Acruence Active Hedge U.S. Equity ETF | |||||||||
CONSOLIDATED SCHEDULE OF INVESTMENTS at December 31, 2022 (Unaudited) | |||||||||
Shares | Value | ||||||||
Common Stocks - 96.6% | |||||||||
Aerospace & Defense - 1.7% | |||||||||
The Boeing Co. (1) | 211 | $ | 40,193 | ||||||
General Dynamics Corp. | 71 | 17,616 | |||||||
L3Harris Technologies, Inc. | 63 | 13,117 | |||||||
Lockheed Martin Corp. | 83 | 40,379 | |||||||
Northrop Grumman Corp. | 48 | 26,189 | |||||||
Raytheon Technologies Corp. | 568 | 57,323 | |||||||
TransDigm Group, Inc. | 15 | 9,445 | |||||||
204,262 | |||||||||
Agriculture - 0.9% | |||||||||
Altria Group, Inc. | 688 | 31,449 | |||||||
Archer-Daniels-Midland Co. | 212 | 19,684 | |||||||
Philip Morris International, Inc. | 543 | 54,957 | |||||||
106,090 | |||||||||
Airlines - 0.1% | |||||||||
Delta Air Lines, Inc. (1) | 248 | 8,149 | |||||||
Southwest Airlines Co. | 230 | 7,744 | |||||||
15,893 | |||||||||
Apparel - 0.5% | |||||||||
Nike, Inc. - Class B | 480 | 56,165 | |||||||
VF Corp. | 131 | 3,617 | |||||||
59,782 | |||||||||
Auto Manufacturers - 1.4% | |||||||||
Cummins, Inc. | 39 | 9,449 | |||||||
Ford Motor Co. | 1,582 | 18,399 | |||||||
General Motors Co. | 570 | 19,175 | |||||||
PACCAR, Inc. | 142 | 14,054 | |||||||
Tesla, Inc. (1) | 903 | 111,231 | |||||||
172,308 | |||||||||
Auto Parts & Equipment - 0.1% | |||||||||
Aptiv PLC (1) | 115 | 10,710 | |||||||
Banks - 4.7% | |||||||||
Bank of America Corp. | 2,629 | 87,072 | |||||||
The Bank of New York Mellon Corp. | 288 | 13,110 | |||||||
Citigroup, Inc. | 742 | 33,561 | |||||||
Citizens Financial Group, Inc. | 202 | 7,953 | |||||||
Fifth Third Bancorp | 254 | 8,334 | |||||||
First Republic Bank | 81 | 9,873 | |||||||
The Goldman Sachs Group, Inc. | 132 | 45,326 | |||||||
Huntington Bancshares, Inc. | 588 | 8,291 | |||||||
JPMorgan Chase & Co. | 1,089 | 146,035 | |||||||
KeyCorp | 412 | 7,177 | |||||||
M&T Bank Corp. | 49 | 7,108 | |||||||
Morgan Stanley | 473 | 40,214 | |||||||
Northern Trust Corp. | 93 | 8,229 | |||||||
The PNC Financial Services Group, Inc. | 159 | 25,112 | |||||||
Regions Financial Corp. | 378 | 8,150 | |||||||
State Street Corp. | 154 | 11,946 | |||||||
SVB Financial Group (1) | 26 | 5,984 | |||||||
Truist Financial Corp. | 494 | 21,257 | |||||||
U.S. Bancorp | 517 | 22,546 | |||||||
Wells Fargo & Co. | 1,433 | 59,169 | |||||||
576,447 | |||||||||
Beverages - 1.9% | |||||||||
The Coca-Cola Co. | 1,473 | 93,698 | |||||||
Constellation Brands, Inc. - Class A | 50 | 11,587 | |||||||
Keurig Dr Pepper, Inc. | 289 | 10,306 | |||||||
Monster Beverage Corp. (1) | 154 | 15,636 | |||||||
PepsiCo, Inc. | 528 | 95,388 | |||||||
226,615 | |||||||||
Biotechnology - 1.9% | |||||||||
Amgen, Inc. | 202 | 53,054 | |||||||
Biogen, Inc. (1) | 47 | 13,015 | |||||||
Corteva, Inc. | 277 | 16,282 | |||||||
Gilead Sciences, Inc. | 492 | 42,238 | |||||||
Illumina, Inc. (1) | 65 | 13,143 | |||||||
Incyte Corp. (1) | 85 | 6,827 | |||||||
Moderna, Inc. (1) | 131 | 23,530 | |||||||
Regeneron Pharmaceuticals, Inc. (1) | 41 | 29,581 | |||||||
Vertex Pharmaceuticals, Inc. (1) | 99 | 28,589 | |||||||
226,259 | |||||||||
Building Materials - 0.4% | |||||||||
Carrier Global Corp. | 365 | 15,056 | |||||||
Johnson Controls International PLC | 294 | 18,816 | |||||||
Martin Marietta Materials, Inc. | 15 | 5,070 | |||||||
Vulcan Materials Co. | 56 | 9,806 | |||||||
48,748 | |||||||||
Chemicals - 1.6% | |||||||||
Air Products and Chemicals, Inc. | 90 | 27,743 | |||||||
Albemarle Corp. | 36 | 7,807 | |||||||
CF Industries Holdings, Inc. | 52 | 4,430 | |||||||
Dow, Inc. | 279 | 14,059 | |||||||
DuPont de Nemours, Inc. | 190 | 13,040 | |||||||
Ecolab, Inc. | 76 | 11,062 | |||||||
International Flavors & Fragrances, Inc. | 106 | 11,113 | |||||||
Linde PLC | 178 | 58,060 | |||||||
LyondellBasell Industries NV | 61 | 5,065 | |||||||
The Mosaic Co. | 80 | 3,510 | |||||||
PPG Industries, Inc. | 93 | 11,694 | |||||||
The Sherwin-Williams Co. | 98 | 23,258 | |||||||
190,841 | |||||||||
Commercial Services - 1.5% | |||||||||
Automatic Data Processing, Inc. | 141 | 33,679 | |||||||
Cintas Corp. | 26 | 11,742 | |||||||
Equifax, Inc. | 28 | 5,442 | |||||||
FleetCor Technologies, Inc. (1) | 12 | 2,204 | |||||||
Gartner, Inc. (1) | 21 | 7,059 | |||||||
Global Payments, Inc. | 111 | 11,025 | |||||||
Moody’s Corp. | 50 | 13,931 | |||||||
PayPal Holdings, Inc. (1) | 425 | 30,269 | |||||||
Quanta Services, Inc. | 60 | 8,550 | |||||||
S&P Global, Inc. | 119 | 39,858 | |||||||
United Rentals, Inc. (1) | 19 | 6,753 | |||||||
Verisk Analytics, Inc. | 67 | 11,820 | |||||||
182,332 | |||||||||
Computers - 7.5% | |||||||||
Accenture PLC - Class A | 242 | 64,575 | |||||||
Apple, Inc. | 5,636 | 732,286 | |||||||
Cognizant Technology Solutions Corp. | 213 | 12,181 | |||||||
EPAM Systems, Inc. (1) | 14 | 4,588 | |||||||
Fortinet, Inc. (1) | 266 | 13,005 | |||||||
Hewlett Packard Enterprise Co. | 518 | 8,267 | |||||||
HP, Inc. | 254 | 6,825 | |||||||
International Business Machines Corp. | 339 | 47,762 | |||||||
Leidos Holdings, Inc. | 56 | 5,891 | |||||||
NetApp, Inc. | 96 | 5,766 | |||||||
Seagate Technology Holdings PLC | 98 | 5,156 | |||||||
Western Digital Corp. (1) | 148 | 4,669 | |||||||
910,971 | |||||||||
Cosmetics & Personal Care - 1.5% | |||||||||
Colgate-Palmolive Co. | 280 | 22,061 | |||||||
The Estee Lauder Company, Inc. | 91 | 22,578 | |||||||
The Procter & Gamble Co. | 881 | 133,525 | |||||||
178,164 | |||||||||
Distribution & Wholesale - 0.3% | |||||||||
Copart, Inc. (1) | 114 | 6,942 | |||||||
Fastenal Co. | 220 | 10,410 | |||||||
Pool Corp. | 18 | 5,442 | |||||||
W.W. Grainger, Inc. | 19 | 10,569 | |||||||
33,363 | |||||||||
Diversified Financial Services - 3.9% | |||||||||
American Express Co. | 233 | 34,426 | |||||||
Ameriprise Financial, Inc. | 42 | 13,077 | |||||||
BlackRock, Inc. | 55 | 38,975 | |||||||
Capital One Financial Corp. | 158 | 14,688 | |||||||
The Charles Schwab Corp. | 577 | 48,041 | |||||||
CME Group, Inc. - Class A | 135 | 22,701 | |||||||
Discover Financial Services | 108 | 10,566 | |||||||
Intercontinental Exchange, Inc. | 216 | 22,159 | |||||||
Mastercard, Inc. - Class A | 311 | 108,144 | |||||||
Nasdaq, Inc. | 151 | 9,264 | |||||||
Raymond James Financial, Inc. | 77 | 8,227 | |||||||
Synchrony Financial | 224 | 7,361 | |||||||
T. Rowe Price Group, Inc. | 53 | 5,780 | |||||||
Visa, Inc. - Class A | 597 | 124,033 | |||||||
467,442 | |||||||||
Electric - 2.9% | |||||||||
The AES Corp. | 298 | 8,571 | |||||||
Alliant Energy Corp. | 112 | 6,184 | |||||||
Ameren Corp. | 106 | 9,426 | |||||||
American Electric Power Co., Inc. | 198 | 18,800 | |||||||
CenterPoint Energy, Inc. | 261 | 7,827 | |||||||
CMS Energy Corp. | 127 | 8,043 | |||||||
Consolidated Edison, Inc. | 98 | 9,340 | |||||||
Constellation Energy Corp. | 90 | 7,759 | |||||||
Dominion Energy, Inc. | 308 | 18,887 | |||||||
DTE Energy Co. | 80 | 9,402 | |||||||
Duke Energy Corp. | 297 | �� 30,588 | |||||||
Edison International | 160 | 10,179 | |||||||
Entergy Corp. | 83 | 9,338 | |||||||
Evergy, Inc. | 99 | 6,230 | |||||||
Eversource Energy | 145 | 12,157 | |||||||
Exelon Corp. | 384 | 16,600 | |||||||
FirstEnergy Corp. | 133 | 5,578 | |||||||
NextEra Energy, Inc. | 742 | 62,031 | |||||||
PPL Corp. | 323 | 9,438 | |||||||
Public Service Enterprise Group, Inc. | 194 | 11,886 | |||||||
Sempra Energy | 119 | 18,390 | |||||||
The Southern Co. | 412 | 29,421 | |||||||
WEC Energy Group, Inc. | 134 | 12,564 | |||||||
Xcel Energy, Inc. | 217 | 15,214 | |||||||
353,853 | |||||||||
Electrical Components & Equipment - 0.3% | |||||||||
AMETEK, Inc. | 93 | 12,994 | |||||||
Emerson Electric Co. | 233 | 22,382 | |||||||
Generac Holdings, Inc. (1) | 29 | 2,919 | |||||||
38,295 | |||||||||
Electronics - 1.2% | |||||||||
Agilent Technologies, Inc. | 94 | 14,067 | |||||||
Amphenol Corp. | 230 | 17,512 | |||||||
Fortive Corp. | 153 | 9,830 | |||||||
Garmin Ltd. | 65 | 5,999 | |||||||
Honeywell International, Inc. | 236 | 50,575 | |||||||
Keysight Technologies, Inc. (1) | 76 | 13,001 | |||||||
Mettler-Toledo International, Inc. (1) | 6 | 8,673 | |||||||
TE Connectivity Ltd. | 132 | 15,153 | |||||||
Trimble, Inc. (1) | 103 | 5,208 | |||||||
140,018 | |||||||||
Energy - Alternate Sources - 0.2% | |||||||||
Enphase Energy, Inc. (1) | 55 | 14,573 | |||||||
SolarEdge Technologies, Inc. (1) | 26 | 7,365 | |||||||
21,938 | |||||||||
Engineering & Construction - 0.1% | |||||||||
Jacobs Solutions, Inc. | 56 | 6,724 | |||||||
Environmental Control - 0.3% | |||||||||
Republic Services, Inc. | 90 | 11,609 | |||||||
Waste Management, Inc. | 148 | 23,218 | |||||||
34,827 | |||||||||
Food - 1.2% | |||||||||
Conagra Brands, Inc. | 101 | 3,909 | |||||||
General Mills, Inc. | 250 | 20,963 | |||||||
The Hershey Co. | 60 | 13,894 | |||||||
The J.M. Smucker Co. | 51 | 8,081 | |||||||
Kellogg Co. | 111 | 7,908 | |||||||
The Kraft Heinz Co. | 289 | 11,765 | |||||||
The Kroger Co. | 266 | 11,858 | |||||||
McCormick & Co., Inc. | 97 | 8,040 | |||||||
Mondelez International, Inc. | 472 | 31,459 | |||||||
Sysco Corp. | 196 | 14,984 | |||||||
Tyson Foods, Inc. - Class A | 115 | 7,159 | |||||||
140,020 | |||||||||
Forest Products & Paper - 0.0%(4) | |||||||||
International Paper Co. | 168 | 5,818 | |||||||
Gas - 0.0%(4) | |||||||||
Atmos Energy Corp. | 51 | 5,716 | |||||||
Hand & Machine Tools - 0.0%(4) | |||||||||
Stanley Black & Decker, Inc. | 64 | 4,808 | |||||||
Healthcare - Products - 3.8% | |||||||||
Abbott Laboratories | 669 | 73,450 | |||||||
Align Technology, Inc. (1) | 30 | 6,327 | |||||||
Baxter International, Inc. | 210 | 10,704 | |||||||
Bio-Techne Corp. | 80 | 6,630 | |||||||
Boston Scientific Corp. (1) | 556 | 25,726 | |||||||
The Cooper Company, Inc. | 7 | 2,315 | |||||||
Danaher Corp. | 243 | 64,497 | |||||||
Edwards Lifesciences Corp. (1) | 235 | 17,533 | |||||||
Hologic, Inc. (1) | 110 | 8,229 | |||||||
IDEXX Laboratories, Inc. (1) | 34 | 13,871 | |||||||
Intuitive Surgical, Inc. (1) | 137 | 36,353 | |||||||
Medtronic PLC | 469 | 36,451 | |||||||
PerkinElmer, Inc. | 49 | 6,871 | |||||||
ResMed, Inc. | 61 | 12,696 | |||||||
STERIS PLC | 38 | 7,018 | |||||||
Stryker Corp. | 130 | 31,784 | |||||||
Thermo Fisher Scientific, Inc. | 141 | 77,647 | |||||||
Waters Corp. (1) | 13 | 4,454 | |||||||
West Pharmaceutical Services, Inc. | 30 | 7,060 | |||||||
Zimmer Biomet Holdings, Inc. | 93 | 11,857 | |||||||
461,473 | |||||||||
Healthcare - Services - 2.7% | |||||||||
Catalent, Inc. (1) | 84 | 3,781 | |||||||
Centene Corp. (1) | 227 | 18,616 | |||||||
Elevance Health, Inc. | 85 | 43,603 | |||||||
HCA Healthcare, Inc. | 68 | 16,317 | |||||||
Humana, Inc. | 43 | 22,024 | |||||||
IQVIA Holdings, Inc. (1) | 81 | 16,596 | |||||||
Laboratory Corp. of America Holdings | 40 | 9,419 | |||||||
Molina Healthcare, Inc. (1) | 14 | 4,623 | |||||||
Quest Diagnostics, Inc. | 52 | 8,135 | |||||||
UnitedHealth Group, Inc. | 345 | 182,912 | |||||||
326,026 | |||||||||
Home Builders - 0.2% | |||||||||
D.R. Horton, Inc. | 131 | 11,677 | |||||||
Lennar Corp. - Class A | 102 | 9,231 | |||||||
20,908 | |||||||||
Household Products & Wares - 0.3% | |||||||||
Church & Dwight Co., Inc. | 100 | 8,061 | |||||||
The Clorox Co. | 56 | 7,858 | |||||||
Kimberly-Clark Corp. | 136 | 18,462 | |||||||
34,381 | |||||||||
Insurance - 4.1% | |||||||||
Aflac, Inc. | 249 | 17,913 | |||||||
The Allstate Corp. | 112 | 15,187 | |||||||
American International Group, Inc. | 318 | 20,110 | |||||||
Aon PLC | 85 | 25,512 | |||||||
Arthur J Gallagher & Co. | 88 | 16,591 | |||||||
Berkshire Hathaway, Inc. - Class B (1) | 674 | 208,199 | |||||||
Brown & Brown, Inc. | 47 | 2,678 | |||||||
Chubb Ltd. | 161 | 35,517 | |||||||
Cincinnati Financial Corp. | 65 | 6,655 | |||||||
The Hartford Financial Services Group, Inc. | 139 | 10,540 | |||||||
Marsh & McLennan Company, Inc. | 197 | 32,600 | |||||||
MetLife, Inc. | 260 | 18,816 | |||||||
Principal Financial Group, Inc. | 96 | 8,056 | |||||||
The Progressive Corp. | 227 | 29,444 | |||||||
Prudential Financial, Inc. | 154 | 15,317 | |||||||
The Travelers Company, Inc. | 93 | 17,437 | |||||||
W.R. Berkley Corp. | 98 | 7,112 | |||||||
Willis Towers Watson PLC | 29 | 7,093 | |||||||
494,777 | |||||||||
Internet - 7.2% | |||||||||
Alphabet, Inc. - Class A (1) | 2,193 | 193,488 | |||||||
Alphabet, Inc. - Class C (1) | 2,009 | 178,259 | |||||||
Amazon.com, Inc. (1) | 3,229 | 271,236 | |||||||
Booking Holdings, Inc. (1) | 16 | 32,244 | |||||||
CDW Corp. | 60 | �� 10,715 | |||||||
eBay, Inc. | 233 | 9,663 | |||||||
Expedia Group, Inc. - Class A (1) | 70 | 6,132 | |||||||
Match Group, Inc. (1) | 126 | 5,228 | |||||||
Meta Platforms, Inc. - Class A (1) | 856 | 103,011 | |||||||
Netflix, Inc. (1) | 172 | 50,719 | |||||||
VeriSign, Inc. (1) | 21 | 4,314 | |||||||
865,009 | |||||||||
Iron & Steel - 0.1% | |||||||||
Nucor Corp. | 102 | 13,445 | |||||||
Lodging - 0.3% | |||||||||
Hilton Worldwide Holdings, Inc. | 112 | 14,152 | |||||||
Marriott International, Inc. - Class A | 112 | 16,676 | |||||||
30,828 | |||||||||
Machinery - Construction & Mining - 0.4% | |||||||||
Caterpillar, Inc. | 196 | 46,954 | |||||||
Machinery - Diversified - 0.9% | |||||||||
Deere & Co. | 104 | 44,591 | |||||||
Dover Corp. | 60 | 8,125 | |||||||
IDEX Corp. | 36 | 8,220 | |||||||
Ingersoll Rand, Inc. | 157 | 8,203 | |||||||
Otis Worldwide Corp. | 164 | 12,843 | |||||||
Rockwell Automation, Inc. | 32 | 8,242 | |||||||
Westinghouse Air Brake Technologies Corp. | 83 | 8,284 | |||||||
Xylem, Inc. | 83 | 9,177 | |||||||
107,685 | |||||||||
Media - 1.2% | |||||||||
Charter Communications, Inc. - Class A (1) | 36 | 12,208 | |||||||
Comcast Corp. - Class A | 1,708 | 59,729 | |||||||
FactSet Research Systems, Inc. | 18 | 7,222 | |||||||
ViacomCBS, Inc. - Class B | 46 | 776 | |||||||
The Walt Disney Co. (1) | 686 | 59,600 | |||||||
Warner Bros Discovery, Inc. (1) | 899 | 8,522 | |||||||
148,057 | |||||||||
Mining - 0.3% | |||||||||
Freeport-McMoRan, Inc. | 560 | 21,280 | |||||||
Newmont Corp. | 295 | 13,924 | |||||||
35,204 | |||||||||
Miscellaneous Manufacturers - 1.2% | |||||||||
3M Co. | 182 | 21,825 | |||||||
Eaton Corp PLC | 159 | 24,955 | |||||||
General Electric Co. | 414 | 34,689 | |||||||
Illinois Tool Works, Inc. | 113 | 24,894 | |||||||
Parker-Hannifin Corp. | 56 | 16,296 | |||||||
Teledyne Technologies, Inc. (1) | 21 | 8,398 | |||||||
Trane Technologies PLC | 98 | 16,473 | |||||||
147,530 | |||||||||
Office & Business Equipment - 0.0%(4) | |||||||||
Zebra Technologies Corp. (1) | 10 | 2,564 | |||||||
Oil & Gas - 4.3% | |||||||||
Chevron Corp. | 657 | 117,925 | |||||||
ConocoPhillips | 489 | 57,702 | |||||||
Coterra Energy, Inc. | 190 | 4,668 | |||||||
Devon Energy Corp. | 251 | 15,439 | |||||||
Diamondback Energy, Inc. | 70 | 9,575 | |||||||
EOG Resources, Inc. | 222 | 28,753 | |||||||
Exxon Mobil Corp. | 1,531 | 168,869 | |||||||
Hess Corp. | 114 | 16,167 | |||||||
Marathon Oil Corp. | 304 | 8,229 | |||||||
Marathon Petroleum Corp. | 168 | 19,554 | |||||||
Occidental Petroleum Corp. | 245 | 15,433 | |||||||
Phillips 66 | 186 | 19,359 | |||||||
Pioneer Natural Resources Co. | 91 | 20,784 | |||||||
Valero Energy Corp. | 156 | 19,790 | |||||||
522,247 | |||||||||
Oil & Gas Services - 0.4% | |||||||||
Baker Hughes Co. - Class A | 383 | 11,310 | |||||||
Halliburton Co. | 342 | 13,457 | |||||||
Schlumberger Ltd. | 545 | 29,136 | |||||||
53,903 | |||||||||
Packaging & Containers - 0.1% | |||||||||
Amcor PLC | 602 | 7,170 | |||||||
Ball Corp. | 114 | 5,830 | |||||||
13,000 | |||||||||
Pharmaceuticals - 7.1% | |||||||||
AbbVie, Inc. | 671 | 108,440 | |||||||
AmerisourceBergen Corp. | 61 | 10,108 | |||||||
Becton Dickinson and Co. | 110 | 27,973 | |||||||
Bristol-Myers Squibb Co. | 821 | 59,071 | |||||||
Cardinal Health, Inc. | 121 | 9,301 | |||||||
Cigna Corp. | 108 | 35,785 | |||||||
CVS Health Corp. | 499 | 46,502 | |||||||
Dexcom, Inc. (1) | 155 | 17,552 | |||||||
Eli Lilly & Co. | 300 | 109,752 | |||||||
Johnson & Johnson | 988 | 174,530 | |||||||
McKesson Corp. | 46 | 17,256 | |||||||
Merck & Co., Inc. | 965 | 107,067 | |||||||
Pfizer, Inc. | 2,100 | 107,604 | |||||||
Zoetis, Inc. | 177 | 25,939 | |||||||
856,880 | |||||||||
Pipelines - 0.3% | |||||||||
Kinder Morgan, Inc. | 723 | 13,072 | |||||||
ONEOK, Inc. | 183 | 12,023 | |||||||
The Williams Company, Inc. | 466 | 15,331 | |||||||
40,426 | |||||||||
Real Estate - 0.1% | |||||||||
CBRE Group, Inc. - Class A (1) | 139 | 10,697 | |||||||
Real Estate Investment Trusts (REITs) - 2.5% | |||||||||
Alexandria Real Estate Equities, Inc. | 65 | 9,468 | |||||||
American Tower Corp. | 177 | 37,499 | |||||||
AvalonBay Communities, Inc. | 59 | 9,530 | |||||||
Camden Property Trust | 42 | 4,699 | |||||||
Crown Castle, Inc. | 163 | 22,109 | |||||||
Digital Realty Trust, Inc. | 105 | 10,528 | |||||||
Equinix, Inc. | 30 | 19,651 | |||||||
Equity Residential | 140 | 8,260 | |||||||
Essex Property Trust, Inc. | 28 | 5,934 | |||||||
Extra Space Storage, Inc. | 57 | 8,389 | |||||||
Healthpeak Properties, Inc. | 234 | 5,866 | |||||||
Iron Mountain, Inc. | 115 | 5,733 | |||||||
Mid-America Apartment Communities, Inc. | 23 | 3,611 | |||||||
Prologis, Inc. | 350 | 39,455 | |||||||
Public Storage | 62 | 17,372 | |||||||
Realty Income Corp. | 239 | 15,160 | |||||||
SBA Communications Corp. | 42 | 11,773 | |||||||
Simon Property Group, Inc. | 140 | 16,447 | |||||||
UDR, Inc. | 142 | 5,500 | |||||||
Ventas, Inc. | 155 | 6,983 | |||||||
VICI Properties, Inc. | 402 | 13,025 | |||||||
Welltower, Inc. | 187 | 12,258 | |||||||
Weyerhaeuser Co. | 300 | 9,300 | |||||||
298,550 | |||||||||
Retail - 5.4% | |||||||||
AutoZone, Inc. (1) | 7 | 17,263 | |||||||
Best Buy Co., Inc. | 85 | 6,818 | |||||||
CarMax, Inc. (1) | 61 | 3,714 | |||||||
Chipotle Mexican Grill, Inc. (1) | 9 | 12,487 | |||||||
Costco Wholesale Corp. | 170 | 77,605 | |||||||
Darden Restaurants, Inc. | 51 | 7,055 | |||||||
Dollar General Corp. | 90 | 22,163 | |||||||
Dollar Tree, Inc. (1) | 67 | �� 9,476 | |||||||
Domino’s Pizza, Inc. | 17 | 5,889 | |||||||
Genuine Parts Co. | 53 | 9,196 | |||||||
The Home Depot, Inc. | 387 | 122,238 | |||||||
Lowe’s Company, Inc. | 228 | 45,427 | |||||||
McDonald’s Corp. | 263 | 69,308 | |||||||
O’Reilly Automotive, Inc. (1) | 20 | 16,881 | |||||||
Ross Stores, Inc. | 145 | 16,830 | |||||||
Starbucks Corp. | 394 | 39,085 | |||||||
Target Corp. | 173 | 25,784 | |||||||
The TJX Company, Inc. | 446 | 35,502 | |||||||
Tractor Supply Co. | 29 | 6,524 | |||||||
Ulta Beauty, Inc. (1) | 13 | 6,098 | |||||||
Walgreens Boots Alliance, Inc. | 299 | 11,171 | |||||||
Walmart, Inc. | 536 | 75,999 | |||||||
Yum! Brands, Inc. | 118 | 15,113 | |||||||
657,626 | |||||||||
Semiconductors - 4.9% | |||||||||
Advanced Micro Devices, Inc. (1) | 584 | 37,826 | |||||||
Analog Devices, Inc. | 199 | 32,642 | |||||||
Applied Materials, Inc. | 323 | 31,454 | |||||||
Broadcom, Inc. | 150 | 83,869 | |||||||
Intel Corp. | 1,527 | 40,359 | |||||||
KLA Corp. | 57 | 21,491 | |||||||
Lam Research Corp. | 54 | 22,696 | |||||||
Microchip Technology, Inc. | 219 | 15,385 | |||||||
Micron Technology, Inc. | 425 | 21,242 | |||||||
Monolithic Power Systems, Inc. | 20 | 7,072 | |||||||
NVIDIA Corp. | 905 | 132,257 | |||||||
NXP Semiconductors NV | 111 | 17,541 | |||||||
ON Semiconductor Corp. (1) | 174 | 10,852 | |||||||
QUALCOMM, Inc. | 411 | 45,185 | |||||||
Skyworks Solutions, Inc. | 79 | 7,199 | |||||||
Teradyne, Inc. | 69 | 6,027 | |||||||
Texas Instruments, Inc. | 340 | 56,175 | |||||||
589,272 | |||||||||
Software - 9.0% | |||||||||
Activision Blizzard, Inc. | 247 | 18,908 | |||||||
Adobe, Inc. (1) | 177 | 59,566 | |||||||
Akamai Technologies, Inc. (1) | 70 | 5,901 | |||||||
ANSYS, Inc. (1) | 34 | 8,214 | |||||||
Autodesk, Inc. (1) | 87 | 16,258 | |||||||
Broadridge Financial Solutions, Inc. | 54 | 7,243 | |||||||
Cadence Design Systems, Inc. (1) | 89 | 14,297 | |||||||
Electronic Arts, Inc. | 106 | 12,951 | |||||||
Fidelity National Information Services, Inc. | 251 | 17,030 | |||||||
Fiserv, Inc. (1) | 238 | 24,055 | |||||||
Intuit, Inc. | 100 | 38,922 | |||||||
Microsoft Corp. | 2,786 | 668,138 | |||||||
MSCI, Inc. | 25 | 11,629 | |||||||
Oracle Corp. | 522 | 42,668 | |||||||
Paychex, Inc. | 96 | 11,094 | |||||||
Paycom Software, Inc. (1) | 23 | 7,137 | |||||||
Roper Technologies, Inc. | 42 | 18,148 | |||||||
Salesforce, Inc. (1) | 370 | 49,058 | |||||||
ServiceNow, Inc. (1) | 81 | 31,450 | |||||||
Synopsys, Inc. (1) | 58 | 18,519 | |||||||
Take-Two Interactive Software, Inc. (1) | 70 | 7,289 | |||||||
Tyler Technologies, Inc. (1) | 7 | 2,257 | |||||||
1,090,732 | |||||||||
Telecommunications - 2.1% | |||||||||
Arista Networks, Inc. (1) | 87 | 10,558 | |||||||
AT&T, Inc. | 2,681 | 49,357 | |||||||
Cisco Systems, Inc. | 1,553 | 73,985 | |||||||
Corning, Inc. | 297 | 9,486 | |||||||
Motorola Solutions, Inc. | 69 | 17,782 | |||||||
T-Mobile US, Inc. (1) | 226 | 31,640 | |||||||
Verizon Communications, Inc. | 1,492 | 58,785 | |||||||
251,593 | |||||||||
Transportation - 1.5% | |||||||||
CSX Corp. | 828 | 25,651 | |||||||
Expeditors International of Washington, Inc. | 76 | 7,898 | |||||||
FedEx Corp. | 93 | 16,108 | |||||||
Norfolk Southern Corp. | 76 | 18,728 | |||||||
Old Dominion Freight Line, Inc. | 42 | 11,919 | |||||||
Union Pacific Corp. | 235 | 48,661 | |||||||
United Parcel Service, Inc. - Class B | 286 | 49,718 | |||||||
178,683 | |||||||||
Water - 0.1% | |||||||||
American Water Works Co., Inc. | 78 | 11,889 | |||||||
Total Common Stocks | |||||||||
(Cost $12,110,457) | 11,672,583 | ||||||||
Contracts | Notional Amount | ||||||||
Options Purchased - 6.1% | |||||||||
Call Options - 0.1% | |||||||||
CBOE Volatility Index | |||||||||
Expiration 1/18/2023, Exercise Price $45 (3) | 630 | $ | 189,000 | 7,560 | |||||
Put Options - 6.0% | |||||||||
CBOE S&P 500 Index | |||||||||
Expiration 10/20/2023, Exercise Price $3,725 (3) | 32 | 997,660 | 722,720 | ||||||
Total Options Purchased | |||||||||
(Cost $1,017,592) | 730,280 | ||||||||
Shares | |||||||||
Short-Term Investments - 0.4% | |||||||||
Money Market Funds - 0.4% | |||||||||
First American Government Obligations Fund, Class X, 4.100% (2) | 49,482 | 49,482 | |||||||
Total Short-Term Investments | |||||||||
(Cost $49,482) | 49,482 | ||||||||
Total Investments in Securities - 103.1% | |||||||||
(Cost $13,177,531) | 12,452,345 | ||||||||
Liabilities in Excess of Other Assets - (3.1)% | (370,082) | ||||||||
Total Net Assets - 100.0% | $ | 12,082,263 |
(1) | Non-income producing security. | |||||
(2) | The rate shown is the annualized seven-day effective yield as of December 31, 2022. | |||||
(3) | The investment is a holding of Toroso Cayman Subsidiary I, a wholly-owned subsidiary of the Acruence Active Hedge U.S. Equity ETF. | |||||
(4) | Does not round to 0.1% or (0.1)%, as applicable. |
Acruence Active Hedge U.S. Equity ETF | ||||||||||
CONSOLIDATED SCHEDULE OF OPTIONS WRITTEN at December 31, 2022 (Unaudited) | ||||||||||
Contracts | Notional Amount | Value | ||||||||
Options Written - 3.3% | ||||||||||
Put Options - 3.3% | ||||||||||
S&P 500 Index | ||||||||||
Expiration: 10/20/2023, Excercise Price: $3,350 (1) | 32 | $ | 619,960 | $ | 402,240 | |||||
Total Options Written | ||||||||||
(Premium Received $619,884) | $ | 402,240 | ||||||||
Percentages are stated as a percent of net assets. | ||||||||||
(1) The investment is a holding of Toroso Cayman Subsidiary I, a wholly-owned subsidiary of the Acruence Active Hedge U.S. Equity ETF. |
Summary of Fair Value Exposure at December 31, 2022 (Unaudited) | ||||
The Acruence Active Hedge U.S. Equity 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 options written as of December 31, 2022: |
Investments in Securities | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Common Stocks (1) | $ | 11,672,583 | $ | – | $ | – | $ | 11,672,583 | |||||||
Options Purchased | 7,560 | 722,720 | - | 730,280 | |||||||||||
Short-Term Investments | 49,482 | - | - | 49,482 | |||||||||||
Total Investments in Securities | $ | 11,729,625 | $ | 722,720 | $ | – | $ | 12,452,345 | |||||||
Options Written | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Put Options | $ | – | $ | 402,240 | $ | – | $ | 402,240 | |||||||
Total Options Written | $ | – | $ | 402,240 | $ | – | $ | 402,240 | |||||||
(1) See Consolidated Schedule of Investments for industry breakout. |