RiverNorth Patriot ETF | ||||||||||||
Schedule of Investments | ||||||||||||
September 30, 2023 (Unaudited) |
Shares | Value | |||||
CLOSED-END FUNDS - 0.6% | ||||||
Ares Capital Corp. | 383 | 7,457 | ||||
Blue Owl Capital Corp. | 422 | 5,844 | ||||
FS KKR Capital Corp. | 304 | 5,986 | ||||
TOTAL CLOSED-END FUNDS (Cost $19,009) | 19,287 | |||||
COMMON STOCKS - 87.2% | ||||||
Advertising- 0.5% | ||||||
The Trade Desk, Inc. - Class A (a) | 185 | 14,458 | ||||
Agriculture - 0.5% | ||||||
Altria Group, Inc. | 385 | 16,189 | ||||
Airlines - 0.5% | ||||||
Southwest Airlines Co. | 512 | 13,860 | ||||
Auto Manufacturers - 1.0% | ||||||
Lucid Group, Inc. (a) | 2,696 | 15,071 | ||||
Rivian Automotive, Inc. - Class A (a) | 640 | 15,539 | ||||
30,610 | ||||||
Banks - 5.3% | ||||||
BOK Financial Corp. | 68 | 5,439 | ||||
Citizens Financial Group, Inc. | 284 | 7,611 | ||||
Comerica, Inc. | 139 | 5,775 | ||||
Commerce Bancshares, Inc. | 152 | 7,293 | ||||
Cullen/Frost Bankers, Inc. | 84 | 7,662 | ||||
East West Bancorp, Inc. | 139 | 7,327 | ||||
Fifth Third Bancorp | 285 | 7,219 | ||||
First Citizens BancShares, Inc. - Class A | 5 | 6,900 | ||||
First Horizon Corp. | 665 | 7,328 | ||||
Huntington Bancshares, Inc. | 728 | 7,571 | ||||
KeyCorp | 702 | 7,554 | ||||
M&T Bank Corp. | 57 | 7,208 | ||||
Pinnacle Financial Partners, Inc. | 97 | 6,503 | ||||
Prosperity Bancshares, Inc. | 113 | 6,168 | ||||
Regions Financial Corp. | 439 | 7,551 | ||||
SouthState Corp. | 83 | 5,591 | ||||
The PNC Financial Services Group, Inc. | 55 | 6,752 | ||||
Truist Financial Corp. | 261 | 7,467 | ||||
U.S. Bancorp | 266 | 8,794 | ||||
Webster Financial Corp. | 180 | 7,256 | ||||
Wells Fargo & Co. | 215 | 8,785 | ||||
Western Alliance Bancorp | 126 | 5,792 | ||||
Zions Bancorp NA | 180 | 6,280 | ||||
161,826 | ||||||
Beverages - 0.8% | ||||||
Coca-Cola Consolidated, Inc. | 13 | 8,272 | ||||
Constellation Brands, Inc. - Class A | 59 | 14,829 | ||||
23,101 | ||||||
Biotechnology - 1.7% | ||||||
Intra-Cellular Therapies, Inc. (a) | 233 | 12,137 | ||||
Ionis Pharmaceuticals, Inc. (a) | 297 | 13,472 | ||||
Sarepta Therapeutics, Inc. (a) | 113 | 13,698 | ||||
Seagen, Inc. (a) | 66 | 14,002 | ||||
53,309 | ||||||
Building Materials - 2.7% | ||||||
Builders FirstSource, Inc. (a) | 110 | 13,694 | ||||
Eagle Materials, Inc. | 84 | 13,988 | ||||
Martin Marietta Materials, Inc. | 28 | 11,493 | ||||
Trex Co., Inc. (a) | 219 | 13,497 | ||||
UFP Industries, Inc. | 146 | 14,950 | ||||
Vulcan Materials Co. | 73 | 14,748 | ||||
82,370 | ||||||
Commercial Services - 3.0% | ||||||
ADT, Inc. | 2,030 | 12,180 | ||||
Affirm Holdings, Inc. (a) | 297 | 6,317 | ||||
Booz Allen Hamilton Holding Corp. | 125 | 13,659 | ||||
Paylocity Holding Corp. (a) | 89 | 16,171 | ||||
R1 RCM, Inc. (a) | 980 | 14,769 | ||||
Toast, Inc. - Class A (a) | 743 | 13,916 | ||||
TriNet Group, Inc. (a) | 133 | 15,492 | ||||
92,504 | ||||||
Computers - 0.8% | ||||||
CACI International, Inc. - Class A (a) | 43 | 13,499 | ||||
Science Applications International Corp. | 113 | 11,926 | ||||
25,425 | ||||||
Distribution & Wholesale - 0.4% | ||||||
SiteOne Landscape Supply, Inc. (a) | 78 | 12,749 | ||||
Diversified Financial Services - 3.4% | ||||||
Ally Financial, Inc. | 286 | 7,630 | ||||
Ameriprise Financial, Inc. | 29 | 9,561 | ||||
Apollo Global Management, Inc. | 97 | 8,707 | ||||
Blue Owl Capital, Inc. | 474 | 6,143 | ||||
Capital One Financial Corp. | 70 | 6,793 | ||||
Cboe Global Markets, Inc. | 41 | 6,405 | ||||
Credit Acceptance Corp. (a) | 14 | 6,442 | ||||
Discover Financial Services | 84 | 7,277 | ||||
LPL Financial Holdings, Inc. | 28 | 6,654 | ||||
SoFi Technologies, Inc. (a) | 1,011 | 8,078 | ||||
Synchrony Financial | 241 | 7,367 | ||||
T. Rowe Price Group, Inc. | 70 | 7,341 | ||||
The Charles Schwab Corp. | 173 | 9,498 | ||||
Voya Financial, Inc. | 113 | 7,509 | ||||
105,405 | ||||||
Electric - 10.7% | ||||||
Alliant Energy Corp. | 242 | 11,725 | ||||
Ameren Corp. | 157 | 11,748 | ||||
American Electric Power Co., Inc. | 158 | 11,885 | ||||
Avangrid, Inc. | 375 | 11,314 | ||||
CenterPoint Energy, Inc. | 440 | 11,814 | ||||
CMS Energy Corp. | 214 | 11,366 | ||||
Consolidated Edison, Inc. | 142 | 12,145 | ||||
Constellation Energy Corp. | 111 | 12,108 | ||||
Dominion Energy, Inc. | 251 | 11,212 | ||||
DTE Energy Co. | 114 | 11,318 | ||||
Duke Energy Corp. | 141 | 12,445 | ||||
Edison International | 190 | 12,025 | ||||
Entergy Corp. | 129 | 11,933 | ||||
Evergy, Inc. | 229 | 11,610 | ||||
Eversource Energy | 206 | 11,979 | ||||
Exelon Corp. | 297 | 11,224 | ||||
FirstEnergy Corp. | 341 | 11,655 | ||||
NextEra Energy, Inc. | 212 | 12,145 | ||||
NRG Energy, Inc. | 312 | 12,018 | ||||
OGE Energy Corp. | 357 | 11,899 | ||||
PG&E Corp. (a) | 713 | 11,501 | ||||
Pinnacle West Capital Corp. | 158 | 11,641 | ||||
PPL Corp. | 484 | 11,403 | ||||
Public Service Enterprise Group, Inc. | 198 | 11,268 | ||||
The Southern Co. | 199 | 12,879 | ||||
Vistra Corp. | 364 | 12,077 | ||||
WEC Energy Group, Inc. | 144 | 11,599 | ||||
Xcel Energy, Inc. | 212 | 12,131 | ||||
330,067 | ||||||
Engineering & Construction - 1.5% | ||||||
Comfort Systems USA, Inc. | 89 | 15,166 | ||||
EMCOR Group, Inc. | 73 | 15,359 | ||||
MasTec, Inc. (a) | 204 | 14,682 | ||||
45,207 | ||||||
Entertainment - 1.4% | ||||||
Caesars Entertainment, Inc. (a) | 300 | 13,905 | ||||
Churchill Downs, Inc. | 117 | 13,577 | ||||
DraftKings, Inc. - Class A (a) | 518 | 15,250 | ||||
42,732 | ||||||
Environmental Control - 1.0% | ||||||
Republic Services, Inc. | 103 | 14,678 | ||||
Waste Management, Inc. | 103 | 15,701 | ||||
30,379 | ||||||
Food - 2.2% | ||||||
Albertsons Cos., Inc. - Class A | 601 | 13,673 | ||||
Campbell Soup Co. | 327 | 13,433 | ||||
Performance Food Group Co. (a) | 225 | 13,243 | ||||
The Kroger Co. | 309 | 13,828 | ||||
US Foods Holding Corp. (a) | 348 | 13,816 | ||||
67,993 | ||||||
Gas - 0.8% | ||||||
Atmos Energy Corp. | 114 | 12,076 | ||||
NiSource, Inc. | 460 | 11,353 | ||||
23,429 | ||||||
Healthcare Products - 0.9% | ||||||
Inspire Medical Systems, Inc. (a) | 73 | 14,486 | ||||
Natera, Inc. (a) | 279 | 12,346 | ||||
26,832 | ||||||
Healthcare Services - 4.8% | ||||||
agilon health, Inc. (a) | 740 | 13,142 | ||||
Centene Corp. (a) | 192 | 13,225 | ||||
Chemed Corp. | 27 | 14,032 | ||||
Elevance Health, Inc. | 28 | 12,192 | ||||
HealthEquity, Inc. (a) | 200 | 14,610 | ||||
Humana, Inc. | 27 | 13,136 | ||||
Molina Healthcare, Inc. (a) | 42 | 13,771 | ||||
Quest Diagnostics, Inc. | 111 | 13,527 | ||||
Tenet Healthcare Corp. (a) | 210 | 13,837 | ||||
The Ensign Group, Inc. | 125 | 11,616 | ||||
UnitedHealth Group, Inc. | 29 | 14,622 | ||||
147,710 | ||||||
Home Builders - 2.2% | ||||||
DR Horton, Inc. | 127 | 13,649 | ||||
Lennar Corp. - Class A | 126 | 14,141 | ||||
NVR, Inc. (a) | 2 | 11,926 | ||||
PulteGroup, Inc. | 182 | 13,477 | ||||
Toll Brothers, Inc. | 182 | 13,461 | ||||
66,654 | ||||||
Household Products & Wares - 0.4% | ||||||
Reynolds Consumer Products, Inc. | 468 | 11,995 | ||||
Insurance - 3.6% | ||||||
American Financial Group, Inc. | 71 | 7,929 | ||||
Cincinnati Financial Corp. | 70 | 7,160 | ||||
Equitable Holdings, Inc. | 266 | 7,552 | ||||
Erie Indemnity Co. - Class A | 27 | 7,932 | ||||
Fidelity National Financial, Inc. | 183 | 7,558 | ||||
Globe Life, Inc. | 69 | 7,502 | ||||
Kinsale Capital Group, Inc. | 14 | 5,798 | ||||
Loews Corp. | 110 | 6,964 | ||||
Markel Group, Inc. (a) | 5 | 7,363 | ||||
Old Republic International Corp. | 277 | 7,462 | ||||
The Allstate Corp. | 69 | 7,687 | ||||
The Hartford Financial Services Group, Inc. | 98 | 6,949 | ||||
The Progressive Corp. | 70 | 9,751 | ||||
RLI Corp. | 56 | 7,610 | ||||
Selective Insurance Group, Inc. | 69 | 7,119 | ||||
112,336 | ||||||
Internet - 1.6% | ||||||
Maplebear, Inc. (a) | 453 | 13,450 | ||||
Robinhood Markets, Inc. - Class A (a) | 782 | 7,671 | ||||
Roku, Inc. (a) | 205 | 14,471 | ||||
Zillow Group, Inc. - Class C (a) | 324 | 14,956 | ||||
50,548 | ||||||
Iron & Steel - 0.5% | ||||||
Steel Dynamics, Inc. | 140 | 15,011 | ||||
Lodging - 0.5% | ||||||
Boyd Gaming Corp. | 228 | 13,869 | ||||
Media - 2.3% | ||||||
Charter Communications, Inc. - Class A (a) | 28 | 12,315 | ||||
Fox Corp. - Class A | 443 | 13,821 | ||||
Liberty Broadband Corp. - Class C (a) | 157 | 14,337 | ||||
Sirius XM Holdings, Inc. | 3,709 | 16,765 | ||||
The New York Times Co. - Class A | 345 | 14,214 | ||||
71,452 | ||||||
Oil & Gas - 8.2% | ||||||
Antero Resources Corp. (a) | 558 | 14,162 | ||||
Chesapeake Energy Corp. | 172 | 14,832 | ||||
Chord Energy Corp. | 80 | 12,966 | ||||
Civitas Resources, Inc. | 173 | 13,991 | ||||
Coterra Energy, Inc. | 517 | 13,985 | ||||
Devon Energy Corp. | 285 | 13,594 | ||||
Diamondback Energy, Inc. | 99 | 15,333 | ||||
EOG Resources, Inc. | 125 | 15,845 | ||||
EQT Corp. | 374 | 15,177 | ||||
HF Sinclair Corp. | 256 | 14,574 | ||||
Marathon Oil Corp. | 514 | 13,749 | ||||
Marathon Petroleum Corp. | 103 | 15,588 | ||||
Matador Resources Co. | 230 | 13,680 | ||||
Patterson-UTI Energy, Inc. | 987 | 13,660 | ||||
Pioneer Natural Resources Co. | 71 | 16,298 | ||||
Range Resources Corp. | 460 | 14,909 | ||||
Southwestern Energy Co. (a) | 2,207 | 14,235 | ||||
Texas Pacific Land Corp. | 4 | 7,294 | ||||
253,872 | ||||||
Pharmaceuticals - 2.8% | ||||||
BellRing Brands, Inc. (a) | 307 | 12,658 | ||||
Cardinal Health, Inc. | 154 | 13,370 | ||||
CVS Health Corp. | 218 | 15,221 | ||||
Neurocrine Biosciences, Inc. (a) | 129 | 14,512 | ||||
Option Care Health, Inc. (a) | 413 | 13,361 | ||||
The Cigna Group | 59 | 16,878 | ||||
86,000 | ||||||
Pipelines - 2.6% | ||||||
Antero Midstream Corp. | 1,028 | 12,315 | ||||
DT Midstream, Inc. | 236 | 12,489 | ||||
Kinder Morgan, Inc. | 832 | 13,795 | ||||
ONEOK, Inc. | 211 | 13,367 | ||||
Targa Resources Corp. | 170 | 14,573 | ||||
The Williams Cos., Inc. | 431 | 14,520 | ||||
81,059 | ||||||
Private Equity - 0.5% | ||||||
Ares Management Corp. - Class A | 69 | 7,098 | ||||
Blackstone, Inc. | 86 | 9,214 | ||||
16,312 | ||||||
Retail - 10.0% | ||||||
AutoNation, Inc. (a) | 103 | 15,594 | ||||
BJ's Wholesale Club Holdings, Inc. (a) | 191 | 13,632 | ||||
Burlington Stores, Inc. (a) | 102 | 13,801 | ||||
CarMax, Inc. (a) | 191 | 13,509 | ||||
Casey's General Stores, Inc. | 58 | 15,748 | ||||
Chipotle Mexican Grill, Inc. (a) | 7 | 12,823 | ||||
Darden Restaurants, Inc. | 104 | 14,895 | ||||
Dick's Sporting Goods, Inc. | 129 | 14,007 | ||||
Dollar General Corp. | 130 | 13,754 | ||||
Five Below, Inc. (a) | 104 | 16,734 | ||||
Floor & Decor Holdings, Inc. - Class A (a) | 155 | 14,027 | ||||
Lithia Motors, Inc. | 44 | 12,995 | ||||
Murphy USA, Inc. | 44 | 15,036 | ||||
O'Reilly Automotive, Inc. (a) | 14 | 12,724 | ||||
RH (a) | 44 | 11,632 | ||||
Ross Stores, Inc. | 129 | 14,570 | ||||
Target Corp. | 139 | 15,369 | ||||
Texas Roadhouse, Inc. | 144 | 13,838 | ||||
Tractor Supply Co. | 73 | 14,823 | ||||
Ulta Beauty, Inc. (a) | 29 | 11,584 | ||||
Williams-Sonoma, Inc. | 87 | 13,520 | ||||
Wingstop, Inc. | 66 | 11,869 | ||||
306,484 | ||||||
Savings & Loans - 0.2% | ||||||
New York Community Bancorp, Inc. | 665 | 7,541 | ||||
Shipbuilding - 0.5% | ||||||
Huntington Ingalls Industries, Inc. | 73 | 14,934 | ||||
Software - 2.5% | ||||||
Bill.com Holdings, Inc. (a) | 142 | 15,417 | ||||
CCC Intelligent Solutions Holdings, Inc. (a) | 656 | 8,758 | ||||
Intuit, Inc. | 27 | 13,795 | ||||
Jack Henry & Associates, Inc. | 57 | 8,615 | ||||
Paychex, Inc. | 131 | 15,108 | ||||
Paycom Software, Inc. | 60 | 15,556 | ||||
77,249 | ||||||
Telecommunications - 1.0% | ||||||
AT&T, Inc. | 1,062 | 15,951 | ||||
Verizon Communications, Inc. | 481 | 15,589 | ||||
31,540 | ||||||
Transportation - 3.2% | ||||||
CSX Corp. | 525 | 16,144 | ||||
JB Hunt Transport Services, Inc. | 71 | 13,385 | ||||
Knight-Swift Transportation Holdings, Inc. | 269 | 13,490 | ||||
Landstar System, Inc. | 70 | 12,386 | ||||
Norfolk Southern Corp. | 70 | 13,785 | ||||
Old Dominion Freight Line, Inc. | 27 | 11,047 | ||||
Saia, Inc. (a) | 44 | 17,540 | ||||
97,777 | ||||||
Water - 0.7% | ||||||
American Water Works Co., Inc. | 84 | 10,402 | ||||
Essential Utilities, Inc. | 340 | 11,672 | ||||
22,074 | ||||||
TOTAL COMMON STOCKS (Cost $2,741,562) | 2,682,862 | |||||
PARTNERSHIPS - 3.1% | ||||||
Investment Companies - 0.4% | ||||||
Icahn Enterprises LP | 692 | 13,688 | ||||
Pipelines - 2.7% | ||||||
Cheniere Energy Partners LP | 246 | 13,331 | ||||
Energy Transfer LP | 985 | 13,820 | ||||
EnLink Midstream LLC | 986 | 12,049 | ||||
Enterprise Products Partners LP | 579 | 15,847 | ||||
MPLX LP | 387 | 13,766 | ||||
Western Midstream Partners LP | 511 | 13,914 | ||||
82,727 | ||||||
TOTAL PARTNERSHIPS (Cost $88,158) | �� 96,415 | |||||
REAL ESTATE INVESTMENTS TRUSTS - 8.7% | ||||||
AGNC Investment Corp. | 787 | 7,429 | ||||
Agree Realty Corp. | 114 | 6,297 | ||||
Alexandria Real Estate Equities, Inc. | 73 | 7,307 | ||||
American Homes 4 Rent - Class A | 214 | 7,210 | ||||
Annaly Capital Management, Inc. | 381 | 7,167 | ||||
AvalonBay Communities, Inc. | 42 | 7,213 | ||||
Boston Properties, Inc. | 130 | 7,732 | ||||
Brixmor Property Group, Inc. | 360 | 7,481 | ||||
Camden Property Trust | 71 | 6,715 | ||||
Crown Castle, Inc. | 84 | 7,731 | ||||
CubeSmart | 199 | 7,588 | ||||
EastGroup Properties, Inc. | 42 | 6,994 | ||||
Equity LifeStyle Properties, Inc. | 112 | 7,136 | ||||
Equity Residential | 130 | 7,632 | ||||
Essex Property Trust, Inc. | 29 | 6,151 | ||||
Extra Space Storage, Inc. | 57 | 6,930 | ||||
Federal Realty Investment Trust | 87 | 7,885 | ||||
First Industrial Realty Trust, Inc. | 158 | 7,519 | ||||
Gaming and Leisure Properties, Inc. | 157 | 7,151 | ||||
Healthcare Realty Trust, Inc. | 501 | 7,650 | ||||
Healthpeak Properties, Inc. | 403 | 7,399 | ||||
Host Hotels & Resorts, Inc. | 472 | 7,585 | ||||
Invitation Homes, Inc. | 228 | 7,225 | ||||
Kimco Realty Corp. | 431 | 7,581 | ||||
Lamar Advertising Co. - Class A | 85 | 7,095 | ||||
Mid-America Apartment Communities, Inc. | 57 | 7,333 | ||||
NNN REIT, Inc. | 217 | 7,669 | ||||
Public Storage | 27 | 7,115 | ||||
Regency Centers Corp. | 130 | 7,727 | ||||
Rexford Industrial Realty, Inc. | 156 | 7,699 | ||||
Ryman Hospitality Properties, Inc. | 73 | 6,080 | ||||
Simon Property Group, Inc. | 71 | 7,670 | ||||
Spirit Realty Capital, Inc. | 173 | 5,801 | ||||
STAG Industrial, Inc. | 228 | 7,868 | ||||
Terreno Realty Corp. | 101 | 5,737 | ||||
UDR, Inc. | 215 | 7,669 | ||||
VICI Properties, Inc. | 258 | 7,508 | ||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $335,258) | 267,679 | |||||
MONEY MARKET FUNDS - 1.3% | ||||||
First American Treasury Obligations Fund - Class X, 5.26% (b) | 39,738 | 39,738 | ||||
TOTAL MONEY MARKET FUNDS (Cost $39,738) | 39,738 | |||||
Total Investments (Cost $3,223,725) - 100.9% | 3,105,981 | |||||
Other assets and liabilities, net - (0.9)% | (28,021) | |||||
TOTAL NET ASSETS - 100.0% | $ | 3,077,960 |
Percentages are stated as a percent of net assets. |
(a) | Non-income producing security. | ||||||||
(b) | 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 September 30, 2023: |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments - Assets: | ||||||||||||||||
Closed-End Funds | $ | 19,287 | $ | - | $ | - | $ | 19,287 | ||||||||
Common Stocks* | 2,682,862 | - | - | 2,682,862 | ||||||||||||
Partnerships* | 96,415 | - | - | 96,415 | ||||||||||||
Real Estate Investment Trusts | 267,679 | - | - | 267,679 | ||||||||||||
Money Market Funds | 39,738 | - | - | 39,738 | ||||||||||||
Total Investments - Assets | $ | 3,105,981 | $ | - | $ | - | $ | 3,105,981 | ||||||||
*See Schedule of Investments for industry classifications. |