UPAR Ultra Risk Parity ETF | ||||||||
Schedule of Investments | ||||||||
as of March 31, 2024 (Unaudited) | ||||||||
U.S. TREASURY OBLIGATIONS - 47.3% | Par | Value | ||||||
United States Treasury Inflation Indexed Bonds | ||||||||
2.13%, 02/15/2040 | $ | 841,889 | $ | 854,828 | ||||
2.13%, 02/15/2041 | 3,863,104 | 3,925,944 | ||||||
0.75%, 02/15/2042 | 5,005,125 | 4,009,219 | ||||||
0.63%, 02/15/2043 | 5,674,376 | 4,374,083 | ||||||
1.38%, 02/15/2044 | 5,745,942 | 5,058,474 | ||||||
0.75%, 02/15/2045 | 5,541,468 | 4,269,939 | ||||||
1.00%, 02/15/2046 | 4,938,422 | 3,969,699 | ||||||
0.88%, 02/15/2047 | 4,885,772 | 3,782,657 | ||||||
1.00%, 02/15/2048 | 4,587,531 | 3,627,801 | ||||||
1.00%, 02/15/2049 | 3,080,058 | 2,423,579 | ||||||
0.25%, 02/15/2050 | 3,003,848 | 1,905,972 | ||||||
0.13%, 02/15/2051 | 1,948,700 | 1,171,012 | ||||||
0.13%, 02/15/2052 | 1,777,104 | 1,051,182 | ||||||
1.50%, 02/15/2053 | 830,040 | 727,738 | ||||||
2.13%, 02/15/2054 | 204,001 | 207,090 | ||||||
TOTAL U.S. TREASURY OBLIGATIONS (Cost $43,401,254) | 41,359,217 | |||||||
EXCHANGE TRADED FUNDS - 25.3% | Shares | |||||||
SPDR Gold MiniShares Trust(a) | 288,538 | 12,710,098 | ||||||
Vanguard Extended Market ETF | 17,240 | 3,021,655 | ||||||
Vanguard FTSE Developed Markets ETF | 42,987 | 2,156,658 | ||||||
Vanguard FTSE Emerging Markets ETF | 101,906 | 4,256,614 | ||||||
TOTAL EXCHANGE TRADED FUNDS (Cost $19,386,578) | 22,145,025 | |||||||
COMMON STOCKS - 21.7% | ||||||||
Biotechnology - 0.6% | ||||||||
Corteva, Inc. | 8,486 | 489,388 | ||||||
Building Materials - 0.1% | ||||||||
Geberit AG | 116 | 68,644 | ||||||
Chemicals - 1.5% | ||||||||
Arcadium Lithium PLC(a) | 4,808 | 21,267 | ||||||
CF Industries Holdings, Inc. | 2,378 | 197,873 | ||||||
Ecolab, Inc. | 1,072 | 247,526 | ||||||
FMC Corp. | 1,412 | 89,944 | ||||||
Nutrien Ltd. | 5,952 | 323,671 | ||||||
OCI N.V. | 2,606 | 71,459 | ||||||
PhosAgro PJSC - GDR(a)(b) | 1,126 | 0 | ||||||
Sociedad Quimica y Minera de Chile S.A. - ADR | 3,391 | 166,702 | ||||||
The Mosaic Co. | 3,461 | 112,344 | ||||||
Yara International ASA | 2,849 | 90,051 | ||||||
1,320,837 | ||||||||
Coal - 0.2% | ||||||||
Teck Resources Ltd. - Class B(a) | 4,597 | 210,614 | ||||||
Distribution & Wholesale - 0.2% | ||||||||
Ferguson PLC | 755 | 165,238 | ||||||
Energy - Alternate Sources - 1.1% | ||||||||
Enphase Energy, Inc.(a) | 1,654 | 200,101 | ||||||
First Solar, Inc.(a) | 1,282 | 216,401 | ||||||
Flat Glass Group Co. Ltd. - Class H | 40,700 | 98,910 | ||||||
Ming Yang Smart Energy Group Ltd. - GDR | 17 | 119 | ||||||
SolarEdge Technologies, Inc.(a) | 510 | 36,200 | ||||||
Vestas Wind Systems A/S(a) | 11,090 | 309,906 | ||||||
Xinyi Solar Holdings Ltd. | 122,145 | 94,577 | ||||||
956,214 | ||||||||
Food - 0.1% | ||||||||
Salmar ASA | 1,563 | 103,070 | ||||||
Iron & Steel - 1.1% | ||||||||
Fortescue Ltd. | 28,177 | 472,436 | ||||||
Mineral Resources Ltd. | 1,817 | 84,010 | ||||||
Vale S.A. - ADR | 36,723 | 447,653 | ||||||
1,004,099 | ||||||||
Machinery - Diversified - 2.6% | ||||||||
AGCO Corp. | 831 | 102,230 | ||||||
CNH Industrial N.V. - Class A | 15,590 | 202,046 | ||||||
Deere & Co. | 3,503 | 1,438,822 | ||||||
Husqvarna AB - Class B | 7,136 | 61,158 | ||||||
IDEX Corp. | 372 | 90,775 | ||||||
Kubota Corp. | 13,794 | 215,690 | ||||||
The Toro Co. | 1,182 | 108,307 | ||||||
Xylem, Inc. | 926 | 119,676 | ||||||
2,338,704 | ||||||||
Mining - 6.2% | ||||||||
Antofagasta PLC | 7,759 | 199,853 | ||||||
BHP Group Ltd. - ADR | 22,049 | 1,272,007 | ||||||
Boliden AB | 2,310 | 64,217 | ||||||
Cameco Corp. | 3,471 | 150,408 | ||||||
CMOC Group Ltd. - Class H | 203,824 | 173,186 | ||||||
First Quantum Minerals Ltd. | 5,849 | 62,931 | ||||||
Freeport-McMoRan, Inc. | 12,828 | 603,173 | ||||||
Glencore PLC | 108,815 | 598,365 | ||||||
Ivanhoe Mines Ltd. - Class A(a) | 10,642 | 127,083 | ||||||
Jiangxi Copper Co. Ltd. - Class H | 41,939 | 71,484 | ||||||
Lundin Mining Corp. | 6,482 | 66,389 | ||||||
MMC Norilsk Nickel PJSC - ADR(a)(b) | 3,990 | 0 | ||||||
NAC Kazatomprom JSC - GDR | 2,404 | 97,242 | ||||||
Pilbara Minerals Ltd. | 27,231 | 68,042 | ||||||
Rio Tinto PLC - ADR | 15,079 | 961,135 | ||||||
South32 Ltd. | 40,003 | 78,294 | ||||||
Southern Copper Corp. | 6,849 | 729,555 | ||||||
Sumitomo Metal Mining Co. Ltd. | 2,541 | 75,267 | ||||||
5,398,631 | ||||||||
Oil & Gas - 7.8% | ||||||||
Aker BP ASA | 1,899 | 47,227 | ||||||
BP PLC - ADR | 8,877 | 334,485 | ||||||
Canadian Natural Resources Ltd. | 3,050 | 232,889 | ||||||
Cenovus Energy, Inc. | 5,699 | 114,043 | ||||||
Chevron Corp. | 5,805 | 915,681 | ||||||
ConocoPhillips | 3,436 | 437,334 | ||||||
Coterra Energy, Inc. | 2,083 | 58,074 | ||||||
Devon Energy Corp. | 1,841 | 92,381 | ||||||
Diamondback Energy, Inc. | 559 | 110,777 | ||||||
Ecopetrol S.A. - ADR | 5,751 | 68,092 | ||||||
Eni S.p.A. - ADR | 4,892 | 155,174 | ||||||
EOG Resources, Inc. | 1,717 | 219,501 | ||||||
EQT Corp. | 1,155 | 42,816 | ||||||
Equinor ASA - ADR | 8,859 | 239,459 | ||||||
Exxon Mobil Corp. | 11,879 | 1,380,816 | ||||||
Gazprom PJSC - ADR(a)(b) | 11,925 | 0 | ||||||
Hess Corp. | 889 | 135,697 | ||||||
Imperial Oil Ltd. | 1,806 | 124,688 | ||||||
Inpex Corp. | 3,993 | 60,669 | ||||||
LUKOIL PJSC - ADR(a)(b) | 818 | 0 | ||||||
Marathon Oil Corp. | 1,816 | 51,465 | ||||||
Novatek PJSC - GDR(a)(b) | 329 | 0 | ||||||
Occidental Petroleum Corp. | 2,616 | 170,014 | ||||||
Pioneer Natural Resources Co. | 672 | 176,400 | ||||||
Repsol S.A. | 3,596 | 59,964 | ||||||
Rosneft Oil Co. PJSC - GDR(a)(b) | 10,479 | 0 | ||||||
Shell PLC - ADR | 10,011 | 671,138 | ||||||
Suncor Energy, Inc. | 3,668 | 135,498 | ||||||
TotalEnergies SE - ADR | 7,286 | 501,495 | ||||||
Tourmaline Oil Corp. | 973 | 45,535 | ||||||
Woodside Energy Group Ltd. | 5,671 | 112,843 | ||||||
6,694,155 | ||||||||
Water - 0.2% | ||||||||
American Water Works Co., Inc. | 830 | 101,434 | ||||||
Veolia Environment S.A. | 2,696 | 87,729 | ||||||
189,163 | ||||||||
TOTAL COMMON STOCKS (Cost $19,391,291) | 18,938,757 | |||||||
SHORT-TERM INVESTMENTS - 2.8% | ||||||||
Money Market Funds - 2.8% | ||||||||
First American Government Obligations Fund - Class X, 5.29%(c) | 2,450,240 | 2,450,240 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $2,450,240) | 2,450,240 | |||||||
TOTAL INVESTMENTS - 97.1% (Cost $84,629,363) | $ | 84,893,239 | ||||||
Other Assets in Excess of Liabilities - 2.9% | 2,517,328 | |||||||
TOTAL NET ASSETS - 100.0% | $ | 87,410,567 | ||||||
Percentages are stated as a percent of net assets. |
ADR - American Depositary Receipt |
AG - Aktiengesellschaft |
ASA - Advanced Subscription Agreement |
GDR - Global Depositary Receipt |
PJSC - Public Joint Stock Company |
PLC - Public Limited Company |
(a) | Non-income producing security. |
(b) | Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of March 31, 2024. |
(c) | The rate shown represents the 7-day effective yield as of March 31, 2024. |
UPAR Ultra Risk Parity ETF | |||||||||||||
Schedule of Open Futures Contracts | |||||||||||||
as of March 31, 2024 (Unaudited) | |||||||||||||
Description | Contracts Purchased | Expiration Date | Notional | Value / Unrealized Appreciation (Depreciation) | |||||||||
MSCI EAFE Index | 33 | 06/21/2024 | $ | 3,889,215 | $ | 20,072 | |||||||
MSCI Emerging Markets Index | 89 | 06/21/2024 | 4,668,050 | (42,877 | ) | ||||||||
S&P 500 Index | 454 | 06/21/2024 | 12,050,295 | 274,231 | |||||||||
U.S. Treasury 10 Year Notes | 185 | 06/18/2024 | 20,497,422 | 114,717 | |||||||||
U.S. Treasury Ultra Bonds | 160 | 06/18/2024 | 20,640,000 | 366,324 | |||||||||
$ | 732,467 | ||||||||||||
– | |||||||||||||
Total Unrealized Appreciation (Depreciation) | $ | 732,467 |
Summary of Fair Value Exposure at March 31, 2024 (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 March 31, 2024: UPAR Ultra Risk Parity ETF | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
U.S. Treasury Obligations | $ | – | $ | 41,359,217 | $ | – | $ | 41,359,217 | ||||||||
Exchange Traded Funds | 22,145,025 | – | – | 22,145,025 | ||||||||||||
Common Stocks | 18,938,757 | – | 0 | (a) | 18,938,757 | |||||||||||
Money Market Funds | 2,450,240 | – | – | 2,450,240 | ||||||||||||
Total Assets | $ | 43,534,022 | $ | 41,359,217 | $ | 0 | (a) | $ | 84,893,239 | |||||||
Other Financial Instruments(b): | ||||||||||||||||
Assets | ||||||||||||||||
Futures | $ | 775,344 | – | – | $ | 775,344 | ||||||||||
Total Assets | $ | 775,344 | – | – | $ | 775,344 | ||||||||||
Liabilities | ||||||||||||||||
Futures | $ | (42,877 | ) | – | – | $ | (42,877 | ) | ||||||||
Total Liabilities | $ | (42,877 | ) | – | – | $ | (42,877 | ) | ||||||||
Refer to the Schedule of Investments for industry classifications. |
Common Stock | ||||
Balance as of December 31, 2023 | $ | 35,389 | ||
Accrued discounts/premiums | - | |||
Realized gain (loss) | - | |||
Change in unrealized appreciation/depreciation | 13,948 | |||
Purchases | - | |||
Sales | - | |||
Transfer into and/or out of Level 3 | - | |||
Corporate actions | (49,337 | ) | ||
Balance as of March 31, 2024 | $ | 0 | ||
Change in unrealized appreciate/depreciation during the period for Level 3 investments held at March 31, 2024: | $ | 13,948 |
(a) | The Level 3 securities are fair valued at $0 due to a halt in trading of Russian securities as a result of the ongoing Ukrainian/ Russian conflict and the Russian markets being currently uninvestable. | |
(b) | Other Financial Instruments are derivative instruments not reflected on the Schedule of Investments, such as futures contracts, which are presented at the unrealized appreciation/depreciation on the investment. |