Clough Long/Short Equity ETF | ||||||||
Schedule of Investments | ||||||||
July 31, 2023 (Unaudited) | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 99.8% | ||||||||
Banking — 5.2% | ||||||||
ICICI Bank, Ltd. - ADR (b) | 6,050 | $ | 148,648 | |||||
NU Holdings, Ltd. - Class A (a)(b) | 16,200 | 128,952 | ||||||
277,600 | ||||||||
Consumer Discretionary Products — 5.8% | ||||||||
indie Semiconductor, Inc. - Class A (a)(d) | 14,903 | 141,280 | ||||||
Skyline Champion Corp. (a)(d) | 2,400 | 167,184 | ||||||
308,464 | ||||||||
Consumer Discretionary Services — 14.9% | ||||||||
2U, Inc. (a) | 24,204 | 115,695 | ||||||
Arcos Dorados Holdings, Inc. - Class A (b)(d) | 12,243 | 138,346 | ||||||
Carnival Corp. (a)(b) | 5,700 | 107,388 | ||||||
DraftKings, Inc. (a)(d) | 3,500 | 111,230 | ||||||
OneSpaWorld Holdings, Ltd. (a)(b)(d) | 11,200 | 143,864 | ||||||
Service Corp. International (d) | 2,684 | 178,889 | ||||||
795,412 | ||||||||
Consumer Staple Products — 2.0% | ||||||||
Carlsberg AS - Class B - ADR (b)(d) | 3,600 | 107,748 | ||||||
Health Care — 8.2% | ||||||||
Humacyte, Inc. (a) | 54,354 | 178,281 | ||||||
ModivCare, Inc. (a) | 2,600 | 113,724 | ||||||
TransMedics Group, Inc. (a)(d) | 1,600 | 149,088 | ||||||
441,093 | ||||||||
Industrial Products — 5.2% | ||||||||
Blue Bird Corp. (a) | 7,200 | 150,768 | ||||||
Chart Industries, Inc. (a) | 704 | 128,241 | ||||||
279,009 | ||||||||
Industrial Services — 4.6% | ||||||||
Rollins, Inc. (d) | 3,163 | 129,145 | ||||||
Sterling Infrastructure, Inc. (a) | 1,900 | 113,981 | ||||||
243,126 | ||||||||
Insurance — 2.5% | ||||||||
Tokio Marine Holdings, Inc. - ADR (a)(b)(d) | 5,896 | 135,726 | ||||||
Materials — 8.1% | ||||||||
Agnico Eagle Mines, Ltd. (b)(d) | 2,846 | 149,159 | ||||||
B2Gold Corp. (b)(d) | 40,130 | 140,054 | ||||||
Kinross Gold Corp. (b)(d) | 29,200 | 145,416 | ||||||
434,629 | ||||||||
Media — 2.8% | ||||||||
MakeMyTrip, Ltd. (a)(b) | 5,250 | 151,043 | ||||||
Oil & Gas — 12.8% | ||||||||
Chesapeake Energy Corp. (d) | 1,638 | 138,149 | ||||||
Helix Energy Solutions Group, Inc. (a)(d) | 14,600 | 140,160 | ||||||
New Fortress Energy, Inc. | 3,900 | 111,345 | ||||||
Pioneer Natural Resources Co. (d) | 644 | 145,331 | ||||||
TechnipFMC PLC (a)(b)(d) | 8,340 | 152,956 | ||||||
687,941 | ||||||||
Retail & Wholesale - Discretionary — 7.1% | ||||||||
MercadoLibre, Inc. (a) | 123 | 152,280 | ||||||
Natura & Co. Holding SA - ADR (a)(b) | 16,620 | 127,309 | ||||||
The RealReal, Inc. (a) | 37,515 | 102,791 | ||||||
382,380 | ||||||||
Software & Technology Services — 8.9% | ||||||||
Planet Labs PBC (a) | 40,200 | 149,544 | ||||||
SS&C Technologies Holdings, Inc. (d) | 2,850 | 166,012 | ||||||
StoneCo, Ltd. - Class A (a)(b) | 11,150 | 161,564 | ||||||
477,120 | ||||||||
Technology Hardware & Semiconductors — 2.7% | ||||||||
Aehr Test Systems (a)(d) | 2,804 | 146,257 | ||||||
Utilities — 9.0% | ||||||||
American Electric Power Co., Inc. (d) | 1,900 | 161,006 | ||||||
Avista Corp. (d) | 3,900 | 150,696 | ||||||
Hawaiian Electric Industries, Inc. (d) | 4,500 | 172,755 | ||||||
484,457 | ||||||||
TOTAL COMMON STOCKS (Cost $4,771,253) | 5,352,005 | |||||||
MONEY MARKET FUNDS — 8.4% | ||||||||
First American Government Obligations Fund - Class X, 5.14% (c) | 449,128 | 449,128 | ||||||
TOTAL MONEY MARKET FUNDS (Cost $449,128) | 449,128 | |||||||
TOTAL INVESTMENTS (Cost $5,220,381) — 108.2% | 5,801,133 | |||||||
Other assets and liabilities, net — (8.2)% | (437,536 | ) | ||||||
NET ASSETS — 100.0% | $ | 5,363,597 |
Percentages are stated as a percent of net assets. | |||||
ADR | American Depositary Receipt | ||||
PLC | Public Limited Company | ||||
(a) | Non-income producing security. | ||||
(b) | Foreign issued security | ||||
(c) | The rate shown is the seven-day yield at period end. | ||||
(d) | All or a portion of the security has been pledged to cover short positions. As of July 31, 2023, the value of these securities amounts to $1,839,712 or 34.3% of net assets. |
Clough Long/Short Equity ETF | ||||||||
Schedule of Securities Sold Short | ||||||||
July 31, 2023 (Unaudited) | ||||||||
Shares | Value | |||||||
COMMON STOCKS — (33.8)% | ||||||||
Consumer Discretionary Products — (5.5)% | ||||||||
Deckers Outdoor Corp. (a) | 100 | $ | 54,369 | |||||
On Holding AG - Class A (a)(b) | 1,500 | 54,000 | ||||||
Tesla, Inc. (a) | 450 | 120,344 | ||||||
Under Armour, Inc. - Class A (a) | 8,000 | 64,480 | ||||||
293,193 | ||||||||
Consumer Discretionary Services — (3.0)% | ||||||||
Chipotle Mexican Grill, Inc. (a) | 25 | 49,057 | ||||||
Marriott International, Inc. - Class A | 400 | 80,724 | ||||||
Sweetgreen, Inc. - Class A (a) | 2,000 | 30,140 | ||||||
159,921 | ||||||||
Consumer Staple Products — (1.6)% | ||||||||
Helen of Troy, Ltd. (a)(b) | 600 | 84,780 | ||||||
Financial Services — (5.6)% | ||||||||
Apollo Global Management, Inc. | 500 | 40,855 | ||||||
Blackstone, Inc. | 500 | 52,395 | ||||||
Discover Financial Services | 800 | 84,440 | ||||||
KKR & Co., Inc. | 700 | 41,566 | ||||||
The Charles Schwab Corp. | 1,200 | 79,320 | ||||||
298,576 | ||||||||
Industrial Services — (0.9)% | ||||||||
SiteOne Landscape Supply, Inc. (a) | 300 | 51,000 | ||||||
Retail & Wholesale - Discretionary — (11.5)% | ||||||||
Amazon.com, Inc. (a) | 500 | 66,840 | ||||||
Best Buy Co., Inc. | 700 | 58,135 | ||||||
Figs, Inc. - Class A (a) | 9,000 | 66,240 | ||||||
Lowe's Cos., Inc. | 270 | 63,253 | ||||||
Lululemon Athletica, Inc. (a) | 190 | 71,921 | ||||||
MarineMax, Inc. (a) | 2,000 | 80,660 | ||||||
OneWater Marine, Inc. (a) | 1,600 | 60,240 | ||||||
Sally Beauty Holdings, Inc. (a) | 6,000 | 71,820 | ||||||
Williams-Sonoma, Inc. | 550 | 76,252 | ||||||
615,361 | ||||||||
Software & Technology Services — (3.3)% | ||||||||
International Business Machines Corp. | 620 | 89,392 | ||||||
PTC, Inc. (a) | 600 | 87,486 | ||||||
176,878 | ||||||||
Technology Hardware & Semiconductors — (2.4)% | ||||||||
NVIDIA Corp. | 280 | 130,841 | ||||||
Total Common Stocks (Proceeds $1,698,849) | 1,810,550 | |||||||
Real Estate Investments Trusts (REITs) — (6.1)% | ||||||||
Digital Realty Trust, Inc. | 600 | 74,772 | ||||||
Empire State Realty Trust, Inc. | 6,400 | 57,280 | ||||||
Medical Properties Trust, Inc. | 7,200 | 72,648 | ||||||
Rexford Industrial Realty, Inc. | 1,200 | 66,108 | ||||||
Starwood Property Trust, Inc. | 2,900 | 60,146 | ||||||
Total REITS (Proceeds $292,425) | 330,954 | |||||||
Total Securities Sold Short (Proceeds $1,991,274) — (39.9)% | 2,141,504 |
Percentages are stated as a percent of net assets. | |||||
(a) Non-income producing security. | |||||
(b) Foreign issued security. |
Fair Value Measurements | ||||||||
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. | ||||||||
Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs | ||||||||
(including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant | ||||||||
unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the | ||||||||
securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. | ||||||||
The Fund did not hold any investments during the period with significant unobservable inputs which would be classified as Level 3. | ||||||||
The following is a summary of the inputs used to value the Fund’s investments carried at fair value as of July 31, 2023: |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments - Assets: | ||||||||||||||||
Common Stocks* | $ | 5,352,005 | $ | - | $ | - | $ | 5,352,005 | ||||||||
Money Market Funds | 449,128 | - | - | 449,128 | ||||||||||||
Total Investments - Assets | $ | 5,801,133 | $ | - | $ | - | $ | 5,801,133 | ||||||||
Securities Sold Short - Liabilities: | ||||||||||||||||
Common Stocks* | $ | 1,810,550 | $ | - | $ | - | $ | 1,810,550 | ||||||||
REITs | 330,954 | - | - | 330,954 | ||||||||||||
Total Securities Sold Short - Liabilities | $ | 2,141,504 | $ | - | $ | - | $ | 2,141,504 | ||||||||
* See the Schedules of Investments and Securities Sold Short for industry classifications. |