Merk Stagflation ETF | ||||||||
Consolidated Schedule of Investments | ||||||||
July 31, 2023 (Unaudited) | ||||||||
Shares | Value | |||||||
EXCHANGE TRADED PRODUCTS - 100.0% | ||||||||
Finance and Insurance - 100.0% | ||||||||
Invesco DB Oil Fund | 8,467 | $ | 136,827 | |||||
Schwab U.S. TIPS ETF (b) | 14,283 | 746,001 | ||||||
VanEck Merk Gold Trust (a)(c) | 6,642 | 126,331 | ||||||
Vanguard Real Estate ETF | 1,414 | 120,557 | ||||||
TOTAL EXCHANGE TRADED PRODUCTS (Cost $1,186,981) | 1,129,716 | |||||||
SHORT-TERM INVESTMENTS - 0.0% (f) | ||||||||
Money Market Funds - 0.0% (f) | ||||||||
First American Treasury Obligations Fund - Class X, 5.17% (e) | 76 | 76 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $76) | 76 | |||||||
Total Investments (Cost $1,187,057) - 100.0% | 1,129,792 | |||||||
Liabilities in Excess of Other Assets - (0.0)% (f) | (193 | ) | ||||||
TOTAL NET ASSETS - 100.0% | $ | 1,129,599 |
Percentages are stated as a percent of net assets. | ||||||||
(a) Non-income producing security. | ||||||||
(b) Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov. | ||||||||
(c) All or a portion of this security is held by Merk Stagflation ETF (Cayman). | ||||||||
(d) Affiliated security. Please refer to the table below. | ||||||||
(e) The rate shown is the annualized seven-day yield at period end. | ||||||||
(f) Amount is less than 0.05%. |
The Fund owned the following company during the period ended July 31, 2023. OUNZ is deemed to be an affiliate of the Fund as defined by the 1940 Act | |||||||||||||||||
as of the period ended July 31, 2023. Transactions during the period in this security was as follows: |
Security Name | Value at May 1, 2023 | Purchases | Sales | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Dividend Income | Value at July 31, 2023 | Ending Shares | ||||||||||||||||||||||||
OUNZ | $ | 166,078 | $ | 17,871 | $ | (56,122 | ) | $ | 5,113 | $ | (6,609 | ) | $ | - | $ | 126,331 | 6,642 |
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: | ||||||||||||||||
Exchange Traded Products | $ | 1,129,716 | $ | - | $ | - | $ | 1,129,716 | ||||||||
Money Market Funds | 76 | - | - | 76 | ||||||||||||
Total Investments - Assets | $ | 1,129,792 | $ | - | $ | - | $ | 1,129,792 | ||||||||