | 8,382 | ||
ITT, Inc. | 55 | 6,563 | ||
Oshkosh Corp. | 447 | 48,458 | ||
Otis Worldwide Corp. | 63 | 5,637 | ||
PACCAR, Inc. | 61 | 5,957 | ||
Parker-Hannifin Corp. | 9 | 4,146 | ||
Stanley Black & Decker, Inc. | 9 | 883 | ||
145,308 | ||||
Marine Transportation — 0.02% | ||||
Castor Maritime, Inc.(a)(b) | 45 | 19 | ||
Golden Ocean Group Ltd.(b) | 126 | 1,230 | ||
1,249 | ||||
Media — 1.00% | ||||
Charter Communications, Inc., Class A(a) | 31 | 12,049 | ||
Comcast Corp., Class A | 171 | 7,498 | ||
DISH Network Corp., Class A(a) | 472 | 2,723 | ||
Interpublic Group of Cos., Inc. | 443 | 14,461 | ||
Liberty Broadband Corp., Class C(a) | 166 | 13,378 | ||
Liberty Media Corp.-Liberty SiriusXM(a) | 18 | 518 | ||
Omnicom Group, Inc. | 24 | 2,076 | ||
Paramount Global, Class B | 613 | 9,066 | ||
61,769 | ||||
Metals & Mining — 2.68% | ||||
Barrick Gold Corp.(b) | 486 | 8,792 | ||
BHP Group Ltd. - ADR | 9 | 615 | ||
Cleveland-Cliffs, Inc.(a) | 5,367 | 109,594 | ||
Freeport-McMoRan, Inc. | 353 | 15,027 | ||
Nucor Corp. | 174 | 30,283 | ||
Reliance Steel & Aluminum Co. | 1 | 280 | ||
Rio Tinto PLC - ADR | 9 | 670 | ||
Royal Gold, Inc. | 9 | 1,089 | ||
166,350 | ||||
Mortgage Real Estate Investment Trusts (REITs) — 0.01% | ||||
Blackstone Mortgage Trust, Inc., Class A | 9 | 191 | ||
Chimera Investment Corp. | 54 | 270 | ||
461 | ||||
Multi-Utilities — 0.07% | ||||
CenterPoint Energy, Inc. | 63 | 1,800 | ||
CMS Energy Corp. | 9 | 523 | ||
Dominion Energy, Inc. | 47 | 2,209 | ||
4,532 | ||||
Oil, Gas & Consumable Fuels — 10.78% | ||||
Alliance Resource Partners LP | 265 | 5,613 | ||
Antero Midstream Corp. | 36 | 451 | ||
Chevron Corp. | 402 | 59,961 | ||
Chord Energy Corp. | 20 | 3,325 | ||
Civitas Resources, Inc. | 9 | 615 | ||
ConocoPhillips | 1,282 | 148,801 | ||
Coterra Energy, Inc. | 69 | 1,761 | ||
Cross Timbers Royalty Trust | 69 | 1,212 | ||
CrossAmerica Partners LP | 117 | 2,668 | ||
Devon Energy Corp. | 544 | 24,643 | ||
Energy Transfer LP | 1,580 | 21,804 | ||
EOG Resources, Inc. | 20 | 2,419 | ||
Exxon Mobil Corp. | 155 | 15,497 | ||
Green Plains Partners LP | 261 | 3,323 | ||
International Seaways, Inc.(b) | 49 | 2,229 | ||
Kinder Morgan, Inc. | 18 | 318 | ||
New Fortress Energy, Inc. | 66 | 2,490 | ||
NGL Energy Partners LP(a) | 26,903 | 149,849 | ||
Occidental Petroleum Corp. | 39 | 2,329 | ||
ONEOK, Inc. | 232 | 16,291 | ||
Pembina Pipeline Corp.(b) | 135 | 4,646 | ||
Permian Resources Corp. | 122 | 1,659 | ||
Phillips 66 | 75 | 9,986 | ||
Pioneer Natural Resources Co. | 2 | 450 | ||
Shell PLC - ADR | 2,079 | 136,797 | ||
Summit Midstream Partners LP(a) | 9 | 161 | ||
Tellurian, Inc.(a) | 288 | 218 | ||
TotalEnergies SE - ADR | 36 | 2,426 | ||
Uranium Energy Corp.(a)(b) | 362 | 2,317 | ||
Valero Energy Corp. | 9 | 1,170 | ||
Williams Cos., Inc. | 1,229 | 42,805 | ||
668,234 | ||||
Paper & Forest Products — 0.23% | ||||
Louisiana-Pacific Corp. | 195 | 13,812 | ||
Sylvamo Corp. | 9 | 442 | ||
14,254 | ||||
Passenger Airlines — 0.85% | ||||
American Airlines Group, Inc.(a) | 639 | 8,780 | ||
Delta Air Lines, Inc. | 537 | 21,604 | ||
Southwest Airlines Co. | 677 | 19,552 | ||
United Airlines Holdings, Inc.(a) | 63 | 2,599 | ||
52,535 | ||||
Personal Care Products — 0.00% | ||||
Beauty Health Co.(a) | 36 | 112 | ||
Estee Lauder Cos., Inc., Class A | 1 | 146 | ||
258 | ||||
Pharmaceuticals — 1.16% | ||||
Acasti Pharma, Inc.(a)(b) | 13 | 38 | ||
AstraZeneca PLC - ADR | 61 | 4,108 | ||
Bristol-Myers Squibb Co. | 41 | 2,104 | ||
Eli Lilly & Co. | 5 | 2,915 | ||
GSK PLC - ADR | 126 | 4,670 | ||
Johnson & Johnson | 303 | 47,491 | ||
Merck & Co., Inc. | 54 | 5,887 | ||
Novartis AG - ADR | 9 | 909 | ||
Pfizer, Inc. | 18 | 518 | ||
Takeda Pharmaceutical Co. Ltd. - ADR | 27 | 385 | ||
Zoetis, Inc. | 15 | 2,961 | ||
71,986 | ||||
Professional Services — 0.63% | ||||
Automatic Data Processing, Inc. | 19 | 4,426 | ||
Booz Allen Hamilton Holding Corp. | 27 | 3,454 | ||
FTI Consulting, Inc.(a) | 18 | 3,585 | ||
Genpact Ltd. (b) | 46 | 1,597 | ||
Jacobs Solutions, Inc. | 4 | 519 | ||
KBR, Inc. | 95 | 5,264 | ||
Paychex, Inc. | 5 | 596 | ||
Paycom Software, Inc. | 1 | 207 | ||
RELX PLC - ADR | 18 | 714 | ||
Robert Half International, Inc. | 211 | 18,550 | ||
38,912 | ||||
Real Estate Management & Development — 0.01% | ||||
Kennedy-Wilson Holdings, Inc. | 54 | 669 | ||
Residential REITs — 0.27% | ||||
Equity LifeStyle Properties, Inc. | 9 | 635 | ||
Sun Communities, Inc. | 119 | 15,904 | ||
16,539 | ||||
Retail REITs — 1.29% | ||||
Simon Property Group, Inc. | 564 | 80,450 | ||
Semiconductors & Semiconductor Equipment — 6.83% | ||||
Advanced Micro Devices, Inc.(a) | 27 | 3,980 | ||
Applied Materials, Inc. | 27 | 4,376 | ||
ASML Holding NV(b) | 76 | 57,526 | ||
Broadcom, Inc. | 21 | 23,441 | ||
Daqo New Energy Corp. - ADR(a) | 9 | 239 | ||
Entegris, Inc. | 212 | 25,402 | ||
Intel Corp. | 2,516 | 126,429 | ||
KLA Corp. | 14 | 8,138 | ||
Lam Research Corp. | 1 | 783 | ||
Micron Technology, Inc. | 45 | 3,840 | ||
MKS Instruments, Inc. | 9 | 926 | ||
NVIDIA Corp. | 129 | 63,883 | ||
QUALCOMM, Inc. | 126 | 18,223 | ||
Skyworks Solutions, Inc. | 9 | 1,012 | ||
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 59 | 6,136 | ||
Teradyne, Inc. | 9 | 977 | ||
Texas Instruments, Inc. | 461 | 78,582 | ||
423,893 | ||||
Software — 6.20% | ||||
Adobe, Inc.(a) | 92 | 54,886 | ||
Autodesk, Inc.(a) | 178 | 43,339 | ||
C3.ai, Inc., Class A(a) | 27 | 775 | ||
Cadence Design Systems, Inc.(a) | 110 | 29,961 | ||
Clear Secure, Inc., Class A | 63 | 1,301 | ||
Crowdstrike Holdings, Inc., Class A(a) | 36 | 9,192 | ||
Fortinet, Inc.(a) | 351 | 20,544 | ||
Gen Digital, Inc. | 958 | 21,862 | ||
Intuit, Inc. | 61 | 38,127 | ||
Microsoft Corp. | 129 | 48,509 | ||
Oracle Corp. | 66 | 6,958 | ||
Palo Alto Networks, Inc.(a) | 9 | 2,654 | ||
Progress Software Corp. | 173 | 9,394 | ||
PTC, Inc.(a) | 72 | 12,597 | ||
Salesforce, Inc.(a) | 14 | 3,684 | ||
SAP SE - ADR | 405 | 62,609 | ||
ServiceNow, Inc.(a) | 24 | 16,956 | ||
Zoom Video Communications, Inc., Class A(a) | 9 | 647 | ||
383,995 | ||||
Specialized REITs — 0.09% | ||||
American Tower Corp. | 2 | 432 | ||
Crown Castle, Inc. | 12 | 1,382 | ||
Iron Mountain, Inc. | 9 | 630 | ||
PotlatchDeltic Corp. | 63 | 3,093 | ||
5,537 | ||||
Specialty Retail — 3.35% | ||||
Advance Auto Parts, Inc. | 66 | 4,028 | ||
AutoZone, Inc.(a) | 1 | 2,586 | ||
Bath & Body Works, Inc. | 1,389 | 59,950 | ||
CarMax, Inc.(a) | 57 | 4,374 | ||
Five Below, Inc.(a) | 41 | 8,740 | ||
GameStop Corp., Class A(a) | 9 | 158 | ||
Gap, Inc. | 18 | 376 | ||
Home Depot, Inc. | 146 | 50,596 | ||
Lowe's Cos., Inc. | 13 | 2,893 | ||
O'Reilly Automotive, Inc.(a) | 46 | 43,704 | ||
Penske Automotive Group, Inc. | 77 | 12,359 | ||
RH(a) | 1 | 291 | ||
TJX Cos., Inc. | 77 | 7,223 | ||
Valvoline, Inc.(a) | 271 | 10,184 | ||
207,462 | ||||
Special Purpose Acquisition Companies — 0.01% | ||||
Digital World Acquisition Corp., Class A(a) | 18 | 315 | ||
Technology Hardware, Storage & Peripherals — 0.61% | ||||
Apple, Inc. | 110 | 21,178 | ||
HP, Inc. | 144 | 4,333 | ||
NetApp, Inc. | 87 | 7,670 | ||
Seagate Technology Holdings PLC | 9 | 768 | ||
Western Digital Corp.(a) | 81 | 4,242 | ||
38,191 | ||||
Textiles, Apparel & Luxury Goods — 0.77% | ||||
Crocs, Inc.(a) | 9 | 841 | ||
NIKE, Inc., Class B | 9 | 977 | ||
Skechers USA, Inc., Class A(a) | 398 | 24,811 | ||
Tapestry, Inc. | 520 | 19,141 | ||
Under Armour, Inc., Class A(a) | 172 | 1,512 | ||
VF Corp. | 9 | 169 | ||
47,451 | ||||
Tobacco — 1.73% | ||||
Altria Group, Inc. | 192 | 7,745 | ||
British American Tobacco PLC - ADR | 63 | 1,845 | ||
Philip Morris International, Inc. | 1,024 | 96,338 | ||
Universal Corp. | 18 | 1,212 | ||
107,140 | ||||
Trading Companies & Distributors — 1.51% | ||||
AerCap Holdings NV(a)(b) | 607 | 45,112 | ||
Applied Industrial Technologies, Inc. | 59 | 10,189 | ||
Beacon Roofing Supply, Inc.(a) | 258 | 22,451 | ||
Core & Main, Inc., Class A(a) | 220 | 8,890 | ||
MSC Industrial Direct Co., Inc., Class A | 27 | 2,734 | ||
WESCO International, Inc. | 19 | 3,304 | ||
WW Grainger, Inc. | 1 | 829 | ||
93,509 | ||||
Wireless Telecommunication Services — 0.36% | ||||
T-Mobile US, Inc. | 141 | 22,607 | ||
Total Common Stocks (Cost $5,505,436) | 6,152,742 | |||
EXCHANGE TRADED FUNDS — 0.00% | ||||
Equity – 0.00% | ||||
iPath Series B S&P 500 VIX Short-Term Futures ETN(a) | 1 | 16 | ||
Total Exchange Traded Funds (Cost $46) | 16 | |||
CLOSED END FUNDS — 0.08% | ||||
Equity – 0.06% | ||||
BlackRock Utilities Infrastructure & Power Opportunities Trust | 9 | 196 | ||
Eaton Vance Tax-Managed Buy-Write Opportunities Fund | 117 | 1,443 | ||
First Trust MLP and Energy Income Fund | 126 | 1,080 | ||
Sprott Focus Trust, Inc. | 141 | 1,128 | ||
Virtus Artificial Intelligence & Technology Opportunities Fund | 9 | 157 | ||
4,004 | ||||
Business Development Companies – 0.02% | ||||
Ares Capital Corp. | 18 | 361 | ||
Golub Capital BDC, Inc. | 27 | 407 | ||
Hercules Capital, Inc. | 9 | 150 | ||
918 | ||||
Total Closed End Funds (Cost $4,943) | 4,922 | |||
SHORT-TERM INVESTMENT – 0.55% | ||||
Money Market Funds — 0.55% | ||||
First American Government Obligations Fund, Class X, 5.28% (c) | 33,880 | 33,880 | ||
Total Short-Term Investment (Cost $33,880) | 33,880 | |||
Total Investments (Cost $5,544,303) — 99.89% | 6,191,560 | |||
Other Assets in Excess of Liabilities — 0.11% | 6,695 | |||
Total Net Assets — 100.00% | $ | 6,198,255 |
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 Republican Trading ETF | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments at Fair Value | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 6,152,743 | $ | – | $ | – | $ | 6,152,743 | ||||||||
Exchange Traded Funds | 16 | – | – | 16 | ||||||||||||
Closed End Funds | 4,922 | – | – | 4,922 | ||||||||||||
Short-Term Investments | 33,880 | – | – | 33,880 | ||||||||||||
Total Investments in Securities | $ | 6,191,560 | $ | – | $ | – | $ | 6,191,560 |
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.