B.A.D. ETF | ||||||||
Schedule of Investments | ||||||||
August 31, 2023 (Unaudited) | ||||||||
Shares | Value | |||||||
COMMON STOCKS - 99.7% | ||||||||
Beverages-Wine/Spirits — 13.4% | ||||||||
Brown-Forman Corp. - Class B | 4,428 | $ | 292,824 | |||||
Cia Cervecerias Unidas SA - ADR (b) | 18,167 | 267,600 | ||||||
Diageo PLC - ADR (b) | 1,705 | 282,433 | ||||||
MGP Ingredients, Inc. | 2,850 | 341,715 | ||||||
The Duckhorn Portfolio, Inc. (a) | 21,105 | 262,546 | ||||||
1,447,118 | ||||||||
Brewery — 13.6% | ||||||||
Ambev SA - ADR (b) | 96,889 | 268,383 | ||||||
Anheuser-Busch InBev SA/NV - ADR (b) | 5,270 | 299,810 | ||||||
Constellation Brands, Inc. - Class A | 1,193 | 310,848 | ||||||
Molson Coors Beverage Co. - Class B | 4,378 | 277,959 | ||||||
The Boston Beer Co., Inc. - Class A (a) | 871 | 318,290 | ||||||
1,475,290 | ||||||||
Casino Hotels — 9.3% | ||||||||
Boyd Gaming Corp. | 2,980 | 199,273 | ||||||
Las Vegas Sands Corp. | 3,561 | 195,356 | ||||||
Melco Resorts & Entertainment Ltd. - ADR (a)(b) | 16,884 | 189,438 | ||||||
MGM Resorts International | 4,921 | 216,426 | ||||||
Wynn Resorts Ltd. | 1,984 | 201,138 | ||||||
1,001,631 | ||||||||
Casino Services — 6.0% | ||||||||
Caesars Entertainment, Inc. (a) | 4,213 | 232,810 | ||||||
Everi Holdings, Inc. (a) | 12,864 | 186,013 | ||||||
Light & Wonder, Inc. (a) | 3,050 | 233,844 | ||||||
652,667 | ||||||||
Consumer Products-Misc. — 3.2% | ||||||||
Cronos Group, Inc. (b) | 171,175 | 350,909 | ||||||
Gambling (Non-Hotel) — 7.0% | ||||||||
Golden Entertainment, Inc. (a) | 4,475 | 162,935 | ||||||
International Game Technology PLC (b) | 6,494 | 207,938 | ||||||
Monarch Casino & Resort, Inc. | 2,930 | 197,482 | ||||||
Red Rock Resorts, Inc. - Class A | 4,192 | 184,154 | ||||||
752,509 | ||||||||
Internet Gambling— 6.1% | ||||||||
DraftKings, Inc. - Class A (a) | 8,015 | 237,645 | ||||||
Genius Sports Ltd. (a)(b) | 34,336 | 227,991 | ||||||
Sportradar Holding AG - Class A (a)(b) | 16,654 | 191,854 | ||||||
657,490 | ||||||||
Medical-Biomedical/Genetics— 14.9% | ||||||||
Amgen, Inc. | 715 | 183,283 | ||||||
BeiGene, Ltd. - ADR (a)(b) | 730 | 151,512 | ||||||
Biogen, Inc. (a) | 519 | 138,760 | ||||||
BioNTech SE - ADR (a)(b) | 1,455 | 175,953 | ||||||
Genmab A/S - ADR (a)(b) | 4,069 | 155,802 | ||||||
Gilead Sciences, Inc. | 2,042 | 156,172 | ||||||
Moderna, Inc. (a) | 1,263 | 142,807 | ||||||
Regeneron Pharmaceuticals, Inc. (a) | 211 | 174,389 | ||||||
Seagen, Inc. (a) | 812 | 167,329 | ||||||
Vertex Pharmaceuticals, Inc. (a) | 477 | 166,158 | ||||||
1,612,165 | ||||||||
Medical-Drugs — 22.8% | ||||||||
AbbVie, Inc. | 1,165 | 171,208 | ||||||
AstraZeneca PLC - ADR (b) | 2,123 | 143,982 | ||||||
Bristol-Myers Squibb Co. | 2,449 | 150,981 | ||||||
Eli Lilly & Co. | 356 | 197,295 | ||||||
GSK PLC - ADR (b) | 4,555 | 160,017 | ||||||
Johnson & Johnson | 989 | 159,902 | ||||||
Merck & Co., Inc. | 1,457 | 158,784 | ||||||
Novartis AG - ADR (b) | 1,569 | 157,653 | ||||||
Novo Nordisk A/S - ADR (b) | 987 | 183,207 | ||||||
Pfizer, Inc. | 4,101 | 145,093 | ||||||
Sanofi - ADR (b) | 3,077 | 163,635 | ||||||
Takeda Pharmaceutical Co. Ltd. - ADR (b) | 9,835 | 151,459 | ||||||
Tilray Brands, Inc. (a) | 174,587 | 516,778 | ||||||
2,459,994 | ||||||||
Racetracks — 3.4% | ||||||||
Churchill Downs, Inc. | 1,453 | 182,032 | ||||||
Penn Entertainment, Inc. (a) | 7,714 | 182,745 | ||||||
364,777 | ||||||||
TOTAL COMMON STOCKS (Cost $10,860,770) | 10,774,550 | |||||||
SHORT-TERM INVESTMENTS — 0.2% | ||||||||
Money Market Fund — 0.2% | ||||||||
First American Government Obligations Fund - Class X, 5.25% (c) | 19,963 | 19,963 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $19,963) | 19,963 | |||||||
TOTAL INVESTMENTS (Cost $10,880,733) — 99.9% | 10,794,513 | |||||||
Other assets and liabilities, net — 0.1% | 9,941 | |||||||
NET ASSETS — 100.0% | 10,804,454 |
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, or represents a foreign issued security. | |||||||
(c) | The rate shown is the seven-day yield at period end. |
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 August 31, 2023: |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments - Assets: | ||||||||||||||||
Common Stocks* | $ | 10,774,550 | $ | - | $ | - | $ | 10,774,550 | ||||||||
Money Market Fund | 19,963 | - | - | 19,963 | ||||||||||||
Total Investments - Assets | $ | 10,794,513 | $ | - | $ | - | $ | 10,794,513 | ||||||||
* See the Schedule of Investments for industry classifications. |