Subversive Cannabis ETF | ||||||||
Schedule of Investments | ||||||||
as of November 30, 2023 (Unaudited) | ||||||||
SHORT-TERM INVESTMENTS - 17.2% | Shares | Value | ||||||
Money Market Funds - 17.2% | ||||||||
First American Government Obligations Fund - Class X, 5.29%(a) | 156,748 | $ | 156,748 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $156,748) | 156,748 | |||||||
TOTAL INVESTMENTS - 17.2% (Cost $156,748) | $ | 156,748 | ||||||
Other Assets in Excess of Liabilities - 82.8% | 754,579 | |||||||
TOTAL NET ASSETS - 100.0% | $ | 911,327 | ||||||
Percentages are stated as a percent of net assets. |
(a) | The rate shown represents the annualized seven-day effective yield as of November 30, 2023. |
Subversive Cannabis ETF | ||||||||||||
Schedule of Open Total Return Swap Contracts | ||||||||||||
as of November 30, 2023 (Unaudited) | ||||||||||||
Reference Entity | Fixed Annual Rate Paid (Received) | Payment Frequency | Counterparty | Maturity Date | Notional | Upfront payments (receipts) | Unrealized Appreciation (Depreciation) | Value | ||||
Cresco Labs, Inc. | USD OBFR -1.00% (5.32%) | Monthly | Clear Street Derivatives | 10/18/2024 | $ | 95,638 | $ | - | $ | 31,493 | $ | 127,131 |
Curaleaf Holdings, Inc. | USD OBFR -1.00% (5.32%) | Monthly | Clear Street Derivatives | 10/18/2024 | 141,873 | - | 27,985 | 169,858 | ||||
Green Thumb Industries, Inc. | USD OBFR -1.00% (5.32%) | Monthly | Clear Street Derivatives | 10/18/2024 | 211,999 | - | 54,972 | 266,971 | ||||
Verano Holdings Corp. | USD OBFR -1.00% (5.32%) | Monthly | Clear Street Derivatives | 10/18/2024 | 151,850 | - | 41,781 | 193,631 | ||||
Total Return Swaps | | $ | - | $ | 156,231 | $ | 757,591 |
Summary of Fair Value Exposure at November 30, 2023 (Unaudited)
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 as of November 30, 2023:
Subversive Cannabis ETF | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments: | ||||||||||||||||
Money Market Funds | $ | 156,748 | – | – | $ | 156,748 | ||||||||||
Total Investments | $ | 156,748 | $ | – | $ | – | $ | 156,748 | ||||||||
Other Financial Instruments:* | ||||||||||||||||
Long | ||||||||||||||||
Total Return Swaps | $ | – | $ | 156,231 | $ | – | $ | 156,231 | ||||||||
Total Other Financial Instruments | $ | – | $ | 156,231 | $ | – | $ | 156,231 | ||||||||
* The fair value of the Fund's investment represents the net unrealized appreciation (depreciation) as of November 30, 2023. |