Noble Absolute Return ETF | |||||||||||||
SCHEDULE OF INVESTMENTS at November 30, 2022 (Unaudited) | |||||||||||||
Shares | Value | ||||||||||||
Common Stocks - 12.1% | |||||||||||||
Chemicals - 8.3% | |||||||||||||
Ecovyst, Inc. (1)(2) | 180,000 | $ | 1,672,200 | ||||||||||
Distribution & Wholesale - 0.2% | |||||||||||||
A-Mark Precious Metals, Inc. | 1,000 | 34,500 | |||||||||||
Entertainment - 0.3% | |||||||||||||
DraftKings, Inc. - Class A (1) | 3,881 | 59,457 | |||||||||||
Oil & Gas - 2.8% | |||||||||||||
Antero Resources Corp. (1)(2) | 100 | 3,655 | |||||||||||
APA Corp. (2) | 100 | 4,685 | |||||||||||
Marathon Oil Corp. (2) | 100 | 3,063 | |||||||||||
Northern Oil and Gas, Inc. (2) | 15,000 | 545,850 | |||||||||||
557,253 | |||||||||||||
Retail - 0.5% | |||||||||||||
The Container Store Group, Inc. (1)(2) | 20,000 | 95,000 | |||||||||||
Total Common Stocks | |||||||||||||
(Cost $2,279,534) | 2,418,410 | ||||||||||||
Exchange Traded Funds - 94.5% | |||||||||||||
Direxion Daily 20 Year Plus Treasury Bull 3x Shares | 200,000 | 1,690,000 | |||||||||||
Invesco QQQ Trust Series 1 | 6,000 | 1,760,160 | |||||||||||
iShares 20+ Year Treasury Bond ETF (2) | 150,000 | 15,409,500 | |||||||||||
iShares Russell 1000 Value ETF | 100 | 15,899 | |||||||||||
SPDR S&P Oil & Gas Exploration & Production ETF (2) | 100 | 15,212 | |||||||||||
VanEck Gold Miners ETF | 100 | 2,905 | |||||||||||
VanEck Oil Services ETF (2) | 100 | 30,415 | |||||||||||
Total Exchange Traded Funds | |||||||||||||
(Cost $18,916,509) | 18,924,091 | ||||||||||||
Notional Amount | Contracts (3) | ||||||||||||
Options Purchased - 0.7% | |||||||||||||
Put Options - 0.7% | |||||||||||||
Internet - 0.7% | |||||||||||||
Robinhood Markets, Inc. | |||||||||||||
Expiration: 12/16/2022, Strike Price: $11.00 (4) | $ | 959,000 | 1,000 | 152,000 | |||||||||
Total Options Purchased | |||||||||||||
(Cost $147,339) | 152,000 | ||||||||||||
Shares | |||||||||||||
Short-Term Invesments - 20.6% | |||||||||||||
Money Market Funds - 20.6% | |||||||||||||
Federated Hermes Treasury Obligations Fund, Service Shares, 3.410% (2)(5) | 3,000,000 | 3,000,000 | |||||||||||
First American Government Obligations Fund, Class X, 3.668% (5) | 1,116,793 | 1,116,793 | |||||||||||
4,116,793 | |||||||||||||
Total Short-Term Investments | |||||||||||||
(Cost $4,116,793) | 4,116,793 | ||||||||||||
Total Investments in Securities - 127.9% | |||||||||||||
(Cost $25,460,175) | 25,611,294 | ||||||||||||
Liabilites in Excess of Other Assets - (27.9)% | (5,587,462 | ) | |||||||||||
Total Net Assets - 100.0% | $ | 20,023,832 |
(1) | Non income producing security. | ||||||||||||
(2) | All or a portion of the shares of this security have been committed as collateral for securities sold short. | ||||||||||||
(3) | 100 shares per contract. | ||||||||||||
(4) | Held in connection with a written option contract. See the Options Written for further information. | ||||||||||||
(5) | The rate shown is the annualized seven-day effective yield as of November 30, 2022. |
Noble Absolute Return ETF | ||||||
SCHEDULE OF SECURITIES SOLD SHORT at November 30, 2022 (Unaudited) | ||||||
Shares | Value | |||||
Common Stocks (1) - 138.2% | ||||||
Auto Manufacturers - 15.6% | ||||||
Lucid Group, Inc. | 20,100 | $ | 203,814 | |||
Rivian Automotive, Inc. - Class A | 100 | 3,204 | ||||
Tesla, Inc. | 15,000 | 2,920,500 | ||||
3,127,518 | ||||||
Banks - 5.8% | ||||||
SVB Financial Group | 5,000 | 1,158,900 | ||||
Building Materials - 2.9% | ||||||
Trex Co., Inc. | 12,460 | 571,789 | ||||
Commercial Services - 6.3% | ||||||
Affirm Holdings, Inc. - Class A | 75,000 | 1,044,000 | ||||
Avis Budget Group, Inc. | 100 | 22,360 | ||||
Toast, Inc. - Class A | 10,000 | 183,600 | ||||
1,249,960 | ||||||
Distribution & Wholesale - 2.5% | ||||||
Pool Corp. | 1,500 | 494,115 | ||||
Diversified Financials Services - 20.9% | ||||||
Coinbase Global, Inc. - Class A | 91,615 | 4,189,554 | ||||
Energy - Alternate Sources - 9.8% | ||||||
Plug Power, Inc. | 100 | 1,596 | ||||
Sunrun, Inc. | 60,100 | 1,958,058 | ||||
1,959,654 | ||||||
Entertainment - 15.3% | ||||||
DraftKings, Inc. - Class A | 200,000 | 3,064,000 | ||||
Food - 0.0% (2) | ||||||
Beyond Meat, Inc. | 100 | 1,459 | ||||
Healthcare - Products - 0.1% | ||||||
Align Technology, Inc. | 100 | 19,666 | ||||
Novocure Ltd. | 100 | 7,684 | ||||
27,350 | ||||||
Household Products & Wares - 0.1% | ||||||
Helen of Troy Ltd. | 100 | 9,854 | ||||
Internet - 42.1% | ||||||
DoorDash, Inc. - Class A | 100 | 5,825 | ||||
Robinhood Markets, Inc. - Class A | 200,000 | 1,918,000 | ||||
Roku, Inc. - Class A | 100,000 | 5,937,000 | ||||
Zillow Group, Inc. - Class C | 15,100 | 573,498 | ||||
8,434,323 | ||||||
Leisure Time - 2.8% | ||||||
Peloton Interactive, Inc. - Class A | 50,100 | 570,138 | ||||
Real Estate Investment Trusts (REITs) - 0.4% | ||||||
Digital Realty Trust, Inc. | 100 | 11,246 | ||||
Equinix, Inc. | 100 | 69,065 | ||||
Medical Properties Trust, Inc. | 100 | 1,312 | ||||
81,623 | ||||||
Retail - 12.4% | ||||||
Carvana Co. - Class A | 30,100 | 232,071 | ||||
Floor & Decor Holdings, Inc. | 15,000 | 1,119,450 | ||||
Freshpet, Inc. | 100 | 6,702 | ||||
Portillo’s, Inc. - Class A | 20,000 | 403,800 | ||||
Warby Parker, Inc. - Class A | 42,500 | 723,775 | ||||
2,485,798 | ||||||
Software - 1.2% | ||||||
ROBLOX Corp. - Class A | 100 | 3,177 | ||||
Twilio, Inc. - Class A | 5,000 | 245,100 | ||||
248,277 | ||||||
Total Common Stock | ||||||
(Proceeds $28,250,231) | 27,674,312 | |||||
Exchange Traded Funds (1) - 46.8% | ||||||
ARK Innovation ETF | 250,000 | 9,370,000 | ||||
ProShares UltraPro QQQ | 100 | 2,356 | ||||
Total Exchange Traded Funds | ||||||
(Proceeds $9,641,265) | 9,372,356 | |||||
Total Securities Sold Short - 185.0% | ||||||
(Proceeds $37,940,616) | $ | 37,046,668 | ||||
Percentages are stated as a percent of net assets. | ||||||
(1) | Non-income producing security. | |||||
(2) | Does not round to 0.1% or (0.1)%, as applicable. |
Noble Absolute Return ETF | |||||||
SCHEDULE OF OPTIONS WRITTEN at November 30, 2022 (Unaudited) | |||||||
Contracts (1) | Notional Amount | Value | |||||
Options Written - 0.2% | |||||||
Put Options - 0.2% | |||||||
Internet - 0.2% | |||||||
Robinhood Markets, Inc. | |||||||
Expiration: 12/16/2022, Strike Price: $9.00 | 1,000 | $ | 959,000 | $ | 32,000 | ||
Total Put Options Written | |||||||
(Premium $49,120) | $ | 32,000 | |||||
Percentages are stated as a percent of net assets. | |||||||
(1) 100 shares per contract. |
Summary of Fair Value Exposure at November 30, 2022 (Unaudited) | |||||
The Noble Absolute Return 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, securities sold short and options written as of November 30, 2022: |
Investments in Securities | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Common Stocks (1) | $ | 2,418,410 | $ | – | $ | – | $ | 2,418,410 | |||||||
Exchange Traded Funds | 18,924,091 | – | – | 18,924,091 | |||||||||||
Options Purchased | 152,000 | – | – | 152,000 | |||||||||||
Short-Term Investments | 4,116,793 | – | – | 4,116,793 | |||||||||||
Total Investments in Securities | $ | 25,611,294 | $ | – | $ | – | $ | 25,611,294 | |||||||
Securities Sold Short | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Common Stocks (1) | $ | 27,674,312 | $ | – | $ | – | $ | 27,674,312 | |||||||
Exchange Traded Funds | 9,372,356 | – | – | 9,372,356 | |||||||||||
Total Securities Sold Short | $ | 37,046,668 | $ | – | $ | – | $ | 37,046,668 | |||||||
Options Written | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Options Written (1) | $ | 32,000 | – | $ | – | $ | 32,000 | ||||||||
Total Options Written | $ | 32,000 | $ | – | $ | – | $ | 32,000 | |||||||
(1) See applicable Schedule of Investments, Schedule of Securities Sold Short, or Schedule of Options Written for the industry breakout. |