RiverNorth Enhanced Pre-Merger SPAC ETF | ||||||||
Schedule of Investments | ||||||||
September 30, 2023 (Unaudited) | ||||||||
Shares | Value | |||||||
COMMON STOCKS - 88.9% | ||||||||
Pre-Combination Special Purpose Acquisition Companies - 88.9% (a) | ||||||||
99 Acquisition Group, Inc. - Tracking Stock | 25,000 | $ | 259,250 | |||||
Acri Capital Acquisition Corp. | 10,522 | 115,637 | ||||||
Alchemy Investments Acquisition Corp. 1 (b) | 6,362 | 65,656 | ||||||
Ares Acquisition Corp. - Class A (b) | 7,946 | 85,499 | ||||||
Ares Acquisition Corp. II (b)(d) | 21,312 | 218,874 | ||||||
Bukit Jalil Global Acquisition 1 Ltd. (b) | 23,000 | 237,590 | ||||||
Churchill Capital Corp. V - Class A | 20,425 | 212,420 | ||||||
Churchill Capital Corp. VII - Class A | 20,000 | 209,000 | ||||||
Distoken Acquisition Corp. (b) | 10,238 | 107,909 | ||||||
ESH Acquisition Corp. - Class A (d) | 21,020 | 212,722 | ||||||
Four Leaf Acquisition Corp. - Class A | 23,000 | 241,040 | ||||||
Goal Acquisitions Corp. | 6,973 | 73,635 | ||||||
Golden Star Acquisition Corp. (b)(d) | 26,135 | 269,191 | ||||||
Gores Holdings IX, Inc. - Class A | 21,142 | 219,665 | ||||||
Graf Acquisition Corp. IV | 10,502 | 108,801 | ||||||
Haymaker Acquisition Corp. 4 - Tracking Stock (b) | 5,526 | 57,747 | ||||||
Hennessy Capital Investment Corp. VI - Class A | 14,565 | 151,185 | ||||||
Horizon Space Acquisition I Corp. (b) | 3,578 | 37,766 | ||||||
Inflection Point Acquisition Corp. II (b) | 23,374 | 238,649 | ||||||
Innovative International Acquisition Corp. - Class A (b) | 21,043 | 234,840 | ||||||
Israel Acquisitions Corp. - Class A (b) | 5,375 | 56,706 | ||||||
Keen Vision Acquisition Corp. - Tracking Stock (b) | 12,000 | 123,000 | ||||||
Kernel Group Holdings, Inc. - Class A (b) | 10,522 | 111,533 | ||||||
Live Oak Crestview Climate Acquisition Corp. - Class A | 7,077 | 73,388 | ||||||
Mars Acquisition Corp. (b) | 10,840 | 113,928 | ||||||
Newbury Street Acquisition Corp. | 21,043 | 220,952 | ||||||
Oak Woods Acquisition Corp. - Class A (b)(d) | 21,070 | 220,287 | ||||||
OCA Acquisition Corp. - Class A | 13,677 | 145,660 | ||||||
Pono Capital Three, Inc. - Class A (b) | 10,989 | 115,989 | ||||||
Quantum FinTech Acquisition Corp. | 13,725 | 146,173 | ||||||
Screaming Eagle Acquisition Corp. - Class A (b) | 22,929 | 239,837 | ||||||
TMT Acquisition Corp. - Class A (b)(d) | 21,080 | 219,864 | ||||||
Trailblazer Merger Corp. I | 22,022 | 227,487 | ||||||
TOTAL COMMON STOCKS (Cost $5,113,787) | 5,371,880 | |||||||
RIGHTS - 0.7% (a) | ||||||||
Bukit Jalil Global Acquisition 1 Ltd., Expiration: May 2024 (b) | 23,000 | 3,462 | ||||||
Distoken Acquisition Corp., Expiration: November 2027 (b) | 10,238 | 1,945 | ||||||
ESH Acquisition Corp., Expiration: December 2024 | 23,000 | 5,612 | ||||||
Golden Star Acquisition Corp., Expiration: March 2025 (b) | 28,085 | 12,076 | ||||||
Horizon Space Acquisition I Corp., Expiration: March 2024 (b) | 3,578 | 608 | ||||||
Mars Acquisition Corp., Expiration: February 2028 (b) | 10,840 | 2,656 | ||||||
Oak Woods Acquisition Corp., Expiration: March 2028 (b) | 23,000 | 5,535 | ||||||
TMT Acquisition Corp., Expiration: March 2028 (b) | 23,000 | 6,211 | ||||||
Trailblazer Merger Corp. I, Expiration: April 2028 | 22,022 | 3,964 | ||||||
TOTAL RIGHTS (Cost $28,575) | 42,069 | |||||||
WARRANTS - 0.3% (a) | ||||||||
Alchemy Investments Acquisition Corp., Expiration: June 2028, Exercise Price: $11.50% (b) | 3,181 | 581 | ||||||
Apollo Strategic Growth Capital II - Class A, Expiration: December 2027, Exercise Price: $11.50 (b) | 3,562 | 280 | ||||||
Ares Acquisition Corp. - Class A, Expiration: December 2027, Exercise Price: $11.50 (b) | 767 | 525 | ||||||
Ares Acquisition Corp. II, Expiration: June 2028, Exercise Price: $11.50% (b) | 11,636 | 2,733 | ||||||
Bite Acquisition Corp., Expiration: December 2027, Exercise Price: $11.50 | 2,317 | 128 | ||||||
Bukit Jalil Global Acquisition 1 Ltd., Expiration: August 2028, Exercise Price: $11.50% (b) | 11,500 | 747 | ||||||
CC Neuberger Principal Holdings III, Expiration: December 2027, Exercise Price: $11.50 (b) | 455 | 93 | ||||||
CF Acquisition Corp. IV, Expiration: December 2025, Exercise Price: $11.50 | 2,118 | 106 | ||||||
Churchill Capital Corp. V - Class A, Expiration: October 2027, Exercise Price: $11.50 | 3,679 | 681 | ||||||
Churchill Capital Corp. VI - Class A, Expiration: December 2027, Exercise Price: $11.50 | 3,511 | 546 | ||||||
Churchill Capital Corp. VII, Expiration: February 2028, Exercise Price: $11.50 | 7,382 | 2,274 | ||||||
Distoken Acquisition Corp., Expiration: March 2028, Exercise Price: $11.50 (b) | 10,238 | 307 | ||||||
FAST Acquisition Corp. II - Class A, Expiration: March 2026, Exercise Price: $11.50 | 2,675 | 1,337 | ||||||
Four Leaf Acquisition Corp., Expiration: May 2028, Exercise Price: $11.50 | 23,000 | 1,598 | ||||||
Fusion Acquisition Corp. II - Class A, Expiration: December 2027, Exercise Price: $11.50 | 7,666 | 2 | ||||||
Goal Acquisitions Corp., Expiration: February 2026, Exercise Price: $11.50 | 2,841 | 74 | ||||||
Gores Holdings IX, Inc., Expiration: January 2029, Exercise Price: $11.50 | 5,071 | 1,014 | ||||||
Graf Acquisition Corp. IV, Expiration: May 2028, Exercise Price: $11.50 | 1,751 | 691 | ||||||
Hennessy Capital Investment Corp. VI - Class A, Expiration: December 2027, Exercise Price: $11.50 | 4,085 | 623 | ||||||
Horizon Space Acquisition I Corp., Expiration: January 2028, Exercise Price: $11.50 (b) | 3,578 | 181 | ||||||
Inflection Point Acquisition Corp. II, Expiration: July 2028, Exercise Price 11.50% (b) | 11,687 | 2,009 | ||||||
Israel Acquisitions Corp., Expiration: February 2028, Exercise Price: $11.50 (b) | 5,375 | 739 | ||||||
Jaws Mustang Acquisition Corp., Expiration: January 2026, Exercise Price: $11.50 (b) | 2,053 | 82 | ||||||
Live Oak Crestview Climate Acquisition Corp., Expiration: March 2026, Exercise Price: $11.50 | 1,424 | 119 | ||||||
Oak Woods Acquisition Corp., Expiration: May 2028, Exercise Price: $11.50 (b) | 23,000 | 1,034 | ||||||
Pono Capital Three, Inc. - Class A, Expiration: April 2028, Exercise Price: $11.50 (b) | 10,989 | 604 | ||||||
Screaming Eagle Acquisition Corp. - Class A, Expiration: December 2027, Exercise Price: $11.50 (b) | 5,917 | 980 | ||||||
Slam Corp. - Class A, Expiration: December 2027, Exercise Price: $11.50 (b) | 3,592 | 491 | ||||||
Twelve Seas Investment Co. II - Class A, Expiration: March 2028, Exercise Price: $11.50 | 3,509 | 160 | ||||||
TOTAL WARRANTS (Cost $21,979) | 20,739 | |||||||
MONEY MARKET FUNDS - 9.7% | ||||||||
First American Treasury Obligations Fund - Class X, 5.26% (c) | 583,833 | 583,833 | ||||||
TOTAL MONEY MARKET FUNDS (Cost $583,833) | 583,833 | |||||||
TOTAL INVESTMENTS (Cost $5,748,174) - 99.6% | 6,018,521 | |||||||
Other assets and liabilities, net - 0.4% | 24,833 | |||||||
TOTAL NET ASSETS - 100.0% | $ | 6,043,354 |
Percentages are stated as a percent of net assets. |
(a) | Non-income producing security. | ||||||||||
(b) | Foreign issued security. | ||||||||||
(c) | The rate shown is the seven day yield at period end. | ||||||||||
(d) | Held as collateral for total return swaps. |
RiverNorth Enhanced Pre-Merger SPAC ETF | ||||||||||||||
Schedule of Total Return Swaps | ||||||||||||||
September 30, 2023 (Unaudited) |
Long Total Return Equity Swaps | Fund Pays/Receives Reference Entity | Counterparty | Payment Frequency | Financing Rate | Expiration Date | Upfront Premiums Paid/Received | Notional Amount | Value/Unrealized Appreciation (Depreciation) | |||||||||
Ares Acquisition Corp. II | Receives | Clear Street Derivatives LLC | Monthly | Overnight Bank Funding Rate Index + 5.32% | August 23, 2024 | - | 20,129 | - | |||||||||
ESH Acquisition Corp. | Receives | Clear Street Derivatives LLC | Monthly | Overnight Bank Funding Rate Index + 5.32% | August 23, 2024 | - | 20,038 | - | |||||||||
Golden Star Acquisition Corp. | Receives | Clear Street Derivatives LLC | Monthly | Overnight Bank Funding Rate Index + 5.32% | August 23, 2024 | - | 20,085 | - | |||||||||
Oak Woods Acquisition Corp. | Receives | Clear Street Derivatives LLC | Monthly | Overnight Bank Funding Rate Index + 5.32% | August 23, 2024 | - | 20,178 | - | |||||||||
TMT Acquisition Corp. | Receives | Clear Street Derivatives LLC | Monthly | Overnight Bank Funding Rate Index + 5.32% | August 23, 2024 | - | 20,026 | - | |||||||||
$ | - | $ | 100,456 | $ | - |
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 September 30, 2023: |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments - Assets: | ||||||||||||||||
Common Stocks* | $ | 4,158,214 | $ | 1,213,666 | $ | - | $ | 5,371,880 | ||||||||
Money Market Funds | 583,833 | - | - | $ | 583,833 | |||||||||||
Rights | 24,206 | 17,863 | - | $ | 42,069 | |||||||||||
Warrants | 15,167 | 5,572 | - | $ | 20,739 | |||||||||||
Total Investments - Assets | $ | 4,781,420 | $ | 1,237,101 | $ | - | $ | 6,018,521 | ||||||||
Swap Contracts* | ||||||||||||||||
Long Total Return Equity Swap Contracts | $ | - | $ | - | $ | - | $ | - | ||||||||
Total Swap Contracts | $ | - | $ | - | $ | - | $ | - | ||||||||
*See Schedule of Investments for industry classifications. |