Leatherback Long/Short Alternative Yield ETF | ||||||
SCHEDULE OF INVESTMENTS at November 30, 2022 (Unaudited) | ||||||
Shares | Value | |||||
Common Stocks - 118.6% | ||||||
Aerospace & Defense - 3.0% | ||||||
L3Harris Technologies, Inc. (1) | 8,067 | $ | 1,831,854 | |||
Agriculture - 5.5% | ||||||
Bunge Ltd. (1) | 32,684 | 3,426,591 | ||||
Banks - 3.0% | ||||||
Popular, Inc. (1) | 25,854 | 1,887,859 | ||||
Beverages - 5.3% | ||||||
The Coca-Cola Co. (1) | 24,288 | 1,544,960 | ||||
Keurig Dr Pepper, Inc. (1) | 45,381 | 1,754,883 | ||||
3,299,843 | ||||||
Building Materials - 4.0% | ||||||
Carrier Global Corp. (1) | 55,485 | 2,459,095 | ||||
Chemicals - 6.5% | ||||||
Air Products and Chemicals, Inc. (1) | 8,321 | 2,580,841 | ||||
Nutrien Ltd. (1) (2) | 17,594 | 1,414,558 | ||||
3,995,399 | ||||||
Commercial Services - 5.6% | ||||||
H&R Block, Inc. | 39,707 | 1,735,593 | ||||
S&P Global, Inc. (1) | 4,993 | 1,761,530 | ||||
3,497,123 | ||||||
Diversified Financial Services - 12.0% | ||||||
The Charles Schwab Corp. (1) | 35,014 | 2,890,055 | ||||
Intercontinental Exchange, Inc. (1) (2) | 20,844 | 2,257,614 | ||||
Visa, Inc. - Class A (1) (2) | 10,491 | 2,276,547 | ||||
7,424,216 | ||||||
Electric - 3.6% | ||||||
PG&E Corp. (1) | 140,932 | 2,212,632 | ||||
Entertainment - 3.3% | ||||||
Vail Resorts, Inc. (1) | 8,002 | 2,060,835 | ||||
Food - 3.3% | ||||||
Lancaster Colony Corp. (1) | 9,926 | 2,056,072 | ||||
Healthcare - Products - 7.4% | ||||||
Medtronic PLC (1) | 23,308 | 1,842,264 | ||||
Zimmer Biomet Holdings, Inc. (1) (2) | 22,887 | 2,748,729 | ||||
4,590,993 | ||||||
Insurance - 4.0% | ||||||
Old Republic International Corp. (1) | 100,718 | 2,467,591 | ||||
Media - 3.0% | ||||||
Comcast Corp. - Class A (1) | 49,920 | 1,829,069 | ||||
Mining - 5.7% | ||||||
Newmont Corp. (1) | 43,468 | 2,063,426 | ||||
Rio Tinto PLC - ADR (1)(2) | 20,963 | 1,438,900 | ||||
3,502,326 | ||||||
Miscellaneous Manufacturers - 3.5% | ||||||
General Electric Co. (1) (2) | 25,482 | 2,190,688 | ||||
Oil & Gas - 5.3% | ||||||
Exxon Mobil Corp. (1) | 29,458 | 3,279,854 | ||||
Packaging & Containers - 2.9% | ||||||
Packaging Corp of America (1) | 13,077 | 1,777,033 | ||||
Pharmaceuticals - 7.8% | ||||||
AbbVie, Inc. (1) | 18,399 | 2,965,551 | ||||
Johnson & Johnson (1) | 10,426 | 1,855,828 | ||||
4,821,379 | ||||||
Real Estate Investment Trusts (REITs) - 6.3% | ||||||
AGNC Investment Corp. (1) | 97,617 | 2,007,982 | ||||
PotlatchDeltic Corp. (1) | 39,560 | 1,890,572 | ||||
3,898,554 | ||||||
Retail - 2.0% | ||||||
Domino’s Pizza, Inc. | 3,271 | 1,271,536 | ||||
Software - 6.6% | ||||||
Activision Blizzard, Inc. (1) | 25,240 | 1,866,498 | ||||
Fidelity National Information Services, Inc. (1) | 30,882 | 2,241,416 | ||||
4,107,914 | ||||||
Telecommunications - 3.5% | ||||||
AT&T, Inc. (1) | 111,418 | 2,148,139 | ||||
Toys, Games & Hobbies - 2.7% | ||||||
Hasbro, Inc. (1) | 26,698 | 1,677,168 | ||||
Water - 2.8% | ||||||
American Water Works Co., Inc. (1) | 11,575 | 1,756,622 | ||||
Total Common Stocks | ||||||
(Cost $69,539,729) | 73,470,385 | |||||
Convertible Preferred Stocks - 2.8% | ||||||
Real Estate Investment Trusts (REITs) - 2.8% | ||||||
EPR Properties | ||||||
5.750% (3) | 90,286 | 1,745,228 | ||||
Total Convertible Preferred Stocks | ||||||
(Cost $2,154,906) | 1,745,228 | |||||
Short-Term Investments - 0.4% | ||||||
Money Market Funds - 0.4% | ||||||
First American Government Obligations Fund, Class X, 3.668% (4) | 240,203 | 240,203 | ||||
Total Short-Term Investments | ||||||
(Cost $240,203) | 240,203 | |||||
Investments Purchased With Collateral From Securities Lending - 6.0% | ||||||
Mount Vernon Liquid Assets Portfolio, LLC, 4.070% (4) | 3,710,827 | 3,710,827 | ||||
Total Investments Purchased With Collateral From Securities Lending | ||||||
(Cost $3,710,827) | 3,710,827 | |||||
Total Investments in Securities | ||||||
(Cost $75,645,665) | 79,166,643 | |||||
Liabilities in Excess of Other Assets - (27.8%) | (17,240,425) | |||||
Total Net Assets - 100% | $ | 61,926,218 | ||||
ADR | American Depositary Receipt | |||||
(1) | All or a portion of the shares of this security have been committed as collateral for securities sold short. | |||||
(2) | This security or a portion of this security was out on loan as of November 30, 2022. Total loaned securities had a value of $3,685,715 or 6.0% of net assets. The remaining contractual maturity of all of the securities lending transactions is overnight and continuous.Due to settlement of open trades, some of the positions on loan are not listed in the portfolio as of November 30, 2022. | |||||
(3) | Perpetual maturity. | |||||
(4) | The rate shown is the annualized seven-day effective yield as of November 30, 2022. |
Leatherback Long/Short Alternative Yield ETF | ||||||
SCHEDULE OF SECURITIES SOLD SHORT at November 30, 2022 (Unaudited) | ||||||
Shares | Value | |||||
Common Stocks (1) - 28.3% | ||||||
Auto Manufacturers - 1.4% | ||||||
Tesla, Inc. | 4,307 | $ | 838,573 | |||
Banks - 1.6% | ||||||
Silvergate Capital Corp. | 7,973 | 218,699 | ||||
SVB Financial Group | 3,425 | 793,846 | ||||
1,012,545 | ||||||
Computers - 1.6% | ||||||
Apple, Inc. | 6,539 | 967,968 | ||||
Diversified Financial Services - 4.6% | ||||||
American Express Co. | 5,774 | 909,925 | ||||
BlackRock, Inc. | 1,384 | 990,944 | ||||
Stifel Financial Corp. | 15,014 | 964,650 | ||||
2,865,519 | ||||||
Entertainment - 1.5% | ||||||
DraftKings, Inc. - Class A | 61,381 | 940,357 | ||||
Insurance - 1.2% | ||||||
Trupanion, Inc. | 13,718 | 717,040 | ||||
Internet - 2.7% | ||||||
Airbnb, Inc. - Class A | 7,624 | 778,715 | ||||
DoorDash, Inc. - Class A | 15,476 | 901,477 | ||||
1,680,192 | ||||||
Leisure Time - 1.6% | ||||||
Planet Fitness, Inc. - Class A | 12,335 | 966,571 | ||||
Real Estate Investment Trusts (REITs) - 2.5% | ||||||
Equinix, Inc. | 1,131 | 781,125 | ||||
Prologis, Inc. | 6,274 | 739,014 | ||||
1,520,139 | ||||||
Retail - 4.9% | ||||||
Chipotle Mexican Grill, Inc. | 604 | 982,684 | ||||
Lululemon Athletica, Inc. | 2,805 | 1,066,770 | ||||
Ollie’s Bargain Outlet Holdings, Inc. | 16,502 | 1,004,972 | ||||
3,054,426 | ||||||
Semiconductors - 3.4% | ||||||
Broadcom, Inc. | 1,857 | 1,023,263 | ||||
NVIDIA Corp. | 6,575 | 1,112,687 | ||||
2,135,950 | ||||||
Software - 1.3% | ||||||
Salesforce, Inc. | 5,210 | 834,902 | ||||
Total Common Stocks | ||||||
(Proceeds $19,231,103) | 17,534,182 | |||||
Total Securities Sold Short - 28.3% | ||||||
(Proceeds $19,231,103) | $ | 17,534,182 | ||||
Percentages are stated as a percent of net assets. | ||||||
(1) | Non-income producing security. |
Summary of Fair Value Exposure at November 30, 2022 (Unaudited) | |||||
The Leatherback Long/Short Alternative Yield ETF (the “Fund”) utilizes various methods to measure the fair value of its investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are: | |||||
• Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. • Level 2 — Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment spreads, credit risk, yield curves, default rates and similar data. • Level 3 — Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. | |||||
The following is a summary of the inputs used to value the Fund’s investments and securities sold short as of November 30, 2022: |
Investments in Securities | Investments Measured at Net Asset Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Common Stocks (1) | $ | – | $ | 73,470,385 | $ | – | $ | – | $ | 73,470,385 | |||||||||
Convertible Preferred Stocks (1) | – | 1,745,228 | – | – | 1,745,228 | ||||||||||||||
Short-Term Investments | – | 240,203 | – | – | 240,203 | ||||||||||||||
Investments Purchased With Collateral From Securities Lending (2) | 3,710,827 | – | – | – | 3,710,827 | ||||||||||||||
Total Investments in Securities | $ | 3,710,827 | $ | 75,455,816 | $ | – | $ | – | $ | 79,166,643 | |||||||||
Securities Sold Short | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Common Stocks (1) | $ | 17,534,182 | $ | – | $ | – | $ | 17,534,182 | |||||||||||
Total Securities Sold Short | $ | 17,534,182 | $ | – | $ | – | $ | 17,534,182 | |||||||||||
(1) See Schedule of Investments for industry breakout. | |||||||||||||||||||
(2) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Schedule of Investments. |