Noble Absolute Return ETF | ||||||||
SCHEDULE OF INVESTMENTS at May 31, 2023 (Unaudited) | ||||||||
Shares | Value | |||||||
Common Stocks - 1.3% | ||||||||
Distribution & Wholesale - 1.2% | ||||||||
A-Mark Precious Metals, Inc. | 10,000 | $ | 338,700 | |||||
Food - 0.0% (2) | ||||||||
The Kroger Co. (4) | 100 | 4,533 | ||||||
Insurance - 0.0% (2) | ||||||||
Marsh & McLennan Company, Inc. | 10 | 1,732 | ||||||
Pharmaceuticals - 0.0% (2) | ||||||||
AmerisourceBergen Corp. | 10 | 1,702 | ||||||
Merck & Co., Inc. | 10 | 1,104 | ||||||
2,806 | ||||||||
Semiconductors - 0.1% | ||||||||
Broadcom, Inc. | 10 | 8,079 | ||||||
KLA Corp. | 10 | 4,430 | ||||||
ON Semiconductor Corp. (1) | 10 | 836 | ||||||
13,345 | ||||||||
Total Common Stocks | ||||||||
(Cost $356,585) | 361,116 | |||||||
Exchange Traded Funds - 33.1% | ||||||||
Invesco QQQ Trust Series 1 | 300 | 104,397 | ||||||
Invesco S&P 500 High Beta ETF | 100 | 6,886 | ||||||
iShares Russell 1000 Value ETF | 100 | 14,862 | ||||||
iShares Russell 2000 ETF | 100 | 17,377 | ||||||
ProShares UltraPro QQQ | 100 | 3,475 | ||||||
SPDR Bloomberg 1-3 Month T-Bill ETF (4) | 100,100 | 9,186,177 | ||||||
SPDR Gold Shares (1) | 100 | 18,232 | ||||||
SPDR S&P Oil & Gas Exploration & Production ETF | 100 | 11,809 | ||||||
SPDR S&P Metals & Mining ETF | 100 | 4,452 | ||||||
SPDR S&P Regional Banking ETF | 100 | 3,897 | ||||||
VanEck Gold Miners ETF | 100 | 3,091 | ||||||
Total Exchange Traded Funds | ||||||||
(Cost $9,371,269) | 9,374,655 | |||||||
Short-Term Investments - 85.1% | ||||||||
Money Market Funds - 85.1% | ||||||||
Federated Hermes Treasury Obligations Fund, Service Shares, 4.704% (3)(4) | 8,000,000 | 8,000,000 | ||||||
First American Government Obligations Fund, Class X, 4.968% (3) | 16,078,483 | 16,078,483 | ||||||
24,078,483 | ||||||||
Total Short-Term Investments | ||||||||
(Cost $24,078,483) | 24,078,483 | |||||||
Total Investments in Securities - 119.5% | ||||||||
(Cost $33,806,337) | 33,814,254 | |||||||
Liabilities in Excess of Other Assets - (19.5)% | (5,526,682 | ) | ||||||
Total Net Assets - 100.0% | $ | 28,287,572 |
(1) | Non-income producing security. | ||||
(2) | Does not round to 0.1% or (0.1)%, as applicable. | ||||
(3) | The rate shown is the annualized seven-day effective yield as of May 31, 2023. | ||||
(4) | All or a portion of the shares of this security have been committed as collateral for securities sold short. |
Noble Absolute Return ETF | ||||||||
SCHEDULE OF SECURITIES SOLD SHORT at May 31, 2023 (Unaudited) | ||||||||
Shares | Value | |||||||
Common Stocks - 79.3% | ||||||||
Apparel - 0.0% (2) | ||||||||
Canada Goose Holdings, Inc. (1) | 100 | $ | 1,590 | |||||
VF Corp. | 100 | 1,722 | ||||||
3,312 | ||||||||
Auto Manufacturers - 21.7% | ||||||||
Lucid Group, Inc. (1) | 100 | 776 | ||||||
Tesla, Inc. (1) | 30,100 | 6,138,293 | ||||||
6,139,069 | ||||||||
Biotechnology - 0.1% | ||||||||
Illumina, Inc. (1) | 100 | 19,665 | ||||||
Building Materials - 0.0% (2) | ||||||||
Trex Co., Inc. (1) | 100 | 5,135 | ||||||
Chemicals - 0.0% (2) | ||||||||
Daqo New Energy Corp. (1) | 100 | 3,595 | ||||||
Commercial Services - 0.2% | ||||||||
Affirm Holdings, Inc. - Class A (1) | 100 | 1,486 | ||||||
Avis Budget Group, Inc. (1) | 100 | 16,779 | ||||||
Morningstar, Inc. | 100 | 20,470 | ||||||
Toast, Inc. - Class A (1) | 100 | 2,097 | ||||||
40,832 | ||||||||
Diversified Financial Services - 8.6% | ||||||||
Coinbase Global, Inc. - Class A (1) | 30,100 | 1,872,220 | ||||||
Invesco Ltd. | 39,300 | 565,134 | ||||||
2,437,354 | ||||||||
Energy - Alternate Sources - 5.6% | ||||||||
Plug Power, Inc. (1) | 100 | 832 | ||||||
Sunnova Energy International, Inc. (1) | 100 | 1,766 | ||||||
SunPower Corp. (1) | 100 | 1,060 | ||||||
Sunrun, Inc. (1) | 90,100 | 1,589,364 | ||||||
1,593,022 | ||||||||
Healthcare - Services - 2.0% | ||||||||
Teladoc Health, Inc. (1) | 24,800 | 574,120 | ||||||
Household Products & Wares - 0.1% | ||||||||
Helen of Troy Ltd. (1) | 100 | 9,628 | ||||||
Insurance - 6.4% | ||||||||
Trupanion, Inc. (1) | 80,100 | 1,799,847 | ||||||
Internet - 0.1% | ||||||||
Robinhood Markets, Inc. - Class A (1) | 100 | 892 | ||||||
Roku, Inc. - Class A (1) | 100 | 5,820 | ||||||
Shopify, Inc. - Class A (1) | 100 | 5,719 | ||||||
Zillow Group, Inc. - Class C (1) | 100 | 4,561 | ||||||
16,992 | ||||||||
Leisure Time - 0.0% (2) | ||||||||
Peloton Interactive, Inc. - Class A (1) | 100 | 728 | ||||||
Real Estate Investment Trusts (REITs) - 21.7% | ||||||||
Digital Realty Trust, Inc. | 24,000 | 2,459,040 | ||||||
Kimco Realty Corp. | 100 | 1,838 | ||||||
Medical Properties Trust, Inc. | 250,100 | 2,063,325 | ||||||
SL Green Realty Corp. | 70,100 | 1,621,413 | ||||||
Starwood Property Trust, Inc. | 100 | 1,755 | ||||||
6,147,371 | ||||||||
Retail - 3.3% | ||||||||
Asbury Automotive Group, Inc. (1) | 100 | 20,911 | ||||||
Floor & Decor Holdings, Inc. (1) | 100 | 9,131 | ||||||
Lithia Motors, Inc. - Class A | 100 | 23,328 | ||||||
Lowe’s Company, Inc. | 100 | 20,113 | ||||||
The Home Depot, Inc. | 100 | 28,345 | ||||||
Warby Parker, Inc. - Class A (1) | 24,000 | 264,240 | ||||||
Williams-Sonoma, Inc. | 5,000 | 567,550 | ||||||
933,618 | ||||||||
Semiconductors - 9.5% | ||||||||
NVIDIA Corp. | 7,100 | 2,686,214 | ||||||
Software - 0.0% (2) | ||||||||
Paycor HCM, Inc. (1) | 100 | 2,199 | ||||||
ROBLOX Corp. - Class A (1) | 100 | 4,186 | ||||||
6,385 | ||||||||
Total Common Stock | ||||||||
(Proceeds $21,935,909) | 22,416,887 | |||||||
Exchange Traded Funds - 30.5% | ||||||||
ARK Innovation ETF | 100 | 4,049 | ||||||
Consumer Discretionary Select Sector SPDR Fund | 100 | 15,161 | ||||||
Financial Select Sector SPDR Fund | 100 | 3,176 | ||||||
Invesco QQQ Trust Series 1 | 200 | 69,598 | ||||||
Real Estate Select Sector SPDR Fund | 100 | 3,604 | ||||||
SPDR S&P Regional Banking ETF | 100 | 3,897 | ||||||
SPDR S&P Retail ETF | 150,100 | 8,531,684 | ||||||
Total Exchange Traded Funds | ||||||||
(Proceeds $8,886,554) | 8,631,169 | |||||||
Total Securities Sold Short - 109.8% | ||||||||
(Proceeds $30,822,463) | $ | 31,048,056 |
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. |
Summary of Fair Value Exposure at May 31, 2023 (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 and securities sold short as of May 31, 2023: |
Investments in Securities | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Common Stocks (1) | $ | 361,116 | $ | – | $ | – | $ | 361,116 | |||||||
Exchange Traded Funds | 9,374,655 | – | – | 9,374,655 | |||||||||||
Short-Term Investments | 24,078,483 | – | – | 24,078,483 | |||||||||||
Total Investments in Securities | $ | 33,814,254 | $ | – | $ | – | $ | 33,814,254 | |||||||
Securities Sold Short | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Common Stocks (1) | $ | 22,416,887 | $ | – | $ | – | $ | 22,416,887 | |||||||
Exchange Traded Funds | 8,631,169 | – | – | 8,631,169 | |||||||||||
Total Securities Sold Short | $ | 31,048,056 | $ | – | $ | – | $ | 31,048,056 | |||||||
(1) See applicable Schedule of Investments or Schedule of Securities Sold Short for the industry breakout. |