Clough Hedged Equity ETF |
Schedule of Investments |
January 31, 2024 (Unaudited) |
COMMON STOCKS - 98.5% | Shares | Value | ||||
Banking - 4.6% | ||||||
ICICI Bank, Ltd. - ADR | 8,003 | $ | 195,274 | |||
NU Holdings, Ltd. - Class A (a)(b) | 20,317 | 174,929 | ||||
Total Banking | 370,203 | |||||
Consumer Discretionary Products - 2.1% | ||||||
Skyline Champion Corp. (a)(b) | 2,689 | 184,143 | ||||
Total Consumer Discretionary Products | 184,143 | |||||
Consumer Discretionary Services - 13.2% | ||||||
Arcos Dorados Holdings, Inc. - Class A (a) | 14,041 | 173,828 | ||||
Bowlero Corp. – Class A (a)(b) | 13,240 | 143,124 | ||||
Carnival Corp. (a)(b) | 10,700 | 177,406 | ||||
DraftKings, Inc. - Class A (a)(b) | 5,260 | 205,403 | ||||
OneSpaWorld Holdings, Ltd. (a)(b) | 14,064 | 191,692 | ||||
Service Corp. International (a) | 2,908 | 195,185 | ||||
Total Consumer Discretionary Services | 1,086,638 | |||||
Health Care - 11.7% | ||||||
Dexcom, Inc. (a)(b) | 1,561 | 189,427 | ||||
Eli Lilly & Co. (a) | 314 | 202,722 | ||||
Humacyte, Inc. (a)(b) | 60,140 | 199,665 | ||||
Merck & Co., Inc.(a) | 1,673 | 202,065 | ||||
TransMedics Group, Inc. (a)(b) | 2,024 | 173,598 | ||||
Total Health Care | 967,477 | |||||
Industrial Products - 8.8% | ||||||
Blue Bird Corp. (a)(b) | 6,372 | 185,616 | ||||
General Dynamics Corp.(a) | 771 | 204,308 | ||||
Northrop Grumman Corp.(a) | 367 | 163,961 | ||||
RTX Corp. (a) | 1,810 | 164,927 | ||||
Total Industrial Products | 718,812 | |||||
Industrial Services - 6.5% | ||||||
Ferguson PLC (a) | 978 | 183,727 | ||||
Rollins, Inc. (a) | 4,270 | 184,934 | ||||
Sterling Infrastructure, Inc. (a)(b) | 2,234 | 167,773 | ||||
Total Industrial Services | 536,434 | |||||
Materials - 10.3% | ||||||
Agnico Eagle Mines, Ltd. (a) | 3,291 | 161,786 | ||||
Ecolab, Inc. (a) | 810 | 160,558 | ||||
Freeport-McMoRan, Inc. (a) | 4,899 | 194,441 | ||||
Kinross Gold Corp. | 29,398 | 161,983 | ||||
Vale SA – ADR (a) | 11,860 | 162,363 | ||||
Total Materials | 841,131 | |||||
Media - 2.6% | ||||||
MakeMyTrip, Ltd. (a)(b) | 3,862 | 213,916 | ||||
Total Media | 213,916 | |||||
Oil & Gas - 8.1% | ||||||
Chesapeake Energy Corp. (a) | 2,180 | 168,100 | ||||
Diamondback Energy, Inc. (a) | 1,058 | 162,657 | ||||
Select Water Solutions, Inc. (a) | 21,846 | 169,743 | ||||
TechnipFMC PLC (a) | 8,396 | 162,379 | ||||
Total Oil & Gas | 662,879 | |||||
Software & Technology Services - 9.2% | ||||||
ICF International, Inc. (a) | 1,444 | 200,774 | ||||
Microsoft Corp. (a) | 502 | 199,585 | ||||
ServiceNow, Inc.(b) | 250 | 191,350 | ||||
SS&C Technologies Holdings, Inc. (a) | 2,558 | 156,089 | ||||
Total Software & Technology Services | 747,798 | |||||
Technology Hardware & Semiconductors - 14.8% | ||||||
ASML Holding NV – ADR (a) | 330 | 287,041 | ||||
Broadcom, Inc. (a) | 196 | 231,280 | ||||
Lam Research Corp. (a) | 285 | 235,173 | ||||
Micron Technology, Inc. (a) | 2,600 | 222,950 | ||||
NVIDIA Corp. (a) | 391 | 240,571 | ||||
Total Technology Hardware & Semiconductors | 1,217,015 | |||||
Telecommunications - 2.1% | ||||||
Verizon Communications, Inc. (a) | 4,000 | 169,400 | ||||
Total Telecommunications | 169,400 | |||||
Utilities - 4.5% | ||||||
American Electric Power Co., Inc. (a) | 2,455 | 191,834 | ||||
Avista Corp. (a) | 5,228 | 177,804 | ||||
Total Utilities | 369,638 | |||||
TOTAL COMMON STOCKS (Cost $7,104,994) | 8,085,484 | |||||
SHORT-TERM INVESTMENTS - 1.6% | ||||||
Money Market Funds - 1.6% | ||||||
First American Treasury Obligations Fund - Class X, 5.25% (c) | 127,280 | 127,280 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost $127,280) | 127,280 | |||||
TOTAL INVESTMENTS - 100.1% (Cost $7,232,274) | $ | 8,212,764 | ||||
Liabilities in Excess of Other Assets - (0.1)% | (21,912) | |||||
TOTAL NET ASSETS - 100.0% | $ | 8,190,852 | ||||
Percentages are stated as a percent of net assets. |
ADR - American Depositary Receipt |
PLC - Public Limited Company |
(a) | All or a portion of security has been pledged as collateral. The total value of assets committed as collateral as of January 31, 2024 is $5,825,350 or 71% of net assets. |
(b) | Non-income producing security. |
(c) | The rate shown represents the seven-day effective yield as of January 31, 2024. |
Clough Hedged Equity ETF | |||||
Schedule of Securities Sold Short | |||||
January 31, 2024 (Unaudited) | |||||
COMMON STOCKS - (30.1)% | Shares | Value | |||
Banking - (1.4)% | |||||
Deutsche Bank AG | (8,700) | $ | (111,795) | ||
Total Banking | (111,795) | ||||
Consumer Discretionary Products - (6.2)% | |||||
Brunswick Corp. | (923) | (74,467) | |||
Carter's, Inc. | (1,280) | (96,819) | |||
Ford Motor Co. | (9,108) | (106,746) | |||
General Motors Co. | (2,200) | (85,360) | |||
Harley-Davidson, Inc. | (2,131) | (69,151) | |||
YETI Holdings, Inc.(a) | (1,938) | (85,214) | |||
Total Consumer Discretionary Products | (517,757) | ||||
Consumer Discretionary Services - (1.2)% | |||||
Choice Hotels International, Inc. | (840) | (101,741) | |||
Total Consumer Discretionary Services | (101,741) | ||||
Consumer Staple Products - (2.2)% | |||||
Energizer Holdings, Inc. | (2,580) | (81,580) | |||
Helen of Troy, Ltd.(a) | (893) | (102,248) | |||
Total Consumer Staple Products | (183,828) | ||||
Financial Services - (1.0)% | |||||
Discover Financial Services | (792) | (83,572) | |||
Total Financial Services | (83,572) | ||||
Industrial Services - (1.4)% | |||||
American Airlines Group, Inc. (a) | (7,900) | (112,417) | |||
Total Industrial Services | (112,417) | ||||
Materials - (2.2)% | |||||
Avery Dennison Corp. | (400) | (79,780) | |||
Ball Corp. | (1,780) | (98,701) | |||
Total Materials | (178,481) | ||||
Renewable Energy - (1.9)% | |||||
Enphase Energy, Inc.(a) | (740) | (77,056) | |||
SolarEdge Technologies, Inc.(a) | (1,175) | (78,138) | |||
Total Renewable Energy | (155,194) | ||||
Retail & Wholesale - Discretionary - (9.2)% | |||||
Asbury Automotive Group, Inc.(a) | (584) | (122,091) | |||
AutoNation, Inc.(a) | (882) | (123,180) | |||
Best Buy Co., Inc. | (1,363) | (98,804) | |||
Big 5 Sporting Goods Corp. | (15,512) | (78,025) | |||
Group 1 Automotive, Inc. | (226) | (58,774) | |||
Lithia Motors, Inc. | (325) | (95,826) | |||
Pool Corp. | (253) | (93,926) | |||
Tractor Supply Co. | (370) | (83,102) | |||
Total Retail & Wholesale - Discretionary | (753,728) | ||||
Retail & Wholesale - Staples - (1.4)% | |||||
Target Corp. | (841) | (116,966) | |||
Total Retail & Wholesale - Staples | (116,966) | ||||
Software & Technology Services - (2.0)% | |||||
International Business Machines Corp. | (875) | (160,703) | |||
Total Software & Technology Services | (160,703) | ||||
TOTAL COMMON STOCKS (Proceeds $2,435,411) | (2,476,182) |
REAL ESTATE INVESTMENT TRUSTS – (1.9)% |
Real Estate – (1.9)%
Boston Properties, Inc. | (1,268) | (84,322) | ||
Medical Properties Trust, Inc. | (24,153) | (74,874) | ||
Total Real Estate | (159,196) | |||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Proceeds $208,112) | (159,196) | |||
TOTAL SECURITIES SOLD SHORT - (32.0)% (Proceeds $2,643,523) | (2,635,378) |
(a) | Non-income producing security. |
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 January 31, 2024: |
Clough Hedged Equity ETF | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Common Stocks | $ | 8,085,484 | $ | – | $ | – | $ | 8,085,484 | ||||||||
Money Market Funds | 127,280 | – | – | 127,280 | ||||||||||||
Total Assets | $ | 8,212,764 | $ | – | $ | – | $ | 8,212,764 | ||||||||
Liabilities: | ||||||||||||||||
Common Stocks | (2,476,182 | ) | – | – | (2,476,182 | ) | ||||||||||
Real Estate Investment Trusts | (159,196 | ) | – | – | (159,196 | ) | ||||||||||
Total Liabilities | $ | (2,635,378 | ) | $ | – | $ | – | $ | (2,635,378 | ) | ||||||
Refer to the Schedule of Investments for industry classifications. | ||||||||||||||||